Exhibit
99.1
Youxin
Technology Ltd Reports Financial Results for Fiscal Year 2025
GUANGZHOU,
China, Jan. 29, 2026 /PRNewswire/ — Youxin Technology Ltd (Nasdaq: YAAS) (the “Company” or “Youxin Technology”),
a software as a service (“SaaS”) and platform as a service (“PaaS”) provider committed to helping retail enterprises
digitally transform their businesses, today announced its financial results for the fiscal year ended September 30, 2025.
Mr.
Shaozhang Lin, Chief Executive Officer of Youxin Technology Ltd, commented, “In fiscal year 2025, we successfully completed our
initial public offering and a follow-on offering, which substantially improved the Company’s liquidity and strengthened financial
foundation. A key part of the R&D progress was the successful integration of AI models into our PaaS platform, enabling the generation
of complex customized code through natural language and conversational interaction, which significantly enhanced development efficiency
and user experience. With AI-enhanced solutions, we have already attracted clients from a broader range of industries, including cosmetics
and cruise lines, and have reinforced the scalability of our platform. In parallel, by serving customers across multiple industries,
we continued to expand the functionality of our PaaS platform and build multi-industry service capabilities, laying a solid foundation
for a potential performance inflection in fiscal year 2026.”
Mr.
Lin added, “Fiscal year 2025 marked a year of execution and capability building. Total revenues reached $0.54 million, representing
a 3% increase from fiscal year 2024, primarily driven by the restart of our customized customer relationship management (CRM) system
development services. Our net loss for the year was largely attributable to non-recurring items, including IPO- and follow-on-offering-related
professional fees, warrant-related expenses, and investment losses, rather than any deterioration in our core operating performance.”
Mr.
Lin continued, “The successful acquisition of Celnet Technology Co., Ltd. on October 29, 2025 advanced our internationalization
strategy and enhanced our ability to serve multinational and large domestic enterprises through its extensive Salesforce implementation
experience, further improving the practicality and enterprise readiness of our PaaS platform. Looking ahead, we plan to fully commercialize
our R&D achievements and aim to achieve operating breakeven by fiscal year 2026. We will continue to promote our PaaS and SaaS solutions
across various sectors and, together with our partners, pursue opportunities to expand into international markets, positioning the Company
to support customers’ overseas expansion and sustainable growth in 2026 and beyond.”
Fiscal
Year 2025 Financial Overview
| ● |
Revenue
was $0.54 million in fiscal year 2025, an increase of 3% from $0.52 million in fiscal year 2024. |
| ● |
Gross
profit was $0.18 million in fiscal year 2025, compared to $0.34 million in fiscal year 2024. |
| ● |
Gross
margin was 33% in fiscal year 2025, compared to 66% in fiscal year 2024. |
| ● |
Net
loss was $9.65 million in fiscal year 2025, compared to $1.28 million in fiscal year 2024, mainly due to the professional fees incurred
during the IPO and the follow-up offering, investment loss, and loss on issuance of warrant liabilities. |
| ● |
Cash
was $9.91 million as of September 30, 2025, compared to $0.02 million as of September 30, 2024, significantly increasing cash reserves
and liquidity. |
Fiscal
Year 2025 Financial Results
Revenues
Total
revenues were $0.54 million in fiscal year 2025, an increase of 3% from $0.52 million in fiscal year 2024. The increase was mainly because
the Company restarted the customized CRM system development services.
| | |
For the years ended September 30, | |
| | |
2025 | | |
2024 | |
| ($) | |
Revenue | | |
Cost of Revenue | | |
Gross Margin | | |
Revenue | | |
Cost of Revenue | | |
Gross Margin | |
| Professional services | |
| 515,684 | | |
| 356,807 | | |
| 31 | % | |
| 275,314 | | |
| 158,880 | | |
| 42 | % |
| Payment channel services | |
| 21,590 | | |
| - | | |
| 100 | % | |
| 206,526 | | |
| - | | |
| 100 | % |
| Others | |
| 2,200 | | |
| 2,702 | | |
| (23 | )% | |
| 39,401 | | |
| 20,768 | | |
| 47 | % |
| Total | |
| 539,474 | | |
| 359,509 | | |
| 33 | % | |
| 521,241 | | |
| 179,648 | | |
| 66 | % |
Revenue
from professional services was $0.52 million in fiscal year 2025, an increase of 87% from $0.28 million in fiscal year 2024.
