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Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information of the Parent Company[Abstract]

Schedule of Statements of Financial Position

The parent Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2023 and 2022.

		As of December 31,
		2023				2022
		(Unaudited)				(Unaudited)
Assets
Cash and cash equivalents		$	15,751,630			$	332,617
Other receivables			108,215				9,000
Amount due from related parties			3,311,266				7,020,000
Goodwill			411,862				2,679,445
Investment in subsidiaries			10,158,381				14,915,920
Total assets		$	29,741,354			$	24,956,982

Liabilities and equity

Other payables and liabilities		$	1,209,317			$	-
Convertible note payable			-				1,730,267
Borrowings from related parties			3,300,212				4,033,084
Total liabilities			4,509,529				5,763,351

Equity
Ordinary shares – par value $0.12 authorized 300,000,000 shares, issued and outstanding 9,830,373 shares at December 31, 2023; par value $0.12* authorized 7,500,000 shares, issued and outstanding 1,618,977* shares at December 31, 2022			1,179,680				194,313
Subscription receivable			(50,000	)			(50,000	)
Additional paid in capital			80,983,164				46,231,302
Legal reserve			223,500				223,500
Warrants reserve			251,036				251,036
Accumulated deficit			(58,340,675	)			(28,769,014	)
Accumulated other comprehensive income			985,120				1,112,494
Capital & reserves attributable to equity holders of the Company			25,231,825				19,193,631
Total liabilities and equity		$	29,741,354			$	24,956,982

*

Giving retroactive effect to the 2023 share consolidation on January 31, 2023.

Schedule of Statements of Profit and Loss and Comprehensive Loss

		For the years ended December 31,
		2023				2022				2021
		(Unaudited)				(Unaudited)				(Unaudited)
Revenue		$	-			$	-			$	-
Cost of sales			-				-				-
Gross margin			-				-				-

Impairment of goodwill			(2,267,583	)			-				-
Stock-based compensation expense			(1,101,800	)			-				-
Administrative expenses			(2,931,064	)			(4,042,981	)			(1,861,520	)
Loss from operations			(6,300,447	)			(4,042,981	)			(1,861,520	)

Other income, net			380,759				56,642				227,205
Finance cost			8,420				(315,750	)			(99,470	)
Equity loss of subsidiaries			(23,660,393	)			(14,262,705	)			(3,748,142	)
Net loss attributable to equity holders of the Company		$	(29,571,661	)		$	(18,564,794	)		$	(5,481,927	)

Schedule of Statements of Cash Flows

		For the years ended December 31,
		2023				2022				2021
		(Unaudited)				(Unaudited)				(Unaudited)
Operating activities
Net loss		$	(29,571,661	)		$	(18,564,794	)		$	(5,481,927	)
Adjustments to reconcile net income to net cash provided by operating activities
Stock-based compensation expense			1,101,800				252,095				-
Finance costs			62,371				230,267				-
Impairment of goodwill			2,267,583				-				-
Equity loss from equity investments			14,262,703				14,262,705				3,748,142
Changes in operating assets and liabilities:
Other receivables, net			(99,215	)			(3,167	)			(5,833	)
Other payables and liabilities			6,625,255				(25,834,800	)			(7,405,803	)
Net cash used in operating activities			(5,351,164	)			(29,657,694	)			(9,145,421	)

Financing activities
Proceeds from issue of shares			20,867,386				20,346,353				13,244,329
Proceeds from exercise of warrants			506,693				3,014,710				-
Proceeds from a convertible note			-				1,500,000				-
Cash repayment for a convertible note			(554,238	)			-				-
Cash paid for the cancellation of fractional shares			(49,664	)			-				-
Net cash provided by financing activities			20,770,177				24,860,063				13,244,329

Net increase (decrease) in cash and cash equivalents, and restricted cash			15,419,013				(4,796,631	)			4,098,908
Cash and cash equivalents at beginning of year			332,617				5,129,248				1,030,340
Cash and cash equivalents at end of year		$	15,751,630			$	332,617			$	5,129,248