2023 Q4 Form 20-F Financial Statement

#000121390024043843 Filed on May 16, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $24.34M $45.05M $27.86M
YoY Change -12.63% 18.16% 1316.15%
Cost Of Revenue $37.36M $57.45M $30.24M
YoY Change 23.56% 45.54% 2581.61%
Gross Profit -$13.02M -$12.40M -$2.380M
YoY Change 447.17% 818.5% -383.46%
Gross Profit Margin -53.5% -27.53% -8.54%
Selling, General & Admin $8.487M $13.78M $7.690M
YoY Change 10.37% 8.7% 29.74%
% of Gross Profit
Research & Development $440.7K $1.193M $950.0K
YoY Change -53.61% 13.21% -14.29%
% of Gross Profit
Depreciation & Amortization $2.460M $3.249M $1.380M
YoY Change 78.28% 333.13%
% of Gross Profit
Operating Expenses $8.928M $18.13M $8.640M
YoY Change 3.33% 3.83% 22.8%
Operating Profit -$21.95M -$30.53M -$11.02M
YoY Change 99.19% 62.31% 77.86%
Interest Expense -$2.753M -$3.333M -$2.290M
YoY Change 20.2% -7.16% 120.93%
% of Operating Profit
Other Income/Expense, Net $760.7K -$2.391M $10.00K
YoY Change 7506.6% -31.81% -96.3%
Pretax Income -$27.09M -$32.92M -$15.96M
YoY Change 69.76% 449.44% 129.24%
Income Tax -$390.00 -$226.00 -$200.0K
% Of Pretax Income
Net Earnings -$19.52M -$24.23M -$14.89M
YoY Change 31.12% 8.16% 112.34%
Net Earnings / Revenue -80.21% -53.79% -53.45%
Basic Earnings Per Share -$1.08
Diluted Earnings Per Share -$0.75 -$1.08 -$0.59
COMMON SHARES
Basic Shares Outstanding 25.62M shares 25.36M shares
Diluted Shares Outstanding 25.62M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.396M $1.396M $5.000M
YoY Change -72.08% -72.08% -74.85%
Cash & Equivalents $1.396M $1.396M $1.656M
Short-Term Investments $0.00 $0.00 $3.300M
Other Short-Term Assets $6.532M $6.532M $14.80M
YoY Change -55.87% -34.68% 233.7%
Inventory $15.84M $15.84M $12.24M
Prepaid Expenses $5.963M $12.24M
Receivables $8.936M $8.936M $5.168M
Other Receivables $617.3K $3.109M $1.200M
Total Short-Term Assets $35.82M $35.82M $44.64M
YoY Change -19.76% -19.7% 29.97%
LONG-TERM ASSETS
Property, Plant & Equipment $65.56M $71.53M $41.47M
YoY Change 58.1% 72.36% 1059.6%
Goodwill
YoY Change
Intangibles $10.08M
YoY Change
Long-Term Investments $1.880M $1.880M $3.000M
YoY Change -37.33% -37.33% -44.25%
Other Assets $47.51K $11.20M $13.90M
YoY Change -99.66% -19.44% 17.83%
Total Long-Term Assets $84.69M $84.69M $62.38M
YoY Change 35.75% 35.72% 156.2%
TOTAL ASSETS
Total Short-Term Assets $35.82M $35.82M $44.64M
Total Long-Term Assets $84.69M $84.69M $62.38M
Total Assets $120.5M $120.5M $107.0M
YoY Change 12.6% 12.62% 82.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.87M $33.87M $12.26M
YoY Change 176.29% 175.39% 35445.87%
Accrued Expenses $1.561M $1.561M $600.0K
YoY Change 160.18% 160.18% 39.38%
Deferred Revenue $349.3K $347.2K
YoY Change 0.6%
Short-Term Debt $7.042M $11.19M $3.900M
YoY Change 80.57% 186.94%
Long-Term Debt Due $478.9K $7.800M $3.700M
YoY Change -87.06% 110.82%
Total Short-Term Liabilities $63.49M $63.49M $26.02M
YoY Change 143.97% 144.19% 1412.22%
LONG-TERM LIABILITIES
Long-Term Debt $3.507M $8.785M $4.100M
YoY Change -14.46% 114.28%
Other Long-Term Liabilities $2.704M $2.704M $3.400M
YoY Change -20.48% -20.48%
Total Long-Term Liabilities $11.68M $11.49M $7.637M
YoY Change 52.99% 53.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.49M $63.49M $26.02M
Total Long-Term Liabilities $11.68M $11.49M $7.637M
Total Liabilities $75.17M $117.9M $33.66M
YoY Change 123.32% 55.28% 595.02%
SHAREHOLDERS EQUITY
Retained Earnings -$30.47M -$5.149M
YoY Change 491.76% -129.83%
Common Stock $32.62M $2.536K
YoY Change 1286200.0% 3.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.645M $2.645M $31.12M
YoY Change
Total Liabilities & Shareholders Equity $120.5M $120.5M $107.0M
YoY Change 12.6% 12.62% 82.34%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$19.52M -$24.23M -$14.89M
YoY Change 31.12% 8.16% 112.34%
Depreciation, Depletion And Amortization $2.460M $3.249M $1.380M
YoY Change 78.28% 333.13%
Cash From Operating Activities -$2.996M -$7.283M -$5.970M
YoY Change -49.82% -23.92%
INVESTING ACTIVITIES
Capital Expenditures $3.180M $5.473M $18.64M
YoY Change -82.94% -87.48%
Acquisitions
YoY Change
Other Investing Activities $153.5K -$1.530M -$640.0K
YoY Change -123.98% -11.03%
Cash From Investing Activities -$3.027M -$7.003M -$19.28M
YoY Change -84.3% -84.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $148.1K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.721M $13.68M 7.950M
YoY Change -65.77% -70.11%
NET CHANGE
Cash From Operating Activities -2.996M -$7.283M -5.970M
Cash From Investing Activities -3.027M -$7.003M -19.28M
Cash From Financing Activities 2.721M $13.68M 7.950M
Net Change In Cash -3.301M -$673.4K -17.30M
YoY Change -80.92% -93.48%
FREE CASH FLOW
Cash From Operating Activities -$2.996M -$7.283M -$5.970M
Capital Expenditures $3.180M $5.473M $18.64M
Free Cash Flow -$6.176M -$12.76M -$24.61M
YoY Change -74.9% -76.06%

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CY2022 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2021 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2023 us-gaap Comprehensive Income Net Of Tax
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CY2022 us-gaap Comprehensive Income Net Of Tax
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CY2021 us-gaap Comprehensive Income Net Of Tax
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CY2023 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Basic
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CY2021 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Profit Loss
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022 sdh Capital Contributions From Noncontrolling Interests
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CY2022 us-gaap Profit Loss
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CY2022 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2023 sdh Capital Contributions From Noncontrolling Interests
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CY2023 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2023 us-gaap Profit Loss
