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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
Significant Of Accounting Policies [Line Items]  
Schedule of Cash and Cash Equivalents are Deposited in Financial Institutions The Group’s cash and cash equivalents are deposited in financial institutions at below locations:

 

 

 

As of December 31,

 

 

 

2020

 

 

2021

 

 

 

US$

 

 

US$

 

Financial institutions in the mainland PRC

 

 

 

 

 

 

—Denominated in Chinese Renminbi (“RMB”)

 

 

5,511,982

 

 

 

7,134,552

 

—Denominated in USD

 

 

1,819,424

 

 

 

8,073,604

 

Total cash balances held at mainland PRC financial institutions

 

7,331,406

 

 

 

15,208,156

 

Financial institutions in Hong Kong Special Administrative Region (“HK S.A.R.”)

 

 

 

 

 

 

—Denominated in USD

 

 

133,911,336

 

 

 

80,904,898

 

Total cash balances held at the HK S.A.R. financial institutions

 

133,911,336

 

 

 

80,904,898

 

Financial institutions in UAE

 

 

 

 

 

 

—Denominated in United Arab Emirates Dirham (“AED”)

 

 

23,249,640

 

 

 

23,763,838

 

—Denominated in USD

 

 

35,813,863

 

 

 

164,143,913

 

Total cash and cash equivalents balances held at the UAE financial institutions

 

59,063,503

 

 

 

187,907,751

 

Financial institutions in United States

 

 

 

 

 

 

—Denominated in USD

 

 

10,127,775

 

 

 

10,176,282

 

Total cash and cash equivalents balances held at the United States financial institutions

 

10,127,775

 

 

 

10,176,282

 

Financial institutions in Singapore

 

 

 

 

 

 

—Denominated in USD

 

 

26,449,262

 

 

 

57,288,515

 

Total cash balances held at the Singapore financial institutions

 

26,449,262

 

 

 

57,288,515

 

Total cash and cash equivalents balances held at financial institutions

 

236,883,282

 

 

 

351,485,602

 

Schedule of Useful Life of Property Plant and Equipment

Property and equipment are stated at cost less depreciation and any impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:

 

Category

 

Estimated Useful Life

Electronic equipment

 

3 years

Vehicle

 

4 years

Office furniture

 

5 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the assets

Schedules of Concentration of Risk by Risk Factor

The Group’s cost of revenues mainly included commission fees paid to third party payment platforms, among which two third party payment platforms individually represent greater than 10% of the Group’s cost of revenues excluding payroll and welfare and depreciation for the years ended December 31, 2019, 2020 and 2021 are as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2020

 

 

2021

 

A

 

 

61

%

 

 

60

%

 

 

52

%

B

 

 

14

%

 

 

19

%

 

 

25

%

ASC 842 [Member]  
Significant Of Accounting Policies [Line Items]  
Schedule of Effect on Consolidated Balance Sheet

The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842.

 

 

 

As of December 31, 2020

 

 

Effect of Adoption

 

 

As of January 1, 2021

 

 

 

US$

 

 

US$

 

 

US$

 

Operating lease right-of-use assets

 

 

 

 

 

1,745,150

 

 

 

1,745,150

 

Operating lease liabilities, current

 

 

 

 

 

689,799

 

 

 

689,799

 

Operating lease liabilities, non-current

 

 

 

 

 

624,926

 

 

 

624,926

 

Prepayments and other current assets

 

 

15,725,424

 

 

 

(430,425

)

 

 

15,294,999