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Subsequent Events | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | 23. SUBSEQUENT EVENTS On July 24, 2025, the Company entered into a Securities Purchase Agreement (the “Equity SPA”) with seven non-U.S. investors (collectively, the “Purchasers”). The Equity SPA contemplates the sale, in one or more closings, of up to 15,000,000 shares of our common stock at a cash purchase price of $2.00 per share, for gross proceeds of up to $30,000,000. The shares will be issued in reliance on Regulation S and will bear the customary restrictive legend. The initial closing is capped at no more than 19.9% of the Company’s outstanding Common Stock as of the closing date (the “19.9% Limit”). Any Shares subject to the 19.9% Limit will not be outstanding on the Record Date for this Special Meeting and, therefore, will not vote on this Proposal. Following shareholder approval of this Proposal (if obtained), any remaining Shares may be issued in one or more subsequent closings, expected to occur within three business days after the Special Meeting. Net proceeds will be used for working capital, strategic investments and other general corporate purposes. On July 28, 2025, the Company entered into a securities purchase agreement (the “Agreement”) with certain purchasers (the “Investors’), pursuant to which the Company shall issue and sell to the Investors an aggregate amount of up to $10,000,000, representing the Company’s common stock. On the closing date, investors shall pay the Purchase Price to Company via wire transfer of immediately available funds against delivery of Pre-Paid Purchase #1 in the original principal amount of $884,000.00. In addition, the Company agrees to pay $20,000.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence, monitoring, and other transaction costs incurred in connection with the purchase and sale of the Securities. As of the date of this report, the Company has received proceeds of approximately $800,000 from the Investors pursuant to the Agreement. The complete closing of the above-referenced transactions is each subject to the approval of the Company’s shareholders. A special shareholders meeting is scheduled to be held on September 2, 2025 to consider these transactions and to amend the Company’s articles of incorporation to increase the authorized shares of the Company’s common stock from 6,000,000 to 600,000,000 shares. See more details of the special shareholders meeting to be held on September 2, 2025 in the Definitive Schedule 14A filed with the SEC on August 8, 2025. The Company has evaluated subsequent events through the date of the issuance of the unaudited condensed consolidated financial statements and did not identify any subsequent events except those disclosed above that would have required adjustment or disclosure in the financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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