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us-gaap:CommonClassBMember 2025-12-31 0001966233 us-gaap:ParentMember 2023-01-01 2023-12-31 0001966233 us-gaap:ParentMember 2024-01-01 2024-12-31 0001966233 us-gaap:ParentMember 2025-01-01 2025-12-31 0001966233 us-gaap:ParentMember 2022-12-31 0001966233 us-gaap:ParentMember 2023-12-31 iso4217:USD shares iso4217:USD shares pure iso4217:CNY NIPG:Segment iso4217:SEK false FY 0001966233 http://fasb.org/us-gaap/2025#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember 20-F false true 2025-12-31 --12-31 2025 false false 001-42160 NIP Group Inc. E9 Rosenlundsgatan 31 11 863 Stockholm SE Mario Yau Kwan Ho +46 8133700 ir@nipgroup.gg Rosenlundsgatan 31 11 863 Stockholm SE American depositary shares, each representing two Class A ordinary shares, par value US$0.0001 per share NIPG NASDAQ Class A ordinary shares, par value US$0.0001 per share* true NASDAQ 280797781 0.0001 No No Yes Yes Accelerated Filer true false false false U.S. GAAP false true <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity Risk Management and Strategy</b></span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90B_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250101__20251231_z5swQA4r1ZE">We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. We strive to manage cybersecurity risks and protect sensitive information through various means, such as technical safeguards, procedural requirements, close monitoring on our corporate network, continuous testing and assessment of aspects of our security posture internally and with outside vendors, regular independent cybersecurity audits and regular cybersecurity awareness training. In addition, we conduct regular stress tests performed by our information security department as well as third-party testing agencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_909_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_c20250101__20251231_zTlB37TTKUX3">As of the date of this annual report, we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_zCNhOTAo72t6">no</span>t experienced any material cybersecurity incidents or identified any material cybersecurity threats that have materially affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.</span></span></p>   We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system. As of the date of this annual report, we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_zCNhOTAo72t6">no</span>t experienced any material cybersecurity incidents or identified any material cybersecurity threats that have materially affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition. false <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Governance </b></span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_zAPSZg3xPh71">Our board of directors is responsible for overseeing the cybersecurity risk management and be informed on risks from cybersecurity threats.</span> The co-chief executive officers and the chief operating officer are responsible for discussing material cybersecurity incidents or threats with specific constituencies before sign-off, ensuring thorough review of information and disclosures. The co-chief executive officers and the chief operating officer are also responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident, maintaining oversight of the disclosure in Form 6-K for material cybersecurity incidents (if any) and meeting with the board of directors (i) in connection with each interim results earnings release, update the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, if any, and the relevant disclosure issues and (ii) in connection with each annual report, present the disclosure concerning cybersecurity matters in Form 20-F, along with a report highlighting particular disclosure issues, if any, and hold a Q&amp;A session. Our board of directors is responsible for maintaining oversight of the disclosure related to cybersecurity matters in the periodic reports of our company.</span></p> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> true 7254 We have audited the accompanying consolidated balance sheets of NIP Group Inc. (the “Company”) as of December 31, 2024 and 2025, the related consolidated statements of operations and comprehensive loss, changes in equity (deficit) and redeemable non-controlling interests and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2025, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. 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margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82E_zHXPADIOSS8e">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIP Group Inc. (the “Company”) was incorporated under the laws of the Cayman Islands on February 5, 2021. The Company through its wholly-owned subsidiaries (collectively, the “Group”), primarily engages in esports teams’ operation, talent management service, event production and Bitcoin mining in the People’s Republic of China (“PRC” or “China”), Sweden, United States (“US”) and other countries and regions. The Company completed its initial public offering (the “IPO”) on the NASDAQ Stock Exchange in the United States of America in July 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History of the Group and Basis of Presentation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business acquisition and termination of Young Will </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to complete the business acquisition of Wuhan Young Will Ltd (“Young Will”) as disclosed in Note 3.2, a series of restructuring transaction have been completed, and upon the completion of such restructuring, <span id="xdx_903_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--YoungWillLtdMember_zhk7T6pEMQ5c" title="Business acquisition description">(i) 100% issued and outstanding share capital of ZSZQ Limited (“Young Cayman”) is collectively owned by the shareholders of Young Will, (ii) 100% share capital of ZSZQ (HK) Limited.(“Young HK”) is owned by Young Cayman, (iii) 100% equity interest of Beijing ZSZQ Network Technology Co., Ltd. (“Young WFOE”) is owned by Young HK, (iv) Young WFOE entered into Share Swap Arrangements with Young Will and its shareholders.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 31, 2025, the Company entered into a termination arrangement with Young Will and its shareholders to terminate the Share Swap Arrangement for the restructuring transaction above. As of July 31, 2025, all Class A Ordinary Shares previously issued under the Share Swap Agreement have been surrendered and cancelled in full. No Class A Ordinary Shares remain outstanding in relation to the transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business acquisition of Jinyuanbao</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 23, 2024, Wuhan Alunyou Network Information Development Co., Ltd. (“Wuhan Alunyou”) entered into a Share Transfer Agreement (“Jinyuanbao Agreement”) with the beneficial owners of Shanghai Jinyuanbao Duoduo Entertainment Development Co., Ltd. (“Jinyuanbao”). According to the “Agreement”, Wuhan Alunyou acquired 90% of Jinyuanbao’s equity. Before the business combination, Wuhan Alunyou and its shareholders signed contractual arrangements with Wuhan Muyecun.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Asset acquisition of Bitcoin mining machines</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 27, 2025, the Company entered into a definitive Asset Purchase Agreement (the “APA”) to acquire on-rack crypto mining machines from Fortune Peak Limited and Apex Cyber Capital Limited (together, the “Sellers”). These mining machines are used for Bitcoin mining. Pursuant to the APA, the consideration was priced at USD <span id="xdx_901_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20250627__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--FortunePeakLimitedAndApexCyberCapitalLimitedMember_zvsqCeKu3ktg" title="Business acquisition share price">8.00</span> per TH/s and the issue price of each American Depositary Share (ADS) was fixed at USD <span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20250627__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_z0JHS4aCm17e" title="Business acquisition issue price">0.4165234</span>. Based on the aforesaid terms, the aggregate consideration for the total 3.1EH/s hash rate under the APA amounted to approximately USD <span id="xdx_900_eus-gaap--AssetAcquisitionConsiderationTransferred_pn6n6_c20250627__20250627__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_zI4ThOO5sisl" title="Asset acquisition consideration">25</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 5, 2025, upon the closing of the transaction, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250901__20250930__dei--LegalEntityAxis__custom--ZSZQLimitedMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesMember_zHr9jJTfFAP6" title="Class A ordinary shares issued">119,553,439</span> Class A ordinary shares of the Company to the sellers. In connection with the consummation of the proposed transactions contemplated by the Agreement, the Company and the Sellers entered into an investor rights agreement to define certain rights and obligations among them with respect to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. ORGANIZATION AND PRINCIPAL ACTIVITIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_ecustom--ScheduleOfSubsidiariesTableTextBlock_zgxofusCiQce" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, details of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zLR2fakczuj5" style="display: none">SCHEDULE OF COMPANY’S SUBSIDIARIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place and date of</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage of</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effective ownership</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activities</span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiaries</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zjly71uLKJaa" title="Name of subsidiary">Ninjas in Pyjamas Gaming AB (“Ninjas in Pyjamas”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zdOtKMhOR3Se" title="Place and date of Incorporation">Sweden, January, 2014</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zxxTIO2MaOgh" title="Percentage of effective ownership">100</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zWCW7pCczuYh" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_z5ZMjzhZvYM7" title="Name of subsidiary">NIPG FZ LLC</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_zONs5Oyyzbaj" title="Place and date of Incorporation">Abu Dhabi, January 16, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_zUIAp2knL1de" title="Percentage of ownership, description">100% owned by Ninjas in Pyjamas</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_zgTuHkNVgM59" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_zgWRKarHl149" title="Name of subsidiaries">ESVF (HONG KONG) Esports Limited (“ESVF HK”)</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_zrsuiuw6DST7" title="Place and date of Incorporation">Hong Kong, March 4, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_z0P1YTXad208" title="Percentage of effective ownership">100</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_zdv6pum1u0kg" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_zqkewiKkEKz1" title="Name of subsidiaries">Wuhan Muyecun Internet Technology Co., Ltd. (“Wuhan Muyecun” or “WFOE”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_zIsV38WUIU64" title="Place and date of Incorporation">Wuhan, July 9, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_z2rxYpCJ9qgl" title="Percentage of ownership, description">100% owned by ESVF HK</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_z6DbSDZX8cYi" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_z2Ad6Vruz4A5" title="Name of subsidiaries">Wuhan Xingjingweiwu Culture &amp; Sports Development Co., Ltd. (“Wuhan ESVF”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zbkUeGd19uGi" title="Place and date of Incorporation">Wuhan, June 1, 2016</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zjo3BQIf2tjl" title="Percentage of ownership, description">100% owned by WFOE</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zPuhcdOxURSj" title="Principal Activities">Esports teams operation and talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_zVacgIJk318l" title="Name of subsidiaries">Shenzhen Weiwu Esports Internet Technology Co., Ltd. (“Shenzhen VF”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_zuI8vTVJ10Z2" title="Place and date of Incorporation">Shenzhen, December 20, 2018</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_z638e2cwdRIg" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_zDxLYPoTQXm7" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zKMBHi6fx6E2" title="Name of subsidiaries">Shenzhen Dawei Xianglong Sports Co., Ltd (“Dawei Xianglong”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zJMmrBKBCzel" title="Place and date of Incorporation">Shenzhen, January 15, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zeuzhPQt40rf" title="Percentage of ownership, description">60% owned by Shenzhen VF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zNbP1BPrFEH6" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_zG8QqEOUOem9" title="Name of subsidiaries">Wuhan Xingjing Interactive Entertainment Co., Ltd (“Xingjing Entertainment”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_zeuCIMkOxYjg" title="Place and date of Incorporation">Wuhan, October 23, 2019</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_z2MWHa4oU6kl" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_zb3P8JFe3Dg5" title="Principal Activities">Esports teams operation and talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zIF9wXrAABwk" title="Name of subsidiaries">Chengdu Xingjing Weiwu Culture Media Co., Ltd (“Chengdu Xingjing Weiwu”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zoipJvqwb89f" title="Place and date of Incorporation">Sichuan, January 5, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zx0yNA8yqkhe" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zd3DIs6MuZxk" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_zkz7ZR8m3xVj" title="Name of subsidiaries">Shanghai Xingzhi Culture Media Co., Ltd (“Xingzhi Media”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_zFNFItrZwyj4" title="Place and date of Incorporation">Shanghai, May 5, 2017</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_zMYnp5gtZLHc" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_ziwtrIXHESh3" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zkS68N50fdpe" title="Name of subsidiaries">Wuhan Xinghui Culture Media Co., Ltd. (“Xinghui Media”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zlM6LY5QqH6k" title="Place and date of Incorporation">Wuhan, February 4, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zcYpxSzgJlE9" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zawjPqsWLGnf" title="Principal Activities">Esports teams operation and talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zONxUu0XiuX2" title="Name of subsidiaries">Taicang Xingjingweiwu Culture Media Co., Ltd (“Taicang Xingjing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zqIGSx3FMJFi" title="Place and date of Incorporation">Taicang, September 8, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zSj2iWvmX4kd" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zRH6NO9t8G91" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zhufdAqCrdM" title="Name of subsidiaries">Zhoushan Xingjing Internet Technology Co., Ltd (“Zhoushan Xingjing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zDzpAvZ3nGWk" title="Place and date of Incorporation">Zhoushan, August 2, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zDj5zXjBCyc5" title="Percentage of ownership, description">80% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zoX0JmTUyud9" title="Principal Activities">Talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_zyafSUQth1l8" title="Name of subsidiaries">Zhoushan Jingxi Internet Technology Co., Ltd (“Zhoushan Jingxi”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_z9ROf4QISnja" title="Place and date of Incorporation">Zhoushan, August 2, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_z4MmwNtla51j" title="Percentage of ownership, description">80% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_zD2ELncX4wc2" title="Principal Activities">Talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_z3jVAT64npY7" title="Name of subsidiaries">Hongli Culture Communication (Wuhan) Co., Ltd (“Hongli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_zIBxGCQPH366" title="Place and date of Incorporation">Wuhan, December 26, 2017</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_zGygtZMtYjWa" title="Percentage of ownership, description">60.67% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_zty7J8LDgHb7" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zMbiLXWMHQS9" title="Name of subsidiaries">Wuhan Yingciyuan Information Technology Co., Ltd (“Wuhan Yingciyuan”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zuKCPy0jrWag" title="Place and date of Incorporation">Wuhan, November 17, 2022</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zKN3xh69iNuf" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zYUN6Ke25wel" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_zGrBfel7LJyb" title="Name of subsidiaries">Xiamen Yingciyuan Education Technology Co., Ltd. (“Xiamen Yingciyuan”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_zThKOnPTOdL4" title="Place and date of Incorporation">Xiamen, April 4, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_z4QdsqSqcP27" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_zwhWXcKZjkK9" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zpVVcpxTyoSa" title="Name of subsidiaries">Changsha Liyao Cultural Communication Co., Ltd (“Changsha Liyao”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zGKAm3taWJNg" title="Place and date of Incorporation">Changsha, May 19, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zZ3IkjY34WHh" title="Percentage of ownership, description">75% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zUVYlC7q4N9l" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_zRwsndli390b" title="Name of subsidiaries">Hongli Culture Communication (Beijing) Co., Ltd (“Hongli Culture Beijing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_zCPS3klrZrn9" title="Place and date of Incorporation">Beijing, March 25, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_zBHhhDScECDf" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_z8CoW4EsFjr5" title="custom:PrincipalActivitiesOfTheSubsidiaries">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_zwp3FcYmGDAg" title="Name of subsidiaries">Hongxiaoli Culture Communication (Hangzhou) Co., Ltd (“Hangzhou Hongxiaoli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_zFcf890bnmma" title="Place and date of Incorporation">Hangzhou, April 8, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_zlxjFcWOoip7" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_za48yUUlz3c" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_z5iUKckdIzsl" title="Name of subsidiaries">HongXiaoli Culture Communication (Wuhan) Co., Ltd(“Wuhan HongXiaoli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_zeOflM6B8aO7" title="Place and date of Incorporation">Wuhan, February 11, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_zE2wLAGl5BP" title="Percentage of ownership, description">100% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_zwPxmFk0sdXg" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zMB2kRSk5xCa" title="Name of subsidiaries">HongDali Culture Communication (Shanghai) Co., Ltd(“Wuhan HongXiaoli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zwNEyLNJcyR" title="Place and date of Incorporation">Shanghai, March 10, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zRyfhW3cBpAh" title="Percentage of ownership, description">70% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zCdVBQKoCAg8" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_z2BUFDU0aD6i" title="Name of subsidiaries">Wuhan Xingyao Future Culture Media Co., Ltd(“Xingyao Future”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_zehkUsp7jl0k" title="Place and date of Incorporation">Wuhan, March 5, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_zo4OQzpZVxDb" title="Percentage of ownership, description">60% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_zuv1O0UlalKj" title="Principal Activities">Talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zvuMl4PEzyr4" title="Name of subsidiaries">Xingjing Entertainment (Beijing) Cultural Development Co., Ltd(“Beijing Xingjing Entertainment”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zTys7d2qfDf3" title="Place and date of Incorporation">Beijing, April 30, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zvaluNLpq73i" title="Percentage of ownership, description">49.94% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zsUoBzkYC4Zg" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zjjFc4r0eZTi" title="Name of subsidiaries">Shenzhen Xingjing Weiwu Technology Co., Ltd(“Shenzhen Xingjing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zRr9EFAHdrD9" title="Place and date of Incorporation">Shenzhen, January 5, 2023 </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zUd8HpUKrHY4" title="Percentage of ownership, description">99% owned by WFOE </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zY2tiiLw3sU" title="Principal Activities">Talent management service</span> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_zbzeb6aJ0bek" title="Name of subsidiaries">NIPG HOLDINGS LIMITED(“NIPG HOLDINGS”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_z8rb8UGRsYQ9" title="Place and date of Incorporation">Abu Dhabi, May 27, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_z0NzP7vaOmbf" title="Percentage of effective ownership">100</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_z03Ikn5bP9zl" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zRBeVD2H1J82" title="Name of subsidiaries">Hongli Culture Communication (Guangxi) Co., Ltd.(“Guangxi Hongli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zKanh099ZhIb" title="Place and date of Incorporation">Guangxi, June 5, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zYfsdvaea4ua" title="Percentage of ownership, description">65% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zqNpp0vrq5Bf" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zM4Zypb9SQD3" title="Name of subsidiaries">Shanghai Xingyu Culture Communication Co., Ltd.(“Shanghai Xingyu Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zxVaLhVcotXh" title="Place and date of Incorporation">Shanghai, June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zpUDuiuUroyk" title="Percentage of ownership, description">100% owned by Beijing Xingjing Entertainment</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zbI1VdM62uqg" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zfinvFh6Q041" title="Name of subsidiaries">Chengdu Qiyuhai Culture and Entertainment Co., Ltd.(“Chengdu Qiyuhai”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zzXNA9TNULQa" title="Place and date of Incorporation">Chengdu, May 23, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zDRDS6QXNArk" title="Percentage of ownership, description">100% owned by Beijing Xingjing Entertainment</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zewZxTpJQnj9" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_z5K6BNAPURKh" title="Name of subsidiaries">Mining Ninjas Ltd. (“Mining BVI”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_zKUriqANE03i" title="Place and date of Incorporation">British Virgin Islands, July 4, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_zRHSYHE6DKW" title="Percentage of ownership, description">100% owned by NIPG HOLDINGS</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_z5XlhHvaAqge" title="Principal Activities">Mining Business</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_zU5j87FONdhc" title="Name of subsidiaries">Mining Ninjas US, Inc.(“Mining US”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_zN5wSdGnpccc" title="Place and date of Incorporation">US, July 16, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_z1akpC88BFxg" title="Percentage of ownership, description">100% owned by Mining BVI</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_zypbrSOLVIG" title="Principal Activities">Mining Business</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_zFNvcgCKJRMl" title="Name of subsidiaries">Mining Ninjas Kazakh Limited(“Mining Kazakh”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_zeAJjFfmd9h" title="Place and date of Incorporation">Kazakhstan, September 11, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_z3PNadcxyZda" title="Percentage of ownership, description">100% owned by Mining BVI</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_zjelwBrF2QDe" title="Principal Activities">Mining Business</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zEs1AUUXuT7i" title="Name of subsidiaries">Hainan Huanju Commercial Investment Co., Ltd.(“Hainan Huanju”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zRkkS18G50Ne" title="Place and date of Incorporation">Hainan, October 31, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zoqNbpJhGFl9" title="Percentage of ownership, description">70% owned by WFOE</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zb6fZ4aXyRwf" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_zxpslMg5Inab" title="Name of subsidiaries">Hainan Xingjing Weiwu Cultural and Sports Development Co., Ltd.</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_z9CI8xAPD7P6" title="Place and date of Incorporation">Hainan, November 03, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_zvaWfN3gAphf" title="Percentage of ownership, description">100% owned by ESVF HK</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_z9CEcf6RNkW" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIEs</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z9dMQ5GW5K07" title="Name of subsidiaries">Wuhan Alunyou Network Information Development Co., Ltd.(“Wuhan Alunyou”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zlRm2lSdkZEe" title="Place and date of Incorporation">Wuhan,August 21, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zghQc2VeH9e5" title="Percentage of ownership, description">VIE</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z0c5QTCQpAdc" title="Principal Activities">Game Publishing</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIEs’ Subsidiaries</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zdKKl41AyWOe" title="Name of subsidiaries">Shanghai Jinyuanbao Duoduo Entertainment Development Co., Ltd.(“Jinyuanbao”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_z52fSmh2N2V4" title="Place and date of Incorporation">Shanghai, February 5, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zWw0Ra4iiwQ1" title="Percentage of ownership, description">90% owned by Wuhan Alunyou</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_znxZwTOgRHIi" title="Principal Activities">Game Publishing</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_ztHJCGzIaN5k" title="Name of subsidiaries">Hangzhou Yinyuan Entertainment Development Co., Ltd.(“Hangzhou Yinyuan”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_z6Ul7mpiELm3" title="Place and date of Incorporation">Hangzhou, July 8, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zMgucMvXHoOh" title="Percentage of ownership, description">100% owned by Jinyuanbao</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zlcXOz58eXm3" title="Principal Activities">Game Publishing</span></span></td></tr> </table> <p id="xdx_8AF_zUecRjijsIec" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. ORGANIZATION AND PRINCIPAL ACTIVITIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The contractual arrangements between Wuhan Muyecun, Wuhan Alunyou and its shareholders were entered into in September 2024. The contractual arrangements between Young WFOE, Young Will and its shareholders were entered into in September 2024. These contractual agreements include, Exclusive Business Cooperation Agreement, Equity Interest Pledge Agreement, Powers of Attorney, Exclusive Option Agreement and Spousal Consent Letter (collectively the “VIE Agreements”). Pursuant to the VIE Agreements between Wuhan Muyecun and Wuhan Alunyou and its shareholders, WFOE, which is Wuhan Muyecun, has the exclusive right to provide to Wuhan Alunyou consulting services related to business operations including technical and management consulting services. The VIE Agreements are designed to provide WFOE with the power, rights, and obligations equivalent in all material respects to those it would possess as the sole equity holder of Wuhan Alunyou, including absolute control rights and the rights to the assets, property, and revenue of Wuhan Alunyou. Pursuant to the VIE Agreements between Young WFOE and Young Will and its shareholders, Young WFOE has the exclusive right to provide to Young Will consulting services related to business operations including technical and management consulting services. The VIE Agreements are designed to provide Young WFOE with the power, rights, and obligations equivalent in all material respects to those it would possess as the sole equity holder of Young Will, including absolute control rights and the rights to the assets, property, and revenue of Young Will. As a result of direct ownership in the Young WFOE and WFOE through the VIE Agreements, Wuhan Alunyou and Young Will should be treated as variable interest entity under the Statement of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810 Consolidation and the Company is regarded as the primary beneficiary of VIE. The Company treats VIE as its consolidated entities under U.S. GAAP.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The contractual arrangements between Young WFOE, Young Will and its shareholders have been terminated on July 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive Business Cooperation Agreement </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the exclusive business cooperation agreement between Wuhan Muyecun and Wuhan Alunyou, Wuhan Muyecun has the exclusive right to provide, among other things, technological development, technological support, consultation and related services to Wuhan Alunyou. In exchange, Wuhan Alunyou pays service fees at any time agreed by the parties to Wuhan Muyecun in an amount consisting of management fee and fee for services provided, which shall be reasonably determined by Wuhan Muyecun based on the factors as provided in the exclusive business cooperation agreement. Without the prior written consent of Wuhan Muyecun, Wuhan Alunyou cannot assign its rights and obligations to any third party. Wuhan Muyecun has the exclusive and complete ownership of all intellectual property rights created as a result of the performance of this agreement. The exclusive business cooperation agreement continues to be effective unless it is terminated by written notice of Wuhan Muyecun or according to the provisions of this agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exclusive technology and consulting service agreement between Beijing ZSZQ and Young Will contains terms substantially similar to the exclusive business cooperation agreement described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive Option Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the exclusive option agreement among Wuhan Muyecun, Wuhan Alunyou and its shareholders, each of the shareholders of Wuhan Alunyou has irrevocably granted Wuhan Muyecun or its designee(s) an exclusive option to purchase, at any time and to the extent permitted under PRC laws, all or any part of their equity interests in Wuhan Alunyou at the price specified in the exclusive option agreement, or the lowest price permitted under applicable PRC laws if there is any statutory requirement about the consideration under PRC laws. Wuhan Alunyou and/or its shareholders covenant that, without Wuhan Muyecun’s prior written consent, they will not, among other things, sell, transfer, mortgage or otherwise dispose of their equity interests in Wuhan Alunyou, or create any encumbrance on their equity interests in Wuhan Alunyou, except for those encumbrances created under the equity interest pledge agreement, the powers of attorney of Wuhan Alunyou’s shareholders, and the exclusive option agreement. The exclusive option agreement will be terminated when the entire equity interests in Wuhan Alunyou have been transferred to Wuhan Muyecun or its designee(s) pursuant to this agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. ORGANIZATION AND PRINCIPAL ACTIVITIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exclusive option agreement among Beijing ZSZQ, Young Will and its shareholders contains terms substantially similar to the exclusive option agreement described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Powers of Attorney </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the powers of attorney granted by the shareholders of Wuhan Alunyou, each of the shareholders of Wuhan Alunyou irrevocably appointed Wuhan Muyecun as their exclusive agent and attorney- in-fact to act on their behalf on all shareholder matters of Wuhan Alunyou and exercise all rights as shareholders of Wuhan Alunyou. The powers of attorney remain irrevocably effective as long as such shareholders remain as Wuhan Alunyou’s shareholders, unless otherwise instructed by Wuhan Muyecun.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of the shareholders of Young Will has executed a powers of attorney to irrevocably appointed Beijing ZSZQ as their exclusive agent and attorney-in-fact to act on their behalf on all shareholder matters of Young Will and exercise all rights as shareholders of Young Will. These powers of attorney contain terms substantially similar to the powers of attorney described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Interest Pledge Agreement </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the equity interest pledge agreement among Wuhan Muyecun, Wuhan Alunyou and the shareholders of Wuhan Alunyou, the shareholders of Wuhan Alunyou pledged their equity interests in Wuhan Alunyou to Wuhan Muyecun to secure their obligations under the exclusive business cooperation agreement, exclusive option agreement and powers of attorney. The shareholders of Wuhan Alunyou further agreed to not transfer, create or allow any encumbrance on the pledged equity interests without the prior written consent of Wuhan Muyecun. The equity interest pledge agreement shall remain binding until the contractual obligations under the associated contractual agreements are fully fulfilled, and the service fees and other expenses incurred for the fulfillment of such agreements have been fully paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The equity interest pledge agreement among Beijing ZSZQ, Young Will and its shareholders contains terms substantially similar to the equity interest pledge agreement described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Spousal Consent Letter </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the spouse consent, the spouse of the individual shareholder of Wuhan Alunyou unconditionally and irrevocably agreed that the equity interests in Wuhan Alunyou held by and registered in the name of such shareholder be disposed of in accordance with the equity interest pledge agreement, the exclusive option agreement and the powers of attorney described above, and that such shareholder may perform, amend or terminate such agreements without such spouse’s additional consent. Additionally, such spouse unconditionally and irrevocably waived any rights or interests in the equity interests in Wuhan Alunyou and undertook not to assert any rights over the equity interests in Wuhan Alunyou held by such shareholder. In addition, in the event that such spouse obtains any equity interests in Wuhan Alunyou held by such shareholder for any reason, such spouse agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements described above, as may be amended from time to time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Risks in relation to the VIE structure </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that the contractual arrangements with its VIEs and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could, among others:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● revoking the business licenses and/or operating licenses of the Company;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● discontinuing or placing restrictions or onerous conditions on the operations;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● imposing fines, confiscating the income from WFOE, Young WFOE or the VIEs, or imposing other requirements with which the Company or the VIEs may not be able to comply;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● requiring the Company to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect our ability to consolidate, derive economic interests from, or exert effective control over the VIEs, or imposing restrictions on the Company’s right to collect revenues;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● imposing additional conditions or requirements with which the Company may not be able to comply;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● requiring the Company to restructure the operations in such a way as to compel the Company to establish a new enterprise, re-apply for the necessary licenses or relocate our businesses, staff and assets; or</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● restricting or prohibiting the Company use of the proceeds of overseas offering to finance the business and operations in China.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. ORGANIZATION AND PRINCIPAL ACTIVITIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to conduct its business may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, The Company may not be able to consolidate its VIEs in its consolidated financial statements as it may lose the ability to exert effective control over the VIEs and their respective shareholders and it may lose the ability to receive economic benefits from the VIEs. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiaries and VIEs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The interests of the shareholders of VIEs may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing VIE not to pay the service fees when required to do so. The Company cannot assure that when conflicts of interest arise, shareholders of VIE will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. The Company believes the shareholders of VIE will not act contrary to any of the contractual arrangements and the exclusive option agreements provide the Company with a mechanism to remove the current shareholders of VIE should they act to the detriment of the Company. The Company relies on certain current shareholders of VIE to fulfill their fiduciary duties and abide by laws of the PRC and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the shareholders of VIE, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_esrt--ScheduleOfCondensedFinancialStatementsTableTextBlock_hsrt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zb5MHBad7fKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following financial information of the VIEs and VIEs’ subsidiaries were included in the accompanying consolidated financial statements as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zj41McTFFD3k" style="display: none">SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_30C_134_zhAOpaRn9Wsa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - SCHEDULE OF CONSOLIDATED BALANCE SHEETS (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zPSM8TwO3Orc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zp8JtyEr9d0j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_zLn7YHygUawh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">ASSETS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AssetsCurrentAbstract_i01B_zcX5wsM9q0n3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_maACz09S_zywHJr1ZRSza" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">436,302</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">186</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsReceivableNetCurrent_i02I_maACz09S_zBnJgFpJSxHk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,182,352</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,286</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AdvanceToSuppliers_i02I_maACz09S_zKBpzhCVubmb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance to suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">398,467</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394,128</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssetsCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maACz09S_zUfQMZl0HiX4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1625">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_maACz09S_zaBA8HRtymUf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">309,184</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">161,587</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsCurrent_i02TI_mtACz09S_maAzyXg_zoLtjMopgSnk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,737,816</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">563,187</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsNoncurrentAbstract_i01B_z45odRyieqP3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maANzZU3_zntINyqvoC1c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,633</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i02I_maANzZU3_zBnuNzwFGmVa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">942,410</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">646,414</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_maANzZU3_zC7QvWOyzlpl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1643">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherAssetsNoncurrent_i02I_maANzZU3_zWbOPzS9n8sc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">638,106</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1646">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsNoncurrent_i02TI_mtANzZU3_maAzyXg_zZLUMyg5ezc1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,032,675</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">651,047</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Assets_i01TI_mtAzyXg_zfYmLPdR3Uja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,770,491</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,214,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesAbstract_iB_zqIBgxOoVzGd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesCurrentAbstract_i01B_zCnZ8q9bN23h" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermBorrowings_i02I_maLCzxoo_zlpbokkDkZHc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term borrowings</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1661">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_i02I_maLCzxoo_zuNpG2sVd3db" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">981,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,503</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_maLCzxoo_znTY2svyoXua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses and other liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">737,386</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">440</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredRevenueCurrent_i02I_maLCzxoo_z1sbgQkiO8cd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">670,064</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">456,799</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzxoo_zlKaCqxiQaP4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">265,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1673">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherLiabilitiesCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzxoo_zNhCy7tgralf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to related parties-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,360</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1676">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--AmountsDueToSubsidiariesOfGroup_i02I_maLCzxoo_z9PjuSOv6YO" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amounts due to subsidiaries of the Group</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,822,831</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,364,617</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzxoo_maLzHGF_zC7LUwgyX8i5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,492,640</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,825,359</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zUXMEyPUeku9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherLiabilitiesNoncurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLNzaek_zQuKxJ2nQBtc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to a related party-non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,996</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1688">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLNzaek_maLzHGF_zkKBmKeBpNzl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">58,996</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1691">-</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Liabilities_i01TI_mtLzHGF_maLASEzbFD_zJBm1kIiQUvh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,551,636</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,825,359</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_309_134_zqAXEAId9Sqc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONSOLIDATED STATEMENTS OF OPERATIONS (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zeia7L6edgWf" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20251231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zf3hlTMkQo0a" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_zzPEH3c0fLHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total net revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,047,005</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,943,778</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_zhJEFE53wrcg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net (loss) income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,790,687</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">177,738</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240101__20241231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zz9OwfJh0fr6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_z7VQ7Zsl5ky5" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_z5Ys9TdlfrNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net cash used in operating activities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(958,084</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(10,080</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivities_zC2YRJ361xR9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net cash used in investing activities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1705">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1706">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivities_zJlPvXwSiPh1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by financing activities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1708">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,522</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A5_zKwCPpd1EHPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> (i) 100% issued and outstanding share capital of ZSZQ Limited (“Young Cayman”) is collectively owned by the shareholders of Young Will, (ii) 100% share capital of ZSZQ (HK) Limited.(“Young HK”) is owned by Young Cayman, (iii) 100% equity interest of Beijing ZSZQ Network Technology Co., Ltd. (“Young WFOE”) is owned by Young HK, (iv) Young WFOE entered into Share Swap Arrangements with Young Will and its shareholders. 8.00 0.4165234 25000000 119553439 <p id="xdx_89A_ecustom--ScheduleOfSubsidiariesTableTextBlock_zgxofusCiQce" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, details of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zLR2fakczuj5" style="display: none">SCHEDULE OF COMPANY’S SUBSIDIARIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place and date of</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage of</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effective ownership</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activities</span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiaries</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zjly71uLKJaa" title="Name of subsidiary">Ninjas in Pyjamas Gaming AB (“Ninjas in Pyjamas”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zdOtKMhOR3Se" title="Place and date of Incorporation">Sweden, January, 2014</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zxxTIO2MaOgh" title="Percentage of effective ownership">100</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--NinjasInPyjamasGamingABMember_zWCW7pCczuYh" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_z5ZMjzhZvYM7" title="Name of subsidiary">NIPG FZ LLC</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_zONs5Oyyzbaj" title="Place and date of Incorporation">Abu Dhabi, January 16, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_zUIAp2knL1de" title="Percentage of ownership, description">100% owned by Ninjas in Pyjamas</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--NIPGFZLLCMember_zgTuHkNVgM59" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_zgWRKarHl149" title="Name of subsidiaries">ESVF (HONG KONG) Esports Limited (“ESVF HK”)</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_zrsuiuw6DST7" title="Place and date of Incorporation">Hong Kong, March 4, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_z0P1YTXad208" title="Percentage of effective ownership">100</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ESVFHongKongEsportsLimitedMember_zdv6pum1u0kg" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_zqkewiKkEKz1" title="Name of subsidiaries">Wuhan Muyecun Internet Technology Co., Ltd. (“Wuhan Muyecun” or “WFOE”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_zIsV38WUIU64" title="Place and date of Incorporation">Wuhan, July 9, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_z2rxYpCJ9qgl" title="Percentage of ownership, description">100% owned by ESVF HK</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanMuyecunInternetTechnologyCoLtdMember_z6DbSDZX8cYi" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_z2Ad6Vruz4A5" title="Name of subsidiaries">Wuhan Xingjingweiwu Culture &amp; Sports Development Co., Ltd. (“Wuhan ESVF”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zbkUeGd19uGi" title="Place and date of Incorporation">Wuhan, June 1, 2016</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zjo3BQIf2tjl" title="Percentage of ownership, description">100% owned by WFOE</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zPuhcdOxURSj" title="Principal Activities">Esports teams operation and talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_zVacgIJk318l" title="Name of subsidiaries">Shenzhen Weiwu Esports Internet Technology Co., Ltd. (“Shenzhen VF”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_zuI8vTVJ10Z2" title="Place and date of Incorporation">Shenzhen, December 20, 2018</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_z638e2cwdRIg" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenWeiwuEsportsInternetTechnologyCoLtdMember_zDxLYPoTQXm7" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zKMBHi6fx6E2" title="Name of subsidiaries">Shenzhen Dawei Xianglong Sports Co., Ltd (“Dawei Xianglong”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zJMmrBKBCzel" title="Place and date of Incorporation">Shenzhen, January 15, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zeuzhPQt40rf" title="Percentage of ownership, description">60% owned by Shenzhen VF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenDaweiXianglongSportsCoLtdMember_zNbP1BPrFEH6" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_zG8QqEOUOem9" title="Name of subsidiaries">Wuhan Xingjing Interactive Entertainment Co., Ltd (“Xingjing Entertainment”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_zeuCIMkOxYjg" title="Place and date of Incorporation">Wuhan, October 23, 2019</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_z2MWHa4oU6kl" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingjingInteractiveEntertainmentCoLtdMember_zb3P8JFe3Dg5" title="Principal Activities">Esports teams operation and talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zIF9wXrAABwk" title="Name of subsidiaries">Chengdu Xingjing Weiwu Culture Media Co., Ltd (“Chengdu Xingjing Weiwu”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zoipJvqwb89f" title="Place and date of Incorporation">Sichuan, January 5, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zx0yNA8yqkhe" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ChengduXingjingWeiwuCultureMediaCoLtdMember_zd3DIs6MuZxk" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_zkz7ZR8m3xVj" title="Name of subsidiaries">Shanghai Xingzhi Culture Media Co., Ltd (“Xingzhi Media”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_zFNFItrZwyj4" title="Place and date of Incorporation">Shanghai, May 5, 2017</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_zMYnp5gtZLHc" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingzhiCultureMediaCoLtdMember_ziwtrIXHESh3" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zkS68N50fdpe" title="Name of subsidiaries">Wuhan Xinghui Culture Media Co., Ltd. (“Xinghui Media”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zlM6LY5QqH6k" title="Place and date of Incorporation">Wuhan, February 4, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zcYpxSzgJlE9" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXinghuiCultureMediaCoLtdMember_zawjPqsWLGnf" title="Principal Activities">Esports teams operation and talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zONxUu0XiuX2" title="Name of subsidiaries">Taicang Xingjingweiwu Culture Media Co., Ltd (“Taicang Xingjing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zqIGSx3FMJFi" title="Place and date of Incorporation">Taicang, September 8, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zSj2iWvmX4kd" title="Percentage of ownership, description">100% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--TaicangXingjingweiwuCultureMediaCoLtdMember_zRH6NO9t8G91" title="Principal Activities">Esports teams operation</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zhufdAqCrdM" title="Name of subsidiaries">Zhoushan Xingjing Internet Technology Co., Ltd (“Zhoushan Xingjing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zDzpAvZ3nGWk" title="Place and date of Incorporation">Zhoushan, August 2, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zDj5zXjBCyc5" title="Percentage of ownership, description">80% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanXingjingInternetTechnologyCoLtdMember_zoX0JmTUyud9" title="Principal Activities">Talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_zyafSUQth1l8" title="Name of subsidiaries">Zhoushan Jingxi Internet Technology Co., Ltd (“Zhoushan Jingxi”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_z9ROf4QISnja" title="Place and date of Incorporation">Zhoushan, August 2, 2021</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_z4MmwNtla51j" title="Percentage of ownership, description">80% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ZhoushanJingxiInternetTechnologyCoLtdMember_zD2ELncX4wc2" title="Principal Activities">Talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_z3jVAT64npY7" title="Name of subsidiaries">Hongli Culture Communication (Wuhan) Co., Ltd (“Hongli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_zIBxGCQPH366" title="Place and date of Incorporation">Wuhan, December 26, 2017</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_zGygtZMtYjWa" title="Percentage of ownership, description">60.67% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationWuhanCoLtdMember_zty7J8LDgHb7" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zMbiLXWMHQS9" title="Name of subsidiaries">Wuhan Yingciyuan Information Technology Co., Ltd (“Wuhan Yingciyuan”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zuKCPy0jrWag" title="Place and date of Incorporation">Wuhan, November 17, 2022</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zKN3xh69iNuf" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanYingciyuanInformationTechnologyCoLtdMember_zYUN6Ke25wel" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_zGrBfel7LJyb" title="Name of subsidiaries">Xiamen Yingciyuan Education Technology Co., Ltd. (“Xiamen Yingciyuan”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_zThKOnPTOdL4" title="Place and date of Incorporation">Xiamen, April 4, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_z4QdsqSqcP27" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--XiamenYingciyuanEducationTechnologyCoLtdMember_zwhWXcKZjkK9" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zpVVcpxTyoSa" title="Name of subsidiaries">Changsha Liyao Cultural Communication Co., Ltd (“Changsha Liyao”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zGKAm3taWJNg" title="Place and date of Incorporation">Changsha, May 19, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zZ3IkjY34WHh" title="Percentage of ownership, description">75% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ChangshaLiyaoCulturalCommunicationCoLtdMember_zUVYlC7q4N9l" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_zRwsndli390b" title="Name of subsidiaries">Hongli Culture Communication (Beijing) Co., Ltd (“Hongli Culture Beijing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_zCPS3klrZrn9" title="Place and date of Incorporation">Beijing, March 25, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_zBHhhDScECDf" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationBeijingCoLtdMember_z8CoW4EsFjr5" title="custom:PrincipalActivitiesOfTheSubsidiaries">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_zwp3FcYmGDAg" title="Name of subsidiaries">Hongxiaoli Culture Communication (Hangzhou) Co., Ltd (“Hangzhou Hongxiaoli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_zFcf890bnmma" title="Place and date of Incorporation">Hangzhou, April 8, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_zlxjFcWOoip7" title="Percentage of ownership, description">51% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationHangzhouCoLtdMember_za48yUUlz3c" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_z5iUKckdIzsl" title="Name of subsidiaries">HongXiaoli Culture Communication (Wuhan) Co., Ltd(“Wuhan HongXiaoli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_zeOflM6B8aO7" title="Place and date of Incorporation">Wuhan, February 11, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_zE2wLAGl5BP" title="Percentage of ownership, description">100% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongxiaoliCultureCommunicationWuhanCoLtdMember_zwPxmFk0sdXg" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zMB2kRSk5xCa" title="Name of subsidiaries">HongDali Culture Communication (Shanghai) Co., Ltd(“Wuhan HongXiaoli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zwNEyLNJcyR" title="Place and date of Incorporation">Shanghai, March 10, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zRyfhW3cBpAh" title="Percentage of ownership, description">70% owned by Hongli Culture</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongDaliCultureCommunicationShanghaiCoLtdMember_zCdVBQKoCAg8" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_z2BUFDU0aD6i" title="Name of subsidiaries">Wuhan Xingyao Future Culture Media Co., Ltd(“Xingyao Future”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_zehkUsp7jl0k" title="Place and date of Incorporation">Wuhan, March 5, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_zo4OQzpZVxDb" title="Percentage of ownership, description">60% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanXingyaoFutureCultureMediaCoLtdMember_zuv1O0UlalKj" title="Principal Activities">Talent management service</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zvuMl4PEzyr4" title="Name of subsidiaries">Xingjing Entertainment (Beijing) Cultural Development Co., Ltd(“Beijing Xingjing Entertainment”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zTys7d2qfDf3" title="Place and date of Incorporation">Beijing, April 30, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zvaluNLpq73i" title="Percentage of ownership, description">49.94% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--XingjingEntertainmentBeijingCulturalDevelopmentCoLtdMember_zsUoBzkYC4Zg" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zjjFc4r0eZTi" title="Name of subsidiaries">Shenzhen Xingjing Weiwu Technology Co., Ltd(“Shenzhen Xingjing”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zRr9EFAHdrD9" title="Place and date of Incorporation">Shenzhen, January 5, 2023 </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zUd8HpUKrHY4" title="Percentage of ownership, description">99% owned by WFOE </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShenzhenXingjingWeiwuTechnologyCoLtdMember_zY2tiiLw3sU" title="Principal Activities">Talent management service</span> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_zbzeb6aJ0bek" title="Name of subsidiaries">NIPG HOLDINGS LIMITED(“NIPG HOLDINGS”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_z8rb8UGRsYQ9" title="Place and date of Incorporation">Abu Dhabi, May 27, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_z0NzP7vaOmbf" title="Percentage of effective ownership">100</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--NIPGHoldingsLimitedMember_z03Ikn5bP9zl" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zRBeVD2H1J82" title="Name of subsidiaries">Hongli Culture Communication (Guangxi) Co., Ltd.(“Guangxi Hongli Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zKanh099ZhIb" title="Place and date of Incorporation">Guangxi, June 5, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zYfsdvaea4ua" title="Percentage of ownership, description">65% owned by Wuhan ESVF</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HongliCultureCommunicationGuangxiCoLtdMember_zqNpp0vrq5Bf" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zM4Zypb9SQD3" title="Name of subsidiaries">Shanghai Xingyu Culture Communication Co., Ltd.(“Shanghai Xingyu Culture”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zxVaLhVcotXh" title="Place and date of Incorporation">Shanghai, June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zpUDuiuUroyk" title="Percentage of ownership, description">100% owned by Beijing Xingjing Entertainment</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiXingyuCultureCommunicationCoLtdMember_zbI1VdM62uqg" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zfinvFh6Q041" title="Name of subsidiaries">Chengdu Qiyuhai Culture and Entertainment Co., Ltd.(“Chengdu Qiyuhai”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zzXNA9TNULQa" title="Place and date of Incorporation">Chengdu, May 23, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zDRDS6QXNArk" title="Percentage of ownership, description">100% owned by Beijing Xingjing Entertainment</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ChengduQiyuhaiCultureAndEntertainmentCoLtdMember_zewZxTpJQnj9" title="Principal Activities">Event production</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_z5K6BNAPURKh" title="Name of subsidiaries">Mining Ninjas Ltd. (“Mining BVI”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_zKUriqANE03i" title="Place and date of Incorporation">British Virgin Islands, July 4, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_zRHSYHE6DKW" title="Percentage of ownership, description">100% owned by NIPG HOLDINGS</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasLtdMember_z5XlhHvaAqge" title="Principal Activities">Mining Business</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_zU5j87FONdhc" title="Name of subsidiaries">Mining Ninjas US, Inc.(“Mining US”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_zN5wSdGnpccc" title="Place and date of Incorporation">US, July 16, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_z1akpC88BFxg" title="Percentage of ownership, description">100% owned by Mining BVI</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasUSIncMember_zypbrSOLVIG" title="Principal Activities">Mining Business</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_zFNvcgCKJRMl" title="Name of subsidiaries">Mining Ninjas Kazakh Limited(“Mining Kazakh”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_zeAJjFfmd9h" title="Place and date of Incorporation">Kazakhstan, September 11, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_z3PNadcxyZda" title="Percentage of ownership, description">100% owned by Mining BVI</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--MiningNinjasKazakhLimitedMember_zjelwBrF2QDe" title="Principal Activities">Mining Business</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zEs1AUUXuT7i" title="Name of subsidiaries">Hainan Huanju Commercial Investment Co., Ltd.(“Hainan Huanju”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zRkkS18G50Ne" title="Place and date of Incorporation">Hainan, October 31, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zoqNbpJhGFl9" title="Percentage of ownership, description">70% owned by WFOE</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HainanHuanjuCommercialInvestmentCoLtdMember_zb6fZ4aXyRwf" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_zxpslMg5Inab" title="Name of subsidiaries">Hainan Xingjing Weiwu Cultural and Sports Development Co., Ltd.</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_z9CI8xAPD7P6" title="Place and date of Incorporation">Hainan, November 03, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--MinorityInterestOwnershipPercentageByParentDescription_pid_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_zvaWfN3gAphf" title="Percentage of ownership, description">100% owned by ESVF HK</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HainanXingjingWeiwuCulturalAndSportsDevelopmentCoLtdMember_z9CEcf6RNkW" title="Principal Activities">Investment holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIEs</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z9dMQ5GW5K07" title="Name of subsidiaries">Wuhan Alunyou Network Information Development Co., Ltd.(“Wuhan Alunyou”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zlRm2lSdkZEe" title="Place and date of Incorporation">Wuhan,August 21, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zghQc2VeH9e5" title="Percentage of ownership, description">VIE</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--WuhanAlunyouNetworkInformationDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z0c5QTCQpAdc" title="Principal Activities">Game Publishing</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIEs’ Subsidiaries</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zdKKl41AyWOe" title="Name of subsidiaries">Shanghai Jinyuanbao Duoduo Entertainment Development Co., Ltd.(“Jinyuanbao”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_z52fSmh2N2V4" title="Place and date of Incorporation">Shanghai, February 5, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zWw0Ra4iiwQ1" title="Percentage of ownership, description">90% owned by Wuhan Alunyou</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--ShanghaiJinyuanbaoDuoduoEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_znxZwTOgRHIi" title="Principal Activities">Game Publishing</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NameOfSubsidiary_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_ztHJCGzIaN5k" title="Name of subsidiaries">Hangzhou Yinyuan Entertainment Development Co., Ltd.(“Hangzhou Yinyuan”)</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PlaceAndDateOfIncorporation_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_z6Ul7mpiELm3" title="Place and date of Incorporation">Hangzhou, July 8, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--MinorityInterestOwnershipPercentageByParentDescription_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zMgucMvXHoOh" title="Percentage of ownership, description">100% owned by Jinyuanbao</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PrincipalActivitiesOfTheSubsidiaries_c20250101__20251231__srt--OwnershipAxis__custom--HangzhouYinyuanEntertainmentDevelopmentCoLtdMember__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zlcXOz58eXm3" title="Principal Activities">Game Publishing</span></span></td></tr> </table> Ninjas in Pyjamas Gaming AB (“Ninjas in Pyjamas”) Sweden, January, 2014 1 Esports teams operation NIPG FZ LLC Abu Dhabi, January 16, 2024 100% owned by Ninjas in Pyjamas Esports teams operation ESVF (HONG KONG) Esports Limited (“ESVF HK”) Hong Kong, March 4, 2021 1 Investment holding Wuhan Muyecun Internet Technology Co., Ltd. (“Wuhan Muyecun” or “WFOE”) Wuhan, July 9, 2021 100% owned by ESVF HK Investment holding Wuhan Xingjingweiwu Culture & Sports Development Co., Ltd. (“Wuhan ESVF”) Wuhan, June 1, 2016 100% owned by WFOE Esports teams operation and talent management service Shenzhen Weiwu Esports Internet Technology Co., Ltd. (“Shenzhen VF”) Shenzhen, December 20, 2018 100% owned by Wuhan ESVF Esports teams operation Shenzhen Dawei Xianglong Sports Co., Ltd (“Dawei Xianglong”) Shenzhen, January 15, 2021 60% owned by Shenzhen VF Event production Wuhan Xingjing Interactive Entertainment Co., Ltd (“Xingjing Entertainment”) Wuhan, October 23, 2019 100% owned by Wuhan ESVF Esports teams operation and talent management service Chengdu Xingjing Weiwu Culture Media Co., Ltd (“Chengdu Xingjing Weiwu”) Sichuan, January 5, 2023 100% owned by Wuhan ESVF Esports teams operation Shanghai Xingzhi Culture Media Co., Ltd (“Xingzhi Media”) Shanghai, May 5, 2017 100% owned by Wuhan ESVF Esports teams operation Wuhan Xinghui Culture Media Co., Ltd. (“Xinghui Media”) Wuhan, February 4, 2021 100% owned by Wuhan ESVF Esports teams operation and talent management service Taicang Xingjingweiwu Culture Media Co., Ltd (“Taicang Xingjing”) Taicang, September 8, 2021 100% owned by Wuhan ESVF Esports teams operation Zhoushan Xingjing Internet Technology Co., Ltd (“Zhoushan Xingjing”) Zhoushan, August 2, 2021 80% owned by Wuhan ESVF Talent management service Zhoushan Jingxi Internet Technology Co., Ltd (“Zhoushan Jingxi”) Zhoushan, August 2, 2021 80% owned by Wuhan ESVF Talent management service Hongli Culture Communication (Wuhan) Co., Ltd (“Hongli Culture”) Wuhan, December 26, 2017 60.67% owned by Wuhan ESVF Event production Wuhan Yingciyuan Information Technology Co., Ltd (“Wuhan Yingciyuan”) Wuhan, November 17, 2022 51% owned by Hongli Culture Event production Xiamen Yingciyuan Education Technology Co., Ltd. (“Xiamen Yingciyuan”) Xiamen, April 4, 2023 51% owned by Hongli Culture Event production Changsha Liyao Cultural Communication Co., Ltd (“Changsha Liyao”) Changsha, May 19, 2023 75% owned by Hongli Culture Event production Hongli Culture Communication (Beijing) Co., Ltd (“Hongli Culture Beijing”) Beijing, March 25, 2024 51% owned by Hongli Culture Event production Hongxiaoli Culture Communication (Hangzhou) Co., Ltd (“Hangzhou Hongxiaoli Culture”) Hangzhou, April 8, 2024 51% owned by Hongli Culture Event production HongXiaoli Culture Communication (Wuhan) Co., Ltd(“Wuhan HongXiaoli Culture”) Wuhan, February 11, 2025 100% owned by Hongli Culture Event production HongDali Culture Communication (Shanghai) Co., Ltd(“Wuhan HongXiaoli Culture”) Shanghai, March 10, 2025 70% owned by Hongli Culture Event production Wuhan Xingyao Future Culture Media Co., Ltd(“Xingyao Future”) Wuhan, March 5, 2025 60% owned by Wuhan ESVF Talent management service Xingjing Entertainment (Beijing) Cultural Development Co., Ltd(“Beijing Xingjing Entertainment”) Beijing, April 30, 2025 49.94% owned by Wuhan ESVF Event production Shenzhen Xingjing Weiwu Technology Co., Ltd(“Shenzhen Xingjing”) Shenzhen, January 5, 2023 99% owned by WFOE Talent management service NIPG HOLDINGS LIMITED(“NIPG HOLDINGS”) Abu Dhabi, May 27, 2025 1 Investment holding Hongli Culture Communication (Guangxi) Co., Ltd.(“Guangxi Hongli Culture”) Guangxi, June 5, 2025 65% owned by Wuhan ESVF Event production Shanghai Xingyu Culture Communication Co., Ltd.(“Shanghai Xingyu Culture”) Shanghai, June 26, 2025 100% owned by Beijing Xingjing Entertainment Event production Chengdu Qiyuhai Culture and Entertainment Co., Ltd.(“Chengdu Qiyuhai”) Chengdu, May 23, 2025 100% owned by Beijing Xingjing Entertainment Event production Mining Ninjas Ltd. (“Mining BVI”) British Virgin Islands, July 4, 2025 100% owned by NIPG HOLDINGS Mining Business Mining Ninjas US, Inc.(“Mining US”) US, July 16, 2025 100% owned by Mining BVI Mining Business Mining Ninjas Kazakh Limited(“Mining Kazakh”) Kazakhstan, September 11, 2025 100% owned by Mining BVI Mining Business Hainan Huanju Commercial Investment Co., Ltd.(“Hainan Huanju”) Hainan, October 31, 2025 70% owned by WFOE Investment holding Hainan Xingjing Weiwu Cultural and Sports Development Co., Ltd. Hainan, November 03, 2025 100% owned by ESVF HK Investment holding Wuhan Alunyou Network Information Development Co., Ltd.(“Wuhan Alunyou”) Wuhan,August 21, 2024 VIE Game Publishing Shanghai Jinyuanbao Duoduo Entertainment Development Co., Ltd.(“Jinyuanbao”) Shanghai, February 5, 2024 90% owned by Wuhan Alunyou Game Publishing Hangzhou Yinyuan Entertainment Development Co., Ltd.(“Hangzhou Yinyuan”) Hangzhou, July 8, 2024 100% owned by Jinyuanbao Game Publishing <p id="xdx_898_esrt--ScheduleOfCondensedFinancialStatementsTableTextBlock_hsrt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zb5MHBad7fKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following financial information of the VIEs and VIEs’ subsidiaries were included in the accompanying consolidated financial statements as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zj41McTFFD3k" style="display: none">SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_30C_134_zhAOpaRn9Wsa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - SCHEDULE OF CONSOLIDATED BALANCE SHEETS (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zPSM8TwO3Orc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zp8JtyEr9d0j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_zLn7YHygUawh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">ASSETS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AssetsCurrentAbstract_i01B_zcX5wsM9q0n3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_maACz09S_zywHJr1ZRSza" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">436,302</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">186</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsReceivableNetCurrent_i02I_maACz09S_zBnJgFpJSxHk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,182,352</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,286</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AdvanceToSuppliers_i02I_maACz09S_zKBpzhCVubmb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance to suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">398,467</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394,128</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssetsCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maACz09S_zUfQMZl0HiX4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1625">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_maACz09S_zaBA8HRtymUf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">309,184</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">161,587</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsCurrent_i02TI_mtACz09S_maAzyXg_zoLtjMopgSnk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,737,816</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">563,187</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsNoncurrentAbstract_i01B_z45odRyieqP3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maANzZU3_zntINyqvoC1c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,633</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i02I_maANzZU3_zBnuNzwFGmVa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">942,410</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">646,414</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_maANzZU3_zC7QvWOyzlpl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1643">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherAssetsNoncurrent_i02I_maANzZU3_zWbOPzS9n8sc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">638,106</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1646">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsNoncurrent_i02TI_mtANzZU3_maAzyXg_zZLUMyg5ezc1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,032,675</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">651,047</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Assets_i01TI_mtAzyXg_zfYmLPdR3Uja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,770,491</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,214,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesAbstract_iB_zqIBgxOoVzGd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesCurrentAbstract_i01B_zCnZ8q9bN23h" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermBorrowings_i02I_maLCzxoo_zlpbokkDkZHc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term borrowings</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1661">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_i02I_maLCzxoo_zuNpG2sVd3db" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">981,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,503</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_maLCzxoo_znTY2svyoXua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses and other liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">737,386</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">440</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredRevenueCurrent_i02I_maLCzxoo_z1sbgQkiO8cd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">670,064</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">456,799</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzxoo_zlKaCqxiQaP4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">265,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1673">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherLiabilitiesCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzxoo_zNhCy7tgralf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to related parties-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,360</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1676">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--AmountsDueToSubsidiariesOfGroup_i02I_maLCzxoo_z9PjuSOv6YO" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amounts due to subsidiaries of the Group</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,822,831</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,364,617</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzxoo_maLzHGF_zC7LUwgyX8i5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,492,640</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,825,359</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zUXMEyPUeku9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherLiabilitiesNoncurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLNzaek_zQuKxJ2nQBtc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to a related party-non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,996</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1688">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLNzaek_maLzHGF_zkKBmKeBpNzl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">58,996</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1691">-</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Liabilities_i01TI_mtLzHGF_maLASEzbFD_zJBm1kIiQUvh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,551,636</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,825,359</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_309_134_zqAXEAId9Sqc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONSOLIDATED STATEMENTS OF OPERATIONS (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zeia7L6edgWf" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20251231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zf3hlTMkQo0a" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_zzPEH3c0fLHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total net revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,047,005</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,943,778</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_zhJEFE53wrcg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net (loss) income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,790,687</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">177,738</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240101__20241231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_zz9OwfJh0fr6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidatedEntitiesAxis__custom--VieAndViesSubsidiariesMember_z7VQ7Zsl5ky5" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/> 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_z5Ys9TdlfrNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net cash used in operating activities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(958,084</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(10,080</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivities_zC2YRJ361xR9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net cash used in investing activities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1705">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1706">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivities_zJlPvXwSiPh1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by financing activities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1708">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,522</td><td style="text-align: left"> </td></tr> </table> 436302 186 1182352 7286 398467 394128 411511 309184 161587 2737816 563187 73076 4633 942410 646414 379083 638106 2032675 651047 4770491 1214234 1372 981004 3503 737386 440 670064 456799 265623 14360 3822831 3364617 6492640 3825359 58996 58996 6551636 3825359 2047005 4943778 -1790687 177738 -958084 -10080 12522 <p id="xdx_808_eus-gaap--SignificantAccountingPoliciesTextBlock_zzjYiodz67mh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_827_znz5Qohy5V23">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zKvRbvIhXZoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a) <span id="xdx_860_zFN0E5q78s1e">Basis of presentation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</span></p> <p id="xdx_84D_eus-gaap--ConsolidationPolicyTextBlock_zSzU0jFkkBDc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zNqDz3MoAxAc">Principles of consolidation</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries, its consolidated subsidiaries or its VIEs and VIEs’ subsidiaries, of which the Company is the primary beneficiary, from the dates they were acquired or incorporated. All inter-company balances and transactions are eliminated upon consolidation. The results of subsidiaries acquired are recorded in the consolidated income statements from the effective date of acquisition, as appropriate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For consolidated subsidiaries where the Group’s ownership in the subsidiary is less than 100%, the equity interest not held by the Group is shown as noncontrolling interests.</span></p> <p id="xdx_84E_eus-gaap--UseOfEstimates_z3vgZOqKoRD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(c)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zgCJAEMksOX8">Use of estimates</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, fair value of crypto assets, fair value related to mining machines, receivable for bitcoin collateral, impairment of long-lived assets and goodwill, the valuation of the consideration transferred and the purchase price allocation associated with business combination, valuation of share-based compensation, valuation of ordinary shares and preferred shares, the allowance for credit losses of accounts receivable and receivable for bitcoin collateral, amounts due from related parties, estimated useful life, valuation allowance of deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.</span></p> <p id="xdx_846_eus-gaap--BusinessCombinationsPolicy_zOyCo8K7uJ49" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(d)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_ze4L18dE4gnj">Business Combination</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zcFrVyBiuBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(e) <span id="xdx_863_z6OpsyK23qbd">Cash and cash equivalents</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents consist of cash in bank and highly liquid investments which are unrestricted as to withdrawal and use and have original maturities of less than three months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_ecustom--CryptoAssetHeldPolicyTextBlock_zJjyQ2rACCh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(f) <span id="xdx_86B_zTzA17hGk2P6">Crypto asset held</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2025, the Group conducted transactions involving the receipt and disbursement of crypto assets in the ordinary course of business. As of December 31, 2025, USDT represented the primary component of the Group’s crypto assets held balance. The Group adopted ASC 350-60, Intangibles — Goodwill and Other, on January 1, 2024. In accordance with ASC 350-60, crypto assets held are measured at fair value at each reporting date, with changes in fair value recognized as gains or losses from changes in the fair value of crypto assets held in the consolidated statements of comprehensive income (loss).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_zCjFPXa9jK8f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(g) <span id="xdx_868_zyzu9sBDHNa3">Short-term and long-term investment</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term investments mainly include investments in financial instruments with a variable interest rate indexed to performance of underlying assets. In accordance with ASC 825 — “Financial Instruments”, the Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive loss as other income/(expense).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group measures long-term equity investments other than equity method investments at fair value through earnings along with Accounting Standards Update (“ASU”) 2016-01. For the investments without readily determinable fair values, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes (“measurement alternative”). Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--TradeAndOtherAccountsReceivablePolicy_z80B5UQuWljd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(h) <span id="xdx_86D_ztAhUWf3lJXf">Accounts receivable, net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net are stated at the original amount less an allowance for credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. On January 1, 2023, the Group adopted ASU 2016-13, “Financial Instruments — Credit Losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, which replaces the previous incurred loss impairment model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group’s estimation of allowance for credit losses considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivables are likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were $<span id="xdx_901_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20241231_zthNNXSBYxYl" title="Provisions for credit losses">188,432</span> and $<span id="xdx_906_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20251231_zERQVn209Bp5" title="Provisions for credit losses">1,607,934</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> provisions for credit losses as of December 31, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--BitcoinAndReceivableForBitcoinCollateralPolicyTextBlock_zSlWfQJ6Lc6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(i) <span id="xdx_862_zOqUAiJIS2Rd">receivable for bitcoin collateral, net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The receivable for bitcoin collateral represents the bitcoin posted as collateral to the lender who has the rights to, among other activities, lend or re-hypothecate such bitcoin at the sole discretion of the lender and for which the lender has an obligation to return to the Group at maturity of the loan. The receivable is recorded at fair value and changes in fair value are recorded as gain or loss from change in fair value of receivable for bitcoin collateral on the consolidated statements of comprehensive income (loss). The receivable for bitcoin collateral is classified as current due to that <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">no contractual maturity is specified for the related loan, and the Group estimates the bitcoin collateral will be released within twelve months following the balance sheet date</span>. The value and activity involving this asset are discussed in detail in Note 6. As all of the Group’s bitcoins are posted to the lender as collateral, the Group does not have any assets associated with bitcoin holdings as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At commencement and throughout the term of the arrangement, the Group considers and accounts for the credit risk associated with the bitcoin receivable collateral in accordance with the principles outlined in ASC 326. The receivable for bitcoin collateral is presented net of any allowance for credit losses. No such allowance was recognized this year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zfgnvUGkxGq" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(j) <span id="xdx_866_z3zAHcfJO7fc">Property and equipment, net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows:</span></p> <p id="xdx_89A_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_z1jY8kqxU6cf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zytApaPiy7ji" style="display: none">SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIVES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful lives</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mining machine</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachineMember_zWQtuvkHZfXh" title="Estimated useful lives">1</span>~<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachineMember_zIT8iDbkDlS2" title="Estimated useful lives">3</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ElectricGenerationEquipmentMember_zzO2n97xPk2b" title="Estimated useful lives">3</span>-<span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ElectricGenerationEquipmentMember_zr0rQGDHkVU5" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndOfficeEquipmentMember_zRNNFXGlhRe9" title="Estimated useful lives">3</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zdYMpH48aY6k" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles or canteen equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zRd7Ixx14jq6" title="Estimated useful lives">4</span>-<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zAGZ58BsHL2j" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_znavEQ7X2oGl" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl1754">Shorter of the lease term or the estimated useful life of the assets</span></span></span></td> </tr> </table> <p id="xdx_8A4_zi3sLXYHnmc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zVNM3rYTsEqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(k) <span id="xdx_86C_zthDxMOJ97jh">Intangible assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock_zRsc0tpxaj32" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated useful lives by intangible asset classes are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zwhprSeTZaw9" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES BY INTANGIBLE ASSET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful lives</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">League tournaments rights</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brand names</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite/<span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_fLg_____zSvbphiOxVM6" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_fLg_____zdVVciG6ayIj" title="Intangible assets, estimated useful lives">6</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agency contract rights</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember__srt--RangeAxis__srt--MinimumMember_fLg_____zq6PBClBaEX6" title="Intangible assets, estimated useful lives">2</span>-<span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember__srt--RangeAxis__srt--MaximumMember_fLg_____z9FlzayoPVck" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Talent acquisition costs</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember__srt--RangeAxis__srt--MinimumMember_fLg_____zkWtfvliCQ7b" title="Intangible assets, estimated useful lives">1</span>-<span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember__srt--RangeAxis__srt--MaximumMember_fLg_____zq6CieHPr8M7" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Game copyright</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--GameCopyrightMember_fLg_____ziUfFS8efhO4" title="Intangible assets, estimated useful lives">3</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember__srt--RangeAxis__srt--MinimumMember_fLg_____zfdMzWxRvr0f" title="Intangible assets, estimated useful lives">2.5</span>-<span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember__srt--RangeAxis__srt--MaximumMember_fLg_____zpcG0nDZYnpj" title="Intangible assets, estimated useful lives">3</span> years</span></td> </tr> </table> <p id="xdx_8AF_zs2mynP0f99g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated useful lives of intangible assets with definite lives are reassessed if circumstances occur that indicate the original estimated useful lives may have changed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets that have indefinite useful lives included the league tournaments rights and brand name of Ninjas in Pyjamas and Wuhan ESVF, and brand name of Young Will as of December 31, 2024, and the league tournaments rights and brand name of Ninjas in Pyjamas, Wuhan ESVF as of December 31, 2025<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span> The Group expects that the league tournaments rights and brand name of Ninjas in Pyjamas, Wuhan ESVF are unlikely to be terminated based on industry experience and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of such intangible assets to be indefinite.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For the year ended December 31, 2025, the Group recorded aggregate impairment charges of $<span id="xdx_900_ecustom--ImpairmentOfIntangibleAssets_pn5n6_c20250101__20251231_zES74YKtVuD8" title="Impairment of intangible assets">64.4</span> million in relation to its intangible assets. Such impairments were recognized as a result of management’s impairment review, which identified underperformance of Ninjas in Pyjamas’s underlying business operations and a reduction in the recoverable amount of the relevant reporting unit when compared with the key valuation assumptions adopted at the original acquisition date. In accordance with disclosure requirements under ASC 350-20-50 and ASC 350-30-50, the fair value of intangible assets for impairment testing was measured utilizing discounted cash flow (“DCF”) driven valuation techniques. Specifically, the relief-from-royalty method was adopted to measure the fair value of the brand name, while the multi-excess earnings method was applied in valuing league tournament seats. Critical significant judgment and key assumptions incorporated in the DCF valuation model include a weighted average cost of capital (WACC) of <span id="xdx_900_ecustom--WeightedAverageRatePercentage_iI_pid_dp_uPure_c20251231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_zD03aTpIL7xc" title="Weighted average rate percentage">12%</span> and a long-term terminal growth rate of <span id="xdx_901_ecustom--TerminalGrowthRatePercentage_iI_pid_dp_uPure_c20251231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_zPX8bgF2BgOb" title="Terminal growth rate percentage">2%</span>. Management updated future cash flow projections to incorporate current market dynamics, updated operational trends and the deteriorated financial outlook of the underlying business as of the reporting date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group capitalizes costs associated with the acquisition of certain members of talent and online entertainers and amortizes these costs straight-line over their estimated useful lives, which reflect the contractual term of the associated talent agreement. The fair value of brand name of Hongli Culture is amortized on a straight-line basis over its estimated useful life.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definite-lived intangible assets are carried at cost less accumulated amortization and impairment if any.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Definite-lived intangible assets are amortized over their estimated useful lives, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Group. