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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 16,060,686 $ 23,716,768
Restricted cash 1,361
Accounts receivable, net 2,874,494 4,043,473
Due from related party 117,141
Advances to suppliers, net 774,467 1,382,172
Inventories, net 95,124 344,823
Other current assets 465,480 386,954
Total Current Assets 20,388,753 29,874,190
Non-Current Assets:    
Property and equipment, net 76,470 183,386
Right-of-use assets 119,056 227,603
Deferred Offering Costs 9,893
Goodwill 7,700,569
Total Non-Current Assets 195,526 8,121,451
TOTAL ASSETS 20,584,279 37,995,641
Current Liabilities:    
Short-term loan 418,315 332,309
Accounts payable 2,547,805 4,990,647
Contract liabilities 1,004,832 747,093
Lease liabilities 119,434 107,467
Tax Payable 429,485 204,232
Accrued expenses and other current liabilities 3,115,282 1,964,469
Total Current Liabilities 7,635,153 8,346,217
Non-Current Liabilities:    
Due to related parties 3,912,606 3,679,717
Long-term loan 218,722
Convertible notes 5,550,607
Lease liabilities 20,613 144,163
Total Non-Current Liabilities 3,933,219 9,593,209
TOTAL LIABILITIES 11,568,372 17,939,426
Commitment and Contingencies  
STOCKHOLDERS’ EQUITY    
Ordinary shares, no par value, unlimited shares authorized; 2,923,325 and 1,741,295 shares issued and outstanding as of December 31, 2023 and 2022, respectively [1]
Additional paid-in capital 44,515,833 38,571,534
Accumulated deficit (33,147,714) (17,081,329)
Accumulated other comprehensive loss (1,953,766) (1,281,864)
Equity attributable to owners of the Company 9,414,353 20,208,341
Non-controlling interests (398,446) (152,126)
TOTAL STOCKHOLDERS’ EQUITY 9,015,907 20,056,215
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 20,584,279 $ 37,995,641
[1] The shares and per share data are presented on a retroactive basis to reflect the Company’s Share Consolidation. (Note 12)