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SCHEDULE I – PARENT ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Parent Only Financial Information - Condensed Balance Sheets |
Parent Company |  | As of December 31,
|  | 2024 |  | 2023
Current Assets |  |  |  |  |  |  |  |
Prepayments and deposits |  | $ | — |  |  | $ | — |
Total Current Assets |  |  | — |  |  |  | — |
Non-Current Assets |  |  |  |  |  |  |  |
Interests in subsidiaries |  |  | 83,755,560 |  |  |  | 144,749,406 |
Amounts due from group companies |  |  | 69,821,271 |  |  |  | 62,288,744 |
Deferred tax assets, net |  |  | — |  |  |  | — |
Total non-current assets |  |  | 153,576,831 |  |  |  | 207,038,150 |
Total Assets |  | $ | 153,576,831 |  |  | $ | 207,038,150 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Other payables and accrued expenses |  | $ | 8,265,349 |  |  | $ | 185,042 |
Amounts due to related parties |  |  | 1,462,110 |  |  |  | 1,462,110 |
Amounts due to group companies |  |  | 142,702 |  |  |  | 142,702 |
Total Current Liability |  |  | 9,870,161 |  |  |  | 1,789,854 |
Total Liabilities |  | $ | 9,870,161 |  |  | $ | 1,789,854 |
Stockholders’ Equity |  |  |  |  |  |  |  |
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding |  | $ | — |  |  | $ | — |
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 11,012,754 shares issued; and 10,726,924 shares outstanding as of December 31, 2024 and December 31, 2023 |  |  | 24,623 |  |  |  | 24,623 |
Treasury stock; 285,830 shares as of December 31, 2024 and December 31, 2023 at cost |  |  | (1,372,673 | ) |  |  | (1,372,673 | )
Additional paid-in capital |  |  | 101,688,262 |  |  |  | 101,688,262 |
Share to be issued |  |  | 194,700 |  |  |  | — |
Retained earnings unappropriated |  |  | 37,358,804 |  |  |  | 96,294,256 |
Retained earnings appropriated |  |  | 26,667,097 |  |  |  | 26,667,097 |
Cumulative translation adjustment |  |  | (20,854,143 | ) |  |  | (18,053,269 | )
Total Stockholders’ Equity |  |  | 143,706,670 |  |  |  | 205,248,296 |
Total Liabilities and Stockholders’ Equity |  | $ | 153,576,831 |  |  | $ | 207,038,150 |
Schedule I - Parent Only Financial Information - Condensed Statements of Comprehensive Loss |
|  | Years Ended December 31,
|  | 2024 |  | 2023
OPERATING EXPENSES |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | (742,480 | ) |  | $ | (780,379 | )
TOTAL OPERATING EXPENSES |  |  | (742,480 | ) |  |  | (780,379 | )
OTHER EXPENSES |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | — |
TOTAL OTHER EXPENSES |  |  | — |  |  |  | — |
TOTAL EXPENSES |  |  | (742,480 | ) |  |  | (780,379 | )
Equity in net Loss of subsidiaries |  |  | (59,841,154 | ) |  |  | (61,014,900 | )
LOSS BEFORE INCOME TAXES |  |  | (58,935,452 | ) |  |  | (61,795,279 | )
INCOME TAXES |  |  | — |  |  |  | — |
NET LOSS |  | $ | (58,935,452 | ) |  | $ | (61,795,279 | )
Schedule I - Parent Only Financial Information - Condensed Statements of Cash Flows |
|  | Years Ended December 31,
|  | 2024 |  | 2023
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net Loss |  | $ | (58,935,452 | ) |  | $ | (61,795,279 | )
Adjustments to reconcile net Loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |
Equity Loss in unconsolidated subsidiaries |  |  | 59,841,154 |  |  |  | 61,014,900 |
Stock-based compensation expense-options |  |  | — |  |  |  | 451,350 |
Shares issued from treasury stock for services |  |  | — |  |  |  | — |
Changes in assets and liabilities: |  |  | — |  |  |  | — |
Other payables and accrued expenses |  |  | 1,251,357 |  |  |  | (23,152 | )
Net cash used in operating activities |  |  | (345,655 | ) |  |  | (352,181 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Advances from group companies |  |  | 345,655 |  |  |  | 352,181 |
Net cash provided by financing activities |  |  | 345,655 |  |  |  | 352,181 |
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | — |  |  |  | — |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR |  |  | — |  |  |  | — |
CASH AND CASH EQUIVALENTS - END OF YEAR |  | $ | — |  |  | $ | — |

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