Market Performance - On May 9, US stock indices closed mixed, with the Dow Jones down 0.29% and a weekly decline of 0.16%, the S&P 500 down 0.07% with a weekly decline of 0.47%, and the Nasdaq flat with a weekly decline of 0.27% [1] - Major tech stocks showed mixed performance, with Intel up 2%, while Nvidia, Netflix, Google, and Meta experienced slight declines [2] Investment Trends - According to Bank of America analysts, the rebound in the US stock market may have ended, as investors are in a "buy the rumor, sell the news" phase, making further increases unlikely [5] - In the past four weeks, US stock markets saw redemptions totaling $24.8 billion, the largest in two years [5] Notable Stock Movements - Lyft surged over 28%, marking its best single-day performance since February 2024, while Insulet Corp. rose nearly 21%, its best performance since November 2022 [2] - Tesla's stock increased by 4.72%, closing at $298.26, with a market capitalization of $960.68 billion, adding $43.3 billion in value overnight [2] Currency and Commodity Updates - The onshore RMB against the USD closed at 7.2399, appreciating by 51 points from the previous trading day [12] - Gold prices rose, with spot gold up 0.60% to $3,325.49 per ounce, and New York gold up 0.77% to $3,331.46 per ounce [12] - International crude oil futures settled up over 1%, with WTI crude oil rising by $1.11 to $61.02 per barrel, and Brent crude oil up $1.07 to $63.91 per barrel, both showing weekly gains of over 4% [15] Trade Agreements - On May 8, President Trump announced a new trade agreement with the UK, partially retracting tariffs in specific sectors and expanding market access for certain products [17] - The agreement includes a 10% tariff on the first 100,000 cars exported from the UK to the US, with a 25% tariff on any excess [17] - Trump indicated that if the trade agreement is combined with tax cuts, it could be a good time to invest in stocks [18]

PART I [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported no revenue for Q1 2025, achieving a $193.4 million net income primarily from digital asset fair value gains, with total assets surging to $483.8 million due to bitcoin acquisitions [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets dramatically increased to $483.8 million, driven by digital assets, while liabilities and equity also significantly rose Condensed Consolidated Balance Sheet Highlights (in USD) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$483,825,640** | **$92,916,317** | | Digital assets | $481,717,253 | $78,322,430 | | Cash and cash equivalents | $668,387 | $668,387 | | **Total Liabilities** | **$62,798,986** | **$11,288,255** | | Deferred tax liabilities | $59,655,376 | $8,234,503 | | **Total Stockholders' Equity** | **$421,026,654** | **$81,628,062** | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, the company reported no service revenue but a substantial net income of $193.4 million, primarily from digital asset fair value gains, despite a lower EPS due to increased shares outstanding Consolidated Statements of Operations Highlights (in USD) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Service Revenue | $0 | $0 | | General and administrative expense | ($449,858) | ($330,145) | | Other income | $245,311,156 | $24,019,399 | | Net income | $193,440,425 | $19,546,495 | | Net comprehensive income per share | $1.98 | $7.45 | | Weighted-average shares outstanding | 97,604,030 | 2,625,130 | [Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity significantly increased to $421.0 million in Q1 2025, driven by $146.0 million from new share issuance and $193.4 million in net income - Total outstanding shares increased from **6,976,410** at the end of 2024 to **436,265,135** as of March 31, 2025[20](index=20&type=chunk) - The increase in equity was due to stock issuance of **$146.0 million** and net income of **$193.4 million**[20](index=20&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents remained unchanged at $668,387 for Q1 2025, with net cash flows from all activities being nil, despite significant net income offset by non-cash gains - Cash and cash equivalents remained unchanged at **$668,387** at the end of the period[24](index=24&type=chunk) - Net cash flows from operating, investing, and financing activities were all zero for the quarter[24](index=24&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail the company's dual strategy, the March 2025 acquisition of 5,000 BTC for $158.1 million, early adoption of ASU 2023-08 for fair value crypto accounting, and the dissolution of its PRC subsidiary - The company pursues a dual corporate strategy: providing software development services and acquiring and holding bitcoin[27](index=27&type=chunk) - In March 2025, the company acquired **5,000 BTC** for a total consideration of **$158,083,667**, paid through the issuance of shares and warrants[71](index=71&type=chunk)[100](index=100&type=chunk) Bitcoin Holdings Roll-forward | | Number of Bitcoin | Fair Value | | :--- | :--- | :--- | | Balance on Dec 31, 2024 | 833 | $78,322,430 | | Digital asset purchase | 5,000 | $158,083,667 | | Fair value gain in Q1 2025 | - | $245,311,156 | | **Balance on Mar 31, 2025** | **5,833** | **$481,717,253** | - The company early adopted ASU 2023-08 in fiscal year 2024, measuring its crypto assets at fair value with unrealized gains and losses recognized in net income[45](index=45&type=chunk)[46](index=46&type=chunk) - In July 2024, the company dissolved its subsidiary in the PRC, WeTrade Technology (Shanghai) Co., Ltd., which is classified as a discontinued operation[112](index=112&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the dual strategy of software development and bitcoin acquisition, noting Q1 2025's $193.4 million net income from digital asset gains, increased G&A expenses, and limited liquidity relying on external funding - The company's business strategy involves both AI-enabled software development services and acquiring and holding bitcoin with liquid assets exceeding working capital needs[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) Q1 2025 vs Q1 2024 Operational Results (in USD) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | Other Income | $245,311,156 | $24,019,399 | | General & Admin Expenses | ($449,858) | ($330,145) | | Net Income | $193,440,425 | $19,546,495 | - The increase in Net Income is mainly due to gains from digital assets[124](index=124&type=chunk) - The increase in General and administrative expenses was primarily driven by higher litigation-related legal fees[126](index=126&type=chunk) - As of March 31, 2025, cash on hand was **$668,387**[127](index=127&type=chunk) - Operating cash flow was nil, with daily operational expenses covered by funds borrowed from former executives and third parties[128](index=128&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a "smaller reporting company," the company is exempt from providing quantitative and qualitative market risk disclosures - As a "smaller reporting company," the company is not required to provide the information for this item[133](index=133&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2025, due to material weaknesses including governance issues, lack of segregation of duties, and absence of an internal audit function - Management concluded that disclosure controls and procedures were not effective as of March 31, 2025[136](index=136&type=chunk) - Material weaknesses identified include: lack of a majority of outside directors, management dominated by two individuals, lack of segregation of duties, and lack of an internal audit function[136](index=136&type=chunk)[137](index=137&type=chunk) - No changes were made to internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[140](index=140&type=chunk) PART II – Other Information [Item 1. Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal disputes with unauthorized individuals, including a dismissed lawsuit seeking control and a pending case regarding alleged loan guarantees - The company faced legal challenges from unauthorized persons (Mr. Zheng Dai, Mr. Pijun Liu) who attempted to assert control over the company[142](index=142&type=chunk) - A lawsuit in Wyoming Chancery Court seeking control of the company was dismissed with prejudice on April 8, 2024, in favor of the current board[144](index=144&type=chunk)[147](index=147&type=chunk) - A separate lawsuit was filed in New York regarding loan guarantees allegedly signed by the unauthorized individuals; the company has moved to dismiss this case, and the motion is pending[151](index=151&type=chunk)[152](index=152&type=chunk) [Item 1A. Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) As a "smaller reporting company," the company is not required to provide risk factor disclosures - As a "smaller reporting company," the company is not required to provide risk factor disclosures[153](index=153&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - None reported[154](index=154&type=chunk) [Item 3. Defaults Upon Senior Securities](index=27&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No senior securities were issued or outstanding during the nine months ended March 31, 2025, resulting in no defaults - No senior securities were issued and outstanding during the period[155](index=155&type=chunk) [Item 4. Mine Safety Disclosures](index=27&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable to the Company[156](index=156&type=chunk) [Item 5. Other information](index=27&type=section&id=Item%205.%20Other%20information) No other information was reported for the period - None[157](index=157&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits) The report includes required certifications from the Principal Executive Officer and Principal Financial Officer, along with XBRL-formatted financial statements - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906, and XBRL data files[157](index=157&type=chunk)

Bitcoin Holdings and Strategy - As of December 31, 2024, the Company has accumulated Bitcoin holdings valued at $78,322,430, with a fair value gain of $53,332,430 since the original cost basis of $24,990,000[20]. - The Company purchased Bitcoin worth $24,990,000 during the year, resulting in a total of 833 Bitcoins held[20]. - The fair value of the Company's Bitcoin holdings increased by $10,147,576 from December 31, 2022, to December 31, 2023[20]. - The Company plans to continue its Bitcoin acquisition strategy using liquid assets exceeding working capital requirements and may issue debt or equity securities for additional purchases[17]. - The Company views its Bitcoin holdings as trading assets and has not set a specific target for the amount of Bitcoin to hold, indicating a flexible approach based on market conditions[18]. - The Company may periodically sell Bitcoin for corporate purposes, including treasury management and tax benefits[19]. - The company holds substantially all of its Bitcoin in custody accounts with institutional-grade custodians and views its Bitcoin holdings as held for trading[60]. - The total consideration for the acquisition of 5,000 Bitcoin was $158.08 million, with a market price of $0.34 per share at the transaction date[153]. - An Amended BTC Trading Contract allows the company to purchase up to 5,167 BTC at US$30,000 per BTC over a 12-month period, with an initial intent to acquire 5,000 BTC[197]. Regulatory Environment - The regulatory environment in Hong Kong currently does not impose significant restrictions on the Company's operations, but future changes in PRC laws could impact its business[21]. - The Company is not currently required to obtain regulatory approvals from PRC authorities for its operations in Hong Kong, but future changes in laws could necessitate compliance[31]. - The evolving regulatory landscape for digital assets poses risks, as governments worldwide are implementing varying degrees of regulation on Bitcoin and other digital assets[35]. - The company's business operations are not currently impacted by the PRC Crypto Restrictions, as it is not a PRC company and does not conduct any business activities within China[42]. - The People's Bank of China has issued multiple regulations since 2013, including prohibiting financial institutions from providing Bitcoin-related services and banning ICOs[43][44]. - The most recent regulatory measure from the PBoC on September 24, 2021, banned overseas cryptocurrency exchanges from providing services to residents in mainland China[45]. - The SEC has filed complaints against major digital asset platforms, including Binance and Coinbase, for operating without proper registration and engaging in unregistered securities activities[50]. - On November 21, 2023, Binance Holdings Ltd. agreed to pay $4.3 billion in penalties to resolve a multi-year investigation by U.S. regulatory agencies[50]. - The European Union's Markets in Crypto Assets Regulation (MiCA) became effective in June 2023, establishing a comprehensive regulatory framework for digital assets[50]. - The U.S. federal government is actively considering regulatory measures for digital assets, including the potential creation of a U.S. CBDC and amendments to existing laws[49]. - The SEC is evaluating the definition of "exchange" to encompass digital asset trading systems, which could significantly impact the digital asset trading landscape[49]. - The U.S. Treasury Department has issued advisories regarding the use of virtual currencies and has taken enforcement actions against several digital asset exchanges[41]. - The regulatory environment for cryptocurrency is rapidly evolving, with potential implications for the price of Bitcoin and the operations of companies involved in digital assets[49]. Financial Performance - For the fiscal year ended December 31, 2024, total revenue was $1.80 million, a decrease of 28% from $2.50 million in 2023[173]. - Gross profit for 2024 was $1.07 million, down from $1.43 million in 2023, reflecting a decline in service revenue[172]. - General and administrative expenses decreased significantly to $1.09 million in 2024 from $2.67 million in 2023, a reduction of approximately 59%[175]. - Other income surged to $43.19 million in 2024, compared to $4.39 million in 2023, primarily due to Bitcoin value appreciation[177]. - The company reported a net income from continuing operations of $21.54 