| ● |
Revenue
from customized CRM system development services was $0.29 million in fiscal year 2025. The Company did not generate revenue from
customized CRM system development services in fiscal year 2024. The increase was mainly due to the Company restarting the customized
CRM system development service. |
| |
|
| ● |
Revenue
from the additional function development services was $38,808 in fiscal year 2025, a decrease of 9% from $42,758 in fiscal year 2024.
The decrease was mainly due to the less new needs of the function development from the existing clients for fiscal year 2025. |
| |
|
| ● |
Revenue
from subscription services was $0.19 million in fiscal year 2025, a decrease of 18% from $0.23 million in fiscal year 2024. The decrease
was mainly due to the decreasing customized CRM system development services from 2023 to 2024, which led to the Company to provide
less subscription service in the following periods. |
Cost
of Revenues
Cost
of revenues was $0.36 million in fiscal year 2025, an increase of 100% from $0.18 million in fiscal year 2024.
Gross
Profit
Gross
profit was $0.18 million in fiscal year 2025, compared to $0.34 million in fiscal year 2024.
Gross
margin was 33% in fiscal year 2025, compared to 66% in fiscal year 2024.
Operating
Expenses
Operating
expenses were $3.04 million in fiscal year 2025, compared to $1.73 million in fiscal year 2024.
| ● |
Selling
expenses were $0.13 million in fiscal year 2025, an increase of 38% from $0.09 million in fiscal year 2024. The increase was mainly
due to the increase in advertising and promotion expenses. The increase of advertising and promotion expenses by $25,661 or 3,270%
was primarily due to an increase in putting effort to the business promotion to expand customer base for fiscal year 2025, compared
to fiscal year 2024. |
| |
|
| ● |
General
and administrative expenses were $2.75 million in fiscal year 2025, an increase of 454% from $0.50 million in fiscal year 2024. The
increase for fiscal year 2025 was primarily due to the professional fees incurred during the IPO and the follow-up offering that
were not directly attributable of the offerings were expensed as incurred. |
| |
|
| ● |
Research
and development expenses were $0.16 million in fiscal year 2025, a decrease of 86% from $1.14 million in fiscal year 2024. The decrease
was primarily attributed to the decrease in labor related costs including salary and welfare by $0.90 million or 94% for fiscal year
2025 compared to fiscal year 2024. |
Other
Income (Expense), Net
Total
net other expense was $6.79 million in fiscal year 2025, compared to total net other income of $0.11 million in fiscal year 2024, primarily
due to loss from investments of $2.74 million, issuance costs allocated to warrant liabilities of $0.88 million, and loss on issuance
of warrant liabilities of $5.80 million in fiscal year 2025, partly offset by gains from change in fair value of warrant liabilities
of $2.65 million.
Net
Loss
Net
loss was $9.65 million in fiscal year 2025, compared to $1.28 million in fiscal year 2024.
Basic
and Diluted Loss per Share
Basic
and diluted loss per share was $1.04 in fiscal year 2025, compared to $0.14 in fiscal year 2024.
Financial
Condition
As
of September 30, 2025, the Company had cash of $9.91 million, compared to $0.02 million as of September 30, 2024.
Net
cash used in operating activities was $3.91 million in fiscal year 2025, compared to $0.73 million in fiscal year 2024.
Net
cash used in investing activities was $3.03 million in fiscal year 2025, compared to net cash provided by investing activities of $360
in fiscal year 2024.
Net
cash provided by financing activities was $16.79 million in fiscal year 2025, compared to $0.43 million in fiscal year 2024.
About
Youxin Technology Ltd
Youxin
Technology Ltd is a SaaS and PaaS provider committed to helping retail enterprises digitally transform their businesses using its cloud-based
SaaS product and PaaS platform to develop, use and control business applications without the need to purchase complex IT infrastructure.
