Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ (3,114,860)
|
$ (6,177,438)
|
$ 376,116
|
| Share-based compensation expense |
11,975,159
|
3,405,084
|
2,850,352
|
| Depreciation of property and equipment |
4,461,528
|
1,867,734
|
922,351
|
| Changes in assets and liabilities, net of effects of businesses acquired: |
|
|
|
| Accounts receivable |
(9,788,503)
|
(4,807,207)
|
(5,614,028)
|
| Prepayments and other current assets |
(5,140,608)
|
206,559
|
47,809
|
| Deferred tax assets |
378,008
|
(336,463)
|
(358,071)
|
| Other non-current assets |
(691,093)
|
(135,120)
|
(338,478)
|
| Accounts payable |
1,753,706
|
1,121,563
|
806,508
|
| Advances from customers |
334,578
|
302,655
|
292,655
|
| Taxes payable |
(450,594)
|
1,214,926
|
(1,134,236)
|
| Accrued expenses and other liabilities |
6,846,963
|
4,044,130
|
2,685,123
|
| Net cash generated from operating activities |
6,564,284
|
706,423
|
536,101
|
| Cash flows from investing activities: |
|
|
|
| Purchase of short-term investments |
(522,729,746)
|
(97,558,282)
|
(1,511,800)
|
| Proceeds from sale and maturity of short-term investments |
0
|
99,007,872
|
0
|
| Purchase of property and equipment |
(12,879,553)
|
(4,802,253)
|
(2,260,791)
|
| Cash received from an acquisition |
556,361
|
0
|
0
|
| Net cash and cash equivalents used in investing activities |
(535,052,938)
|
(3,352,663)
|
(3,772,591)
|
| Cash flows from financing activities: |
|
|
|
| Repurchase of ordinary shares |
0
|
0
|
(784,799)
|
| Proceeds from the initial public offering and concurrent private placement, net of underwriter discounts and commissions and other offering costs paid |
483,628,037
|
0
|
0
|
| Proceeds from exercise of stock options |
10,000
|
0
|
0
|
| Net cash and cash equivalents used in financing activities |
533,638,039
|
0
|
65,771,809
|
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
465,068
|
(268,646)
|
(555,985)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
5,614,453
|
(2,914,886)
|
61,979,334
|
| Cash, cash equivalents and restricted cash at beginning of year |
105,683,153
|
108,598,039
|
46,618,705
|
| Cash, cash equivalents and restricted cash at end of year |
111,297,606
|
105,683,153
|
108,598,039
|
| Supplemental disclosure of cash flow information: |
|
|
|
| Income taxes paid |
742,049
|
411,068
|
421,560
|
| Non-cash financing and investing activities: |
|
|
|
| Accretion to redemption value of convertible redeemable preferred shares |
193,465,743
|
50,714,953
|
33,234,811
|
| Payables for property and equipment |
2,292,922
|
613,463
|
366,503
|
| Consideration payable for the acquisition |
3,150,001
|
0
|
0
|
| Proceeds receivable from exercise of employees’ share options |
611,745
|
0
|
0
|
| Deposits utilized for employees’ share option exercises |
(338,718)
|
0
|
0
|
| Series C Preferred Stock |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of Series C and C+ convertible redeemable preferred shares, net of issuances costs |
0
|
0
|
66,556,608
|
| Series C+ Preferred Stock |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of Series C and C+ convertible redeemable preferred shares, net of issuances costs |
$ 50,000,002
|
$ 0
|
$ 0
|