v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 36,765,128 $ 40,142,008
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 2,010,616 2,867,781
Non-cash lease expense 3,436,789 2,908,990
Provision for (reversal of) credit losses 305,963 (127,196)
Stock-based compensation 0 12,807,455
Fair value change of long-term investments (724,476) 1,682,282
Gain on disposal of subsidiary 0 (3,813,609)
Gain on redemption of life insurance policies (8,746,138) 0
Loss (gain) on disposal of property and equipment and intangible assets (414,167) 185,284
Change in fair value of cryptocurrencies (146,036) 0
Deferred income taxes 9,104,235 (2,154,837)
Changes in operating assets and liabilities:    
Inventories 265,052 763,075
Finance lease receivables - related parties (9,227,612) (3,430,267)
Customer loans receivable 12,153,263 12,860,220
Prepaid expenses and other current assets (2,180,695) 902,230
Long-term prepayments 281,666 432,380
Other assets 77,609 (348,178)
Accounts payable 2,549,938 (10,511,619)
Accounts payable - related parties 2,144,314 0
Notes and other payables - related parties (12,759,536) (14,030,092)
Income tax payable (19,936,155) (549,446)
Operating lease liabilities (3,639,887) (2,971,946)
Accrued liabilities and other current liabilities (4,096,471) (9,010,270)
Other liabilities (93,141) 81,290
NET CASH PROVIDED BY (USED IN ) OPERATING ACTIVITIES (27,295,426) 27,886,231
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (603,484) (1,974,285)
Purchase of convertible note 0 (1,700,000)
Prepayments for property and equipment (838,568) (843,740)
Advances to related parties 0 (617,804)
Payments made on behalf of related parties (1,840,801) (5,245,990)
Purchase of long-term investments (654,070) (331,496)
Purchases of cryptocurrencies (424,250) 0
Cash paid for acquisition of subsidiary, net of cash acquired (14,861,858) 0
Long-term loans to others (14,514) (80,793)
Repayments from related parties 1,911,440 5,990,990
Repayments from others 73,928 62,927
Proceeds from redemption of life insurance policies 17,735,717 0
Disposal of subsidiary, net of cash disposed of 0 (815,819)
Proceeds from disposal of property and equipment 2,755,983 1,971
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 3,239,523 (5,554,039)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from long-term loans 14,851,980
Borrowings from related parties 15,000
Proceeds from reverse recapitalization, net of transaction costs 0 11,707,417
Proceeds from exercise of stock warrants 0 31,374
Repayments of long-term loans (721,874) (89,448)
Repayments of finance lease liabilities (310,603) 0
Repayments to related parties (46,782) (65,305)
Repurchase of common stock (4,999,997) 0
Deemed contribution in connection with price modification on disposal of property and equipment 9,682,277 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 18,470,001 11,584,038
Effect of exchange rate changes 7,973,128 453,908
NET CHANGE IN CASH AND CASH EQUIVALENTS 2,387,226 34,370,138
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD 125,044,092 103,022,932
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD 127,431,318 137,393,070
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 104,493 15,898
Cash paid for income taxes, net 37,555,740 31,332,123
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment transferred from long-term prepayments 1,428,254 164,781
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 105,556 0
Finance lease right-of-use assets obtained in exchange for finance lease liabilities 612,466 0
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications 2,646,028 2,408,752
Payables to related parties in connection with loan services provided 14,362,902 20,398,301
Issuance of common stock as incentive shares 86 0
Issuance Of Common Stock To Related Party To Settle Convertible Note 0 2,700,000
Nonrelated Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable (1,084,316) (804,000)
Advances from customers 161,165 (1,401,437)
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable (28,031,690) 4,971,911
Advances from customers $ (5,470,844) $ (3,565,778)