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Definite- lived intangible assets may be impaired when the estimated discounted future cash flows generated from the assets are less than their carrying amounts. <span id="xdx_90D_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20230101__20231231_z3fjJHm6Sa1d" title="Impairment of definite-lived intangible assets"><span id="xdx_90E_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20240101__20241231_zRMENRjv4Xy1" title="Impairment of definite-lived intangible assets"><span id="xdx_903_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20250101__20251231_zILdveFGEIrf" title="Impairment of definite-lived intangible assets">No</span></span></span> impairment of definite-lived intangible assets was recognized for the years ended December 31, 2023, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group evaluates indefinite-lived intangible assets as at each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized, but tested for impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. In consideration of the growing esports industry in China, the Group’s improving financial performance, the stable macroeconomic conditions in China and the Group’s future plans, the Group determined that it is not likely that the league tournaments rights and brand name were impaired as of December 31, 2024. Otherwise, there were impairment indicators for the league tournaments rights and brand name of Ninjas in Pyjamas as of December 31, 2025 considering its unsatisfactory financial performance. As such, the impairment amount of indefinite-lived intangible assets recognized for the years ended December 31, 2024, and December 31, 2025 were <span id="xdx_908_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_dxL_c20240101__20241231_zREJPkBrq24d" title="Impairment of infinite-lived intangible assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1790">nil</span></span> and $<span id="xdx_90E_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_c20250101__20251231_zOHURdLOc8b8" title="Impairment of infinite-lived intangible assets">64,406,302</span> respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zhh2s4Pn1IV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(l) <span id="xdx_86E_zYv6gi7D8z75">Goodwill</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the future economic benefits arising from other assets acquired in a business combination or an acquisition by an entity that are not individually identified and separately recognized. Goodwill acquired in a business combination is tested for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Group performed impairment analysis on goodwill as of December 31 every year either beginning with a qualitative assessment, or starting with the quantitative assessment instead. The quantitative goodwill impairment test compares the fair value of each reporting unit to its carrying amount, including goodwill. A reporting unit constitutes a business for which discrete profit and loss financial information is available. The fair value of each reporting unit is established using a combination of expected present value of future cash flows. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determining when to test for impairment, the Group’s reporting units, the fair value of a reporting unit and the fair value of assets and liabilities within a reporting unit, requires judgment and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions and determination of appropriate market comparable. The Group bases fair value estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant changes in the economic characteristics of components or reorganization of an entity’s reporting structure can sometimes result in a re-assessment of the affected operating segment and its components to determine whether reporting units need to be redefined where the components are no longer economically similar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future changes in the judgments and estimates underlying the Group’s analysis of goodwill for possible impairment, including expected future cash flows and discount rate, could result in a significantly different estimate of the fair value of the reporting units and could result in additional impairment of goodwill. The Group determined that it is not likely that the goodwill was impaired as of December 31, 2024. Otherwise, there were impairment indicators for the goodwill of Ninjas in Pyjamas as of December 31, 2025 considering its unsatisfactory financial performance. As such, the impairment amount of goodwill recognized for the years ended December 31, 2024, and December 31, 2025 were <span id="xdx_906_eus-gaap--GoodwillImpairmentLoss_dxL_c20240101__20241231_zZIT8o3Fhqe4" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1796">nil</span></span> and $<span id="xdx_901_eus-gaap--GoodwillImpairmentLoss_c20250101__20251231_zj9ASRTO63d" title="Impairment of goodwill">122,519,218</span> respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z8NA3XIh3Wul" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(m) <span id="xdx_864_zSZWDnCHIb19">Impairment of long-lived assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group measures the carrying amount of the asset against the estimated discounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized for the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. The Group did not record any impairment charge for the years ended December 31, 2023, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zeQOm2Ihdavf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(n) <span id="xdx_863_zrAv0k7M3lph">Fair value measurement</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● Level 1—Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● Level 2—Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● Level 3—Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, short-term investments, accounts receivable, amounts due from related parties, prepaid expenses and other current assets, accounts payable, short-term borrowings, long term borrowings, current portion, amounts due to related parties, payable related to league tournaments rights, current, other long-term liability and accrued expenses and other current liabilities. The short-term investment is valued based on broker quotes. The receivable for bitcoin collateral and other digital assets denominated assets and liabilities are carried at fair value based on the primary market (e.g., Binance) price of the underlying bitcoins.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term investments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Group’s short-term investments consisted of private fund products (see Note (4)), and the variable returns indexed to the performance of underlying assets. The Group classifies the valuation techniques that use these inputs as Level 3 of fair value measurement. And the Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive loss as other income/(expense).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contingent consideration payables</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s estimated liability for contingent consideration payables for acquisitions measured at fair value (see Note (3)). The contingent consideration payables are included in other current liabilities on the consolidated balance sheets. The Group estimated the fair value of contingent consideration payables using a discounted expected cash flow method with unobservable inputs of probabilities of successful achievements of certain specified conditions post- acquisition, and accordingly the Group classifies the valuation techniques that use these inputs as Level 3. For the year ended December 31, 2024, the Group recognized a gain of $<span id="xdx_908_eus-gaap--ContingentConsiderationClassifiedAsEquityFairValueDisclosure_iI_c20251231_zLwdZdS3G4Z3" title="Contingent consideration classified as equity fair value disclosure">394,401 </span>of fair value changes for the contingent consideration payables and recorded in fair value change of financial instruments in the statement of operations and comprehensive loss. For the year ended December 31, 2025, there was no balance amount of this account with the disposal of Young Will.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s non-financial assets, such as property and equipment, intangible asset, would be measured at fair value only if they were determined to be impaired.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zEMZgDYBda03" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) <span id="xdx_864_zJEH7PmnBPt5">Revenue recognition</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recognizes revenue under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 1: Identify the contract with the customer</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 2: Identify the performance obligations in the contract</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 3: Determine the transaction price</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 4: Allocate the transaction price to the performance obligations in the contract</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 5: Recognize revenue when the Company satisfies a performance obligation</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of value added taxes (“VAT”) and surcharges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_ecustom--ScheduleOfMajorRevenueGeneratingActivitiesTableTextBlock_zluvgpchhPh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zyHIAZSZswM3" style="display: none">SCHEDULE OF MAJOR REVENUE GENERATING ACTIVITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zGX4nDjdePd1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zOABe6AttLkf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zHn7yopPJOEh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the years </b></span><b>ended December 31,</b></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember_zM1EHSda3Nw4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 52%; text-align: left">Tournament participation of esports</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,699,506</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,549,677</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,397,578</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember_zq3S4wMlVMBk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">849,768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,036,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,101,544</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember_zLAnSTSl4ne3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sales of branded merchandise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,536</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,059</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--TalentManagementServiceOfEsportsMember_zGdHFdYiYADd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Talent management service of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember_zY5JXtb4dfIj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,147,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,860,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,073</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--OtherMember_zhgy6eQzEUFe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,668,655</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">620,435</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">623,425</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EsportsTeamsOperationMember_z22IyGtDZMKb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Subtotal of Esports teams operation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,664,621</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,725,503</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">11,818,097</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EventProductionMember_zGvhKd9BUeK5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Event production</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">9,409,795</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">23,285,775</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">31,922,001</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfThirdPartyOnlineEntertainersMember_zcy7W6SiFmvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Talent management service of third-party online entertainers</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">52,650,550</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">47,307,158</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">62,825,921</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CryptoAssetMining_zccu1L8B9zQi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Bitcoin mining</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1846">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1847">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">20,064,258</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maRz3jG_zKHjcq4Wkeij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LessSurchargeTax_iN_di_maRz3jG_zCy6TyO40Yll" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: surcharge tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56,525</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">103,731</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_iT_mtRz3jG_zCd9u5NuARo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,668,441</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,266,306</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,526,546</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A9_ziDazrNtqi49" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_zEFPiMhHlOW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes disaggregated revenue from contracts with customers by service type and by segment:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zaRTF6gghgK8" style="display: none">SCHEDULE OF DISAGGREGATED REVENUE FROM CONTRACT WITH CUSTOMERS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zFWhj6GUQta9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zfwxeSulI5Ah" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_za8q9EUSx4Mg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">PRC and other subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfThirdPartyOnlineEnterainersMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zxmOUKOkylt1" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Talent management service of third-party online entertainers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">52,650,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">47,307,158</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">62,825,921</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EventProductionMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zQAUGs5n4Dul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,409,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,285,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,922,001</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zfi0NPAON6R7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tournament participation of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,457,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,723,662</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zvFQFEyQ5sE1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">389,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">832,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,982,072</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zJf4EjvLxPqk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales of branded merchandise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,260</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,053</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">971,380</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfEsportsMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zzDnWZ8ChOz6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent management service of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zclU9OfBhcqk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,638,612</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,093,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,404</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zAshUdvOpRRh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,479</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352,858</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zYl1OoIJ6an1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Subtotal</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">75,235,663</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">81,723,594</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,739,716</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zK6aqYoydAWk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tournament participation of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,242,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,429,327</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,673,916</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zBUECCbTxf68" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,508,686</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">767,749</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">733,669</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zufjKTPH7N47" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119,472</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_z7Yfv6mtSRd4" style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,237,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,991</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zRBfw7Q2bnj9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Sales of branded merchandise</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41,077</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,483</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,679</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--OwnershipAxis__custom--NinjasInPyjamasMember_zuFukLcAVQD" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Subtotal</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,489,303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,594,842</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,826,303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CryptoAssetMining_z4JqiGomg9Ge" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Bitcoin mining</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1924">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1925">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,064,258</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zUL2FiRoNXne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenues</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zJLm70JNfClk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zUfjBeB0uvv5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zv4ubep47BTf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Timing of revenue recognition</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zy7LrHJVYSti" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">At a point in time</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">990,626</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,977,125</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">5,466,113</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zRwLliFA16Ic" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,734,340</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,341,311</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,164,164</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zCiHFGMLaH2b" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zLxRLDJ5Y1da" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Esports teams operation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tournament participation of esports</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group enters into contracts with esports event organizer, to have players participate in esports tournament such as Honor of Kings Pro League (“KPL”), League of Legends Pro League (“LPL”), Counter-Strike: Global Offensive (“CS: GO”) and Rainbow Six, etc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s promises mainly consist of a) providing coaching, training and monitoring for esports players; b) selecting or arranging and monitoring the esports players to participate in tournaments and to participate in market events to promote the league and tournament. All the promises are not separately identifiable and are related to operate and participate in the overall esports event. All the promises are accounted for as a single performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the final contract consideration is unpredictable, league operators usually promise a fixed consideration, also known as Minimum Guarantee promised in the agreement only for PRC and other subsidiaries. For ESVF teams, a fixed amount of RMB<span id="xdx_901_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn6n6_uRMB_c20251231_zgNBo9CKRUF3" title="Performance obligation">3</span> million (only for League of Legends) is promised. Thus, the transaction price consideration consists of fixed consideration plus variable consideration, the variable consideration is mainly determined by two factors, one is the amount of prize pool collected by esports event organizer during each competition season and proportion agreed in the contract, the other is based on the ranking of the Group in each competition season. No amount of variable consideration should be included in the transaction price, since it is not probable that a significant reversal of cumulative revenue recognized will not occur resulting from a change in estimate of the consideration the Group will receive upon finalized prize pool and its ranking. The Group will recognize the revenue of the prize money at each reporting date when the uncertainty is resolved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Esports event organizer could simultaneously receive and consume the benefits provided by the Group in the contract period, thus, the Group satisfies the performance obligation to esports event organizer over the contract period. Furthermore, the main cost to operate an esports team is the salary of players, hence, the Group uses input method to measure progress, and recognizes revenue on a straight-line basis during the tournament period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Player transfer and rental fee</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group enters into contracts with customer, mainly other esports team, to transfer or lease the players right owned by the Group. Player transfer and rental fee is a fixed amount as stated in the contract. The Group recognizes player transfer revenue at a point in time from transfer fees upon satisfaction of the performance obligation, which coincides with the time that the esports player is registered on the league transfer registration platform. The Group uses output method to measure progress, and recognizes player rental revenue on a straight-line basis over the contract period when the performance obligation is satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sponsorships and advertising</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group offers advertisers or companies which like to be promoted a full range of promotional services, including but not limited to livestream announcements, content generation, social media posts, esports players to participate in the recording of advertising videos as customer spokesmen. In most of the cases, the sponsorship agreements may include multiple services that are capable of being individually distinct, however the intended benefit is an association with the Group’s brand and the services are not distinct within the context of the contracts. Customers could simultaneously receive and consume the benefits provided by the Group in the contract period, thus, the Group satisfies the performance obligation to the customers over the contract period. The Group uses input method to measure progress, since what the major inputs is the labor cost and expended evenly throughout the performance period. Thus, the Company recognizes revenue on a straight-line basis, revenues from sponsorship agreements are recognized rateably over the contract term. The contract payment is not subject to any variable consideration or subsequent adjustment. In instances where the timing of revenue recognition differs from the timing of billing, the Group has determined the agreements generally do not include a significant financing component.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Others</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides other service including IP licensing service (The Group enters contract with customer, and grants the customer a right-to-access license of the Group’s intellectual property in selling game props, skins, stickers and player cards) and Reality show service (The Group provides service to the reality show hosted by customer in exchange for a fixed transaction price. The service includes seeking and engaging suitable guests to participate in the reality show, and providing planning and execution services for the reality show). The Company recognizes revenue on a straight-line basis, revenues are recognized rateably over the contract term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group acts as the principal in providing the service to customers and recognizes revenue on gross basis because the Group acts as the main obligor in the arrangement and has the discretion to set up the contract price with customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales of branded merchandise</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group also sells branded merchandise such as mouse, keyboard, hoodie etc. at official online store. The transaction price is fixed. The Group recognizes revenues from sales of branded merchandise at a point of time when the merchandise is delivered to the customer in sound condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Event production</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Event production</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides customized esports or other event production upon requests from its customers in exchange for a fixed transaction price stated on the contract with no variable consideration generally. The services generally entail design, logistics, layout of events, and coordination and supervision of the actual event set-up and implementation. These services are not distinct within the context of the contracts and are considered as a single performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group satisfies the performance obligation to customers over the contract period as the service rendered and recognizes the revenue over the contract period using the output method, which is based on the development milestones periodically confirmed by customers. The service consideration is reconciled and settled based on the development milestones periodically confirmed by customers. The contract payment is not subject to any variable consideration or subsequent adjustment, and the Group has determined the agreements generally do not include a significant financing component.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group regards itself as a principal and recognizes revenue on a gross basis as it controls the services based on i) the Group is the primary obligator in the service contract with the customers, including The Group are in charge of negotiating the specific requirements of each contract with customers, and organizing matches, tournaments and other events for a variety of game titles, musical festivals and other activities; ii) the inventory risk to bear the consequence of any breach of contract caused by the Group; and iii) the Group negotiates the contract price with customers independently and the Group has a strong bargaining power with suppliers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Talent management service</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are three types of talent management service. One type is provided by esports players which is recorded in talent management service of esports, one type is provided by third-party online entertainers which is recorded in talent management service of third-party online entertainers, and the other type is online advertising and promotion service provided by the group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provided by esports players-live stream service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group cooperates with online platform operator, to arrange its owned esports players to provide live streaming of esports games on an online platform. Through this means, online platform operator attracts more audience to their platform and pays service fee to the Group accordingly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provided by third-party online entertainer-live stream service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group establishes a live streaming talent agency, seeks and engages third party online entertainers to register as members of the talent agency. The Group provides training to these online entertainers, and recommends them to provide live streaming on the online platforms. Online platform operator enters tripartite business contract with the Group and the online entertainer. The Group provides talent management service to online platform operator inclusive of the recommendation of online entertainers to deliver live stream, management of online entertainers, training of online entertainers and monitoring of live stream content, etc. The Group charges service fee from online platform operator. The Group pays the online entertainers according to the supplier contract signed with him/her.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For both types of talent management service of live-stream service, the Group regards itself as a principal and recognizes revenue on a gross basis as it controls the services based on i) the primary responsibility for the integrated talent management service in the aspect of establishing the talent agency where the online entertainers register, reserving the right to recommend online entertainers, designate third-party online entertainers’ live content and duration, the provision of management and training of online entertainers; ii) the inventory risk to bear the consequence of any breach of contract caused by the Group as well as online entertainers; and iii) discretion in setting up the price, rather than accepting a fixed percentage of transaction amount imposed by the online platforms and third party online entertainers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consideration of live stream service is variable that determined by the agreed online entertainers’ popularity ranking, and virtual gifts rewarded from the audience. The variable bonus shall be paid by online platform operators after the ranking agreed in the contract is reached. The variable amount related to virtual currencies shall be confirmed by online platform operators at the end of each month, and paid by next month. For talent management service provided by esports players, the variable service fee also depends on the rank of esports team on tournament.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides live stream services to online platform operators, the service including a) recommending its live streaming talent agency online entertainers to provide live stream on platform; b) providing live stream management service to online entertainers, including training online entertainers and monitoring the live stream content. Online platform operators could not benefit from these services separately, these services are not distinct and combined as a performance obligation. The Group satisfies the performance obligation to customer over the contract period and recognizes revenue when the variable consideration is expected to be entitled and a significant future reversal of cumulative revenue under the contract will not occur, that is the date on which the Group and customer agrees the service fee monthly. Therefore, the service consideration is reconciled and settled on a monthly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provided by third-party online entertainer- short-form videos production and releasing service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart from the live stream service on the online platforms, the Group seeks for cooperation opportunities with customers such as advertising agents and brand public relationships. Such customers place purchase orders of advertising and promotion in online platform, then the Group carries out content creation and arranges talents to shoot short-form videos implanted advertising and promotion contents. After video releasing, the service fee will be paid to the Group via online platform after deducting a small portion of services fee charged by online platform. The Group pays the talents according to the supplier contracts signed with him/her. The revenue stream to which the above revenue recognition policy relates was discontinued in July 2025; accordingly, such policy is no longer applied by the Group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides short-form videos releasing service in online platform operators to customers, the service mainly including a) producing creative and attractive short-form videos implanted advertising and promotion contents, and releasing the short-form videos in required timepoint and talent account; b) retaining the released videos in platform for a certain period. The Group determines that retaining the released videos in platform for a certain period is immaterial and does not account for it as a separate performance obligation considering such obligation is minimal in the total value of the goods and services in the contract and not important for the customers. The Group charged service fee from customers in online platform operator case by case. The service fee was fixed price on the purchase order which the customers placed in online platform operator. After the Group releasing the short-form videos in online platform, the customers will check and give acceptance to the videos. Once the acceptance is issued by the customers, the payment has been successfully completed to the Group’s agent account in the online platform automatically, and there is no recourse from neither the Group nor the customers. The Group satisfies the performance obligation to customer once the customer gave acceptance to the video, and recognizes revenue when the short-form videos have been accepted by the customers in the online platform. The consideration will be paid to the account of the Group in platform immediately once customers providing acceptance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group regards itself as a principal and recognizes revenue on a gross basis as it controls the services based on i) the Group is the primary obligator in the service contract with the customers, including designating the talents to act in the short-form videos designed by the internal professional team, to provide service to customers in the online platforms.; ii) the inventory risk to bear the consequence of any breach of contract caused by the Group as well as talents; and iii) discretion in setting up the price, rather than accepting a fixed percentage of transaction amount imposed by the online platforms and talents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Talent management service of online advertising and promotion service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of 2024, the Group launched online advertising and promotion service. It primarily concentrates on online promotion activities. It leverages the accounts of online talents, influencers, and content creators to carry out promotional campaigns. These activities are mainly conducted in digital spaces such as social media platforms, live-streaming channels, and short-video apps, aiming to reach target audiences through personalized and interactive online content. According to the contract, the Group deliver comprehensive, integrated promotion and operation services on internet-based paid advertising platforms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides comprehensive end-to-end online promotion and operation services on internet paid advertising platforms, including platform selection, account management, content and strategy formulation, and performance tracking. The Group identifies a single performance obligation, which is to provide integrated online advertising and promotion services. As the performance obligation is satisfied over time as services are delivered, the Group recognizes revenue progressively throughout the service period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In determining whether the Group acts as a principal and recognizes revenue on a gross basis, the Group assesses indicators including control over services before transfer to customers, exposure to inventory risk related to advertising traffic, and discretion in establishing transaction prices. The Group controls the overall provision of services, including platform selection, account management, budget allocation, content creation, campaign execution, and performance reporting, with its cooperation partner only providing limited support for account opening and traffic recharging. The Group bears traffic inventory risk through prepayments to media platforms and temporary funding of campaigns. The Group also retains independent pricing authority through direct customer contracts and the provision of integrated marketing solutions. Based on these factors, the Group has concluded that it acts as a principal and recognizes revenue from online advertising and promotion services on a gross basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For all the revenue streams, the contract payment is not subject to any refund, cancellation or termination provision. No significant financing component, noncash payment identified in the arrangements with customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Bitcoin Mining</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group enters into a contract with a mining pool operator to provide hash calculation services to the mining pool operator using the Group’s own mining machines or purchased hash rate. The Group considers the mining pool operator the customer under this type of arrangement and can decide when to start providing services. The Group’s enforceable right to consideration begins when, and continues as long as, the Group provides hash calculation services to the mining pool operator. Each party to the contract has the unilateral right to terminate the contract at any time without any compensation to the other party for such a termination. As such, the duration of a contract is less than a day and the contract continuously renew throughout the day. The implied renewal option is not a material right because there are no upfront or incremental fees in the initial contract and the terms, conditions, and compensation amount for the renewal options are at the then market rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In exchange for providing hash calculation service to the mining pool operators, the Group is entitled to non-cash compensation, cryptocurrency, from the mining pool operator, which is a variable consideration based on the mining pool operator’s distribution mechanism, which is Full-Pay-Per-Share (“FPPS”). Under the FPPS distribution mechanism, the mining pool pays block rewards and transaction fees, less mining pool fees. The Group is entitled to non-cash consideration even if a block is not successfully validated by the mining pool operator. For the applicable period presented, the Group participated in Bitcoin mining to generate its mining revenues under the FPPS distribution mechanism.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">FPPS Mining Pool</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group participates in the mining pool that uses the FPPS distribution mechanism. The Group is entitled to compensation once it begins to perform hash calculations for the mining pool operator in accordance with the operator’s specifications over a 24-hour period beginning mid-night UTC and ending at 23:59:59 UTC on a daily basis. The non-cash consideration that the Group is entitled to for providing hash calculations to the mining pool operator under the FPPS payment mechanism is made up of block rewards and transaction fees less pool operator fees determined as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-cash consideration referred as the block reward is based on the total blocks expected to be generated on the bitcoin network for the daily 24-hour period beginning midnight UTC and ending 23:59:59 UTC in accordance with the following formula: the daily hash calculations that the Group provides to the pool operator as a percent of the bitcoin network’s implied hash calculations as determined by the network difficulty, multiplied by the total bitcoin network block rewards expected to be generated for the same daily period.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-cash consideration referred as the transaction fees is based on the share of total actual fees paid by the transaction requestor to each block placed in the bitcoin blockchain over the daily 24-hour period beginning midnight UTC and ending 23:59:59 UTC in accordance with the following formula: total actual transaction fees generated on the bitcoin network during the daily 24-hour period as a percent of the total block rewards the bitcoin network actually generated during the same 24-hour period, multiplied by the block rewards the Group earned for the same 24-hour period.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The gross non-cash compensation, consisting of the block reward and transaction fees, earned by the Group is reduced by the mining pool fees charged by the operator for operating the pool based on a rate schedule per the mining pool contract. The mining pool fee is only incurred to the extent the Group performs hash calculations and generates revenue in accordance with the pool operator’s payout formula during the same daily period as discussed above.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above non-cash consideration is variable since the amount of block reward earned depends on the amount of hash calculations the Group provides; the amount of transaction fees depends on the total actual fees paid by the transaction requestor to each block placed in the Bitcoin Blockchain under FPPS and the operator fees for the same period are variable since it is determined based on the total block rewards and transaction fees in accordance with the pool operator’s agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the non-cash consideration is variable, the Group has the ability to estimate the variable consideration when the Group begins to provide hash calculation service with reasonable certainty without the risk of significant revenue reversal. The Group recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator and measures the non-cash consideration based on the spot rate of the underlying cryptocurrency determined using the quoted price of such cryptocurrency at midnight UTC, on the date the Group provides the hash calculation service.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the non-cash consideration the mining pool operators receive from the blockchain networks includes both the block rewards and the transaction fees, the transaction price the Group receives is an aggregate amount and primarily includes the block rewards. As a result, the Group does not present disaggregated revenue information on block rewards and transaction fees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no significant financing component in these transactions, due to the performance obligations and settlement of the transactions being on a daily basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Contract Balances</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group applies the practical expedient in Topic 606 that permits the recognition of incremental costs of obtaining contracts as an expense when incurred if the amortization period of such costs is one year or less. These costs are included in cost of revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment terms are established on the Group’s pre-established credit requirements based upon an evaluation of customers’ credit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue, which representing a contract liability, represents mostly unrecognized revenue amount received from customers. The balance of deferred revenue is recognized as revenue upon the completion of performance obligations. The Group’s deferred revenue amounted to $<span id="xdx_901_eus-gaap--DeferredRevenueCurrent_iI_c20241231_zBtQEXpfzfqc" title="Deferred revenue">1,038,307</span> and $<span id="xdx_90A_eus-gaap--DeferredRevenueCurrent_iI_c20251231_zdusXcNgLepc" title="Deferred revenue">1,609,908</span> as of December 31, 2024 and 2025, respectively. Revenue recognized in the period that was included in the beginning of the period contract liability balance were $<span id="xdx_906_eus-gaap--ContractWithCustomerRefundLiability_iI_c20231231_zD9kLshWBGPj" title="Contract liability">758,410</span>, $<span id="xdx_90A_eus-gaap--ContractWithCustomerRefundLiability_iI_c20241231_zO8kImtkZwf9" title="Contract liability">664,169</span> and $<span id="xdx_90D_eus-gaap--ContractWithCustomerRefundLiability_iI_c20251231_z9CSVzlkg9Y3" title="Contract liability">266,769</span> for the years ended December 31, 2023, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract cost accounted in the account of prepaid expenses and other current assets, represented the incurred cost associated with event production whose revenues have not been recognized yet. The Group’s contract cost amounted to $<span id="xdx_90A_eus-gaap--CapitalizedContractCostNet_iI_c20241231_z5dAcwYDGxwd" title="Captialized contract cost net">372,309</span> and $<span id="xdx_90F_eus-gaap--CapitalizedContractCostNet_iI_c20251231_zq5GFXNrjk4l" title="Captialized contract cost net">153,533</span> as of December 31, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than accounts receivable, deferred revenue and contract cost, the Group had no other material contract assets, contract liabilities recorded on its consolidated balance sheets as of December 31, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transaction price allocated to remaining performance obligation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligation is $<span id="xdx_904_eus-gaap--RevenueRemainingPerformanceObligation_iI_c20241231_zjl505vjhioa">668,932</span>, and the Group will recognize this revenue related to sponsorships and advertising over the remaining contract periods over <span id="xdx_90E_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20241231__srt--RangeAxis__srt--MinimumMember_zwiJ8WbjdsM6">0.5</span> to <span id="xdx_90E_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20241231__srt--RangeAxis__srt--MaximumMember_zAqlltmYA8L6">2.4</span> years. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligation over the remaining contract periods over more than one year is $<span id="xdx_90F_eus-gaap--RevenueRemainingPerformanceObligation_iI_c20251231_zi9TsrBBlKKe">826,135</span>, and the Group will recognize this revenue related to sponsorships, advertising and game publishing over the remaining contract periods over <span id="xdx_906_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember_zBx3lk3KWOhi">0.8</span> to <span id="xdx_903_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember_zZNvWyBOojm8">1.5</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of one year or less. These performance obligations are related to the revenue of sponsorships and advertising, event production and game publishing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--ValueAddedTaxPolicyTextBlock_zrFZfTt7KrFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(p) <span id="xdx_86C_zGGy8q0By4F9">Value added tax (“VAT”)</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group is subject to VAT and related surcharges on revenue generated from sales. The Group records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Group to suppliers. Net VAT balance between input VAT and output VAT is recorded in the line item of other current assets on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--ValueAddedTaxDescription_c20250101__20251231_zRJiBLIv4x87" title="Value added tax description">The PRC VAT rate is 6% or 1% for taxpayers providing services and 13% for product sales for the years ended December 31, 2023, 2024 and 2025. For revenue generated from services, the VAT rate is 6% for the entities that qualified as general tax payers, which are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. The VAT rate is 1% for the entities that qualified as small-scale taxpayers, which are not allowed to offset qualified input VAT paid to suppliers against their output VAT.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The standard VAT rate is <span id="xdx_909_ecustom--StandardValueAddedTaxRatePercentage_iI_pid_dp_uPure_c20241231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_z4RDBq76cLS1" title="Standard VAT rate percentage"><span id="xdx_90F_ecustom--StandardValueAddedTaxRatePercentage_iI_pid_dp_uPure_c20251231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_zxHAOkbRwFe9" title="Standard VAT rate percentage">25</span></span>% in Sweden, applicable to all the goods and services provided in Sweden for the years ended December 31, 2024 and 2025. Entities with a Swedish VAT number are allowed to offset qualified input VAT, paid to suppliers against their output VAT.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--CostOfRevenuesPolicyTextBlock_ztLCmB8ciflh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(q) <span id="xdx_86D_zrtKs8XxYdl5">Cost of revenues</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues consists primarily of hosting fee and maintenance fee of Bitcoin mining, salaries and bonus of esports player, talent management service fee paid to online entertainers, the cost of venue set-up and service fee paid to other parties for event production, depreciation of long-lived assets and amortization of intangible asset related to esports, talent management service and Bitcoin mining, cost of merchandise sold, as well as related costs that are directly attributable to the Group’s principal operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--SellingAndMarketingExpensesPolicyTextBlock_z0bJkH9KT5Q9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(r) <span id="xdx_865_zfC5uWBWl0p5">Selling and marketing expenses</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling and marketing expenses mainly consist of (i) staff cost, (ii) advertising costs and market promotion expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_zokmNOaBQhpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(s) <span id="xdx_864_zsDXfkMY7Teh">General and administrative expenses</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative expenses mainly consist of (i) professional service fees; (ii) staff cost, rental and depreciation related to general and administrative personnel, (iii) share-based compensation and (iv) other corporate expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z3RvHHJFCa9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(t) <span id="xdx_86A_zCoWIApmppN3">Share-based compensation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group periodically grants share-based awards to the Group’s eligible employees, which are subject to service conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based awards are measured at the grant date fair value of the equity instrument issued and are recognized as general and administrative expense with graded-vesting schedules over the requisite service period for each separately vesting portion (or tranche) of the award. The Group elects to recognize the effect of forfeitures in general and administrative expense when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized general and administrative expense relating to those awards is reversed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--EmployeeDefinedContributionPlanPolicyTextBlock_z4YOxi5PTxef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(u) <span id="xdx_86B_zsaCV1YAKcFh">Employee defined contribution plan</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to the regulations of the PRC, full-time eligible employees of the Group in the PRC are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group has no further commitments beyond its required contribution.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zMv3RKWwaf2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(v) <span id="xdx_869_zsqnbk2CIe7j">Income taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group’s operating subsidiaries in PRC are subject to examination by the relevant tax authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operation for the years ended December 31, 2023, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_ecustom--NonControllingInterestPolicyTextBlock_zEXZI33yfg6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(w) <span id="xdx_868_zeGshGGbykii">Non-controlling Interest</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A non-controlling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and net income and other comprehensive income attributable to non-controlling shareholders are presented as a separate component on the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z9fFskeEYC79" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(x) <span id="xdx_862_zb5l5dw3SCA3">Foreign currency transactions and translations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency of the Group’s PRC subsidiaries is RMB, which is the local currency used by the subsidiaries to determine financial position and operation result.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency of Ninjas in Pyjamas is SEK, which is the local currency used by the subsidiary to determine financial position and operation result.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s financial statements are reported using U.S. Dollars (“$”). The results of operations and the consolidated statements of cash flows denominated in functional currency is translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in functional currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in consolidated statements of changes in equity (deficit). Gains or losses from foreign currency transactions are included in the results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The value of RMB and SEK against $ and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions of the PRC and Sweden. Any significant revaluation of RMB and SEK may materially affect the Group’s financial condition in terms of $ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:</span></p> <p id="xdx_89E_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zSKPZBUzzFl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_z8DddP9ZB08b" style="display: none">SCHEDULE OF CURRENCY EXCHANGE RATES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance sheet items, except for equity accounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">RMB against $</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--CNY_zuyy624xbtug" title="Balance sheet, exchange rate">7.2993</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_904_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--CNY_ziVohe7d4MAk" title="Balance sheet, exchange rate">6.9931</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SEK against $</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--SEK_zqO3Q4bAzpxj" title="Balance sheet, exchange rate">11.0676</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--SEK_zZ9smgHDYVe" title="Balance sheet, exchange rate">9.2227</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Items in the statements of operation and comprehensive loss, and statements of cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">RMB against $</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90B_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--CNY_z9j4Pn8vooTc" title="Operation and comprehensive loss and cash flows, exchange rate">7.1957</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--CNY_zkA2D22kpvY3" title="Operation and comprehensive loss and cash flows, exchange rate">7.1875</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SEK against $</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--SEK_zYuqAypEDtPl" title="Operation and comprehensive loss and cash flows, exchange rate">10.5747</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--SEK_z0FeEDPp0Avf" title="Operation and comprehensive loss and cash flows, exchange rate">9.8058</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A7_zELeXRewx8Ub" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No representation is made that the RMB amounts and SEK amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(x) Foreign currency transactions and translations - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For RMB against U.S. dollar, there was appreciation of approximately <span id="xdx_901_ecustom--ForeignCurrencyExchangeRateTranslationDepreciationPercentage_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--CNY_zQbXTX4wlP2j" title="Depreciation percentage">4.2</span>% during the year ended December 31, 2025. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For SEK against U.S. dollar, there was appreciation of approximately <span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslationAppreciationPercentage_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--SEK_ztob4vWqcDwk" title="Appreciation percentage">16.7</span>% during the year ended December 31, 2025. It is difficult to predict how market forces or European Union or U.S. government policy may impact the exchange rate between the SEK and the U.S. dollar in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent that the Group needs to convert U.S. dollar into RMB and SEK for capital expenditures and working capital and other business purposes, appreciation of RMB and SEK against the U.S. dollar would have an adverse effect on the RMB and SEK amount of the Group would receive from the conversion. Conversely, if the Group decides to convert RMB and SEK into U.S. dollar for the purpose of making payments for working capital, dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of U.S. dollar against RMB and SEK would have a negative effect on the U.S. dollar amount available to the Group. In addition, a significant depreciation of the RMB and SEK against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Group’s earnings or losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency convertibility risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. 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 (the “PBOC”). Remittances in currencies other than RMB by the Group in the Chinese mainland must be processed through the PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign currency exchange rate risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RMB and SEK has fluctuated against the US$, at times significantly and unpredictably during the reporting periods. The depreciation of the RMB against the US$ was approximately <span id="xdx_907_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_dp_uPure_c20240101__20241231__srt--CurrencyAxis__currency--CNY_zIB87TBMjk76" title="Foreign currency exchange rate risk, depreciation percentage">2.8</span>% for the years ended December 31, 2024 and the appreciation of the RMB against the US$ was approximately <span id="xdx_90E_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--CNY_zESpsEBV2m0f" title="Foreign currency exchange rate risk, depreciation percentage">0.1</span>% for the years ended December 31, 2025, respectively. The depreciation of the SEK against the US$ was approximately <span id="xdx_90A_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_pid_dp_uPure_c20240101__20241231__srt--CurrencyAxis__currency--SEK_zDbhLYCTHC2b" title="Foreign currency exchange rate risk, depreciation percentage">10.1</span>% for the years ended December 31, 2024 and the appreciation of the SEK against the US$ was approximately <span id="xdx_90C_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_pid_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--SEK_z5tt7SG9FiAi" title="Foreign currency exchange rate risk, depreciation percentage">7.3</span>% for the years ended December 31, 2025. It is difficult to predict how market forces or the PRC, Swedish or U.S. government policy may impact the exchange rate between the RMB, SEK and the US$ in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--EarningsPerSharePolicyTextBlock_zSoDeyQ1bgJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(y) <span id="xdx_86A_z0xkToQTXwC9">Loss per share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Class A ordinary share and Class B ordinary share have the same rights in dividend. Therefore, basic and diluted loss per share are the same for both classes of ordinary shares. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic loss per share as of the date that all necessary conditions have been satisfied. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such share would be anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zywGN8Am3BLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(z) <span id="xdx_86A_zFmvj6K0pig3">Segment reporting</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s chief operating decision makers, CEOs, reviews segment results when making decisions about allocating resources and assessing performance of the Group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the assessment made by CODM, the Group has three<span id="xdx_900_eus-gaap--NumberOfReportableSegments_uSegment_c20250101__20251231_zqj3Be2NcZXg" style="display: none" title="Number of reportable segments">3</span> operating segments: Bitcoin mining business which operated mainly in US, Ninjas in Pyjamas, and entities registered in PRC, Hong Kong and Cayman Island, which operates in PRC (“PRC and other entities”). The Group considers a “management approach” concept as the basis for identifying reportable segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. The Group’s reportable segments are business units that operate in different countries. Ninjas in Pyjamas, mainly operates in Sweden, and Bitcoin mining business, mainly operates in US, which are subject to different regulatory environment than other entities which operate in the PRC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--LesseeLeasesPolicyTextBlock_z0snFFeMwnv9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(aa) <span id="xdx_86F_zWZCAdCLHP7e">Operating lease</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2022, the Group adopted Accounting Standards Update (“ASU”) 2016-02, Lease (FASB ASC Topic 842), using the non-comparative transition option pursuant to ASU 2018-11. Therefore, the Group has not restated comparative period financial information for the effects of ASC 842, and will not make the new required lease disclosures for comparative periods beginning before January 1, 2022. The adoption of Topic 842 resulted in the presentation of operating lease right-of-use (“ROU”) assets and operating lease liabilities on the consolidated balance sheet. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease; (2) lease classification for any expired or existing leases as of the adoption date; and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the interest rate implicit in the Group’s leases is not readily determinable, the Group utilizes its incremental borrowing rate, determined by class of underlying asset, to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives. Some of the Group’s lease agreements contained renewal options; however, the Group did not recognize right-of-use assets or lease liabilities for renewal periods unless it was determined that the Group was reasonably certain of renewing the lease at inception or when a triggering event occurred. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group’s lease agreements did not contain any material residual value guarantees or material restrictive covenants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zkAWpThsiYI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(ab) <span id="xdx_866_zj6kRJfDS924">Recent accounting pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">New Accounting Pronouncements Not Yet Adopted</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220)- Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 simplifies credit loss calculations and permits the election of a practical expedient to assume that conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses on current accounts receivable and current contract assets under ASC 606, Revenue from Contracts with Customers. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025. Early adoption is permitted. The Group is evaluating the effects, if any, of the adoption of these guidance on its consolidated financial statements and related disclosure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white">In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 updates the accounting for costs related to the development of internal-use software to reflect the evolution of software development from a sequential to an agile development method by removing references to project stages in the existing guidance and requiring capitalization of software costs when management has authorized and committed to funding a software project and it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted as of the beginning of a fiscal year. The Group is evaluating the effects, if any, of the adoption of these guidance on its consolidated financial statements and related disclosure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white">In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. ASU 2025-11 is effective for public business entities for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. For entities other than public business entities, this amendment is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted. The Group is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(ab) Recent accounting pronouncements - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</span></p> <p id="xdx_855_zlhh3DBMP7f8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zKvRbvIhXZoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a) <span id="xdx_860_zFN0E5q78s1e">Basis of presentation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</span></p> <p id="xdx_84D_eus-gaap--ConsolidationPolicyTextBlock_zSzU0jFkkBDc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zNqDz3MoAxAc">Principles of consolidation</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries, its consolidated subsidiaries or its VIEs and VIEs’ subsidiaries, of which the Company is the primary beneficiary, from the dates they were acquired or incorporated. All inter-company balances and transactions are eliminated upon consolidation. The results of subsidiaries acquired are recorded in the consolidated income statements from the effective date of acquisition, as appropriate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For consolidated subsidiaries where the Group’s ownership in the subsidiary is less than 100%, the equity interest not held by the Group is shown as noncontrolling interests.</span></p> <p id="xdx_84E_eus-gaap--UseOfEstimates_z3vgZOqKoRD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(c)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zgCJAEMksOX8">Use of estimates</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, fair value of crypto assets, fair value related to mining machines, receivable for bitcoin collateral, impairment of long-lived assets and goodwill, the valuation of the consideration transferred and the purchase price allocation associated with business combination, valuation of share-based compensation, valuation of ordinary shares and preferred shares, the allowance for credit losses of accounts receivable and receivable for bitcoin collateral, amounts due from related parties, estimated useful life, valuation allowance of deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.</span></p> <p id="xdx_846_eus-gaap--BusinessCombinationsPolicy_zOyCo8K7uJ49" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(d)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_ze4L18dE4gnj">Business Combination</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zcFrVyBiuBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(e) <span id="xdx_863_z6OpsyK23qbd">Cash and cash equivalents</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents consist of cash in bank and highly liquid investments which are unrestricted as to withdrawal and use and have original maturities of less than three months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_ecustom--CryptoAssetHeldPolicyTextBlock_zJjyQ2rACCh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(f) <span id="xdx_86B_zTzA17hGk2P6">Crypto asset held</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2025, the Group conducted transactions involving the receipt and disbursement of crypto assets in the ordinary course of business. As of December 31, 2025, USDT represented the primary component of the Group’s crypto assets held balance. The Group adopted ASC 350-60, Intangibles — Goodwill and Other, on January 1, 2024. In accordance with ASC 350-60, crypto assets held are measured at fair value at each reporting date, with changes in fair value recognized as gains or losses from changes in the fair value of crypto assets held in the consolidated statements of comprehensive income (loss).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_zCjFPXa9jK8f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(g) <span id="xdx_868_zyzu9sBDHNa3">Short-term and long-term investment</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term investments mainly include investments in financial instruments with a variable interest rate indexed to performance of underlying assets. In accordance with ASC 825 — “Financial Instruments”, the Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive loss as other income/(expense).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group measures long-term equity investments other than equity method investments at fair value through earnings along with Accounting Standards Update (“ASU”) 2016-01. For the investments without readily determinable fair values, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes (“measurement alternative”). Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--TradeAndOtherAccountsReceivablePolicy_z80B5UQuWljd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(h) <span id="xdx_86D_ztAhUWf3lJXf">Accounts receivable, net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net are stated at the original amount less an allowance for credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. On January 1, 2023, the Group adopted ASU 2016-13, “Financial Instruments — Credit Losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, which replaces the previous incurred loss impairment model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group’s estimation of allowance for credit losses considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivables are likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were $<span id="xdx_901_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20241231_zthNNXSBYxYl" title="Provisions for credit losses">188,432</span> and $<span id="xdx_906_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20251231_zERQVn209Bp5" title="Provisions for credit losses">1,607,934</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> provisions for credit losses as of December 31, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 188432 1607934 <p id="xdx_846_ecustom--BitcoinAndReceivableForBitcoinCollateralPolicyTextBlock_zSlWfQJ6Lc6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(i) <span id="xdx_862_zOqUAiJIS2Rd">receivable for bitcoin collateral, net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The receivable for bitcoin collateral represents the bitcoin posted as collateral to the lender who has the rights to, among other activities, lend or re-hypothecate such bitcoin at the sole discretion of the lender and for which the lender has an obligation to return to the Group at maturity of the loan. The receivable is recorded at fair value and changes in fair value are recorded as gain or loss from change in fair value of receivable for bitcoin collateral on the consolidated statements of comprehensive income (loss). The receivable for bitcoin collateral is classified as current due to that <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">no contractual maturity is specified for the related loan, and the Group estimates the bitcoin collateral will be released within twelve months following the balance sheet date</span>. The value and activity involving this asset are discussed in detail in Note 6. As all of the Group’s bitcoins are posted to the lender as collateral, the Group does not have any assets associated with bitcoin holdings as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At commencement and throughout the term of the arrangement, the Group considers and accounts for the credit risk associated with the bitcoin receivable collateral in accordance with the principles outlined in ASC 326. The receivable for bitcoin collateral is presented net of any allowance for credit losses. No such allowance was recognized this year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zfgnvUGkxGq" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(j) <span id="xdx_866_z3zAHcfJO7fc">Property and equipment, net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows:</span></p> <p id="xdx_89A_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_z1jY8kqxU6cf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zytApaPiy7ji" style="display: none">SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIVES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful lives</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mining machine</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachineMember_zWQtuvkHZfXh" title="Estimated useful lives">1</span>~<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachineMember_zIT8iDbkDlS2" title="Estimated useful lives">3</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ElectricGenerationEquipmentMember_zzO2n97xPk2b" title="Estimated useful lives">3</span>-<span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ElectricGenerationEquipmentMember_zr0rQGDHkVU5" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndOfficeEquipmentMember_zRNNFXGlhRe9" title="Estimated useful lives">3</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zdYMpH48aY6k" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles or canteen equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zRd7Ixx14jq6" title="Estimated useful lives">4</span>-<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zAGZ58BsHL2j" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_znavEQ7X2oGl" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl1754">Shorter of the lease term or the estimated useful life of the assets</span></span></span></td> </tr> </table> <p id="xdx_8A4_zi3sLXYHnmc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_z1jY8kqxU6cf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zytApaPiy7ji" style="display: none">SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIVES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful lives</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mining machine</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachineMember_zWQtuvkHZfXh" title="Estimated useful lives">1</span>~<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachineMember_zIT8iDbkDlS2" title="Estimated useful lives">3</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ElectricGenerationEquipmentMember_zzO2n97xPk2b" title="Estimated useful lives">3</span>-<span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ElectricGenerationEquipmentMember_zr0rQGDHkVU5" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndOfficeEquipmentMember_zRNNFXGlhRe9" title="Estimated useful lives">3</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zdYMpH48aY6k" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles or canteen equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zRd7Ixx14jq6" title="Estimated useful lives">4</span>-<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zAGZ58BsHL2j" title="Estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_znavEQ7X2oGl" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl1754">Shorter of the lease term or the estimated useful life of the assets</span></span></span></td> </tr> </table> P1Y P3Y P3Y P5Y P3Y P5Y P4Y P5Y <p id="xdx_848_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zVNM3rYTsEqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(k) <span id="xdx_86C_zthDxMOJ97jh">Intangible assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock_zRsc0tpxaj32" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated useful lives by intangible asset classes are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zwhprSeTZaw9" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES BY INTANGIBLE ASSET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful lives</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">League tournaments rights</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brand names</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite/<span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_fLg_____zSvbphiOxVM6" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_fLg_____zdVVciG6ayIj" title="Intangible assets, estimated useful lives">6</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agency contract rights</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember__srt--RangeAxis__srt--MinimumMember_fLg_____zq6PBClBaEX6" title="Intangible assets, estimated useful lives">2</span>-<span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember__srt--RangeAxis__srt--MaximumMember_fLg_____z9FlzayoPVck" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Talent acquisition costs</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember__srt--RangeAxis__srt--MinimumMember_fLg_____zkWtfvliCQ7b" title="Intangible assets, estimated useful lives">1</span>-<span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember__srt--RangeAxis__srt--MaximumMember_fLg_____zq6CieHPr8M7" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Game copyright</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--GameCopyrightMember_fLg_____ziUfFS8efhO4" title="Intangible assets, estimated useful lives">3</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember__srt--RangeAxis__srt--MinimumMember_fLg_____zfdMzWxRvr0f" title="Intangible assets, estimated useful lives">2.5</span>-<span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember__srt--RangeAxis__srt--MaximumMember_fLg_____zpcG0nDZYnpj" title="Intangible assets, estimated useful lives">3</span> years</span></td> </tr> </table> <p id="xdx_8AF_zs2mynP0f99g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated useful lives of intangible assets with definite lives are reassessed if circumstances occur that indicate the original estimated useful lives may have changed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets that have indefinite useful lives included the league tournaments rights and brand name of Ninjas in Pyjamas and Wuhan ESVF, and brand name of Young Will as of December 31, 2024, and the league tournaments rights and brand name of Ninjas in Pyjamas, Wuhan ESVF as of December 31, 2025<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span> The Group expects that the league tournaments rights and brand name of Ninjas in Pyjamas, Wuhan ESVF are unlikely to be terminated based on industry experience and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of such intangible assets to be indefinite.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For the year ended December 31, 2025, the Group recorded aggregate impairment charges of $<span id="xdx_900_ecustom--ImpairmentOfIntangibleAssets_pn5n6_c20250101__20251231_zES74YKtVuD8" title="Impairment of intangible assets">64.4</span> million in relation to its intangible assets. Such impairments were recognized as a result of management’s impairment review, which identified underperformance of Ninjas in Pyjamas’s underlying business operations and a reduction in the recoverable amount of the relevant reporting unit when compared with the key valuation assumptions adopted at the original acquisition date. In accordance with disclosure requirements under ASC 350-20-50 and ASC 350-30-50, the fair value of intangible assets for impairment testing was measured utilizing discounted cash flow (“DCF”) driven valuation techniques. Specifically, the relief-from-royalty method was adopted to measure the fair value of the brand name, while the multi-excess earnings method was applied in valuing league tournament seats. Critical significant judgment and key assumptions incorporated in the DCF valuation model include a weighted average cost of capital (WACC) of <span id="xdx_900_ecustom--WeightedAverageRatePercentage_iI_pid_dp_uPure_c20251231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_zD03aTpIL7xc" title="Weighted average rate percentage">12%</span> and a long-term terminal growth rate of <span id="xdx_901_ecustom--TerminalGrowthRatePercentage_iI_pid_dp_uPure_c20251231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_zPX8bgF2BgOb" title="Terminal growth rate percentage">2%</span>. Management updated future cash flow projections to incorporate current market dynamics, updated operational trends and the deteriorated financial outlook of the underlying business as of the reporting date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group capitalizes costs associated with the acquisition of certain members of talent and online entertainers and amortizes these costs straight-line over their estimated useful lives, which reflect the contractual term of the associated talent agreement. The fair value of brand name of Hongli Culture is amortized on a straight-line basis over its estimated useful life.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definite-lived intangible assets are carried at cost less accumulated amortization and impairment if any.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Definite-lived intangible assets are amortized over their estimated useful lives, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Group. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Definite- lived intangible assets may be impaired when the estimated discounted future cash flows generated from the assets are less than their carrying amounts. <span id="xdx_90D_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20230101__20231231_z3fjJHm6Sa1d" title="Impairment of definite-lived intangible assets"><span id="xdx_90E_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20240101__20241231_zRMENRjv4Xy1" title="Impairment of definite-lived intangible assets"><span id="xdx_903_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20250101__20251231_zILdveFGEIrf" title="Impairment of definite-lived intangible assets">No</span></span></span> impairment of definite-lived intangible assets was recognized for the years ended December 31, 2023, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group evaluates indefinite-lived intangible assets as at each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized, but tested for impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. In consideration of the growing esports industry in China, the Group’s improving financial performance, the stable macroeconomic conditions in China and the Group’s future plans, the Group determined that it is not likely that the league tournaments rights and brand name were impaired as of December 31, 2024. Otherwise, there were impairment indicators for the league tournaments rights and brand name of Ninjas in Pyjamas as of December 31, 2025 considering its unsatisfactory financial performance. As such, the impairment amount of indefinite-lived intangible assets recognized for the years ended December 31, 2024, and December 31, 2025 were <span id="xdx_908_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_dxL_c20240101__20241231_zREJPkBrq24d" title="Impairment of infinite-lived intangible assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1790">nil</span></span> and $<span id="xdx_90E_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_c20250101__20251231_zOHURdLOc8b8" title="Impairment of infinite-lived intangible assets">64,406,302</span> respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock_zRsc0tpxaj32" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated useful lives by intangible asset classes are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zwhprSeTZaw9" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES BY INTANGIBLE ASSET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful lives</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">League tournaments rights</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brand names</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite/<span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_fLg_____zSvbphiOxVM6" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_fLg_____zdVVciG6ayIj" title="Intangible assets, estimated useful lives">6</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agency contract rights</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember__srt--RangeAxis__srt--MinimumMember_fLg_____zq6PBClBaEX6" title="Intangible assets, estimated useful lives">2</span>-<span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember__srt--RangeAxis__srt--MaximumMember_fLg_____z9FlzayoPVck" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Talent acquisition costs</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember__srt--RangeAxis__srt--MinimumMember_fLg_____zkWtfvliCQ7b" title="Intangible assets, estimated useful lives">1</span>-<span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember__srt--RangeAxis__srt--MaximumMember_fLg_____zq6CieHPr8M7" title="Intangible assets, estimated useful lives">5</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Game copyright</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--GameCopyrightMember_fLg_____ziUfFS8efhO4" title="Intangible assets, estimated useful lives">3</span> years</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember__srt--RangeAxis__srt--MinimumMember_fLg_____zfdMzWxRvr0f" title="Intangible assets, estimated useful lives">2.5</span>-<span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20251231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember__srt--RangeAxis__srt--MaximumMember_fLg_____zpcG0nDZYnpj" title="Intangible assets, estimated useful lives">3</span> years</span></td> </tr> </table> P5Y P6Y P2Y P5Y P1Y P5Y P3Y P2Y6M P3Y 64400000 0.12 0.02 0 0 0 64406302 <p id="xdx_846_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zhh2s4Pn1IV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(l) <span id="xdx_86E_zYv6gi7D8z75">Goodwill</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the future economic benefits arising from other assets acquired in a business combination or an acquisition by an entity that are not individually identified and separately recognized. Goodwill acquired in a business combination is tested for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Group performed impairment analysis on goodwill as of December 31 every year either beginning with a qualitative assessment, or starting with the quantitative assessment instead. The quantitative goodwill impairment test compares the fair value of each reporting unit to its carrying amount, including goodwill. A reporting unit constitutes a business for which discrete profit and loss financial information is available. The fair value of each reporting unit is established using a combination of expected present value of future cash flows. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determining when to test for impairment, the Group’s reporting units, the fair value of a reporting unit and the fair value of assets and liabilities within a reporting unit, requires judgment and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions and determination of appropriate market comparable. The Group bases fair value estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant changes in the economic characteristics of components or reorganization of an entity’s reporting structure can sometimes result in a re-assessment of the affected operating segment and its components to determine whether reporting units need to be redefined where the components are no longer economically similar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future changes in the judgments and estimates underlying the Group’s analysis of goodwill for possible impairment, including expected future cash flows and discount rate, could result in a significantly different estimate of the fair value of the reporting units and could result in additional impairment of goodwill. The Group determined that it is not likely that the goodwill was impaired as of December 31, 2024. Otherwise, there were impairment indicators for the goodwill of Ninjas in Pyjamas as of December 31, 2025 considering its unsatisfactory financial performance. As such, the impairment amount of goodwill recognized for the years ended December 31, 2024, and December 31, 2025 were <span id="xdx_906_eus-gaap--GoodwillImpairmentLoss_dxL_c20240101__20241231_zZIT8o3Fhqe4" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1796">nil</span></span> and $<span id="xdx_901_eus-gaap--GoodwillImpairmentLoss_c20250101__20251231_zj9ASRTO63d" title="Impairment of goodwill">122,519,218</span> respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 122519218 <p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z8NA3XIh3Wul" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(m) <span id="xdx_864_zSZWDnCHIb19">Impairment of long-lived assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group measures the carrying amount of the asset against the estimated discounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized for the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. The Group did not record any impairment charge for the years ended December 31, 2023, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zeQOm2Ihdavf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(n) <span id="xdx_863_zrAv0k7M3lph">Fair value measurement</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● Level 1—Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● Level 2—Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● Level 3—Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, short-term investments, accounts receivable, amounts due from related parties, prepaid expenses and other current assets, accounts payable, short-term borrowings, long term borrowings, current portion, amounts due to related parties, payable related to league tournaments rights, current, other long-term liability and accrued expenses and other current liabilities. The short-term investment is valued based on broker quotes. The receivable for bitcoin collateral and other digital assets denominated assets and liabilities are carried at fair value based on the primary market (e.g., Binance) price of the underlying bitcoins.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term investments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Group’s short-term investments consisted of private fund products (see Note (4)), and the variable returns indexed to the performance of underlying assets. The Group classifies the valuation techniques that use these inputs as Level 3 of fair value measurement. And the Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive loss as other income/(expense).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contingent consideration payables</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s estimated liability for contingent consideration payables for acquisitions measured at fair value (see Note (3)). The contingent consideration payables are included in other current liabilities on the consolidated balance sheets. The Group estimated the fair value of contingent consideration payables using a discounted expected cash flow method with unobservable inputs of probabilities of successful achievements of certain specified conditions post- acquisition, and accordingly the Group classifies the valuation techniques that use these inputs as Level 3. For the year ended December 31, 2024, the Group recognized a gain of $<span id="xdx_908_eus-gaap--ContingentConsiderationClassifiedAsEquityFairValueDisclosure_iI_c20251231_zLwdZdS3G4Z3" title="Contingent consideration classified as equity fair value disclosure">394,401 </span>of fair value changes for the contingent consideration payables and recorded in fair value change of financial instruments in the statement of operations and comprehensive loss. For the year ended December 31, 2025, there was no balance amount of this account with the disposal of Young Will.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s non-financial assets, such as property and equipment, intangible asset, would be measured at fair value only if they were determined to be impaired.