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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income (loss) $ (19,271,787) $ 742,815
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 23,917 51,045
Amortization of discounts on customer loan receivables (1,760) (22,175)
Amortization of convertible note discount and debt issuance costs 47,090 45,078
Amortization of operating lease right-of-use assets 368,659 358,373
Provision for (recovery of) credit losses and loan losses 60,986 142,049
Provision for excess and obsolete inventories 34,883 108,378
Provision for warranty and production guaranty 61,466 152,231
Equity in income of investment in excess of distribution received (60,163) (67,902)
Deferred income tax provision (1,199) (207,288)
Gain on disposal of property and equipment (14,472) (22,174)
Gain on debt extinguishment (53,641) (13,410)
Gain on early termination of lease (77,207) (4,212)
Stock-based compensation 17,210,288 0
Changes in operating assets and liabilities:    
Accounts receivable 114,796 977,912
Contract assets 256,510 (3,876,422)
Customer loans receivable 635,972 1,065,026
Inventories 58,067 502,834
Other receivables and current assets (69,131) (3,224,686)
Other assets (29,881) 28,205
Accounts payable (1,341,992) (515,739)
Operating lease liabilities (363,865) (341,012)
Contract liabilities 0 4,314,590
Accrued expenses and other payables (3,756,336) 2,071,112
Other liabilities (231,494) 99,343
Net cash provided by (used in) operating activities (6,400,294) 2,363,971
Investing activities    
Short- term Investments (7,000,000) 0
Proceeds from disposal of property and equipment 14,473 22,174
Net cash provided by (used in) investing activities (6,985,527) 22,174
Financing activities    
Net proceeds from initial public offering 18,577,037 0
Refundable vendor bid deposits paid 0 (7,308)
Principal payment on convertible notes (3,000,000) (2,500,000)
Principal payment on borrowings 0 (9,827)
Repayment on equipment capital lease (4,222) (4,322)
Payments related to Uonone acquisition contingency (Note 15) 0 (2,309,698)
Proceeds from Uonone acquisition contingency (Note 15) 0 6,869,462
Net cash provided by (used in) financing activities 15,572,815 2,038,307
Effect of exchange rate 205,481 (61,148)
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,392,475 4,363,304
Cash, cash equivalents, and restricted cash, beginning of the period 2,893,816 4,168,951
Cash, cash equivalents, and restricted cash, end of the period 5,286,291 8,532,255
Supplemental disclosures of cash flow information:    
Interest paid (received) in cash $ 540,248 349,319
Non-cash activities for investing and financing activities:    
Expensing of public offering costs previously capitalized 658,564  
Convertible notes issued in satisfaction of related party loans $ 2,000,000 0
Cash balance at the beginning of the period:    
Cash and cash equivalents 2,539,312 3,821,952
Restricted cash, noncurrent 354,504 346,999
Cash balance at the end of the period:    
Cash and cash equivalents 4,929,781 7,966,192
Restricted cash, current 0 217,427
Restricted cash, noncurrent $ 356,510 $ 348,636