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Share Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share Based Compensation [Abstract] |
SHARE BASED COMPENSATION | 18. SHARE BASED COMPENSATION On February 1, 2023, the Company effected a 1-for-5 reverse stock split of the Company’s issued and authorized shares, and its total authorized shares of common stock reduced from 300,000,000 shares to 60,000,000 shares as a result of reverse stock split. Restricted net assets PRC laws and regulations permit payments of dividends by the Company’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless the reserve has reached 50% of their respective registered capital. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws and regulations, the Company’s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company in the form of dividends. The restriction amounted to $25.12 million (RMB176,034,880) as of September 30, 2024. Except for the above or disclosed elsewhere, there is no other restriction on the use of proceeds generated by the Company’s subsidiaries to satisfy any obligations of the Company. Payments-omnibus equity plan On October 12, 2023, the Compensation Committee of the Board of Directors of the Company granted 2,890,000 shares of common stock of the Company, par value $0.001, pursuant to the Company’s 2023 Omnibus Equity Plan, to certain officers and employees of the Company and its subsidiaries (the “Grantees”). As the closing price of the Company stock was $1.20 on December 23, 2023, the Company recorded an expense of $3.47 million in the third quarter of fiscal year 2023. As of the date of this report, the Shares have been issued to the Grantees.

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