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CY2023 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2022 us-gaap Profit Loss
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CY2021 us-gaap Profit Loss
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CY2023 us-gaap Depreciation And Amortization
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CY2022 us-gaap Depreciation And Amortization
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CY2021 us-gaap Depreciation And Amortization
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2023 us-gaap Share Based Compensation
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CY2022 us-gaap Share Based Compensation
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Other Noncash Expense
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CY2023 us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
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CY2022 us-gaap Loss On Sale Of Investments
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CY2021 us-gaap Loss On Sale Of Investments
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2887754 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3847426 usd
CY2023 us-gaap Other Asset Impairment Charges
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7238819 usd
CY2022 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
2711158 usd
CY2023 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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3151467 usd
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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2650020 usd
CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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338627 usd
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
213063 usd
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2023 us-gaap Increase Decrease In Accounts Receivable
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4074715 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
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1734486 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
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-1729006 usd
CY2023 us-gaap Increase Decrease In Notes Receivables
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CY2022 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
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CY2023 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
225160 usd
CY2022 us-gaap Increase Decrease In Due From Related Parties
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CY2021 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
31145 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5095430 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18747772 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
331491 usd
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-6157166 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2894690 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
678288 usd
CY2023 us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
6133132 usd
CY2022 us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
12661801 usd
CY2023 us-gaap Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
63504 usd
CY2022 us-gaap Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
4014213 usd
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-3696654 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
8724 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
549274 usd
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-75857 usd
CY2021 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-211213 usd
CY2023 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-295728 usd
CY2022 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
100053 usd
CY2022 sdh Increase Decrease In Deferred Government Subsidy
IncreaseDecreaseInDeferredGovernmentSubsidy
2973491 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
729509 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-21528 usd
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-208190 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7282995 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9573401 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5233182 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5472778 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
43714195 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1372634 usd
CY2023 sdh Increase Decrease In Prepayment For Leasehold Improvement
IncreaseDecreaseInPrepaymentForLeaseholdImprovement
1029195 usd
CY2023 sdh Deposit Paid For Finance Lease
DepositPaidForFinanceLease
-655990 usd
CY2022 sdh Prepayment For Land Use Right And Construction
PrepaymentForLandUseRightAndConstruction
197554 usd
CY2021 sdh Prepayment For Land Use Right And Construction
PrepaymentForLandUseRightAndConstruction
6947051 usd
CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
174895 usd
CY2023 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
-16947 usd
CY2022 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
-35682 usd
CY2021 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
-2825359 usd
CY2021 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
650909 usd
CY2021 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
2289945 usd
CY2021 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
8000000 usd
CY2023 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
878000 usd
CY2023 us-gaap Payments To Acquire Assets Investing Activities
PaymentsToAcquireAssetsInvestingActivities
706125 usd
CY2022 us-gaap Payments To Acquire Assets Investing Activities
PaymentsToAcquireAssetsInvestingActivities
1486746 usd
CY2021 sdh Disposal Of Subsidiary
DisposalOfSubsidiary
9300 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7003035 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-45609072 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22095198 usd