million for 2024, a substantial increase from $3.02 million in 2023[172]. - An impairment of long-term investment of $13.40 million was recognized in 2024 following the acquisition of shares in an associate company[176]. - Total assets as of December 31, 2024, amounted to US$92.92 million, up from US$48.93 million in 2023, with digital assets increasing from US$35.14 million to US$78.32 million[182][183]. - The company reported total liabilities of US$11.29 million in 2024, compared to US$4.22 million in 2023, with deferred tax liabilities of US$8.24 million recorded in 2024[182][183]. - Cash and cash equivalents remained stable at US$668,387 for both 2024 and 2023, despite fluctuations in cash flows from operating activities[184]. - The company had net cash flows used in continued operating activities of US$0 in 2024, a recovery from US$12.70 million in 2023[185][186]. - Cash flows used in continued investing activities were nil in 2024, contrasting with US$37.12 million in 2023, which included the acquisition of 833 Bitcoin[188]. - The company generated US$13.05 million from financing activities in 2023, primarily from issuing shares and borrowing from former executives[189]. Corporate Governance and Legal Matters - The company currently has 6 full-time employees across various functions, including 2 in technology and 2 in the financial department[73]. - The company intends to retain all available funds and future earnings for business operations and expansion, with no anticipated dividends in the foreseeable future[54]. - The company has not declared any cash dividends during the last two fiscal years and does not anticipate doing so in the foreseeable future[146]. - The company has not distributed any dividends or assets among the holding company or subsidiaries as of the date of the annual report[53]. - The company has faced legal proceedings regarding unauthorized representation and control attempts, with a temporary restraining order granted against certain individuals[79]. - The Company remains under the control of its current board of directors, consisting of Lichen Dong (Chairman), Tian Yang, Mahesh Thapaliya, and Jianbo Sun[82]. - On April 8, 2024, the Chancery Court dismissed the plaintiffs' case with prejudice, allowing the Company to reserve its right to seek fees[82]. - The Company faced a new lawsuit on September 6, 2024, in the Wyoming State District Court, seeking inspection of certain corporate records[83]. - As of the reporting date, the Company's motion to dismiss a case in the New York County Supreme Court remains pending[86]. - The Company opposed a motion for a preliminary injunction regarding future share issuances, asserting it was without merit[84]. - A derivative lawsuit was filed against the company by purported shareholders seeking control, which was dismissed without prejudice[131]. - A temporary restraining order was granted to prevent unauthorized individuals from claiming to act on behalf of the company[133]. - The company demonstrated that claims made by unauthorized individuals were based on forged signatures, leading to the withdrawal of opposition to its request for an injunction[133]. Taxation and Compliance - The Enterprise Income Tax Law mandates a 25% tax rate for resident enterprises on income obtained in and outside the PRC[104]. - The VAT rate is set at 17% for taxpayers selling goods, with reduced rates for specific services and goods[106]. - The applicable VAT rate for the company is currently 6%, and the income tax rate is 25%[107]. - The company is eligible for tax refunds under certain favorable government policies starting from 2021[107]. - The withholding tax on dividends for non-PRC resident investors is generally 10%, but can be reduced to 5% under specific conditions[110]. - The company has not applied for a Hong Kong tax resident certificate, which may affect its ability to enjoy the reduced withholding tax rate[111]. - The company has complied with local regulations regarding social security and employee insurance, including basic pension and medical insurance[113]. Management and Operations - Weihong Liu, the CEO, has over 10 years of experience in crypto assets and blockchain technology, focusing on strategic investment opportunities[214]. - Nan Ding, the COO, has over 24 years of operational management experience in cross-border investment and international trade[215]. - The principal executive office is located in Shenzhen, with a lease term from January 1, 2023, to December 31, 2025[128]. - Management identified material weaknesses in internal controls over financial reporting, including a lack of US GAAP expertise and segregation of duties[206]. - No changes in internal control over financial reporting that materially affected the company during the most recently completed fiscal quarter[209].

Financial Performance - Net profit from continuing operations for the nine months ended September 30, 2024, was $1,372,076, a recovery from a loss of $13,412,061 in the same period last year[13]. - Earnings per share from continuing operations improved to $0.20, compared to a loss of $9.47 in the previous year[13]. - The company reported a gross profit of $1,229,136 for the nine months ended September 30, 2024, compared to a gross loss in the previous period[13]. - The company recorded other income of $2,303,789, contrasting with a significant loss of $14,406,397 in the previous year[13]. - Net profit for the nine months ended September 30, 2024, was $13,991,362, compared to a net loss of $13,714,836 for the same period in 2023[3]. - For the three months ended September 30, 2024, the company reported a net profit of $1,372,076 compared to a net loss of $(13,412,061) for the same period in 2023[56]. - The net loss for the three-month period ended September 30, 2024 was $1,372,076, compared to a net loss of $13,412,061 in the same period of 2023, mainly due to losses from digital assets[116]. Assets and Liabilities - Total assets increased to $79,433,755 as of December 31, 2023, up from $48,931,463[9]. - Digital assets rose significantly to $53,037,144, compared to $35,137,576 in the previous period[9]. - Current liabilities decreased to $2,691,503 from $4,223,087, indicating improved financial health[9]. - Total stockholders' equity increased to $74,076,174, up from $44,708,376 as of December 31, 2023[9]. - Retained earnings improved to $2,357,384 from an accumulated deficit of $11,640,274, indicating a turnaround in profitability[9]. - Cash and cash equivalents at the end of the period were $668,387, compared to $1,416,324 at the end of the same period in 2023[3]. - As of September 30, 2024, accounts receivable were $0, down from $1,000,000 as of December 31, 2023[70]. - The company has prepayments for digital assets totaling $12,125,500 as of September 30, 2024, unchanged from December 31, 2023[73]. Digital Assets - The fair value gain from digital assets for the nine months ended September 30, 2024, was $17,899,568, while the gain for the same period in 2023 was $3,059,342[3]. - The company held approximately 833 bitcoins as of September 30, 2024, with a carrying value of approximately $53,037,144, up from $35,137,576 at the