Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of Loss from Continuing Operations before Income Taxes Generated in Jurisdictions |
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Cayman Islands and British Virgin Islands |
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(15,482,426 |
) |
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(18,488,181 |
) |
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(7,206,659 |
) |
PRC |
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(95,351,791 |
) |
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(19,442,469 |
) |
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(47,256,605 |
) |
Hong Kong |
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(19,367 |
) |
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(19,044 |
) |
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(52,351 |
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(110,853,584 |
) |
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(37,949,694 |
) |
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(54,515,615 |
) |
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Schedule of Income Tax Expense (Benefit) |
Income tax expense (benefit) recognized in the consolidated statements of comprehensive income (loss) consists of the following:
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Current income tax expense |
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14,402 |
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22,781 |
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130,635 |
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Deferred income tax benefit |
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(10,283,238 |
) |
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(1,562,358 |
) |
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(6,052,019 |
) |
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(10,268,836 |
) |
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(1,539,577 |
) |
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(5,921,384 |
) |
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Schedule of Difference Between Actual Income Tax Expense and Amount Computed by Applying PRC Statutory Income Tax Rate to Earnings before Income Taxes |
The actual income tax expense (benefit) reported in the consolidated statements of comprehensive income (loss) differs from the respective amount computed by applying the PRC statutory income tax rate of 25% for each of the years ended December 31, 2020, 2021 and 2022 to earnings before income taxes due to the following:
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Computed “expected” income tax expenses (benefit) |
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(27,713,394 |
) |
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(9,487,423 |
) |
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(13,628,904 |
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Increase in valuation allowance |
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11,770,037 |
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10,531,372 |
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6,084,383 |
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Entities not subject to income tax |
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3,445,048 |
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1,691,406 |
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1,429,868 |
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Entertainment |
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226,312 |
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280,436 |
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192,298 |
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Share-based compensation |
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444,196 |
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259,993 |
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364,939 |
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Other non-deductible expenses |
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1,634,539 |
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3,927,212 |
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1,625,037
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Additional deduction of research and development costs |
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(288,502 |
) |
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(120,598 |
) |
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— |
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Disposal of equity interests in subsidiaries |
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— |
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(8,385,539 |
) |
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(1,577,200 |
) |
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212,928 |
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(236,436 |
) |
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(411,805 |
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Actual income tax benefit |
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(10,268,836 |
) |
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(1,539,577 |
) |
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(5,921,384 |
) |
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Schedule of Components of Deferred Income Tax Assets and Liabilities |
The tax effects of the Group’s temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are as follows:
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Deferred income tax assets: |
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27,926,708 |
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34,562,809 |
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Impairment and investment loss of long-term investments |
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10,523,946 |
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10,598,946 |
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10,179,317 |
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9,112,298 |
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Intangible assets and other non-current assets |
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945,446 |
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405,191 |
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Provision for loan receivable and other receivables |
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1,887,015 |
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2,927,994 |
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Accrued expenses and other payables |
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2,818,170 |
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3,652,004 |
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Property and equipment, net |
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81,512 |
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53,301 |
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7,500,000 |
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5,000,000 |
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Total gross deferred income tax assets |
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Less: valuation allowance |
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(48,897,848 |
) |
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(51,769,696 |
) |
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Total deferred income tax assets, net |
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Deferred income tax liabilities: |
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23,338,194 |
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19,029,861 |
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9,838,270 |
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8,721,522 |
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4,719,124 |
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5,670,767 |
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Total gross deferred income tax liabilities |
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Net deferred income tax liabilities |
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Summary of Movements of Valuation Allowance |
The movements of the valuation allowance are as follows:
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Balance at the beginning of the period |
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44,713,570 |
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56,172,945 |
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48,897,848 |
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Additions |
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11,770,037 |
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10,531,372 |
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6,084,383 |
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Reduction due to expiration of temporary difference |
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— |
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— |
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(2,500,000 |
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Reduction as a result of deconsolidation of subsidiaries
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(310,662 |
) |
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(17,806,469 |
) |
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(712,535 |
) |
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Balance at the end of the period |
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56,172,945 |
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48,897,848 |
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51,769,696 |
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