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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2022
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,

 

 

2021

 

 

2022

 

 

US$

 

 

US$

 

Financial institutions in the mainland PRC

 

 

 

 

 

 

—Denominated in Chinese Renminbi (“RMB”)

 

 

7,134,552

 

 

 

13,639,079

 

—Denominated in USD

 

 

8,073,604

 

 

 

10,013,699

 

Total cash balances held at mainland PRC financial institutions

 

 

15,208,156

 

 

 

23,652,778

 

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

 

 

 

 

 

 

—Denominated in USD

 

 

80,904,898

 

 

 

105,481,683

 

—Denominated in Hong Kong Dollar (“HKD”)

 

 

 

 

 

158,251

 

—Denominated in RMB

 

 

 

 

 

8,896

 

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

 

 

80,904,898

 

 

 

105,648,830

 

Financial institutions in UAE

 

 

 

 

 

 

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

 

 

23,763,838

 

 

 

6,858,066

 

—Denominated in USD

 

 

164,143,913

 

 

 

237,038,304

 

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

 

 

187,907,751

 

 

 

243,896,370

 

Financial institutions in United States

 

 

 

 

 

 

—Denominated in USD

 

 

10,176,282

 

 

 

465,475

 

Total cash balances held at the United States financial institutions

 

 

10,176,282

 

 

 

465,475

 

Financial institutions in Singapore

 

 

 

 

 

 

—Denominated in USD

 

 

57,288,515

 

 

 

13,359,499

 

—Denominated in Singapore Dollar (“SGD”)

 

 

 

 

 

233,885

 

Total cash balances held at the Singapore financial institutions

 

 

57,288,515

 

 

 

13,593,384

 

Financial institutions in United Kingdom

 

 

 

 

 

 

—Denominated in USD

 

 

 

 

 

20,000,000

 

Total cash equivalents balances held at the United Kingdom financial institutions

 

 

 

 

 

20,000,000

 

Total cash and cash equivalents balances held at financial institutions

 

 

351,485,602

 

 

 

407,256,837

 

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

 

3-5 years

Leasehold improvements

 

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

Summary of Intangible Assets Amortized using Straight Line Method over Estimated Useful Lives

Intangible asset is amortized using the straight-line method over the estimated useful lives of the asset, as follows:

 

Category

 

Estimated Useful Life

Domain names

 

3-5 years

Trademarks

 

10 years

 

Summary of Company's Assets Measured at Fair Value on Reccurring Basis

The following table sets forth the Company’s assets that are measured at fair value on a recurring basis and are categorized under the fair value hierarchy:

 

 

Fair value measurement as of December 31, 2021 using

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total fair value as of December 31, 2021

 

 

US$

 

US$

 

US$

 

US$

 

Assets

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

 

 

2,906,344

 

 

 

 

2,906,344

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value measurement as of December 31, 2022 using

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total fair value as of December 31, 2022

 

 

 

US$

 

US$

 

US$

 

US$

 

Assets

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

2,963,052

 

 

22,825,252

 

 

 

 

25,788,304

 

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, 2020, 2021 and 2022 are as follows:

 

 

For the Year Ended December 31,

 

 

2020

 

 

2021

 

 

2022

 

A

 

 

60

%

 

 

52

%

 

 

41

%

B

 

 

19

%

 

 

25

%

 

 

20

%

Summary of Geographic Information for Long-lived Assets The geographic information for long-lived assets of the Group’s for the years ended December 31, 2021 and 2022 are as follows:

 

 

As of December 31,

 

 

2021

 

 

2022

 

 

US$

 

 

US$

 

Domestic component

 

 

 

 

 

 

UAE

 

 

160,233

 

 

 

995,692

 

Foreign components

 

 

 

 

 

 

Mainland PRC

 

 

2,530,193

 

 

 

18,630,833

 

Cayman Islands

 

 

 

 

 

1,180,000

 

Total long-lived assets

 

 

2,690,426

 

 

 

20,806,525