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 394401 <p id="xdx_841_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zEMZgDYBda03" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) <span id="xdx_864_zJEH7PmnBPt5">Revenue recognition</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recognizes revenue under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 1: Identify the contract with the customer</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 2: Identify the performance obligations in the contract</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 3: Determine the transaction price</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 4: Allocate the transaction price to the performance obligations in the contract</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step 5: Recognize revenue when the Company satisfies a performance obligation</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of value added taxes (“VAT”) and surcharges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_ecustom--ScheduleOfMajorRevenueGeneratingActivitiesTableTextBlock_zluvgpchhPh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zyHIAZSZswM3" style="display: none">SCHEDULE OF MAJOR REVENUE GENERATING ACTIVITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zGX4nDjdePd1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zOABe6AttLkf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zHn7yopPJOEh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the years </b></span><b>ended December 31,</b></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember_zM1EHSda3Nw4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 52%; text-align: left">Tournament participation of esports</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,699,506</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,549,677</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,397,578</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember_zq3S4wMlVMBk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">849,768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,036,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,101,544</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember_zLAnSTSl4ne3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sales of branded merchandise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,536</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,059</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--TalentManagementServiceOfEsportsMember_zGdHFdYiYADd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Talent management service of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember_zY5JXtb4dfIj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,147,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,860,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,073</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--OtherMember_zhgy6eQzEUFe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,668,655</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">620,435</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">623,425</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EsportsTeamsOperationMember_z22IyGtDZMKb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Subtotal of Esports teams operation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,664,621</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,725,503</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">11,818,097</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EventProductionMember_zGvhKd9BUeK5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Event production</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">9,409,795</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">23,285,775</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">31,922,001</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfThirdPartyOnlineEntertainersMember_zcy7W6SiFmvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Talent management service of third-party online entertainers</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">52,650,550</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">47,307,158</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">62,825,921</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CryptoAssetMining_zccu1L8B9zQi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Bitcoin mining</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1846">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1847">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">20,064,258</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maRz3jG_zKHjcq4Wkeij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LessSurchargeTax_iN_di_maRz3jG_zCy6TyO40Yll" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: surcharge tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56,525</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">103,731</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_iT_mtRz3jG_zCd9u5NuARo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,668,441</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,266,306</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,526,546</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A9_ziDazrNtqi49" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_zEFPiMhHlOW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes disaggregated revenue from contracts with customers by service type and by segment:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zaRTF6gghgK8" style="display: none">SCHEDULE OF DISAGGREGATED REVENUE FROM CONTRACT WITH CUSTOMERS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zFWhj6GUQta9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zfwxeSulI5Ah" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_za8q9EUSx4Mg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">PRC and other subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfThirdPartyOnlineEnterainersMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zxmOUKOkylt1" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Talent management service of third-party online entertainers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">52,650,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">47,307,158</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">62,825,921</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EventProductionMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zQAUGs5n4Dul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,409,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,285,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,922,001</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zfi0NPAON6R7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tournament participation of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,457,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,723,662</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zvFQFEyQ5sE1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">389,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">832,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,982,072</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zJf4EjvLxPqk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales of branded merchandise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,260</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,053</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">971,380</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfEsportsMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zzDnWZ8ChOz6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent management service of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zclU9OfBhcqk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,638,612</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,093,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,404</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zAshUdvOpRRh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,479</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352,858</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zYl1OoIJ6an1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Subtotal</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">75,235,663</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">81,723,594</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,739,716</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zK6aqYoydAWk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tournament participation of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,242,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,429,327</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,673,916</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zBUECCbTxf68" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,508,686</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">767,749</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">733,669</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zufjKTPH7N47" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119,472</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_z7Yfv6mtSRd4" style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,237,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,991</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zRBfw7Q2bnj9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Sales of branded merchandise</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41,077</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,483</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,679</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--OwnershipAxis__custom--NinjasInPyjamasMember_zuFukLcAVQD" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Subtotal</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,489,303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,594,842</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,826,303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CryptoAssetMining_z4JqiGomg9Ge" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Bitcoin mining</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1924">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1925">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,064,258</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zUL2FiRoNXne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenues</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zJLm70JNfClk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zUfjBeB0uvv5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zv4ubep47BTf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Timing of revenue recognition</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zy7LrHJVYSti" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">At a point in time</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">990,626</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,977,125</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">5,466,113</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zRwLliFA16Ic" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,734,340</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,341,311</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,164,164</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zCiHFGMLaH2b" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zLxRLDJ5Y1da" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Esports teams operation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tournament participation of esports</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group enters into contracts with esports event organizer, to have players participate in esports tournament such as Honor of Kings Pro League (“KPL”), League of Legends Pro League (“LPL”), Counter-Strike: Global Offensive (“CS: GO”) and Rainbow Six, etc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s promises mainly consist of a) providing coaching, training and monitoring for esports players; b) selecting or arranging and monitoring the esports players to participate in tournaments and to participate in market events to promote the league and tournament. All the promises are not separately identifiable and are related to operate and participate in the overall esports event. All the promises are accounted for as a single performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the final contract consideration is unpredictable, league operators usually promise a fixed consideration, also known as Minimum Guarantee promised in the agreement only for PRC and other subsidiaries. For ESVF teams, a fixed amount of RMB<span id="xdx_901_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn6n6_uRMB_c20251231_zgNBo9CKRUF3" title="Performance obligation">3</span> million (only for League of Legends) is promised. Thus, the transaction price consideration consists of fixed consideration plus variable consideration, the variable consideration is mainly determined by two factors, one is the amount of prize pool collected by esports event organizer during each competition season and proportion agreed in the contract, the other is based on the ranking of the Group in each competition season. No amount of variable consideration should be included in the transaction price, since it is not probable that a significant reversal of cumulative revenue recognized will not occur resulting from a change in estimate of the consideration the Group will receive upon finalized prize pool and its ranking. The Group will recognize the revenue of the prize money at each reporting date when the uncertainty is resolved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Esports event organizer could simultaneously receive and consume the benefits provided by the Group in the contract period, thus, the Group satisfies the performance obligation to esports event organizer over the contract period. Furthermore, the main cost to operate an esports team is the salary of players, hence, the Group uses input method to measure progress, and recognizes revenue on a straight-line basis during the tournament period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Player transfer and rental fee</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group enters into contracts with customer, mainly other esports team, to transfer or lease the players right owned by the Group. Player transfer and rental fee is a fixed amount as stated in the contract. The Group recognizes player transfer revenue at a point in time from transfer fees upon satisfaction of the performance obligation, which coincides with the time that the esports player is registered on the league transfer registration platform. The Group uses output method to measure progress, and recognizes player rental revenue on a straight-line basis over the contract period when the performance obligation is satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sponsorships and advertising</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group offers advertisers or companies which like to be promoted a full range of promotional services, including but not limited to livestream announcements, content generation, social media posts, esports players to participate in the recording of advertising videos as customer spokesmen. In most of the cases, the sponsorship agreements may include multiple services that are capable of being individually distinct, however the intended benefit is an association with the Group’s brand and the services are not distinct within the context of the contracts. Customers could simultaneously receive and consume the benefits provided by the Group in the contract period, thus, the Group satisfies the performance obligation to the customers over the contract period. The Group uses input method to measure progress, since what the major inputs is the labor cost and expended evenly throughout the performance period. Thus, the Company recognizes revenue on a straight-line basis, revenues from sponsorship agreements are recognized rateably over the contract term. The contract payment is not subject to any variable consideration or subsequent adjustment. In instances where the timing of revenue recognition differs from the timing of billing, the Group has determined the agreements generally do not include a significant financing component.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Others</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides other service including IP licensing service (The Group enters contract with customer, and grants the customer a right-to-access license of the Group’s intellectual property in selling game props, skins, stickers and player cards) and Reality show service (The Group provides service to the reality show hosted by customer in exchange for a fixed transaction price. The service includes seeking and engaging suitable guests to participate in the reality show, and providing planning and execution services for the reality show). The Company recognizes revenue on a straight-line basis, revenues are recognized rateably over the contract term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group acts as the principal in providing the service to customers and recognizes revenue on gross basis because the Group acts as the main obligor in the arrangement and has the discretion to set up the contract price with customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales of branded merchandise</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group also sells branded merchandise such as mouse, keyboard, hoodie etc. at official online store. The transaction price is fixed. The Group recognizes revenues from sales of branded merchandise at a point of time when the merchandise is delivered to the customer in sound condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Event production</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Event production</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides customized esports or other event production upon requests from its customers in exchange for a fixed transaction price stated on the contract with no variable consideration generally. The services generally entail design, logistics, layout of events, and coordination and supervision of the actual event set-up and implementation. These services are not distinct within the context of the contracts and are considered as a single performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group satisfies the performance obligation to customers over the contract period as the service rendered and recognizes the revenue over the contract period using the output method, which is based on the development milestones periodically confirmed by customers. The service consideration is reconciled and settled based on the development milestones periodically confirmed by customers. The contract payment is not subject to any variable consideration or subsequent adjustment, and the Group has determined the agreements generally do not include a significant financing component.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group regards itself as a principal and recognizes revenue on a gross basis as it controls the services based on i) the Group is the primary obligator in the service contract with the customers, including The Group are in charge of negotiating the specific requirements of each contract with customers, and organizing matches, tournaments and other events for a variety of game titles, musical festivals and other activities; ii) the inventory risk to bear the consequence of any breach of contract caused by the Group; and iii) the Group negotiates the contract price with customers independently and the Group has a strong bargaining power with suppliers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Talent management service</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are three types of talent management service. One type is provided by esports players which is recorded in talent management service of esports, one type is provided by third-party online entertainers which is recorded in talent management service of third-party online entertainers, and the other type is online advertising and promotion service provided by the group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provided by esports players-live stream service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group cooperates with online platform operator, to arrange its owned esports players to provide live streaming of esports games on an online platform. Through this means, online platform operator attracts more audience to their platform and pays service fee to the Group accordingly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provided by third-party online entertainer-live stream service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group establishes a live streaming talent agency, seeks and engages third party online entertainers to register as members of the talent agency. The Group provides training to these online entertainers, and recommends them to provide live streaming on the online platforms. Online platform operator enters tripartite business contract with the Group and the online entertainer. The Group provides talent management service to online platform operator inclusive of the recommendation of online entertainers to deliver live stream, management of online entertainers, training of online entertainers and monitoring of live stream content, etc. The Group charges service fee from online platform operator. The Group pays the online entertainers according to the supplier contract signed with him/her.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For both types of talent management service of live-stream service, the Group regards itself as a principal and recognizes revenue on a gross basis as it controls the services based on i) the primary responsibility for the integrated talent management service in the aspect of establishing the talent agency where the online entertainers register, reserving the right to recommend online entertainers, designate third-party online entertainers’ live content and duration, the provision of management and training of online entertainers; ii) the inventory risk to bear the consequence of any breach of contract caused by the Group as well as online entertainers; and iii) discretion in setting up the price, rather than accepting a fixed percentage of transaction amount imposed by the online platforms and third party online entertainers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consideration of live stream service is variable that determined by the agreed online entertainers’ popularity ranking, and virtual gifts rewarded from the audience. The variable bonus shall be paid by online platform operators after the ranking agreed in the contract is reached. The variable amount related to virtual currencies shall be confirmed by online platform operators at the end of each month, and paid by next month. For talent management service provided by esports players, the variable service fee also depends on the rank of esports team on tournament.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o) Revenue recognition - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides live stream services to online platform operators, the service including a) recommending its live streaming talent agency online entertainers to provide live stream on platform; b) providing live stream management service to online entertainers, including training online entertainers and monitoring the live stream content. Online platform operators could not benefit from these services separately, these services are not distinct and combined as a performance obligation. The Group satisfies the performance obligation to customer over the contract period and recognizes revenue when the variable consideration is expected to be entitled and a significant future reversal of cumulative revenue under the contract will not occur, that is the date on which the Group and customer agrees the service fee monthly. Therefore, the service consideration is reconciled and settled on a monthly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provided by third-party online entertainer- short-form videos production and releasing service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart from the live stream service on the online platforms, the Group seeks for cooperation opportunities with customers such as advertising agents and brand public relationships. Such customers place purchase orders of advertising and promotion in online platform, then the Group carries out content creation and arranges talents to shoot short-form videos implanted advertising and promotion contents. After video releasing, the service fee will be paid to the Group via online platform after deducting a small portion of services fee charged by online platform. The Group pays the talents according to the supplier contracts signed with him/her. The revenue stream to which the above revenue recognition policy relates was discontinued in July 2025; accordingly, such policy is no longer applied by the Group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides short-form videos releasing service in online platform operators to customers, the service mainly including a) producing creative and attractive short-form videos implanted advertising and promotion contents, and releasing the short-form videos in required timepoint and talent account; b) retaining the released videos in platform for a certain period. The Group determines that retaining the released videos in platform for a certain period is immaterial and does not account for it as a separate performance obligation considering such obligation is minimal in the total value of the goods and services in the contract and not important for the customers. The Group charged service fee from customers in online platform operator case by case. The service fee was fixed price on the purchase order which the customers placed in online platform operator. After the Group releasing the short-form videos in online platform, the customers will check and give acceptance to the videos. Once the acceptance is issued by the customers, the payment has been successfully completed to the Group’s agent account in the online platform automatically, and there is no recourse from neither the Group nor the customers. The Group satisfies the performance obligation to customer once the customer gave acceptance to the video, and recognizes revenue when the short-form videos have been accepted by the customers in the online platform. The consideration will be paid to the account of the Group in platform immediately once customers providing acceptance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group regards itself as a principal and recognizes revenue on a gross basis as it controls the services based on i) the Group is the primary obligator in the service contract with the customers, including designating the talents to act in the short-form videos designed by the internal professional team, to provide service to customers in the online platforms.; ii) the inventory risk to bear the consequence of any breach of contract caused by the Group as well as talents; and iii) discretion in setting up the price, rather than accepting a fixed percentage of transaction amount imposed by the online platforms and talents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Talent management service of online advertising and promotion service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of 2024, the Group launched online advertising and promotion service. It primarily concentrates on online promotion activities. It leverages the accounts of online talents, influencers, and content creators to carry out promotional campaigns. These activities are mainly conducted in digital spaces such as social media platforms, live-streaming channels, and short-video apps, aiming to reach target audiences through personalized and interactive online content. According to the contract, the Group deliver comprehensive, integrated promotion and operation services on internet-based paid advertising platforms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides comprehensive end-to-end online promotion and operation services on internet paid advertising platforms, including platform selection, account management, content and strategy formulation, and performance tracking. The Group identifies a single performance obligation, which is to provide integrated online advertising and promotion services. As the performance obligation is satisfied over time as services are delivered, the Group recognizes revenue progressively throughout the service period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In determining whether the Group acts as a principal and recognizes revenue on a gross basis, the Group assesses indicators including control over services before transfer to customers, exposure to inventory risk related to advertising traffic, and discretion in establishing transaction prices. The Group controls the overall provision of services, including platform selection, account management, budget allocation, content creation, campaign execution, and performance reporting, with its cooperation partner only providing limited support for account opening and traffic recharging. The Group bears traffic inventory risk through prepayments to media platforms and temporary funding of campaigns. The Group also retains independent pricing authority through direct customer contracts and the provision of integrated marketing solutions. Based on these factors, the Group has concluded that it acts as a principal and recognizes revenue from online advertising and promotion services on a gross basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For all the revenue streams, the contract payment is not subject to any refund, cancellation or termination provision. No significant financing component, noncash payment identified in the arrangements with customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Bitcoin Mining</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group enters into a contract with a mining pool operator to provide hash calculation services to the mining pool operator using the Group’s own mining machines or purchased hash rate. The Group considers the mining pool operator the customer under this type of arrangement and can decide when to start providing services. The Group’s enforceable right to consideration begins when, and continues as long as, the Group provides hash calculation services to the mining pool operator. Each party to the contract has the unilateral right to terminate the contract at any time without any compensation to the other party for such a termination. As such, the duration of a contract is less than a day and the contract continuously renew throughout the day. The implied renewal option is not a material right because there are no upfront or incremental fees in the initial contract and the terms, conditions, and compensation amount for the renewal options are at the then market rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In exchange for providing hash calculation service to the mining pool operators, the Group is entitled to non-cash compensation, cryptocurrency, from the mining pool operator, which is a variable consideration based on the mining pool operator’s distribution mechanism, which is Full-Pay-Per-Share (“FPPS”). Under the FPPS distribution mechanism, the mining pool pays block rewards and transaction fees, less mining pool fees. The Group is entitled to non-cash consideration even if a block is not successfully validated by the mining pool operator. For the applicable period presented, the Group participated in Bitcoin mining to generate its mining revenues under the FPPS distribution mechanism.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">FPPS Mining Pool</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group participates in the mining pool that uses the FPPS distribution mechanism. The Group is entitled to compensation once it begins to perform hash calculations for the mining pool operator in accordance with the operator’s specifications over a 24-hour period beginning mid-night UTC and ending at 23:59:59 UTC on a daily basis. The non-cash consideration that the Group is entitled to for providing hash calculations to the mining pool operator under the FPPS payment mechanism is made up of block rewards and transaction fees less pool operator fees determined as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-cash consideration referred as the block reward is based on the total blocks expected to be generated on the bitcoin network for the daily 24-hour period beginning midnight UTC and ending 23:59:59 UTC in accordance with the following formula: the daily hash calculations that the Group provides to the pool operator as a percent of the bitcoin network’s implied hash calculations as determined by the network difficulty, multiplied by the total bitcoin network block rewards expected to be generated for the same daily period.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-cash consideration referred as the transaction fees is based on the share of total actual fees paid by the transaction requestor to each block placed in the bitcoin blockchain over the daily 24-hour period beginning midnight UTC and ending 23:59:59 UTC in accordance with the following formula: total actual transaction fees generated on the bitcoin network during the daily 24-hour period as a percent of the total block rewards the bitcoin network actually generated during the same 24-hour period, multiplied by the block rewards the Group earned for the same 24-hour period.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The gross non-cash compensation, consisting of the block reward and transaction fees, earned by the Group is reduced by the mining pool fees charged by the operator for operating the pool based on a rate schedule per the mining pool contract. The mining pool fee is only incurred to the extent the Group performs hash calculations and generates revenue in accordance with the pool operator’s payout formula during the same daily period as discussed above.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above non-cash consideration is variable since the amount of block reward earned depends on the amount of hash calculations the Group provides; the amount of transaction fees depends on the total actual fees paid by the transaction requestor to each block placed in the Bitcoin Blockchain under FPPS and the operator fees for the same period are variable since it is determined based on the total block rewards and transaction fees in accordance with the pool operator’s agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the non-cash consideration is variable, the Group has the ability to estimate the variable consideration when the Group begins to provide hash calculation service with reasonable certainty without the risk of significant revenue reversal. The Group recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator and measures the non-cash consideration based on the spot rate of the underlying cryptocurrency determined using the quoted price of such cryptocurrency at midnight UTC, on the date the Group provides the hash calculation service.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the non-cash consideration the mining pool operators receive from the blockchain networks includes both the block rewards and the transaction fees, the transaction price the Group receives is an aggregate amount and primarily includes the block rewards. As a result, the Group does not present disaggregated revenue information on block rewards and transaction fees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no significant financing component in these transactions, due to the performance obligations and settlement of the transactions being on a daily basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 18.15pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 18.15pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Contract Balances</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group applies the practical expedient in Topic 606 that permits the recognition of incremental costs of obtaining contracts as an expense when incurred if the amortization period of such costs is one year or less. These costs are included in cost of revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment terms are established on the Group’s pre-established credit requirements based upon an evaluation of customers’ credit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue, which representing a contract liability, represents mostly unrecognized revenue amount received from customers. The balance of deferred revenue is recognized as revenue upon the completion of performance obligations. The Group’s deferred revenue amounted to $<span id="xdx_901_eus-gaap--DeferredRevenueCurrent_iI_c20241231_zBtQEXpfzfqc" title="Deferred revenue">1,038,307</span> and $<span id="xdx_90A_eus-gaap--DeferredRevenueCurrent_iI_c20251231_zdusXcNgLepc" title="Deferred revenue">1,609,908</span> as of December 31, 2024 and 2025, respectively. Revenue recognized in the period that was included in the beginning of the period contract liability balance were $<span id="xdx_906_eus-gaap--ContractWithCustomerRefundLiability_iI_c20231231_zD9kLshWBGPj" title="Contract liability">758,410</span>, $<span id="xdx_90A_eus-gaap--ContractWithCustomerRefundLiability_iI_c20241231_zO8kImtkZwf9" title="Contract liability">664,169</span> and $<span id="xdx_90D_eus-gaap--ContractWithCustomerRefundLiability_iI_c20251231_z9CSVzlkg9Y3" title="Contract liability">266,769</span> for the years ended December 31, 2023, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract cost accounted in the account of prepaid expenses and other current assets, represented the incurred cost associated with event production whose revenues have not been recognized yet. The Group’s contract cost amounted to $<span id="xdx_90A_eus-gaap--CapitalizedContractCostNet_iI_c20241231_z5dAcwYDGxwd" title="Captialized contract cost net">372,309</span> and $<span id="xdx_90F_eus-gaap--CapitalizedContractCostNet_iI_c20251231_zq5GFXNrjk4l" title="Captialized contract cost net">153,533</span> as of December 31, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than accounts receivable, deferred revenue and contract cost, the Group had no other material contract assets, contract liabilities recorded on its consolidated balance sheets as of December 31, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transaction price allocated to remaining performance obligation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligation is $<span id="xdx_904_eus-gaap--RevenueRemainingPerformanceObligation_iI_c20241231_zjl505vjhioa">668,932</span>, and the Group will recognize this revenue related to sponsorships and advertising over the remaining contract periods over <span id="xdx_90E_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20241231__srt--RangeAxis__srt--MinimumMember_zwiJ8WbjdsM6">0.5</span> to <span id="xdx_90E_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20241231__srt--RangeAxis__srt--MaximumMember_zAqlltmYA8L6">2.4</span> years. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligation over the remaining contract periods over more than one year is $<span id="xdx_90F_eus-gaap--RevenueRemainingPerformanceObligation_iI_c20251231_zi9TsrBBlKKe">826,135</span>, and the Group will recognize this revenue related to sponsorships, advertising and game publishing over the remaining contract periods over <span id="xdx_906_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember_zBx3lk3KWOhi">0.8</span> to <span id="xdx_903_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember_zZNvWyBOojm8">1.5</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of one year or less. These performance obligations are related to the revenue of sponsorships and advertising, event production and game publishing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_ecustom--ScheduleOfMajorRevenueGeneratingActivitiesTableTextBlock_zluvgpchhPh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zyHIAZSZswM3" style="display: none">SCHEDULE OF MAJOR REVENUE GENERATING ACTIVITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zGX4nDjdePd1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zOABe6AttLkf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zHn7yopPJOEh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the years </b></span><b>ended December 31,</b></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember_zM1EHSda3Nw4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 52%; text-align: left">Tournament participation of esports</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,699,506</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,549,677</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,397,578</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember_zq3S4wMlVMBk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">849,768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,036,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,101,544</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember_zLAnSTSl4ne3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sales of branded merchandise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,536</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,059</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--TalentManagementServiceOfEsportsMember_zGdHFdYiYADd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Talent management service of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember_zY5JXtb4dfIj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,147,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,860,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,073</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hdei--LegalEntityAxis__custom--EsportsTeamMember__srt--ProductOrServiceAxis__custom--OtherMember_zhgy6eQzEUFe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,668,655</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">620,435</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">623,425</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EsportsTeamsOperationMember_z22IyGtDZMKb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Subtotal of Esports teams operation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,664,621</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,725,503</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">11,818,097</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EventProductionMember_zGvhKd9BUeK5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Event production</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">9,409,795</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">23,285,775</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">31,922,001</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfThirdPartyOnlineEntertainersMember_zcy7W6SiFmvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Talent management service of third-party online entertainers</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">52,650,550</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">47,307,158</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">62,825,921</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CryptoAssetMining_zccu1L8B9zQi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Bitcoin mining</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1846">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1847">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">20,064,258</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maRz3jG_zKHjcq4Wkeij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LessSurchargeTax_iN_di_maRz3jG_zCy6TyO40Yll" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: surcharge tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56,525</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">103,731</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_iT_mtRz3jG_zCd9u5NuARo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,668,441</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,266,306</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,526,546</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 7699506 8549677 6397578 849768 1036416 2101544 184337 113536 1000059 1115057 544639 848418 8147298 3860800 847073 3668655 620435 623425 21664621 14725503 11818097 9409795 23285775 31922001 52650550 47307158 62825921 20064258 83724966 85318436 126630277 -56525 -52130 -103731 83668441 85266306 126526546 <p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_zEFPiMhHlOW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes disaggregated revenue from contracts with customers by service type and by segment:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zaRTF6gghgK8" style="display: none">SCHEDULE OF DISAGGREGATED REVENUE FROM CONTRACT WITH CUSTOMERS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zFWhj6GUQta9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zfwxeSulI5Ah" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_za8q9EUSx4Mg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">PRC and other subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfThirdPartyOnlineEnterainersMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zxmOUKOkylt1" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Talent management service of third-party online entertainers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">52,650,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">47,307,158</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">62,825,921</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--EventProductionMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zQAUGs5n4Dul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,409,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,285,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,922,001</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zfi0NPAON6R7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tournament participation of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,457,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,723,662</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zvFQFEyQ5sE1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">389,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">832,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,982,072</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zJf4EjvLxPqk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales of branded merchandise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,260</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,053</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">971,380</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TalentManagementServiceOfEsportsMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zzDnWZ8ChOz6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent management service of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zclU9OfBhcqk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,638,612</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,093,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,404</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember__srt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zAshUdvOpRRh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,479</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352,858</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--OwnershipAxis__custom--PRCAndOtherSubsidiariesMember_zYl1OoIJ6an1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Subtotal</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">75,235,663</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">81,723,594</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,739,716</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--TournamentParticipationOfEsportsMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zK6aqYoydAWk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tournament participation of esports</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,242,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,429,327</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,673,916</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SponsorshipsAndAdvertisingMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zBUECCbTxf68" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsorships and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,508,686</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">767,749</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">733,669</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--PlayerTransferAndRentalFeeMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zufjKTPH7N47" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Player transfer and rental fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119,472</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_z7Yfv6mtSRd4" style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,237,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,991</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--SalesOfBrandedMerchandiseMember__srt--OwnershipAxis__custom--NinjasInPyjamasMember_zRBfw7Q2bnj9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Sales of branded merchandise</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41,077</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,483</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,679</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--OwnershipAxis__custom--NinjasInPyjamasMember_zuFukLcAVQD" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Subtotal</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,489,303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,594,842</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,826,303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CryptoAssetMining_z4JqiGomg9Ge" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Bitcoin mining</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1924">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1925">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,064,258</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zUL2FiRoNXne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenues</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zJLm70JNfClk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zUfjBeB0uvv5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zv4ubep47BTf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Timing of revenue recognition</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zy7LrHJVYSti" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">At a point in time</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">990,626</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,977,125</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">5,466,113</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zRwLliFA16Ic" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,734,340</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,341,311</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,164,164</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zCiHFGMLaH2b" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,724,966</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,318,436</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,630,277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 52650550 47307158 62825921 9409795 23285775 31922001 5457029 6120350 4723662 389881 832124 1982072 143260 70053 971380 1115057 544639 848418 5638612 3093051 113404 431479 470444 352858 75235663 81723594 103739716 2242477 2429327 1673916 2508686 767749 733669 459887 204292 119472 3237176 149991 270567 41077 43483 28679 8489303 3594842 2826303 20064258 83724966 85318436 126630277 990626 2977125 5466113 82734340 82341311 121164164 83724966 85318436 126630277 3000000 1038307 1609908 758410 664169 266769 372309 153533 668932 P0Y6M P2Y4M24D 826135 P0Y9M18D P1Y6M <p id="xdx_840_ecustom--ValueAddedTaxPolicyTextBlock_zrFZfTt7KrFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(p) <span id="xdx_86C_zGGy8q0By4F9">Value added tax (“VAT”)</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group is subject to VAT and related surcharges on revenue generated from sales. The Group records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Group to suppliers. Net VAT balance between input VAT and output VAT is recorded in the line item of other current assets on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--ValueAddedTaxDescription_c20250101__20251231_zRJiBLIv4x87" title="Value added tax description">The PRC VAT rate is 6% or 1% for taxpayers providing services and 13% for product sales for the years ended December 31, 2023, 2024 and 2025. For revenue generated from services, the VAT rate is 6% for the entities that qualified as general tax payers, which are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. The VAT rate is 1% for the entities that qualified as small-scale taxpayers, which are not allowed to offset qualified input VAT paid to suppliers against their output VAT.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The standard VAT rate is <span id="xdx_909_ecustom--StandardValueAddedTaxRatePercentage_iI_pid_dp_uPure_c20241231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_z4RDBq76cLS1" title="Standard VAT rate percentage"><span id="xdx_90F_ecustom--StandardValueAddedTaxRatePercentage_iI_pid_dp_uPure_c20251231__srt--ProductOrServiceAxis__custom--GoodsAndServicesMember_zxHAOkbRwFe9" title="Standard VAT rate percentage">25</span></span>% in Sweden, applicable to all the goods and services provided in Sweden for the years ended December 31, 2024 and 2025. Entities with a Swedish VAT number are allowed to offset qualified input VAT, paid to suppliers against their output VAT.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The PRC VAT rate is 6% or 1% for taxpayers providing services and 13% for product sales for the years ended December 31, 2023, 2024 and 2025. For revenue generated from services, the VAT rate is 6% for the entities that qualified as general tax payers, which are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. The VAT rate is 1% for the entities that qualified as small-scale taxpayers, which are not allowed to offset qualified input VAT paid to suppliers against their output VAT. 0.25 0.25 <p id="xdx_84A_ecustom--CostOfRevenuesPolicyTextBlock_ztLCmB8ciflh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(q) <span id="xdx_86D_zrtKs8XxYdl5">Cost of revenues</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues consists primarily of hosting fee and maintenance fee of Bitcoin mining, salaries and bonus of esports player, talent management service fee paid to online entertainers, the cost of venue set-up and service fee paid to other parties for event production, depreciation of long-lived assets and amortization of intangible asset related to esports, talent management service and Bitcoin mining, cost of merchandise sold, as well as related costs that are directly attributable to the Group’s principal operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--SellingAndMarketingExpensesPolicyTextBlock_z0bJkH9KT5Q9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(r) <span id="xdx_865_zfC5uWBWl0p5">Selling and marketing expenses</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling and marketing expenses mainly consist of (i) staff cost, (ii) advertising costs and market promotion expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_zokmNOaBQhpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(s) <span id="xdx_864_zsDXfkMY7Teh">General and administrative expenses</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative expenses mainly consist of (i) professional service fees; (ii) staff cost, rental and depreciation related to general and administrative personnel, (iii) share-based compensation and (iv) other corporate expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z3RvHHJFCa9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(t) <span id="xdx_86A_zCoWIApmppN3">Share-based compensation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group periodically grants share-based awards to the Group’s eligible employees, which are subject to service conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based awards are measured at the grant date fair value of the equity instrument issued and are recognized as general and administrative expense with graded-vesting schedules over the requisite service period for each separately vesting portion (or tranche) of the award. The Group elects to recognize the effect of forfeitures in general and administrative expense when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized general and administrative expense relating to those awards is reversed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--EmployeeDefinedContributionPlanPolicyTextBlock_z4YOxi5PTxef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(u) <span id="xdx_86B_zsaCV1YAKcFh">Employee defined contribution plan</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to the regulations of the PRC, full-time eligible employees of the Group in the PRC are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group has no further commitments beyond its required contribution.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zMv3RKWwaf2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(v) <span id="xdx_869_zsqnbk2CIe7j">Income taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group’s operating subsidiaries in PRC are subject to examination by the relevant tax authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operation for the years ended December 31, 2023, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_ecustom--NonControllingInterestPolicyTextBlock_zEXZI33yfg6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(w) <span id="xdx_868_zeGshGGbykii">Non-controlling Interest</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A non-controlling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and net income and other comprehensive income attributable to non-controlling shareholders are presented as a separate component on the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z9fFskeEYC79" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(x) <span id="xdx_862_zb5l5dw3SCA3">Foreign currency transactions and translations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency of the Group’s PRC subsidiaries is RMB, which is the local currency used by the subsidiaries to determine financial position and operation result.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency of Ninjas in Pyjamas is SEK, which is the local currency used by the subsidiary to determine financial position and operation result.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s financial statements are reported using U.S. Dollars (“$”). The results of operations and the consolidated statements of cash flows denominated in functional currency is translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in functional currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in consolidated statements of changes in equity (deficit). Gains or losses from foreign currency transactions are included in the results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The value of RMB and SEK against $ and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions of the PRC and Sweden. Any significant revaluation of RMB and SEK may materially affect the Group’s financial condition in terms of $ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:</span></p> <p id="xdx_89E_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zSKPZBUzzFl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_z8DddP9ZB08b" style="display: none">SCHEDULE OF CURRENCY EXCHANGE RATES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance sheet items, except for equity accounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">RMB against $</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--CNY_zuyy624xbtug" title="Balance sheet, exchange rate">7.2993</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_904_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--CNY_ziVohe7d4MAk" title="Balance sheet, exchange rate">6.9931</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SEK against $</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--SEK_zqO3Q4bAzpxj" title="Balance sheet, exchange rate">11.0676</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--SEK_zZ9smgHDYVe" title="Balance sheet, exchange rate">9.2227</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Items in the statements of operation and comprehensive loss, and statements of cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">RMB against $</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90B_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--CNY_z9j4Pn8vooTc" title="Operation and comprehensive loss and cash flows, exchange rate">7.1957</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--CNY_zkA2D22kpvY3" title="Operation and comprehensive loss and cash flows, exchange rate">7.1875</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SEK against $</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--SEK_zYuqAypEDtPl" title="Operation and comprehensive loss and cash flows, exchange rate">10.5747</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--SEK_z0FeEDPp0Avf" title="Operation and comprehensive loss and cash flows, exchange rate">9.8058</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A7_zELeXRewx8Ub" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No representation is made that the RMB amounts and SEK amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(x) Foreign currency transactions and translations - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For RMB against U.S. dollar, there was appreciation of approximately <span id="xdx_901_ecustom--ForeignCurrencyExchangeRateTranslationDepreciationPercentage_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--CNY_zQbXTX4wlP2j" title="Depreciation percentage">4.2</span>% during the year ended December 31, 2025. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For SEK against U.S. dollar, there was appreciation of approximately <span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslationAppreciationPercentage_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--SEK_ztob4vWqcDwk" title="Appreciation percentage">16.7</span>% during the year ended December 31, 2025. It is difficult to predict how market forces or European Union or U.S. government policy may impact the exchange rate between the SEK and the U.S. dollar in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent that the Group needs to convert U.S. dollar into RMB and SEK for capital expenditures and working capital and other business purposes, appreciation of RMB and SEK against the U.S. dollar would have an adverse effect on the RMB and SEK amount of the Group would receive from the conversion. Conversely, if the Group decides to convert RMB and SEK into U.S. dollar for the purpose of making payments for working capital, dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of U.S. dollar against RMB and SEK would have a negative effect on the U.S. dollar amount available to the Group. In addition, a significant depreciation of the RMB and SEK against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Group’s earnings or losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency convertibility risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. 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 (the “PBOC”). Remittances in currencies other than RMB by the Group in the Chinese mainland must be processed through the PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign currency exchange rate risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RMB and SEK has fluctuated against the US$, at times significantly and unpredictably during the reporting periods. The depreciation of the RMB against the US$ was approximately <span id="xdx_907_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_dp_uPure_c20240101__20241231__srt--CurrencyAxis__currency--CNY_zIB87TBMjk76" title="Foreign currency exchange rate risk, depreciation percentage">2.8</span>% for the years ended December 31, 2024 and the appreciation of the RMB against the US$ was approximately <span id="xdx_90E_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--CNY_zESpsEBV2m0f" title="Foreign currency exchange rate risk, depreciation percentage">0.1</span>% for the years ended December 31, 2025, respectively. The depreciation of the SEK against the US$ was approximately <span id="xdx_90A_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_pid_dp_uPure_c20240101__20241231__srt--CurrencyAxis__currency--SEK_zDbhLYCTHC2b" title="Foreign currency exchange rate risk, depreciation percentage">10.1</span>% for the years ended December 31, 2024 and the appreciation of the SEK against the US$ was approximately <span id="xdx_90C_ecustom--ForeignCurrencyExchangeRateRiskDepreciationPercentage_pid_dp_uPure_c20250101__20251231__srt--CurrencyAxis__currency--SEK_z5tt7SG9FiAi" title="Foreign currency exchange rate risk, depreciation percentage">7.3</span>% for the years ended December 31, 2025. It is difficult to predict how market forces or the PRC, Swedish or U.S. government policy may impact the exchange rate between the RMB, SEK and the US$ in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zSKPZBUzzFl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_z8DddP9ZB08b" style="display: none">SCHEDULE OF CURRENCY EXCHANGE RATES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance sheet items, except for equity accounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">RMB against $</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--CNY_zuyy624xbtug" title="Balance sheet, exchange rate">7.2993</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_904_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--CNY_ziVohe7d4MAk" title="Balance sheet, exchange rate">6.9931</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SEK against $</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--SEK_zqO3Q4bAzpxj" title="Balance sheet, exchange rate">11.0676</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--SEK_zZ9smgHDYVe" title="Balance sheet, exchange rate">9.2227</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Items in the statements of operation and comprehensive loss, and statements of cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">RMB against $</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90B_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--CNY_z9j4Pn8vooTc" title="Operation and comprehensive loss and cash flows, exchange rate">7.1957</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--CNY_zkA2D22kpvY3" title="Operation and comprehensive loss and cash flows, exchange rate">7.1875</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SEK against $</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20241231__srt--CurrencyAxis__currency--SEK_zYuqAypEDtPl" title="Operation and comprehensive loss and cash flows, exchange rate">10.5747</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uPure_c20251231__srt--CurrencyAxis__currency--SEK_z0FeEDPp0Avf" title="Operation and comprehensive loss and cash flows, exchange rate">9.8058</span></td><td style="text-align: left"> </td></tr> </table> 7.2993 6.9931 11.0676 9.2227 7.1957 7.1875 10.5747 9.8058 0.042 0.167 0.028 0.001 0.101 0.073 <p id="xdx_841_eus-gaap--EarningsPerSharePolicyTextBlock_zSoDeyQ1bgJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(y) <span id="xdx_86A_z0xkToQTXwC9">Loss per share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Class A ordinary share and Class B ordinary share have the same rights in dividend. Therefore, basic and diluted loss per share are the same for both classes of ordinary shares. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic loss per share as of the date that all necessary conditions have been satisfied. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such share would be anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zywGN8Am3BLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(z) <span id="xdx_86A_zFmvj6K0pig3">Segment reporting</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s chief operating decision makers, CEOs, reviews segment results when making decisions about allocating resources and assessing performance of the Group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the assessment made by CODM, the Group has three<span id="xdx_900_eus-gaap--NumberOfReportableSegments_uSegment_c20250101__20251231_zqj3Be2NcZXg" style="display: none" title="Number of reportable segments">3</span> operating segments: Bitcoin mining business which operated mainly in US, Ninjas in Pyjamas, and entities registered in PRC, Hong Kong and Cayman Island, which operates in PRC (“PRC and other entities”). The Group considers a “management approach” concept as the basis for identifying reportable segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. The Group’s reportable segments are business units that operate in different countries. Ninjas in Pyjamas, mainly operates in Sweden, and Bitcoin mining business, mainly operates in US, which are subject to different regulatory environment than other entities which operate in the PRC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3 <p id="xdx_844_eus-gaap--LesseeLeasesPolicyTextBlock_z0snFFeMwnv9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(aa) <span id="xdx_86F_zWZCAdCLHP7e">Operating lease</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2022, the Group adopted Accounting Standards Update (“ASU”) 2016-02, Lease (FASB ASC Topic 842), using the non-comparative transition option pursuant to ASU 2018-11. Therefore, the Group has not restated comparative period financial information for the effects of ASC 842, and will not make the new required lease disclosures for comparative periods beginning before January 1, 2022. The adoption of Topic 842 resulted in the presentation of operating lease right-of-use (“ROU”) assets and operating lease liabilities on the consolidated balance sheet. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease; (2) lease classification for any expired or existing leases as of the adoption date; and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the interest rate implicit in the Group’s leases is not readily determinable, the Group utilizes its incremental borrowing rate, determined by class of underlying asset, to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives. Some of the Group’s lease agreements contained renewal options; however, the Group did not recognize right-of-use assets or lease liabilities for renewal periods unless it was determined that the Group was reasonably certain of renewing the lease at inception or when a triggering event occurred. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group’s lease agreements did not contain any material residual value guarantees or material restrictive covenants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zkAWpThsiYI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(ab) <span id="xdx_866_zj6kRJfDS924">Recent accounting pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">New Accounting Pronouncements Not Yet Adopted</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220)- Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 simplifies credit loss calculations and permits the election of a practical expedient to assume that conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses on current accounts receivable and current contract assets under ASC 606, Revenue from Contracts with Customers. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025. Early adoption is permitted. The Group is evaluating the effects, if any, of the adoption of these guidance on its consolidated financial statements and related disclosure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white">In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 updates the accounting for costs related to the development of internal-use software to reflect the evolution of software development from a sequential to an agile development method by removing references to project stages in the existing guidance and requiring capitalization of software costs when management has authorized and committed to funding a software project and it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted as of the beginning of a fiscal year. The Group is evaluating the effects, if any, of the adoption of these guidance on its consolidated financial statements and related disclosure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white">In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. ASU 2025-11 is effective for public business entities for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. For entities other than public business entities, this amendment is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted. The Group is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(ab) Recent accounting pronouncements - continued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</span></p> <p id="xdx_806_eus-gaap--BusinessCombinationDisclosureTextBlock_zzszoq6LCse8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span id="xdx_82F_zg69DFcn6vR1">ACQUISITIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.1 BUSINESS ACQUISITION of YOUNG WILL</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 20.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 30, 2024, the Company entered into a definitive agreement (“Young Will agreement”) with the shareholders of Young Cayman, the Cayman parent company that controls Young Will through contractual arrangements, to effect a series of share exchange transactions. Pursuant to the Young Will agreement, such shareholders agreed to sell and transfer to the Company all of the ordinary shares of Young Cayman beneficially owned by them, and in exchange and as consideration therefor, the Company agreed to issue and allot to such beneficial owners certain number of Class A ordinary shares. In October 2024, the Company issued <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_c20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7wJpmmHdPz2" title="Common stock, shares issued">920,212</span> Class A ordinary shares to the beneficial owners of Young Cayman in exchange for 61% of the total issued and outstanding share capital of Young Cayman (“First Closing”) in accordance with the Young Will agreement. After the First Closing, if the 2024 performance target of Young Will set out in the Young Will agreement have been met, the Company shall issue and sell to shareholders of Young Cayman additional number shares of the Company. The Company estimated liability for contingent consideration payables at fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Besides, the Company will subsequently acquire an additional 13% of the share capital of Young Cayman each year during 2025, 2026, and 2027, and in exchange issue a corresponding number of the Company’s Class A ordinary shares to the beneficial owners of Young Cayman, contingent upon the satisfaction of certain terms and conditions set out in the Young Will agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 805, (i) the transaction was identified as business combination with third party; (ii) the Company was identified as accounting acquirer and the acquisition date was October 2, 2024; (iii) the Company conducted the acquisition by issuing <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_c20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4fAtwPP9yEh" title="Common stock, shares issued">920,212</span> Class A ordinary shares to original shareholders of Young Will and the Company elected to use fair value of the acquirer’s equity interest and the acquisition-date fair value of contingent consideration as the consideration transferred. Since the Company is a listed company in Nasdaq, therefore, the management determined the acquisition date fair value of the consideration by using acquirer’s equity interests. The excess of consideration over the fair value of assets and liabilities of businesses acquired shall be recognized as goodwill. The Company engaged an independent valuation appraiser to assist in identification and evaluation of fair value of contingent consideration for acquisition and identifiable assets acquired and liabilities assumed as of the acquisition date. Pursuant to ASC 830-30-45-3 and ASC 830-30-45-11, after the initial recognition, the Company recognized the fair values of the acquired assets and liabilities and translated the individual assets (including goodwill) of Young Will from RMB to USD, the Company elects not to apply pushdown accounting in Young Will’ separate financial statements and maintains the records necessary to adjust the consolidated amounts to what they would have been had the amounts been recorded in the Young Will’ books and records.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. BUSINESS ACQUISITION – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.1 BUSINESS ACQUISITION of YOUNG WILL – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company used the following valuation methodologies to value assets acquired, liabilities assumed and intangible assets identified:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">— Intangible assets – Customer relationships were valued using the multi-period excess earning method under income approach, which represents the excessive earnings generated by the asset that remains after a deduction for a return on other contributory assets;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">— Intangible assets – Brand name were valued using the relief from royalty method under income approach, which represents the benefits of owning the intangible asset rather than paying royalties for its right of use;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">— Intangible assets —Talent relationships were valued using the with-and-without approach, which comparing two scenarios: one is the situation “with” a particular intervention, policy, or activity, and the other is the situation “without” it. By comparing these two scenarios, the impact of the intervention can be estimated;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">— Other assets and liabilities carrying value approximated fair value at the time of acquisition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zfFP2QlTSQf9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the acquisition date of October 2, 2024, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zRpL2vGOI5Wi" style="display: none">SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED BASED ON THEIR FAIR VALUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zjOf0JH7tUKi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Fair value of consideration transferred</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_eus-gaap--BusinessCombinationConsiderationTransferredOther1_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zLIH1CYEs5Tf" title="Fair value of consideration transferred">3,311,721</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fair value of contingent consideration payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_ecustom--BusinessCombinationFairValueOfContingentConsideration_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zSlNDgvxwVud" title="Fair value of consideration transferred">404,418</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Fair value of consideration transferred</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zRTDf3ip5v3f" title="Fair value of consideration transferred">3,716,139</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Fair value of the assets acquired and the liabilities assumed</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetWorkingCapital_iI_zYSrV4T8LdUb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net working capital <sup id="xdx_F4F_zOKVUsG3j8g7">(3)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,294</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zok24ICBxsV5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets – Customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember_zMPsSYSsZZRk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets – Agency contract rights</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,809,761</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandNameMember_z1SOKuUgAJBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets – Brand name</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">669,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandNameMember_zK8NpU3vnMzg" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">669,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--BusinessCombinationRecognizedIdentifiableNonoperatingAssetAndLiability_iI_z6so02D0K0S5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-operating asset/liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">866,642</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iNI_di_zpVXOoeoHry" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liability<sup id="xdx_F44_zprMo7cpboVe">(4)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,596,010</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Redeemable non-controlling interests</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--NoncontrollingInterestIncreaseFromBusinessCombination_iN_di_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zcWcvQ69Jf56" style="text-align: right" title="Less: Non-controlling interest">(2,841,123</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_zFaSmEDkdG7e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total identifiable assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,962,842</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--Goodwill_iI_ztwRfuUjVht2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Goodwill</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">753,297</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F08_zVKt36Q1H8Zh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F10_zcrnYfoOqss3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among which, cash acquired from acquisition of Young Will was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFTU0VUUyBBQ1FVSVJFRCBBTkQgTElBQklMSVRJRVMgQVNTVU1FRCBCQVNFRCBPTiBUSEVJUiBGQUlSIFZBTFVFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--CashAcquiredFromAcquisition_c20230110__20230110__us-gaap--BusinessAcquisitionAxis__custom--NinjasInPyjamasGamingABMember_zz7wFhMYIldc" title="Cash acquired from acquisition">296,139</span>.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0D_zuOIXTblaYE3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zT0sOPkPpYbd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities were calculated based on appreciation fair value of all intangible assets multiplied by income tax rate.</span></td></tr> </table> <p id="xdx_8A0_zRoJZ2lLsVa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. BUSINESS ACQUISITION – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.1 BUSINESS ACQUISITION of YOUNG WILL – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The goodwill acquired resulted primarily from Young Will’ expected synergies and assembled workforce from the integration of businesses acquired into the Company’s existing business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net revenue of $<span id="xdx_902_eus-gaap--BusinessAcquisitionsProFormaRevenue_c20240101__20241231_zJQl5mdhW9Lb" title="Business acquisition, net revenue">1,935,611</span> and net income of $<span id="xdx_909_eus-gaap--BusinessAcquisitionsProFormaNetIncomeLoss_c20240101__20241231_zfYaVEurCjW8" title="Business acquisition, net income">305,443</span> arising from acquisition of Young Will made in period from acquisition date to December 31, 2024 that are included in the Group’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the Company entered into a termination agreement with the shareholders of ZSZQ Limited, pursuant to which the parties mutually agreed to terminate the share swap agreement and all related ancillary agreements and instruments in respect of the share swap transactions. The transaction constituted a disposal of the Company’s interest in Young Will, for which no consideration was received. The Company recognized a loss on disposal of $ <span id="xdx_90A_eus-gaap--GainOrLossOnSaleOfStockInSubsidiary_c20250701__20250731_zMr2EI3tvbvg" title="Gain (loss) on disposal of subsidiary">1,911,840</span> in the consolidated statements of operations. As of July 31, 2025, all shares previously issued pursuant to the share swap agreement had been fully surrendered and cancelled, with no shares remaining outstanding in connection with such transactions. As of the disposal date, Young Will had total assets of $<span id="xdx_90F_eus-gaap--Assets_iI_c20250731__us-gaap--BusinessAcquisitionAxis__custom--YoungWillLtdMember_zkeIQvrjrvZ1" title="Total assets"> 2,504,050</span>, and a net loss of $<span id="xdx_906_eus-gaap--ProfitLoss_c20250101__20250731__us-gaap--BusinessAcquisitionAxis__custom--YoungWillLtdMember_zbGQXMro1KM3" title="Profit loss">249,177</span> for the seven months ended July 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 20.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.2 BUSINESS ACQUISITION of JINYUANBAO</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 23, 2024, Wuhan Alunyou Network Information Development Co., Ltd. (“Wuhan Alunyou”) entered into a Share Transfer Agreement (the “Jinyuanbao Agreement”) with the beneficial owners of Jinyuanbao. According to Jinyuanbao Agreement, Wuhan Alunyou acquired <span id="xdx_909_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20240923__us-gaap--BusinessAcquisitionAxis__custom--JinyuanbaoMember__us-gaap--TypeOfArrangementAxis__custom--ShareTransferAgreementMember_zvyUFMGxkHXd" title="Equity stake percentage">90</span>% of Jinyuanbao’s equity with cash consideration of RMB <span id="xdx_90D_eus-gaap--BusinessCombinationConsiderationTransferred1_uRMB_c20240923__20240923__us-gaap--BusinessAcquisitionAxis__custom--JinyuanbaoMember__us-gaap--TypeOfArrangementAxis__custom--ShareTransferAgreementMember_zaYu1BmN87M9" title="Cash consideration">900,000</span>, and Wuhan Alunyou has fully paid the consideration on October 1, 2024 which was the acquisition date. Under this business acquisition, no intangible assets were identified, and the goodwill was recognized at the amount of $<span id="xdx_90D_eus-gaap--Goodwill_iI_c20240923__us-gaap--BusinessAcquisitionAxis__custom--JinyuanbaoMember__us-gaap--TypeOfArrangementAxis__custom--ShareTransferAgreementMember_zpAlZS3f9ni5" title="Goodwill">942,021</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.3 ASSETS ACQUISITION OF MINING MACHINES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 27, 2025, the Company entered into a definitive Asset Purchase Agreement (the “APA”) to acquire on-rack crypto mining machines from Fortune Peak Limited and Apex Cyber Capital Limited (together, the “Sellers”). On September 5, 2025, upon the closing of the transaction, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250627__20250627__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z1rYf5HXEVzh" title="Number of shares">119,553,439</span> Class A ordinary shares of the Company to the sellers. These mining machines are currently used for Bitcoin mining.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The acquired set of mining machines did not meet the definition of a business as defined in ASC 805, Business Combinations, as no substantive processes or inputs that together significantly contribute to the ability to create outputs were acquired. The assets acquired consisted primarily of bitcoin mining machines, which are included in Property and equipment, net on the Consolidated Balance Sheets. The fair value of the mining machines acquired was initially recorded at the fair value of $<span id="xdx_901_eus-gaap--FairValueOfAssetsAcquired_pn5n6_c20250627__20250627_zizdvU1fwx04" title="Fair value of the mining machines">20.3</span> million and was determined using the market approach, adjusted by relevant market factors and specific characteristics of the mining machines, in exchange for the issuance of contracted share number of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250627__20250627__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDmXoqLUULjg" title="Number of shares">119,553,439</span> ordinary shares. No identifiable intangible assets were acquired, no goodwill was recognized, and no liabilities were assumed in connection with the transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 20.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 920212 920212 <p id="xdx_891_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zfFP2QlTSQf9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the acquisition date of October 2, 2024, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zRpL2vGOI5Wi" style="display: none">SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED BASED ON THEIR FAIR VALUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zjOf0JH7tUKi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Fair value of consideration transferred</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_eus-gaap--BusinessCombinationConsiderationTransferredOther1_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zLIH1CYEs5Tf" title="Fair value of consideration transferred">3,311,721</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fair value of contingent consideration payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_ecustom--BusinessCombinationFairValueOfContingentConsideration_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zSlNDgvxwVud" title="Fair value of consideration transferred">404,418</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Fair value of consideration transferred</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zRTDf3ip5v3f" title="Fair value of consideration transferred">3,716,139</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Fair value of the assets acquired and the liabilities assumed</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetWorkingCapital_iI_zYSrV4T8LdUb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net working capital <sup id="xdx_F4F_zOKVUsG3j8g7">(3)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,294</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zok24ICBxsV5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets – Customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember_zMPsSYSsZZRk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets – Agency contract rights</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,809,761</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandNameMember_z1SOKuUgAJBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets – Brand name</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">669,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandNameMember_zK8NpU3vnMzg" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">669,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--BusinessCombinationRecognizedIdentifiableNonoperatingAssetAndLiability_iI_z6so02D0K0S5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-operating asset/liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">866,642</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iNI_di_zpVXOoeoHry" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liability<sup id="xdx_F44_zprMo7cpboVe">(4)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,596,010</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Redeemable non-controlling interests</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--NoncontrollingInterestIncreaseFromBusinessCombination_iN_di_c20241002__20241002__us-gaap--BusinessAcquisitionAxis__custom--WuhanYoungWillNetworkTechnologyCoLtdMember_zcWcvQ69Jf56" style="text-align: right" title="Less: Non-controlling interest">(2,841,123</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_zFaSmEDkdG7e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total identifiable assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,962,842</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--Goodwill_iI_ztwRfuUjVht2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Goodwill</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">753,297</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F08_zVKt36Q1H8Zh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F10_zcrnYfoOqss3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among which, cash acquired from acquisition of Young Will was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFTU0VUUyBBQ1FVSVJFRCBBTkQgTElBQklMSVRJRVMgQVNTVU1FRCBCQVNFRCBPTiBUSEVJUiBGQUlSIFZBTFVFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--CashAcquiredFromAcquisition_c20230110__20230110__us-gaap--BusinessAcquisitionAxis__custom--NinjasInPyjamasGamingABMember_zz7wFhMYIldc" title="Cash acquired from acquisition">296,139</span>.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0D_zuOIXTblaYE3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zT0sOPkPpYbd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities were calculated based on appreciation fair value of all intangible assets multiplied by income tax rate.</span></td></tr> </table> 3311721 404418 3716139 149294 3904524 1809761 669754 669754 866642 1596010 2841123 2962842 753297 296139 1935611 305443 1911840 2504050 249177 0.90 900000 942021 119553439 20300000 119553439 <p id="xdx_803_eus-gaap--InvestmentTextBlock_zcO1Q0zFipth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_82D_zOuPohFTsTCi">SHORT-TERM INVESTMENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Group’s short-term investments consisted of Right Time Third Fund SP, was issued by a private fund with variable returns indexed to the performance of underlying assets. The investment can be redeemed at any time after the 12 months lock-up period. Fair value is estimated according to the net asset value provided by the private fund based on the fair value of its underlying investments (e.g., principal, interest income) minus operational expenses (e.g., legal fees, administrative costs). The Group classifies the valuation techniques that use these inputs as Level 3 of fair value measurement.</span></p> <p id="xdx_895_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTextBlock_zodmKqlts5k7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zBfUyNla7HV1" style="display: none">SCHEDULE OF SHORT-TERM INVESTMENTS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zqrXFCgxMvA6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231_zzzHDZvQJY6h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PaymentsToAcquireShortTermInvestments_zUHpxdEGYP35" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Fund</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,995,607</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--GainLossOnInvestments_zsZTBqW3U7V1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Fair value change</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212,851</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total short-term investments</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_c20241231_zY2EjuTAZ2V1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total short-term investments">2,995,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--ShortTermInvestments_iI_c20251231_zTQ0WdztkDT7" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total short-term investments">3,208,458</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zjngBwTmh5L7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2024, the Group paid $<span id="xdx_902_eus-gaap--PaymentsToAcquireShortTermInvestments_c20240101__20241231_zuO1Uhsm4EX2" title="Cash to invest in private investment">3,000,000</span> in cash to invest in private investment fund of Right Time SPC. During the year ended December 31, 2024 and 2025, the Group recognized a fair value loss of USD <span id="xdx_901_eus-gaap--GainLossOnInvestments_iN_di_c20240101__20241231_z8tUGIKirhr" title="Fair value change">4,393</span> and fair value gain of USD <span id="xdx_902_eus-gaap--GainLossOnInvestments_c20250101__20251231_z5IQrOZKUKze" title="Fair value change">212,851</span> respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTextBlock_zodmKqlts5k7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zBfUyNla7HV1" style="display: none">SCHEDULE OF SHORT-TERM INVESTMENTS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zqrXFCgxMvA6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231_zzzHDZvQJY6h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PaymentsToAcquireShortTermInvestments_zUHpxdEGYP35" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Fund</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,995,607</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--GainLossOnInvestments_zsZTBqW3U7V1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Fair value change</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212,851</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total short-term investments</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_c20241231_zY2EjuTAZ2V1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total short-term investments">2,995,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--ShortTermInvestments_iI_c20251231_zTQ0WdztkDT7" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total short-term investments">3,208,458</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 3000000 2995607 -4393 212851 2995607 3208458 3000000 -4393 212851 <p id="xdx_80D_eus-gaap--AccountsAndNontradeReceivableTextBlock_zoFUp9EeMgwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. <span id="xdx_821_zLJLKFSpoxI">ACCOUNTS RECEIVABLE, NET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_z45rbC8X4nl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BB_zyzrfMiUqh2l" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLE NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_z3QOwxyNshhk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_z4Uh2ZOlefjd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AccountsReceivableGrossCurrent_iI_maARNCzJQ6_zEFsHQhEKm93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable<span id="xdx_F45_zTUs1JmNjFvh">*</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">28,567,980</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37,903,617</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNI_di_msARNCzJQ6_z0QM7q2G8BA8" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1pt">Provision for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(188,432</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,607,934</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--AccountsReceivableNetCurrent_iTI_mtARNCzJQ6_z6I9Ua8knmB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,379,548</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,295,683</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0B_zyTNmLlghEVk" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zuSsofJZyHa7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ09VTlRTIFJFQ0VJVkFCTEUgTkVUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--AccountsReceivableGrossCurrent_iI_c20241231__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember__us-gaap--DebtInstrumentAxis__us-gaap--ShortTermDebtMember_zrH7XPyjv47a" title="Accounts receivable">4,025,547</span> and $ <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ09VTlRTIFJFQ0VJVkFCTEUgTkVUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--AccountsReceivableGrossCurrent_iI_c20251231__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember__us-gaap--DebtInstrumentAxis__us-gaap--ShortTermDebtMember_zFHqBEBGIWeg" title="Accounts receivable">8,805,611</span> in accounts receivable were pledged as collateral for short-term borrowing as of December 31, 2024 and December 31, 2025 (Note 12).</span></td></tr> </table> <p id="xdx_8A4_z39ohSqMaiKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recorded provision for credit losses of <span id="xdx_90E_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_dxL_c20231231_zWMYAIniulW1" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2127">nil</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, $<span id="xdx_90F_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20241231_zPkmjyEMlxhd">188,432</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_900_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20251231_zJaAqLhc9oZk" title="Provision for credit losses">1,607,934</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ended December 31, 2023, 2024 and 2025 respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reversal of provision for credit losses were $<span id="xdx_901_ecustom--ReversalOfCreditLosses_iN_di_c20230101__20231231_zhHmP5QHMyJe">11,041</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, <span id="xdx_90A_ecustom--ReversalOfCreditLosses_iN_dixL_c20240101__20241231_z2I7a4CND10a" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2132">nil</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_902_ecustom--ReversalOfCreditLosses_iN_dixL_c20250101__20251231_zZjv1irrFTt1" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2133">nil</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ended December 31, 2023, 2024 and 2025, respectively. The Group did not incur any accounts receivable write-offs during the years ended December 31, 2023, 2024, and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_z45rbC8X4nl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BB_zyzrfMiUqh2l" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLE NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_z3QOwxyNshhk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_z4Uh2ZOlefjd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AccountsReceivableGrossCurrent_iI_maARNCzJQ6_zEFsHQhEKm93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable<span id="xdx_F45_zTUs1JmNjFvh">*</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">28,567,980</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37,903,617</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNI_di_msARNCzJQ6_z0QM7q2G8BA8" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1pt">Provision for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(188,432</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,607,934</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--AccountsReceivableNetCurrent_iTI_mtARNCzJQ6_z6I9Ua8knmB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,379,548</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,295,683</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0B_zyTNmLlghEVk" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zuSsofJZyHa7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ09VTlRTIFJFQ0VJVkFCTEUgTkVUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--AccountsReceivableGrossCurrent_iI_c20241231__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember__us-gaap--DebtInstrumentAxis__us-gaap--ShortTermDebtMember_zrH7XPyjv47a" title="Accounts receivable">4,025,547</span> and $ <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ09VTlRTIFJFQ0VJVkFCTEUgTkVUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--AccountsReceivableGrossCurrent_iI_c20251231__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember__us-gaap--DebtInstrumentAxis__us-gaap--ShortTermDebtMember_zFHqBEBGIWeg" title="Accounts receivable">8,805,611</span> in accounts receivable were pledged as collateral for short-term borrowing as of December 31, 2024 and December 31, 2025 (Note 12).