end of 2023[33]. - The company's digital assets holdings increased to $53,037,144 as of September 30, 2024, up from $35,137,576 at the end of 2023, with a fair value gain of $17,899,568 recognized during the nine months ended September 30, 2024[60]. - The Company purchased 833 BTC and made a prepayment of approximately $12,125,500, representing 40% of the total purchase price for an additional 1,000 BTC[76]. Stock and Shareholder Information - The number of common shares outstanding increased to 6,976,410 from 2,625,130, reflecting new stock issuance[16]. - The weighted-average common shares outstanding increased to 6,976,410 for the three months ended September 30, 2024, from 1,416,813 in the same period of 2023[56]. - The total issued and outstanding common stock increased to 6,976,410 shares as of September 30, 2024[97]. - The issuance of shares related to the Amended BTC Contract will dilute existing stockholders' ownership to approximately 4.91% after the issuance of 135,171,078 shares[66]. - The Company issued 3,940,000 shares for $13,396,000 to acquire 20% of an associate company in April 2024[80]. Revenue and Expenses - Total revenue for the nine-month period ended September 30, 2024 was $nil, a decrease from $1,500,000 in the same period of 2023, primarily due to a decline in AI SAAS revenue[108]. - General and administrative expenses increased to $1,242,128 for the nine-month period ended September 30, 2024, compared to $537,576 in 2023, mainly due to higher BTC consulting and legal fees[108]. - For the three-month period ended September 30, 2024, total revenue was $nil, down from $1,500,000 in 2023, attributed to a decrease in AI SAAS system revenue[114]. - General and administrative expenses for the three-month period increased to $566,983 from $234,800 in 2023, reflecting higher consulting and legal fees[114]. Strategic Initiatives - The company expects to continue providing AI-enabled software development services, focusing on various SaaS solutions for businesses[22]. - The company has not set a specific target for the amount of bitcoin it seeks to hold, indicating a flexible acquisition strategy based on market conditions[24]. - The Company continues to pursue a strategy of acquiring bitcoin with liquid assets exceeding working capital requirements[103]. - The Company decided to halt the 1,000 BTC Purchase and renegotiate terms to acquire 5,167 BTC, the maximum allowed under the BTC Contract[78]. Contracts and Agreements - The company entered into an Amended BTC Trading Contract allowing the purchase of up to 5,167 BTC at a price of $30,000 per BTC over a 12-month period[61]. - The Company entered into a Bitcoin Option Contract to purchase up to 20,000 BTC at a fixed price of $60,000 per BTC over a three-year period, with payment options in cash or common stock[145]. - The Company has not made any advance payment or exercised its option to purchase any BTC under the BTC Option Contract[146]. - The Company does not intend to exercise its option to purchase any BTC under the BTC Option Contract[146]. Financial Reporting - The financial statements for the fiscal quarter ended September 30, 2024, are included in the quarterly report on Form 10-Q[149]. - The report includes the Balance Sheet, Statement of Income, Statement of Cash Flows, and Notes to the Financial Statements[149]. - Certifications of the Principal Executive Officer and Principal Financial Officer have been filed pursuant to the Sarbanes-Oxley Act of 2002[149]. - The report was signed by the Chief Executive Officer and Chief Financial Officer on November 15, 2024[151].

Financial Performance - Net loss from continuing operations for the three months ended June 30, 2024, was $(6,916,679), compared to a loss of $(166,294) for the same period in 2023[13]. - The company reported a net profit of $12,629,816 for the six months ended June 30, 2024, compared to a net loss of $(2,156,345) for the same period in 2023[13]. - The total comprehensive loss for the three months ended June 30, 2024, was $(6,916,679), compared to a loss of $(942,869) for the same period in 2023[13]. - Net profit for the six months ended June 30, 2024, was $12,629,816, compared to a loss of $302,775 for the same period in 2023[19]. - For the period ended June 30, 2024, the company reported a net profit of $12,629,816 compared to a net loss of $302,775 for the same period in 2023, indicating a significant turnaround in performance[52]. - For the three-month period ended June 30, 2024, the company reported a net profit of $6,916,679, compared to a net loss of $166,294 for the same period in 2023[94]. Assets and Equity - Total current assets increased to $64,657,906 as of June 30, 2024, compared to $49,064,580 at December 31, 2023, representing a 31.8% growth[9]. - Total assets reached $78,053,906, up from $49,064,580, indicating a 59.1% increase[9]. - Stockholders' equity rose to $72,119,795 from $44,714,084, reflecting a 61.5% increase[9]. - Additional paid-in capital increased to $71,124,650 as of June 30, 2024, from $56,348,650 at December 31, 2023, a growth of 26.2%[9]. - The company holds approximately 833 bitcoins, with a carrying value of $50,733,354 as of June 30, 2024[31][32]. - The company's digital assets holdings increased to $50,733,354 as of June 30, 2024, up from $35,137,576 at the end of 2023, with a gain of $15,595,778 recognized in the first half of 2024[60]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $668,387, significantly up from $3,250 at the end of June 30, 2023[19]. - The company reported a net cash flow used in operating activities of $(529) for the six months ended June 30, 2024, an improvement from $(648,252) in the same period of 2023[19]. - Cash flow used in operating activities was $529 for the period ended June 30, 2024, a significant decrease from $648,252 in the prior period[94]. - Cash provided by financing activities was $634 for the period ended June 30, 2024, down from $318,000 in the previous period[95]. - As of June 30, 2024, the company had cash on hand of $668,387, with no change in cash held during the period[94]. Digital Assets and Strategy - The company reported a gain from digital assets of $15,595,778 during the six months ended June 30, 2024, with total digital asset holdings valued at approximately $50.7 million[25][32]. - The company plans to continue its strategy of acquiring bitcoin with liquid assets exceeding working capital requirements[22]. - The digital asset impairment losses recognized during the period were not specified, but the company has a strategy to monitor market conditions for potential additional purchases[23][30]. - The company continues to pursue a strategy of acquiring bitcoin with excess liquid assets and plans to monitor market conditions for future acquisitions[85]. - The company has made a prepayment of approximately $12,125,500 for the acquisition of 1,000 BTC, expected to be delivered by September 2024[63]. Shareholder Information - The company issued 4,351,280 common shares during the three months ended June 30, 2024[14]. - The weighted-average shares outstanding for basic and diluted earnings per share was 3,590,757 for the three months ended June 