v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
(Loss)/Profit for the year $ (21,583,798) $ (4,844,498) $ 864,037
Adjustments for:      
Depreciation of property and equipment (Note 13) 238,861 134,308 122,695
Depreciation of right-of-use assets (Note 7) 456,119 237,209 165,862
Amortization of intangible assets (Note 9) 239,231 0 0
Provision for allowance for credit losses (Note 24) 495,646 63,468 0
Impairment loss of intangible asset (Note 9) 4,063,000 0 0
Impairment loss of goodwill (Note 9) 5,551,429 0 0
Impairment loss of prepayment (Note 6) 750,000 0 0
Impairment loss of net investment in lease (Note 12) 307,732 0 0
Fair value change of warrant liabilities (Note 15) (2,383,178) (38,363) 0
Fair value change of investment properties (Note 11) (38,296) 0 0
Share based compensation (Note 22) 6,597,400 5,158,990 0
Offering costs for the follow-on offering allocated to warrant liabilities 519,187 0 0
Service fees settled by transfer of treasury shares (Note 22) 52,779 0 0
Finance cost (Note 20) 1,028,787 431,435 328,610
Loss on disposal of property and equipment 12,561 0 0
Gain on lease termination 0 0 (860)
Interest income (Note 12) (16,024) 0 0
Income tax expenses (Note 21) (38,764) 275,914 224,302
Total adjustments (3,747,328) 1,418,463 1,704,646
Changes in operating assets and liabilities:      
Trade receivables 281,775 (1,151,737) (1,636,577)
Trade and other payables 754,124 719,915 879,705
Amount due to related parties 142,252 (393,939) (285,927)
Prepayment and other assets 1,415,283 (1,643,685) (182,850)
Cash (used in)/provided by operations (1,153,894) (1,050,983) 478,997
Interest paid (578,286) (312,768) (308,651)
Income tax paid (227,023) (144,292) (118,638)
Income tax refund 461 6,163 0
Net cash (used in)/provided by operating activities (1,958,742) (1,501,880) 51,708
Investing activities      
Purchase of property and equipment (Note 13) (379,227) (101,245) (224,185)
Receipt of principal portion of finance lease receivable 39,530 0 0
Acquisition of subsidiaries, net cash acquired 394,734 0 0
Net cash provided by (used in) investing activities 55,037 (101,245) (224,185)
Financing activities      
Issuance of Class A ordinary shares in connection with IPO 0 3,922,650 0
Payment of repurchase of Class A ordinary shares 0 (1,012,458) 0
Dividends paid to non-controlling interests (88,611) 0 0
Issue of ordinary shares and warrants in connection with follow-on offering 3,415,001 0 0
Prepaid deposit for fundraising 0 (1,000,000) 0
Proceeds from guaranteed bank and financial institution loans 870,883 448,442 931,862
Repayment (to)/from a shareholder’s loan (1,312,489) (178,146) 1,852,945
Loan from a third party 0 485,812 0
Loan from a shareholder 1,338,065 389,248 0
Loan to a shareholder 0 0 (1,146,464)
Payment of lease liabilities (522,525) (269,292) (178,040)
Payment of deferred IPO costs 0 0 (439,513)
Repayment of guaranteed bank loans (1,169,783) (707,046) (550,426)
Net cash provided by financing activities 2,530,541 2,079,210 470,364
Effect of foreign exchange of cash 48,017 (106,413) 8,326
Net increase in cash 674,853 369,672 306,213
Cash balances at beginning of year 836,907 467,235 161,022
Cash balances at end of year (Note 4) $ 1,511,760 $ 836,907 $ 467,235