PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
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| Schedule of parent company condensed balance sheets |
| | | | | | | As of December 31, | | | 2023 | | 2022 | | | US$ | | US$ | ASSETS | | | | | Current assets | | | | | Cash | | 33,888 | | 353,107 | Amounts due from inter-companies | | 46,087 | | 6,089 | Prepayments and other current assets – third parties | | 1,687 | | — | Total current assets | | 81,662 | | 359,196 | Non-current assets | | | | | Investment securities – related parties | | 3,326 | | 8,411 | Total non-current assets | | 3,326 | | 8,411 | Total assets | | 84,988 | | 367,607 | LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY (DEFICIT) | | | | | Current liabilities | | | | | Convertible notes | | 20,277 | | — | Accrued expenses and other current liabilities – third parties | | 714 | | — | Total current liabilities | | 20,991 | | — | Non-current liabilities | | | | | Share of losses in excess of investments in subsidiaries and consolidated VIEs | | 873,881 | | 451,571 | Put option liabilities | | 11,884 | | — | Total non-current liabilities | | 885,765 | | 451,571 | Total liabilities | | 906,756 | | 451,571 | Total mezzanine equity | | 383,530 | | 368,409 | Shareholders' equity (deficit) | | | | | Ordinary Shares | | 21 | | 21 | Additional paid-in capital | | 358,187 | | 403,103 | Receivable from shareholders | | — | | (26,447) | Accumulated other comprehensive income | | 25,267 | | 17,707 | Accumulated deficit | | (1,588,773) | | (846,757) | Total shareholders’ deficit | | (1,205,298) | | (452,373) | Total liabilities, mezzanine equity and shareholders' deficit | | 84,988 | | 367,607 |
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| Schedule of parent company condensed statements of comprehensive loss |
| | | | | | | | | Year ended December 31, | | | 2023 | | 2022 | | 2021 | | | US$ | | US$ | | US$ | Total operating expenses | | (2,983) | | (11,127) | | (263) | Interest income | | 6,979 | | 2,839 | | — | Interest expenses | | — | | — | | — | Investment loss, net | | (5,084) | | (4,242) | | — | Foreign currency exchange gains (losses), net | | (171) | | (13,068) | | 2,124 | Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk | | (616) | | — | | — | Changes in fair values of put option liabilities | | (2,508) | | — | | — | Share of losses from subsidiaries and consolidated VIEs | | (737,618) | | (698,323) | | (112,392) | Loss before income taxes | | (742,001) | | (723,921) | | (110,531) | Income tax expense | | — | | — | | — | Net loss | | (742,001) | | (723,921) | | (110,531) | Other comprehensive income (loss): | | | | | | | Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes | | (8,650) | | (893) | | 119 | Foreign currency translation adjustment, net of nil income taxes | | 16,210 | | 18,669 | | (843) | Total comprehensive loss | | (734,441) | | (706,145) | | (111,255) |
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| Schedule of parent company condensed statements of cash flows |
| | | | | | | | | Year ended December 31, | | | 2023 | | 2022 | | 2021 | | | US$ | | US$ | | US$ | Net cash generated from (used in) operating activities | | 3,127 | | 2,682 | | (997) | Net cash used in investing activities | | (347,697) | | (113,216) | | — | Net cash provided by financing activities | | 27,163 | | 392,053 | | 82,076 | Effect of exchange rate changes on cash | | (1,812) | | (10,161) | | 670 | Net increase in cash | | (319,219) | | 271,358 | | 81,749 | Cash at the beginning of the year | | 353,107 | | 81,749 | | — | Cash at the end of the year | | 33,888 | | 353,107 | | 81,749 |
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