30, 2024[13]. - The weighted-average common shares outstanding increased to 3,590,757 for the period ended June 30, 2024, up from 1,054,530 in the prior year[52]. - Basic and diluted net profit per share was $3.52 for the period ended June 30, 2024, compared to a loss of $0.29 per share in the same period last year[52]. - The company conducted a reverse stock split of 1 for 185, reducing the total issued and outstanding shares from 195,057,503 to 1,054,364 shares[119]. - The company issued 4,351,280 shares in April 2024, raising a total of $14,776,000 for the acquisition of a 20% stake in an associate company and loan conversion to equity[120]. Regulatory Compliance and Reporting - The company has filed certifications from both the Chief Executive Officer and Chief Financial Officer in compliance with the Sarbanes-Oxley Act[31.1][32.2]. - The financial statements include the Balance Sheet, Statement of Income, and Statement of Cash Flows, which are crucial for assessing the company's financial health[101]. - The report is formatted in XBRL, enhancing the accessibility and usability of the financial data for investors and analysts[101]. - The company is committed to transparency and regulatory compliance as evidenced by the certifications filed[31.2][32.1]. - The report was signed by the Chief Executive Officer Wei Hong Liu and Chief Financial Officer Ken Tsang, indicating leadership accountability[122]. - The report emphasizes the importance of accurate financial reporting and adherence to regulatory standards[31.1][31.2].

Financial Performance - Net profit for the three months ended March 31, 2024, was $23,883,878, a significant increase from a net loss of $212,194 for the same period in 2023[11] - The company reported a profit per share of $9.10 for the three months ended March 31, 2024, compared to a loss per share of $0.08 for the same period in 2023[11] - The company recognized a gain of $24.2 million on digital assets for the three months ended March 31, 2024, compared to a gain of $10.2 million for the same period in 2023[53] - The company reported a net profit of $23,883,878 for the period ended March 31, 2024, compared to a net loss of $212,194 for the same period in 2023, primarily due to a gain from digital assets of $24,214,021[84] Asset Growth - Total current assets increased to $73,345,474 as of March 31, 2024, compared to $49,133,905 as of December 31, 2023, representing a 49.2% growth[9] - Digital assets held increased to $59,420,922 as of March 31, 2024, up from $35,206,901 as of December 31, 2023, reflecting a 68.8% increase[9] - Total stockholders' equity rose to $68,809,595 as of March 31, 2024, compared to $44,925,822 as of December 31, 2023, marking a 53.2% increase[12] Operating Expenses - Operating expenses for the three months ended March 31, 2024, were $330,143, up from $212,194 in the same period of 2023, indicating a 55.7% increase[11] - General and administrative expenses increased to $330,143 for the three months ended March 31, 2024, up from $212,194 in the prior year, mainly due to higher BTC consulting fees[85] Bitcoin Acquisition Strategy - The company continues to pursue a strategy of acquiring and holding bitcoin, with a total of 833 bitcoins held as of March 31, 2024[20] - The company’s bitcoin acquisition strategy involves using liquid assets exceeding working capital requirements to acquire bitcoin, with no specific target for the amount to hold[80] - As of March 31, 2024, the company held approximately 833.19 bitcoins with a carrying value of approximately $59.4 million, up from $35.2 million as of December 31, 2023[27] - The company has a prepayment of approximately $12,125,500 for the 40% prepayment of 1000 BTC, expected to be delivered by May 2024 at a lock-up price of $30,000 per BTC[55] Cash and Cash Equivalents - Cash and cash equivalents remained stable at $668,388 as of March 31, 2024, unchanged from the previous period[14] - The company held cash in bank amounting to $668,388 as of March 31, 2024, unchanged from December 31, 2023[52] - The company had cash on hand of $668,388 as of March 31, 2024, with cash flow used in operating activities of $40,530, a decrease from $212,194 in the prior period[86] Internal Controls and Governance - As of March 31, 2024, the company's management concluded that its disclosure controls and procedures were not effective due to limited internal resources and lack of multiple levels of transaction review[94] - Material weaknesses identified include lack of an audit committee and insufficient oversight from outside directors, leading to ineffective internal controls[94] - The company identified material weaknesses related to internal audit functions and lack of segregation of duties within accounting functions[95] - The company plans to remediate significant deficiencies in internal controls with proper funding and will continue to monitor the effectiveness of these steps[96] - There were no changes in internal control over financial reporting that materially affected the company's controls during the most recently completed fiscal quarter[98] Shareholder Matters - The company entered into a share purchase agreement on March 1, 2024, to acquire 2,000 ordinary shares of Future Dao Group Holding Limited for an aggregate purchase price of $13,396,000, to be paid by issuing 3,940,000 shares of common stock[73] - As of March 31, 2024, the total issued and outstanding common stock increased to 2,625,130 shares following the issuance of 1,570,600 shares in September 2023[69] - The total issued and outstanding shares of the company's common stock decreased from 195,057,503 to 1,054,364 shares following a 1 for 185 reverse stock split approved on June 9, 2023[105][106] - As of March 31, 2024, the company's common stock issued increased to 2,625,130 shares, with a total amount of $12,616,454 for 1,570,600 shares issued in September 2023[107] Legal Matters - A derivative lawsuit was filed against the company by purported shareholders seeking control, which was dismissed without prejudice on October 18, 2023[99] - A preliminary injunction was issued on January 5, 2024, restraining unauthorized individuals from claiming control or acting on behalf of the company[103] Revenue Generation - The company did not generate any revenue from its SaaS business during the period ended March 31, 2024[52] - The company applies ASC 606 for revenue recognition, which includes a five-step model for recognizing revenue as performance obligations are satisfied[25] Currency Exchange - The RMB to USD exchange rate was 7.22 as of March 31, 2024, compared to 7.09 as of December 31, 2023[30]