</span></td></tr> </table> 28567980 37903617 188432 1607934 28379548 36295683 4025547 8805611 188432 1607934 -11041 <p id="xdx_80B_ecustom--ReceivableForBitcoinCollateralNetTextBlock_zXNi8TO0mMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_824_ziS65lsbJVNf">RECEIVABLE FOR BITCOIN COLLATERAL, NET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89C_ecustom--ScheduleOfReceivableForBitcoinCollateralNetTableTextBlock_zaVj870ttEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivable for bitcoin collateral, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zmWzmm9rtVTj" style="display: none">SCHEDULE OF RECEIVABLE FOR BITCOIN COLLATERAL, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_znx8nxce9bOb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231_zYwPIQAKoU5d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--ReceivableForBitcoinCollateralGross_iI_z5GtT3Pc23h1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Receivable for bitcoin collateral</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2139">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,739,203</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ChangeInFairValueOfReceivableForBitcoinCollateral_iI_zmxIiFqsPiWe" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1pt">Changes in fair value of receivable for bitcoin collateral</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2142">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,931,287</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--ReceivableForBitcoinCollateralNet_iI_z0eXgFrJzz0c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Receivable for bitcoin collateral, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2145">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,807,916</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zkz8lDAEFJK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2025, the Group reported receivable for bitcoin collateral related to <span id="xdx_909_ecustom--NumberOfBitcoin_c20250101__20251231_zWxW2M6VTBjk" title="Number of bitcoin">189.93</span> Bitcoin with a fair value of $<span id="xdx_906_ecustom--ReceivableForBitcoinCollateralNet_iI_c20251231_zEmaCSr5WMy8" title="Fair value of bitcoin collateral">16,807,916</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recorded provision for credit losses for bitcoin collateral of <span id="xdx_907_ecustom--ProvisionsForOtherCreditLosses_dxL_c20250101__20251231_zR2z6O1ZN744" title="Provision for credit losses for bitcoin collateral::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2152">nil</span></span> for the years ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_ecustom--ScheduleOfReceivableForBitcoinCollateralNetTableTextBlock_zaVj870ttEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivable for bitcoin collateral, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zmWzmm9rtVTj" style="display: none">SCHEDULE OF RECEIVABLE FOR BITCOIN COLLATERAL, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_znx8nxce9bOb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231_zYwPIQAKoU5d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--ReceivableForBitcoinCollateralGross_iI_z5GtT3Pc23h1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Receivable for bitcoin collateral</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2139">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,739,203</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ChangeInFairValueOfReceivableForBitcoinCollateral_iI_zmxIiFqsPiWe" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1pt">Changes in fair value of receivable for bitcoin collateral</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2142">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,931,287</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--ReceivableForBitcoinCollateralNet_iI_z0eXgFrJzz0c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Receivable for bitcoin collateral, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2145">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,807,916</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 19739203 -2931287 16807916 189.93 16807916 <p id="xdx_800_eus-gaap--CryptoAssetTextBlock_zpM1lgmaAaOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. CRYPTO ASSESTS HELD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_829_z8aEU55AgIXi" style="display: none">CRYPTO ASSETS HELD</span></span></span></p> <p id="xdx_892_eus-gaap--CryptoAssetActivityTableTextBlock_zErWDgey7vIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents a summary of the crypto assets held at fair value by the Group:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zQ2VD55D7exc" style="display: none">SCHEDULE OF CRYPTO ASSETS HELD AT FAIR VALUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="22" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">Units</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Cost Basis</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Fair value</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Units</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Cost Basis</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Fair value</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%">USDT</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetNumberOfUnits_iI_c20241231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zOqgWSWBSDdf" style="width: 6%; text-align: right" title="Number of units"><span style="-sec-ix-hidden: xdx2ixbrl2158">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--CryptoAssetCost_iI_c20241231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_z1bC6I6MoBEj" style="width: 6%; text-align: right" title="Cost basis"><span style="-sec-ix-hidden: xdx2ixbrl2160">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_c20241231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zOMaUISrE0Fa" style="width: 6%; text-align: right" title="Fair value"><span style="-sec-ix-hidden: xdx2ixbrl2162">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zbs8IZFPL9L7" style="width: 6%; text-align: right" title="Number of units">571,907</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--CryptoAssetCost_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_z18OWNKUaWP1" style="width: 8%; text-align: right" title="Cost basis">570,275</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zwR12FuQQlpj" style="width: 6%; text-align: right" title="Fair value">571,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others<sup>(1)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetNumberOfUnits_iI_c20241231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zi7o7Hc53tX1" style="text-align: right" title="Number of units"><span style="-sec-ix-hidden: xdx2ixbrl2170">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_c20241231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zDdDYu7NvIA5" style="text-align: right" title="Cost basis"><span style="-sec-ix-hidden: xdx2ixbrl2172">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetFairValue_iI_c20241231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zpROz3DN4YD1" style="text-align: right" title="Fair value"><span style="-sec-ix-hidden: xdx2ixbrl2174">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetNumberOfUnits_iI_c20251231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zMlVGx35NeNb" style="text-align: right" title="Number of units">1,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_c20251231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zTe5K94Du8R" style="text-align: right" title="Cost basis">484</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetOthersMember_fKDEp_zNCZV9WIT3J2" style="text-align: right" title="Fair value">484</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Crypto assets held</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetNumberOfUnits_iI_c20241231_z7jIKoq5I84h" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of units"><span style="-sec-ix-hidden: xdx2ixbrl2182">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--CryptoAssetCost_iI_c20241231_z0DzsDVZ2T82" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cost basis"><span style="-sec-ix-hidden: xdx2ixbrl2184">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--CryptoAssetFairValue_iI_c20241231_zOb1qyndXS84" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Fair value"><span style="-sec-ix-hidden: xdx2ixbrl2186">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetNumberOfUnits_iI_c20251231_zwVUkQ5vN7V9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of units">573,290</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--CryptoAssetCost_iI_c20251231_zOvaTJQe8oE8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cost basis">570,759</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_c20251231_zCzxhl0z0H7k" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Fair value">571,762</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0E_zcpNvHuSU813" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zIcQglqOLh33" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes various other crypto currency asset balances, none of which individually represented more than 5% of total crypto currency assets as of December 31, 2024 and 2025.</span></td></tr></table> <p id="xdx_8AB_zhxi80c3S2M4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_ecustom--ScheduleOfFairValueRollForwardOfCryptoAssetsHeldAtFairValueTableTextBlock_zGEkMNjQ73kl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table is a fair value roll-forward of the Group’s crypto assets held at fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_za6NfDFyKaU7" style="display: none">SCHEDULE OF FAIR VALUE ROLL-FORWARD OF GROUP’S CRYPTO ASSETS HELD AT FAIR VALUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zxuQSpvCtgCa" style="border-bottom: Black 1pt solid; text-align: center">USDT</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_zIBh5u1VJwG4" style="border-bottom: Black 1pt solid; text-align: center">Others</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zxIboBfu6apd" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">USDT</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Others</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--CryptoAssetFairValue_iS_zOeCfgoU5yyf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Crypto assets held January 1, 2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2197">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2198">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2199">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CryptoAssetAddition_zEnfVKxhkn47" style="vertical-align: bottom; background-color: White"> <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions<sup id="xdx_F48_zOGQSAhcvorf">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">20,420,416</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">603</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">20,421,019</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CryptoAssetDisposition_iN_di_zylhtnrK6A88" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispositions<sup id="xdx_F4A_zDmqJUpTLl77">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,849,138</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(119</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,849,257</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--CryptoAssetFairValue_iE_zq7Tnx9MDf3e" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Crypto assets held December 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">571,278</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">484</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">571,762</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F05_zvBEepbGSW95" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zoJT56czufP9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions represented the crypto assets received as borrowings from Antalpha Digital Pte Ltd described in Note 12 and crypto assets received from disposal of BTC for USDT.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F08_zFsmsXZiDKs3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z4vN0KADqtFf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispositions represent crypto asset payments for costs and expenses.</span></td></tr></table> <p id="xdx_8A5_zs9w6blA8ZI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Group held $<span id="xdx_90C_eus-gaap--CryptoAssetPaymentForService_c20250401__20250630_z6Q5PadIsgF" title="Crypto assets for payment of service fee">571,762</span> of Crypto assets for paying the hosting service fee. The Group paid hosting service fee in Crypto assets which were funded through borrowings from Antalpha Digital Pte. Ltd. Crypto assets are held by self-custodial MPC wallet without involving on-chain staking or unstaking arrangements on public blockchains such as Ethereum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--CryptoAssetActivityTableTextBlock_zErWDgey7vIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents a summary of the crypto assets held at fair value by the Group:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zQ2VD55D7exc" style="display: none">SCHEDULE OF CRYPTO ASSETS HELD AT FAIR VALUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="22" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">Units</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Cost Basis</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Fair value</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Units</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Cost Basis</td><td> </td><td> </td> <td colspan="2" style="text-align: center">Fair value</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%">USDT</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetNumberOfUnits_iI_c20241231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zOqgWSWBSDdf" style="width: 6%; text-align: right" title="Number of units"><span style="-sec-ix-hidden: xdx2ixbrl2158">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--CryptoAssetCost_iI_c20241231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_z1bC6I6MoBEj" style="width: 6%; text-align: right" title="Cost basis"><span style="-sec-ix-hidden: xdx2ixbrl2160">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_c20241231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zOMaUISrE0Fa" style="width: 6%; text-align: right" title="Fair value"><span style="-sec-ix-hidden: xdx2ixbrl2162">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zbs8IZFPL9L7" style="width: 6%; text-align: right" title="Number of units">571,907</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--CryptoAssetCost_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_z18OWNKUaWP1" style="width: 8%; text-align: right" title="Cost basis">570,275</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zwR12FuQQlpj" style="width: 6%; text-align: right" title="Fair value">571,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others<sup>(1)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetNumberOfUnits_iI_c20241231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zi7o7Hc53tX1" style="text-align: right" title="Number of units"><span style="-sec-ix-hidden: xdx2ixbrl2170">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_c20241231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zDdDYu7NvIA5" style="text-align: right" title="Cost basis"><span style="-sec-ix-hidden: xdx2ixbrl2172">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetFairValue_iI_c20241231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zpROz3DN4YD1" style="text-align: right" title="Fair value"><span style="-sec-ix-hidden: xdx2ixbrl2174">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetNumberOfUnits_iI_c20251231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zMlVGx35NeNb" style="text-align: right" title="Number of units">1,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_c20251231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_fKDEp_zTe5K94Du8R" style="text-align: right" title="Cost basis">484</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iI_c20251231__srt--CryptoAssetAxis__custom--CryptoAssetOthersMember_fKDEp_zNCZV9WIT3J2" style="text-align: right" title="Fair value">484</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Crypto assets held</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetNumberOfUnits_iI_c20241231_z7jIKoq5I84h" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of units"><span style="-sec-ix-hidden: xdx2ixbrl2182">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--CryptoAssetCost_iI_c20241231_z0DzsDVZ2T82" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cost basis"><span style="-sec-ix-hidden: xdx2ixbrl2184">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--CryptoAssetFairValue_iI_c20241231_zOb1qyndXS84" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Fair value"><span style="-sec-ix-hidden: xdx2ixbrl2186">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetNumberOfUnits_iI_c20251231_zwVUkQ5vN7V9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of units">573,290</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--CryptoAssetCost_iI_c20251231_zOvaTJQe8oE8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cost basis">570,759</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_c20251231_zCzxhl0z0H7k" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Fair value">571,762</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0E_zcpNvHuSU813" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zIcQglqOLh33" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes various other crypto currency asset balances, none of which individually represented more than 5% of total crypto currency assets as of December 31, 2024 and 2025.</span></td></tr></table> 571907 570275 571278 1383 484 484 573290 570759 571762 <p id="xdx_890_ecustom--ScheduleOfFairValueRollForwardOfCryptoAssetsHeldAtFairValueTableTextBlock_zGEkMNjQ73kl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table is a fair value roll-forward of the Group’s crypto assets held at fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_za6NfDFyKaU7" style="display: none">SCHEDULE OF FAIR VALUE ROLL-FORWARD OF GROUP’S CRYPTO ASSETS HELD AT FAIR VALUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231__srt--CryptoAssetAxis__custom--CryptoAssetUSDTMember_zxuQSpvCtgCa" style="border-bottom: Black 1pt solid; text-align: center">USDT</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231__srt--CryptoAssetAxis__srt--CryptoAssetOtherMember_zIBh5u1VJwG4" style="border-bottom: Black 1pt solid; text-align: center">Others</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zxIboBfu6apd" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">USDT</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Others</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--CryptoAssetFairValue_iS_zOeCfgoU5yyf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Crypto assets held January 1, 2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2197">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2198">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2199">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CryptoAssetAddition_zEnfVKxhkn47" style="vertical-align: bottom; background-color: White"> <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions<sup id="xdx_F48_zOGQSAhcvorf">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">20,420,416</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">603</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">20,421,019</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CryptoAssetDisposition_iN_di_zylhtnrK6A88" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispositions<sup id="xdx_F4A_zDmqJUpTLl77">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,849,138</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(119</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,849,257</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--CryptoAssetFairValue_iE_zq7Tnx9MDf3e" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Crypto assets held December 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">571,278</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">484</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">571,762</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F05_zvBEepbGSW95" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zoJT56czufP9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions represented the crypto assets received as borrowings from Antalpha Digital Pte Ltd described in Note 12 and crypto assets received from disposal of BTC for USDT.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F08_zFsmsXZiDKs3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z4vN0KADqtFf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispositions represent crypto asset payments for costs and expenses.</span></td></tr></table> 20420416 603 20421019 19849138 119 19849257 571278 484 571762 571762 <p id="xdx_80E_ecustom--PrepaidExpensesAndOtherCurrentAssetsNetTextBlock_zDhba38hzor3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_82C_zpUJRb1Evoq5">PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_ecustom--ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock_zNUaArzZHtW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets, net consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_z1hpu1dNLX84" style="display: none">SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zi6rF3OMZhJ2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_zekZ3odCJkJa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--PrepaidDepositCurrent_iI_maPEAOAzvuv_zgee9BmklQ1j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit<sup id="xdx_F4E_zjbNBssYdGO4">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">193,777</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,587,250</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidTaxes_iI_maPEAOAzvuv_zvvWO9AttPji" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT prepayment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">561,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">678,487</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_maPEAOAzvuv_zO5tFwgXUk2h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,533</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--PrepaidEmployeeReserveCurrent_iI_maPEAOAzvuv_zczd80FqdD51" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee Reserve</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184,421</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--PrepaidInventoryCurrent_iI_maPEAOAzvuv_z2M81TC0wC1d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135,585</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,826</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidExpenseCurrent_iI_maPEAOAzvuv_z53Ts3eIOEk5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,075</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--OtherPrepaidExpenseAndOtherCurrentAssets_iI_maPEAOAzvuv_zgYf9TF5vTHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,906</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">384,029</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaidExpenseAndOtherAssetsCurrentGross_iTI_maPEAOAz8j8_mtPEAOAzvuv_zAtQuxo2KXDf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total prepayments and other current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,628,752</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,180,621</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrepaidExpenseProvisionForDoubtfulAccounts_iI_msPEAOAz8j8_zZAGghH4Zk0e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: provision for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">110,609</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">112,342</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidExpenseAndOtherAssets_iTI_mtPEAOAz8j8_zBixzO5dOqK9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total prepayments and other current assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,518,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,068,279</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_z3LOkt47meFj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_z7NkQU6V8Zcb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance mainly consists of deposits paid to mining sites.</span></td></tr> </table> <p id="xdx_8AA_zjfpTTxWeBU5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recorded provision for credit <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">losses</span> of $<span id="xdx_90C_eus-gaap--ProvisionForDoubtfulAccounts_c20230101__20231231_zD5xmeLf3Trk" title="Provision for credit losses">71,048</span>, <span id="xdx_900_eus-gaap--ProvisionForDoubtfulAccounts_dxL_c20240101__20241231_z9yP2JBGgSW4" title="Provision for credit losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2254">nil</span></span> and <span id="xdx_900_eus-gaap--ProvisionForDoubtfulAccounts_dxL_c20250101__20251231_zdJrxHhAroNd" title="Provision for credit losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2256">nil</span></span> for the years ended December 31, 2023, 2024 and 2025, respectively. The Group did not incur any accounts receivable write-offs during the years ended December 31, 2023, 2024, and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_ecustom--ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock_zNUaArzZHtW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets, net consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_z1hpu1dNLX84" style="display: none">SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zi6rF3OMZhJ2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_zekZ3odCJkJa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--PrepaidDepositCurrent_iI_maPEAOAzvuv_zgee9BmklQ1j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit<sup id="xdx_F4E_zjbNBssYdGO4">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">193,777</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,587,250</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidTaxes_iI_maPEAOAzvuv_zvvWO9AttPji" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT prepayment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">561,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">678,487</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_maPEAOAzvuv_zO5tFwgXUk2h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,533</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--PrepaidEmployeeReserveCurrent_iI_maPEAOAzvuv_zczd80FqdD51" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee Reserve</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184,421</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--PrepaidInventoryCurrent_iI_maPEAOAzvuv_z2M81TC0wC1d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135,585</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,826</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidExpenseCurrent_iI_maPEAOAzvuv_z53Ts3eIOEk5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,075</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--OtherPrepaidExpenseAndOtherCurrentAssets_iI_maPEAOAzvuv_zgYf9TF5vTHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,906</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">384,029</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaidExpenseAndOtherAssetsCurrentGross_iTI_maPEAOAz8j8_mtPEAOAzvuv_zAtQuxo2KXDf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total prepayments and other current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,628,752</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,180,621</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrepaidExpenseProvisionForDoubtfulAccounts_iI_msPEAOAz8j8_zZAGghH4Zk0e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: provision for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">110,609</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">112,342</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidExpenseAndOtherAssets_iTI_mtPEAOAz8j8_zBixzO5dOqK9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total prepayments and other current assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,518,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,068,279</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_z3LOkt47meFj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_z7NkQU6V8Zcb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance mainly consists of deposits paid to mining sites.</span></td></tr> </table> 193777 4587250 561482 678487 372309 153533 227444 184421 135585 170826 35249 22075 102906 384029 1628752 6180621 110609 112342 1518143 6068279 71048 <p id="xdx_805_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zFtOh4TbmW6k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_82F_zY0E8mFVjLz4">PROPERTY AND EQUIPMENT, NET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--PropertyPlantAndEquipmentTextBlock_z64AKFNIT5xj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net, consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zdZ5wIVB0hT7" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_498_20241231_z4BurrHQptVg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_495_20251231_zaB9FpLUA1Hc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachinesMember_zNOYauiiQOx5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Mining machines<span><sup id="xdx_F41_z7qF3TBhdHY2">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2262">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">20,298,900</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zDjnH1VQ48Y1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,976,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,128,007</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zOrXlFl5i9ij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Electronic equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">569,462</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zgIzSRzsOk1b" style="vertical-align: bottom; background-color: White"> <td>Furniture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">404,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427,748</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCanteenEquipmentMember_zJHmXbS4rXa9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Vehicles and canteen equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">227,745</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">218,840</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENz8Q0_zzETRVDlffZe" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Subtotal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,228,418</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">25,642,957</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_msPPAENz8Q0_zHJuClVTUbE3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,185,146</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,427,209</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz8Q0_zYHsvmcLOTta" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,043,272</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,215,748</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left"><span id="xdx_F06_zSL6BY3TQ2l3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F18_zafvJYxfA95l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Group pledged all of its mining machines as collateral under its debt arrangements with Antalpha Digital Pte. Ltd., to maintain compliance with the loan-to-value ratio requirements (refer to Note 12).</span></td> </tr></table> <p id="xdx_8AE_zs1imggdV77i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2025, the Company entered into agreements with multiple sellers to purchase mining machines with an aggregate hash rate of 3.14 Exahash through the issuance of ordinary shares. The transaction was closed on September 5, 2025, and the acquisition was initially measured at the fair value of the mining machines of $<span id="xdx_90E_ecustom--AcquisitionOfAssets_c20250905__20250905__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachinesMember_zLd22pQJnf2d" title="Acquisition of mining machines">20,298,900</span> as of the acquisition date. Such fair value was derived from an independent external valuation, with the market approach adopted as the key valuation technique to assess market participant transaction prices for comparable mining equipment. As of December 31, 2025, <span id="xdx_903_eus-gaap--AssetImpairmentCharges_do_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachinesMember_zXGkqO1crDhl" title="Impairment loss">no</span> impairment loss was recognized in respect of these mining machines, as their carrying value did not exceed their fair value amount.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expenses were $<span id="xdx_90E_eus-gaap--Depreciation_c20230101__20231231_z2m5HRZSoBug" title="Depreciation expenses">592,345</span>, $<span id="xdx_908_eus-gaap--Depreciation_c20240101__20241231_zMV34Mpq9cba" title="Depreciation expenses">353,788</span> and $<span id="xdx_904_eus-gaap--Depreciation_c20250101__20251231_zNlv2zeLVIt8" title="Depreciation expenses">5,422,902</span> for the years ended December 31, 2023, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--PropertyPlantAndEquipmentTextBlock_z64AKFNIT5xj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net, consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zdZ5wIVB0hT7" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_498_20241231_z4BurrHQptVg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_495_20251231_zaB9FpLUA1Hc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MiningMachinesMember_zNOYauiiQOx5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Mining machines<span><sup id="xdx_F41_z7qF3TBhdHY2">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2262">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">20,298,900</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zDjnH1VQ48Y1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,976,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,128,007</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zOrXlFl5i9ij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Electronic equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">569,462</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zgIzSRzsOk1b" style="vertical-align: bottom; background-color: White"> <td>Furniture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">404,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427,748</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCanteenEquipmentMember_zJHmXbS4rXa9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Vehicles and canteen equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">227,745</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">218,840</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENz8Q0_zzETRVDlffZe" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Subtotal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,228,418</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">25,642,957</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_msPPAENz8Q0_zHJuClVTUbE3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,185,146</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,427,209</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz8Q0_zYHsvmcLOTta" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,043,272</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,215,748</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left"><span id="xdx_F06_zSL6BY3TQ2l3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F18_zafvJYxfA95l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Group pledged all of its mining machines as collateral under its debt arrangements with Antalpha Digital Pte. Ltd., to maintain compliance with the loan-to-value ratio requirements (refer to Note 12).</span></td> </tr></table> 20298900 3976224 4128007 620261 569462 404188 427748 227745 218840 5228418 25642957 2185146 7427209 3043272 18215748 20298900 0 592345 353788 5422902 <p id="xdx_800_eus-gaap--IntangibleAssetsDisclosureTextBlock_z6cChCtzgyak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_828_zhNwj2GdAIWd">INTANGIBLE ASSETS, NET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zUYuIn8J4uYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net, consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_z0wEx7Ebi5fg" style="display: none">SCHEDULE OF INTANGIBLE ASSETS, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20241231_zaDyUCfJWF5a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_497_20251231_zBjH3lgc3W2b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--IntangibleAssetsNetExcludingGoodwillAbstract_iB_zQEdBwPgitb7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Indefinite useful lives:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">League tournaments rights<span>*</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_fKg_____zWOZ5g2hzDQh" style="width: 16%; text-align: right" title="League tournaments rights">76,263,589</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_fKg_____zxpHphBTCkC7" style="width: 16%; text-align: right" title="League tournaments rights">86,366,829</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Brand name of Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_zTMu45vaGxC4" style="text-align: right" title="Brand name of Ninjas in Pyjamas">22,642,669</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_zr1mIQ9dvhu6" style="text-align: right" title="Brand name of Ninjas in Pyjamas">27,172,086</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Brand name of Wuhan ESVF</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--WuhanESVFMember_zhutVGDdmQ7h" style="text-align: right" title="Brand name of Wuhan ESVF">14,220,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--WuhanESVFMember_zsvVoyaVRY21" style="text-align: right" title="Brand name of Wuhan ESVF">14,843,203</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Brand name of Young Will</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--YoungWillMember_zORE23ghyop3" style="border-bottom: Black 1pt solid; text-align: right" title="Brand name of Young Will">643,897</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--YoungWillMember_zpSipVpOtZLf" style="border-bottom: Black 1pt solid; text-align: right" title="Brand name of Young Will"><span style="-sec-ix-hidden: xdx2ixbrl2318">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Subtotal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231_z9wPb0yuIn3d" style="font-weight: bold; text-align: right" title="League tournaments rights">113,770,697</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231_zjgWqVJ0S1J1" style="font-weight: bold; text-align: right" title="League tournaments rights">128,382,118</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Impairment loss provision for Brand name of Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20240101__20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_z4isU63sikP6" style="text-align: right" title="Less: Impairment loss provision for Brand name of Ninjas in Pyjamas"><span style="-sec-ix-hidden: xdx2ixbrl2324">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20250101__20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_z3uUyd578yt2" style="text-align: right" title="Less: Impairment loss provision for Brand name of Ninjas in Pyjamas">23,149,403</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Impairment loss provision for League tournaments rights of Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20240101__20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_z3aHrNjBpque" style="text-align: right" title="Less: Impairment loss provision for League tournaments rights of Ninjas in Pyjamas"><span style="-sec-ix-hidden: xdx2ixbrl2328">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20250101__20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_z42HP906lHe6" style="text-align: right" title="Less: Impairment loss provision for League tournaments rights of Ninjas in Pyjamas">41,256,899</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Indefinite useful lives, net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_980_ecustom--IndefiniteLivedIntangibleAssetsExcludingGoodwillNet_iI_c20241231_zuniuvJDsGel" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Indefinite useful lives, net">113,770,697</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98E_ecustom--IndefiniteLivedIntangibleAssetsExcludingGoodwilNetl_iI_c20251231_z7gmAGJanCxg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Indefinite useful lives, net">63,975,816</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsNetAbstract_iB_zZPO0mmptEbd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Definite useful lives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember_zKToIDzrp8bi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Agency Contract Rights</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,928,983</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,103,617</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember_zYjG3KCkJYwh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent acquisition costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,102,781</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,606,704</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--GameCopyrightMember_zEbKy2sI0WBh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Game copyright</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">969,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,011,779</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--HongliCultureMember_zFJ26zHXHrv8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Brand name of Hongli Culture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">794,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">829,389</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember_zqsbzWxSUcIj" style="vertical-align: bottom; background-color: White"> <td>Software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,954</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">295,344</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z01OArrctZV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Customer relationship</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,753,785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2355">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maFLIANzNUj_zwXl6wnm6uN1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Subtotal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">27,832,436</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,846,833</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_msFLIANzNUj_zuMJWk33pHM4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,621,612</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,243,739</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzNUj_zM2turhCIJ83" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Definite useful lives, net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,210,824</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,603,094</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_zjjF1kAb86za" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Intangible Assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">127,981,521</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">68,578,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0C_z0aJc1Mpijr8" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zJuOz5zSQXO6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">League tournaments rights derived from business acquisition were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIElOVEFOR0lCTEUgQVNTRVRTLCBORVQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_z4jNvDeK0jHk" title="Business acquisition">65,879,725</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIElOVEFOR0lCTEUgQVNTRVRTLCBORVQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_zCT5qBdAjzb1" title="Business acquisition">75,528,298</span> as of December 31, 2024 and 2025, respectively.</span></td></tr> </table> <p id="xdx_8A4_z6R5n0l0ZhJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization expenses were $<span id="xdx_90B_eus-gaap--AmortizationOfIntangibleAssets_c20230101__20231231_z8i3w0EVbh84">4,764,034</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, $<span id="xdx_90B_eus-gaap--AmortizationOfIntangibleAssets_c20240101__20241231_zvnB5fUFusZg">4,693,884</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_903_eus-gaap--AmortizationOfIntangibleAssets_c20250101__20251231_zLWEDXMnEQ0j">5,426,406</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ended December 31, 2023, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zq1bLlDKJerg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a schedule, by fiscal years, of amortization amount of intangible asset as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_znWaOBWmpqZ7" style="display: none">SCHEDULE OF AMORTIZATION AMOUNT OF INTANGIBLE ASSET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_496_20251231_zYPJfitFygI1" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_maFLIANzbd8_zoVdsLLMDA83" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,896,456</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_maFLIANzbd8_zojLdyYq9mW1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">855,318</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_maFLIANzbd8_z4nM8jUlpv5c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">365,835</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_maFLIANzbd8_zUkxdNH8RCXa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155,654</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_maFLIANzbd8_zRrxgSaRU6oc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,757</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_maFLIANzbd8_zLrzsDkXQJae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">265,074</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_mtFLIANzbd8_zrHNI7Qyonac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,603,094</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zlJduIv5wyHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. INTANGIBLE ASSETS, NET – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group entered into contracts with several third-parties to purchase league tournaments rights of KPL, LPL and CFPL, the Group is allowed to pay the purchase price on installment for a period of time exceeding one year. when league tournaments rights are purchased on installment terms that exceeds one year, the contract contains a significant financing component, and therefore the payable is recorded at the present value of the payments. The difference between the present value of the payable and the nominal or principal value of the contract amount is recognized as interest expense over the contractual repayment period using the effective interest rate method. The interest rate used to determine the present value of total amount receivable is the rate subject to management decision on the date of the transaction and it reflects the rate that the Group can obtain financing of a similar nature from other sources at the date of the transaction. During the years ended December 31, 2023, 2024 and 2025, the payable related to league tournaments rights of amounting to $<span id="xdx_900_ecustom--NetSettlementOfRevenueFromTournamentParticipationOfEsportsAndPayableRelatedToLeagueTournamentsRights_c20230101__20231231_zm7bikwvljEa" title="Payable related to league tournaments rights">1,259,822</span>, $<span id="xdx_902_ecustom--NetSettlementOfRevenueFromTournamentParticipationOfEsportsAndPayableRelatedToLeagueTournamentsRights_c20240101__20241231_z71hDZCxOwuj" title="Payable related to league tournaments rights">1,111,771</span> and <span id="xdx_90F_ecustom--NetSettlementOfRevenueFromTournamentParticipationOfEsportsAndPayableRelatedToLeagueTournamentsRights_dxL_c20250101__20251231_z4fg0WpVdpyb" title="Payable related to league tournaments rights::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2397">nil</span></span> was settled through netting off with the revenue from tournament participation of esports, respectively and the payable related to league tournaments rights of amounting to <span id="xdx_902_ecustom--OtherPayable_dxL_c20230101__20231231_zx39CgiZi3pc" title="Waiver of payable related to league tournaments right::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2399">nil</span></span>, $<span id="xdx_903_ecustom--OtherPayable_c20240101__20241231_z1RCriTUiwl8" title="Waiver of payable related to league tournaments right">856,965</span> and $<span id="xdx_90C_ecustom--OtherPayable_c20250101__20251231_zKEzbp95hm0d" title="Waiver of payable related to league tournaments right">885,967</span> was waived, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to contract term, the amount due within one year as of December 31, 2024 and as of December 31, 2025 were $<span id="xdx_90C_eus-gaap--ProgramRightsObligationsCurrent_iI_c20241231_zHXocluMC3u1" title="Payable related to league tournaments rights, current">732,236</span> and $<span id="xdx_907_eus-gaap--ProgramRightsObligationsCurrent_iI_c20251231_zyY3JZKCwTR4" title="Payable related to league tournaments rights, current">801,748</span>, respectively. The remaining portion due after one year as of December 31, 2024 and as of December 31, 2025 were $<span id="xdx_90F_eus-gaap--ProgramRightsObligationsNoncurrent_iI_c20241231_z8mm8u8XaRba" title="Payable related to league tournaments rights, non-current">1,546,701</span> and $<span id="xdx_90A_eus-gaap--ProgramRightsObligationsNoncurrent_iI_c20251231_zge31xNNUsgi" title="Payable related to league tournaments rights, non-current">783,871</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zUYuIn8J4uYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net, consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_z0wEx7Ebi5fg" style="display: none">SCHEDULE OF INTANGIBLE ASSETS, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20241231_zaDyUCfJWF5a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_497_20251231_zBjH3lgc3W2b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--IntangibleAssetsNetExcludingGoodwillAbstract_iB_zQEdBwPgitb7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Indefinite useful lives:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">League tournaments rights<span>*</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_fKg_____zWOZ5g2hzDQh" style="width: 16%; text-align: right" title="League tournaments rights">76,263,589</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_fKg_____zxpHphBTCkC7" style="width: 16%; text-align: right" title="League tournaments rights">86,366,829</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Brand name of Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_zTMu45vaGxC4" style="text-align: right" title="Brand name of Ninjas in Pyjamas">22,642,669</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_zr1mIQ9dvhu6" style="text-align: right" title="Brand name of Ninjas in Pyjamas">27,172,086</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Brand name of Wuhan ESVF</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--WuhanESVFMember_zhutVGDdmQ7h" style="text-align: right" title="Brand name of Wuhan ESVF">14,220,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--WuhanESVFMember_zsvVoyaVRY21" style="text-align: right" title="Brand name of Wuhan ESVF">14,843,203</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Brand name of Young Will</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--YoungWillMember_zORE23ghyop3" style="border-bottom: Black 1pt solid; text-align: right" title="Brand name of Young Will">643,897</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--YoungWillMember_zpSipVpOtZLf" style="border-bottom: Black 1pt solid; text-align: right" title="Brand name of Young Will"><span style="-sec-ix-hidden: xdx2ixbrl2318">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Subtotal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20241231_z9wPb0yuIn3d" style="font-weight: bold; text-align: right" title="League tournaments rights">113,770,697</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_c20251231_zjgWqVJ0S1J1" style="font-weight: bold; text-align: right" title="League tournaments rights">128,382,118</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Impairment loss provision for Brand name of Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20240101__20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_z4isU63sikP6" style="text-align: right" title="Less: Impairment loss provision for Brand name of Ninjas in Pyjamas"><span style="-sec-ix-hidden: xdx2ixbrl2324">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20250101__20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--NinjasInPyjamasMember_z3uUyd578yt2" style="text-align: right" title="Less: Impairment loss provision for Brand name of Ninjas in Pyjamas">23,149,403</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Impairment loss provision for League tournaments rights of Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20240101__20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_z3aHrNjBpque" style="text-align: right" title="Less: Impairment loss provision for League tournaments rights of Ninjas in Pyjamas"><span style="-sec-ix-hidden: xdx2ixbrl2328">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ImpairmentLossProvisionForIndefiniteUsefulLives_c20250101__20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_z42HP906lHe6" style="text-align: right" title="Less: Impairment loss provision for League tournaments rights of Ninjas in Pyjamas">41,256,899</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Indefinite useful lives, net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_980_ecustom--IndefiniteLivedIntangibleAssetsExcludingGoodwillNet_iI_c20241231_zuniuvJDsGel" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Indefinite useful lives, net">113,770,697</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98E_ecustom--IndefiniteLivedIntangibleAssetsExcludingGoodwilNetl_iI_c20251231_z7gmAGJanCxg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Indefinite useful lives, net">63,975,816</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsNetAbstract_iB_zZPO0mmptEbd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Definite useful lives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AgencyContractRightsMember_zKToIDzrp8bi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Agency Contract Rights</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,928,983</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,103,617</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TalentAcquisitionCostsMember_zYjG3KCkJYwh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent acquisition costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,102,781</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,606,704</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--GameCopyrightMember_zEbKy2sI0WBh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Game copyright</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">969,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,011,779</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--HongliCultureMember_zFJ26zHXHrv8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Brand name of Hongli Culture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">794,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">829,389</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--SoftwareMember_zqsbzWxSUcIj" style="vertical-align: bottom; background-color: White"> <td>Software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,954</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">295,344</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z01OArrctZV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Customer relationship</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,753,785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2355">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maFLIANzNUj_zwXl6wnm6uN1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Subtotal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">27,832,436</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,846,833</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_msFLIANzNUj_zuMJWk33pHM4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,621,612</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,243,739</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzNUj_zM2turhCIJ83" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Definite useful lives, net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,210,824</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,603,094</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_zjjF1kAb86za" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Intangible Assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">127,981,521</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">68,578,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0C_z0aJc1Mpijr8" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zJuOz5zSQXO6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">League tournaments rights derived from business acquisition were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIElOVEFOR0lCTEUgQVNTRVRTLCBORVQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20241231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_z4jNvDeK0jHk" title="Business acquisition">65,879,725</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIElOVEFOR0lCTEUgQVNTRVRTLCBORVQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20251231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--LeagueTournamentsRightsMember_zCT5qBdAjzb1" title="Business acquisition">75,528,298</span> as of December 31, 2024 and 2025, respectively.</span></td></tr> </table> 76263589 86366829 22642669 27172086 14220542 14843203 643897 113770697 128382118 23149403 41256899 113770697 63975816 18928983 18103617 3102781 1606704 969336 1011779 794597 829389 282954 295344 3753785 27832436 21846833 13621612 17243739 14210824 4603094 127981521 68578910 65879725 75528298 4764034 4693884 5426406 <p id="xdx_895_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zq1bLlDKJerg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a schedule, by fiscal years, of amortization amount of intangible asset as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_znWaOBWmpqZ7" style="display: none">SCHEDULE OF AMORTIZATION AMOUNT OF INTANGIBLE ASSET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_496_20251231_zYPJfitFygI1" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_maFLIANzbd8_zoVdsLLMDA83" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,896,456</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_maFLIANzbd8_zojLdyYq9mW1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">855,318</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_maFLIANzbd8_z4nM8jUlpv5c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">365,835</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_maFLIANzbd8_zUkxdNH8RCXa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155,654</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_maFLIANzbd8_zRrxgSaRU6oc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,757</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_maFLIANzbd8_zLrzsDkXQJae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">265,074</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_mtFLIANzbd8_zrHNI7Qyonac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,603,094</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2896456 855318 365835 155654 64757 265074 4603094 1259822 1111771 856965 885967 732236 801748 1546701 783871 <p id="xdx_801_eus-gaap--GoodwillDisclosureTextBlock_zUxYZlFLZMl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_827_zpH1msGREJGe">GOODWILL</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfGoodwillTextBlock_zhx9eYueCXy2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The changes in the carrying amount of goodwill during the years ended December 31, 2023, 2024 and 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8BB_z6QTtyvhMw29" style="display: none">SCHEDULE OF GOODWILL</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B7_us-gaap--StatementBusinessSegmentsAxis_custom--PRCAndOtherSubsidiariesMember_z7zv0MQNd8G5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC and other Subsidiaries</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BB_us-gaap--StatementBusinessSegmentsAxis_custom--NinjasInPyjamasMember_zPYSxQw3fJ27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ninjas in Pyjamas</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B1_us-gaap--StatementBusinessSegmentsAxis_custom--ConsolidatedMember_zyqtDuBx8JTh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and other Subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_436_c20240101__20241231_eus-gaap--Goodwill_iS_zZL3hCbLJM0c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2023</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">28,975,408</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">112,426,919</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">141,402,327</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GoodwillAcquiredDuringPeriod_zunsHRDonw3b" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,695,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2422">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,695,318</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GoodwillForeignCurrencyTranslationGainLoss_z60OznIF5hI" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(856,993</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,330,892</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,187,885</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_434_c20250101__20251231_eus-gaap--Goodwill_iS_zc1issRqcfJg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">29,813,733</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">102,096,027</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">131,909,760</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_eus-gaap--Goodwill_iS_zSCCB9qFEhAe" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill beginning balance</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,813,733</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102,096,027</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">131,909,760</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_eus-gaap--GoodwillAcquiredDuringPeriod_zBTiSFHyKsnb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--GoodwillForeignCurrencyTranslationGainLoss_zDh2uZkuhu39" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exchange difference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,284,975</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,423,191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,708,166</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GoodwillImpairmentLoss_zx7s8ZbNFRp7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions for impairment<span><sup id="xdx_F4F_zoKkXhfMCkuc">(i)</sup></span></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2445">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,519,218</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,519,218</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--GoodwillWrittenOffRelatedToSaleOfBusinessUnit_zyHon9kCHqhc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Disposal of subsidiaries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(735,474</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2450">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(735,474</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43E_c20250101__20251231_eus-gaap--Goodwill_iE_zdPuE18jA7p5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,363,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2454">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,363,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231_eus-gaap--Goodwill_iE_zCk0wBTfTw29" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill ending balance</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,363,234</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2458">-</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,363,234</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0D_zu1GXqNk2L72" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1D_zWCYwxwuaRrc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In view of unsatisfactory financial performance, the management of the Group consider there is impairment indicators in respect of the goodwill of Ninjas in Pyjamas. Goodwill is tested for impairment at the reporting unit level, where a reporting unit represents an operating segment or one level below an operating segment. During the year ended December 31, 2025, the Group have performed an impairment assessment of goodwill by estimating the fair value of the reporting unit using the discounted cash flow method under the income approach and consequently determined an impairment loss of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--GoodwillImpairmentLossOnDiscountedCashFlow_c20250101__20251231_zRLaWJc2JTkk" title="Goodwill impairment loss on discounted cash flow">122,519,218</span> based on discounted cashflow.</span></td> </tr></table> <p id="xdx_8AE_zUU98Hv0OaD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfGoodwillTextBlock_zhx9eYueCXy2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The changes in the carrying amount of goodwill during the years ended December 31, 2023, 2024 and 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8BB_z6QTtyvhMw29" style="display: none">SCHEDULE OF GOODWILL</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B7_us-gaap--StatementBusinessSegmentsAxis_custom--PRCAndOtherSubsidiariesMember_z7zv0MQNd8G5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC and other Subsidiaries</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BB_us-gaap--StatementBusinessSegmentsAxis_custom--NinjasInPyjamasMember_zPYSxQw3fJ27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ninjas in Pyjamas</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B1_us-gaap--StatementBusinessSegmentsAxis_custom--ConsolidatedMember_zyqtDuBx8JTh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and other Subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_436_c20240101__20241231_eus-gaap--Goodwill_iS_zZL3hCbLJM0c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2023</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">28,975,408</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">112,426,919</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">141,402,327</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GoodwillAcquiredDuringPeriod_zunsHRDonw3b" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,695,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2422">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,695,318</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GoodwillForeignCurrencyTranslationGainLoss_z60OznIF5hI" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(856,993</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,330,892</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,187,885</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_434_c20250101__20251231_eus-gaap--Goodwill_iS_zc1issRqcfJg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">29,813,733</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">102,096,027</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">131,909,760</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_eus-gaap--Goodwill_iS_zSCCB9qFEhAe" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill beginning balance</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,813,733</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102,096,027</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">131,909,760</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_eus-gaap--GoodwillAcquiredDuringPeriod_zBTiSFHyKsnb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--GoodwillForeignCurrencyTranslationGainLoss_zDh2uZkuhu39" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exchange difference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,284,975</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,423,191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,708,166</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GoodwillImpairmentLoss_zx7s8ZbNFRp7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions for impairment<span><sup id="xdx_F4F_zoKkXhfMCkuc">(i)</sup></span></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2445">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,519,218</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,519,218</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--GoodwillWrittenOffRelatedToSaleOfBusinessUnit_zyHon9kCHqhc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Disposal of subsidiaries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(735,474</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2450">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(735,474</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43E_c20250101__20251231_eus-gaap--Goodwill_iE_zdPuE18jA7p5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,363,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2454">-</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,363,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231_eus-gaap--Goodwill_iE_zCk0wBTfTw29" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill ending balance</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,363,234</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2458">-</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,363,234</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0D_zu1GXqNk2L72" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1D_zWCYwxwuaRrc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In view of unsatisfactory financial performance, the management of the Group consider there is impairment indicators in respect of the goodwill of Ninjas in Pyjamas. Goodwill is tested for impairment at the reporting unit level, where a reporting unit represents an operating segment or one level below an operating segment. During the year ended December 31, 2025, the Group have performed an impairment assessment of goodwill by estimating the fair value of the reporting unit using the discounted cash flow method under the income approach and consequently determined an impairment loss of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--GoodwillImpairmentLossOnDiscountedCashFlow_c20250101__20251231_zRLaWJc2JTkk" title="Goodwill impairment loss on discounted cash flow">122,519,218</span> based on discounted cashflow.</span></td> </tr></table> 28975408 112426919 141402327 1695318 1695318 -856993 -10330892 -11187885 29813733 102096027 131909760 29813733 102096027 131909760 1284975 20423191 21708166 -122519218 -122519218 -735474 -735474 30363234 30363234 30363234 30363234 122519218 <p id="xdx_80D_eus-gaap--DebtDisclosureTextBlock_zixK4W02U4Db" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. <span id="xdx_82B_z36fkjbIgdSg">BORROWINGS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expenses related to borrowing were $<span id="xdx_907_eus-gaap--InterestExpenseBorrowings_c20230101__20231231_zh8RHOmmqHkg">373,415</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, $<span id="xdx_908_eus-gaap--InterestExpenseBorrowings_c20240101__20241231_zcjyd2iNuKe7">552,671</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_909_eus-gaap--InterestExpenseBorrowings_c20250101__20251231_zHIneRqxomkc">917,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2024 and 2025, the weighted average interest rate of the short-term borrowings was <span id="xdx_90F_eus-gaap--ShortTermDebtWeightedAverageInterestRate_iI_pid_dp_uPure_c20241231_zDQ2a46akgTc">3.92</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% % and <span id="xdx_90C_eus-gaap--ShortTermDebtWeightedAverageInterestRate_iI_pid_dp_uPure_c20251231_zyLQzvHsZtP6">5.97</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% per annum, respectively. As of December 31, 2024 and 2025, the weighted average interest rate of the long-term borrowing was <span id="xdx_902_eus-gaap--LongtermDebtWeightedAverageInterestRate_iI_pid_dp_uPure_c20241231_zs9WNlxQi0Y6">4.40</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_90F_eus-gaap--LongtermDebtWeightedAverageInterestRate_iI_pid_dp_uPure_c20251231_zwFO8L1FxUy5">3.90</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% per annum, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfDebtTableTextBlock_zG9YnveOPLv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowing as of December 31, 2024 and 2025 represented the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zB1iYqfbkhM8" style="display: none">SCHEDULE OF BORROWINGS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lender</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance Date</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity Date</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of <br/> December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of<br/> December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short-term borrowings</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antalpha Digital Pte Ltd (i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20250101__20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zHqS5yLpQGV3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zEZzEb8rXgE9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2477">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_z9sfwfDiHk1g" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,709,572</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antalpha Digital Pte Ltd (i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20250101__20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDTwoMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zx0nyw4RLBO9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDTwoMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zWrDd9bQvllh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2483">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDTwoMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_z73XK3XjNz0a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,492,391</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Merchants Bank (ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zuI0pFoNZCu6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zGjUCfwqvG68" title="Issuance Date">February 8, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zAiadAT7L9ai" title="Maturity Date">February 8, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGkp_z8xvu9ZkSjaf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2493">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zKScIZfScnKj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,289,943</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Rural Commercial Bank (iii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zDLrYmMvPKV" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zQsbO1MA5lxd" title="Issuance Date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zRLKS3eMspkk" title="Maturity Date">March 13, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___znKOcJhan0Oe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2503">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zznxwC68tcn4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (iv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zMzDmkWYE0K6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zmDLe4JFeAS" title="Issuance Date">October 28, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zSRnTwHHROyc" title="Maturity Date">October 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zhWZgJ6838yf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2513">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____z0miQk5MPI04" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Zheshang bank (v)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zsjCHvpvgpD5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zGmeB2RvWltb" title="Issuance Date">March 12, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zgx7cA3SI3G7" title="Maturity Date">March 9, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zayNptYmndkc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2523">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zHgxv3ckdSOf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPD Bank (vi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zrHhQSdwkqKl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zi1TUyp9sKU2" title="Issuance Date">December 4, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zvPwuczuUMl5" title="Maturity Date">November 9, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____z4N58mEbTBig" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2533">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zak80Tb7mHr5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank (vii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zpQxKsQ0SlJ9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zizdVYjBw0o4" title="Issuance Date">October 14, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zuguaHNrb8I2" title="Maturity Date">October 14, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___z5LBoqYlDXkl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2543">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zHPBQx0Hiue8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial Bank (viii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_zchw4QgG2KZ4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_zTUB9SZhkkI4" title="Issuance Date">June 28, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_zGj7q6QED2Ri" title="Maturity Date">June 24, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_z8mNyExuy8lj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2553">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_z6M86aQk6wSa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank (ix)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____zUcoASZ8wcr1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____z0BJ2A2ets23" title="Issuance Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____zz3amXKe7kw4" title="Maturity Date">June 25, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____zlYlYMVU7R6e" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2563">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____z9INoNXg5Ak6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank (x)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zemJAPh3EQQg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zScBGiVNT0Bj" title="Issuance Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zK2BZqIjssU5" title="Maturity Date">June 25, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zvDzhaVhXKe8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2573">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zR1K8PfNBFi2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">857,989</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEB Bank (xi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zCCwGBynqyn7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.14%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zNEzjAIRVAR2" title="Issuance Date">August 27, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHhpKQ_____zbbYJhzWbyjf" title="Maturity Date">August 26, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zjlyoMwdHw9d" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2583">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zcb5fAfSuT6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">861,731</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Zheshang bank (xii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zkRqDA2hdVyi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.60%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zIBh069oyii8" title="Issuance Date">June 10, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___z2BEY6bDIL64" title="Maturity Date">June 9, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zEvFH5RZTY6j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2593">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zaLmCo8UB5vi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">714,990</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Everbright Bank (xiii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zv6nh6neei1j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_znzEmXdKdG08" title="Issuance Date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zVlZ55Db50K5" title="Maturity Date">March 24, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zmJRSMISZrlb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2603">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zWEHkJHDkhPe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">714,990</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of Beijing (xiv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___z9BTrwsjkeIa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___zYC7NmJuTo3l" title="Issuance Date">December 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___zkgklC5H5vi" title="Maturity Date">December 21, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___znCLgbJQMzQd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2613">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___zBrkoCI1yi77" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">714,990</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (xv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____z3Sz5DcxC2bd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____zCsIciDtGGWl" title="Issuance Date">February 28, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____z2LEQohKVWQc" title="Maturity Date">February 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHh2KQ_____z4UG6OQ6OMF5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2623">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____z2Ni4Ua5jrf9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">428,995</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_zN1FPdgdGNb7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_zLdcRFUcCWE5" title="Issuance Date">February 23, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_zbD1NAKipBaf" title="Maturity Date">February 22, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_zKfCT8CxCc83" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_z4AQ6bGKx2Z9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2635">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_zUHjjZFGMJIh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.90%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_z0pMm9d711Q5" title="Issuance Date">May 24, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_zJsZo9mQK6Fb" title="Maturity Date">May 23, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_zZW4kAhUF6J" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_z9deZnfUg4M6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2645">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_z4CZ7RedAGL4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_znqMxg5T3Upg" title="Issuance Date">June 27, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zaxOCxZos7Kc" title="Maturity Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zV1B39RJ1wbe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zfg9COC2v4Cc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2655">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zPeuzd3SLqwc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zbngtP5cppR9" title="Issuance Date">June 27, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_ztzUix6DMWmj" title="Maturity Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zxovJp0FPi5g" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">410,998</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_z1Wh3TbaTQ49" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2665">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zl0XfG8qALAl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.05%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zs5mrmxtKGwk" title="Issuance Date">May 7, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zzsEsLkMN2f" title="Maturity Date">May 6, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zyhb37ny6WNa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,372</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_z6n77GHsaz7k" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2675">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Merchants Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_zdZWhVCiuMEb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.90%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_zOQJN7Gpgvig" title="Issuance Date">January 26, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_z5qMLRohsYgf" title="Maturity Date">January 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_z16rCCyGDyfb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,109,983</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_zM2OfIGwasWh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2685">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Rural Commercial Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zAGlptrzk6E4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.81%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zggXeikcLXx3" title="Issuance Date">March 26, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_z6f02mJS6D74" title="Maturity Date">March 20, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zHW9ThdbW5M6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,232,995</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zyqHYK1H8RIb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2695">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zaAgZWbzxpH4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zGtu8AwaNmqb" title="Issuance Date">September 25, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zi3ZixW7IyT5" title="Maturity Date">September 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zES4Dmx4nTKl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,369,994</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_z5Aw4M0Etsbj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2705">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Everbright Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_z8f1Qju00Xqe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.75%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_zGoosHOdL5Mk" title="Issuance Date">January 22, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_zjyMCWMzgXu3" title="Maturity Date">January 21, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_z6B3v8XMgPFb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_zw4q0ZwFHb1c" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2715">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Zheshang bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zQPRJsdoPjz6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zsKuAuHD35r" title="Issuance Date">April 10, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_z2LEhH2d2ul3" title="Maturity Date">April 7, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zUaOKsaoU0Jl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zq87gHApr7jk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2725">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231_fKGlpKQ_____zDHR45EG2tF6" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Short-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10,550,327</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20251231_fKGlpKQ_____zXxkiyw5HEKi" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Short-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>38,795,458</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-term borrowings, current portion</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank (xvi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zs6fq8bx44t5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.85%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zdWGBMwjf87j" title="Issuance Date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zXxTksccrMGi" title="Maturity Date">March 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zAsU4VSyL4Q5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2737">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zSqnDlR22yl7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,564,835</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank (xvii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_zzhNzybF8337" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_zXZbWVZbvRyh" title="Issuance Date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWkp_zfh7Mknc5Rg9" title="Maturity Date">September 17, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_z2io9I6v1u2j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2747">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_zgitZ5r8was1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,300</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (xviii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zjCXYn6dPSna" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____z1HXTFoj5kK2" title="Issuance Date">June 29, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zLBkpwvwyrY2" title="Maturity Date">June 21, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zzRTnfBSo1B7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2757">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zaSBIm1g2Hjb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,292</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zWZoN1phDJok" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zcg7Mot6VQSe" title="Issuance Date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zHcgmiVc2ESg" title="Maturity Date">September 21, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zuNqLrNh2zj4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136,999</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zzJObsj7sG89" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2769">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z4BSnBtsB3Jc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zguX8YTjeD9f" title="Issuance Date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zbERhjqrauXa" title="Maturity Date">March 21, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zIpS9FvcHDA" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136,999</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zvNrLGAtgJs6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2779">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subtotal</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td id="xdx_984_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231_zCCHLxsIwnW1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, current portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>273,998</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231_zCcOHxfF0DM6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, current portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,586,427</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-term borrowings</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank (xvii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_zbCkWGCcZU91" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_z7raSU6AUhL7" title="Issuance date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_zbhTWmLuAqA7" title="Maturity date">March 17, 2027</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_zFoKE38OkiSe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2791">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWkp_zE6B7XpiXWVa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">693,541</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (xviii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____z5bu2VmBye1k" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zi8ziZO3OZ6j" title="Issuance date">June 29, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zE7J8YiRlHsb" title="Maturity date">June 27, 2028</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zmZ54fNIHts1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2801">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zOd4Xho2uOh1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">353,706</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zocxzGZFlMpc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zI7EbaL2P1J3" title="Issuance date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zZDpWEUhOU2h" title="Maturity date">March 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zIOAmZAdCzQ6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,376,519</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z8QAJkRBfLd4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2813">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--LongTermDebt_iI_pid_c20241231_zZetEM4kw9dc" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,650,517</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_eus-gaap--LongTermDebt_iI_pid_c20251231_zMYYhtbSgz7e" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,633,674</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. BORROWINGS – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F02_zRrki6XvJ0Ib" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zCo7zbzvCSd8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 10, 2025, the Company signed a Master Loan Agreement with a lender in which the lender agreed to grant a credit line to the Company to lend the Company fiat money or cryptocurrency for the purpose of paying off the Company’s mining machines hosting expenses. The loans are denoted in USDT and typically paid directly to the service provider. The amount the Company is able to draw from the credit line is determined by the monetary value of the cryptocurrency collateral the Company posted at the lender-designated wallets. Based on the agreement, there is no specific limit in the amount the Company is able to borrow within the first twelve months since the inception of the agreement. Subsequently, the amount the Company could draw from the credit line is limited at 60% of the market value of the collateralized cryptocurrency. There is no expiration date indicated in such agreement. In addition, the amount drawn typically does not have maturity as long as sufficient collateralization has been maintained. As of December 31, 2025, all of the Company’s bitcoins were posted as collateral.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F04_zV8pM7GY7avb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zxxaEIxq4Iv2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zy7ksPQbGXn9" title="Loan">30,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zLxz6LwAoIc2" title="Loan">4,289,943</span>). The loan is pledged by existing and potential account receivables of Wuhan ESVF, Shenzhen VF and Xinghui Culture due from Tengjing Sports Culture Development (Shanghai) Co., Ltd., Shenzhen Tencent Computer Systems Co., Ltd., Tencent Technology (Chengdu) Co., Ltd., Tencent Technology (Shenzhen) Co., Ltd and guaranteed by Shenzhen VF and the Group’s shareholders, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F09_zribhn6QI7T1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zDzxz7eovIje" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zWTHRCVCcFFd" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zzG1x1rpzjr3" title="Loan">1,429,981</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F08_z9OKmCG0moj1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zcCtevRPSMnb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_zco4gxR5wGA6" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_zZWke0ilLcY9" title="Loan">1,429,981</span>). The loan is guaranteed by Xinghui Media and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0D_zAUp71vJckRk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zgYIwJSQmwIg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_ze2mQTy3W0F" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_zbc3lw2mQEIh" title="Loan">1,429,981</span>). The loan is guaranteed by Xinghui Media, ShenZhen VF and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0D_zSStKZHuL3y" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z9SIt6IhnOHg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_zial9cxul0k6" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_zEOTIiKSXc4f" title="Loan">1,429,981</span>). The loan is guaranteed by Xinghui Media and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0D_zGMnVNHbmMMb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zF9nwcPq1tWe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_zVriEOnRAfD1" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_zm7GhbVHPAJ1" title="Loan">1,429,981</span>). The loan is guaranteed by the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F02_zFEvOEx0OHGj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zXHebPnPNWW5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_zVrTcNoFkbRg" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_zYZyqmnC06Z7" title="Loan">1,429,981</span>). The loan is guaranteed by Wuhan ESVF and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0E_zHUFvn1a7m8c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zPwJY294gzhe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zy34xwaoAEi1" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zgaaSkdv1432" title="Loan">1,429,981</span>). The loan is guaranteed by the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F02_zPKMzxsZkRs6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zyBoAt7PpDu5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_zfFIgRq5gzA4" title="Loan">6,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_zuukllwrSyTc" title="Loan">857,989</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F08_zZZjUsANIFFc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zHM8iqDPYbv8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIP Gaming AB maintains a revolving credit facility of SEK <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uSEK_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_z1KdAAVi8Xzc" title="Loan">8,000,000</span> with SKANDINAVISKA ENSKILDA BANKEN AB, with no pledges, collateral or guarantees required. As of 31 December 2025, the utilized portion of the facility amounts to SEK <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uSEK_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_zR2VbyLw66N6" title="Loan">7,588,463</span>, equivalent to USD <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_z4OPNBw1jH6l" title="Loan">861,731</span>.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F09_ziiLefP8Pbu2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_F14_zuvbStLgCyDa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_zw1rf8KCeZth" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_zizd1yoQy0Q8" title="Loan">714,990</span>). The loan is guaranteed by Wuhan ESVF, and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang. And The loan is pledged by all accounts receivable generated by Tencent Technology (Shenzhen) Co., Ltd. from June 4, 2025, over the following three years.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt"><span id="xdx_F06_z5QSuyp5X8P3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_ze8EaJCfXy8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zh7DEAJnGu25" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zWPmQ7TPJKjl" title="Loan">714,990</span>). The loan is guaranteed by Shenzhen VF and the Group’s shareholders, Liwei Sun and Rui Zhou. And The loan is pledged by existing account receivables of Wuhan ESVF due from Shanghai Dianding CO., LTD.