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Liquidity, Going Concern, and Restatement (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Liquidity, Going Concern, and Restatement [Abstract]    
Schedule of Impact of the Restatement

The impact of the restatement on the balance sheets, statements of operations, and statements of cash flows as of and for the three months ended March 31, 2024 is presented below.

 

   March 31, 2024 

Unaudited Condensed

Consolidated Balance Sheets		  As Reported   Adjustments   As Restated 
Prepaid expense and other current asset  $159,602   $223,707   $383,309 
Property and equipment, net   7,949,150    (7,400,000)   549,150 
Prepayment for asset acquisition   
-
    691,900    691,900 
Total Assets   14,460,402    (6,484,392)   7,976,010 
                
Accrued expenses and other current liabilities   4,050,845    (605,178)   3,445,667 
Convertible notes payable – third parties, net   842,567    29,769    872,336 
Due to related parties   301,972    89,502    391,474 
Current Liabilities   6,633,614    (455,908)   6,177,706 
Total Liabilities   6,973,447    (455,908)   6,517,539 
                
Additional paid-in capital   86,029,237    (9,025,036)   77,004,201 
Total stockholders’ equity   7,792,076    (6,092,525)   1,699,551 
Noncontrolling interest   (305,121)   64,040    (241,081)
Total Equity   7,486,955    (6,028,485)   1,458,470 
Total Liabilities and Equity  $14,460,402   $(6,484,393)  $7,976,009 

 

   Three Months Ended March 31, 2024 

Unaudited Condensed

Consolidated Statements of Operations		  As Reported   Adjustments   As Restated 
Selling, general and administrative expenses  $831,257   $(92,771)  $738,486 
Stock based compensation   2,544,995    (513,364)   2,031,631 
Interest expenses   (684,683)   503,007    (181,676)
Net loss attributable to noncontrolling interests   (48,043)   (45,425)   (93,468)
Net loss   (3,981,019)   1,053,352    (2,927,667)
Basic and diluted net loss per common share  $(0.40)  $0.11   $(0.29)

 

   Three Months Ended March 31, 2024 

Unaudited Condensed

Consolidated Statements of Cash Flows

  As Reported   Adjustments   As Restated 
Net loss  $(3,981,019)  $1,053,355   $(2,927,664)
Stock-based compensation   2,544,995    (513,364)   2,031,631 
Other non-cash income and expenses   672,016    (495,736)   176,280 
Accrued expenses and other current liabilities   354,465    (398,070)   (43,605)
Due to related parties   128,840    (128,840)   
-
 
Net cash used in operating activities   (602,001)   (353,815)   (955,816)
Due to related parties*   
-
    (217,981)   (217,981)
                
Net cash provided by financing activities   805,006    119,141    924,147 
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (260,783)   234,674    (26,109)
                
Issuance of common stock for conversion of debt  $681,000   $213,426   $467,574 

 

*Due to related parties previously reported amount was reclassified to financing activities based on current year’s presentation.

The impact of the restatement on the balance sheets, statements of operations, and statements of cash flows as of and for the year ended December 31, 2023 is presented below.

 

   December 31, 2023 
Consolidated Balance Sheets  As Reported   Adjustments   As Restated 
Property and equipment, net  $7,969,278   $(7,400,000)  $569,278 
Prepayment for asset acquisition   
-
    691,900    691,900 
Total Assets   14,492,599    (6,708,100)   7,784,499 
                
Accrued expenses and other current liabilities   3,696,380    (148,028)   3,548,352 
Convertible notes payable – third parties, net   569,456    317,066    886,522 
Due to related parties   173,132    361    173,493 
Current Liabilities   5,932,490    169,399    6,101,889 
Total Liabilities   6,361,627    169,399    6,531,026 
                
Additional paid-in capital   82,636,966    (8,658,586)   73,978,380 
Total stockholders’ equity   8,388,050    (6,833,940)   1,554,110 
Noncontrolling interest   (257,078)   (43,559)   (300,637)
Total Equity   8,130,972    (6,877,499)   1,253,473 
Total Liabilities and Equity  $14,492,599   $(6,708,100)  $7,784,499 

 

   Year Ended December 31, 2023 
Consolidated Statements of Operations  As Reported   Adjustments   As Restated 
Stock based compensation  $1,635,708   $(1,449,775)  $185,933 
Interest expenses   (2,493,340)   1,179,669    (1,313,671)
Net loss attributable to noncontrolling interests   (394,632)   (98,162)   (492,794)
Net loss   (10,910,288)   2,629,444    (8,280,844)
Basic and diluted net loss per common share  $(2.43)  $0.63   $(1.80)

 

   Year Ended December 31, 2023 
Consolidated Statements of Cash Flows  As Reported   Adjustments   As Restated 
Net income (loss)  $(10,910,288)  $2,629,444   $(8,280,844)
Stock-based compensation   1,635,708    (1,449,775)   185,933 
Other non-cash income and expenses   2,413,746    (1,169,501)   1,244,245 
Accrued expenses and other current liabilities   786,793    (148,031)   638,762 
Due to related parties   (186,860)   186,860    
-
 
Net cash used in operating activities   (4,235,845)   (48,997)   (4,186,848)
Due to related parties*   
-
    (186,499)   (186,499)
Proceeds from subsidiary’s executive contribution   
-
    137,500    137,500 
Net cash provided by financing activities   3,918,960    (48,999)   3,869,961 
Effect of exchange rate changes on cash and cash equivalents and restricted cash   
2,125-
    (2)   2,123 
Purchase of Property and equipment by issuing common stock to a third party   7,400,000    (7,400,000)   
-
 
Prepayment for asset acquisition by issuing common stock to a third party   
-
    691,600    691,900 
Issuance of common stock for conversion of debt  $3,306,112   $(1,519,426)  $1,786,686 

 

*Due to related parties previously reported amount was reclassified to financing activities based on current year’s presentation.