Bitcoin Holdings and Strategy - As of December 31, 2023, the Company holds 833 bitcoins with a market value of $35,206,901, reflecting a digital asset gain of $10,216,901 since the previous year[13]. - The Company has invested $24,990,000 in bitcoin acquisitions, indicating a strategy focused on long-term holdings and potential appreciation due to limited supply[13]. - The Company may periodically sell bitcoin for corporate purposes, including treasury management and tax benefits[12]. - The Company has not set a specific target for the amount of bitcoin to hold, opting to monitor market conditions for future acquisitions[11]. - The Company’s strategy includes engaging in capital raising transactions to fund bitcoin purchases, subject to market conditions[10]. - The Company aims to leverage its bitcoin holdings to create income streams and generate funds[12]. - The bitcoin acquisition strategy involves using liquid assets exceeding working capital requirements and may include issuing debt or equity securities to purchase additional bitcoin[51]. - The total number of bitcoin that can be generated is limited to 21 million, with the current mining reward at 6.25 bitcoin per block, expected to halve to 3.125 bitcoin in April 2024[53]. - The Bitcoin network operates on a mining process that validates transactions approximately every 10 minutes, requiring significant computational power[52]. Regulatory Environment - Regulatory developments in Hong Kong and potential changes in PRC laws may impact the Company's operations and ability to raise capital[14][25]. - The Company is not currently required to obtain regulatory approvals from PRC authorities for its operations in Hong Kong[25]. - The Company acknowledges risks associated with potential future regulatory actions by the PRC government that could affect its holding company structure and operations[26]. - The company is subject to evolving regulations regarding digital assets, which may impact its operations and market participation[30]. - The Holding Foreign Company Accountable Act may lead to delisting if the company's auditor cannot be inspected for two consecutive years, affecting trading on U.S. exchanges[39]. - The company is subject to PRC regulations regarding overseas listings, requiring filings with the CSRC for domestic enterprises planning to list abroad[76]. Business Operations and Services - The Company plans to continue providing AI-enabled software development services, targeting various business sectors including industrial[9]. - The company provides AI-enabled software development services, focusing on developing various SaaS solutions for businesses across the USA, Hong Kong, China, and Singapore[48]. - The analytics market is highly competitive, with the company's success dependent on software quality, service reliability, and the ability to incorporate advanced technologies[49]. - The company operates primarily in Hong Kong, facing legal and operational risks due to political and economic influences from China, which could significantly impact its business and stock value[27]. - The SEC has increased scrutiny on companies with significant China-based operations, potentially affecting the company's filings and investor relations[28]. Financial and Tax Compliance - Current PRC regulations allow the company's subsidiaries to pay dividends only from accumulated profits, which may restrict cash flow to the holding company[47]. - The company does not anticipate declaring or paying any dividends in the foreseeable future, focusing instead on retaining funds for business operations and expansion[44]. - The VAT rate applicable to the company is currently 6%, with an enterprise income tax rate of 25%[98]. - The Arrangement between the PRC and Hong Kong allows for a reduced withholding tax rate of 5% on dividends for qualifying Hong Kong resident enterprises[96]. - Trading gains from the sale of shares in Hong Kong are subject to profits tax rates of 8.25% on assessable profits up to HKD 2,000,000 and 16.5% on profits over that threshold[112]. - Hong Kong stamp duty is charged at an ad valorem rate of 0.1% on the higher of the consideration or market value of shares, totaling 0.2% for typical transactions[113]. Compliance and Legal Matters - The company maintains compliance with the Cyber Security Law of the PRC, ensuring the security of personal data and network operations[84]. - A derivative lawsuit was filed against the company on September 28, 2023, seeking control, but was dismissed without prejudice on October 18, 2023[69]. - The Foreign Investment Law of the PRC, effective from January 1, 2020, ensures equal treatment for foreign-funded enterprises in terms of policies and participation in standard-setting[86]. - Under the PRC Company Law, foreign-invested enterprises must obtain approval from MOFCOM before establishment and operation[90]. - Wholly foreign-owned enterprises can only distribute dividends from accumulated after-tax profits, with a mandatory allocation of 10% to a statutory reserve fund[93]. - Employers in the PRC are required to provide social insurance covering basic pension, medical, unemployment, maternity, and occupational injury insurance[104]. - Companies must comply with regulations regarding housing provident fund contributions, with penalties for late or insufficient payments ranging from RMB10,000 to RMB50,000[107]. - The Foreign Investment Law includes provisions for the protection of intellectual property rights and trade secrets[86]. - The registration of foreign investment enterprises must be completed with the foreign exchange bureau to facilitate account opening and fund remittance[92]. - The Company is in compliance with PRC's social insurance and housing fund regulations[108]. - The Company has applied and received a business registration certificate in Hong Kong, complying with local regulations[110]. - The Company is in compliance with Hong Kong taxation regulations[114]. - The Company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[168].

Financial Performance - As of September 30, 2023, the company reported total revenue of $2,238,029, a decrease of 75.7% compared to $9,197,681 for the same period in 2022[96]. - The net loss for the nine-month period ended September 30, 2023, was $9,455,304, compared to a net income of $8,538,873 for the same period in 2022, indicating a significant shift in financial performance[99]. - The gross profit for the nine-month period ended September 30, 2023, was $838,334, down from $1,526,845 in the same period of 2022[94]. - The company reported a gross loss of $396,965 from discontinued operations for the nine months ended September 30, 2023[68]. Expenses and Impairments - The company incurred impairment losses on digital assets amounting to $2,591,490 for the nine-month period ended September 30, 2023[94]. - General and administrative expenses increased to $15,128,916 for the nine months ended September 30, 2023, up from $10,419,873 in the prior year, primarily due to higher system development costs[99]. Discontinued Operations - The total assets related to discontinued operations increased to $12,105,747 as of September 30, 2023, compared to $1,475,491 as of December 31, 2022[69]. Share Issuance - The company issued 1,570,600 shares in September 2023, raising a total of $12,616,454, bringing the total issued shares to 2,625,130[79]. Tax and Strategy - The company has not recognized an income tax benefit for its operating losses in the United States, as it does not expect to commence active operations there[80]. - The company plans to continue its strategy of acquiring bitcoin with liquid assets exceeding working capital requirements, viewing bitcoin as a long-term holding[89].