CY2023 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
7061249 usd
CY2023 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
4236750 usd
CY2023 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
240082 usd
CY2023 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
4825658 usd
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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CY2023 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
4782564 usd
CY2022 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
887788 usd
CY2023 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
2118375 usd
CY2023 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2118375 usd
CY2023 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
3867883 usd
CY2022 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
795554 usd
CY2023 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-155347 usd
CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1282358 usd
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
27504639 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
148078 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
37024594 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3332622 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13679267 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45760061 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30837261 usd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-66587 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-899786 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
141322 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-673350 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10322198 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3650203 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4294017 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14616215 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10966012 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3620667 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4294017 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14616215 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3620667 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4294017 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14616215 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2224722 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2638468 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
700060 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1395945 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1655549 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
13916155 usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
42 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
564335 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
3699180 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
1377302 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
311638 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
5457510 usd
CY2021 sdh Inventories Obtained In Exchange For Accounts Receivable
InventoriesObtainedInExchangeForAccountsReceivable
155003 usd
CY2023 sdh Plant Property And Equipment Obtained From Account Payable
PlantPropertyAndEquipmentObtainedFromAccountPayable
15771926 usd
CY2022 sdh Plant Property And Equipment Obtained From Account Payable
PlantPropertyAndEquipmentObtainedFromAccountPayable
2544488 usd
CY2023 sdh Plant Property And Equipment Obtained From Capital Contribution By Noncontrolling Shareholders
PlantPropertyAndEquipmentObtainedFromCapitalContributionByNoncontrollingShareholders
3762819 usd
CY2022 sdh Intangible Assets Obtained From Capital Contribution By Noncontrolling Shareholders
IntangibleAssetsObtainedFromCapitalContributionByNoncontrollingShareholders
4881198 usd
CY2022Q3 sdh Percentage Of Shareholders
PercentageOfShareholders
1 pure
CY2023Q4 sdh Percentage Of Shareholders
PercentageOfShareholders
1 pure
CY2023 sdh Option Price
OptionPrice
10
CY2023 sdh Option Price
OptionPrice
1.41
CY2023 us-gaap Loans Assumed1
LoansAssumed1
400000 usd
CY2023 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.3781 pure
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the assessment of the allowance for credit loss, inventory valuation, depreciable lives of property and equipment, impairment of long-lived assets, impairment of long-term investments that do not have readily determinable fair values, realization of deferred tax assets and accretion to redemption value of redeemable non-controlling interests. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023 sdh Yearend Spot Rate
YearendSpotRate
US$1= RMB 7.0999
CY2022 sdh Yearend Spot Rate
YearendSpotRate
US$1= RMB 6.9646
CY2021 sdh Yearend Spot Rate
YearendSpotRate
US$1= RMB 6.3757
CY2023 us-gaap Weighted Average Interest Rate Of Time Deposits100000 Or More Description
WeightedAverageInterestRateOfTimeDeposits100000OrMoreDescription
US$1= RMB 7.0809
CY2022 us-gaap Weighted Average Interest Rate Of Time Deposits100000 Or More Description
WeightedAverageInterestRateOfTimeDeposits100000OrMoreDescription
US$1= RMB 6.7261
CY2021 us-gaap Weighted Average Interest Rate Of Time Deposits100000 Or More Description
WeightedAverageInterestRateOfTimeDeposits100000OrMoreDescription
US$1= RMB 6.4515
CY2022Q3 us-gaap Percentage Of Interest Bearing Domestic Deposits To Deposits
PercentageOfInterestBearingDomesticDepositsToDeposits
0.50 pure
CY2023Q4 us-gaap Percentage Of Interest Bearing Domestic Deposits To Deposits
PercentageOfInterestBearingDomesticDepositsToDeposits
0.50 pure
CY2023Q4 us-gaap Deposit Assets
DepositAssets
205637 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
700000 usd
CY2022Q4 sdh Escrowed Fund Balance
EscrowedFundBalance
700094 usd
CY2023 us-gaap Principal Investment Gains Losses
PrincipalInvestmentGainsLosses
-365721 usd
CY2022 us-gaap Principal Investment Gains Losses