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0E_zzJJlOb7ykTg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zfntxDMYk104" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_zNhur3SfB10c" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_zP8OOHGH9Hqc" title="Loan">714,990</span>). The loan is guaranteed by Wuhan ESVF.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0D_zkuHBIt630p5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z4QGszZ86jFi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_ztGO57GwU4j" title="Loan">3,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_zd0H3gI3E5Yi" title="Loan">428,995</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0A_zTWt1eyzwvx4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zt865FHPzklc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zo0lVx4N4bVc" title="Loan">30,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zHWQR9w7Eeuh" title="Loan">4,289,943</span>). The loan is guaranteed by Wuhan Zhongzhe Financing Guarantee Co., LTD., Hongli Culture and the Group’s shareholders, Liwei Sun and Rui Zhou. As of December 31, 2025, the outstanding loan principal of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--LongTermDebtCurrent_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z1eugcBLVsKe" title="Outstanding loan principal of long-term borrowing current">25,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--LongTermDebtCurrent_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zfuyOvov1KAi" title="Outstanding loan principal of long-term borrowing current">3,574,952</span>) is due within twelve months, which is classified as current portion of long-term borrowing. And debt issuance costs of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--PaymentsOfDebtIssuanceCosts_uRMB_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z0O4UtuWOqkb" title="Debt issuance costs">70,755</span>(approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--PaymentsOfDebtIssuanceCosts_uUSD_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zf0YMeZyiE48" title="Debt issuance costs">10,118</span>) were deducted from the proceeds from the loan.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F03_zYNTLlrYSIr4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zjuKDrujZS2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251230__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zT4V7On0l2r1" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251230__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zJEOLZUauhQ6" title="Loan">714,990</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang and Wuhan Optics Valley Technology Financing Guarantee Co., Ltd who charged a financing guarantee fee of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_pid_dp_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zZFY4MlV6yXb" title="Guarantee fee percentage">0.4</span>% per annum on the principal amount of the financing guarantee. As of December 31, 2025, the outstanding loan principal of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--LongTermDebtCurrent_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z2LxeNbBWC71" title="Outstanding loan principal of long-term borrowing current">100,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--LongTermDebtCurrent_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z9xEx8UFUJ7j" title="Outstanding loan principal of long-term borrowing current">14,300</span>) is due within twelve months, which is classified as current portion of long-term borrowing and the remaining portion of principal of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zJrYMmAaBvjh" title="Loan">4,850,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zpHrFTSEUMuf" title="Loan">693,541</span>) is presented as a long-term borrowing.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F09_zI8wIjwomf33" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zvajybWUsN83" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_zK7jI1NPSHx" title="Loan">2,550,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_z0YP15nm38le" title="Loan">360,998</span>). The loan is guaranteed by Wuhan ESVF and Shenzhen VF.</span></td></tr> </table> <p id="xdx_8A2_zPbG21dzqXB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Certain borrowings outstanding as of December 31, 2025 matured subsequent to the balance sheet date and prior to the issuance date of the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 373415 552671 917000 0.0392 0.0597 0.0440 0.0390 <p id="xdx_89B_eus-gaap--ScheduleOfDebtTableTextBlock_zG9YnveOPLv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowing as of December 31, 2024 and 2025 represented the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zB1iYqfbkhM8" style="display: none">SCHEDULE OF BORROWINGS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lender</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance Date</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity Date</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of <br/> December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of<br/> December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short-term borrowings</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antalpha Digital Pte Ltd (i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20250101__20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zHqS5yLpQGV3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zEZzEb8rXgE9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2477">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_z9sfwfDiHk1g" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,709,572</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antalpha Digital Pte Ltd (i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20250101__20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDTwoMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zx0nyw4RLBO9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDTwoMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_zWrDd9bQvllh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2483">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--AntalphaDigitalPteLTDTwoMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMember_fKGkp_z73XK3XjNz0a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,492,391</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Merchants Bank (ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zuI0pFoNZCu6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zGjUCfwqvG68" title="Issuance Date">February 8, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zAiadAT7L9ai" title="Maturity Date">February 8, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGkp_z8xvu9ZkSjaf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2493">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_fKGlpKQ_____zKScIZfScnKj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,289,943</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Rural Commercial Bank (iii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zDLrYmMvPKV" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zQsbO1MA5lxd" title="Issuance Date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zRLKS3eMspkk" title="Maturity Date">March 13, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___znKOcJhan0Oe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2503">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKGlpaSk___zznxwC68tcn4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (iv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zMzDmkWYE0K6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zmDLe4JFeAS" title="Issuance Date">October 28, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zSRnTwHHROyc" title="Maturity Date">October 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____zhWZgJ6838yf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2513">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_fKGl2KQ_____z0miQk5MPI04" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Zheshang bank (v)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zsjCHvpvgpD5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zGmeB2RvWltb" title="Issuance Date">March 12, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zgx7cA3SI3G7" title="Maturity Date">March 9, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zayNptYmndkc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2523">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_fKHYp_zHgxv3ckdSOf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPD Bank (vi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zrHhQSdwkqKl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zi1TUyp9sKU2" title="Issuance Date">December 4, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zvPwuczuUMl5" title="Maturity Date">November 9, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____z4N58mEbTBig" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2533">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_fKHZpKQ_____zak80Tb7mHr5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank (vii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zpQxKsQ0SlJ9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zizdVYjBw0o4" title="Issuance Date">October 14, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zuguaHNrb8I2" title="Maturity Date">October 14, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___z5LBoqYlDXkl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2543">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_fKHZpaSk___zHPBQx0Hiue8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial Bank (viii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_zchw4QgG2KZ4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_zTUB9SZhkkI4" title="Issuance Date">June 28, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_zGj7q6QED2Ri" title="Maturity Date">June 24, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_z8mNyExuy8lj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2553">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_fKHZpaWkp_z6M86aQk6wSa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank (ix)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____zUcoASZ8wcr1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____z0BJ2A2ets23" title="Issuance Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____zz3amXKe7kw4" title="Maturity Date">June 25, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____zlYlYMVU7R6e" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2563">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKGl4KQ_____z9INoNXg5Ak6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,429,981</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank (x)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zemJAPh3EQQg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zScBGiVNT0Bj" title="Issuance Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zK2BZqIjssU5" title="Maturity Date">June 25, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zvDzhaVhXKe8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2573">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHgp_zR1K8PfNBFi2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">857,989</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEB Bank (xi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zCCwGBynqyn7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.14%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zNEzjAIRVAR2" title="Issuance Date">August 27, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_fKHhpKQ_____zbbYJhzWbyjf" title="Maturity Date">August 26, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zjlyoMwdHw9d" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2583">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_fKHhpKQ_____zcb5fAfSuT6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">861,731</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Zheshang bank (xii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zkRqDA2hdVyi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.60%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zIBh069oyii8" title="Issuance Date">June 10, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___z2BEY6bDIL64" title="Maturity Date">June 9, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zEvFH5RZTY6j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2593">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_fKHhpaSk___zaLmCo8UB5vi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">714,990</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Everbright Bank (xiii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zv6nh6neei1j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_znzEmXdKdG08" title="Issuance Date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zVlZ55Db50K5" title="Maturity Date">March 24, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zmJRSMISZrlb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2603">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHhpaWkp_zWEHkJHDkhPe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">714,990</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of Beijing (xiv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___z9BTrwsjkeIa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___zYC7NmJuTo3l" title="Issuance Date">December 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___zkgklC5H5vi" title="Maturity Date">December 21, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___znCLgbJQMzQd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2613">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHhpdik___zBrkoCI1yi77" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">714,990</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (xv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____z3Sz5DcxC2bd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____zCsIciDtGGWl" title="Issuance Date">February 28, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____z2LEQohKVWQc" title="Maturity Date">February 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_fKHh2KQ_____z4UG6OQ6OMF5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2623">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_fKHh2KQ_____z2Ni4Ua5jrf9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">428,995</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_zN1FPdgdGNb7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_zLdcRFUcCWE5" title="Issuance Date">February 23, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_zbD1NAKipBaf" title="Maturity Date">February 22, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_zKfCT8CxCc83" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyThreeTwoThousandAndTwentyFourMember_z4AQ6bGKx2Z9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2635">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_zUHjjZFGMJIh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.90%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_z0pMm9d711Q5" title="Issuance Date">May 24, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_zJsZo9mQK6Fb" title="Maturity Date">May 23, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_zZW4kAhUF6J" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMayTwentyFourTwoThousandAndTwentyFourMember_z9deZnfUg4M6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2645">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_z4CZ7RedAGL4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_znqMxg5T3Upg" title="Issuance Date">June 27, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zaxOCxZos7Kc" title="Maturity Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zV1B39RJ1wbe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zfg9COC2v4Cc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2655">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China CITIC Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zPeuzd3SLqwc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zbngtP5cppR9" title="Issuance Date">June 27, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_ztzUix6DMWmj" title="Maturity Date">June 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_zxovJp0FPi5g" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">410,998</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankOneMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_z1Wh3TbaTQ49" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2665">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zl0XfG8qALAl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.05%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zs5mrmxtKGwk" title="Issuance Date">May 7, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zzsEsLkMN2f" title="Maturity Date">May 6, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMaySevenTwoThousandAndTwentyFourMember_zyhb37ny6WNa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,372</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaConstructionBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySevenTwoThousandAndTwentyFourMember_z6n77GHsaz7k" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2675">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Merchants Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_zdZWhVCiuMEb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.90%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_zOQJN7Gpgvig" title="Issuance Date">January 26, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_z5qMLRohsYgf" title="Maturity Date">January 26, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_z16rCCyGDyfb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,109,983</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentySixTwoThousandAndTwentyFourMember_zM2OfIGwasWh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2685">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Rural Commercial Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zAGlptrzk6E4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.81%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zggXeikcLXx3" title="Issuance Date">March 26, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_z6f02mJS6D74" title="Maturity Date">March 20, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zHW9ThdbW5M6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,232,995</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentySixTwoThousandAndTwentyFourMember_zyqHYK1H8RIb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2695">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zaAgZWbzxpH4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zGtu8AwaNmqb" title="Issuance Date">September 25, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zi3ZixW7IyT5" title="Maturity Date">September 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_zES4Dmx4nTKl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,369,994</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateSeptemberTwentyFiveTwoThousandAndTwentyFourMember_z5Aw4M0Etsbj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2705">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Everbright Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_z8f1Qju00Xqe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.75%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_zGoosHOdL5Mk" title="Issuance Date">January 22, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_zjyMCWMzgXu3" title="Maturity Date">January 21, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_z6B3v8XMgPFb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJanuaryTwentyTwoTwoThousandAndTwentyFourMember_zw4q0ZwFHb1c" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2715">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Zheshang bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zQPRJsdoPjz6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zsKuAuHD35r" title="Issuance Date">April 10, 2024</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_z2LEhH2d2ul3" title="Maturity Date">April 7, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShortTermBorrowings_iI_pid_c20241231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zUaOKsaoU0Jl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">684,997</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShortTermBorrowings_iI_pid_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAprilTenTwoThousandAndTwentyFourMember_zq87gHApr7jk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="As of December 31, 2022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2725">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_pid_c20241231_fKGlpKQ_____zDHR45EG2tF6" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Short-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10,550,327</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_pid_c20251231_fKGlpKQ_____zXxkiyw5HEKi" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Short-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>38,795,458</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-term borrowings, current portion</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank (xvi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zs6fq8bx44t5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.85%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zdWGBMwjf87j" title="Issuance Date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zXxTksccrMGi" title="Maturity Date">March 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zAsU4VSyL4Q5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2737">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aSk___zSqnDlR22yl7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,564,835</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank (xvii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_zzhNzybF8337" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_zXZbWVZbvRyh" title="Issuance Date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWkp_zfh7Mknc5Rg9" title="Maturity Date">September 17, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_z2io9I6v1u2j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2747">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveeTwoThousandAndTwentyThreeMember_fKHh2aWkp_zgitZ5r8was1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,300</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (xviii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zjCXYn6dPSna" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____z1HXTFoj5kK2" title="Issuance Date">June 29, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zLBkpwvwyrY2" title="Maturity Date">June 21, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zzRTnfBSo1B7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2757">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWlpKQ_____zaSBIm1g2Hjb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,292</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zWZoN1phDJok" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zcg7Mot6VQSe" title="Issuance Date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zHcgmiVc2ESg" title="Maturity Date">September 21, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zuNqLrNh2zj4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136,999</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceTwoDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zzJObsj7sG89" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2769">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_981_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z4BSnBtsB3Jc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zguX8YTjeD9f" title="Issuance Date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zbERhjqrauXa" title="Maturity Date">March 21, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zIpS9FvcHDA" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136,999</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceThreeDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zvNrLGAtgJs6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2779">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subtotal</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td id="xdx_984_eus-gaap--LongTermDebtCurrent_iI_pid_c20241231_zCCHLxsIwnW1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, current portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>273,998</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_pid_c20251231_zCcOHxfF0DM6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, current portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,586,427</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-term borrowings</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HanKou Bank (xvii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_zbCkWGCcZU91" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_z7raSU6AUhL7" title="Issuance date">March 25, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_zbhTWmLuAqA7" title="Maturity date">March 17, 2027</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_fKHh2aWkp_zFoKE38OkiSe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2791">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_fKHh2aWkp_zE6B7XpiXWVa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">693,541</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of China (xviii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_980_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____z5bu2VmBye1k" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.80%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zi8ziZO3OZ6j" title="Issuance date">June 29, 2025</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zE7J8YiRlHsb" title="Maturity date">June 27, 2028</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zmZ54fNIHts1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2801">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyFiveMember_fKHh2aWlpKQ_____zOd4Xho2uOh1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">353,706</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hua Xia Bank</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zocxzGZFlMpc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Interest rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zI7EbaL2P1J3" title="Issuance date">March 29, 2023</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zZDpWEUhOU2h" title="Maturity date">March 28, 2026</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20241231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zIOAmZAdCzQ6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,376,519</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pid_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceFiveDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z8QAJkRBfLd4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowing, non-current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2813">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--LongTermDebt_iI_pid_c20241231_zZetEM4kw9dc" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,650,517</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_eus-gaap--LongTermDebt_iI_pid_c20251231_zMYYhtbSgz7e" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,633,674</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. BORROWINGS – Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F02_zRrki6XvJ0Ib" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zCo7zbzvCSd8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 10, 2025, the Company signed a Master Loan Agreement with a lender in which the lender agreed to grant a credit line to the Company to lend the Company fiat money or cryptocurrency for the purpose of paying off the Company’s mining machines hosting expenses. The loans are denoted in USDT and typically paid directly to the service provider. The amount the Company is able to draw from the credit line is determined by the monetary value of the cryptocurrency collateral the Company posted at the lender-designated wallets. Based on the agreement, there is no specific limit in the amount the Company is able to borrow within the first twelve months since the inception of the agreement. Subsequently, the amount the Company could draw from the credit line is limited at 60% of the market value of the collateralized cryptocurrency. There is no expiration date indicated in such agreement. In addition, the amount drawn typically does not have maturity as long as sufficient collateralization has been maintained. As of December 31, 2025, all of the Company’s bitcoins were posted as collateral.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F04_zV8pM7GY7avb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zxxaEIxq4Iv2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zy7ksPQbGXn9" title="Loan">30,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaMerchantsBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zLxz6LwAoIc2" title="Loan">4,289,943</span>). The loan is pledged by existing and potential account receivables of Wuhan ESVF, Shenzhen VF and Xinghui Culture due from Tengjing Sports Culture Development (Shanghai) Co., Ltd., Shenzhen Tencent Computer Systems Co., Ltd., Tencent Technology (Chengdu) Co., Ltd., Tencent Technology (Shenzhen) Co., Ltd and guaranteed by Shenzhen VF and the Group’s shareholders, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F09_zribhn6QI7T1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zDzxz7eovIje" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zWTHRCVCcFFd" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--WuhanRuralCommercialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zzG1x1rpzjr3" title="Loan">1,429,981</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F08_z9OKmCG0moj1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zcCtevRPSMnb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_zco4gxR5wGA6" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberTwentyEightTwoThousandAndTwentyFiveMember_zZWke0ilLcY9" title="Loan">1,429,981</span>). The loan is guaranteed by Xinghui Media and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0D_zAUp71vJckRk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zgYIwJSQmwIg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_ze2mQTy3W0F" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwelveTwoThousandAndTwentyFiveMember_zbc3lw2mQEIh" title="Loan">1,429,981</span>). The loan is guaranteed by Xinghui Media, ShenZhen VF and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0D_zSStKZHuL3y" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z9SIt6IhnOHg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_zial9cxul0k6" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--SDPBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberFourTwoThousandAndTwentyFiveMember_zEOTIiKSXc4f" title="Loan">1,429,981</span>). The loan is guaranteed by Xinghui Media and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0D_zGMnVNHbmMMb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zF9nwcPq1tWe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_zVriEOnRAfD1" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HanKouBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateOctoberFourteenTwoThousandAndTwentyFiveMember_zm7GhbVHPAJ1" title="Loan">1,429,981</span>). The loan is guaranteed by the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F02_zFEvOEx0OHGj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zXHebPnPNWW5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_zVrTcNoFkbRg" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--IndustrialBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentyEightTwoThousandAndTwentyFiveMember_zYZyqmnC06Z7" title="Loan">1,429,981</span>). The loan is guaranteed by Wuhan ESVF and the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0E_zHUFvn1a7m8c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zPwJY294gzhe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zy34xwaoAEi1" title="Loan">10,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zgaaSkdv1432" title="Loan">1,429,981</span>). The loan is guaranteed by the Group’s shareholder, Liwei Sun and Rui Zhou.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F02_zPKMzxsZkRs6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zyBoAt7PpDu5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_zfFIgRq5gzA4" title="Loan">6,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaCITICBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceOneDateJuneTwentySixTwoThousandAndTwentyFiveMember_zuukllwrSyTc" title="Loan">857,989</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F08_zZZjUsANIFFc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zHM8iqDPYbv8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIP Gaming AB maintains a revolving credit facility of SEK <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uSEK_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_z1KdAAVi8Xzc" title="Loan">8,000,000</span> with SKANDINAVISKA ENSKILDA BANKEN AB, with no pledges, collateral or guarantees required. As of 31 December 2025, the utilized portion of the facility amounts to SEK <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uSEK_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_zR2VbyLw66N6" title="Loan">7,588,463</span>, equivalent to USD <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--SEBBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateAugustTwentySevenTwoThousandAndTwentyFiveMember_z4OPNBw1jH6l" title="Loan">861,731</span>.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F09_ziiLefP8Pbu2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_F14_zuvbStLgCyDa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_zw1rf8KCeZth" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaZheshangBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTenTwoThousandAndTwentyFiveMember_zizd1yoQy0Q8" title="Loan">714,990</span>). The loan is guaranteed by Wuhan ESVF, and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang. And The loan is pledged by all accounts receivable generated by Tencent Technology (Shenzhen) Co., Ltd. from June 4, 2025, over the following three years.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15pt"><span id="xdx_F06_z5QSuyp5X8P3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_ze8EaJCfXy8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zh7DEAJnGu25" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--ChinaEverbrightBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateMarchTwentyFiveTwoThousandAndTwentyFiveMember_zWPmQ7TPJKjl" title="Loan">714,990</span>). The loan is guaranteed by Shenzhen VF and the Group’s shareholders, Liwei Sun and Rui Zhou. And The loan is pledged by existing account receivables of Wuhan ESVF due from Shanghai Dianding CO., LTD.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0E_zzJJlOb7ykTg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zfntxDMYk104" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_zNhur3SfB10c" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfBeijingMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateDecemberTwentySixTwoThousandAndTwentyFiveMember_zP8OOHGH9Hqc" title="Loan">714,990</span>). The loan is guaranteed by Wuhan ESVF.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0D_zkuHBIt630p5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z4QGszZ86jFi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_ztGO57GwU4j" title="Loan">3,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryTwentyEightTwoThousandAndTwentyFiveMember_zd0H3gI3E5Yi" title="Loan">428,995</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0A_zTWt1eyzwvx4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zt865FHPzklc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zo0lVx4N4bVc" title="Loan">30,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateFebruaryEightTwoThousandAndTwentyFiveMember_zHWQR9w7Eeuh" title="Loan">4,289,943</span>). The loan is guaranteed by Wuhan Zhongzhe Financing Guarantee Co., LTD., Hongli Culture and the Group’s shareholders, Liwei Sun and Rui Zhou. As of December 31, 2025, the outstanding loan principal of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--LongTermDebtCurrent_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z1eugcBLVsKe" title="Outstanding loan principal of long-term borrowing current">25,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--LongTermDebtCurrent_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zfuyOvov1KAi" title="Outstanding loan principal of long-term borrowing current">3,574,952</span>) is due within twelve months, which is classified as current portion of long-term borrowing. And debt issuance costs of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--PaymentsOfDebtIssuanceCosts_uRMB_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z0O4UtuWOqkb" title="Debt issuance costs">70,755</span>(approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--PaymentsOfDebtIssuanceCosts_uUSD_c20250101__20251231__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zf0YMeZyiE48" title="Debt issuance costs">10,118</span>) were deducted from the proceeds from the loan.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F03_zYNTLlrYSIr4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zjuKDrujZS2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251230__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zT4V7On0l2r1" title="Loan">5,000,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251230__dei--LegalEntityAxis__custom--HuaXiaBankMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zJEOLZUauhQ6" title="Loan">714,990</span>). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang and Wuhan Optics Valley Technology Financing Guarantee Co., Ltd who charged a financing guarantee fee of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_pid_dp_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_zZFY4MlV6yXb" title="Guarantee fee percentage">0.4</span>% per annum on the principal amount of the financing guarantee. As of December 31, 2025, the outstanding loan principal of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--LongTermDebtCurrent_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z2LxeNbBWC71" title="Outstanding loan principal of long-term borrowing current">100,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--LongTermDebtCurrent_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceDateMarchTwentyNineTwoThousandAndTwentyThreeMember_z9xEx8UFUJ7j" title="Outstanding loan principal of long-term borrowing current">14,300</span>) is due within twelve months, which is classified as current portion of long-term borrowing and the remaining portion of principal of RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zJrYMmAaBvjh" title="Loan">4,850,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--HanKouMember__us-gaap--DebtInstrumentAxis__custom--ShortTermDebtIssuanceDateJuneTwentySixTwoThousandAndTwentyFiveMember_zpHrFTSEUMuf" title="Loan">693,541</span>) is presented as a long-term borrowing.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F09_zI8wIjwomf33" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zvajybWUsN83" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal of the loan is RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_zK7jI1NPSHx" title="Loan">2,550,000</span> (approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20251231__dei--LegalEntityAxis__custom--BankOfChinaMember__us-gaap--DebtInstrumentAxis__custom--LongTermDebtIssuanceOneDateJuneTwentyNineTwoThousandAndTwentyThreeMember_z0YP15nm38le" title="Loan">360,998</span>). The loan is guaranteed by Wuhan ESVF and Shenzhen VF.</span></td></tr> </table> 0.0800 12709572 0.0900 7492391 0.0340 2025-02-08 2026-02-08 4289943 0.0400 2025-03-25 2026-03-13 1429981 0.0300 2025-10-28 2026-10-28 1429981 0.0300 2025-03-12 2026-03-09 1429981 0.0300 2025-12-04 2026-11-09 1429981 0.0340 2025-10-14 2026-10-14 1429981 0.0280 2025-06-28 2026-06-24 1429981 0.0300 2025-06-26 2026-06-25 1429981 0.0300 2025-06-26 2026-06-25 857989 0.0614 2025-08-27 2026-08-26 861731 0.0360 2025-06-10 2026-06-09 714990 0.0345 2025-03-25 2026-03-24 714990 0.0250 2025-12-26 2026-12-21 714990 0.0310 2025-02-28 2026-02-28 428995 0.0450 2024-02-23 2025-02-22 684997 0.0390 2024-05-24 2025-05-23 684997 0.0345 2024-06-27 2025-06-26 684997 0.0345 2024-06-27 2025-06-26 410998 0.0405 2024-05-07 2025-05-06 1372 0.0390 2024-01-26 2025-01-26 4109983 0.0481 2024-03-26 2025-03-20 1232995 0.0345 2024-09-25 2025-09-25 1369994 0.0375 2024-01-22 2025-01-21 684997 0.0380 2024-04-10 2025-04-07 684997 10550327 38795458 0.0385 2023-03-29 2026-03-28 3564835 0.0450 2025-03-25 2026-09-17 14300 0.0480 2025-06-29 2026-06-21 7292 0.0440 2023-03-29 2025-09-21 136999 0.0440 2023-03-29 2025-03-21 136999 273998 3586427 0.0450 2025-03-25 2027-03-17 693541 0.0480 2025-06-29 2028-06-27 353706 0.0440 2023-03-29 2026-03-28 3376519 3650517 4633674 30000000 4289943 10000000 1429981 10000000 1429981 10000000 1429981 10000000 1429981 10000000 1429981 10000000 1429981 10000000 1429981 6000000 857989 8000000 7588463 861731 5000000 714990 5000000 714990 5000000 714990 3000000 428995 30000000 4289943 25000000 3574952 70755 10118 5000000 714990 0.004 100000 14300 4850000 693541 2550000 360998 <p id="xdx_800_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zNNnWDSCh067" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zsnoPZbXMFlg">ACCRUED EXPENSES AND OTHER LIABILITIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zkZNpO29tge4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other liabilities consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_z9M6IKH9EIi2" style="display: none">SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_494_20241231_zVJIHqE0BeUh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49F_20251231_zHzsKbRTzLGe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_ecustom--LoanFromThirdParties_iI_maALAOLzoSl_zBA9uNVrQy3j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan from third parties<sup id="xdx_F49_zx3pjrGAyOX8">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,057,563</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,577,117</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALAOLzoSl_zLyqrDKctD59" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,168,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708,295</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALAOLzoSl_zyddj8Qc6UHl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses<sup id="xdx_F45_z2pNaaeCtvaa">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,554,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--CollectionOfCapitalFundFromThirdParties_iI_maALAOLzoSl_zQ6AGeCTWDHa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collection of capital fund from third parties <sup>(<span id="xdx_F4E_zEsGFlE5wLol" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2938">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,429,981</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedPayrollTaxesCurrent_iI_maALAOLzoSl_z55JA2DYWCM4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,337,620</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">902,764</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALAOLzoSl_zQLJrQ5TzMua" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional service fees payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,346</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2945">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzoSl_zCGU57BV2Hmk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,527,390</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,172,731<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F0A_zxa64k3S8701" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zNyDSsrICn8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance represented the unsecured borrowings with a maturity less than one year and an interest rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ1JVRUQgRVhQRU5TRVMgQU5EIE9USEVSIExJQUJJTElUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_ztKmx3gBxjIa" title="Interest rate">15</span>% per annum from third parties for daily business operation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F00_za9xT7tAlOD6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zXahQcHw1tD7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance mainly consisted of deposit payable to event suppliers, reimbursement payable to employees and miscellaneous fees payable to third parties.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0B_zMoryMlLfrGl" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td id="xdx_F1B_z3Iqim6JpxTj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to the capital increase agreement dated June 16, 2025, an individual shareholder subscribed for the equity of Hongli Culture with a total consideration of RMB <span id="xdx_907_ecustom--ToatlConsiderationOfSubscription_pn5n6_uRMB_c20250616__20250616_zGmeTJwrFxZ1" title="Total consideration">10.00</span> million, in exchange for approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ1JVRUQgRVhQRU5TRVMgQU5EIE9USEVSIExJQUJJTElUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--EquityInterestRateEffectivePercentage_iI_pid_dp_uPure_c20250616_zEt3kEE0o7w8" title="Equity rate">2.78%</span> equity interest of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongli Culture. As of December 31, 2025, the full equity subscription proceeds of RMB <span id="xdx_90E_ecustom--ProceedsFromSubscription_pn5n6_uRMB_c20250616__20250616_zUf2cc50Ptk5" title="Subscription proceeds">10.00</span> million had been fully received by the Group. However, the equity delivery conditions had not been satisfied as of the reporting date, and accordingly, the relevant equity interest had not been delivered and registered.</span></td></tr> </table> <p id="xdx_8AF_zClfjfsEEXl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zkZNpO29tge4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other liabilities consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_z9M6IKH9EIi2" style="display: none">SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_494_20241231_zVJIHqE0BeUh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49F_20251231_zHzsKbRTzLGe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_ecustom--LoanFromThirdParties_iI_maALAOLzoSl_zBA9uNVrQy3j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan from third parties<sup id="xdx_F49_zx3pjrGAyOX8">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,057,563</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,577,117</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALAOLzoSl_zLyqrDKctD59" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,168,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708,295</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALAOLzoSl_zyddj8Qc6UHl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses<sup id="xdx_F45_z2pNaaeCtvaa">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,554,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--CollectionOfCapitalFundFromThirdParties_iI_maALAOLzoSl_zQ6AGeCTWDHa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collection of capital fund from third parties <sup>(<span id="xdx_F4E_zEsGFlE5wLol" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2938">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,429,981</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedPayrollTaxesCurrent_iI_maALAOLzoSl_z55JA2DYWCM4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,337,620</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">902,764</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALAOLzoSl_zQLJrQ5TzMua" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional service fees payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,346</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2945">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzoSl_zCGU57BV2Hmk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,527,390</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,172,731<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F0A_zxa64k3S8701" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zNyDSsrICn8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance represented the unsecured borrowings with a maturity less than one year and an interest rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ1JVRUQgRVhQRU5TRVMgQU5EIE9USEVSIExJQUJJTElUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_ztKmx3gBxjIa" title="Interest rate">15</span>% per annum from third parties for daily business operation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F00_za9xT7tAlOD6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zXahQcHw1tD7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance mainly consisted of deposit payable to event suppliers, reimbursement payable to employees and miscellaneous fees payable to third parties.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0B_zMoryMlLfrGl" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td id="xdx_F1B_z3Iqim6JpxTj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to the capital increase agreement dated June 16, 2025, an individual shareholder subscribed for the equity of Hongli Culture with a total consideration of RMB <span id="xdx_907_ecustom--ToatlConsiderationOfSubscription_pn5n6_uRMB_c20250616__20250616_zGmeTJwrFxZ1" title="Total consideration">10.00</span> million, in exchange for approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFDQ1JVRUQgRVhQRU5TRVMgQU5EIE9USEVSIExJQUJJTElUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--EquityInterestRateEffectivePercentage_iI_pid_dp_uPure_c20250616_zEt3kEE0o7w8" title="Equity rate">2.78%</span> equity interest of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongli Culture. As of December 31, 2025, the full equity subscription proceeds of RMB <span id="xdx_90E_ecustom--ProceedsFromSubscription_pn5n6_uRMB_c20250616__20250616_zUf2cc50Ptk5" title="Subscription proceeds">10.00</span> million had been fully received by the Group. However, the equity delivery conditions had not been satisfied as of the reporting date, and accordingly, the relevant equity interest had not been delivered and registered.</span></td></tr> </table> 3057563 3577117 1168921 1708295 590940 1554574 1429981 1337620 902764 372346 6527390 9172731 0.15 10000000.00 0.0278 10000000.00 <p id="xdx_80B_eus-gaap--IncomeTaxDisclosureTextBlock_z42EjyOXpnh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. <span id="xdx_820_zrkqrMb46aHk">TAXATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cayman Islands</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>United States</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the current laws, the federal corporate income tax rate in the United States is generally assessed at the rate of <span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_uPure_c20250101__20251231__srt--StatementGeographicalAxis__country--US_z8kzveDqtdb1" title="Corporate tax rate">21%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Unlike the uniform federal rate, state corporate income tax rates vary significantly. The rates range from as low as <span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_c20250101__20251231__srt--RangeAxis__srt--MinimumMember_zzxhazy7KUri">0%</span> to as high as <span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_c20250101__20251231__srt--RangeAxis__srt--MaximumMember_zHKlji8lFDf6">5.19%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sweden</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, Ninjas in Pyjamas is considered Sweden resident enterprises under Sweden tax law, and is subject to enterprise income tax on their worldwide taxable income as determined under Sweden tax laws. The applicable statutory income tax rate for the year ended 2024 is <span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_c20240101__20241231__srt--StatementGeographicalAxis__country--SE_z02tkES2xrke" title="Statutory income tax rate percentage">20.6</span>%, unless otherwise specified.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Hong Kong </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESVF HK was established in <span id="xdx_90A_eus-gaap--IncomeTaxHolidayDescription_c20250101__20251231__srt--StatementGeographicalAxis__country--HK_zQ633mjxunCf" title="Income tax standard rule">Hong Kong and is subject to a two-tiered income tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first HKD2 million of profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate, 16.5%</span>. No provision for Hong Kong profits tax has been made in the consolidated financial statements as it has no assessable profit for the years ended December 31, 2023 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. TAXATION - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, the Group’s WFOE and its subsidiaries, which are considered as PRC resident enterprises under PRC tax law, are subject to enterprise income tax on their worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of <span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_c20250101__20251231__srt--StatementGeographicalAxis__custom--PRCMember_zsrozRgKg9kf" title="Statutory income tax rate percentage">25</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--IncomeTaxDescription_c20250101__20251231_zCZ1UTvQ1Tbf" title="Income tax description">The State Administration of Taxation further announced that from January 1, 2021 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises, and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million. In accordance with announcement of the Ministry of Finance and the State Taxation Administration [2023] No. 6, which was effective from January 1, 2023 to December 31, 2024, preferential tax rate became 5% on taxable income below RMB1 million. According to announcement of the Ministry of Finance and the State Taxation Administration [2023] No.12, which became effective on August 2, 2023 and until to December 31, 2027, small, low profit enterprises is subject to the preferential income tax rate of 5% (only 25% of such taxable income shall be subject to enterprises income tax at a tax rate of 20%).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2025, Dawei Xianglong, Changsha Liyao, Wuhan Yingciyuan, Xiamen Yingciyuan, Beijing Hongli, Hangzhou Hongxiaoli, Wuhan Hongxiaoli, Shanghai Hongdali, Xingzhi Media, Xingjing Entertainment, Xinghui Media, Taicang Xingjing, Chengdu Xingjing Weiwu, Zhoushan Xingjing, Zhoushan Jingxi, Wuhan Muyecun, Shanghai Rujing, Jinyuanbao, Hangzhou Yinyuan, Wuhan Alunyou, Xingyao Future, Guangxi Hongli, Shanghai Xingyu, Chengdu Qiyuhai, Beijing Xingjing Entertainment and Shenzhen Xingjing were recognized as small-scale and low-profit enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_ecustom--ScheduleOfComponentsOfIncomeBeforeIncomeTaxesTableTextBlock_zfdocyahgsN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of the (loss)/income before income taxes are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_z1cCPVfpB2E3" style="display: none">SCHEDULE OF COMPONENTS OF INCOME BEFORE INCOME TAX</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_496_20230101__20231231_zHaFmiTaoKu8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zGPAp4cWTa1e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20250101__20251231_z1JV0qQcW4qg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__custom--PRCMember_z84aMiaQgvIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">PRC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(13,842,300</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(10,225,125</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(200,522,409</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__custom--CayamnIslandsMember_zPsSPxeCzZ3e" style="vertical-align: bottom; background-color: White"> <td>Cayman Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2981">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2982">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,144,182</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__country--SE_zApf2csjUju8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Sweden</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,548,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,683,148</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__country--US_z3Ctu7VrBNIf" style="vertical-align: bottom; background-color: White"> <td>US</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2989">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2990">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,511,073</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__custom--OthersMember_zmgSlTdrxMf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(849,048</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,281,727</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(723,232</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_zGH5CyvIa9zj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(14,458,704</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(15,055,080</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(251,584,044</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8AE_zzwrsovXbA2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zBWUIqfnYQIk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The income tax provision consists of the following components:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_z7tYjVrhYK8k" style="display: none">SCHEDULE OF INCOME TAX PROVISION</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_496_20230101__20231231_z9vJTJoMZ7l9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zyHWFMi8Tlt7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_499_20250101__20251231_z5ivnUhLQQDj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentIncomeTaxExpenseBenefit_maITEBzXfA_zQmKZnJ29oi2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Current income tax expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">181,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">126,140</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,364,150</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredIncomeTaxExpenseBenefit_maITEBzXfA_zRILLhbLmHTd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax benefits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,382,822</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,495,899</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(14,829,357</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzXfA_zRnym6bbPlyc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total income tax benefits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,200,855</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,369,759</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(13,465,207</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8AB_zP3OW909Ca33" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. TAXATION - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zZJzugF3pDki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation between the Group’s actual provision for income taxes and the provision at the PRC, mainland statutory rate is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zEtSsMzXTstg" style="display: none">SCHEDULE OF RECONCILIATION OF INCOME TAXES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49E_20230101__20231231_zRkVHcVDyXpf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49E_20240101__20241231_zhs1IIVX2HJ2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zVK3kiBK0wYa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Loss before income tax expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(14,458,704</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(15,055,080</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzVJ3_zW5iz6Cxl4qj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax benefit at the PRC statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,614,676</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,763,770</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--IncomeTaxReconciliationTaxRates_maITEBzVJ3_zpv6qxae15M" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of preferential tax rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,029</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBzVJ3_zV63e0ZTFI0g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impact of different tax rates in other jurisdictions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">493,254</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_maITEBzVJ3_zN7PzQjZjfR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect on share-based compensation, nil of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,530,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3030">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--IncomeTaxReconciliationNondeductibleExpenseOfCharitableDonations_maITEBzVJ3_z5EC0opFu1Lf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax effect on charitable donations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3032">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3033">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseCharitableContributions_maITEBzVJ3_z8WAV7dZIsCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect of non-deductible items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,890</td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzVJ3_zOlQZiee97Kl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prior year true up</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,019</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,534</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzVJ3_zbAIBlUXG5zd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">371,179</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">288,304</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzVJ3_zvWar56uUoib" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Income tax benefits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,200,855</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,369,759</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">The table below provides the updated requirements of ASU 2023-09 for 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">The reconciliation of effective income tax rate computed by applying the PRC statutory tax rate of <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_c20250101__20251231__srt--StatementGeographicalAxis__custom--PRCMember_zdW2KUM6WBxg" title="Statutory income tax rate percentage">25%</span> is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Net loss before income tax expense</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_496_20250101__20251231_zE6KK5RSEGI7" style="text-align: right"><span style="font-size: 10pt"><b>(251,584,044) </b></span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>For the year ended December 31, 2025</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--IncomeLossFromContinuingOperationsBeforeIncomeTaxes_z2LkAZgGDAv9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-size: 10pt"><b>Net loss before income tax expense</b></span></td> <td style="width: 2%"> </td> <td style="width: 1%"><span style="font-size: 10pt"><b>$</b></span></td> <td style="width: 16%; text-align: right"><span style="font-size: 10pt"><b>(251,584,044) </b></span></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_ztkv6ydn3QH9" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt"><b>Income tax benefit at the PRC statutory rate</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>(62,896,011) </b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zHXS12Bbt968" style="text-align: right" title="Income tax benefit at the PRC statutory rate percentage"><span style="font-size: 10pt"><b>25.0%</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Foreign tax effects</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-size: 10pt"><b>Cayman Islands</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__country--KY_ziVnmzTLxC63" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between Cayman Islands and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">10,036,046 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--KY_z7Eoj1cyALwh" style="text-align: right" title="Statutory tax rate difference between Cayman Islands and PRC percentage"><span style="font-size: 10pt">-4.0%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-size: 10pt"><b>United States</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__country--US_zYXCt0Miahog" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between United States and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">220,443 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_988_ecustom--EffectiveIncomeTaxRateReconciliationUnitedStatesIncomeTaxes_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--US_z4b6rzzIev6k" style="text-align: right" title="Statutory tax rate difference between United States and PRC percentage"><span style="font-size: 10pt">-0.1%</span></td> <td> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_hus-gaap--IncomeTaxAuthorityAxis__country--US_zUAxsKrT8gRh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Changes in valuation allowance</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1,157,325 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_981_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--US_zqq8HSFQDgic" style="text-align: right" title="Changes in valuation allowance percentage"><span style="font-size: 10pt">-0.5%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Sweden</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__country--SE_z6yRFMSsMDC2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between Sweden and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">8,430,781 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98E_ecustom--EffectiveIncomeTaxRateReconciliationUnitedStatesIncomeTaxes_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--SE_zXlfQ3ZOr59i" style="text-align: right" title="Statutory tax rate difference between Sweden and PRC percentage"><span style="font-size: 10pt">-3.4%</span></td> <td> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_hus-gaap--IncomeTaxAuthorityAxis__country--SE_zYc3WwXRReak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Tax effect of non-deductible items</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">25,278,277 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--SE_z0FfpbiLit04" style="text-align: right" title="Tax effect of non-deductible items percentage"><span style="font-size: 10pt">-10.0%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt"><b>Other foreign jurisdictions</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignTaxJurisdictionOtherMember_z5MxOC6XJ5db" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between other foreign jurisdictions and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">150,927 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98E_ecustom--EffectiveIncomeTaxRateReconciliationUnitedStatesIncomeTaxes_pid_dp_uPure_c20250101__20251231_z5kW70tLgExi" style="text-align: right" title="Statutory tax rate difference between other foreign jurisdictions and PRC percentage"><span style="font-size: 10pt">-0.1%</span></td> <td> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignTaxJurisdictionOtherMember_zOKeYmkwoxa7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Changes in valuation allowance</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">44,551 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_984_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignTaxJurisdictionOtherMember_zHS3edXEzWj2" style="text-align: right" title="Changes in valuation allowance percentage"><span style="font-size: 10pt">0.0%</span></td> <td> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzVJ3_za21T8k8E9Qc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Changes in valuation allowance</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>4,496,499 </b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98D_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231_zNlcCduAjRm2" style="text-align: right" title="Changes in valuation allowance percentage"><span style="font-size: 10pt"><b>-1.8%</b></span></td> <td> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_maITEBzVJ3_zM8uhjRn5FT" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt"><b>Effect of preferential tax rates</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>(123,723)</b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98D_ecustom--EffectiveIncomeTaxRateOfPreferentialTax_pid_dp_uPure_c20250101__20251231_zgP3EEbDWerd" style="text-align: right" title="Effect of preferential tax rates percentage"><span style="font-size: 10pt"><b>0.0%</b></span></td> <td> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_maITEBzVJ3_z8IAKdx2t3c5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Non-deductible expenses</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>51,362</b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_c20250101__20251231_zainjroM8Cp" style="text-align: right" title="Non-deductible expenses percentage"><span style="font-size: 10pt"><b>0.0%</b></span></td> <td> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzVJ3_zEe5Bt0L6zN7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Prior year true up</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>(311,684) </b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationOfTrueUp_pid_dp_uPure_c20250101__20251231_zgg9obNJS6Ck" style="border-bottom: black 1pt solid; text-align: right" title="Prior year true up percentage"><span style="font-size: 10pt"><b>0.1%</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzVJ3_zbS00RlYGGad" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt"><b>Income tax expenses (benefit)</b></span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><b>(13,465,207) </b></span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_c20250101__20251231_ziYcoCOdOe69" style="border-bottom: black 2.25pt double; text-align: right" title="Income tax expenses benefit percenatge"><span style="font-size: 10pt"><b>5.4%</b></span></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"></p> <p id="xdx_8AD_zc0hLkcwvAnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z5GAnGMKn9S6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and 2025, the significant components of the deferred tax assets and deferred tax liability are summarized below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zeid1GJi80C7" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITY</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_493_20241231_ztjasqpiJdyj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_495_20251231_zYxaSXeU7318" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDITANzxZA_zsuTJFlz1rc6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net operating loss carried forward</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,029,778</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,941,587</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AllowanceForCreditLoss_iI_maDITANzxZA_zRge90ADwbD1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allowance for credit loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3108">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">334,526</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--TemporaryDifferencesOnPropertyPlantAndEquipmentDepreciation_iI_maDITANzxZA_zmPqwWP7kOEh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-size: 10pt">Temporary differences on property, plant and equipment depreciation</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3111">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">681,991</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--TemporaryDifferencesOnFairValueAdjustmentOfBitcoin_iI_maDITANzxZA_zHU3f4VokS54" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-size: 10pt">Temporary differences on fair value adjustment of Bitcoin</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3114">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411,877</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsGross_iI_z17UN1tZ67J9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax assets, gross</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,029,778</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><b>9,369,981</b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zBZrrt8I9Uf2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,940,958</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,842,308</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsNet_iTI_z8nddIguYgaa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net of valuation allowance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,088,820</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>1,527,673</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxLiabilitiesIntangibleAssetsAcquiredFromBusinessCombination_iI_zuSInBAxnjea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets acquired from business combination <sup id="xdx_F4B_zXNP5WUuKk57">(i)</sup></span></td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,408,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,687,700</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_iI_zVlqpF5yyMK7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets acquired from asset acquisition <sup id="xdx_F46_zVR4NWtaMsTf">(ii)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,252,372</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">502,772</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxLiabilities_iTI_zNy2z73UwPCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total deferred tax liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,661,207</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,190,472</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F04_z0xlXQFAcnI4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zTWCqmbwwCc1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group initial recognized $8,798,807, $14,427,828 and $1,596,010 of deferred tax liability from reverse acquisition on March 18, 2021, business acquisition on January 10, 2023 and business acquisition on October 2, 2024 due to appreciation fair value of intangible assets acquired. The Group reverse due to amortization of related intangible assets and disposal of subsidiaries.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F08_z4iITahRG98d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zZV579awRmxe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group initial recognized $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERFRkVSUkVEIFRBWCBBU1NFVFMgQU5EIERFRkVSUkVEIFRBWCBMSUFCSUxJVFkgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iI_c20211231__us-gaap--BusinessAcquisitionAxis__custom--AssetsAcquisitionMember_zcee5dcvg1s" title="Deferred tax liabilities">4,413,819</span> of deferred tax liability from asset acquisition in 2021 and reverse $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERFRkVSUkVEIFRBWCBBU1NFVFMgQU5EIERFRkVSUkVEIFRBWCBMSUFCSUxJVFkgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--AmortizationOfIntangibleAssets_c20240101__20241231__us-gaap--BusinessAcquisitionAxis__custom--AssetsAcquisitionMember_zLmq7nS5tSM4" title="Amortization of related intangible assets">770,690</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERFRkVSUkVEIFRBWCBBU1NFVFMgQU5EIERFRkVSUkVEIFRBWCBMSUFCSUxJVFkgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_eus-gaap--AmortizationOfIntangibleAssets_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--AssetsAcquisitionMember_zTbNe6SQIgD7" title="Amortization of related intangible assets">804,436</span> due to amortization of related intangible assets during the years end December 31, 2024 and 2025, respectively.</span></td></tr> </table> <p id="xdx_8AA_z4He8bTrydFb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. TAXATION - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and 2025, the Group had net operating loss carryforwards of approximately $<span id="xdx_905_eus-gaap--OperatingLossCarryforwards_iI_c20241231__srt--StatementGeographicalAxis__custom--PeoplesRepublicOfChinaMember_zRUixlRMxLok">16,113,739</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_909_eus-gaap--OperatingLossCarryforwards_iI_c20251231__srt--StatementGeographicalAxis__custom--PeoplesRepublicOfChinaMember_zlI8jyrBX1Pf">25,021,110</span></span> respectively, which arose from the Group’s subsidiaries established in the PRC. As of December 31, 2025, net operating loss carry forwards will expire, if unused, in the following amounts:</p> <p id="xdx_896_eus-gaap--SummaryOfOperatingLossCarryforwardsTextBlock_z4oe1m9YuHkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zPtJkhtAyBs5" style="display: none">SCHEDULE OF NET OPERATING LOSS CARRYFORWARDS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_49B_20251231_zBUgwXTpY6K1" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__us-gaap--TaxYear2025Member_z1ZSlgnXfkx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">589,137</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2026Member_zmp8wwrQWK4l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,901,196</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2027Member_zRRJXjmx1K48" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,079,582</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2028Member_zn0c1ELlV10j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,518,300</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2029Member_z9wHzpvmikR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,932,895</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLossCarryforwards_iI_zj5LJaPVPzQe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,021,110</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zVOWfGVIBOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Group had net operating loss carryforwards of $<span id="xdx_904_ecustom--OperatingLossCarryforwardsWithoutExpiration_iI_c20251231_zVbI9OgzZwo2" title="Net operating loss carry forwards, indefinitely">5,166,745</span> which can be carried forward indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--SummaryOfValuationAllowanceTextBlock_zaLoK5gJ6a8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement of valuation allowance is as follow:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zKTp72HJIom2" style="display: none">SCHEDULE OF MOVEMENT OF VALUATION ALLOWANCE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_499_20230101__20231231_zYmaD1vf1bB8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_494_20240101__20241231_zlR9Gq8oLfdi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_493_20250101__20251231_zOddHzZ0zjdj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_zfHonEtXcSgg" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Balance at beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,372,267</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,703,274</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,940,958</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsAdditions_iI_zEjMZ2k7doaf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">341,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,921,187</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsUtilization_iI_zfSy3KD9u2r6" style="vertical-align: bottom; background-color: White"> <td>Utilization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,445</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,742</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(222,811</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsExchangeRateEffect_iI_zAensLYiThhd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange rate effect</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(40,172</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50,620</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">202,974</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iE_ztgOBcQIvMp4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at end of the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,703,274</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,940,958</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,842,308</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zR4qy5tosI9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. Under the applicable accounting standards, management has considered the Group’s history of losses and concluded that it is more likely than not that some subsidiaries of the Group will not generate future taxable income prior to the expiration of the majority of net operating losses for $<span id="xdx_902_eus-gaap--OperatingLossCarryforwardsValuationAllowance_iI_c20251231_zP9Ofls8TdT4">27,624,549</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Accordingly, as of December 31, 2024 and 2025, $<span id="xdx_90F_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_c20241231_zxKLp7GjNyvj" title="Valuation allowance">1,940,958</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_c20251231_zHJhJg7h7Rul" title="Valuation allowance">7,842,308</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">valuation allowance has been established respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Uncertain tax positions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group did not have any significant unrecognized uncertain tax positions. The Group does not believe that its uncertain tax benefits position will materially change over the next twelve months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F<span style="font-family: Times New Roman, Times, Serif">or the years ended December 31, 2023, 2024 and 2025, the Group incurred no interest or penalties in connection with potentially underpaid income taxes. As of December 31, 2025, the tax years ended December 31, 2019 through 2024 for the Group’s subsidiaries in the PRC are generally subject to examination by the PRC tax authorities. As of December 31, 2025, the tax year ended December 31, 2025 for the Group</span><span style="font-family: DengXian">’</span><span style="font-family: Times New Roman, Times, Serif">s subsidiaries incorporated in 2025 in the United States are generally subject to examination by the United States tax authorities</span>. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.21 0 0.0519 0.206 Hong Kong and is subject to a two-tiered income tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first HKD2 million of profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate, 16.5% 0.25 The State Administration of Taxation further announced that from January 1, 2021 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises, and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million. In accordance with announcement of the Ministry of Finance and the State Taxation Administration [2023] No. 6, which was effective from January 1, 2023 to December 31, 2024, preferential tax rate became 5% on taxable income below RMB1 million. According to announcement of the Ministry of Finance and the State Taxation Administration [2023] No.12, which became effective on August 2, 2023 and until to December 31, 2027, small, low profit enterprises is subject to the preferential income tax rate of 5% (only 25% of such taxable income shall be subject to enterprises income tax at a tax rate of 20%). <p id="xdx_89B_ecustom--ScheduleOfComponentsOfIncomeBeforeIncomeTaxesTableTextBlock_zfdocyahgsN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of the (loss)/income before income taxes are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_z1cCPVfpB2E3" style="display: none">SCHEDULE OF COMPONENTS OF INCOME BEFORE INCOME TAX</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_496_20230101__20231231_zHaFmiTaoKu8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zGPAp4cWTa1e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20250101__20251231_z1JV0qQcW4qg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__custom--PRCMember_z84aMiaQgvIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">PRC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(13,842,300</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(10,225,125</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(200,522,409</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__custom--CayamnIslandsMember_zPsSPxeCzZ3e" style="vertical-align: bottom; background-color: White"> <td>Cayman Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2981">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2982">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,144,182</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__country--SE_zApf2csjUju8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Sweden</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,548,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,683,148</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__country--US_z3Ctu7VrBNIf" style="vertical-align: bottom; background-color: White"> <td>US</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2989">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2990">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,511,073</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hsrt--StatementGeographicalAxis__custom--OthersMember_zmgSlTdrxMf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(849,048</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,281,727</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(723,232</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_zGH5CyvIa9zj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(14,458,704</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(15,055,080</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(251,584,044</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> -13842300 -10225125 -200522409 -40144182 232644 -2548228 -4683148 -5511073 -849048 -2281727 -723232 -14458704 -15055080 -251584044 <p id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zBWUIqfnYQIk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The income tax provision consists of the following components:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_z7tYjVrhYK8k" style="display: none">SCHEDULE OF INCOME TAX PROVISION</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_496_20230101__20231231_z9vJTJoMZ7l9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zyHWFMi8Tlt7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_499_20250101__20251231_z5ivnUhLQQDj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentIncomeTaxExpenseBenefit_maITEBzXfA_zQmKZnJ29oi2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Current income tax expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">181,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">126,140</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,364,150</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredIncomeTaxExpenseBenefit_maITEBzXfA_zRILLhbLmHTd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax benefits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,382,822</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,495,899</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(14,829,357</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzXfA_zRnym6bbPlyc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total income tax benefits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,200,855</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,369,759</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(13,465,207</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> 181967 126140 1364150 -1382822 -2495899 -14829357 -1200855 -2369759 -13465207 <p id="xdx_89D_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zZJzugF3pDki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation between the Group’s actual provision for income taxes and the provision at the PRC, mainland statutory rate is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zEtSsMzXTstg" style="display: none">SCHEDULE OF RECONCILIATION OF INCOME TAXES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49E_20230101__20231231_zRkVHcVDyXpf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49E_20240101__20241231_zhs1IIVX2HJ2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zVK3kiBK0wYa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Loss before income tax expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(14,458,704</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(15,055,080</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzVJ3_zW5iz6Cxl4qj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax benefit at the PRC statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,614,676</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,763,770</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--IncomeTaxReconciliationTaxRates_maITEBzVJ3_zpv6qxae15M" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of preferential tax rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,029</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBzVJ3_zV63e0ZTFI0g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impact of different tax rates in other jurisdictions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">493,254</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_maITEBzVJ3_zN7PzQjZjfR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect on share-based compensation, nil of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,530,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3030">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--IncomeTaxReconciliationNondeductibleExpenseOfCharitableDonations_maITEBzVJ3_z5EC0opFu1Lf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax effect on charitable donations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3032">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3033">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseCharitableContributions_maITEBzVJ3_z8WAV7dZIsCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect of non-deductible items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,890</td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzVJ3_zOlQZiee97Kl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prior year true up</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,019</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,534</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzVJ3_zbAIBlUXG5zd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">371,179</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">288,304</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzVJ3_zvWar56uUoib" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Income tax benefits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,200,855</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,369,759</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">The table below provides the updated requirements of ASU 2023-09 for 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">The reconciliation of effective income tax rate computed by applying the PRC statutory tax rate of <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_c20250101__20251231__srt--StatementGeographicalAxis__custom--PRCMember_zdW2KUM6WBxg" title="Statutory income tax rate percentage">25%</span> is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Net loss before income tax expense</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_496_20250101__20251231_zE6KK5RSEGI7" style="text-align: right"><span style="font-size: 10pt"><b>(251,584,044) </b></span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>For the year ended December 31, 2025</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--IncomeLossFromContinuingOperationsBeforeIncomeTaxes_z2LkAZgGDAv9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-size: 10pt"><b>Net loss before income tax expense</b></span></td> <td style="width: 2%"> </td> <td style="width: 1%"><span style="font-size: 10pt"><b>$</b></span></td> <td style="width: 16%; text-align: right"><span style="font-size: 10pt"><b>(251,584,044) </b></span></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_ztkv6ydn3QH9" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt"><b>Income tax benefit at the PRC statutory rate</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>(62,896,011) </b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zHXS12Bbt968" style="text-align: right" title="Income tax benefit at the PRC statutory rate percentage"><span style="font-size: 10pt"><b>25.0%</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Foreign tax effects</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-size: 10pt"><b>Cayman Islands</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__country--KY_ziVnmzTLxC63" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between Cayman Islands and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">10,036,046 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--KY_z7Eoj1cyALwh" style="text-align: right" title="Statutory tax rate difference between Cayman Islands and PRC percentage"><span style="font-size: 10pt">-4.0%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-size: 10pt"><b>United States</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__country--US_zYXCt0Miahog" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between United States and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">220,443 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_988_ecustom--EffectiveIncomeTaxRateReconciliationUnitedStatesIncomeTaxes_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--US_z4b6rzzIev6k" style="text-align: right" title="Statutory tax rate difference between United States and PRC percentage"><span style="font-size: 10pt">-0.1%</span></td> <td> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_hus-gaap--IncomeTaxAuthorityAxis__country--US_zUAxsKrT8gRh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Changes in valuation allowance</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1,157,325 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_981_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--US_zqq8HSFQDgic" style="text-align: right" title="Changes in valuation allowance percentage"><span style="font-size: 10pt">-0.5%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Sweden</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__country--SE_z6yRFMSsMDC2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between Sweden and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">8,430,781 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98E_ecustom--EffectiveIncomeTaxRateReconciliationUnitedStatesIncomeTaxes_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--SE_zXlfQ3ZOr59i" style="text-align: right" title="Statutory tax rate difference between Sweden and PRC percentage"><span style="font-size: 10pt">-3.4%</span></td> <td> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_hus-gaap--IncomeTaxAuthorityAxis__country--SE_zYc3WwXRReak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Tax effect of non-deductible items</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">25,278,277 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__country--SE_z0FfpbiLit04" style="text-align: right" title="Tax effect of non-deductible items percentage"><span style="font-size: 10pt">-10.0%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt"><b>Other foreign jurisdictions</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignTaxJurisdictionOtherMember_z5MxOC6XJ5db" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Statutory tax rate difference between other foreign jurisdictions and PRC</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">150,927 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98E_ecustom--EffectiveIncomeTaxRateReconciliationUnitedStatesIncomeTaxes_pid_dp_uPure_c20250101__20251231_z5kW70tLgExi" style="text-align: right" title="Statutory tax rate difference between other foreign jurisdictions and PRC percentage"><span style="font-size: 10pt">-0.1%</span></td> <td> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignTaxJurisdictionOtherMember_zOKeYmkwoxa7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt"><span style="font-size: 10pt">Changes in valuation allowance</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">44,551 </span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_984_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignTaxJurisdictionOtherMember_zHS3edXEzWj2" style="text-align: right" title="Changes in valuation allowance percentage"><span style="font-size: 10pt">0.0%</span></td> <td> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzVJ3_za21T8k8E9Qc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Changes in valuation allowance</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>4,496,499 </b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98D_ecustom--EffectiveIncomeTaxRateReconciliationOfValluationAllowance_pid_dp_uPure_c20250101__20251231_zNlcCduAjRm2" style="text-align: right" title="Changes in valuation allowance percentage"><span style="font-size: 10pt"><b>-1.8%</b></span></td> <td> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_maITEBzVJ3_zM8uhjRn5FT" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt"><b>Effect of preferential tax rates</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>(123,723)</b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98D_ecustom--EffectiveIncomeTaxRateOfPreferentialTax_pid_dp_uPure_c20250101__20251231_zgP3EEbDWerd" style="text-align: right" title="Effect of preferential tax rates percentage"><span style="font-size: 10pt"><b>0.0%</b></span></td> <td> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_maITEBzVJ3_z8IAKdx2t3c5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt"><b>Non-deductible expenses</b></span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><b>51,362</b></span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_c20250101__20251231_zainjroM8Cp" style="text-align: right" title="Non-deductible expenses percentage"><span style="font-size: 10pt"><b>0.0%</b></span></td> <td> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzVJ3_zEe5Bt0L6zN7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Prior year true up</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>(311,684) </b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationOfTrueUp_pid_dp_uPure_c20250101__20251231_zgg9obNJS6Ck" style="border-bottom: black 1pt solid; text-align: right" title="Prior year true up percentage"><span style="font-size: 10pt"><b>0.1%</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzVJ3_zbS00RlYGGad" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt"><b>Income tax expenses (benefit)</b></span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><b>(13,465,207) </b></span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_c20250101__20251231_ziYcoCOdOe69" style="border-bottom: black 2.25pt double; text-align: right" title="Income tax expenses benefit percenatge"><span style="font-size: 10pt"><b>5.4%</b></span></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"></p> -14458704 -15055080 -3614676 -3763770 192365 390029 187136 493254 1530587 159573 145890 -27019 76534 371179 288304 -1200855 -2369759 0.25 -251584044 -62896011 0.250 10036046 -0.040 220443 -0.001 1157325 -0.005 8430781 -0.034 25278277 -0.100 150927 -0.001 44551 0.000 4496499 -0.018 -123723 0.000 51362 0.000 -311684 0.001 -13465207 0.054 <p id="xdx_899_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z5GAnGMKn9S6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and 2025, the significant components of the deferred tax assets and deferred tax liability are summarized below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zeid1GJi80C7" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITY</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_493_20241231_ztjasqpiJdyj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_495_20251231_zYxaSXeU7318" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDITANzxZA_zsuTJFlz1rc6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net operating loss carried forward</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,029,778</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,941,587</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AllowanceForCreditLoss_iI_maDITANzxZA_zRge90ADwbD1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allowance for credit loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3108">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">334,526</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--TemporaryDifferencesOnPropertyPlantAndEquipmentDepreciation_iI_maDITANzxZA_zmPqwWP7kOEh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-size: 10pt">Temporary differences on property, plant and equipment depreciation</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3111">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">681,991</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--TemporaryDifferencesOnFairValueAdjustmentOfBitcoin_iI_maDITANzxZA_zHU3f4VokS54" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-size: 10pt">Temporary differences on fair value adjustment of Bitcoin</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3114">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411,877</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsGross_iI_z17UN1tZ67J9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax assets, gross</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,029,778</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><b>9,369,981</b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zBZrrt8I9Uf2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,940,958</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,842,308</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsNet_iTI_z8nddIguYgaa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net of valuation allowance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,088,820</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>1,527,673</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxLiabilitiesIntangibleAssetsAcquiredFromBusinessCombination_iI_zuSInBAxnjea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets acquired from business combination <sup id="xdx_F4B_zXNP5WUuKk57">(i)</sup></span></td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,408,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,687,700</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_iI_zVlqpF5yyMK7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets acquired from asset acquisition <sup id="xdx_F46_zVR4NWtaMsTf">(ii)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,252,372</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">502,772</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxLiabilities_iTI_zNy2z73UwPCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total deferred tax liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,661,207</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,190,472</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F04_z0xlXQFAcnI4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zTWCqmbwwCc1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group initial recognized $8,798,807, $14,427,828 and $1,596,010 of deferred tax liability from reverse acquisition on March 18, 2021, business acquisition on January 10, 2023 and business acquisition on October 2, 2024 due to appreciation fair value of intangible assets acquired. The Group reverse due to amortization of related intangible assets and disposal of subsidiaries.