Youxin Technology provides a customized, comprehensive, fast-deployment omnichannel digital solutions that unify all aspects of commerce
with store innovations, distributed inventory management, cross-channel data integration, and a rich set of ecommerce capabilities that
encompass mobile applications, social media, and web-based applications. The Company’s products allow mid-tier brand retailers
to use offline direct distribution to connect the management team, distributors, salespersons, stores, and end customers across systems,
apps, and devices. This provides retailers with a comprehensive suite of tools to instantly address issues using real-time sales data.
For more information, please visit the Company’s website: https://ir.youxin.cloud.
Forward-Looking
Statements
This
press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely
to historical or current facts, including without limitation statements regarding the Company’s product development and business
prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,”
“estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,”
“continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees
of future actions or performance. These forward-looking statements are based on information currently available to the Company and its
current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should
one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly
from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected
in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as
required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking
statements to conform these statements to actual results.
For
more information, please contact:
Youxin
Technology Ltd.
Investor Relations Department
Email: ir@youxin.cloud
Ascent
Investor Relations LLC
Tina
Xiao
Phone:
+1-646-932-7242
Email:
investors@ascent-ir.com
YOUXIN
TECHNOLOGY LTD
CONSOLIDATED
BALANCE SHEETS
AS
OF SEPTEMBER 30, 2025 and 2024
(Expressed
in U.S. dollars, except for the number of shares)
| | |
September 30, 2025 | | |
September 30, 2024 | |
| ASSETS | |
| | | |
| | |
| CURRENT ASSETS | |
| | | |
| | |
| Cash | |
$ | 9,912,327 | | |
$ | 18,372 | |
| Restricted cash | |
| 24,298 | | |
| 24,649 | |
| Accounts receivable, net | |
| 213,772 | | |
| 176,607 | |
| Deferred contract costs | |
| 13,103 | | |
| - | |
| Amount due from a related party | |
| 17,486 | | |
| - | |
| Prepaid expenses and other current assets | |
| 295,559 | | |
| 122,676 | |
| Total current assets | |
| 10,476,545 | | |
| 342,304 | |
| | |
| | | |
| | |
| NON-CURRENT ASSETS | |
| | | |
| | |
| Property and equipment, net | |
| 2,518 | | |
| 3,948 | |
| Deferred offering costs | |
| - | | |
| 478,108 | |
| Operating lease right-of-use assets | |
| 78,862 | | |
| 123,170 | |
| Other non-current assets | |
| 10,457 | | |
| 10,608 | |
| Prepayment for acquisition | |
| 210,704 | | |
| - | |
| Total non-current assets | |
| 302,541 | | |
| 615,834 | |
| | |
| | | |
| | |
| TOTAL ASSETS | |
$ | 10,779,086 | | |
$ | 958,138 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| | |
| | | |
| | |
| CURRENT LIABILITIES | |
| | | |
| | |
| Short-term bank loan | |
$ | 318,865 | | |
$ | 323,472 | |
| Accounts payable | |
| 34,190 | | |
| 31,350 | |
| Contract liabilities | |
| 30,024 | | |
| 215,768 | |
| Amount due to related parties | |
| - | | |
| 1,067,119 | |
| Operating lease liabilities - current | |
| 46,190 | | |
| 42,277 | |
| Payroll payable | |
| 1,134,532 | | |
| 1,869,436 | |