PrincipalInvestmentGainsLosses
14072 usd
CY2021 us-gaap Principal Investment Gains Losses
PrincipalInvestmentGainsLosses
41925 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1450381 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
979426 usd
CY2022 sdh Revenue
Revenue
170061 usd
CY2023Q4 us-gaap Grants Receivable
GrantsReceivable
380164 usd
CY2022Q4 us-gaap Grants Receivable
GrantsReceivable
3048035 usd
CY2021Q4 us-gaap Grants Receivable
GrantsReceivable
458182 usd
CY2023Q4 us-gaap Deferred Income
DeferredIncome
2816941 usd
CY2022Q4 us-gaap Deferred Income
DeferredIncome
2871665 usd
CY2023 sdh Q And A Session Fees Description
QAndASessionFeesDescription
The Q&A session is usually provided by chosen Mentors or Experts within a course of a 72-hour period. The Company charges 30% of the Q&A fees as a facilitator of online services. The Q&A fees are allocated to the Company and chosen Mentors or Experts automatically by the APP on a 30%/70% split upon completion of Q&A sessions. The Company recognizes this online service fees as revenue at completion of Q&A sessions on a net basis, i.e., in the amount of 30% of allocated Q&A fees, as the Company merely provides a platform for its Users and is not the primary obligor of the Q&A session, neither has risks and rewards as principal.
CY2023 sdh Annual Rate
AnnualRate
299 cny
CY2023 sdh Revenue
Revenue
341528 usd
CY2021 sdh Revenue
Revenue
253157 usd
CY2023 sdh Other Asset Impairment Charge
OtherAssetImpairmentCharge
57172626 usd
CY2022 sdh Other Asset Impairment Charge
OtherAssetImpairmentCharge
38299090 usd
CY2021 sdh Other Asset Impairment Charge
OtherAssetImpairmentCharge
2063296 usd
CY2023 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
281030 usd
CY2022 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
1176956 usd
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks and uncertainties</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Currency risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other Company foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintains certain bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for the Company’s accounts, as its aggregate deposits are much higher than the compensation limit, which is RMB 500,000 for one bank. However, the Company believes that the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and the Company believes that those Chinese banks that hold the Company’s cash and cash equivalents are financially sound based on public available information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the deposit insurance mechanism in the PRC mentioned above, the Company’s bank accounts are not insured by Federal Deposit Insurance Corporation insurance or other insurance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Concentration and credit risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and short-term investments. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. The Company deposits its cash and short-term investments with financial institutions located in jurisdictions where the subsidiaries are located. The Company believes that no significant credit risk exists as these financial institutions have high credit quality.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s exposure to credit risk associated with its trading and other activities is measured on an individual counterparty basis, as well as by group of counterparties that share similar attributes. There were $16,977,973, $11,100,114 and $4,766,496 of revenue from three clients which represented 38%, 25% and 11% of the total revenues for the years ended December 31, 2023, respectively. There were $10,837,501, $7,449,250, $7,358,181 and $7,193,849 of revenue from four clients which represented 28%, 20%, 19% and 19% of the total revenues for the years ended December 31, 2022, respectively. There was $2,000,483 of revenue from one client which represented 27% of the total revenues for the years ended December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were $2,008,773, $1,932,857, $1,884,206 and $1,340,182 of account receivable from four clients which represented 22%, 22%, 21% and 15% of the total account receivable as of December 31, 2023, respectively. There was $1,549,436 of account receivable from one client which represented 12% of the account receivable as of December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentrations of credit risk can be affected by changes in political, industry, or economic factors. To reduce the potential for risk concentration, The Company generally requires advanced payment before delivery of the services but may extend unsecured credit to its clients in the ordinary course of business. Credit limits are established and exposure is monitored in light of changing counterparty and market conditions. The Company did not have any material concentrations of credit risk outside the ordinary course of business as of December 31, 2023 and 2022.  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest rate risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fluctuations in market interest rates may negatively affect the financial condition and results of operations. The Company is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates are not material. The Company has not used any derivative financial instruments to manage its interest risk exposure.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other uncertainty risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s major operations are conducted in the PRC. Accordingly, the political, economic, and legal environments in the PRC, as well as the general state of the PRC’s economy may influence the Company’s business, financial condition, and results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s major operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative of future results.</p>
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