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F08_z4iITahRG98d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zZV579awRmxe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group initial recognized $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERFRkVSUkVEIFRBWCBBU1NFVFMgQU5EIERFRkVSUkVEIFRBWCBMSUFCSUxJVFkgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iI_c20211231__us-gaap--BusinessAcquisitionAxis__custom--AssetsAcquisitionMember_zcee5dcvg1s" title="Deferred tax liabilities">4,413,819</span> of deferred tax liability from asset acquisition in 2021 and reverse $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERFRkVSUkVEIFRBWCBBU1NFVFMgQU5EIERFRkVSUkVEIFRBWCBMSUFCSUxJVFkgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--AmortizationOfIntangibleAssets_c20240101__20241231__us-gaap--BusinessAcquisitionAxis__custom--AssetsAcquisitionMember_zLmq7nS5tSM4" title="Amortization of related intangible assets">770,690</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERFRkVSUkVEIFRBWCBBU1NFVFMgQU5EIERFRkVSUkVEIFRBWCBMSUFCSUxJVFkgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_eus-gaap--AmortizationOfIntangibleAssets_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--AssetsAcquisitionMember_zTbNe6SQIgD7" title="Amortization of related intangible assets">804,436</span> due to amortization of related intangible assets during the years end December 31, 2024 and 2025, respectively.</span></td></tr> </table> 4029778 7941587 334526 681991 411877 4029778 9369981 1940958 7842308 2088820 1527673 22408835 10687700 1252372 502772 23661207 11190472 4413819 770690 804436 16113739 25021110 <p id="xdx_896_eus-gaap--SummaryOfOperatingLossCarryforwardsTextBlock_z4oe1m9YuHkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zPtJkhtAyBs5" style="display: none">SCHEDULE OF NET OPERATING LOSS CARRYFORWARDS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_49B_20251231_zBUgwXTpY6K1" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__us-gaap--TaxYear2025Member_z1ZSlgnXfkx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">589,137</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2026Member_zmp8wwrQWK4l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,901,196</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2027Member_zRRJXjmx1K48" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,079,582</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2028Member_zn0c1ELlV10j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,518,300</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxCreditCarryforwardAxis__custom--TaxYear2029Member_z9wHzpvmikR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,932,895</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLossCarryforwards_iI_zj5LJaPVPzQe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,021,110</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 589137 3901196 4079582 8518300 7932895 25021110 5166745 <p id="xdx_89C_eus-gaap--SummaryOfValuationAllowanceTextBlock_zaLoK5gJ6a8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement of valuation allowance is as follow:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zKTp72HJIom2" style="display: none">SCHEDULE OF MOVEMENT OF VALUATION ALLOWANCE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_499_20230101__20231231_zYmaD1vf1bB8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_494_20240101__20241231_zlR9Gq8oLfdi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_493_20250101__20251231_zOddHzZ0zjdj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_zfHonEtXcSgg" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Balance at beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,372,267</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,703,274</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,940,958</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsAdditions_iI_zEjMZ2k7doaf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">341,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,921,187</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsUtilization_iI_zfSy3KD9u2r6" style="vertical-align: bottom; background-color: White"> <td>Utilization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,445</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,742</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(222,811</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsExchangeRateEffect_iI_zAensLYiThhd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange rate effect</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(40,172</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50,620</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">202,974</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iE_ztgOBcQIvMp4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at end of the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,703,274</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,940,958</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,842,308</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 1372267 1703274 1940958 377624 341046 5921187 -6445 -52742 -222811 -40172 -50620 202974 1703274 1940958 7842308 27624549 1940958 7842308 <p id="xdx_80D_eus-gaap--SegmentReportingDisclosureTextBlock_zI36OsPHnkze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. <span id="xdx_82F_zTmZkOyw206j">SEGMENT INFORMATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODMs review financial information of operating segments based on internal management report when making decisions about allocating resources and assessing the performance of the Group. As a result of the assessment made by CODMs, the Group has three reportable segments, including PRC and other entities, Ninjas in Pyjamas and Bitcoin mining business. The CODMs, comprising the Group’s Chairman and Co-Chief Executive Officer and the Director and Co-Chief Executive Officer, collectively make operating decisions, assess financial performance, and allocate resources across all reportable segments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group manages and assesses the performance of its reportable segments by their revenue and operating profit. As part of the CODM’s review of segment-level performance, the CODMs review these measures of income of each reportable segment, which drives the evaluation of the performance of the Group’s reportable segments and allocation of resources to those segments. The significant segment expense categories included in the table below augment the Group’s understanding of operating results:</span></p> <p id="xdx_894_ecustom--ScheduleOfPerfomanceBasedOperatingSegmentsRevenueTableTextBlock_z7lNU8m8YFq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zPpSjZvxnjd7" style="display: none">SCHEDULE OF PERFORMANCE BASED ON OPERATING SEGMENTS REVENUS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and other subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Mining Business</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--Revenues_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z1WN4Q0515c9" style="width: 11%; text-align: right" title="Revenues">75,179,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--Revenues_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zIm3ifM6Tb83" style="width: 11%; text-align: right" title="Revenues">8,489,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zcGJ0iqDWqae" style="width: 11%; text-align: right" title="Revenues"><span style="-sec-ix-hidden: xdx2ixbrl3196">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--Revenues_c20230101__20231231_zPZQeewRvmlh" style="width: 11%; text-align: right" title="Revenues">83,668,441</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CostOfRevenue_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zvQnQAFICrF" style="text-align: right" title="Cost of revenue">(72,014,675</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zZwJ75Hsm1Ta" style="text-align: right" title="Cost of revenue">(4,455,080</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--CostOfRevenue_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_znQW8wdEvii8" style="text-align: right" title="Cost of revenue"><span style="-sec-ix-hidden: xdx2ixbrl3204">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CostOfRevenue_iN_di_c20230101__20231231_zJkUpZzu9Tv8" style="text-align: right" title="Cost of revenue">(76,469,755</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--GrossProfit_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zg3p9WgCWQyk" style="text-align: right" title="Gross profit">3,164,463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--GrossProfit_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zf0isnGzJ5T3" style="text-align: right" title="Gross profit">4,034,223</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GrossProfit_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zxFiycd16LLc" style="text-align: right" title="Gross profit"><span style="-sec-ix-hidden: xdx2ixbrl3212">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--GrossProfit_c20230101__20231231_zyBNxUlukSek" style="text-align: right" title="Gross profit">7,198,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SellingAndMarketingExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zXjWjHwHyWsf" style="text-align: right" title="Selling and marketing expenses">(5,079,314</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SellingAndMarketingExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_z47Im3ZI0uEg" style="text-align: right" title="Selling and marketing expenses">(1,498,082</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--SellingAndMarketingExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zBwZ5u3KetE7" style="text-align: right" title="Selling and marketing expenses"><span style="-sec-ix-hidden: xdx2ixbrl3220">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SellingAndMarketingExpense_iN_di_c20230101__20231231_z2XcVJt1nhm" style="text-align: right" title="Selling and marketing expenses">(6,577,396</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z8txYIuG16D9" style="text-align: right" title="General and administrative expenses">(13,027,899</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zJGY6JyufIwh" style="text-align: right" title="General and administrative expenses">(2,245,332</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z2YEtGhGjis" style="text-align: right" title="General and administrative expenses"><span style="-sec-ix-hidden: xdx2ixbrl3228">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_iN_di_c20230101__20231231_zKsqOTTn4ood" style="text-align: right" title="General and administrative expenses">(15,273,231</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income(loss)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zxTn0sg6YAqe" style="text-align: right" title="Other income (loss)">251,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zD4FWzTxDTJi" style="text-align: right" title="Other income (loss)">(58,165</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z5oO8qE5aU12" style="text-align: right" title="Other income (loss)"><span style="-sec-ix-hidden: xdx2ixbrl3236">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231_ztjkIZ7Y6Fgg" style="text-align: right" title="Other income (loss)">193,237</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">(Loss) profit before tax</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zPiSdQbgHjjd" style="text-align: right" title="(Loss) profit before tax">(14,691,348</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zrS9MBsu99Og" style="text-align: right" title="(Loss) profit before tax">232,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zeAAKEw56Ae2" style="text-align: right" title="(Loss) profit before tax"><span style="-sec-ix-hidden: xdx2ixbrl3244">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231_z8XfKf06xxwk" style="text-align: right" title="(Loss) profit before tax">(14,458,704</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and other subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Mining Business</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--Revenues_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zm7z4zAA2Ci5" style="width: 11%; text-align: right" title="Revenues">81,671,464</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--Revenues_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zdrrnAq8uj6k" style="width: 11%; text-align: right" title="Revenues">3,594,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z4LSWTCHjQB9" style="width: 11%; text-align: right" title="Revenues"><span style="-sec-ix-hidden: xdx2ixbrl3252">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--Revenues_c20240101__20241231_zD9xcJuCXEz6" style="width: 11%; text-align: right" title="Revenues">85,266,306</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfRevenue_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zPYLAFatRYte" style="text-align: right" title="Cost of revenue">(79,086,246</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CostOfRevenue_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zprhexPl9eo6" style="text-align: right" title="Cost of revenue">(3,169,525</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CostOfRevenue_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zgQeknpCy9v5" style="text-align: right" title="Cost of revenue"><span style="-sec-ix-hidden: xdx2ixbrl3260">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfRevenue_iN_di_c20240101__20241231_zvF8GIWNEvfa" style="text-align: right" title="Cost of revenue">(82,255,771</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GrossProfit_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zfLxGjuVgwek" style="text-align: right" title="Gross profit">2,585,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--GrossProfit_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zDkjeeBwvzZg" style="text-align: right" title="Gross profit">425,317</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GrossProfit_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z4t1P9dUzfQc" style="text-align: right" title="Gross profit"><span style="-sec-ix-hidden: xdx2ixbrl3268">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--GrossProfit_c20240101__20241231_zxGxHOopMZY" style="text-align: right" title="Gross profit">3,010,535</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--SellingAndMarketingExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zrdEqTfC3K08" style="text-align: right" title="Selling and marketing expenses">(6,731,281</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SellingAndMarketingExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zoiOMGM6aWRj" style="text-align: right" title="Selling and marketing expenses">(1,399,496</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SellingAndMarketingExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zQtDRQWq8Mj5" style="text-align: right" title="Selling and marketing expenses"><span style="-sec-ix-hidden: xdx2ixbrl3276">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--SellingAndMarketingExpense_iN_di_c20240101__20241231_zFRvBsXLT2Wl" style="text-align: right" title="Selling and marketing expenses">(8,130,777</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zRYNvOj9buNb" style="text-align: right" title="General and administrative expenses">(9,947,933</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_z5XgiuEpBKG6" style="text-align: right" title="General and administrative expenses">(1,820,382</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zr186fbw4fzj" style="text-align: right" title="General and administrative expenses"><span style="-sec-ix-hidden: xdx2ixbrl3284">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_iN_di_c20240101__20241231_zLGkaDdjsNId" style="text-align: right" title="General and administrative expenses">(11,768,315</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zVDoehwjOORi" style="text-align: right" title="Other income">1,587,144</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zS7KuKKFzBvk" style="text-align: right" title="Other income">246,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zlM5pxbM543l" style="text-align: right" title="Other income"><span style="-sec-ix-hidden: xdx2ixbrl3292">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231_z2VWzDGN7SE4" style="text-align: right" title="Other income">1,833,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before tax</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zb8byhJl5yP5" style="text-align: right" title="Loss before tax">(12,506,852</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zaDDQOE1j1Ph" style="text-align: right" title="Loss before tax">(2,548,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zP05Mgmbcykf" style="text-align: right" title="Loss before tax"><span style="-sec-ix-hidden: xdx2ixbrl3300">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231_zuv3EYXZ1bMi" style="text-align: right" title="Loss before tax">(15,055,080</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and <br/> other subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Mining Business</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--Revenues_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zanKwKDypzFg" style="width: 11%; text-align: right" title="Revenues">103,635,985</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zKiE1CNzc2La" style="width: 11%; text-align: right" title="Revenues">2,826,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--Revenues_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zfCao4kD0pO8" style="width: 11%; text-align: right" title="Revenues">20,064,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_c20250101__20251231_zmvwcPnRd9Zd" style="width: 11%; text-align: right" title="Revenues">126,526,546</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zQAbwY4pJzDh" style="text-align: right" title="Cost of revenue">(101,179,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--CostOfRevenue_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zzn3YLpoWnFg" style="text-align: right" title="Cost of revenue">(4,131,892</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zAtgkmQAyPL7" style="text-align: right" title="Cost of revenue"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(22,697,254</p></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CostOfRevenue_iN_di_c20250101__20251231_zt128g1l8o8j" style="text-align: right" title="Cost of revenue">(128,008,534</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GrossProfit_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zDHPa8mwNDF1" style="text-align: right" title="Gross profit">2,456,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GrossProfit_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zJT4Csf49UK3" style="text-align: right" title="Gross profit">(1,305,589</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--GrossProfit_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z0g3kR8ePfZh" style="text-align: right" title="Gross profit">(2,632,996</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GrossProfit_c20250101__20251231_zmX3jBWbqAMe" style="text-align: right" title="Gross profit">(1,481,988</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--SellingAndMarketingExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zXyv92VLqUBg" style="text-align: right" title="Selling and marketing expenses">(5,780,199</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SellingAndMarketingExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_z9QEN6JAKEEb" style="text-align: right" title="Selling and marketing expenses">(1,209,302</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SellingAndMarketingExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zux1y694Vnhg" style="text-align: right" title="Selling and marketing expenses"><span style="-sec-ix-hidden: xdx2ixbrl3332">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SellingAndMarketingExpense_iN_di_c20250101__20251231_z4QzxNlMACof" style="text-align: right" title="Selling and marketing expenses">(6,989,501</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zbmAR3dcM0D4" style="text-align: right" title="General and administrative expenses">(34,288,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zn9BcBErrey5" style="text-align: right" title="General and administrative expenses">(15,950,274<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zrXBG9lMbGp9" style="text-align: right" title="General and administrative expenses">(100,060</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_iN_di_c20250101__20251231_zeWZOFqylrrd" style="text-align: right" title="General and administrative expenses">(50,338,759</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in fair value of receivable for bitcoin collateral</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zMn3YEIM3Qb3" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral"><span style="-sec-ix-hidden: xdx2ixbrl3344">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zOwyovOBKZdc" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral"><span style="-sec-ix-hidden: xdx2ixbrl3346">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zXOG3JDyWo9e" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral">(2,931,287</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_iN_di_c20250101__20251231_zMjDLzwl1Ky6" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral">(2,931,287</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on sale of Bitcoin</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_znZOzH8SuL5e" style="text-align: right" title="Realized gain on sale of Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl3352">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zEdmyeMloNm8" style="text-align: right" title="Realized gain on sale of Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl3354">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zF4OfNg8shsk" style="text-align: right" title="Realized gain on sale of Bitcoin">4,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231_zey4euaX1ZEe" style="text-align: right" title="Realized gain on sale of Bitcoin">4,578</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Impairment of goodwill</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ImpairmentOfGoodwill_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zokW0qj01EYi" style="text-align: right" title="Impairment of goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3360">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ImpairmentOfGoodwill_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zKFZsDFZXwh" style="text-align: right" title="Impairment of goodwill">(122,519,218</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ImpairmentOfGoodwill_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z0ckG4zg38cc" style="text-align: right" title="Impairment of goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3364">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ImpairmentOfGoodwill_c20250101__20251231_zygJ4aI6XMe7" style="text-align: right" title="Impairment of goodwill">(122,519,218</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment of intangible assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zrkYr8psnfw1" style="text-align: right" title="Impairment of intangible assets"><span style="-sec-ix-hidden: xdx2ixbrl3368">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zThXm8ZtPFol" style="text-align: right" title="Impairment of intangible assets">(64,406,302</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z1dhBcX1Coz1" style="text-align: right" title="Impairment of intangible assets"><span style="-sec-ix-hidden: xdx2ixbrl3372">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231_z8pm1irg17Ni" style="text-align: right" title="Impairment of intangible assets">(64,406,302</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zGabRLGrcvJ8" style="text-align: right" title="Other income (loss)">(2,574,725<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zRDOW4jRYMyd" style="text-align: right" title="Other income (loss)">(37,997</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zAu8v6Qpntla" style="text-align: right" title="Other income (loss)">(308,845<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231_zlUmhyprY96h" style="text-align: right" title="Other income (loss)">(2,921,567<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before tax</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z5rfp0znJhV5" style="text-align: right" title="Loss before tax">(40,186,753<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zUIKbCBlhyAb" style="text-align: right" title="Loss before tax">(205,428,682<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z08AiefQ9wm" style="text-align: right" title="Loss before tax">(5,968,609<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231_zpVILv5dyIp4" style="text-align: right" title="Loss before tax">(251,584,044<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AE_zTgbmHd31il9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. SEGMENT INFORMATION - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_ecustom--ScheduleOfAssetsBySegmentsTableTextBlock_zgP2VUxv6qJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total assets by segments as of December 31, 2024 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zQLohJktRznf" style="display: none">SCHEDULE OF ASSETS SEGMENTS</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">PRC and other subsidiaries</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Assets_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zNjbRAVuiLR1" style="width: 16%; text-align: right" title="Total segment assets">140,834,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--Assets_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z6HPBESGHkS1" style="width: 16%; text-align: right" title="Total segment assets">145,039,427</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Assets_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zZmAAu9GwBj1" style="text-align: right" title="Total segment assets">171,732,266</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Assets_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zMIP04ikXoF5" style="text-align: right" title="Total segment assets">18,145,297</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Mining Business</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zEAxh7aApHPb" style="border-bottom: Black 1pt solid; text-align: right" title="Total segment assets"><span style="-sec-ix-hidden: xdx2ixbrl3402">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--Assets_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zMJF6ul7n2i1" style="border-bottom: Black 1pt solid; text-align: right" title="Total segment assets">39,192,660</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total segment assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_eus-gaap--Assets_iI_c20241231_zp5AFaGDPtHc" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total segment assets">312,566,366</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_eus-gaap--Assets_iI_c20251231_zYhQ2zgajDNi" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total segment assets">202,377,384<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zb4qWII37fxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_ecustom--ScheduleOfIntangibleAssetsBySegmentsTableTextBlock_zk7kto6mnms3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The intangible assets by segments as of December 31, 2024 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zrj4W4OCmCRf" style="display: none">SCHEDULE OF INTANGIBLE ASSETS BY SEGMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Intangible assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">PRC and other subsidiaries</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zzu87zhGy7b9" style="width: 16%; text-align: right" title="Total intangible assets net">61,913,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zaCyCCAGKntf" style="width: 16%; text-align: right" title="Total intangible assets net">53,865,214</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zyRuP0zxusl4" style="text-align: right" title="Total intangible assets net">66,068,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zoQAMSn59q3b" style="text-align: right" title="Total intangible assets net">14,713,696</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Mining Business</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zxiMQ6nZhJK1" style="border-bottom: Black 1pt solid; text-align: right" title="Total intangible assets net"><span style="-sec-ix-hidden: xdx2ixbrl3420">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z8E5MOpYZrna" style="border-bottom: Black 1pt solid; text-align: right" title="Total intangible assets net"><span style="-sec-ix-hidden: xdx2ixbrl3422">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231_zbG69le7Te1i" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total intangible assets net">127,981,521</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231_zDMDCzTEW9U4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total intangible assets net">68,578,910<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AD_ztCPxGYYh0o7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_ecustom--ScheduleOfGoodwillSegmentsTableTextBlock_zUaLGqiblNM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The goodwill by segments as of December 31, 2024 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_z1JRpsEpEtDe" style="display: none">SCHEDULE OF GOODWILL BY SEGMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Goodwill</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">PRC and other subsidiaries</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Goodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zRxqNjYR7nti" style="width: 16%; text-align: right" title="Goodwill">29,813,733</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--Goodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zNwqu1CunAld" style="width: 16%; text-align: right" title="Goodwill">30,363,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Goodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zoFVtqxJClW6" style="text-align: right" title="Goodwill">102,096,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Goodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zjBSLNJteUZg" style="text-align: right" title="Goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3436">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Mining Business</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--Goodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zInalS3BCIw2" style="border-bottom: Black 1pt solid; text-align: right" title="Goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3438">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--Goodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z51HUrrtcOdb" style="border-bottom: Black 1pt solid; text-align: right" title="Goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3440">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total goodwill</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_984_eus-gaap--Goodwill_iI_c20241231_zM8bcGbHwzjj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Goodwill">131,909,760</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--Goodwill_iI_c20251231_z0XwpLWMKDuf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Goodwill"><p style="margin: 0">30,363,234<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zlghHciNeWle" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_ecustom--ScheduleOfPerfomanceBasedOperatingSegmentsRevenueTableTextBlock_z7lNU8m8YFq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zPpSjZvxnjd7" style="display: none">SCHEDULE OF PERFORMANCE BASED ON OPERATING SEGMENTS REVENUS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and other subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Mining Business</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--Revenues_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z1WN4Q0515c9" style="width: 11%; text-align: right" title="Revenues">75,179,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--Revenues_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zIm3ifM6Tb83" style="width: 11%; text-align: right" title="Revenues">8,489,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zcGJ0iqDWqae" style="width: 11%; text-align: right" title="Revenues"><span style="-sec-ix-hidden: xdx2ixbrl3196">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--Revenues_c20230101__20231231_zPZQeewRvmlh" style="width: 11%; text-align: right" title="Revenues">83,668,441</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CostOfRevenue_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zvQnQAFICrF" style="text-align: right" title="Cost of revenue">(72,014,675</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zZwJ75Hsm1Ta" style="text-align: right" title="Cost of revenue">(4,455,080</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--CostOfRevenue_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_znQW8wdEvii8" style="text-align: right" title="Cost of revenue"><span style="-sec-ix-hidden: xdx2ixbrl3204">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CostOfRevenue_iN_di_c20230101__20231231_zJkUpZzu9Tv8" style="text-align: right" title="Cost of revenue">(76,469,755</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--GrossProfit_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zg3p9WgCWQyk" style="text-align: right" title="Gross profit">3,164,463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--GrossProfit_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zf0isnGzJ5T3" style="text-align: right" title="Gross profit">4,034,223</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GrossProfit_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zxFiycd16LLc" style="text-align: right" title="Gross profit"><span style="-sec-ix-hidden: xdx2ixbrl3212">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--GrossProfit_c20230101__20231231_zyBNxUlukSek" style="text-align: right" title="Gross profit">7,198,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SellingAndMarketingExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zXjWjHwHyWsf" style="text-align: right" title="Selling and marketing expenses">(5,079,314</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SellingAndMarketingExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_z47Im3ZI0uEg" style="text-align: right" title="Selling and marketing expenses">(1,498,082</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--SellingAndMarketingExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zBwZ5u3KetE7" style="text-align: right" title="Selling and marketing expenses"><span style="-sec-ix-hidden: xdx2ixbrl3220">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SellingAndMarketingExpense_iN_di_c20230101__20231231_z2XcVJt1nhm" style="text-align: right" title="Selling and marketing expenses">(6,577,396</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z8txYIuG16D9" style="text-align: right" title="General and administrative expenses">(13,027,899</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zJGY6JyufIwh" style="text-align: right" title="General and administrative expenses">(2,245,332</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z2YEtGhGjis" style="text-align: right" title="General and administrative expenses"><span style="-sec-ix-hidden: xdx2ixbrl3228">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_iN_di_c20230101__20231231_zKsqOTTn4ood" style="text-align: right" title="General and administrative expenses">(15,273,231</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income(loss)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zxTn0sg6YAqe" style="text-align: right" title="Other income (loss)">251,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zD4FWzTxDTJi" style="text-align: right" title="Other income (loss)">(58,165</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z5oO8qE5aU12" style="text-align: right" title="Other income (loss)"><span style="-sec-ix-hidden: xdx2ixbrl3236">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--NonoperatingIncomeExpense_c20230101__20231231_ztjkIZ7Y6Fgg" style="text-align: right" title="Other income (loss)">193,237</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">(Loss) profit before tax</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zPiSdQbgHjjd" style="text-align: right" title="(Loss) profit before tax">(14,691,348</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zrS9MBsu99Og" style="text-align: right" title="(Loss) profit before tax">232,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zeAAKEw56Ae2" style="text-align: right" title="(Loss) profit before tax"><span style="-sec-ix-hidden: xdx2ixbrl3244">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20230101__20231231_z8XfKf06xxwk" style="text-align: right" title="(Loss) profit before tax">(14,458,704</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and other subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Mining Business</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--Revenues_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zm7z4zAA2Ci5" style="width: 11%; text-align: right" title="Revenues">81,671,464</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--Revenues_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zdrrnAq8uj6k" style="width: 11%; text-align: right" title="Revenues">3,594,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z4LSWTCHjQB9" style="width: 11%; text-align: right" title="Revenues"><span style="-sec-ix-hidden: xdx2ixbrl3252">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--Revenues_c20240101__20241231_zD9xcJuCXEz6" style="width: 11%; text-align: right" title="Revenues">85,266,306</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfRevenue_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zPYLAFatRYte" style="text-align: right" title="Cost of revenue">(79,086,246</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CostOfRevenue_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zprhexPl9eo6" style="text-align: right" title="Cost of revenue">(3,169,525</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CostOfRevenue_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zgQeknpCy9v5" style="text-align: right" title="Cost of revenue"><span style="-sec-ix-hidden: xdx2ixbrl3260">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfRevenue_iN_di_c20240101__20241231_zvF8GIWNEvfa" style="text-align: right" title="Cost of revenue">(82,255,771</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GrossProfit_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zfLxGjuVgwek" style="text-align: right" title="Gross profit">2,585,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--GrossProfit_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zDkjeeBwvzZg" style="text-align: right" title="Gross profit">425,317</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GrossProfit_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z4t1P9dUzfQc" style="text-align: right" title="Gross profit"><span style="-sec-ix-hidden: xdx2ixbrl3268">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--GrossProfit_c20240101__20241231_zxGxHOopMZY" style="text-align: right" title="Gross profit">3,010,535</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--SellingAndMarketingExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zrdEqTfC3K08" style="text-align: right" title="Selling and marketing expenses">(6,731,281</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SellingAndMarketingExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zoiOMGM6aWRj" style="text-align: right" title="Selling and marketing expenses">(1,399,496</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SellingAndMarketingExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zQtDRQWq8Mj5" style="text-align: right" title="Selling and marketing expenses"><span style="-sec-ix-hidden: xdx2ixbrl3276">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--SellingAndMarketingExpense_iN_di_c20240101__20241231_zFRvBsXLT2Wl" style="text-align: right" title="Selling and marketing expenses">(8,130,777</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zRYNvOj9buNb" style="text-align: right" title="General and administrative expenses">(9,947,933</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_z5XgiuEpBKG6" style="text-align: right" title="General and administrative expenses">(1,820,382</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zr186fbw4fzj" style="text-align: right" title="General and administrative expenses"><span style="-sec-ix-hidden: xdx2ixbrl3284">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_iN_di_c20240101__20241231_zLGkaDdjsNId" style="text-align: right" title="General and administrative expenses">(11,768,315</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zVDoehwjOORi" style="text-align: right" title="Other income">1,587,144</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zS7KuKKFzBvk" style="text-align: right" title="Other income">246,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zlM5pxbM543l" style="text-align: right" title="Other income"><span style="-sec-ix-hidden: xdx2ixbrl3292">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--NonoperatingIncomeExpense_c20240101__20241231_z2VWzDGN7SE4" style="text-align: right" title="Other income">1,833,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before tax</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zb8byhJl5yP5" style="text-align: right" title="Loss before tax">(12,506,852</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zaDDQOE1j1Ph" style="text-align: right" title="Loss before tax">(2,548,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zP05Mgmbcykf" style="text-align: right" title="Loss before tax"><span style="-sec-ix-hidden: xdx2ixbrl3300">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20240101__20241231_zuv3EYXZ1bMi" style="text-align: right" title="Loss before tax">(15,055,080</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PRC and <br/> other subsidiaries</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ninjas in Pyjamas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Mining Business</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--Revenues_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zanKwKDypzFg" style="width: 11%; text-align: right" title="Revenues">103,635,985</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zKiE1CNzc2La" style="width: 11%; text-align: right" title="Revenues">2,826,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--Revenues_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zfCao4kD0pO8" style="width: 11%; text-align: right" title="Revenues">20,064,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_c20250101__20251231_zmvwcPnRd9Zd" style="width: 11%; text-align: right" title="Revenues">126,526,546</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zQAbwY4pJzDh" style="text-align: right" title="Cost of revenue">(101,179,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--CostOfRevenue_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zzn3YLpoWnFg" style="text-align: right" title="Cost of revenue">(4,131,892</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zAtgkmQAyPL7" style="text-align: right" title="Cost of revenue"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(22,697,254</p></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CostOfRevenue_iN_di_c20250101__20251231_zt128g1l8o8j" style="text-align: right" title="Cost of revenue">(128,008,534</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GrossProfit_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zDHPa8mwNDF1" style="text-align: right" title="Gross profit">2,456,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GrossProfit_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zJT4Csf49UK3" style="text-align: right" title="Gross profit">(1,305,589</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--GrossProfit_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z0g3kR8ePfZh" style="text-align: right" title="Gross profit">(2,632,996</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GrossProfit_c20250101__20251231_zmX3jBWbqAMe" style="text-align: right" title="Gross profit">(1,481,988</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--SellingAndMarketingExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zXyv92VLqUBg" style="text-align: right" title="Selling and marketing expenses">(5,780,199</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SellingAndMarketingExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_z9QEN6JAKEEb" style="text-align: right" title="Selling and marketing expenses">(1,209,302</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SellingAndMarketingExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zux1y694Vnhg" style="text-align: right" title="Selling and marketing expenses"><span style="-sec-ix-hidden: xdx2ixbrl3332">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SellingAndMarketingExpense_iN_di_c20250101__20251231_z4QzxNlMACof" style="text-align: right" title="Selling and marketing expenses">(6,989,501</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zbmAR3dcM0D4" style="text-align: right" title="General and administrative expenses">(34,288,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zn9BcBErrey5" style="text-align: right" title="General and administrative expenses">(15,950,274<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zrXBG9lMbGp9" style="text-align: right" title="General and administrative expenses">(100,060</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_iN_di_c20250101__20251231_zeWZOFqylrrd" style="text-align: right" title="General and administrative expenses">(50,338,759</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in fair value of receivable for bitcoin collateral</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zMn3YEIM3Qb3" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral"><span style="-sec-ix-hidden: xdx2ixbrl3344">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zOwyovOBKZdc" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral"><span style="-sec-ix-hidden: xdx2ixbrl3346">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zXOG3JDyWo9e" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral">(2,931,287</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ChangesInFairValueOfReceivableForBitcoinCollateral_iN_di_c20250101__20251231_zMjDLzwl1Ky6" style="text-align: right" title="Changes in fair value of receivable for bitcoin collateral">(2,931,287</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on sale of Bitcoin</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_znZOzH8SuL5e" style="text-align: right" title="Realized gain on sale of Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl3352">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zEdmyeMloNm8" style="text-align: right" title="Realized gain on sale of Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl3354">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zF4OfNg8shsk" style="text-align: right" title="Realized gain on sale of Bitcoin">4,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RealizedGainOnSaleOfBitcoin_c20250101__20251231_zey4euaX1ZEe" style="text-align: right" title="Realized gain on sale of Bitcoin">4,578</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Impairment of goodwill</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ImpairmentOfGoodwill_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zokW0qj01EYi" style="text-align: right" title="Impairment of goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3360">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ImpairmentOfGoodwill_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zKFZsDFZXwh" style="text-align: right" title="Impairment of goodwill">(122,519,218</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ImpairmentOfGoodwill_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z0ckG4zg38cc" style="text-align: right" title="Impairment of goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3364">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ImpairmentOfGoodwill_c20250101__20251231_zygJ4aI6XMe7" style="text-align: right" title="Impairment of goodwill">(122,519,218</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment of intangible assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zrkYr8psnfw1" style="text-align: right" title="Impairment of intangible assets"><span style="-sec-ix-hidden: xdx2ixbrl3368">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zThXm8ZtPFol" style="text-align: right" title="Impairment of intangible assets">(64,406,302</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z1dhBcX1Coz1" style="text-align: right" title="Impairment of intangible assets"><span style="-sec-ix-hidden: xdx2ixbrl3372">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ImpairmentOfIntangibleAsset_c20250101__20251231_z8pm1irg17Ni" style="text-align: right" title="Impairment of intangible assets">(64,406,302</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zGabRLGrcvJ8" style="text-align: right" title="Other income (loss)">(2,574,725<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zRDOW4jRYMyd" style="text-align: right" title="Other income (loss)">(37,997</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zAu8v6Qpntla" style="text-align: right" title="Other income (loss)">(308,845<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--NonoperatingIncomeExpense_c20250101__20251231_zlUmhyprY96h" style="text-align: right" title="Other income (loss)">(2,921,567<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before tax</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z5rfp0znJhV5" style="text-align: right" title="Loss before tax">(40,186,753<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zUIKbCBlhyAb" style="text-align: right" title="Loss before tax">(205,428,682<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z08AiefQ9wm" style="text-align: right" title="Loss before tax">(5,968,609<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20250101__20251231_zpVILv5dyIp4" style="text-align: right" title="Loss before tax">(251,584,044<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td></tr> </table> 75179138 8489303 83668441 -72014675 -4455080 76469755 3164463 4034223 7198686 -5079314 -1498082 6577396 -13027899 -2245332 15273231 251402 -58165 193237 -14691348 232644 -14458704 81671464 3594842 85266306 -79086246 -3169525 82255771 2585218 425317 3010535 -6731281 -1399496 8130777 -9947933 -1820382 11768315 1587144 246333 1833477 -12506852 -2548228 -15055080 103635985 2826303 20064258 126526546 -101179388 -4131892 -22697254 128008534 2456597 -1305589 -2632996 -1481988 -5780199 -1209302 6989501 -34288425 -15950274 -100060 50338759 -2931287 2931287 4578 4578 -122519218 -122519218 -64406302 -64406302 -2574725 -37997 -308845 -2921567 -40186753 -205428682 -5968609 -251584044 <p id="xdx_89C_ecustom--ScheduleOfAssetsBySegmentsTableTextBlock_zgP2VUxv6qJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total assets by segments as of December 31, 2024 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zQLohJktRznf" style="display: none">SCHEDULE OF ASSETS SEGMENTS</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">PRC and other subsidiaries</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Assets_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zNjbRAVuiLR1" style="width: 16%; text-align: right" title="Total segment assets">140,834,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--Assets_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_z6HPBESGHkS1" style="width: 16%; text-align: right" title="Total segment assets">145,039,427</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Assets_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zZmAAu9GwBj1" style="text-align: right" title="Total segment assets">171,732,266</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Assets_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zMIP04ikXoF5" style="text-align: right" title="Total segment assets">18,145,297</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Mining Business</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zEAxh7aApHPb" style="border-bottom: Black 1pt solid; text-align: right" title="Total segment assets"><span style="-sec-ix-hidden: xdx2ixbrl3402">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--Assets_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zMJF6ul7n2i1" style="border-bottom: Black 1pt solid; text-align: right" title="Total segment assets">39,192,660</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total segment assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_eus-gaap--Assets_iI_c20241231_zp5AFaGDPtHc" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total segment assets">312,566,366</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_eus-gaap--Assets_iI_c20251231_zYhQ2zgajDNi" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total segment assets">202,377,384<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 140834100 145039427 171732266 18145297 39192660 312566366 202377384 <p id="xdx_89F_ecustom--ScheduleOfIntangibleAssetsBySegmentsTableTextBlock_zk7kto6mnms3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The intangible assets by segments as of December 31, 2024 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zrj4W4OCmCRf" style="display: none">SCHEDULE OF INTANGIBLE ASSETS BY SEGMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Intangible assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">PRC and other subsidiaries</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zzu87zhGy7b9" style="width: 16%; text-align: right" title="Total intangible assets net">61,913,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zaCyCCAGKntf" style="width: 16%; text-align: right" title="Total intangible assets net">53,865,214</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zyRuP0zxusl4" style="text-align: right" title="Total intangible assets net">66,068,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zoQAMSn59q3b" style="text-align: right" title="Total intangible assets net">14,713,696</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Mining Business</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zxiMQ6nZhJK1" style="border-bottom: Black 1pt solid; text-align: right" title="Total intangible assets net"><span style="-sec-ix-hidden: xdx2ixbrl3420">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z8E5MOpYZrna" style="border-bottom: Black 1pt solid; text-align: right" title="Total intangible assets net"><span style="-sec-ix-hidden: xdx2ixbrl3422">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20241231_zbG69le7Te1i" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total intangible assets net">127,981,521</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_c20251231_zDMDCzTEW9U4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total intangible assets net">68,578,910<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 61913339 53865214 66068182 14713696 127981521 68578910 <p id="xdx_891_ecustom--ScheduleOfGoodwillSegmentsTableTextBlock_zUaLGqiblNM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The goodwill by segments as of December 31, 2024 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_z1JRpsEpEtDe" style="display: none">SCHEDULE OF GOODWILL BY SEGMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Goodwill</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">PRC and other subsidiaries</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Goodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zRxqNjYR7nti" style="width: 16%; text-align: right" title="Goodwill">29,813,733</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--Goodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--PRCAndOtherSubsidiariesMember_zNwqu1CunAld" style="width: 16%; text-align: right" title="Goodwill">30,363,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ninjas in Pyjamas</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Goodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zoFVtqxJClW6" style="text-align: right" title="Goodwill">102,096,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Goodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--NinjasInPyjamasMember_zjBSLNJteUZg" style="text-align: right" title="Goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3436">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Mining Business</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--Goodwill_iI_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_zInalS3BCIw2" style="border-bottom: Black 1pt solid; text-align: right" title="Goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3438">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--Goodwill_iI_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--MiningBusinessMember_z51HUrrtcOdb" style="border-bottom: Black 1pt solid; text-align: right" title="Goodwill"><span style="-sec-ix-hidden: xdx2ixbrl3440">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total goodwill</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_984_eus-gaap--Goodwill_iI_c20241231_zM8bcGbHwzjj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Goodwill">131,909,760</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--Goodwill_iI_c20251231_z0XwpLWMKDuf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Goodwill"><p style="margin: 0">30,363,234<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 29813733 30363234 102096027 131909760 30363234 <p id="xdx_801_eus-gaap--LesseeOperatingLeasesTextBlock_zITqGbkcC8Xj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. <span id="xdx_82B_zVzySpDPjbsd">LEASES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group leases offices space under non-cancellable operating leases. The Group considers those renewal options that are reasonably certain to be exercised or termination options that are reasonably certain not to be exercised by the lessee in the determination of the lease term and initial measurement of right of use assets and lease liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and 2025, the Group had no long-term leases that were classified as a financing lease, and the Group’s lease contracts only contain fixed lease payments and do not contain any residual value guarantee.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--LeaseCostTableTextBlock_zIDKzla3fV9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive loss is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zoIEMNlHy3Gh" style="display: none">SCHEDULE OF LEASE COST RECOGNIZED IN CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zQd6QNIUkVr3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zw9uBuGPvyYb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zDLQN1CnHjCk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseCost_z6bRSf6RnEH8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Operating leases cost excluding short-term rental expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">545,166</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">712,280</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">772,687</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermLeaseCost_zQQJazo37KHg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">966,084</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">498,296</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">345,877</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LeaseCost_iT_zv24ULyLJFu3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,511,250</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,210,576</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,118,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zUugT4oC4NKl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s lease agreements do not have a discount rate that is readily determinable. The incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Group would have to pay to borrow on a collateralized basis over a similar term and an amount equal to the lease payments in a similar economic environment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash paid for amounts included in the measurement of lease liabilities was $<span id="xdx_90E_eus-gaap--OperatingLeasePayments_c20230101__20231231_zL8nlwUwzp8a" title="Cash paid for amounts included in the measurement of lease liabilities">641,400</span>, $<span id="xdx_90A_eus-gaap--OperatingLeasePayments_c20240101__20241231_z9rBJ3zeHqAb" title="Cash paid for amounts included in the measurement of lease liabilities">770,267</span> and $<span id="xdx_90D_eus-gaap--OperatingLeasePayments_c20250101__20251231_zQeqSFVn9EIj" title="Cash paid for amounts included in the measurement of lease liabilities">743,194</span> for the year ended December 31, 2023, 2024 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, 2024 and 2025, the weighted average remaining lease term was <span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zq9SjgSVLJQc" title="Weighted average remaining lease term, operating lease">4.75</span>, <span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zRiYqvfHg4Xi" title="Weighted average remaining lease term, operating lease">3.68</span> and <span id="xdx_904_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_zGF96bjEAR2g" title="Weighted average remaining lease term, operating lease">8.35</span> years, and the weighted average discount rate was <span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_uPure_c20231231_zL9c063aj7bh" title="Weighted average discount rate, operating lease">4.37</span>%, <span id="xdx_90A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_uPure_c20241231_z9cQIs1lQpc9" title="Weighted average discount rate, operating lease">4.31</span>% and <span id="xdx_908_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_uPure_c20251231_zoYWlXnLDb11" title="Weighted average discount rate, operating lease">3.49</span>% for the Group’s operating leases, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_ztu9SVIzDPvc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zDdn0uHyr20j" style="display: none">SCHEDULE OF MATURITY OF LEASE LIABILITIES UNDER OPERATING LEASE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">For the year ending December 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231_zatoLD74tWd5" style="border-bottom: Black 1pt solid; text-align: center">Operating <br/>Leases</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzvDC_zwCuWtPkSaU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">699,132</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzvDC_zGwkiAQnvZci" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">684,829</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzvDC_zlgRNZjgCRZ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">695,161</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzvDC_zhqZQ5BeZmf2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">569,950</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_maLOLLPzvDC_zA0SZmUTqiBi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2030 and thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,848,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzvDC_zDllUmKmAMwf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,497,406</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_z36MyZYTup24" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">547,981</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iTI_zG1VZu17Kti6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,949,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_zOCiBTJfNn2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">571,939</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityNoncurrent_iTI_zY0whzO74XEe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Non-current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,377,486</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zOzVkANr5Dk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_896_eus-gaap--LeaseCostTableTextBlock_zIDKzla3fV9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive loss is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zoIEMNlHy3Gh" style="display: none">SCHEDULE OF LEASE COST RECOGNIZED IN CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zQd6QNIUkVr3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zw9uBuGPvyYb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zDLQN1CnHjCk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseCost_z6bRSf6RnEH8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Operating leases cost excluding short-term rental expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">545,166</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">712,280</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">772,687</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermLeaseCost_zQQJazo37KHg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">966,084</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">498,296</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">345,877</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LeaseCost_iT_zv24ULyLJFu3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,511,250</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,210,576</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,118,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 545166 712280 772687 966084 498296 345877 1511250 1210576 1118564 641400 770267 743194 P4Y9M P3Y8M4D P8Y4M6D 0.0437 0.0431 0.0349 <p id="xdx_890_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_ztu9SVIzDPvc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zDdn0uHyr20j" style="display: none">SCHEDULE OF MATURITY OF LEASE LIABILITIES UNDER OPERATING LEASE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">For the year ending December 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231_zatoLD74tWd5" style="border-bottom: Black 1pt solid; text-align: center">Operating <br/>Leases</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzvDC_zwCuWtPkSaU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">699,132</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzvDC_zGwkiAQnvZci" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">684,829</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzvDC_zlgRNZjgCRZ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">695,161</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzvDC_zhqZQ5BeZmf2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">569,950</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_maLOLLPzvDC_zA0SZmUTqiBi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2030 and thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,848,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzvDC_zDllUmKmAMwf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,497,406</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_z36MyZYTup24" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">547,981</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iTI_zG1VZu17Kti6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,949,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_zOCiBTJfNn2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">571,939</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityNoncurrent_iTI_zY0whzO74XEe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Non-current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,377,486</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 699132 684829 695161 569950 1848334 4497406 547981 3949425 571939 3377486 <p id="xdx_809_ecustom--LongTermDebtDisclosureTextBlock_zxcNvoJeVdg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>17. <span id="xdx_824_zHSJnwtv696c">OTHER LONG-TERM LIABILITY</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 18, 2025, Shenzhen Xingjing, a subsidiary of the Group, signed a two-year interest-free loan agreement with a third party in the principal of the loan of RMB<span id="xdx_901_eus-gaap--LongTermDebtNoncurrent_iI_uRMB_c20250318_zOOzF2NIIfC5" title="Principal loan">15,000,000</span> (approximately $<span id="xdx_901_eus-gaap--LongTermDebtNoncurrent_iI_c20250318_zFpLkB3xKCQ3" title="Principal loan">2,144,971</span>) for its daily business operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> 15000000 2144971 <p id="xdx_80A_ecustom--TemporaryEquityTextBlock_zmRvccfmWNek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. <span id="xdx_824_ziO0k3RIwgSj">MEZZANINE EQUITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--TemporaryEquityTableTextBlock_z5eKr2DF6qIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s preferred shares and redeemable non-controlling interests activities for the years ended December 31, 2023, 2024 and 2025 are summarized below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zPX1LPC5Xrp1" style="display: none">SCHEDULE OF PREFERRED SHARES ACTIVITIES</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_308_134_zOenbgAJLIta" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF PREFERRED SHARES ACTIVITIES (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4B2_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_us-gaap--StatementClassOfStockAxis_us-gaap--PreferredClassAMember_zBxvctDoLpbi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_us-gaap--StatementClassOfStockAxis_us-gaap--PreferredClassBMember_z6VoMzlXDUIi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_us-gaap--StatementClassOfStockAxis_custom--PreferredClassBOneMember_zIM8ISeNt3p3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td colspan="2" id="xdx_4B4_us-gaap--StatementEquityComponentsAxis_custom--RedeemableNonControllingInterestsMember_zOM9B90oXBQ1" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4BD_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_zdgp9EOvMBW8" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Class A</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Class B</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Class B-1</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Redeemable non-controlling interests</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_43E_c20230101__20231231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_z0tbqJhG4qBf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2022</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_984_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_fKg_____zNiD7wlNfnR7" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>24,709,527</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>97,400,393</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_fKg_____zRv9KMrROug2" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,693,877</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>16,062,314</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_985_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_z5WE4WaAFd75" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3522">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3514">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="width: 2%"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3515">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98F_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zbfj7sZYOijg" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>27,403,404</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>113,462,707</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_406_eus-gaap--TreasuryStockValueAcquiredCostMethod_z0bpsT47dRla" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisition of Ninjas in Pyjamas</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3526">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3527">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98D_eus-gaap--TreasuryStockSharesAcquired_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_z45y37wGJEti" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Acquisition of Ninjas in Pyjamas, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,044,524</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">168,000,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3529">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_988_eus-gaap--TreasuryStockSharesAcquired_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zrN1w5fuRPli" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Acquisition of Ninjas in Pyjamas, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,044,524</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">168,000,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40C_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zx7gMUXKN7ul" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion on Preferred Shares to redemption value</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,327,824</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">704,422</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,882,461</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3539">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,914,707</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_403_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_z8W2NzDdjF6k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,835,151</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3543">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3544">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3545">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,835,151</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_432_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_zzWWaxcaKdNi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2023</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_989_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_fKg_____zFzbb6H3zvzb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>24,709,527</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>114,893,066</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_fKg_____zNgzEdHzdoMa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,693,877</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>16,766,736</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98B_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zaUZT4L3MvD7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>43,044,524</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>190,882,461</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3551">-</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_989_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zX3GcwP4fZH4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>70,447,928</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>322,542,263</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_406_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zoscvVXwtxZi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion on Preferred Shares to redemption value</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,381,375</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">209,445</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,340,159</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3565">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">35,930,979</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_zkQNtsGv5TOi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,726,807</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3569">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3570">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3571">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,726,807</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquityOtherChanges_zss9w49GqqDc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Conversion of Preferred Shares to ordinary shares upon the completion of the IPO</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zscipLs34POi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(24,709,527</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(123,547,634</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zz5OifgC1Qpf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,693,877</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,976,181</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zaC8QMlb7Kdg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(43,044,524</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(215,222,620</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3577">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_z0Wq9Kpq4PQl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(70,447,928</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(355,746,435</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_409_ecustom--TemporaryEquityInitialFairValueOfRedeemableNoncontrollingInterests_zCIwl4R2tN86" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Initial fair value of redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3588">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3589">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3590">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,841,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,841,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--TemporaryEquityNetIncome_zliY8QxFFh89" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net income attributed to redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3594">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3595">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3596">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">119,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">119,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_407_ecustom--TemporaryEquityForeignCurrencyTranslationAdjustmentsOne_zCNdTVwdZaQh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3600">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3601">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3602">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,691</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,691</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_zH4GKBjrLe48" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2024</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98D_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zCApWD5RiAQk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3612">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3606">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98E_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zTb9XknRKBq9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3614">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3607">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_988_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zK2fifQyK0d3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3616">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3608">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,958,555</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98B_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zw70O2i3pspl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3618">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,958,555</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_405_ecustom--TemporaryEquityInitialFairValueOfRedeemableNoncontrollingInterests_zsz4HjY5r7ye" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Initial fair value of redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3620">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3622">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,230,787</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,230,787</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--TemporaryEquityNetIncome_z7hXXL1zwSLg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net loss attributed to redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3626">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3628">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(97,179 </span></td> <td style="font: 10pt Times New Roman, Times, Serif">)<span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(97,179 </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">) </span></td></tr> <tr id="xdx_401_ecustom--AccretionOnPreferredSharesToRedemptionValue_z9gEkdaDC3gf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Accretion on Preferred Shares to redemption value</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,304</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,304</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40F_ecustom--DisposalOfRedeemableNoncontrollingInterests_zHCFaU0MgvM4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disposal of redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3638">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3639">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3640">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,861,547</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,861,547</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_400_ecustom--TemporaryEquityForeignCurrencyTranslationAdjustmentsOne_z3fqzkOR1Hzc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3644">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3645">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3646">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">35,886</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(35,886</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">) </span></td></tr> <tr id="xdx_43A_c20250101__20251231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zTYtzCpLyjF3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2025</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98A_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zHSzVgYlKAh5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3656">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3650">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_987_eus-gaap--TemporaryEquitySharesOutstanding_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zhw84YjCrF3a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3658">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3651">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zJVg3z1Jf1u5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3660">-</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3652">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>-</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,296,805</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zwwS5sOsdTY6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3662">-</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,296,805</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the completion of the IPO in July 2024, all of issued and outstanding preferred shares automatically converted into ordinary shares on a one-for-one basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares are presented on a retroactive basis to reflect the stock split (Note 17)</span></td></tr> </table> <p id="xdx_8A2_zHqJmTJpvWJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY- Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class A redeemable preferred shares</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During fiscal year 2019, Shenzhen VF issued a total of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20191231__20191231__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember_zkIsOWnPaYtd" title="Temporary equity, shares issued">8,199,662</span> preferred shares for cash consideration of US$<span id="xdx_90D_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_c20191231__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember_zo0I7Z6XTBl4" title="Temporary equity, value">15,923,336</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Reverse Acquisition, each preferred shareholder of Shenzhen VF was changed to the preferred shareholder of Wuhan ESVF, certain redemption features and liquidation preference were modified simultaneously (“Modification”). Meanwhile, <span id="xdx_90A_eus-gaap--TemporaryEquitySharesIssued_iI_c20210318__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember__us-gaap--BusinessAcquisitionAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zKEATKHnL0G9" title="Temporary equity, shares issued">15,764,427</span> preferred shares issued by Wuhan ESVF with carrying value of US $<span id="xdx_901_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_c20210318__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember__us-gaap--BusinessAcquisitionAxis__custom--WuhanXingjingweiwuCultureAndSportsDevelopmentCoLtdMember_zxK4I6tAynu" title="Temporary equity, value">37,448,928</span> at the close of Reverse Acquisition was included in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group had undergone a Reorganization on July 30, 2021. As part of the Reorganization, on June 8, 2021, each issuer of the preferred shares was changed to the reporting entity through share swaps. The major terms and number of shares of the preferred shares remained the same. Thus, there is no accounting impact on the preferred shares as a result of the Reorganization at the consolidated level. The Group determined all the preferred shares was re-designed as Class A preferred shares. Since the Reorganization were transactions under common control, the equity section of the Group after the Reorganization was assumed to have existed from the earliest period presented in the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 30, 2021, the Company issued 745,438 Class A preferred shares to Shenzhen Media Group (International) Limited (“Shenzhen Media-HK”) for a total investment amount in the U.S. dollar equivalent amount of RMB <span id="xdx_908_eus-gaap--Investments_iI_pn6n6_uRMB_c20210930__dei--LegalEntityAxis__custom--ShenzhenMediaGroupInternationalLimitedMember__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember_zKp2jHlO3l2d" title="Investment">10</span> million. The terms of the Class A preferred shares issued to Shenzhen Media-HK were same as the terms of the Class A preferred shares after the reorganization as mentioned above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below presents the key original and amended terms of the Class A redeemable preferred shares during the reporting period:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion Features</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no conversion rights granted to holders of preferred shares upon the issuance of the preferred shares to preferred shareholders of Shenzhen VF or on the Reverse Acquisition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Along with the Reorganization on July 30, 2021, as stated in the amended Article of Association, all outstanding preferred shares can be automatically converted into ordinary shares of the Company after its listing in US capital market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each holder of preferred shares before and after the Reverse Acquisition and is entitled to vote together with the holders of ordinary shares on all matters submitted to a vote of the shareholders of the Company or the Group on an as-if-converted basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each holder of preferred shares before and after the Reverse Acquisition is entitled to receive non-cumulative dividends, payable out of funds or assets when and as such funds or assets become legally available therefor pari passum with ordinary shares, on an as-converted basis, when, as, and if declared by the Board of Directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation Preferences</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the issuer, or in the event of a trade sale (include, among other things, a merger, share exchange, amalgamation or consolidation resulting in a change of control), collectively defined as “Deemed Liquidation Events”, all assets and funds legally available for distribution to the members (after satisfaction of all creditors’ claims and claims that may be preferred by law) shall be distributed to the holders of the preferred shares prior and in preference to any distribution to the investors of any other class, an amount shall be the higher of <span id="xdx_906_ecustom--TemporaryEquityLiquidationPreferenceDescription_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember_znNKRbMczwH8" title="Temporary equity, liquidation preference">(i) 100% of the preferred shares issuance price plus accrued daily interest at a rate of 8% per annum; and (ii) on a pro rata basis, percentage of each shareholders held multiplying with net assets available for distribution (collectively the “Preferred Shares Preference Amount”).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment in Liquidation Preferences</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Reverse Acquisition, the Preferred Shares Preference Amount was amended to an amount equal to 100% of the preferred shares issue price, and the following terms were added.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there are any assets or funds remaining after the Preferred Shares Preference Amount has been distributed or paid in full to the applicable holders of the preferred shares, the remaining assets and funds of the Group available for distribution shall be distributed ratably among all members according to the relative number held by such member (including preferred shares on as-converted basis).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Preferred Shares Preference Amount cannot be paid in full, the holders of the preferred shares shall be entitled to the payment in proportion to their initial investment amount. If all assets and funds of the Company legally available for distribution to the members upon liquidation, dissolution or winding up of the Company exceed RMB <span id="xdx_900_eus-gaap--TemporaryEquityLiquidationPreference_iI_pn9n9_uRMB_c20251231__us-gaap--StatementClassOfStockAxis__custom--TreasuryStockClassARedeemablePreferredStockMember_zxOyPmZ3bOPa" title="Temporary equity, liquidation preference">2</span> billion, the distribution shall be ratably among all members according to the relative number of ordinary shares held by such member (treating all outstanding preferred shares on as-converted basis).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preferred shares can be redeemed at any time and from time to time on or after the earlier date of the occurrence of (1) the issuer’s failure to complete the transaction as mutually agreed in the Preferred Share Purchase Agreement, or (2) (i) the issuer fails to obtain an receipt from the China Securities Regulatory Commission, the Hong Kong Securities Regulatory Commission, the SEC or any other exchange of recognized international reputation and standing duly approved by the shareholders (“Qualified Exchange”) accepting the Company’s application for IPO by January 31 2024; or (ii) the Company fails to achieve the IPO on a Qualified Exchange on or before 31 January 2025, or (3) a material breach of any of the warranties, undertakings or covenants specified under the Preferred Share Purchase Agreement or certain other agreements entered into in connection with such preferred shares financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence of any Redemption Event, each holder of the then outstanding preferred shares is entitled to, by written request to the Company, request the Company to redeem all or part of the preferred shares then outstanding held by such holder at a redemption price (higher of <span id="xdx_901_ecustom--TemporaryEquityLiquidationPreferenceRedemptionRightsDescription_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember_zOoocUOObYEf" title="Temporary equity, liquidation preference, redemption rights">(i) 100% of the preferred shares issue price plus accrued daily interest at a rate of 8% per annum minus any declared but unpaid dividends on such preferred shares; (ii) % of shareholding multiplying with the Company’s most recent fair value of net assets).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment in Redemption Rights</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Reverse Acquisition, the events that triggered the redemption of any of the preferred shares has been amended to the same term, where the preferred shares can be redeemed at any time of the occurrence of a material breach of any of the warranties, undertakings or covenants specified under the New Preferred Share Purchase Agreement (the “New Preferred Share Purchase Agreement”) or certain other agreements entered into in connection with such preferred shares financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The redemption price for each preferred share that is redeemed has been amended to the same price, which shall be the higher of<span id="xdx_907_ecustom--TemporaryEquityLiquidationPreferenceAmendmentInRedemptionRightsDescription_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassARedeemablePreferredStockMember_z2RAKwK4wfD8" title="Temporary equity, liquidation preference, amendment in redemption rights"> (a) an amount equal to 100% of such preferred shares issuance price plus accrued daily interest at a simple rate of 8% per annum, and any accrued or declared but unpaid dividend on such preferred shares, and (b) the result of multiplying the as-converted shareholding percentage with the issuer’s most recent fair value of net assets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class B redeemable preferred shares</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 23, 2022, the Group entered into a share subscription purchase agreement with Digital WD., Ltd. (“Digital WD”). On September 5, 2022, the Group issued <span id="xdx_90B_eus-gaap--TemporaryEquitySharesIssued_iI_c20220905__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--DigitalWDLtdMember_zJG2bWkMM7kb" title="Temporary equity, shares issued">1,718,691</span> Class B Preferred Shares to Digital WD, for an aggregate purchase price of $<span id="xdx_90C_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_c20220905__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--DigitalWDLtdMember_zi8x8NlyKODh" title="Temporary equity, value">10,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 29, 2022, the Group entered into a subscription agreement with Maison Investment Holding Limited (“Maison”), a third-party investor, to sell <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220729__20220729__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--MaisonInvestmentHoldingLimitedMember_zxIwcuMFy33g" title="Sale of stock, shares">459,578</span> of the Group’s Class B preferred shares to Maison in exchange of $<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220729__20220729__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--MaisonInvestmentHoldingLimitedMember_zbTy06qR0Ahh" title="Cash consideration">2,674,000</span> cash consideration. The Group has received the full investment fund of $<span id="xdx_908_eus-gaap--Investments_iI_c20220930__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--MaisonInvestmentHoldingLimitedMember_zbC8zlnKqii2" title="Investment">2,673,970 </span>(after deduction of commission charges) from Maison in advance as of September 30, 2022 and recorded as subscription fees advance from shareholder, and thereafter recognized as equity when the Group completed the issuance of <span id="xdx_904_eus-gaap--TemporaryEquitySharesIssued_iI_c20221220__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--MaisonInvestmentHoldingLimitedMember_zOm17vwlcCe8" title="Temporary equity, shares issued">459,578</span> Class B preferred shares on December 20, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 29, 2022, the Group entered into a subscription agreement with AER Capital SPC (“AER”), to sell <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220729__20220729__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--AERCapitalSPCMember_zodGYu5K5X34" title="Sale of stock, shares">515,608</span> of the Group’s Class B preferred shares to Maison in exchange of $<span id="xdx_904_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220729__20220729__us-gaap--StatementClassOfStockAxis__custom--ClassBRedeemablePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionPurchaseAgreementMember__dei--LegalEntityAxis__custom--AERCapitalSPCMember_zN9BJWYLeLK5" title="Cash consideration">3,000,000</span> cash consideration. As of December 31, 2022, the Group accounted the fund receivable from AER as shareholder investment fund receivable included in balance statement item prepaid expenses and other current assets, net (Note 5). In March 2023, the Group has received the full investment fund from AER.