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Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information of the Parent Company [Abstract] |
Schedule of Condensed Balance Sheets | Condensed balance sheets
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 172,588,698 |  |  | $ | 212,388,959 |
Other current assets, net |  |  | 2,939,668 |  |  |  | 257,500 |
Due from subsidiaries |  |  | 158,603,618 |  |  |  | 114,912,019 |
Total current assets |  |  | 334,131,984 |  |  |  | 327,558,478 |
Total assets |  | $ | 334,131,984 |  |  | $ | 327,558,478 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Deficit of investments in subsidiaries |  | $ | 53,878,530 |  |  | $ | 8,626,897 |
Due to subsidiaries |  |  | 409,607 |  |  |  | - |
Total current liabilities |  |  | 54,288,137 |  |  |  | 8,626,897 |
Total liabilities |  |  | 54,288,137 |  |  |  | 8,626,897 |
Shareholders’ equity: |  |  |  |  |  |  |  |
Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,989,746 and 4,725,019 shares issued, 4,726,424 and 4,700,852 shares outstanding as of December 31, 2023 and 2022, respectively(1)(2) |  |  | 18,178 |  |  |  | 18,080 |
Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of December 31, 2023 and 2022, respectively(1) |  |  | 5,978 |  |  |  | 5,978 |
Additional paid-in capital |  |  | 397,467,795 |  |  |  | 397,620,927 |
Accumulated deficit |  |  | (103,761,016 | ) |  |  | (66,988,873 | )
Accumulated other comprehensive loss |  |  | (13,887,088 | ) |  |  | (11,724,531 | )
Total shareholders’ equity |  |  | 279,843,847 |  |  |  | 318,931,581 |
Total liabilities and shareholders’ equity |  | $ | 334,131,984 |  |  | $ | 327,558,478 |
| (1) | Retrospectively adjusted for the effect of the Reverse Stock Split effected on November 20, 2022. See Note 12.
| (2) | As of December 31, 2023 and 2022, 263,322 and 24,167 (725,000 before the Reverse Stock Split) shares reserved for future issuance upon the vesting of RSAs granted under the 2020 Plan were considered issued but not outstanding, respectively. See Note 12.
Schedule of Condensed Statements of Operations And Comprehensive Income (Loss) | Condensed statements of operations and comprehensive income (loss)
|  | For the year ended December 31, 2023 |  |  | For the year ended December 31, 2022 |  |  | For the year ended December 31, 2021 |
Operating expenses: |  |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | 1,482,786 |  |  | $ | 33,796,950 |  |  | $ | 6,233,339 |
Total operating expenses |  |  | 1,482,786 |  |  |  | 33,796,950 |  |  |  | 6,233,339 |
Loss from operations |  |  | (1,482,786 | ) |  |  | (33,796,950 | ) |  |  | (6,233,339 | )
Interest income |  |  | 9,945,862 |  |  |  | 2,409,547 |  |  |  | 541,598 |
Other expenses |  |  | (2,847 | ) |  |  | (52,793 | ) |  |  | (8,505 | )
Exchange gain (loss) |  |  | 36,752 |  |  |  | (67,696 | ) |  |  | 1,478,258 |
Other income |  |  | - |  |  |  | - |  |  |  | 18,114 |
Loss on forgiveness of receivable from a subsidiary |  |  | 1,600,517 |  |  |  | - |  |  |  | - |
Share of income (loss) from subsidiaries |  |  | (46,869,641 | ) |  |  | (12,380,350 | ) |  |  | 8,634,815 |
Net income (loss) |  | $ | (36,772,143 | ) |  | $ | (43,888,242 | ) |  | $ | 4,430,941 |
Comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (36,772,143 | ) |  | $ | (43,888,242 | ) |  | $ | 4,430,941 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | (2,162,557 | ) |  |  | (4,827,526 | ) |  |  | 751,327 |
Comprehensive income (loss) |  | $ | (38,934,700 | ) |  | $ | (48,715,768 | ) |  | $ | 5,182,268 |
Schedule of Condensed Statements of Cash Flows | Condensed statements of cash flows
|  | For the year ended December 31, 2023 |  |  | For the year ended December 31, 2022 |  |  | For the year ended December 31, 2021 |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (36,772,143 | ) |  | $ | (43,888,242 | ) |  | $ | 4,430,941 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Share of (income) loss from subsidiaries |  |  | 46,869,641 |  |  |  | 12,380,350 |  |  |  | (8,634,815 | )
Amortization expense |  |  | - |  |  |  | 6,987,975 |  |  |  | 1,987,974 |
Share-based compensation |  |  | (153,034 | ) |  |  | 3,903,970 |  |  |  | 707,000 |
Loss on forgiveness of receivable from a subsidiary |  |  | 1,600,517 |  |  |  | - |  |  |  | - |
Impairment of intangible assets |  |  | - |  |  |  | 20,738,130 |  |  |  | - |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Due from subsidiaries |  |  | (45,292,116 | ) |  |  | 127,102,949 |  |  |  | (195,566,806 | )
Other current assets, net |  |  | (2,682,168 | ) |  |  | 400,545 |  |  |  | 210,904 |
Accrued liabilities and other payables |  |  | - |  |  |  | (53,603 | ) |  |  | (7,973,877 | )
Due to subsidiaries |  |  | 409,607 |  |  |  | - |  |  |  | - |
Net Cash Provided by (Used in) Operating Activities |  |  | (36,019,696 | ) |  |  | 127,572,074 |  |  |  | (204,838,679 | )
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Collections from short-term investments |  |  | - |  |  |  | 15,000,000 |  |  |  | 25,835,000 |
Purchases of intangible assets |  |  | - |  |  |  | (10,000,000 | ) |  |  | - |
Net Cash Provided by Investing Activities |  |  | - |  |  |  | 5,000,000 |  |  |  | 25,835,000 |
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuances of ordinary shares |  |  | - |  |  |  | - |  |  |  | 254,727,705 |
Net Cash Provided by Financing Activities |  |  | - |  |  |  | - |  |  |  | 254,727,705 |
Effect of Foreign Exchange on Cash and Cash Equivalents |  |  | (3,780,565 | ) |  |  | (1,760,012 | ) |  |  | (2,465,348 | )
Net Increase (Decrease) in Cash and Cash Equivalents |  |  | (39,800,261 | ) |  |  | 130,812,062 |  |  |  | 73,258,678 |
Cash and Cash Equivalents at Beginning of Year |  |  | 212,388,959 |  |  |  | 81,576,897 |  |  |  | 8,318,219 |
Cash and Cash Equivalents at End of Year |  | $ | 172,588,698 |  |  | $ | 212,388,959 |  |  | $ | 81,576,897 |
Non-Cash Investing and Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of vested restricted share awards |  | $ | 98 |  |  |  | 232 |  |  |  | - |

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