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Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 500,069 $ 85,265
Restricted cash 620,868 1,306,463
Accounts receivable, net 1,530 98,325
Short-term Investment 68,521 75,797
Prepaid expenses and other current assets 143,127 150,235
Total Current Assets 2,493,534 2,987,247
Property and equipment, net 7,953,936 573,978
Operating lease right-of-use assets 899,817 1,161,141
Long-term investments 2,677,395 842,070
Deferred tax assets 34,256 117,110
Prepaid expenses – non-current 128,898 135,135
Security deposits 44,259 58,838
Prepayment for long-term investments 1,429,016 2,838,578
Total Assets 16,591,507 9,579,574
Current Liabilities    
Short-term bank loans 852,500 1,893,750
Accrued expenses and other current liabilities 3,558,213 2,909,587
Contract liabilities 79,501 10,985
Operating lease liabilities – current portion 392,666 369,314
Total Current Liabilities 5,363,076 5,543,628
Tenant security deposit 5,680 7,980
Operating lease liability – non-current portion 507,151 791,827
Convertible notes payable – third parties 1,654,004
Total Liabilities 7,529,911 6,343,435
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, 4,823,043 and 3,286,190 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively(1) [1] 4,823 3,286
Additional paid-in capital 80,662,290 67,937,050
Stock subscription receivable (677,220) (1,354,440)
Accumulated deficit (62,309,161) (54,904,439)
Accumulated other comprehensive income 519,123 517,128
Treasury stock (9,100,000) (9,100,000)
Total Stockholders’ Equity 9,099,855 3,098,585
Noncontrolling interest (38,259) 137,554
Total Equity 9,061,596 3,236,139
Total Liabilities and Equity 16,591,507 9,579,574
Related Party    
Current Assets    
Accounts receivable – related parties, net 624,373 757,343
Due from related party – current 535,046 513,819
Due from related parties – non-current 930,396 865,477
Current Liabilities    
Due to related parties $ 480,196 $ 359,992
[1] Prior period results have been adjusted to reflect the 1-for-10 reverse stock split effected on July 25, 2023.