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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net loss $ (1,819,387) $ (697,941) $ (7,081,647)
Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities:      
Provision for allowance for credit losses on accounts receivable, other current assets, and advances to suppliers 4,065,699 1,413,216 645,493
(Reversal of) provision for obsolete inventories (14,310) (53,314) 63,716
Depreciation 2,006,996 2,993,285 7,235,797
Amortization of intangible assets and other asset 110,315
Amortization of convertible note discount 3,345 68,241
Loss on disposal of property, equipment and software 49,963 96,131 3,001,559
Impairment of property, equipment and software 1,468,014
Stock-based payments for consulting services 136,000 204,000 23,100
Stock-based compensation to employees 820,400 1,360,000
Impairment on cryptocurrencies 1,517,172
(Gain) on sales of cryptocurrencies (679,111)
Loss (gain) on disposals/dissolutions of subsidiaries 136,456 16,184 (3,106,798)
Loss on long-term investment 19,044 8,031 261,397
Exchange difference (92,464) 594,137 1,524,177
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable (2,424,728) (393,934) (3,964,973)
Decrease (increase) in accounts receivable from related parties 321,971 (197,096) 238,806
(Increase) decrease in inventories (5,171,430) (1,786,825) 101,792
Cryptocurrencies - mining and purchases (5,026,628)
Decrease in other non-current assets 799,664 919,081 967,407
Decrease (increase) in other receivables and prepaid expenses 709,355 (53,329) (183,808)
(Increase) decrease in advances to suppliers (2,543,069) (6,266,842) 656,158
(Decrease) Increase in amounts due to/from related parties (1,348,744) 494,889
(Decrease) increase in other payables and accrued expenses (567,733) (465,678) 798,636
Increase in advances from customers 2,304,752 593,429 235,823
(Decrease) increase in advances from related parties (52,001) 509 (17,192)
Increase in payroll payable and benefits 272,408 199,360 177,953
(Decrease) increase in lease liability (4,082) (84,161)
(Decrease) in accounts payable (110,335) (1,364,282) (5,986,490)
Increase (decrease) in income tax payable 3,245 (3,187) (297,890)
Net cash (used in) operating activities (2,384,588) (2,326,017) (7,511,698)
INVESTING ACTIVITIES      
Proceeds from sales of cryptocurrencies 5,017,732
Proceeds from disposal of property, equipment and software 1,082,272
Purchases of property, equipment and software (1,053,587) (1,209,613) (1,793,342)
Acquisition of cash in connection with a business acquisition 589 3,895
Cash paid for equity investments (22,252)
Net cash (used in) provided by investing activities (1,075,839) (1,209,024) 4,310,557
FINANCING ACTIVITIES      
Proceeds from borrowings under short-term loans 1,807,936 8,766,614 7,441,600
Proceeds from borrowings under long-term loans 6,258,240
Repayment of short-term loans (8,427,763) (7,225,528) (7,418,884)
Repayment of long-term loans (58,827)
Proceeds from issuance of ordinary shares 4,169,390 1,748,258
Proceeds from issuance of convertible note 550,000
Net cash provided by financing activities 3,748,976 3,839,344 22,716
Effect of exchange rate changes on cash and cash equivalents (12,772) (26,688) (329,601)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 275,777 277,615 (3,508,026)
CASH AND CASH EQUIVALENTS, BEGINNING 1,300,855 1,023,240 4,531,266
CASH AND CASH EQUIVALENTS, ENDING 1,576,632 1,300,855 1,023,240
Cash paid during the year      
Income taxes 10,896 8,180 69,869
Interest $ 404,708 $ 512,389 $ 553,885