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DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 31, 2026
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | NOTE 6 — DISCONTINUED OPERATIONS On March 3, 2025, the Company’s board of directors approved the discontinuation of the Company’s parallel-import vehicles business authorizing the writing off of receivables, and winding down of operations in compliance with applicable legal and regulatory requirements. In accordance with ASC 205-20, Presentation of Financial Statements — Discontinued Operations, the Company determined that the parallel-import vehicle segment met the conditions for reporting as a discontinued operation. As a result, all financial results associated with this business have been reclassified as discontinued operations in the accompanying consolidated financial statements for all periods presented. Accounts Receivable, net The Company’s parallel-import vehicle business was negatively impacted by deteriorating macroeconomic conditions since the second half of 2022. Several aged accounts receivable were concentrated among four long-term customers, who were in the process of business recovery. These receivables were partially backed by third-party guarantees, providing some assurance of collection. During the year ended December 31, 2024, the Company collected approximately $4.0 million related to accounts receivable generated in prior periods and earlier in the year. As of December 31, 2024, the Company had gross accounts receivable of approximately $4.1 million. The Company conducted an initial assessment of collectability and recognized a credit loss of $1.1 million for accounts deemed uncollectible during the first three quarters of 2024. During the year-end CECL reassessment, the Company evaluated expected credit losses based on historical loss trends, customer risk factors, and forward-looking economic conditions, and provided an additional credit loss provision of $475,366 in the fourth quarter of 2024, resulting in a total allowance for credit loss of $1.6 million for the year ended December 31, 2024. During the three months ended March 31, 2025, the Company collected an additional $2.5 million of the outstanding balance. The Company had zero account receivable balance after the above-mentioned credit loss of $1.6 million and the subsequent collection of additional $2.5 million outstanding balance. Cash Flows from discontinued operations ​
​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ | ​ | March 31,
​ | ​ ​ ​ | 2025
Cash flows from operating activities: |  | ​ | ​
Net loss | ​ | $ | (753,909)
Less: Loss from discontinued operations, net of tax | ​ |  | —
Loss from continuing operations | ​ |  | (753,909)
Cash used in operations-continuing operations | ​ |  | (772,374)
Cash provided by operations-discontinued operations | ​ |  | 2,540,500
Net cash provided by operating activities | ​ |  | 1,768,126
​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  | ​
Cash used in investing activities-continuing operations | ​ |  | (3,026,400)
Net cash used in investing activities | ​ |  | (3,026,400)
​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  | ​
Cash provided by financing activities-continuing operations | ​ |  | (68,539)
Cash used in financing activities-discontinued operations | ​ |  | —
Net cash used in discontinued financing activities | ​ | $ | (68,539)
​

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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