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Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Current Liabilities [Abstract]  
Schedule of Other Current Liabilities

Other current liabilities consist of the following:

 

      As of December 31, 
      2024   2023 
Accrued payroll and employee-related costs      37,435,535    59,536,138 
Payable for acquisition of property and equipment      75,330,611    116,595,550 
Guarantee deposits      16,808,155    31,595,673 
Accrued marketing expenses      7,528,051    14,484,257 
Sundry taxes payable      10,435,265    10,932,318 
Accrued professional service fees      10,733,915    19,885,878 
Accrued offering costs  (i)   1,581,448    2,833,080 
Accrued rental expenses      2,371,324    3,616,613 
Other accrual expenses      28,982,559    32,236,341 
       191,206,863    291,715,848 

 

(i) In August 2022, the Company entered into a professional services contract with a financial intermediary firm pursuant to which, the firm provided professional services to the Company in connection with Merger Transactions and the Company is obligated to pay a service fee of US$3,000,000. Under the agreement, the Company settled US$1,000,000 of the service fee in cash in October 2022 and has an option at its sole discretion to settle the remaining US$2,000,000 of the service fee in following year either in cash or by issuing 40,000 ordinary Shares of the Company when certain conditions were met upon the consummation of the Merger Transactions on September 28, 2022. The Company accounted for the option to settle such service fee in ordinary shares as a liability-settled share-based payment. The option is re-measured at fair value periodically until the settlement of payment. As of December 31, 2024, the fair value of options is US$200,000 (equivalent to RMB1,581,448).