| Warrant liabilities | |
| 902,287 | | |
| - | |
| Accrued expenses and other current liabilities | |
| 87,439 | | |
| 40,299 | |
| Total current liabilities | |
| 2,553,527 | | |
| 3,589,721 | |
| | |
| | | |
| | |
| Operating lease liabilities - non-current | |
| 35,306 | | |
| 82,674 | |
| Total non-current liabilities | |
| 35,306 | | |
| 82,674 | |
| | |
| | | |
| | |
| TOTAL LIABILITIES | |
$ | 2,588,833 | | |
$ | 3,672,395 | |
| | |
| | | |
| | |
| COMMITMENTS AND CONTINGENCIES (NOTE 17) | |
| | | |
| | |
| | |
| | | |
| | |
| SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
| Class A ordinary shares, ($0.008 par value, 5,000,000 shares authorized, 2,325,550 and 278,809 shares issued and outstanding as of September 30, 2025 and 2024, respectively) (1) | |
| 18,604 | | |
| 2,230 | |
| Class B ordinary shares, ($0.0001 par value, 100,000,000 shares authorized, 8,945,307 shares issued and outstanding as of September 30, 2025 and 2024, respectively) | |
| 895 | | |
| 895 | |
| | |
| | | |
| | |
| Share subscription receivables | |
| - | | |
| (3,125 | ) |
| Additional paid-in capital | |
| 32,614,603 | | |
| 12,154,929 | |
| Accumulated deficit | |
| (25,065,907 | ) | |
| (15,419,765 | ) |
| Accumulated other comprehensive income | |
| 622,058 | | |
| 550,579 | |
| Total shareholders’ equity (deficit) | |
| 8,190,253 | | |
| (2,714,257 | ) |
| | |
| | | |
| | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | |
$ | 10,779,086 | | |
$ | 958,138 | |
| (1) |
All
per share amounts and shares outstanding for all periods have been retroactively adjusted to reflect the 80-for-1 reverse share split
for Class A ordinary share of Youxin Technology Ltd, which was effective on September 30, 2025. |
YOUXIN
TECHNOLOGY LTD
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR
THE YEARS ENDED SEPTEMBER 30, 2025, 2024 and 2023
(Expressed
in U.S. dollars, except for the number of shares)
| | |
Years Ended September 30, | |
| | |
2025 | | |
2024 | | |
2023 | |
| REVENUES | |
$ | 539,474 | | |
$ | 521,241 | | |
$ | 895,978 | |
| | |
| | | |
| | | |
| | |
| COST OF REVENUES | |
| (359,509 | ) | |
| (179,648 | ) | |
| (352,676 | ) |
| | |
| | | |
| | | |
| | |
| GROSS PROFIT | |
| 179,965 | | |
| 341,593 | | |
| 543,302 | |
| | |
| | | |
| | | |
| | |
| OPERATING EXPENSES | |
| | | |
| | | |
| | |
| Selling expenses | |
| (130,792 | ) | |
| (94,481 | ) | |
| (225,926 | ) |
| General and administrative expenses | |
| (2,746,298 | ) | |
| (496,006 | ) | |
| (589,372 | ) |
| Research and development expenses | |
| (158,190 | ) | |
| (1,139,922 | ) | |
| (2,152,602 | ) |
| Total operating expenses | |
| (3,035,280 | ) | |
| (1,730,409 | ) | |
| (2,967,900 | ) |
| | |
| | | |
| | | |
| | |
| NET LOSS FROM OPERATIONS | |
| (2,855,315 | ) | |
| (1,388,816 | ) | |
| (2,424,598 | ) |
| | |
| | | |
| | | |
| | |
| OTHER (EXPENSE) INCOME | |
| | | |
| | | |
| | |
| Other income | |
| 539 | | |
| 134,802 | | |
| 99,053 | |
| Other expense | |
| (24,271 | ) | |
| (21,435 | ) | |
| (17,693 | ) |
| Loss from investments | |
| (2,736,514 | ) | |
| - | | |
| - | |
| Issuance costs allocated to warrant liabilities | |
| (876,282 | ) | |
| - | | |
| - | |
| Loss on issuance of warrant liabilities | |
| (5,802,241 | ) | |
| - | | |
| - | |
| Change in fair value of warrant liabilities | |
| 2,647,942 | | |
| - | | |
| - | |
| Total other (expense) income, net | |
| (6,790,827 | ) | |
| 113,367 | | |
| 81,360 | |
| | |
| | | |
| | | |
| | |
| NET LOSS BEFORE TAXES | |