Financial Performance - Total service revenue for the three months ended June 30, 2023 was $0, compared to $1,451,459 for the same period in 2022, representing a decrease of 100%[10] - Gross loss for the three months ended June 30, 2023 was $(94,582), compared to a gross profit of $1,355,510 for the same period in 2022[10] - Operating expenses for the three months ended June 30, 2023 were $822,220, down from $1,827,438 in the same period of 2022, a reduction of approximately 55%[10] - Net income from continuing operations for the three months ended June 30, 2023 was $26,079, compared to a net loss of $(452,139) for the same period in 2022[10] - Total comprehensive loss for the three months ended June 30, 2023 was $(637,193), compared to a loss of $(1,365,792) for the same period in 2022[10] - The net loss for the six-month period ended June 30, 2023, was $926,518, compared to a net income of $274,871 for the same period in 2022[110] - Total revenue for the six-month period ended June 30, 2023, was $603,343, a decrease of approximately 83.2% from $3,590,411 in the same period of 2022[111] Assets and Equity - Total assets decreased from $46,229,241 to $42,421,096, a decline of approximately 8.7%[9] - Total stockholders' equity decreased from $41,719,510 to $38,879,565, a decline of approximately 6.7%[11] - Cash on hand amounted to $20,004,914 with accounts receivable reported as nil as of June 30, 2023[45] - Cash and cash equivalents as of June 30, 2023, totaled $20,004,914, slightly down from $20,025,480 as of December 31, 2022[69] - Property and equipment, net, decreased to $739,028 as of June 30, 2023, from $921,952 as of December 31, 2022[73] - Loan receivables increased significantly to $7,220,242 as of June 30, 2023, compared to $1,614,841 as of December 31, 2022[80] Cash Flow - The company reported net cash flows provided by operating activities of $5,239,579 for the six months ended June 30, 2023, compared to $5,344,055 for the same period in 2022[17] - Cash flow provided by operating activities for the six-month period ended June 30, 2023, was $5,239,579, a slight decrease from $5,344,055 in the prior period[123] - The company incurred cash used in investing activities of $5,605,401 for the six-month period ended June 30, 2023, primarily due to a loan to a third party[123] YCloud System and Market Strategy - The YCloud system targets a potential market of 330 million individual micro-business owners by the end of 2023[20] - The company has established trial operations in Hong Kong and aims to utilize the YCloud system for global strategic cooperation with various social media platforms[20] - YCloud serves multiple industries, including tourism, hospitality, and retail, enhancing supply chain systems and marketing relationship management[21] - The company has developed new technology to meet the evolving demands of micro-business owners, particularly in response to shifts caused by the COVID-19 pandemic[26] - The company derives revenue from system service fees charged for transactions conducted through its YCloud system, receiving 2%-3.5% of the total Gross Merchandise Volume generated on the platform[67] Internal Controls and Compliance - The company conducted an evaluation of its internal control over financial reporting as of June 30, 2023, and concluded that it did not maintain effective internal control due to material weaknesses identified[132] - Management identified material weaknesses related to internal audit functions and a lack of segregation of duties within accounting functions[133] - Management plans to implement procedures to address the significant deficiencies identified in internal controls with proper funding[134] - The company believes that its financial statements and other information presented are materially correct despite the identified weaknesses[132] - There were no changes in internal control over financial reporting during the most recently completed fiscal quarter that materially affected the controls[136] Stock and Share Information - The total issued and outstanding shares of the company's common stock decreased from 195,057,503 to 1,054,364 shares following a 1 for 185 reverse stock split approved on June 9, 2023[141] - The reverse stock split aims to help the company regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share[142] - The weighted-average shares outstanding for the three months ended June 30, 2023 were 149,770,976, down from 155,826,842 in the same period of 2022[10] - The weighted-average common shares outstanding decreased from 231,052,498 in June 30, 2022 to 172,526,771 in June 30, 2023[61] Other Financial Metrics - The company experienced a foreign currency translation adjustment loss of $(663,272) for the three months ended June 30, 2023[11] - The company has no impairment expenses for property and equipment recorded during the six months ended June 30, 2023[44] - The company applies ASC 606 for revenue recognition, requiring judgment in identifying contracts and performance obligations[35] - The functional currency of the company is USD, while its subsidiaries operate in RMB[38] - The exchange rate for RMB to USD was 7.25 as of June 30, 2023, compared to 6.90 as of December 31, 2022[39] - General and administrative expenses for the six-month period ended June 30, 2023, were $1,501,985, a decrease from $2,619,894 in the same period of 2022[114]

Financial Performance - Total service revenue for the three months ended March 31, 2023, was $614,369, a decrease of 71.2% compared to $2,138,952 for the same period in 2022[12]. - Gross loss for the three months ended March 31, 2023, was $(296,137), compared to a gross profit of $1,466,314 for the same period in 2022[12]. - Net loss from continuing operations for the three months ended March 31, 2023, was $(984,842), compared to a net income of $592,316 for the same period in 2022[12]. - Comprehensive loss for the three months ended March 31, 2023, was $(2,198,826), compared to $(709,237) for the same period in 2022[12]. - As of March 31, 2023, the company reported a net loss of $2,225,147 compared to a net loss of $743,827 for the same period in 2022, indicating a significant increase in losses[56]. - Total revenue for the three-month period ended March 31, 2023, was $614,369, a decrease from $2,138,952 in the same period of 2022, primarily due to a decline in Gross Merchandise Volume (GMV)[104]. - The net loss for the period ended March 31, 2023, was $984,842, compared to a net