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Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities    
Net loss $ (5,259,037) $ (8,280,844)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 32,025 28,531
Stock-based compensation 2,773,460 185,933
Provision for doubtful accounts 11,993 1,455,101
Other non-cash expenses, net 532,769 1,244,245
Loss on investment in equity securities 339,171 221,888
Amortization of right-of-use asset 168,896 351,859
Deferred tax expense 115,668
Changes in operating assets and liabilities:    
Accounts receivable 228,557
Prepaid expenses and other current assets 12,948 101,926
Due from related parties (293,962) (321,776)
Accrued expenses and other current liabilities 152,819 638,762
Contract liabilities 1,615 68,515
Tenant security deposit 13,700
Taxes payables (112,946) 112,946
Operating lease liabilities (168,896) (351,859)
Net cash used in operating activities (1,809,145) (4,186,848)
Cash flows from investing activities    
Purchase of equipment (21,201)
Prepayment for equity investment (338,985)
Net cash used in investing activities (360,186)
Cash flows from financing activities    
Issuance of common stock 1,050,000
Repayment of short-term bank loans (29,152) (1,000,000)
Proceeds from issuance of warrants 394,071 2,406,338
Proceeds from exercise of warrants 947,500
Proceeds from (repayment of) related party payables 599,552 (186,499) [1]
Proceeds from convertible notes payable 342,095 1,462,622
Repayment of convertible notes payable (327,017)
Repurchase of treasury stocks (7,320)
Proceeds from issuance of a promissory note 30,000
Proceeds from common stock subscription 31,040
Proceeds from subsidiary's executive contribution 137,500
Net cash provided by financing activities 1,980,769 3,869,961
Effect of exchange rate changes on cash and cash equivalents and restricted cash (24,589) 2,125
Net increase (decrease) in cash and cash equivalents and restricted cash 147,035 (674,948)
Cash and cash equivalents and restricted cash    
Beginning 716,780 1,391,728
Ending 863,815 716,780
Cash paid during the year for:    
Interest expense paid 22,539 33,180
Income taxes paid 25,863 27,392
Non-cash financing and investing activities    
Prepayment for asset acquisition by issuing common stock to a third party 691,900
Issuance of common stock for conversion of debt 593,714 1,786,686
Issuance of subsidiary’s common stock for consulting services $ 383,500
[1] Due to related parties previously reported amount was reclassified to financing activities based on current year’s presentation.