| (9,646,142 | ) | |
| (1,275,449 | ) | |
| (2,343,238 | ) |
| | |
| | | |
| | | |
| | |
| Income tax expense | |
| - | | |
| (5,212 | ) | |
| - | |
| | |
| | | |
| | | |
| | |
| NET LOSS | |
| (9,646,142 | ) | |
| (1,280,661 | ) | |
| (2,343,238 | ) |
| | |
| | | |
| | | |
| | |
| Accretion to redeemable preferred equity | |
| - | | |
| - | | |
| (326,837 | ) |
| Net loss attributable to ordinary shareholders | |
| (9,646,142 | ) | |
| (1,280,661 | ) | |
| (2,670,075 | ) |
| | |
| | | |
| | | |
| | |
| NET LOSS | |
| (9,646,142 | ) | |
| (1,280,661 | ) | |
| (2,343,238 | ) |
| | |
| | | |
| | | |
| | |
| Other comprehensive income (loss) | |
| | | |
| | | |
| | |
| Foreign currency translation income (loss) | |
| 71,479 | | |
| (72,056 | ) | |
| (212,292 | ) |
| | |
| | | |
| | | |
| | |
| TOTAL COMPREHENSIVE LOSS | |
$ | (9,574,663 | ) | |
$ | (1,352,717 | ) | |
$ | (2,555,530 | ) |
| | |
| | | |
| | | |
| | |
| Basic and diluted loss per share (1)(2) | |
$ | (1.04 | ) | |
$ | (0.14 | ) | |
$ | (0.29 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares outstanding - basic and diluted (1) (2) | |
| 9,311,589 | | |
| 9,224,116 | | |
| 9,224,116 | |
| (1) |
All
per share amounts and shares outstanding for all periods have been retroactively adjusted to reflect the 80-for-1 reverse share split
for Class A ordinary share of Youxin Technology Ltd, which was effective on September 30, 2025. |
| (2) |
Giving
retroactive effect to the issuance of ordinary shares effected on April 21, 2023. |
YOUXIN
TECHNOLOGY LTD
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE YEARS ENDED SEPTEMBER 30, 2025, 2024 and 2023
(Expressed
in U.S. dollars, except for the number of shares)
| | |
Years Ended September 30 | |
| | |
2025 | | |
2024 | | |
2023 | |
| Cash flows from operating activities | |
| | | |
| | | |
| | |
| Net loss | |
$ | (9,646,142 | ) | |
$ | (1,280,661 | ) | |
$ | (2,343,238 | ) |
| Adjustments to reconcile net loss to cash used in operating activities: | |
| | | |
| | | |
| | |
| Loss (gain) on disposal of property and equipment | |
| - | | |
| 572 | | |
| (357 | ) |
| Amortization of right-of-use assets | |
| 42,002 | | |
| 101,888 | | |
| 204,715 | |
| Loss from Investments, net | |
| 2,814,514 | | |
| - | | |
| - | |
| Change in fair value of warrant liabilities | |
| (2,647,942 | ) | |
| - | | |
| - | |
| Issuance costs allocated to warrants liabilities | |
| 876,282 | | |
| - | | |
| - | |
| Loss on issuance of warrant liabilities | |
| 5,802,241 | | |
| - | | |
| - | |
| Depreciation | |
| 1,355 | | |
| 6,816 | | |
| 12,293 | |
| Credit loss provision | |
| - | | |
| 4,664 | | |
| - | |
| Loss from termination of right-of-use assets | |
| - | | |
| 183 | | |
| 369 | |
| Changes in operating assets and liabilities | |
| | | |
| | | |
| | |
| Accounts receivable | |
| (39,166 | ) | |
| 52,210 | | |
| 94,595 | |
| Prepaid expenses and other current assets | |
| (172,366 | ) | |
| 18,020 | | |
| 69,605 | |
| Deferred contract costs | |
| (13,103 | ) | |
| - | | |
| 30,192 | |
| Amount due from a related party | |
| (17,260 | ) | |
| - | | |
| - | |
| Other non-current assets | |
| - | | |
| 16,950 | | |
| 28,368 | |
| Accounts payable | |
| 2,840 | | |
| (21,098 | ) | |
| (14,007 | ) |
| Operating lease liabilities | |
| (43,455 | ) | |
| (100,073 | ) | |
| (207,881 | ) |
| Payroll payable | |
| (734,904 | ) | |
| 404,216 | | |
| 102,096 | |
| Accrued expenses and other current liabilities | |
| 47,096 | | |
| 19,107 | | |
