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Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 99,290 $ 85,265
Restricted cash and cash equivalents 642,899 1,306,463
Accounts receivable, net 12,358 98,325
Accounts receivable – related parties, net 623,245 757,343
Due from related party – current 526,216 513,819
Short-term Investment 76,787 75,797
Prepaid expenses and other current assets 148,024 150,235
Total Current Assets 2,128,819 2,987,247
Property and equipment, net 564,344 573,978
Operating lease right-of-use assets 999,645 1,161,141
Long-term investments 831,706 842,070
Deferred tax assets 35,472 117,110
Prepaid expenses – noncurrent 133,472 135,135
Security deposits 61,992 58,838
Prepayment for long-term investments 3,279,153 2,838,578
Due from related parties – noncurrent 1,285,804 1,141,378
Total Assets 9,320,407 9,855,475
Current Liabilities    
Short-term bank loans 882,750 1,893,750
Accrued expenses and other current liabilities 3,441,365 2,909,587
Contract liabilities 79,501 10,985
Operating lease liabilities – current portion 390,505 369,314
Due to related parties 978,734 635,893
Total Current Liabilities 5,772,855 5,819,529
Tenant security deposit 5,680 7,980
Operating lease liability – noncurrent portion 609,140 791,827
Convertible notes payable – third parties 3,299,742
Total Liabilities 9,687,417 6,619,336
COMMITMENTS AND CONTINGENCIES
Equity    
Preferred stock, $0.001 par value, 20,000,000 authorized, nil shares issued and outstanding
Common stock, $0.001 par value, 10,000,000 authorized, 3,308,074 and 3,285,733 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively [1] 3,308 3,286
Additional paid-in capital 68,077,777 67,937,050
Stock subscription receivable (902,960) (1,354,440)
Accumulated deficit (58,991,645) (54,904,439)
Accumulated other comprehensive income 534,205 517,128
Treasury stock (9,100,000) (9,100,000)
Total Stockholders’ Equity (379,315) 3,098,585
Noncontrolling interest 12,305 137,554
Total Equity (367,010) 3,236,139
Total Liabilities and Equity $ 9,320,407 $ 9,855,475
[1] Prior period results have been adjusted to reflect the 1-for-10 reverse stock split effected on July 25, 2023. See Note 14, Subsequent Events for details.