income of $592,316 for the same period in 2022, reflecting a significant increase in losses due to the business plan adjustments[107]. Assets and Equity - Total assets increased from $43,200,496 as of December 31, 2022, to $46,229,241 as of March 31, 2023, representing a growth of 6.9%[9]. - Total stockholders' equity decreased from $41,719,510 as of December 31, 2022, to $39,516,758 as of March 31, 2023, a decline of 5.3%[11]. - As of March 31, 2023, total shareholder equity was $39,516,758, down from $41,719,510 as of December 31, 2022, reflecting a net loss of $958,520 for the period[6]. - Cash and cash equivalents decreased slightly from $20,025,480 as of December 31, 2022, to $20,125,507 as of March 31, 2023[13]. - Cash on hand as of March 31, 2023, was $20,125,507, showing a slight increase from $20,025,480 at the end of 2022[66]. Operating Expenses - Operating expenses for the three months ended March 31, 2023, were $690,793, down from $792,456 for the same period in 2022, a reduction of 12.8%[12]. - General and administrative expenses decreased to $690,793 for the three months ended March 31, 2023, from $792,456 in the same period of 2022, mainly due to reduced advertising costs[106]. Discontinued Operations - Loss from discontinued operations for the three months ended March 31, 2023, was $(1,240,305), compared to $(1,336,143) for the same period in 2022[12]. - The company reported a net loss from discontinued operations of $1,244,231, which included a net loss of $26,322 for the period[6]. - The company incurred a loss from discontinued operations of $1,240,305 for the period ended March 31, 2023, compared to a loss of $1,336,142 for the same period in 2022[80]. Market and Business Strategy - The YCloud system targets a potential market of 330 million individual micro-business owners by the end of 2023[19]. - YCloud serves various industries, including tourism, hospitality, and retail, and has established trial operations in Hong Kong[19]. - The company aims to provide technical services and solutions through its YCloud platform, which includes big data analytics and AI technology[17]. - YCloud offers multiple integrated payment methods, enhancing transaction capabilities for micro-businesses[21]. - The company aims to shift its SAAS, blockchain, and WT Pay services from the PRC to overseas markets in 2023[104]. Shareholder Information - The weighted average number of shares outstanding for basic and diluted earnings per share was 195,057,503 for the three months ended March 31, 2023[12]. - The weighted-average common shares outstanding decreased to 195,057,503 from 305,451,498 year-over-year, reflecting a reduction in share count[56]. - A reverse stock split of 1 for 185 was approved, reducing total issued shares from 195,057,503 to 1,054,364 to comply with Nasdaq listing requirements[96][97]. - The company executed a 1 for 185 Reverse Stock Split, reducing the total issued and outstanding shares from 195,057,503 to 1,054,364 shares[120]. - The Reverse Stock Split aims to help the company regain compliance with Nasdaq's Minimum Bid Requirement of $1.00 per share[121]. - No fractional shares will be issued; any resulting fractional shares will be rounded up to the nearest whole share[121]. Compliance and Accounting - The consolidated financial statements are prepared in accordance with GAAP, ensuring compliance with U.S. accounting standards[28]. - The company has not reported any gains or losses from foreign currency transactions from inception to March 31, 2023[36]. - The company has not recognized an income tax benefit for its operating losses in the U.S. and Singapore, as it does not expect to commence active operations in these regions[92][93]. Other Financial Metrics - Total GMV for the period was $18,606,599, down from $74,561,767 in the previous year, indicating a decline in transaction volume[64]. - The company's intangible assets, net, amounted to $21,525 as of March 31, 2023, down from $22,959 at the end of 2022, reflecting amortization of software development costs[67]. - Amortization expense for intangible assets for the three months ended March 31, 2023, was $1,434[67]. - The average exchange rate for RMB to USD was 6.84 for the period ended March 31, 2023, compared to 6.75 for the year ended December 31, 2022[37]. - The company has not recorded any impairment expenses for property, plant, and equipment during the three months ended March 31, 2023[41]. - As of March 31, 2023, the company's net property and equipment was $842,622, a decrease from $921,952 as of December 31, 2022, reflecting a depreciation expense of $79,330 for the period[69][70]. - The total accounts receivable as of March 31, 2023, was $6,748,798, slightly up from $6,723,661 as of December 31, 2022, with all service fee receivables fully settled from five main customers[72]. - The company reported prepayments totaling $13,137,035 as of March 31, 2023, primarily related to software development fees, including a significant $10 million prepayment for the WT Pay system development expected to be completed by September 2023[73]. - Loan receivables decreased to $978,133 as of March 31, 2023, down from $1,614,841 as of December 31, 2022, with no accrued interest due to a waiver for the borrower[76]. - Tax payables amounted to $86,838, a decrease from $130,717 as of December 31, 2022, reflecting a corporate income tax rate ranging from 9% to 25%[78]. - Other payables totaled $1,708,748 as of March 31, 2023, down from $2,325,188 as of December 31, 2022, primarily due to a decrease in Y-Cloud system upgrade payables[79]. - The company reported accumulated depreciation of $128,454 for property and equipment as of March 31, 2023, compared to $49,124 as of December 31, 2022[69]. - The company's amortized expenses, net, were $780,326 as of March 31, 2023, down from $828,983 as of December 31, 2022, with accumulated depreciation increasing from $166,792 to $215,449[71]. - The director fee payable increased to $812,000 as of March 31, 2023, from $770,000 as of December 31, 2022, reflecting accrued fees from the appointment date[78]. - The company completed a public offering of 10,000,000 shares at $4.00 per share, raising gross proceeds of $40,000,000 and net proceeds of $37,057,176 after costs[90]. - Cash flow used in operating activities for the period ended March 31, 2023, was $552,687, a decrease of approximately $8.1 million compared to cash flow provided by operating activities in the prior period[109].