| (18,026 | ) |
| Contract liabilities | |
| (185,744 | ) | |
| 49,140 | | |
| (268,907 | ) |
| Net cash used in operating activities | |
| (3,913,752 | ) | |
| (728,066 | ) | |
| (2,310,183 | ) |
| | |
| | | |
| | | |
| | |
| Cash flows from investing activities | |
| | | |
| | | |
| | |
| Proceeds from dispose of property and equipment | |
| - | | |
| 360 | | |
| 815 | |
| Purchase of short-term investment | |
| (3,800,000 | ) | |
| - | | |
| - | |
| Redemption of short-term investment | |
| 979,031 | | |
| - | | |
| - | |
| Prepayment for acquisition | |
| (207,972 | ) | |
| - | | |
| - | |
| Net cash (used in) provided by investing activities | |
| (3,028,941 | ) | |
| 360 | | |
| 815 | |
| | |
| | | |
| | | |
| | |
| Cash flows from financing activities | |
| | | |
| | | |
| | |
| Loan from related parties | |
| - | | |
| 792,283 | | |
| 284,292 | |
| Repayment to related parties | |
| (1,038,283 | ) | |
| - | | |
| - | |
| Repayment of short-term bank loan | |
| (314,731 | ) | |
| (315,090 | ) | |
| - | |
| Proceeds from short-term bank loan | |
| 314,731 | | |
| 315,090 | | |
| 321,834 | |
| Proceeds from issuance of ordinary shares upon initial public offering, net of underwriting commissions, discounts and other offering costs of $1,253,000 | |
| 9,097,000 | | |
| - | | |
| - | |
| Proceeds from issuance of units upon follow-on offering, net of underwriting commissions, discounts and other offering costs of $730,000 | |
| 5,270,064 | | |
| - | | |
| - | |
| Proceeds from issuance of ordinary shares upon exercise of Series A Warrants | |
| 4,486,999 | | |
| - | | |
| - | |
| Proceeds from issuance of ordinary shares upon exercise of Series B Warrants | |
| 731 | | |
| - | | |
| - | |
| Payment of offering costs | |
| (1,028,932 | ) | |
| (360,893 | ) | |
| (121,248 | ) |
| Collection of subscription receivable | |
| 3,125 | | |
| - | | |
| - | |
| Net cash provided by financing activities | |
| 16,790,704 | | |
| 431,390 | | |
| 484,878 | |
| | |
| | | |
| | | |
| | |
| Effect of exchange rates on cash and restricted cash | |
| 45,593 | | |
| (59,713 | ) | |
| 5,194 | |
| | |
| | | |
| | | |
| | |
| Net increase (decrease) in cash and restricted cash | |
| 9,893,604 | | |
| (356,029 | ) | |
| (1,819,296 | ) |
| | |
| | | |
| | | |
| | |
| Cash and restricted cash at beginning of year | |
| 43,021 | | |
| 399,050 | | |
| 2,218,346 | |
| | |
| | | |
| | | |
| | |
| Cash and restricted cash at end of year | |
$ | 9,936,625 | | |
$ | 43,021 | | |
$ | 399,050 | |
| | |
| | | |
| | | |
| | |
| Cash | |
$ | 9,912,327 | | |
$ | 18,372 | | |
$ | 399,050 | |
| Restricted cash | |
$ | 24,298 | | |
$ | 24,649 | | |
$ | - | |
| Cash and restricted cash at end of year | |
$ | 9,936,625 | | |
$ | 43,021 | | |
$ | 399,050 | |
| | |
| | | |
| | | |
| | |
| Supplemental disclosure of cash flow information | |
| | | |
| | | |
| | |
| Cash paid for interest expenses | |
$ | 9,377 | | |
$ | 10,237 | | |
$ | 257 | |
| Cash paid for income tax | |
$ | 264 | | |
$ | - | | |
$ | - | |
| Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | | |
| | |
| Accretion to redeemable preferred equity | |
$ | - | | |
$ | - | | |
$ | 326,837 | |
| Exchange redeemable preferred equity with Class A ordinary shares | |
$ | - | | |
$ | - | | |
$ | 12,154,929 | |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
$ | - | | |
$ | 140,844 | | |
$ | - | |
| Deferred offering costs charged against additional paid-in capital | |
$ | 478,108 | | |
$ | - | | |
$ | - | |