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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 143,758,678 $ 174,391,243
Accounts receivable, net   3,000,000
Amounts due from related parties 619,432 4,506,670
Prepayments and other current assets 4,937,323 4,055,921
Total current assets 149,315,433 185,953,834
Property, equipment and software, net 2,782,963 3,487,617
Operating lease right-of-use assets 191,877  
Other non-current assets 109,572 69,275
TOTAL ASSETS 152,399,845 189,510,726
Current liabilities:    
Accounts payable 3,666,124 3,321,615
Contract liabilities 15,107,276 5,500,000
Amounts due to related parties 19,323,337 10,466,061
Accruals and other current liabilities 3,212,809 4,379,243
Income tax payable   1,657,450
Short-term borrowings 10,768,745 3,121,226
Current portion of long-term borrowings 2,850,128 1,376,319
Current portion of operating lease liabilities 151,983  
Total current liabilities 55,080,402 29,821,914
Long-term borrowings 14,146,541 2,991,829
Operating lease liabilities 53,834  
Deferred tax liabilities   44,163
Other non-current liabilities 28,718 94,107
TOTAL LIABILITIES 69,309,495 32,952,013
Commitments and contingencies
Shareholders' equity:    
Ordinary shares (par value of US$0.0001 per share; 640,000,000 shares authorized, and 54,595,667 shares issued and outstanding as of December 31, 2021; and 640,000,000 shares authorized, 54,065,709 shares issued and outstanding as of December 31, 2022) 5,497 5,627
Treasury shares, at cost (94,074 shares as of December 31, 2021 and 1 share as of as of December 31, 2022) (4) (619,605)
Additional paid-in capital 342,739,268 336,099,931
Accumulated other comprehensive loss (849,305) (93,981)
Accumulated deficit (258,805,106) (178,833,259)
Total shareholders' equity 83,090,350 156,558,713
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 152,399,845 $ 189,510,726