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below presents the key original and amended terms of the Class B redeemable preferred shares during the reporting period:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation Preferences</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon any liquidation event, all assets and funds of the Company thereafter legally available for distribution to the shareholders shall be distributed as follows: After any distribution or payment to the Class B-1 Preferred Shares held by all former shareholders of Ninjas in Pyjamas, and prior to any distribution or payment to the Class A preferred shareholders and the Ordinary shareholders, each Class B preferred shareholder shall be entitled to receive on a pro rata basis, an amount equal to the aggregate total of the initial subscription price with respect to each preferred share held by such Class B preferred shareholder.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to settle the redemption obligations to the redemption shareholders in full, all available redemption funds shall be paid first to the Class B preferred shareholders on a pro-rata basis. The redemption price of Class B Preferred Share calculation is same as Class A preferred shares. The other terms of the Class B Preferred Shares issued were same as the terms of the Class A preferred shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Class B-1 redeemable preferred shares</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 10, 2023, the Company completed an acquisition through a series of agreements with the shareholders of Ninjas in Pyjamas. The Company issued to Ninjas in Pyjamas former shareholders <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesOther_c20230110__20230110__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember_zLesKk4DdF71" title="Number of share issued">43,044,524</span> Class B-1 Preferred Shares in exchange of <span id="xdx_901_ecustom--TemporaryEquityExchangeSharesPercentage_iI_pid_dp_c20230110__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember_zKxIS1VGTkpa" title="Temporary equity, exchange shares">100</span>% shares in Ninjas in Pyjamas (Note 1).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below presents the key terms of the Class B-1 redeemable preferred shares during the reporting period:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the case of a NIP redemption trigger event, Ninjas in Pyjamas former shareholders entitle to request the Company to redeem Class B-1 Preferred Shares held by them, and the Founder Shareholders (“Mario Ho Holdings Limited, xiaOt Sun Holdings Limited, Ayisia Zhou Holdings Limited and RayZ Holdings Limited”) shall be jointly and severally liable to take all necessary actions permissible under applicable laws to procure that the Company shall have the required funding. The terms of NIP redemption trigger event include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a) (i) the Company fails to obtain a receipt from the China Securities Regulatory Commission, the Hong Kong Securities Regulatory Commission, the SEC or any other exchange of recognized international reputation and standing duly approved by shareholders accepting the Company’s application for IPO by January 31, 2024; or (ii) the Company fails to achieve the IPO on or before January 31, 2025 based on a pre-money valuation of the Company exceeding US$<span id="xdx_902_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20250131__20250131__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember_zoFEke4t3Mf7" title="Exceeding value">100,000,000</span>;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b) the valuation of the Company, as determined by an independent valuer, does not exceed USD <span id="xdx_909_eus-gaap--TemporaryEquityOtherChanges_pn6n6_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember_zlJBxUmXp5yi" title="Exceeding value">250</span> million by December 31, 2023;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c) the Group fail to obtain the formal league approvals for the change of ownership in respect of the league slots related to League of Legends LOL, Honor of Kings and/or CrossFire Pro League, which results in the loss or suspension of any of such league slots or otherwise materially impacts the financial performance of the Group;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY — (continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d) the implementation of the restructuring plan or the failure of the Company to implement the dismantling of its VIE structure in accordance with the Restructuring Plan has resulted in or might reasonably be expected to material impact on the financial performance of the Group;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e) the amount of the Company’s revenue for the year ended December 31, 2022 based on the audit by an independent certified public accounting firm of internationally recognized standing according to the US GAAP for the purpose of the application for IPO is lower than USD <span id="xdx_905_eus-gaap--Revenues_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember__srt--RangeAxis__srt--MaximumMember_zYDcRv0Z0kO3" title="Revenue">41,400,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, redemption trigger event c, d and e have been determined to be satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except the above terms of NIP redemption trigger event, others redemption terms of Class B-1 Preferred Shares were similar with Class A and Class B Preferred Shares:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the case of a NIP special redemption trigger event, the Founder Shareholders entitle to request the Company to redeem Class B-1 Preferred Shares held by Ninjas in Pyjamas former shareholders. The terms of NIP special redemption trigger event include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a) any material breach by any of the Ninjas in Pyjamas former shareholders of its obligations under the shareholders agreement;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b) Ninjas in Pyjamas conducting any off-account sales and causing material impacts on the financial performance of the Group and damage to the interests of the Group or any preferred shareholders accordingly;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c) material violation of any applicable laws by the operation of Ninjas in Pyjamas which in turn materially impacts the financial performance of the Group;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d) sale of the whole or a substantial part of the business, undertaking, property or assets of the Ninjas in Pyjamas without the requisite approvals by the board and/or the shareholders;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e) any act of dishonesty, fraud, willful default, or gross negligence committed by any Ninjas in Pyjamas former shareholders which in turn materially impacts the financial performance of the Group;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f) (A) Ninjas in Pyjamas fails to acquire 51% or more of the total issued shares of (i) anyone of appointed target companies, or (ii) any other target company engaging in similar type of business, having a projected annual revenue of not less than the agreed upon amount in the financial year of 2023, by no later than December 31, 2023; or (B) the equity ratio of the former shareholders of the Company have been diluted due to the implementation of the aforesaid acquisition (unless such dilution has been agreed by the former shareholders of the Company).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total redemption price for all Class B-1 Preferred Shares requested for redemption by the Company (the “NIP Redemption Price”) shall be equivalent to the then net asset value (shall be “equity fair value” base on practical expedient provided by an independent valuer) of all Ninjas in Pyjamas in aggregate as of the redemption date. Payment of the NIP Redemption Price shall be settled by way of redemption in kind of all the shares held by the Company in the Ninjas in Pyjamas to the Ninjas in Pyjamas former shareholders. For the avoidance of doubt, the Ninjas in Pyjamas share distribution constitutes full settlement of the NIP Redemption Price, and no cash, other assets or funds of the Company shall be payable by the Company whatsoever to satisfy the payment of the NIP Redemption Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY — Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation Preferences</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon any liquidation, the Company shall redeem all of the outstanding Class B-1 Preferred Shares held by all Ninjas in Pyjamas former shareholders at NIP Redemption Price. All assets and funds of the Company thereafter legally available for distribution to the remaining Shareholders shall be distributed to Ninjas in Pyjamas former shareholders prior to Class B Preferred Shareholders, Class A Preferred Shareholders and Ordinary Shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion Features</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no conversion rights granted to holders of Class B-1 Preferred Shares upon the issuance of the preferred shares to preferred shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All outstanding Class B-1 Preferred Shares can be automatically converted into ordinary shares of the Company after its listing in US capital market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each holder of Class B-1 Preferred Shares is entitled to vote together with the holders of ordinary shares on all matters submitted to a vote of the shareholders of the Company or the Group on an as-if-converted basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each holder of Class B-1 Preferred Shares is entitled to receive non-cumulative dividends, payable out of funds or assets when and as such funds or assets become legally available therefor pari passum with ordinary shares, on an as-converted basis, when, as, and if declared by the board of directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounting for the preferred shares</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies the preferred shares as mezzanine equity in the consolidated balance sheets because they are redeemable upon the occurrence of an event not solely within the control of the Company. The preferred shares are recorded initially at fair value, net of issuance costs. The Company did not incur material issuance costs for any preferred shares issued. There were no declared or undeclared dividends in arrears on redeemable preferred shares as of December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each reporting period, the Company assesses whether the preferred shares are currently redeemable and if the preferred shares are not currently redeemable, the Company further assesses whether it is probable that preferred shares will become redeemable. Except Class B-1 Preferred Shares which the redemption value were determined by the NIP Redemption Price, for any other preferred shares that are not currently redeemable and it is probable that preferred shares will become redeemable, the Company recognizes changes in the redemption value immediately as they occur over the period from the date of issuance to the earliest redemption date to equal the redemption value at the end of each reporting period based on the higher of (i) the issuance price plus a pre-determined annualized return set forth in the agreements and (ii) fair market value (estimated using the equity allocation model based on option pricing model with probability- weighted scenario analysis with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An instrument that is redeemable currently will be remeasured under EITF Topic No. D-98 each period and translated based on current exchange rates. In contrast, an instrument presented as temporary equity but for which redemption is not probable will be translated based on the historical exchange rate in effect when the instrument was last measured, which would likely have been its issuance date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. MEZZANINE EQUITY - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 480-10-S99, the accretion is recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in-capital, or in the absence of additional paid-in-capital, by charges to accumulated deficit. The accretion of the preferred shares was $<span id="xdx_90E_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember_zO72JRlcnGXi">43,914,707</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember_z31Mz4oDKNQi">35,930,979</span> and <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_90E_eus-gaap--TemporaryEquityAccretionToRedemptionValue_dxL_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOneRedeemablePreferredStockMember_z75MgPxl60jg" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3709">nil</span></span></span></span> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ended December 31, 2023, 2024 and 202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the completion of the IPO, all of issued and outstanding preferred shares automatically converted into ordinary shares on a one-for-one basis. Upon conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock and additional paid-in capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Redeemable non-controlling interests</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to Young Will agreement, the Company will subsequently acquire an additional <span id="xdx_90C_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_c20251231__us-gaap--TypeOfArrangementAxis__custom--YoungWillAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--ZSZQLimitedMember_zGt8DTPhEVd9" title="Additional equity stake percentage"><span id="xdx_90F_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_c20261231__us-gaap--TypeOfArrangementAxis__custom--YoungWillAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--ZSZQLimitedMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zdxwtFOBtZce" title="Additional equity stake percentage"><span id="xdx_905_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_c20271231__us-gaap--TypeOfArrangementAxis__custom--YoungWillAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--ZSZQLimitedMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_z8FfympMgxZ1" title="Additional equity stake percentage">13</span></span></span>% of the share capital of Young Cayman each year during 2025, 2026, and 2027, respectively, and in exchange issue a corresponding number of Class A ordinary shares to the beneficial owners of Young Cayman, contingent upon the satisfaction of certain terms and conditions set out in the Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The redeemable non-controlling interests include <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20241231__us-gaap--TypeOfArrangementAxis__custom--YoungWillAgreementMember__srt--OwnershipAxis__custom--YoungCaymanMember_zkp8sGdU66c9" title="Additional equity stake percentage">39</span>% of the fair value of Young Cayman and its subsidiaries. The Company has a call option that it may redeem each year from the first closing of the transaction to year 2027, and minority shareholders of Young Cayman and its subsidiaries have a put option to sell its interest to the Company concurrently. The put and call option price is based on multiples of actual revenue and net profit, subject to the terms of Young Will Agreement. Subsequent to the stated date of the initial options, the options become available to be exercised every year thereafter. The Group estimated the preliminary fair value of the put and call options using a Monte Carlo simulation. We evaluated the put and call option for the redeemable non-controlling interests under ASC 480, Distinguishing Liabilities from Equity, and classified the redeemable non-controlling interests as mezzanine equity based on the redemption features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the historical financial results of Young Cayman and its subsidiaries., the Company estimated that the performance targets from 2025 to 2027 is not probable to be met, so non-controlling interests is not currently redeemable, and it is not probable that the instrument will become redeemable in the future. The Redeemable non-controlling interests will not be remeasured at each reporting date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the Company entered into a termination agreement with the former shareholders of ZSZQ Limited, pursuant to which the parties mutually agreed to terminate the share swap agreement and all related ancillary agreements and instruments in respect of the share swap transactions. As of July 31, 2025, all shares previously issued pursuant to the share swap agreement had been fully surrendered and cancelled, with no shares remaining outstanding in connection with such transactions. Accordingly, the balance of redeemable non-controlling interests related to these transactions was nil as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2025, Wuhan ESVF and Wuhan Optics Valley Transportation Investment Group Co., Ltd. (“Wuhan Optics Valley Transportation”) jointly established Xingyao Future, with ownership interests of <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20250331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WuhanESVFMember_zGKP7A4aOBMj">60</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20250331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WuhanOpticsValleyTransportationInvestmentGroupCoLtdMember_z850UlPJd9j8">40</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%, respectively. Wuhan ESVF and Wuhan Optics Valley Transportation have made capital contributions of RMB <span id="xdx_90A_ecustom--CapitalContributions_iI_pn5n6_uRMB_c20250331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WuhanESVFMember_zxZgqr93nju1">9.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and RMB <span id="xdx_909_ecustom--CapitalContributions_iI_pn5n6_uRMB_c20250331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WuhanOpticsValleyTransportationInvestmentGroupCoLtdMember_zX3Z7009GEbc">6.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively. Pursuant to the investment agreement entered into in January 2025, Xingyao Future is required to satisfy certain performance targets and other assessment criteria. If such targets are not met, Wuhan Optics Valley Transportation has the right to require Wuhan ESVF to repurchase its equity interest in Xingyao Future at a predetermined price. The Group has assessed that the triggering events for such repurchase obligation are not probable to occur. Accordingly, the related non-controlling interest is not currently redeemable, and it is not probable that the instrument will become redeemable in the future. As a result, the redeemable non-controlling interest is not remeasured at each reporting date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In July 2025, Beijing Xingjing Entertainment entered into a capital subscription agreement with Beijing Changping Cultural Tourism Development Group Co., Ltd. (“Beijing Changping”). Under the agreement, Beijing Changping made a capital contribution of RMB <span id="xdx_900_ecustom--CapitalContributions_iI_pn6n6_uRMB_c20250731__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ChangpingCulturalTourismDevelopmentGroupCoLtdMember_zsbBx58Vy1K3">10</span> million to subscribe for a <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20250731__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ChangpingCulturalTourismDevelopmentGroupCoLtdMember_z8J8U8RsGFOk">2.08%</span> equity interest in Beijing Xingjing Entertainment. The agreement provides that if any redemption trigger event occurs within five years upon completion of the transaction, Beijing Xingjing Entertainment shall repurchase the equity interest held by Beijing Changping at the contractually agreed price. Same as the preferred shares above, for each reporting period, the Group assesses whether the non-controlling interest are currently redeemable and if the non-controlling interest are not currently redeemable, the Group further assesses whether it is probable that non-controlling interest will become redeemable. in accordance with ASC 480-10-S99, and the accretion is recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in-capital, or in the absence of additional paid-in-capital, by charges to accumulated deficit. The accretion of the redeemable non-controlling interests was $<span id="xdx_908_ecustom--AccretionOfRedeemableInterest_iI_c20250731__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ChangpingCulturalTourismDevelopmentGroupCoLtdMember_z550CcUbLlUa" title="Redeemable non-controlling interests">30,304</span> for the year ended December 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--TemporaryEquityTableTextBlock_z5eKr2DF6qIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s preferred shares and redeemable non-controlling interests activities for the years ended December 31, 2023, 2024 and 2025 are summarized below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zPX1LPC5Xrp1" style="display: none">SCHEDULE OF PREFERRED SHARES ACTIVITIES</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_308_134_zOenbgAJLIta" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF PREFERRED SHARES ACTIVITIES (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4B2_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_us-gaap--StatementClassOfStockAxis_us-gaap--PreferredClassAMember_zBxvctDoLpbi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_us-gaap--StatementClassOfStockAxis_us-gaap--PreferredClassBMember_z6VoMzlXDUIi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_us-gaap--StatementClassOfStockAxis_custom--PreferredClassBOneMember_zIM8ISeNt3p3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td colspan="2" id="xdx_4B4_us-gaap--StatementEquityComponentsAxis_custom--RedeemableNonControllingInterestsMember_zOM9B90oXBQ1" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" id="xdx_4BD_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockPreferredMember_zdgp9EOvMBW8" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Class A</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Class B</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Class B-1</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Redeemable non-controlling interests</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>No. of shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_43E_c20230101__20231231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_z0tbqJhG4qBf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2022</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_984_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_fKg_____zNiD7wlNfnR7" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>24,709,527</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>97,400,393</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_fKg_____zRv9KMrROug2" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,693,877</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>16,062,314</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_985_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_z5WE4WaAFd75" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3522">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3514">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="width: 2%"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3515">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98F_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zbfj7sZYOijg" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>27,403,404</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>113,462,707</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_406_eus-gaap--TreasuryStockValueAcquiredCostMethod_z0bpsT47dRla" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisition of Ninjas in Pyjamas</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3526">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3527">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98D_eus-gaap--TreasuryStockSharesAcquired_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_z45y37wGJEti" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Acquisition of Ninjas in Pyjamas, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,044,524</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">168,000,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3529">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_988_eus-gaap--TreasuryStockSharesAcquired_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zrN1w5fuRPli" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Acquisition of Ninjas in Pyjamas, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,044,524</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">168,000,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40C_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zx7gMUXKN7ul" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion on Preferred Shares to redemption value</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,327,824</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">704,422</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,882,461</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3539">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,914,707</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_403_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_z8W2NzDdjF6k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,835,151</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3543">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3544">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3545">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,835,151</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_432_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_zzWWaxcaKdNi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2023</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_989_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_fKg_____zFzbb6H3zvzb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>24,709,527</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>114,893,066</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_fKg_____zNgzEdHzdoMa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,693,877</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>16,766,736</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98B_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zaUZT4L3MvD7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>43,044,524</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>190,882,461</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3551">-</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_989_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zX3GcwP4fZH4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>70,447,928</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>322,542,263</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_406_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zoscvVXwtxZi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion on Preferred Shares to redemption value</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,381,375</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">209,445</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,340,159</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3565">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">35,930,979</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_zkQNtsGv5TOi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,726,807</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3569">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3570">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3571">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,726,807</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquityOtherChanges_zss9w49GqqDc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Conversion of Preferred Shares to ordinary shares upon the completion of the IPO</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zscipLs34POi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(24,709,527</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(123,547,634</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zz5OifgC1Qpf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,693,877</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,976,181</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zaC8QMlb7Kdg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(43,044,524</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(215,222,620</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3577">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_z0Wq9Kpq4PQl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(70,447,928</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(355,746,435</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_409_ecustom--TemporaryEquityInitialFairValueOfRedeemableNoncontrollingInterests_zCIwl4R2tN86" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Initial fair value of redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3588">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3589">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3590">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,841,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,841,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--TemporaryEquityNetIncome_zliY8QxFFh89" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net income attributed to redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3594">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3595">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3596">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">119,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">119,123</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_407_ecustom--TemporaryEquityForeignCurrencyTranslationAdjustmentsOne_zCNdTVwdZaQh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3600">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3601">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3602">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,691</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,691</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_zH4GKBjrLe48" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2024</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98D_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zCApWD5RiAQk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3612">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3606">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98E_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zTb9XknRKBq9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3614">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3607">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_988_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zK2fifQyK0d3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3616">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3608">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,958,555</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td id="xdx_98B_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zw70O2i3pspl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3618">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,958,555</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b> </b></span></td></tr> <tr id="xdx_405_ecustom--TemporaryEquityInitialFairValueOfRedeemableNoncontrollingInterests_zsz4HjY5r7ye" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Initial fair value of redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3620">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3622">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,230,787</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,230,787</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--TemporaryEquityNetIncome_z7hXXL1zwSLg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net loss attributed to redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3626">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3628">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(97,179 </span></td> <td style="font: 10pt Times New Roman, Times, Serif">)<span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(97,179 </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">) </span></td></tr> <tr id="xdx_401_ecustom--AccretionOnPreferredSharesToRedemptionValue_z9gEkdaDC3gf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Accretion on Preferred Shares to redemption value</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,304</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,304</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40F_ecustom--DisposalOfRedeemableNoncontrollingInterests_zHCFaU0MgvM4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disposal of redeemable non-controlling interests</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3638">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3639">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3640">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,861,547</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,861,547</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr> <tr id="xdx_400_ecustom--TemporaryEquityForeignCurrencyTranslationAdjustmentsOne_z3fqzkOR1Hzc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange rate difference</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3644">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3645">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl3646">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">35,886</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(35,886</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">) </span></td></tr> <tr id="xdx_43A_c20250101__20251231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zTYtzCpLyjF3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balances at December 31, 2025</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_98A_eus-gaap--TemporaryEquitySharesOutstanding_iS_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zHSzVgYlKAh5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3656">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3650">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_987_eus-gaap--TemporaryEquitySharesOutstanding_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zhw84YjCrF3a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3658">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3651">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zJVg3z1Jf1u5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3660">-</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl3652">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>-</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,296,805</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td id="xdx_982_eus-gaap--TemporaryEquitySharesOutstanding_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockPreferredMember_zwwS5sOsdTY6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3662">-</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2,296,805</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the completion of the IPO in July 2024, all of issued and outstanding preferred shares automatically converted into ordinary shares on a one-for-one basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares are presented on a retroactive basis to reflect the stock split (Note 17)</span></td></tr> </table> 24709527 97400393 2693877 16062314 27403404 113462707 43044524 168000000 43044524 168000000 20327824 704422 22882461 43914707 -2835151 -2835151 24709527 114893066 2693877 16766736 43044524 190882461 70447928 322542263 11381375 209445 24340159 35930979 -2726807 -2726807 -24709527 -123547634 -2693877 -16976181 -43044524 -215222620 -70447928 -355746435 2841123 2841123 119123 119123 -1691 -1691 2958555 2958555 2230787 2230787 -97179 -97179 30304 30304 -2861547 -2861547 35886 -35886 2296805 2296805 8199662 15923336 15764427 37448928 10000000 (i) 100% of the preferred shares issuance price plus accrued daily interest at a rate of 8% per annum; and (ii) on a pro rata basis, percentage of each shareholders held multiplying with net assets available for distribution (collectively the “Preferred Shares Preference Amount”). 2000000000 (i) 100% of the preferred shares issue price plus accrued daily interest at a rate of 8% per annum minus any declared but unpaid dividends on such preferred shares; (ii) % of shareholding multiplying with the Company’s most recent fair value of net assets). (a) an amount equal to 100% of such preferred shares issuance price plus accrued daily interest at a simple rate of 8% per annum, and any accrued or declared but unpaid dividend on such preferred shares, and (b) the result of multiplying the as-converted shareholding percentage with the issuer’s most recent fair value of net assets. 1718691 10000000 459578 2674000 2673970 459578 515608 3000000 43044524 1 100000000 250000000 41400000 43914707 35930979 0.13 0.13 0.13 0.39 0.60 0.40 9000000.0 6000000.0 10000000 0.0208 30304 <p id="xdx_803_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zYtbxcmtStFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19. <span id="xdx_82C_zlbwaFNjHHK6">ORDINARY SHARES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2022, in connection with the issuance of Class B preferred shares, the capital of the Company is <span id="xdx_90F_eus-gaap--CapitalUnitsAuthorized_iI_c20220630_z83GYTiY08Qj" title="Capital Shares authorized">500,000,000</span> shares consist of <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zqoAXdU3dsD5" title="Common stock, shares authorized">467,163,996</span> ordinary shares, <span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_z7TAhN4yZqsh" title="Common stock, shares authorized">24,709,527</span> Class A preferred shares and <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zZZM3O2PgQmd" title="Common stock, shares authorized">8,126,477</span> Class B preferred shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection to the Reorganization (Note 1), on June 30, 2023, the Company issued shares at a fixed ratio <span id="xdx_909_ecustom--CommonStockSharesIssuedPercentage_iI_pid_dp_c20230630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zwJARLbZzdIg" title="Common stock, shares issued percentage">5.75</span>% in relation to current shares to all the present shareholders without extra consideration, including <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zr3CHdYRMFF" title="Shares issued">2,019,516</span> of ordinary shares, <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230630__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassAMember_zusrksrzsc7d" title="Shares issued">1,342,752</span> of Class-A preferred shares, <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230630__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zea0ITMaxNp2" title="Shares issued">146,389</span> of Class-B preferred shares and <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230630__20230630__us-gaap--StatementClassOfStockAxis__custom--PreferredClassBOneMember_zDlLgeJCdGJa" title="Shares issued">2,339,106</span> of Class-B-1 preferred shares. Pursuant to ASC 505, the issuance of shares on June 30, 2023 was stock dividend in form, in the case of deficit position of retained earnings, the Company recorded this issuance of shares similar with a stock split and retrospectively adjust the historical financial statements included in the registration statement for all periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of the ordinary shares issued in the Reorganization has been treated similarly to a share split and have been presented retrospectively as of the all period presented on the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2024, the Company completed the IPO. Immediately prior to the completion of this IPO, our authorized share capital was changed into US$<span id="xdx_907_eus-gaap--CapitalUnitsNetAmount_iI_uUSD_c20240731_z6gdqKjwl5t4" title="Authorized share capital, value">50,000</span> divided into <span id="xdx_909_eus-gaap--CapitalUnitsAuthorized_iI_c20240731_ziXLK1knTgce" title="Authorized share capital">500,000,000</span> shares comprising (i) <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20240731__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zOcstXlCHxQ1" title="Common stock, shares authorized">461,995,682</span> Class A ordinary shares of a par value of US$<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20240731__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zqe1z5xDbhc6" title="Common stock, par value">0.0001</span> each, (ii) <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20240731__us-gaap--StatementClassOfStockAxis__custom--ClassBOneOrdinaryStockMember_zhEgdV0b2fn8" title="Common stock, shares authorized">24,641,937</span> Class B1 ordinary shares of a par value of US$<span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20240731__us-gaap--StatementClassOfStockAxis__custom--ClassBOneOrdinaryStockMember_zHHmiim2p9Q" title="Common stock, par value">0.0001</span> each, and (iii) <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20240731__us-gaap--StatementClassOfStockAxis__custom--ClassBTwoOrdinaryStockMember_zMGJru2sBwo2" title="Common stock, shares authorized">13,362,381</span> Class B2 ordinary share of a par value of US$<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20240731__us-gaap--StatementClassOfStockAxis__custom--ClassBTwoOrdinaryStockMember_zDPV2WVETybg" title="Common stock, par value">0.0001</span>. Class B1 ordinary shares and Class B2 ordinary shares are collectively referred to as “Class B ordinary shares.” All of our shares issued and outstanding prior to the completion of the offering were fully paid, and all of our shares in the offering were issued and fully paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19. ORDINARY SHARES - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The rights of the holders of Class A ordinary shares, Class B1 ordinary shares and Class B2 ordinary shares are identical, except with respect to voting and conversion. Each Class A ordinary share is entitled to one vote per share and is not convertible into any other shares of the Company’s capital stock. Each Class B1 ordinary share and Class B2 ordinary shares is entitled to 20 votes per share and is convertible into one Class A ordinary share at any time. In addition, Class B1 ordinary shares and Class B2 ordinary shares will automatically convert into shares of Class A ordinary shares upon certain transfers and other events, in particular when a holder of Class B1 ordinary shares or holder of Class B2 ordinary shares holds less than 5% of total issued shares, all of the Class B1 ordinary shares or the Class B2 ordinary shares held by the relevant holder and its Affiliates shall automatically convert into an equivalent number of Class A ordinary shares respectively. Ordinary resolutions of the Company should be passed, at a general meeting of the Company, by: (i) a simple majority of votes entitled to be exercised by the shareholders; (ii) a simple majority of votes entitled to be exercised by Class B1 Shareholders; and (iii) a simple majority of votes entitled to be exercised by Class B2 Shareholders. Alternatively, ordinary resolutions can be approved in writing by all shareholders entitled to vote. For special resolutions (which are required for certain important matters including mergers and changes to the Company’s governing documents), which require the vote of two-thirds of the votes cast, the voting power permitted to be exercised by the holders of the Class B ordinary shares will be weighted such that the Class B ordinary shares shall represent, in the aggregate, 67% of the voting power of all shareholders. Where there is more than one holder of Class B ordinary shares that is subject to a Weighted Voting Right for the purposes of passing a special resolution, then the voting power entitled to be exercised in respect of such Class B ordinary shares, shall be divided equally between the Class B1 majority holder who holds the highest number of the issued Class B1 ordinary shares and the Class B2 majority holder who holds the highest number of the issued Class B2 ordinary shares, provided always that: (i) in the event that a Class B majority holder votes “against” a special resolution (the “Relevant Class B Majority Holder”), then all of the voting power entitled to be exercised in respect of such Class B ordinary shares shall be exercised by that Relevant Class B Majority Holder only, and (ii) if there is only one Class B majority holder then the voting power entitled to be exercised in respect of such Class B ordinary shares shall be exercised by that Class B majority holder alone.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the initial public offering, the Company issued and sold a total of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240731__20240731__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zgz6zfgYapU4" title="Class A ordinary shares issued">4,500,000</span> Class A ordinary shares represented by <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240731__20240731__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_z3RyxjbMtTKb" title="Class A ordinary shares issued">2,250,000</span> ADSs, and the underwriters exercised their option to purchase from us <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20240731__20240731__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zjbBJwC2gVj8" title="Stock issued during period value stock options exercised">182,526</span> additional ADSs representing <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20240731__20240731__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zzrtNeAktJsk" title="Stock issued during period value stock options exercised">365,052</span> Class A ordinary shares, at a public offering price of US$<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20240731__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zmsLqm8CdzU1" title="Common stock, par value">9.00</span> per ADS. Thus the Company issued and sold a total of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20240731__20240731__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zPafHjo5RW5b" title="Class A ordinary shares issued">4,865,052</span> Class A ordinary shares during the initial public offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2024, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_dp_c20241001__20241031__dei--LegalEntityAxis__custom--ZSZQLimitedMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesMember_zVjYPVUV1Z08" title="Class A ordinary shares issued">920,212</span> Class A ordinary shares to the beneficial owners of Young Cayman in exchange for <span id="xdx_904_ecustom--EquityStakePercentage_pid_dp_c20241001__20241031__dei--LegalEntityAxis__custom--ZSZQLimitedMember_zUDDspd7RaC6" title="Equity stake percentage">61</span>% of the total issued and outstanding share capital of Young Cayman in accordance with Young Will Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the Company and the shareholders of ZSZQ Limited entered into a termination agreement, pursuant to which the parties mutually agreed to terminate the share swap agreement and other ancillary agreements and documents regarding the share swap transactions. As of July 31, 2025, all shares previously issued under the share swap agreement have been surrendered and cancelled in full. No shares remain outstanding in relation to such transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2025, the Company entered into a definitive asset-purchase agreement, pursuant to which the Company acquired on-rack crypto mining machines with an aggregate hash rate of approximately 3.11 EH/s. As consideration for the acquisition, the Company issued a total of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250901__20250930__dei--LegalEntityAxis__custom--ZSZQLimitedMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesMember_zQwAvJ4m81b5" title="Class A ordinary shares issued">119,553,439</span> Class A ordinary shares to the sellers in September 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 500000000 467163996 24709527 8126477 0.0575 2019516 1342752 146389 2339106 50000 500000000 461995682 0.0001 24641937 0.0001 13362381 0.0001 4500000 2250000 182526 365052 9.00 4865052 9202.12 0.61 119553439 <p id="xdx_80C_eus-gaap--RestrictedAssetsDisclosureTextBlock_zhpBL0HlcaK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20. <span id="xdx_82C_zcEFATpPCaFj">RESTRICTED NET ASSETS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A significant portion of the Group’s operations are conducted through its PRC (excluding Hong Kong) subsidiaries, the Group’s ability to pay dividends is primarily dependent on receiving distributions of funds from subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by our subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations, and after it has met the PRC requirements for appropriation to statutory reserves. The Group is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). <span id="xdx_90F_eus-gaap--StatutoryAccountingPracticesStatutoryCapitalAndSurplusVariations_c20250101__20251231_zywdfv8YyHl4" title="Statutory surplus reserve">Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the shareholders. Paid-in capital of our subsidiaries included in the Company’s consolidated net assets are also non-distributable for dividend purposes.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of these PRC laws and regulations, the Group’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. As of December 31, 2024 and 2025, net assets restricted in the aggregate, which include paid-in capital and statutory reserve funds of the Group’s PRC subsidiaries, that are included in the consolidated net assets were $<span id="xdx_909_eus-gaap--AssetsNet_iI_c20241231_zbfajK9qRTPb" title="Net assets">71,658,818</span> and $<span id="xdx_906_eus-gaap--AssetsNet_iI_c20251231_ztmJWZLdPfzk" title="Net assets">47,897,393<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the shareholders. Paid-in capital of our subsidiaries included in the Company’s consolidated net assets are also non-distributable for dividend purposes. 71658818 47897393 <p id="xdx_806_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zarPsmCmbt89" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21. <span id="xdx_823_z9JNTBObpdea">SHARE-BASED COMPENSATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share options granted by NIP Group Inc. to optionees</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2024, the Company adopted the 2024 Share Incentive Plan, or the 2024 Plan, for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with the Company. The maximum aggregate number of Class A ordinary shares which may be issued pursuant to all awards under the 2024 Plan is <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_c20240601__20240630_zDV7JHX7YXAc" title=" Stock awards">11,956,812</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2025, the Company adopted the 2025 Share Incentive Plan, or the 2025 Plan, for the purpose of granting share-based compensation awards to selected directors, employees, consultants and other eligible individuals to motivate superior performance and to attract and retain their services. Under the 2025 Plan, up to <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_c20251101__20251130_zmQdi6JNVKKa" title=" Stock awards">45,430,307</span> ordinary shares may be issued pursuant to awards granted thereunder, subject to adjustment in accordance with the terms of the 2025 Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based compensation is measured based on the fair value of the Company’s ordinary shares at the grant date of the award, which is estimated using the income approach and equity allocation method. Estimation of the fair value of the Company’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, discount rate, risk-free interest rate and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. Share-based compensation in relation to the share options is estimated using the equity allocation model based on option pricing model with probability-weighted scenario analysis with respect to the fair value of 100% equity interest estimated using the discounted cash flow method under income approach. The fair value of these awards was determined by management with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Subsequent to the completion of the Company’s IPO in July 2024, the Company’s ordinary shares are listed and traded on the NASDAQ Stock Market. For all share-based payment awards granted on or after the IPO date, share-based compensation is measured based on the quoted closing market price of the Company’s ordinary shares on NASDAQ as of the respective grant date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21. SHARE-BASED COMPENSATION - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zkuMv5nRKCf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of the share options activity for the year ended December 31, 2023, 2024 and 2025 is presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zKteLZQkgzd7" style="display: none">SCHEDULE OF STOCK OPTIONS ACTIVITY</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average remaining contractual term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">In years</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; padding-bottom: 1pt">Outstanding, December 31, 2022</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20230101__20231231_zc2O0C2yD7r5" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Number of shares, outstanding">1,763,507</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pp0d_c20230101__20231231_zjsjGVlcTf15" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3799">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231_zqwF1GMBzFEb" title="Weighted average remaining contractual life, Outstanding (In years)">1</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20230101__20231231_zcdJRgM3QM04" title="Aggregate Intrinsic Value, Outstanding">6,252,693</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20230101__20231231_zCjZ20ztY6Qb" title="Weighted average grant date fair value, Outstanding">1.54</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20231231_zOO324TzAnu2" style="text-align: right" title="Number of shares, granted">1,725,132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pp0d_c20230101__20231231_z7SjLHvtQsIa" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3809">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20230101__20231231_zzDQaDo7TmV9" title="Weighted average grant date fair value, Granted">3.55</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20230101__20231231_zq3I8eSn4Eyk" style="text-align: right" title="Number of shares, exercised">(3,488,639</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pp0d_c20230101__20231231_zocZIVPjwoX4" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3815">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue_c20230101__20231231_zFr9OcibQE1i" title="Weighted average grant date fair value, Exercised">2.53</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20230101__20231231_zOAlT0UveDCe" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3819">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pp0d_c20230101__20231231_zv0F8MauLqW7" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3821">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">      -</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding, December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20240101__20241231_zCXSiG4tDh3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3823">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pp0d_c20240101__20241231_ztIQHoBbmZXg" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3825">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20240101__20241231_zCMdKAx2IeR6" title="Aggregate Intrinsic Value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3827">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20240101__20241231_zgf5FXtpI0Ta" title="Weighted average grant date fair value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3829">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20241231_zQtnfrdhElJa" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3831">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pp0d_c20240101__20241231_zms8y0HONxj5" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3833">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20240101__20241231_z0UwNp3sd7wd" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3835">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pp0d_c20240101__20241231_z7PnT7lX5Bli" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3837">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20240101__20241231_zg2LZzs9vPo3" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3839">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pp0d_c20240101__20241231_z317Zj4qAXnc" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3841">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_ziOtf3MRuxB6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3843">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pp0d_c20250101__20251231_zAYYguUz478k" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3845">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250101__20251231_zAXQNg9Snfm2" title="Aggregate Intrinsic Value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3847">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20250101__20251231_z0OGFN8mlFr5" style="text-align: right" title="Number of shares, granted">48,877,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pp0d_c20250101__20251231_zV8PooKqzv6d" style="text-align: right" title="Weighted average exercise price, granted"><span style="-sec-ix-hidden: xdx2ixbrl3851">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20250101__20251231_zKMhTZoa3Ld9" title="Weighted average grant date fair value, granted">0.76</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20250101__20251231_zHgQimqVbdmb" style="text-align: right" title="Number of shares, exercised">(48,425,049</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pp0d_c20250101__20251231_zqLs3xKDiYBc" style="text-align: right" title="Weighted average exercise price, exercised"><span style="-sec-ix-hidden: xdx2ixbrl3857">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue_c20250101__20251231_zr49KxF154X4" title="Weighted average grant date fair value, exercised">0.76</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20251231_zaDsCMe61mPk" style="text-align: right" title="Number of shares, forfeited">(415,739</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pp0d_c20250101__20251231_z8x3qpFLkdPi" style="text-align: right" title="Weighted average exercise price, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl3863">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.81</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zsxn2MdhXqLg" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, outstanding">36,236</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pp0d_c20250101__20251231_z8lHTGQIWtZ5" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3867">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zZP8jL9WuNl7" title="Weighted average remaining contractual life, outstanding (In years)">2</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250101__20251231_zHG21XSADdoh" title="Aggregate Intrinsic Value, outstanding">18,118</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20250101__20251231_ziJPafXi4KG8" title="Weighted average grant date fair value, outstanding">0.81</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercisable at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_z7VrUhLOQ2Nh" style="text-align: right" title="Number of shares, exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3875">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zG3BQ9j6NhU5" style="text-align: right" title="Weighted average exercise price, exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3877">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20250101__20251231_zvgwhuBL7Li1" title="Aggregate intrinsic value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3879">-</span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedExercisableWeightedAverageGrantDateFairValue_iE_c20250101__20251231_zp4KZVPhY2G4" title="Weighted average grant date fair value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3881">-</span></span></span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AF_z01JXEXt6LSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">* The shares are presented on a retroactive basis to reflect the stock split (Note 19)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recognized compensation expense for the years ended December 31, 2023, 2024 and 2025 were $<span id="xdx_900_eus-gaap--ShareBasedCompensation_c20230101__20231231_zGXtMhoquqzh">6,122,348</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, <span id="xdx_906_eus-gaap--ShareBasedCompensation_dxL_c20240101__20241231_zLWWy8g8gKRd" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3883">nil</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90F_eus-gaap--ShareBasedCompensation_c20250101__20251231_za0QhUqEUwQc">36,723,969</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, there was $<span id="xdx_908_ecustom--UnrecognizedShareBasedCompensation_c20250101__20251231_zAOTjmU5hK0f" title="Unrecognized compensation cost">8,927<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span> unrecognized compensation cost related to unvested share options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 11956812 45430307 <p id="xdx_899_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zkuMv5nRKCf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of the share options activity for the year ended December 31, 2023, 2024 and 2025 is presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zKteLZQkgzd7" style="display: none">SCHEDULE OF STOCK OPTIONS ACTIVITY</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average remaining contractual term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">In years</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; padding-bottom: 1pt">Outstanding, December 31, 2022</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20230101__20231231_zc2O0C2yD7r5" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Number of shares, outstanding">1,763,507</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pp0d_c20230101__20231231_zjsjGVlcTf15" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3799">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231_zqwF1GMBzFEb" title="Weighted average remaining contractual life, Outstanding (In years)">1</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20230101__20231231_zcdJRgM3QM04" title="Aggregate Intrinsic Value, Outstanding">6,252,693</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20230101__20231231_zCjZ20ztY6Qb" title="Weighted average grant date fair value, Outstanding">1.54</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20231231_zOO324TzAnu2" style="text-align: right" title="Number of shares, granted">1,725,132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pp0d_c20230101__20231231_z7SjLHvtQsIa" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3809">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20230101__20231231_zzDQaDo7TmV9" title="Weighted average grant date fair value, Granted">3.55</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20230101__20231231_zq3I8eSn4Eyk" style="text-align: right" title="Number of shares, exercised">(3,488,639</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pp0d_c20230101__20231231_zocZIVPjwoX4" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3815">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue_c20230101__20231231_zFr9OcibQE1i" title="Weighted average grant date fair value, Exercised">2.53</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20230101__20231231_zOAlT0UveDCe" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3819">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pp0d_c20230101__20231231_zv0F8MauLqW7" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3821">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">      -</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding, December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20240101__20241231_zCXSiG4tDh3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3823">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pp0d_c20240101__20241231_ztIQHoBbmZXg" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3825">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20240101__20241231_zCMdKAx2IeR6" title="Aggregate Intrinsic Value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3827">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20240101__20241231_zgf5FXtpI0Ta" title="Weighted average grant date fair value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3829">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20241231_zQtnfrdhElJa" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3831">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pp0d_c20240101__20241231_zms8y0HONxj5" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3833">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20240101__20241231_z0UwNp3sd7wd" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3835">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pp0d_c20240101__20241231_z7PnT7lX5Bli" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3837">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20240101__20241231_zg2LZzs9vPo3" style="text-align: right" title="Number of options, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3839">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pp0d_c20240101__20241231_z317Zj4qAXnc" style="text-align: right" title="Weighted average exercise price, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3841">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_ziOtf3MRuxB6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3843">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pp0d_c20250101__20251231_zAYYguUz478k" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3845">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250101__20251231_zAXQNg9Snfm2" title="Aggregate Intrinsic Value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3847">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20250101__20251231_z0OGFN8mlFr5" style="text-align: right" title="Number of shares, granted">48,877,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pp0d_c20250101__20251231_zV8PooKqzv6d" style="text-align: right" title="Weighted average exercise price, granted"><span style="-sec-ix-hidden: xdx2ixbrl3851">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20250101__20251231_zKMhTZoa3Ld9" title="Weighted average grant date fair value, granted">0.76</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20250101__20251231_zHgQimqVbdmb" style="text-align: right" title="Number of shares, exercised">(48,425,049</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pp0d_c20250101__20251231_zqLs3xKDiYBc" style="text-align: right" title="Weighted average exercise price, exercised"><span style="-sec-ix-hidden: xdx2ixbrl3857">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue_c20250101__20251231_zr49KxF154X4" title="Weighted average grant date fair value, exercised">0.76</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20251231_zaDsCMe61mPk" style="text-align: right" title="Number of shares, forfeited">(415,739</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pp0d_c20250101__20251231_z8x3qpFLkdPi" style="text-align: right" title="Weighted average exercise price, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl3863">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.81</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zsxn2MdhXqLg" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, outstanding">36,236</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pp0d_c20250101__20251231_z8lHTGQIWtZ5" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl3867">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zZP8jL9WuNl7" title="Weighted average remaining contractual life, outstanding (In years)">2</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250101__20251231_zHG21XSADdoh" title="Aggregate Intrinsic Value, outstanding">18,118</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20250101__20251231_ziJPafXi4KG8" title="Weighted average grant date fair value, outstanding">0.81</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercisable at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_z7VrUhLOQ2Nh" style="text-align: right" title="Number of shares, exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3875">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zG3BQ9j6NhU5" style="text-align: right" title="Weighted average exercise price, exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3877">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20250101__20251231_zvgwhuBL7Li1" title="Aggregate intrinsic value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3879">-</span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedExercisableWeightedAverageGrantDateFairValue_iE_c20250101__20251231_zp4KZVPhY2G4" title="Weighted average grant date fair value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl3881">-</span></span></span></td><td style="text-align: left"> </td></tr> </table> 1763507 P1Y 6252693 1.54 1725132 3.55 3488639 2.53 48877024 0.76 48425049 0.76 415739 36236 P2Y 18118 0.81 6122348 36723969 8927 <p id="xdx_80A_eus-gaap--EarningsPerShareTextBlock_z2PFRRXFnWig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22. <span id="xdx_827_zR2WDNyMgpa2">LOSS PER SHARE</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zZ8E8t0lvenc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the basic and diluted net loss per share computation and provides a reconciliation of the numerator and denominator for the years ended December 31, 2023, 2024 and 2025 presented:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zEf9zShnR47b" style="display: none">SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Net loss attributable to NIP Group Inc.’s shareholders</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20230101__20231231_zxWeJBJK2uWf" style="width: 14%; text-align: right" title="Net loss attributable to NIP Group Inc.s shareholders">(57,172,736</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20240101__20241231_z23q0ilnptt8" style="width: 14%; text-align: right" title="Net loss attributable to NIP Group Inc.s shareholders">(48,620,764</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20250101__20251231_zbLpTrDEKJs7" style="width: 14%; text-align: right" title="Net loss attributable to NIP Group Inc.s shareholders">(237,510,077</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Weighted average number of ordinary shares outstanding-basic and diluted*</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_fKg_____zdJiuLQYDJDl" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231_fKg_____zjRoYmWx04N" title="Weighted average number of ordinary shares outstanding-diluted">37,160,593</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_fKg_____z9igBUqMqHHi" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_fKg_____zUeDFCavfKZd" title="Weighted average number of ordinary shares outstanding-diluted">70,200,374</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231_fKg_____ziIQCSrT6al6" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231_fKg_____zf6BUQd0wS4k" title="Weighted average number of ordinary shares outstanding-diluted">160,497,641</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Denominator for basic and diluted net loss per share calculation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_zdWzbJCEkL43" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231_zv1l31zD4UVc" title="Weighted average number of ordinary shares outstanding-diluted">37,160,593</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_zuI8DkqyETj1" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_zWVwH6zXoTm2" title="Weighted average number of ordinary shares outstanding-diluted">70,200,374</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231_zAiNnzdpFttb" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231_zNi6bW65M87h" title="Weighted average number of ordinary shares outstanding-diluted">160,497,641</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Basic and diluted net loss per share attributable to ordinary shareholders of NIP Group Inc.’s shareholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231_zODMt281emFl" title="Basic net loss per share attributable to ordinary shareholders"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231_zFlS8bPKA8qd" title="Diluted net loss per share attributable to ordinary shareholders">(1.54</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231_zSULhc4hORT7" title="Basic net loss per share attributable to ordinary shareholders"><span id="xdx_900_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231_z50YD2GMvm07" title="Diluted net loss per share attributable to ordinary shareholders">(0.69</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20250101__20251231_zfJ0peSBQ0nb" title="Basic net loss per share attributable to ordinary shareholders"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20251231_zj37bWfvHQEi" title="Diluted net loss per share attributable to ordinary shareholders">(1.48<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F04_zmN42sFDba58" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_znsMm0KB60Sd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares and per share data are presented on a retroactive basis to reflect the stock split (Note 16)</span></td></tr> </table> <p id="xdx_8A1_zPxcdKWiNMkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted loss per ordinary share is computed using the weighted average number of ordinary shares outstanding during the year. Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The weighted-average numbers of non-vested share options excluded from the calculation of diluted net loss per share of the Group were <span id="xdx_900_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_dxL_c20230101__20231231_z76NaaCptd3g" title="Weighted-average numbers of non-vested shares::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3935">nil</span></span>, <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_dxL_c20240101__20241231_zeBpSlvEqmHi" title="Weighted-average numbers of non-vested shares::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3937">nil</span></span> and <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20251231_zbNAvchGwGOf" title="Weighted-average numbers of non-vested shares">27,301</span> as of December 31, 2023, 2024 and 2025, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_dxL_c20230101__20231231_zxkNOgFO8aq8" title="Stock options vested::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3941">nil</span></span>, <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_dxL_c20240101__20241231_zTkgOoAMME7c" title="Stock options vested::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3943">nil</span></span> and <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_dxL_c20250101__20251231_zDPOFrkmYe5f" title="Stock options vested::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3945">nil</span></span> stock options were vested but unexercised as of December 31, 2023, 2024 and 2025, respectively. The Group included these stock options to calculate the denominator because they are exercisable at RMB <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_dxL_uRMB_c20250101__20251231_zCVJSIp6t3Ic" title="Exercisable value::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3947">nil</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders of the preferred shares are entitled to receive non-cumulative dividends pari passum with ordinary shares, on an as-converted basis, hence the preferred shares meet the definition of participating securities pursuant to the definition under ASC 260-10-20. However, net loss available to ordinary shareholders were not adjusted due to the following: 1) the holders of the preferred shares are entitled to non-cumulative dividends and there was no declared non-cumulative dividends during the presented periods; 2) there was no undistributed earnings during the presented periods and the holders are not entitled to bear any loss (e.g. make additional contribution to the Group in case of significant losses) of the Group; and 3) the contractual principal or mandatory redemption amount of the holder is not reduced as a result of losses incurred by the Group. Therefore, there was no adjustment from undistributed earnings allocated to participating securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zZ8E8t0lvenc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the basic and diluted net loss per share computation and provides a reconciliation of the numerator and denominator for the years ended December 31, 2023, 2024 and 2025 presented:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zEf9zShnR47b" style="display: none">SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Net loss attributable to NIP Group Inc.’s shareholders</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20230101__20231231_zxWeJBJK2uWf" style="width: 14%; text-align: right" title="Net loss attributable to NIP Group Inc.s shareholders">(57,172,736</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20240101__20241231_z23q0ilnptt8" style="width: 14%; text-align: right" title="Net loss attributable to NIP Group Inc.s shareholders">(48,620,764</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20250101__20251231_zbLpTrDEKJs7" style="width: 14%; text-align: right" title="Net loss attributable to NIP Group Inc.s shareholders">(237,510,077</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Weighted average number of ordinary shares outstanding-basic and diluted*</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_fKg_____zdJiuLQYDJDl" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231_fKg_____zjRoYmWx04N" title="Weighted average number of ordinary shares outstanding-diluted">37,160,593</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_fKg_____z9igBUqMqHHi" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_fKg_____zUeDFCavfKZd" title="Weighted average number of ordinary shares outstanding-diluted">70,200,374</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231_fKg_____ziIQCSrT6al6" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231_fKg_____zf6BUQd0wS4k" title="Weighted average number of ordinary shares outstanding-diluted">160,497,641</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Denominator for basic and diluted net loss per share calculation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_zdWzbJCEkL43" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231_zv1l31zD4UVc" title="Weighted average number of ordinary shares outstanding-diluted">37,160,593</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_zuI8DkqyETj1" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_zWVwH6zXoTm2" title="Weighted average number of ordinary shares outstanding-diluted">70,200,374</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231_zAiNnzdpFttb" title="Weighted average number of ordinary shares outstanding-basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231_zNi6bW65M87h" title="Weighted average number of ordinary shares outstanding-diluted">160,497,641</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Basic and diluted net loss per share attributable to ordinary shareholders of NIP Group Inc.’s shareholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231_zODMt281emFl" title="Basic net loss per share attributable to ordinary shareholders"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231_zFlS8bPKA8qd" title="Diluted net loss per share attributable to ordinary shareholders">(1.54</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231_zSULhc4hORT7" title="Basic net loss per share attributable to ordinary shareholders"><span id="xdx_900_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231_z50YD2GMvm07" title="Diluted net loss per share attributable to ordinary shareholders">(0.69</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20250101__20251231_zfJ0peSBQ0nb" title="Basic net loss per share attributable to ordinary shareholders"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20251231_zj37bWfvHQEi" title="Diluted net loss per share attributable to ordinary shareholders">(1.48<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F04_zmN42sFDba58" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_znsMm0KB60Sd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares and per share data are presented on a retroactive basis to reflect the stock split (Note 16)</span></td></tr> </table> -57172736 -48620764 -237510077 37160593 37160593 70200374 70200374 160497641 160497641 37160593 37160593 70200374 70200374 160497641 160497641 -1.54 -1.54 -0.69 -0.69 -1.48 -1.48 27301 <p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zt1Z8dyBo3C7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23. <span id="xdx_82E_z6g9wbJ1El3d">RELATED PARTY TRANSACTIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a list of related parties which the Group has transactions with:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of Related Parties </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship with the Group</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Linyu Ecological Group Co., Ltd.(“Wuhan Linyu”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entity controlled by Wuhan Tourism&amp;Sports Group</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Media Group (“Shenzhen Media”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder of the Group and minority shareholder of Dawei Xianglong</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Suran Culture Media Co., Ltd.(“Wuhan Suran”) <sup>(1)</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Yingyi Culture Media Co., Ltd. (“Wuhan Yingyi”) <sup>(1)</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Lingsheng Culture and Technology Co., Ltd.(“Wuhan Lingsheng”) <sup>(1)</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HaoMing Yu</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liwei Sun</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and President</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase Two Limited<sup>(2)</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entity which the Group holds <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhaseTwoLimitedMember_zMMqYuuy4N9e" title="Equity method percentage">40</span>% beneficial ownership.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario Yau Kwan Ho</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Co-Chief Executive Officer</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing Culture Media</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entity controlled by Liwei Sun</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Suran, Wuhan Yingyi and Wuhan Lingsheng is no longer considered related parties due to disposal of Young Will.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase Two Limited was established on December 4, 2025, with NIP Group Inc. holding a <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhaseTwoLimitedMember_fKDIp_zPUnpcXrxoEc" title="Equity method percentage">40</span>% beneficial ownership;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amounts due from related parties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_ecustom--ScheduleOfDueFromRelatedPartyTransactionsTableTextBlock_z5kKwHOXqqC1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts due from related parties consisted of the following for the periods indicated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zroSHqwvs3z8">SCHEDULE OF  DUE FROM RELATED PARTY TRANSACTIONS</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Media <sup>(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenMediaMember_fKDEp_zSZifH3CxGee" style="width: 16%; text-align: right" title="Amount due from related party">252,079</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenMediaMember_fKDEp_zr5cKL6zvQK7" style="width: 16%; text-align: right" title="Amount due from related party">263,117</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liwei Sun <sup>(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember_fKDIp_zgKVJAQetQY7" style="text-align: right" title="Amount due from related party">36,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember_fKDIp_zVBHiXr6qJBg" style="text-align: right" title="Amount due from related party">37,733</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase Two Limited<sup>(3)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PhaseTwoLimitedMember_fKDMp_zJFPJ4fEchXa" style="text-align: right" title="Amount due from related party"><span style="-sec-ix-hidden: xdx2ixbrl3965">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PhaseTwoLimitedMember_fKDMp_zfq4tDRCEQzl" style="text-align: right" title="Amount due from related party">17,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> <sup>(4)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenXingjingMember_fKDQp_zsRV2XApuJR3" style="text-align: right" title="Amount due from related party">196,437</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenXingjingMember_fKDQp_z37LFVHFuwh4" style="text-align: right" title="Amount due from related party"><span style="-sec-ix-hidden: xdx2ixbrl3971">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shengjie Huang <sup>(5)</sup></span></td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShengjieHuangMember_fKDUp_zIPQS3atgHbk" style="text-align: right" title="Amount due from related party">411,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShengjieHuangMember_fKDUp_zfeXjpTRX4jc" style="text-align: right" title="Amount due from related party"><span style="-sec-ix-hidden: xdx2ixbrl3975">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zuSvsU2SO6F2" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Amount due from related party">896,177</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zy99qNTmONUe" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Amount due from related party">318,001</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F06_zRvhBwYpuzW3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zE3HtAXU4ypj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance represented the accounts receivable for providing esports service to related parties.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_zSSiokAtrZ0i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zGUd8Af71Yh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance represented interest-free loan to related parties, which were due on demand.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0F_zv8dUopdQvaa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zBafxmvv3Pmg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase Two Limited was established on December 4, 2025; The balance represents the advance payment we made on behalf of the related party for the company’s registration expenses.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F01_ztY6iToeXSX" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zlt0o4IWWubb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning in 2025, Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> has become a subsidiary of the Group through consolidation and is no longer considered a related party.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0F_z04GOeaoGN95" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_z3ebPzTTGxPd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shengjie Huang is no longer considered related parties due to disposal of Young Will.</span></td></tr> </table> <p id="xdx_8AD_zMhqHBfwo8ja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23. RELATED PARTY TRANSACTIONS - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amounts due to related parties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_ecustom--ScheduleOfDueToRelatedPartyTransactionsTableTextBlock_zP8UhWAKoAQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount due to related parties consisted of the following for the periods indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zoFgYKt4AnNg">SCHEDULE OF  DUE TO RELATED PARTY TRANSACTIONS</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zpnYWxgYTHS5" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zPslCS0To5Uc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenMediaMember_zvdDrxcaPzE1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Media <sup id="xdx_F4E_zncvRF0uM0Sb">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">946,944</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,417,402</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MarioYauKwanHoMember_zDazF8MxueMl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario Yau Kwan Ho <sup id="xdx_F4C_zXK1hT8SroHa">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,277</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,665</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--XingjingCultureMediaMember_zjkghSYdmfK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing Culture Media <sup id="xdx_F41_zJq9nvzOiEI7">(3)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,228</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,003</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WuhanLingshengMember_zWfhFo3nz6eh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wuhan Lingsheng</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,353</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3998">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WuhanYingyiMember_zJfEjjWd7Jod" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Wuhan Yingyi</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,006</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4001">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zlhiv2LT2aj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Subtotal of amount due to related parties-current</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,372,808</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,656,070</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherLiabilitiesNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenXingjingMember_zjsZn3YM4aaa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> <sup id="xdx_F4F_zxLgSnBqHRV9">(4)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">131,017</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4007">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherLiabilitiesNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z9ehYB2BEi54" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal of amount due to related parties-non-current</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">131,017</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4010">-</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherLiabilities_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zH1UFRna904h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,503,825</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,656,070</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F0A_zRsuaXRGiA8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zDGN2XXgkygk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2021, the Group entered into a cooperation agreement with the related party and agreed to allocate <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERVRSBUTyBSRUxBVEVEIFBBUlRZIFRSQU5TQUNUSU9OUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_ecustom--PercentageOfGovernmentSubsidiesReceivedToRelatedParty_dp_c20210401__20210430_zxHXI0qTAlNi" title="Percentage of government subsidies received to the related party">60</span>% of the government subsidies received to the related party. As of December 31, 2024 and December 31, 2025, the balance represents government subsidies the Group received and should pay to the related party.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F06_zuEORUwYwyai" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zLBbLPNnlRtk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balances represented the service fee for Mario Yau Kwan Ho who provided services to the reality show that hosted by the customers.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F06_zZqyN7CRGYcd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zgqWvo343MWd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balances represented interest-free loan from related parties for daily operations, which were due on demand.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F06_zWpQj7Fvm5W" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_z8TEQz0E0BBb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning in 2025, Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> has become a subsidiary of the Group through consolidation and is no longer considered a related party.