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Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income Before Income Taxes

Income before income taxes were generated in the following jurisdictions:

		For the Year Ended December 31,
		2020				2021				2022
		US$				US$				US$
Domestic component
UAE			63,056,081				122,422,324				99,688,931
Foreign components
BVI			(976	)			(1,227	)			(3,810	)
Mainland PRC			(57,038,284	)			(35,920,356	)			(16,736,026	)
HK S.A.R.			65,233				286,843				593,949
Cayman Islands			(2,007,587	)			(2,152,866	)			(1,497,198	)
Singapore			—				(20,447	)			(409,018	)
Total			4,074,467				84,614,271				81,636,828

Summary of Income Tax Assets and Liabilities

Deferred income tax assets and liabilities are as follows:

		As of December 31,
		2021				2022
		US$				US$
Deferred tax assets
Operating lease liabilities			167,083				400,766
Impairment loss			—				179,479
Net operating loss carry forwards			28,779				287,345
Total gross deferred tax assets			195,862				867,590
Valuation allowance on deferred tax assets			(28,779	)			(466,824	)
Deferred tax assets, net of valuation allowance			167,083				400,766
Deferred tax liabilities
Operating lease right-of-use assets			167,083				400,766
Total gross deferred tax liabilities			167,083				400,766
Net deferred tax assets			—				—

Summary of Changes in Valuation Allowance

Changes in valuation allowance are as follows:

		As of December 31,
		2021				2022
		US$				US$
Balance at the beginning of the year			3,334				28,779
Additions			25,445				438,045
Reversals			—				—
Balance at the end of the year			28,779				466,824

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- References

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
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