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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of estimated useful lives of class of asset

​

​	​	​	​	​	​
Category		Estimated Useful Life		Estimated Residual Value
Office and electronic equipment	​	3-5 years	​	5	%

Summary key financial information of income by segment

​

​	​	​	​	​	​	​
​	​	For the six months ended June 30, 2025
​	​	Bitcoin	​	International Automobile Trading	​	​
​		Mining Business		Business		Total
Revenues	​	282,269,981	​	1,720,650	​	283,990,631
Less: Operating cost and other relevant expenses		​		​		​
Cost of revenue (exclusive of depreciation shown below)		223,818,193		1,629,792		225,447,985
Cost of revenue (depreciation)		43,194,326		—		43,194,326
Provision for credit losses		1,209,459		—		1,209,459
Impairment loss from mining machines		256,856,570		—		256,856,570
Loss from change in fair value of receivable for bitcoin collateral		(51,715,376)		—		(51,715,376)
Interest expenses		3,363,606		—		3,363,606
Reportable segment income (loss) before income taxes		(194,456,797)		90,858		(194,365,939)
Reconciliations to income (loss) before income tax		​		​		​
General and administrative expense – staff cost		​		​		5,143,519
General and administrative expense – others		​		​		7,871,237
Interest income		​		​		(991,173)
Foreign exchange gain, net		​		​		7,988
Other income and expense, net		​		​		(148,898)
Net loss before income taxes from continuing operations		​		​		(206,248,612)

Summary key financial information of asset by segment

​

​	​	​	​	​	​	​
​	​	As of June 30, 2025
​	​	Bitcoin	​	International Automobile Trading	​	​
​		Mining Business		Business		Total
Segment assets:	​	​	​	​	​	​
Current assets	​	​	​	​	​	​
Accounts receivable, net	​	2,193,224	​	—	​	2,193,224
Prepayments and other current assets, net	​	224,945,238	​	1,227,324	​	226,172,562
Receivable for bitcoin collateral, net	​	416,733,018	​	—	​	416,733,018
Non-current assets	​	​	​	​	​	​
Mining machines, net	​	357,168,857	​	—	​	357,168,857
Total segment assets from continuing operations	​	1,001,040,337	​	1,227,324	​	1,002,267,661
​	​	​	​	​	​	​
Reconciliations to total assets	​	​	​	​	​	​
Cash and cash equivalents	​	​	​	​	​	117,792,694
Deferred tax assets	​	​	​	​	​	2,269,174
Total assets from continuing operations	​	​	​	​		1,122,329,529

Summary revenue data by geographic area

​

​	​	​	​	​	​	​
​	​	For the six months ended June 30, 2025
​	​	Bitcoin	​	International Automobile trading	​	​
​		Mining Business		Business		Total
British Virgin Islands	​	282,269,981	​	—	​	282,269,981
Others	​	—	​	1,720,650	​	1,720,650
Total	​	282,269,981	​	1,720,650	​	283,990,631

​

​	​	​	​	​
​	​	As of June 30, 2025
​	​	Bitcoin	​	​
​		Mining Business		Total
Asia		38,181,277		38,181,277
North America		223,157,381		223,157,381
Africa		78,273,932		78,273,932
Others		17,556,267		17,556,267
Total		357,168,857		357,168,857

​

​	​	​	​	​	​	​
​		As of December 31, 2024
​	​	Bitcoin	​	Reconciled	​	​
​		Mining Business		items		Total
Asia	​	37,289,109	​	249,841	​	37,538,950
North America	​	92,809,899	​	—	​	92,809,899
Africa	​	90,541,946	​	—	​	90,541,946
Others		22,165,759	​	—	​	22,165,759
Total		242,806,713	​	249,841	​	243,056,554

Schedule of discontinued operation

​

​	​	​
​		May 27, 2025
Consideration		351,941,519
Current assets of discontinued operations		375,714,681
Non-current assets of discontinued operations		73,787,748
Total assets of discontinued operations		449,502,429
Current liabilities of discontinued operations		12,919,408
Non-current liabilities of discontinued operations		6,261,781
Total liabilities of discontinued operations		19,181,189
Loss from disposal of discontinued operations		(78,379,721)
PRC withholding tax for indirect transfer of PRC assets		(32,646,978)
Release accumulated other comprehensive loss		(44,270,340)
Loss from disposal of discontinued operations after tax		(155,297,039)
Loss from discontinued operations from January 1, 2025 to May 27, 2025		(7,171,979)
Net loss from discontinued operations from January 1, 2025 to May 27, 2025	​	(162,469,018)

​

​	​	​
​		As of December 31, 2024
ASSETS	​	​
Current assets
Cash and cash equivalents		86,247,191
Restricted cash - current – others		1,481,477
Short-term investments		128,618,388
Accounts receivable, net		1,497,641
Finance lease receivables		2,833,899
Financing receivables		778,855
Short-term contract asset, net		4,619,614
Prepayments and other current assets, net		4,036,337
Total current assets of discontinued operations		230,113,402
Non-current assets
Restricted cash - non-current		39,377,146
Property and equipment, net		843,464
Intangible assets		6,497,283
Long-term contract asset		2,404,483
Finance lease receivables		1,275,359
Operating lease right-of-use assets		5,403,686
Other non-current assets		555,784
Total non-current assets of discontinued operations		56,357,205
TOTAL ASSETS OF DISCONTINUED OPERATIONS		286,470,607
LIABILITIES
Current liabilities:
Short-term lease liabilities		903,762
Accrued expenses and other current liabilities		13,723,267
Deferred guarantee income		1,614,910
Contingent risk assurance liabilities		4,273,071
Income tax payable		2,357
Total current liabilities of discontinued operations		20,517,367
Non-current liabilities:
Deferred tax liability		1,469,199
Long-term lease liabilities		5,075,071
Other non-current liabilities		2,619
Total non-current liabilities of discontinued operations		6,546,889
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS		27,064,256

​

​	​	​	​	​
​	​	For the six months ended June 30,
​		2024		2025
Revenues		15,150,985		1,143,723
Operating cost and expenses	​	​	​	​
Cost of revenue		7,690,781		2,350,868
Sales and marketing		1,042,389		89,138
General and administrative		7,450,761		4,328,419
Research and development		383,074		44,729
Net gain on contingent risk assurance liabilities		(3,497,158)		(1,073,370)
Net recovery on provision for credit losses		(17,894,343)		(2,366,384)
Total operating cost and expenses		(4,824,496)		3,373,400
Interest income		2,670,673		597,333
Net gain on equity securities		689,034		—
Foreign exchange gain (loss), net		68,281		(74,202)
Other income		583,226		1,762,390
Other expenses		(253,959)		(7,228,461)
Income (loss) from discontinued operations before tax		23,732,736		(7,172,617)
Income tax expenses (benefits)		(607,490)		638
Income (loss) from discontinued operations after tax		23,125,246		(7,171,979)
​	​	​	​	​
Net cash provided by (used in) discontinued operating activities		14,882,072		(14,407,658)
Net cash used in discontinued investing activities		(255,424,463)		(54,180,371)
Net cash used in discontinued financing activities		(5,406,024)		—

​

​	​	​
​		For the six month ended June 30, 2025
​	​	US$
Cash and cash equivalent deconsolidated		61,108,542
Proceeds from the disposal of subsidiaries		210,638,598
Proceeds from the disposal of subsidiaries, net of cash disposed		149,530,056

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