</span></td></tr> </table> <p id="xdx_8AF_zEHUof5Abumi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23. RELATED PARTY TRANSACTIONS - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zjxHr7hTt16l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a list of related parties which the Group has major transactions with:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zYe3YqXWoNNf">SCHEDULE OF RELATED PARTY TRANSACTIONS</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231_zPWm1bIc9Zf2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zIK7gqwh4YXb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zIeh4s70MQYi" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center">Nature</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GovernmentSubsidiesMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zh2rMulNXi12" style="vertical-align: bottom; background-color: White"> <td style="width: 55%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government subsidies that should be distributed to Shenzhen Media <sup id="xdx_F42_z5Y0mAEIyNYg">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">423,675</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">416,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">413,644</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorshipsAndAdvertisingServicesShenzhenMediaMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zxCEb4Zi6Bie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsorships and advertising services provided by the Group <sup id="xdx_F4D_zBYnNtYUUJNd">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">423,675</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4028">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4029">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RentalExpenseMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_znnKWst07ao" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rental expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,092</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,579</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4033">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zOG2mdyNrNgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production service provided by Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4037">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RepaymentOfGovernmentSubsidiesMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zJ4Xi7Tp2oI1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of government subsidies distributed to Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4040">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4041">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceOneMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zz1pHb7fobR3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production service provided by the Group</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4043">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4045">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceTwoMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zyqy9RNtsaH9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Event operation service provided by Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4047">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119,571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4049">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Suran<sup>(2)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TalentManagementServiceWuhanOuyueMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanSuranMember_zNFgVRUinudd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent management service provided by the Group<sup id="xdx_F45_zNlwWM9QKBOa" style="display: none">(2)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4051">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,818</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Yingyi<sup>(2)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TalentManagementServiceProvidedByGroupMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanYingyiMember_zgjo9DrKSSD" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Talent management service provided by Group<sup id="xdx_F4D_zI4qyzWJ8aid" style="display: none">(2)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4055">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,967</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Lingsheng<sup>(2)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TalentManagementServiceWuhanLingshengMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLingshengMember_zfhmvQZlgrSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent management service provided by Group<sup id="xdx_F4D_z2STD5sOH4Gl" style="display: none">(2)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4059">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,345</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Wuhan Linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ServicesProvidedbyWuhanLinyuEcologicalGroupCoMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLinyuEcologicalGroupCoMember_zghYq4ODlfN8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services provided by Wuhan linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,758</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,187</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RepaymentOfServicesWuhanLinyuMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLinyuEcologicalGroupCoMember_zISwghx7fkq1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Repayment of services provided by Wuhan Linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,187</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InterestExpensesPaidToWuhanLinyuMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLinyuEcologicalGroupCoMember_zWzVVT9X53s7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest expenses paid to Wuhan Linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4071">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4072">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4073">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><b><i>Phase Two Limited</i></b></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrepaidExpensesPaidByGroupMember__us-gaap--RelatedPartyTransactionAxis__custom--PhaseTwoLimitedMember_zkQBYdLeSu83" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expenses paid by the Group</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4075">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4076">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">HaoMing Yu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanFromHaomingYuMember__us-gaap--RelatedPartyTransactionAxis__custom--HaomingYuMember_zq3sPQA5jfT9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan to HaoMing Yu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4079">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4080">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,391</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CollectionOfLoanToHaoMingYuMember__us-gaap--RelatedPartyTransactionAxis__custom--HaomingYuMember_zg8MRoki4js8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Collection of loan to HaoMing Yu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4083">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4084">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,391</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Tourism&amp;Sports Group</i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorshipsAndAdvertisingervicesWuhanTourismAndSportsGroupMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanTourismAndSportsGroupMember_zG8aYnXUT3Ra" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Sponsorships and advertising services provided by the Group</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">666,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">600,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4089">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left">Mario Yau Kwan Ho</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RealityShowsServiceMarioYauKwanHoMember__us-gaap--RelatedPartyTransactionAxis__custom--MarioYauKwanHoMember_zWXW4SVbVuGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reality show service provided by Mario Yau Kwan Ho</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">224,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4093">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RepaymentofRealityMarioYauKwanHoMember__us-gaap--RelatedPartyTransactionAxis__custom--MarioYauKwanHoMember_zhfmbt0n5Wh8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of reality show service provided by Mario Yau Kwan Ho</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">667,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,048</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4097">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tianjin LLP</i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PaymentToTianjinLLPMember__us-gaap--RelatedPartyTransactionAxis__custom--TianjinLLPMember_zetEAbkuvnO4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payment to Tianjin LLP for Wuhan ESVF’s share purchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4099">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4101">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CollectionOfLoanToTianjinLLPMember__us-gaap--RelatedPartyTransactionAxis__custom--TianjinLLPMember_zkEtleLYlzIa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collection of loan to Tianjin LLP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4103">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4105">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shenzhen Xingjing Weiwu Education Technology Co., Ltd.<sup>(3)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceShenzhenXingjingMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenXingjingWeiwuEducationTechnologyCoMember_zL0tGbeHj1pf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production services provided by the Group<sup id="xdx_F4B_zdMVhB6v4uo5" style="display: none">(3)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4109">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoantoShenzhenXingjingWeiwuEducationTechnologyCoMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenXingjingWeiwuEducationTechnologyCoMember_zcStnNzoQfrb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan to Shenzhen Xingjing Weiwu Education Technology Co., Ltd.<sup id="xdx_F4C_zKcWJIHwE6X6" style="display: none">(3)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,304</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,042</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4113">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left">Xingjing Culture Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanFromXingjingCultureMediaMember__us-gaap--RelatedPartyTransactionAxis__custom--XingjingCultureMediaMember_zSyFpGzPu4Ud" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loan from Xingjing Culture Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,507</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4116">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4117">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanRepaymenttoXingjingCultureMediaMember__us-gaap--RelatedPartyTransactionAxis__custom--XingjingCultureMediaMember_zAmwBKn0xf7a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan repayment to Xingjing Culture Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,588,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4120">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4121">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liwei Sun</i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanToLiweiSunMember__us-gaap--RelatedPartyTransactionAxis__custom--LiweiSunMember_zEaj3DHQXYPd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loan to Liwei Sun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4124">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4125">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember__us-gaap--RelatedPartyTransactionAxis__custom--CollectionOfLoanToLiweiSunMember_zqc15iDqbOT6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collection of loan to Liwei Sun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4128">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4129">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember__us-gaap--RelatedPartyTransactionAxis__custom--CollectionOfLoanToLiweiSunMember_zRG94H9pIVY1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Related party transaction amounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4132">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4133">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F07_zPpJaJXvxnD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_z77lHZid8PL1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group entered into a cooperation agreement with the related party and agreed to allocate <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFTEFURUQgUEFSVFkgVFJBTlNBQ1RJT05TIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_ecustom--PercentageOfGovernmentSubsidiesReceivedToRelatedParty_dp_c20210401__20210430_z483wV4KxvDl" title="Percentage of government subsidies received to the related party">60</span>% of the government subsidies received to the related party.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F04_zEEEo1hJP2ok" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zbNDHjFijLFe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Suran, Wuhan Yingyi and Wuhan Lingsheng is no longer considered related parties due to disposal of Young Will.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F01_z0M4DTFz25Wf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zfKUWYke0fH8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning in 2025, Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> has become a subsidiary of the Group through consolidation and is no longer considered a related party.</span></td></tr> </table> <p id="xdx_8A8_zz4C2lcHCQg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.40 0.40 <p id="xdx_898_ecustom--ScheduleOfDueFromRelatedPartyTransactionsTableTextBlock_z5kKwHOXqqC1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts due from related parties consisted of the following for the periods indicated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zroSHqwvs3z8">SCHEDULE OF  DUE FROM RELATED PARTY TRANSACTIONS</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Media <sup>(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenMediaMember_fKDEp_zSZifH3CxGee" style="width: 16%; text-align: right" title="Amount due from related party">252,079</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenMediaMember_fKDEp_zr5cKL6zvQK7" style="width: 16%; text-align: right" title="Amount due from related party">263,117</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liwei Sun <sup>(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember_fKDIp_zgKVJAQetQY7" style="text-align: right" title="Amount due from related party">36,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember_fKDIp_zVBHiXr6qJBg" style="text-align: right" title="Amount due from related party">37,733</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase Two Limited<sup>(3)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PhaseTwoLimitedMember_fKDMp_zJFPJ4fEchXa" style="text-align: right" title="Amount due from related party"><span style="-sec-ix-hidden: xdx2ixbrl3965">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PhaseTwoLimitedMember_fKDMp_zfq4tDRCEQzl" style="text-align: right" title="Amount due from related party">17,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> <sup>(4)</sup></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenXingjingMember_fKDQp_zsRV2XApuJR3" style="text-align: right" title="Amount due from related party">196,437</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenXingjingMember_fKDQp_z37LFVHFuwh4" style="text-align: right" title="Amount due from related party"><span style="-sec-ix-hidden: xdx2ixbrl3971">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shengjie Huang <sup>(5)</sup></span></td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShengjieHuangMember_fKDUp_zIPQS3atgHbk" style="text-align: right" title="Amount due from related party">411,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShengjieHuangMember_fKDUp_zfeXjpTRX4jc" style="text-align: right" title="Amount due from related party"><span style="-sec-ix-hidden: xdx2ixbrl3975">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--OtherReceivables_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zuSvsU2SO6F2" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Amount due from related party">896,177</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--OtherReceivables_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zy99qNTmONUe" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Amount due from related party">318,001</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F06_zRvhBwYpuzW3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zE3HtAXU4ypj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance represented the accounts receivable for providing esports service to related parties.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_zSSiokAtrZ0i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zGUd8Af71Yh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance represented interest-free loan to related parties, which were due on demand.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0F_zv8dUopdQvaa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zBafxmvv3Pmg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase Two Limited was established on December 4, 2025; The balance represents the advance payment we made on behalf of the related party for the company’s registration expenses.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F01_ztY6iToeXSX" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zlt0o4IWWubb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning in 2025, Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> has become a subsidiary of the Group through consolidation and is no longer considered a related party.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0F_z04GOeaoGN95" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_z3ebPzTTGxPd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shengjie Huang is no longer considered related parties due to disposal of Young Will.</span></td></tr> </table> 252079 263117 36150 37733 17151 196437 411511 896177 318001 <p id="xdx_890_ecustom--ScheduleOfDueToRelatedPartyTransactionsTableTextBlock_zP8UhWAKoAQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount due to related parties consisted of the following for the periods indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zoFgYKt4AnNg">SCHEDULE OF  DUE TO RELATED PARTY TRANSACTIONS</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zpnYWxgYTHS5" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zPslCS0To5Uc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenMediaMember_zvdDrxcaPzE1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Media <sup id="xdx_F4E_zncvRF0uM0Sb">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">946,944</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,417,402</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MarioYauKwanHoMember_zDazF8MxueMl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario Yau Kwan Ho <sup id="xdx_F4C_zXK1hT8SroHa">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,277</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,665</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--XingjingCultureMediaMember_zjkghSYdmfK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing Culture Media <sup id="xdx_F41_zJq9nvzOiEI7">(3)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,228</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,003</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WuhanLingshengMember_zWfhFo3nz6eh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wuhan Lingsheng</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,353</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3998">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WuhanYingyiMember_zJfEjjWd7Jod" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Wuhan Yingyi</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,006</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4001">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zlhiv2LT2aj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Subtotal of amount due to related parties-current</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,372,808</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,656,070</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherLiabilitiesNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShenzhenXingjingMember_zjsZn3YM4aaa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> <sup id="xdx_F4F_zxLgSnBqHRV9">(4)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">131,017</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4007">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherLiabilitiesNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z9ehYB2BEi54" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal of amount due to related parties-non-current</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">131,017</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4010">-</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherLiabilities_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zH1UFRna904h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,503,825</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,656,070</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F0A_zRsuaXRGiA8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zDGN2XXgkygk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2021, the Group entered into a cooperation agreement with the related party and agreed to allocate <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIERVRSBUTyBSRUxBVEVEIFBBUlRZIFRSQU5TQUNUSU9OUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_ecustom--PercentageOfGovernmentSubsidiesReceivedToRelatedParty_dp_c20210401__20210430_zxHXI0qTAlNi" title="Percentage of government subsidies received to the related party">60</span>% of the government subsidies received to the related party. As of December 31, 2024 and December 31, 2025, the balance represents government subsidies the Group received and should pay to the related party.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F06_zuEORUwYwyai" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zLBbLPNnlRtk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balances represented the service fee for Mario Yau Kwan Ho who provided services to the reality show that hosted by the customers.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F06_zZqyN7CRGYcd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zgqWvo343MWd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balances represented interest-free loan from related parties for daily operations, which were due on demand.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F06_zWpQj7Fvm5W" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_z8TEQz0E0BBb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning in 2025, Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> has become a subsidiary of the Group through consolidation and is no longer considered a related party.</span></td></tr> </table> 946944 1417402 325277 148665 86228 90003 5353 9006 1372808 1656070 131017 131017 1503825 1656070 0.60 <p id="xdx_89A_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zjxHr7hTt16l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a list of related parties which the Group has major transactions with:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zYe3YqXWoNNf">SCHEDULE OF RELATED PARTY TRANSACTIONS</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231_zPWm1bIc9Zf2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zIK7gqwh4YXb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zIeh4s70MQYi" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center">Nature</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GovernmentSubsidiesMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zh2rMulNXi12" style="vertical-align: bottom; background-color: White"> <td style="width: 55%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government subsidies that should be distributed to Shenzhen Media <sup id="xdx_F42_z5Y0mAEIyNYg">(1)</sup></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">423,675</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">416,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">413,644</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorshipsAndAdvertisingServicesShenzhenMediaMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zxCEb4Zi6Bie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsorships and advertising services provided by the Group <sup id="xdx_F4D_zBYnNtYUUJNd">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">423,675</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4028">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4029">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RentalExpenseMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_znnKWst07ao" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rental expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,092</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,579</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4033">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zOG2mdyNrNgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production service provided by Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4037">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RepaymentOfGovernmentSubsidiesMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zJ4Xi7Tp2oI1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of government subsidies distributed to Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4040">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4041">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceOneMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zz1pHb7fobR3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production service provided by the Group</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4043">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4045">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceTwoMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenMediaMember_zyqy9RNtsaH9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Event operation service provided by Shenzhen Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4047">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119,571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4049">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Suran<sup>(2)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TalentManagementServiceWuhanOuyueMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanSuranMember_zNFgVRUinudd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent management service provided by the Group<sup id="xdx_F45_zNlwWM9QKBOa" style="display: none">(2)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4051">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,818</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Yingyi<sup>(2)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TalentManagementServiceProvidedByGroupMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanYingyiMember_zgjo9DrKSSD" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Talent management service provided by Group<sup id="xdx_F4D_zI4qyzWJ8aid" style="display: none">(2)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4055">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,967</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Lingsheng<sup>(2)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TalentManagementServiceWuhanLingshengMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLingshengMember_zfhmvQZlgrSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Talent management service provided by Group<sup id="xdx_F4D_z2STD5sOH4Gl" style="display: none">(2)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4059">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,345</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Wuhan Linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ServicesProvidedbyWuhanLinyuEcologicalGroupCoMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLinyuEcologicalGroupCoMember_zghYq4ODlfN8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services provided by Wuhan linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,758</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,187</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RepaymentOfServicesWuhanLinyuMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLinyuEcologicalGroupCoMember_zISwghx7fkq1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Repayment of services provided by Wuhan Linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,187</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InterestExpensesPaidToWuhanLinyuMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanLinyuEcologicalGroupCoMember_zWzVVT9X53s7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest expenses paid to Wuhan Linyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4071">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4072">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4073">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><b><i>Phase Two Limited</i></b></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrepaidExpensesPaidByGroupMember__us-gaap--RelatedPartyTransactionAxis__custom--PhaseTwoLimitedMember_zkQBYdLeSu83" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expenses paid by the Group</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4075">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4076">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">HaoMing Yu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanFromHaomingYuMember__us-gaap--RelatedPartyTransactionAxis__custom--HaomingYuMember_zq3sPQA5jfT9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan to HaoMing Yu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4079">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4080">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,391</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CollectionOfLoanToHaoMingYuMember__us-gaap--RelatedPartyTransactionAxis__custom--HaomingYuMember_zg8MRoki4js8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Collection of loan to HaoMing Yu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4083">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4084">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,391</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wuhan Tourism&amp;Sports Group</i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorshipsAndAdvertisingervicesWuhanTourismAndSportsGroupMember__us-gaap--RelatedPartyTransactionAxis__custom--WuhanTourismAndSportsGroupMember_zG8aYnXUT3Ra" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Sponsorships and advertising services provided by the Group</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">666,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">600,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4089">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left">Mario Yau Kwan Ho</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RealityShowsServiceMarioYauKwanHoMember__us-gaap--RelatedPartyTransactionAxis__custom--MarioYauKwanHoMember_zWXW4SVbVuGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reality show service provided by Mario Yau Kwan Ho</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">224,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4093">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RepaymentofRealityMarioYauKwanHoMember__us-gaap--RelatedPartyTransactionAxis__custom--MarioYauKwanHoMember_zhfmbt0n5Wh8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of reality show service provided by Mario Yau Kwan Ho</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">667,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,048</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4097">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tianjin LLP</i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PaymentToTianjinLLPMember__us-gaap--RelatedPartyTransactionAxis__custom--TianjinLLPMember_zetEAbkuvnO4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payment to Tianjin LLP for Wuhan ESVF’s share purchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4099">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4101">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CollectionOfLoanToTianjinLLPMember__us-gaap--RelatedPartyTransactionAxis__custom--TianjinLLPMember_zkEtleLYlzIa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collection of loan to Tianjin LLP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4103">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4105">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shenzhen Xingjing Weiwu Education Technology Co., Ltd.<sup>(3)</sup></i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EventProductionServiceShenzhenXingjingMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenXingjingWeiwuEducationTechnologyCoMember_zL0tGbeHj1pf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Event production services provided by the Group<sup id="xdx_F4B_zdMVhB6v4uo5" style="display: none">(3)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4109">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoantoShenzhenXingjingWeiwuEducationTechnologyCoMember__us-gaap--RelatedPartyTransactionAxis__custom--ShenzhenXingjingWeiwuEducationTechnologyCoMember_zcStnNzoQfrb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan to Shenzhen Xingjing Weiwu Education Technology Co., Ltd.<sup id="xdx_F4C_zKcWJIHwE6X6" style="display: none">(3)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,304</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,042</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4113">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left">Xingjing Culture Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanFromXingjingCultureMediaMember__us-gaap--RelatedPartyTransactionAxis__custom--XingjingCultureMediaMember_zSyFpGzPu4Ud" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loan from Xingjing Culture Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,507</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4116">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4117">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanRepaymenttoXingjingCultureMediaMember__us-gaap--RelatedPartyTransactionAxis__custom--XingjingCultureMediaMember_zAmwBKn0xf7a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan repayment to Xingjing Culture Media</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,588,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4120">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4121">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liwei Sun</i></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LoanToLiweiSunMember__us-gaap--RelatedPartyTransactionAxis__custom--LiweiSunMember_zEaj3DHQXYPd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loan to Liwei Sun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4124">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4125">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember__us-gaap--RelatedPartyTransactionAxis__custom--CollectionOfLoanToLiweiSunMember_zqc15iDqbOT6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collection of loan to Liwei Sun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4128">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4129">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiweiSunMember__us-gaap--RelatedPartyTransactionAxis__custom--CollectionOfLoanToLiweiSunMember_zRG94H9pIVY1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Related party transaction amounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4132">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4133">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F07_zPpJaJXvxnD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_z77lHZid8PL1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group entered into a cooperation agreement with the related party and agreed to allocate <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFTEFURUQgUEFSVFkgVFJBTlNBQ1RJT05TIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_ecustom--PercentageOfGovernmentSubsidiesReceivedToRelatedParty_dp_c20210401__20210430_z483wV4KxvDl" title="Percentage of government subsidies received to the related party">60</span>% of the government subsidies received to the related party.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F04_zEEEo1hJP2ok" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zbNDHjFijLFe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuhan Suran, Wuhan Yingyi and Wuhan Lingsheng is no longer considered related parties due to disposal of Young Will.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F01_z0M4DTFz25Wf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zfKUWYke0fH8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning in 2025, Shenzhen <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingjing</span> has become a subsidiary of the Group through consolidation and is no longer considered a related party.</span></td></tr> </table> 423675 416914 413644 423675 610092 16579 14687 2622 282450 437891 119571 37586 60818 14967 32690 7258 12345 6758 5489 5187 8106 5489 5187 17151 33391 33391 666156 600898 146822 224528 667994 39048 62702 278 75988 25297 152304 1042 282507 3588153 49429 49429 49429 0.60 <p id="xdx_806_eus-gaap--ConcentrationRiskDisclosureTextBlock_zX3GalHU5Zm2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24. <span id="xdx_822_z2aIWNBvFNL2">CONCENTRATION OF CREDIT RISK</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of accounts receivable. The Group conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Group evaluates its accounts receivable for expected credit losses on a regular basis and maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_z8QmiWfb9sBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zlCcWbpmkZ6c" style="display: none">SCHEDULE OF CONCENTRATION OF CREDIT RISK</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Percentage of the Group’s revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____zOLeND9Lnsxj" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4144">-</span></span>*</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____z0zpt5bpIlRd" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4146">-</span></span>*</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zOa1TnxWtK34" style="width: 14%; text-align: right" title="Percentage of the Groups revenue">16</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zwRNrbXG87db" style="text-align: right" title="Percentage of the Groups revenue">49</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_ztLr5T3rKprd" style="text-align: right" title="Percentage of the Groups revenue">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_fKg_____z2jovbzkQPQe" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4154">-</span></span>*</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zAjsqhvYLQB6" style="text-align: right" title="Percentage of the Groups revenue">13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zvvUPxOfnTx" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4158">-</span></span>*</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zybo9A8mcCOa" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4160">-</span></span>*</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zM5q9NAWQN4d" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups revenue">62</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zs4xQ4f2fHal" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups revenue">45</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zwTfGqaLoTi4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups revenue">16</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Percentage of the Group’s accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Customer D</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zqtoUxGhnCi7" style="width: 16%; text-align: right" title="Percentage of the Groups accounts receivable">26</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zAhQcIkAfdp2" style="width: 16%; text-align: right" title="Percentage of the Groups accounts receivable">21<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--AccountReceivableFromCustomerMember_zXJP3vTGOFL8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups accounts receivable">26</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--AccountReceivableFromCustomerMember_z1UcdPSmN7sa" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups accounts receivable">21<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0D_zuxKtLSMonob" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zNJzDvOOmAyh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represent percentage less than 10%</span></td></tr> </table> <p id="xdx_8A1_zqXE9bsBt23j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_z8QmiWfb9sBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zlCcWbpmkZ6c" style="display: none">SCHEDULE OF CONCENTRATION OF CREDIT RISK</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Percentage of the Group’s revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____zOLeND9Lnsxj" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4144">-</span></span>*</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____z0zpt5bpIlRd" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4146">-</span></span>*</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zOa1TnxWtK34" style="width: 14%; text-align: right" title="Percentage of the Groups revenue">16</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zwRNrbXG87db" style="text-align: right" title="Percentage of the Groups revenue">49</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_ztLr5T3rKprd" style="text-align: right" title="Percentage of the Groups revenue">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_fKg_____z2jovbzkQPQe" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4154">-</span></span>*</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zAjsqhvYLQB6" style="text-align: right" title="Percentage of the Groups revenue">13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zvvUPxOfnTx" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4158">-</span></span>*</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zybo9A8mcCOa" style="display: none" title="Percentage of the Groups revenue"><span style="-sec-ix-hidden: xdx2ixbrl4160">-</span></span>*</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zM5q9NAWQN4d" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups revenue">62</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zs4xQ4f2fHal" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups revenue">45</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zwTfGqaLoTi4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups revenue">16</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Percentage of the Group’s accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Customer D</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zqtoUxGhnCi7" style="width: 16%; text-align: right" title="Percentage of the Groups accounts receivable">26</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zAhQcIkAfdp2" style="width: 16%; text-align: right" title="Percentage of the Groups accounts receivable">21<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--AccountReceivableFromCustomerMember_zXJP3vTGOFL8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups accounts receivable">26</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--AccountReceivableFromCustomerMember_z1UcdPSmN7sa" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Percentage of the Groups accounts receivable">21<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0D_zuxKtLSMonob" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zNJzDvOOmAyh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represent percentage less than 10%</span></td></tr> </table> 0.16 0.49 0.45 0.13 0.62 0.45 0.16 0.26 0.21 0.26 0.21 <p id="xdx_80C_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zOpNOCfWw9B9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25. <span id="xdx_82E_zXaTfU7heiN4">COMMITMENTS AND CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contingencies</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2025 and through the issuance date of these consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_802_eus-gaap--CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_zpChERtKqrL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26. <span id="xdx_82E_ziSah4YdOvYg">CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The condensed financial information of the parent company, the Company, has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the parent company has used equity method to account for its investment in its subsidiaries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and its subsidiaries are included in the consolidated financial statements where the inter-company balances and transactions are eliminated upon consolidation. For the purpose of the Company’s stand-alone financial statements, its investments in subsidiaries are reported using the equity method of accounting. The Company’s share of losses from its subsidiaries is reported as loss from subsidiaries in the accompanying condensed financial information of parent company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2024 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zvANU9ihnsad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent Company Balance Sheets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8BE_zny2n0abNLH8" style="display: none">SCHEDULE OF CONDENSED BALANCE SHEETS</span></b></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zDfIKcIMKRSl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zPHAxoyehWm1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrentAbstract_i01B" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CashEquivalentsAtCarryingValue_i02I_zKORz4QNVtU3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,121,423</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,056</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherReceivablesNetCurrent_i02I_znwoSZJGvulc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amounts due from subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,431,911</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,325,733</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AdvanceToSuppliers_i02I_zFYlUkx8afZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Advance to suppliers</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4195">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,142</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsCurrent_i02TI_z0CTkcJwJu7j" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,553,334</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,359,931</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsNoncurrentAbstract_i01B" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermInvestments_i01I_zseXwtBq8Opf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Investment in subsidiaries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">221,178,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">80,022,001</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AssetsNoncurrent_iTI_zpJ9wohwakLb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">221,178,395</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">80,022,001</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Assets_iTI_zhKUJWRLUaT9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">238,731,729</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89,381,932</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iI_zSwJoBAk4qgl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrued expenses and other liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,246,591</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,072,975</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesCurrent_iTI_zwWVmyZbZuUk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Current Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,246,591</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,072,975</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Liabilities_iTI_zOQKdzRokfzj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,246,591</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,072,975</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--TemporaryEquityAbstract_iB_zLomUYI9Mhk8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Mezzanine equity:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--TemporaryEquityRedeemablePrincipalInterestsAmount_iI_z1rVShgpvNc2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Redeemable non-controlling interests</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,958,555</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4226">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iTI_zdDoBdCMmejf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total mezzanine equity</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,958,555</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4229">-</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_iB_zX9XNgJbjr9k" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CommonStockValue_i01I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zibHDH6S89Yj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Class A Ordinary Shares (US$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zJD6nRbiZBs" title="Common stock, par value"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zILhgEqCG7J" title="Common stock, par value">0.0001</span></span> par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zvxmoGf2m4F6" title="Common stock, shares authorized">461,995,682</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_z6ccV1fx9eIb" title="Common stock, shares authorized">1,756,459,263</span> shares authorized as of December 31, 2024 and December 31, 2025, respectively, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zvN80HePkorf" title="Common stock, shares issued">75,392,253</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zVd717qBaL5i" title="Common stock, shares issued">197,363,156</span> issued and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zCf2gjL0fgC5" title="Common stock, shares outstanding">75,392,253</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zAxrkKlhP1d4" title="Common stock, shares outstanding">197,020,222</span> outstanding as of December 31, 2024 and December 31, 2025, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockValue_i01I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zcPzK0Mon9Q1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Class B Ordinary Shares (US$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zhKbLTfr2828" title="Common stock, par value"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zEweYFbm3Hi" title="Common stock, par value">0.0001</span></span> par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zNF3LDnWbawa" title="Common stock, shares authorized">38,004,318</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zDCP2SjxszNl" title="Common stock, shares authorized">243,540,737</span> shares authorized as of December 31, 2024 and December 31, 2025, respectively, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zH4F8G7BJcU1" title="Common stock, shares issued"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zG8UhlISJ1A7" title="Common stock, shares outstanding">38,004,318</span></span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zlyMuBVMhrF7" title="Common stock, shares issued"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zVECz3HhOrF8" title="Common stock, shares outstanding">83,434,625</span></span> issued and outstanding as of December 31, 2024 and December 31, 2025, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,343</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CommonStockValue_i01I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z6KQH3kBFOSg" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; padding-left: 10pt">O<span style="display: none; font-family: Times New Roman, Times, Serif">rdinary shares value</span></td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">3,800</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">8,343</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CommonStockShareSubscribedButUnissuedSubscriptionsReceivable_i01NI_di_zENpDOQzrBIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Subscription receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,808</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20,514</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--RetainedEarningsAccumulatedDeficit_i01I_zROvj5Bh1SYj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(128,849,237</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(366,329,010</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--AdditionalPaidInCapital_i01I_zh1240WSAMDa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373,890,499</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429,905,870</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i01I_zmPB7wzwbsY2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,522,210</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,724,566</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i01TI_z7vAQ46ZsHTe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total equity attributable to the shareholders of NIP Group Inc.</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">234,526,583</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">88,308,957</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_zdtvSoDWMsMf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities, mezzanine equity and equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">238,731,729</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89,381,932</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zBCIPFwgtnsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NIP GROUP INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In U.S. dollars, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_esrt--ScheduleOfCondensedIncomeStatementTableTextBlock_zsM8FaoYSS85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent Company Statements of Operations and Comprehensive Loss:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zSv6KDow12B9" style="display: none">SCHEDULE OF CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_499_20230101__20231231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zVumMBImgcej" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_498_20240101__20241231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zl3Te5SFmKph" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49A_20250101__20251231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zuUwGpGZxBih" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31,</span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from operations:</span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--OtherIncome_zNlzO9DXRE1k" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial income(expense), net</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,175</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,650</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(124,654</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zcDLjxmSIY82" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative expenses</span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(694,745)</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(1,215,614)</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(38,562,989)</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">loss on disposal of subsidiaries</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,911,840</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40A_eus-gaap--GainOrLossOnSaleOfStockInSubsidiary_zM8yqp7TovAb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity in loss of subsidiaries</span></td><td style="padding-bottom: 1pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(12,589,459)</span></td><td style="padding-bottom: 1pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(11,508,821)</span></td><td style="padding-bottom: 1pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(196,880,290)</span></td><td style="padding-bottom: 1pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eus-gaap--ProfitLoss_iT_zoOgB5CPN3ik" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</span></td><td style="padding-bottom: 2.5pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(13,258,029)</b></span></td><td style="padding-bottom: 2.5pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 2.5pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(12,689,785)</b></span></td><td style="padding-bottom: 2.5pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 2.5pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(237,479,773)</b></span></td><td style="padding-bottom: 2.5pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eus-gaap--ComprehensiveIncomeNetOfTax_iT_zYPZqXzTrnHg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total comprehensive loss</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,004,774</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,637,365</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(202,232,997</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p id="xdx_8A7_zCSioR5qlScl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_esrt--ScheduleOfCondensedCashFlowStatementTableTextBlock_z474WwD3IVoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent Company Statements of Cash Flows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zlUjICUIxMtl" style="display: none">SCHEDULE OF CONDENSED STATEMENT OF CASH FLOWS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20230101__20231231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zx5FsptJtE3c" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold">2023</td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20240101__20241231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_ziiPNmEclUp3" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold">2024</td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20250101__20251231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_z6ufUQ08Rlnb" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold">2025</td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As of December 31,</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ProfitLoss_i01_zZX4KRelfGl4" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(13,258,029</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(12,689,785</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(237,479,773</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net loss to net cash provided by operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　 </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--GainOrLossOnSaleOfStockInSubsidiary_i01N_di_zs73PSbWTfje" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity in loss of subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,589,459</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,508,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,880,290</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensation_i01_zvjdr1I3D4C4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4333">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4334">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,723,969</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--GainlossOnDisposalOfSubsidiary_i01_ztnkwAovNHu5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">loss on disposal of subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4337">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4338">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,911,840</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i01B_zjZI2HxnLjJl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Change in operating assets and liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　 </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i02N_zhkfpyLdQ4f9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due from subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,721,562</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,388,269</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,106,178</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncreaseDecreaseInAdvanceToSuppliers_i02I_zb9vLV62cNXc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance to suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(32,143</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOtherReceivables_i02N_zjj4nYsIpVL9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(78,364)</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4354">-</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4355">-</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_i02_zw68XSB2SI4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accrued expenses and other liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(697,955)</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　511,654 </span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　1,371,272</span></td><td style="padding-bottom: 1pt; text-align: left"></td></tr> <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_zLpQUJr5O3e6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash (used in) provided by operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(7,166,451)</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(5,057,579)</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>5,481,633</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PaymentsForProceedsFromInvestments_i01N_di_z4FkMNI8est5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Investment in equity investees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(17,400,000</span></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(10,950,000)</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(7,601,000</span></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_zs3mPx7osQX" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in investing activities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　</b>(17,400,000</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　(10,950,000)</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　(7,601,000</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>　</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ProceedsFromCollectionOfSubscriptionReceivable_i01_zaFymh9ZcqAa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Collection of subscription receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,999,845</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4374">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4375">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PaymentsOfStockIssuanceCosts_i01N_di_zB4YyzuAtPil" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Payment of deferred offering cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(418,351)</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(3,514,703)</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4379">-</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_zlbdmxUnLfva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proceeds from issuance of Class A ordinary shares upon the completion of IPO, net of issuance cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4381">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,260,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4383">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ProceedsForCapitalInjectionInReorganization_i01_zUzb3kMpru1l" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Capital injection in Reorganization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　16,309,641</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4386">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4387">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_z9YJK1cQs29d" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash provided by financing activities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　18,891,135</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　16,745,540  　</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　<span style="-sec-ix-hidden: xdx2ixbrl4391">-</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_z5zIB5irdumb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net increase (decrease) in cash and cash equivalents</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,675,316</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">737,961</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,119,367</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zm56F85lbuSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Cash and cash equivalents, at beginning of year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　7,058,778 </b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　1,383,462 </b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　2,121,423 </b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zVIWYdnkfH3c" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Cash and cash equivalents, at end of year</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,383,462</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,121,423</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,056</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zmW2qq3uhPW3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: </b></p> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AcquisitionOfMiningMachines_z5TPJhxVUoGh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acquisition of mining machines</td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4409">-</span></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4410">-</span></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="text-align: right">20,298,900<b> </b></td><td style="font-weight: bold; text-align: left"><b> </b></td></tr> <tr id="xdx_402_ecustom--DisposalOfSubsidiaries_zl8IVfMMfsyh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Disposal of subsidiaries</td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4413">-</span><b></b></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4414">-</span><b></b></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="text-align: right">2,892,540<b> </b></td><td style="font-weight: bold; text-align: left"><b> </b></td></tr> </table> <p id="xdx_8AA_zU4wn9Aknvvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zvANU9ihnsad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent Company Balance Sheets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8BE_zny2n0abNLH8" style="display: none">SCHEDULE OF CONDENSED BALANCE SHEETS</span></b></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zDfIKcIMKRSl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zPHAxoyehWm1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrentAbstract_i01B" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CashEquivalentsAtCarryingValue_i02I_zKORz4QNVtU3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,121,423</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,056</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherReceivablesNetCurrent_i02I_znwoSZJGvulc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amounts due from subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,431,911</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,325,733</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AdvanceToSuppliers_i02I_zFYlUkx8afZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Advance to suppliers</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4195">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,142</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsCurrent_i02TI_z0CTkcJwJu7j" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,553,334</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,359,931</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsNoncurrentAbstract_i01B" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermInvestments_i01I_zseXwtBq8Opf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Investment in subsidiaries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">221,178,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">80,022,001</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AssetsNoncurrent_iTI_zpJ9wohwakLb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">221,178,395</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">80,022,001</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Assets_iTI_zhKUJWRLUaT9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">238,731,729</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89,381,932</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iI_zSwJoBAk4qgl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrued expenses and other liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,246,591</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,072,975</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesCurrent_iTI_zwWVmyZbZuUk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Current Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,246,591</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,072,975</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Liabilities_iTI_zOQKdzRokfzj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,246,591</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,072,975</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--TemporaryEquityAbstract_iB_zLomUYI9Mhk8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Mezzanine equity:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--TemporaryEquityRedeemablePrincipalInterestsAmount_iI_z1rVShgpvNc2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Redeemable non-controlling interests</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,958,555</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4226">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iTI_zdDoBdCMmejf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total mezzanine equity</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,958,555</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4229">-</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_iB_zX9XNgJbjr9k" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CommonStockValue_i01I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zibHDH6S89Yj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Class A Ordinary Shares (US$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zJD6nRbiZBs" title="Common stock, par value"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zILhgEqCG7J" title="Common stock, par value">0.0001</span></span> par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zvxmoGf2m4F6" title="Common stock, shares authorized">461,995,682</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_z6ccV1fx9eIb" title="Common stock, shares authorized">1,756,459,263</span> shares authorized as of December 31, 2024 and December 31, 2025, respectively, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zvN80HePkorf" title="Common stock, shares issued">75,392,253</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zVd717qBaL5i" title="Common stock, shares issued">197,363,156</span> issued and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zCf2gjL0fgC5" title="Common stock, shares outstanding">75,392,253</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinaryStockMember_zAxrkKlhP1d4" title="Common stock, shares outstanding">197,020,222</span> outstanding as of December 31, 2024 and December 31, 2025, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockValue_i01I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zcPzK0Mon9Q1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Class B Ordinary Shares (US$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zhKbLTfr2828" title="Common stock, par value"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zEweYFbm3Hi" title="Common stock, par value">0.0001</span></span> par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zNF3LDnWbawa" title="Common stock, shares authorized">38,004,318</span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zDCP2SjxszNl" title="Common stock, shares authorized">243,540,737</span> shares authorized as of December 31, 2024 and December 31, 2025, respectively, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zH4F8G7BJcU1" title="Common stock, shares issued"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zG8UhlISJ1A7" title="Common stock, shares outstanding">38,004,318</span></span> and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zlyMuBVMhrF7" title="Common stock, shares issued"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBCQUxBTkNFIFNIRUVUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinaryStockMember_zVECz3HhOrF8" title="Common stock, shares outstanding">83,434,625</span></span> issued and outstanding as of December 31, 2024 and December 31, 2025, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,343</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CommonStockValue_i01I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z6KQH3kBFOSg" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; padding-left: 10pt">O<span style="display: none; font-family: Times New Roman, Times, Serif">rdinary shares value</span></td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">3,800</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">8,343</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CommonStockShareSubscribedButUnissuedSubscriptionsReceivable_i01NI_di_zENpDOQzrBIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Subscription receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,808</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20,514</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--RetainedEarningsAccumulatedDeficit_i01I_zROvj5Bh1SYj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(128,849,237</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(366,329,010</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--AdditionalPaidInCapital_i01I_zh1240WSAMDa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373,890,499</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429,905,870</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i01I_zmPB7wzwbsY2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,522,210</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,724,566</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i01TI_z7vAQ46ZsHTe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total equity attributable to the shareholders of NIP Group Inc.</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">234,526,583</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">88,308,957</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_zdtvSoDWMsMf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities, mezzanine equity and equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">238,731,729</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89,381,932</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2121423 2056 15431911 9325733 32142 17553334 9359931 221178395 80022001 221178395 80022001 238731729 89381932 1246591 1072975 1246591 1072975 1246591 1072975 2958555 2958555 0.0001 0.0001 461995682 1756459263 75392253 197363156 75392253 197020222 7539 19702 0.0001 0.0001 38004318 243540737 38004318 38004318 83434625 83434625 3800 8343 3800 8343 3808 20514 -128849237 -366329010 373890499 429905870 -10522210 24724566 234526583 88308957 238731729 89381932 <p id="xdx_891_esrt--ScheduleOfCondensedIncomeStatementTableTextBlock_zsM8FaoYSS85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent Company Statements of Operations and Comprehensive Loss:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zSv6KDow12B9" style="display: none">SCHEDULE OF CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_499_20230101__20231231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zVumMBImgcej" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_498_20240101__20241231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zl3Te5SFmKph" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49A_20250101__20251231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zuUwGpGZxBih" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31,</span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from operations:</span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--OtherIncome_zNlzO9DXRE1k" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial income(expense), net</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,175</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,650</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(124,654</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zcDLjxmSIY82" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative expenses</span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(694,745)</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(1,215,614)</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(38,562,989)</span></td><td style="font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">loss on disposal of subsidiaries</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,911,840</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40A_eus-gaap--GainOrLossOnSaleOfStockInSubsidiary_zM8yqp7TovAb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity in loss of subsidiaries</span></td><td style="padding-bottom: 1pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(12,589,459)</span></td><td style="padding-bottom: 1pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(11,508,821)</span></td><td style="padding-bottom: 1pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(196,880,290)</span></td><td style="padding-bottom: 1pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eus-gaap--ProfitLoss_iT_zoOgB5CPN3ik" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</span></td><td style="padding-bottom: 2.5pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(13,258,029)</b></span></td><td style="padding-bottom: 2.5pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 2.5pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(12,689,785)</b></span></td><td style="padding-bottom: 2.5pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 2.5pt; font-family: SimSun"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: SimSun; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(237,479,773)</b></span></td><td style="padding-bottom: 2.5pt; font-family: SimSun; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eus-gaap--ComprehensiveIncomeNetOfTax_iT_zYPZqXzTrnHg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total comprehensive loss</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,004,774</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,637,365</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(202,232,997</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> 26175 34650 -124654 694745 1215614 38562989 -12589459 -11508821 -196880290 -13258029 -12689785 -237479773 -8004774 -28637365 -202232997 <p id="xdx_89E_esrt--ScheduleOfCondensedCashFlowStatementTableTextBlock_z474WwD3IVoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent Company Statements of Cash Flows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zlUjICUIxMtl" style="display: none">SCHEDULE OF CONDENSED STATEMENT OF CASH FLOWS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20230101__20231231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_zx5FsptJtE3c" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold">2023</td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20240101__20241231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_ziiPNmEclUp3" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold">2024</td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20250101__20251231__srt--ConsolidatedEntitiesAxis__us-gaap--ParentMember_z6ufUQ08Rlnb" style="border-bottom: Black 1pt solid; display: none; text-align: center; font-weight: bold">2025</td><td style="display: none; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As of December 31,</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ProfitLoss_i01_zZX4KRelfGl4" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(13,258,029</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(12,689,785</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(237,479,773</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net loss to net cash provided by operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　 </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--GainOrLossOnSaleOfStockInSubsidiary_i01N_di_zs73PSbWTfje" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity in loss of subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,589,459</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,508,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,880,290</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensation_i01_zvjdr1I3D4C4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4333">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4334">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,723,969</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--GainlossOnDisposalOfSubsidiary_i01_ztnkwAovNHu5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">loss on disposal of subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4337">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4338">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,911,840</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i01B_zjZI2HxnLjJl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Change in operating assets and liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　 </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i02N_zhkfpyLdQ4f9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due from subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,721,562</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,388,269</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,106,178</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncreaseDecreaseInAdvanceToSuppliers_i02I_zb9vLV62cNXc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance to suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(32,143</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOtherReceivables_i02N_zjj4nYsIpVL9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(78,364)</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4354">-</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4355">-</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_i02_zw68XSB2SI4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accrued expenses and other liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(697,955)</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　511,654 </span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　1,371,272</span></td><td style="padding-bottom: 1pt; text-align: left"></td></tr> <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_zLpQUJr5O3e6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash (used in) provided by operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(7,166,451)</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>(5,057,579)</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<b>5,481,633</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PaymentsForProceedsFromInvestments_i01N_di_z4FkMNI8est5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Investment in equity investees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(17,400,000</span></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(10,950,000)</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(7,601,000</span></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_zs3mPx7osQX" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in investing activities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　</b>(17,400,000</span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　(10,950,000)</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　(7,601,000</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>　</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ProceedsFromCollectionOfSubscriptionReceivable_i01_zaFymh9ZcqAa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Collection of subscription receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,999,845</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4374">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4375">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PaymentsOfStockIssuanceCosts_i01N_di_zB4YyzuAtPil" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Payment of deferred offering cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(418,351)</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　(3,514,703)</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4379">-</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_zlbdmxUnLfva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proceeds from issuance of Class A ordinary shares upon the completion of IPO, net of issuance cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4381">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,260,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4383">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ProceedsForCapitalInjectionInReorganization_i01_zUzb3kMpru1l" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Capital injection in Reorganization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　16,309,641</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4386">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　<span style="-sec-ix-hidden: xdx2ixbrl4387">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_z9YJK1cQs29d" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash provided by financing activities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　18,891,135</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　16,745,540  　</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　<span style="-sec-ix-hidden: xdx2ixbrl4391">-</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_z5zIB5irdumb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net increase (decrease) in cash and cash equivalents</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,675,316</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">737,961</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,119,367</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zm56F85lbuSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Cash and cash equivalents, at beginning of year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　7,058,778 </b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　1,383,462 </b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>　2,121,423 </b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zVIWYdnkfH3c" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Cash and cash equivalents, at end of year</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,383,462</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,121,423</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,056</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zmW2qq3uhPW3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: </b></p> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AcquisitionOfMiningMachines_z5TPJhxVUoGh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acquisition of mining machines</td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4409">-</span></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4410">-</span></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="text-align: right">20,298,900<b> </b></td><td style="font-weight: bold; text-align: left"><b> </b></td></tr> <tr id="xdx_402_ecustom--DisposalOfSubsidiaries_zl8IVfMMfsyh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Disposal of subsidiaries</td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4413">-</span><b></b></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4414">-</span><b></b></td><td style="font-weight: bold; text-align: left"><b> </b></td><td style="font-weight: bold"><b> </b></td> <td style="font-weight: bold; text-align: left"><b> </b></td><td style="text-align: right">2,892,540<b> </b></td><td style="font-weight: bold; text-align: left"><b> </b></td></tr> </table> -13258029 -12689785 -237479773 -12589459 -11508821 -196880290 36723969 1911840 -5721562 -4388269 6106178 -32143 -78364 -697955 511654 1371272 -7166451 -5057579 5481633 17400000 10950000 7601000 -17400000 -10950000 -7601000 2999845 418351 3514703 20260243 16309641 18891135 16745540 -5675316 737961 -2119367 7058778 1383462 2121423 1383462 2121423 2056 20298900 2892540 <p id="xdx_808_eus-gaap--SubsequentEventsTextBlock_zZLJTWt3FDA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27. <span id="xdx_82C_zgAFXy593rsa">SUBSEQUENT EVENTS</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 9, 2026, the Company entered into an amendment to its second tranche asset purchase agreement (the “Amended Asset Purchase Agreement”). As revised under this amendment, the proposed asset acquisition transaction will be completed in multiple closings. The initial closing was completed on January 9, 2026 and settled through the issuance of 167,917,734 Class A ordinary shares of the Company to the sellers and/or their assignees. The subsequent closings are expected to be completed in 2026. There can be no assurance that the closing conditions will be satisfied, nor that the proposed asset purchase will be completed. The total mining capacity contemplated under, and the maximum aggregate number of Class A ordinary shares being issued as consideration of, the asset purchase remains the same as set out in the Amended Asset Purchase Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2026, the Company amended and restated its previously adopted 2025 Share Incentive Plan, as approved and authorized by the board of directors of the Company, effective on December 31, 2025. The maximum aggregate number of ordinary shares of the Company available for grant of awards increased from <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zRzmfmfKfhu7" title="Grant awards">45,430,307</span> under the original 2025 Share Incentive Plan to <span id="xdx_90E_ecustom--StockIssuedDuringPeriodSharesOfIncentivePlan_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zgA9qo34ierg" title="Incentive Plan">164,946,296</span> under the Amended and Restated 2025 Share Incentive Plan. Other terms of the original 2025 Share Incentive Plan remain substantially the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group has evaluated other subsequent events through the date of issuance of the consolidated financial statements, the Group did not identify any other subsequent events with material financial impact on the Group’s consolidated financial statements.</span></p> 45430307 164946296 The shares and per share data are presented on a retroactive basis to reflect the reorganization and stock split (Note 19). Among which, cash acquired from acquisition of Young Will was $296,139. Deferred tax liabilities were calculated based on appreciation fair value of all intangible assets multiplied by income tax rate. $4,025,547 and $ 8,805,611 in accounts receivable were pledged as collateral for short-term borrowing as of December 31, 2024 and December 31, 2025 (Note 12). Includes various other crypto currency asset balances, none of which individually represented more than 5% of total crypto currency assets as of December 31, 2024 and 2025. Additions represented the crypto assets received as borrowings from Antalpha Digital Pte Ltd described in Note 12 and crypto assets received from disposal of BTC for USDT. Dispositions represent crypto asset payments for costs and expenses. The balance mainly consists of deposits paid to mining sites. As of December 31, 2025, the Group pledged all of its mining machines as collateral under its debt arrangements with Antalpha Digital Pte. Ltd., to maintain compliance with the loan-to-value ratio requirements (refer to Note 12). League tournaments rights derived from business acquisition were $65,879,725 and $75,528,298 as of December 31, 2024 and 2025, respectively. In view of unsatisfactory financial performance, the management of the Group consider there is impairment indicators in respect of the goodwill of Ninjas in Pyjamas. Goodwill is tested for impairment at the reporting unit level, where a reporting unit represents an operating segment or one level below an operating segment. During the year ended December 31, 2025, the Group have performed an impairment assessment of goodwill by estimating the fair value of the reporting unit using the discounted cash flow method under the income approach and consequently determined an impairment loss of $122,519,218 based on discounted cashflow. On September 10, 2025, the Company signed a Master Loan Agreement with a lender in which the lender agreed to grant a credit line to the Company to lend the Company fiat money or cryptocurrency for the purpose of paying off the Company’s mining machines hosting expenses. The loans are denoted in USDT and typically paid directly to the service provider. The amount the Company is able to draw from the credit line is determined by the monetary value of the cryptocurrency collateral the Company posted at the lender-designated wallets. Based on the agreement, there is no specific limit in the amount the Company is able to borrow within the first twelve months since the inception of the agreement. Subsequently, the amount the Company could draw from the credit line is limited at 60% of the market value of the collateralized cryptocurrency. There is no expiration date indicated in such agreement. In addition, the amount drawn typically does not have maturity as long as sufficient collateralization has been maintained. As of December 31, 2025, all of the Company’s bitcoins were posted as collateral. The principal of the loan is RMB30,000,000 (approximately $4,289,943). The loan is pledged by existing and potential account receivables of Wuhan ESVF, Shenzhen VF and Xinghui Culture due from Tengjing Sports Culture Development (Shanghai) Co., Ltd., Shenzhen Tencent Computer Systems Co., Ltd., Tencent Technology (Chengdu) Co., Ltd., Tencent Technology (Shenzhen) Co., Ltd and guaranteed by Shenzhen VF and the Group’s shareholders, Liwei Sun and Rui Zhou. The principal of the loan is RMB10,000,000 (approximately $1,429,981). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang. The principal of the loan is RMB10,000,000 (approximately $1,429,981). The loan is guaranteed by Xinghui Media and the Group’s shareholder, Liwei Sun and Rui Zhou. The principal of the loan is RMB10,000,000 (approximately $1,429,981). The loan is guaranteed by Xinghui Media, ShenZhen VF and the Group’s shareholder, Liwei Sun and Rui Zhou. The principal of the loan is RMB10,000,000 (approximately $1,429,981). The loan is guaranteed by Xinghui Media and the Group’s shareholder, Liwei Sun and Rui Zhou. The principal of the loan is RMB10,000,000 (approximately $1,429,981). The loan is guaranteed by the Group’s shareholder, Liwei Sun and Rui Zhou. The principal of the loan is RMB10,000,000 (approximately $1,429,981). The loan is guaranteed by Wuhan ESVF and the Group’s shareholder, Liwei Sun and Rui Zhou. The principal of the loan is RMB10,000,000 (approximately $1,429,981). The loan is guaranteed by the Group’s shareholder, Liwei Sun and Rui Zhou. The principal of the loan is RMB6,000,000 (approximately $857,989). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang. NIP Gaming AB maintains a revolving credit facility of SEK 8,000,000 with SKANDINAVISKA ENSKILDA BANKEN AB, with no pledges, collateral or guarantees required. As of 31 December 2025, the utilized portion of the facility amounts to SEK 7,588,463, equivalent to USD 861,731. The principal of the loan is RMB5,000,000 (approximately $714,990). The loan is guaranteed by Wuhan ESVF, and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang. And The loan is pledged by all accounts receivable generated by Tencent Technology (Shenzhen) Co., Ltd. from June 4, 2025, over the following three years. The principal of the loan is RMB5,000,000 (approximately $714,990). The loan is guaranteed by Shenzhen VF and the Group’s shareholders, Liwei Sun and Rui Zhou. And The loan is pledged by existing account receivables of Wuhan ESVF due from Shanghai Dianding CO., LTD. The principal of the loan is RMB5,000,000 (approximately $714,990). The loan is guaranteed by Wuhan ESVF. The principal of the loan is RMB3,000,000 (approximately $428,995). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang. The principal of the loan is RMB30,000,000 (approximately $4,289,943). The loan is guaranteed by Wuhan Zhongzhe Financing Guarantee Co., LTD., Hongli Culture and the Group’s shareholders, Liwei Sun and Rui Zhou. As of December 31, 2025, the outstanding loan principal of RMB25,000,000 (approximately $3,574,952) is due within twelve months, which is classified as current portion of long-term borrowing. And debt issuance costs of RMB70,755(approximately $10,118) were deducted from the proceeds from the loan. The principal of the loan is RMB5,000,000 (approximately $714,990). The loan is guaranteed by Wuhan ESVF ,and the Group’s director and senior vice president, and minority shareholder of Hongli Culture, Lei Zhang and Wuhan Optics Valley Technology Financing Guarantee Co., Ltd who charged a financing guarantee fee of 0.4% per annum on the principal amount of the financing guarantee. As of December 31, 2025, the outstanding loan principal of RMB100,000 (approximately $14,300) is due within twelve months, which is classified as current portion of long-term borrowing and the remaining portion of principal of RMB4,850,000 (approximately $693,541) is presented as a long-term borrowing. The principal of the loan is RMB2,550,000 (approximately $360,998). The loan is guaranteed by Wuhan ESVF and Shenzhen VF. The balance represented the unsecured borrowings with a maturity less than one year and an interest rate of 15% per annum from third parties for daily business operation. The balance mainly consisted of deposit payable to event suppliers, reimbursement payable to employees and miscellaneous fees payable to third parties. Pursuant to the capital increase agreement dated June 16, 2025, an individual shareholder subscribed for the equity of Hongli Culture with a total consideration of RMB 10.00 million, in exchange for approximately 2.78% equity interest of Hongli Culture. As of December 31, 2025, the full equity subscription proceeds of RMB 10.00 million had been fully received by the Group. However, the equity delivery conditions had not been satisfied as of the reporting date, and accordingly, the relevant equity interest had not been delivered and registered. The Group initial recognized $8,798,807, $14,427,828 and $1,596,010 of deferred tax liability from reverse acquisition on March 18, 2021, business acquisition on January 10, 2023 and business acquisition on October 2, 2024 due to appreciation fair value of intangible assets acquired. The Group reverse due to amortization of related intangible assets and disposal of subsidiaries. The Group initial recognized $4,413,819 of deferred tax liability from asset acquisition in 2021 and reverse $770,690 and $804,436 due to amortization of related intangible assets during the years end December 31, 2024 and 2025, respectively. The shares and per share data are presented on a retroactive basis to reflect the stock split (Note 16) The balance represented the accounts receivable for providing esports service to related parties. The balance represented interest-free loan to related parties, which were due on demand. Phase Two Limited was established on December 4, 2025; The balance represents the advance payment we made on behalf of the related party for the company’s registration expenses. Beginning in 2025, Shenzhen Xingjing has become a subsidiary of the Group through consolidation and is no longer considered a related party. Shengjie Huang is no longer considered related parties due to disposal of Young Will. In April 2021, the Group entered into a cooperation agreement with the related party and agreed to allocate 60% of the government subsidies received to the related party. As of December 31, 2024 and December 31, 2025, the balance represents government subsidies the Group received and should pay to the related party. The balances represented the service fee for Mario Yau Kwan Ho who provided services to the reality show that hosted by the customers. The balances represented interest-free loan from related parties for daily operations, which were due on demand. Beginning in 2025, Shenzhen Xingjing has become a subsidiary of the Group through consolidation and is no longer considered a related party. The Group entered into a cooperation agreement with the related party and agreed to allocate 60% of the government subsidies received to the related party. Wuhan Suran, Wuhan Yingyi and Wuhan Lingsheng is no longer considered related parties due to disposal of Young Will. Beginning in 2025, Shenzhen Xingjing has become a subsidiary of the Group through consolidation and is no longer considered a related party. Represent percentage less than 10%