Risk Factors Update Summary

• Restated financial statements due to incorrect tax provision, reducing income tax provision and accumulated deficit by $23 million each.
• The company settled the forward share purchase liability with a loss of $378,895 in 2023.
• Net cash used in operating activities increased to $42.3 million for the year ended December 31, 2023.
• Net loss increased by $141.4 million, or 52%, for the year ended December 31, 2023.
• Gain on disposal of property and equipment was $0.7 million from the sale of office premises.
• Legal and professional fees surged from $1,265,866 to $13,601,274, a substantial increase.
• Cash and cash equivalents increased significantly from $15,442,535 to $129,660.
• The company sold an office premise for $6.13 million and increased ordinary shares reserved from 5 to 309 million.
• Operating expenses increased by $38.6 million, offset by revenue increase of $23.1 million.
• Equity method investments and joint ventures are now disclosed, with a net loss of $13,795,479 for non-marketable equity securities.
• The number of RSUs granted increased from 5,000,000 to 5,000,000, with a weighted average grant price of $2.47.
• Rental income decreased by $0.08 million, or 24.13%, for the year ended December 31, 2023.
• The company incurred substantial net losses during the year ended December 31, 2023, totaling $49.2 million.
• Accounts receivable increased from $3,094,708 in 2022 to $4,064,861 in 2023.
• Restricted cash decreased from $15,356,580 to $0.
• Cybersecurity risk management strategy details were added, enhancing protection against threats.
• Income tax expense increased by $0.2 million, or 60%, for the year ended December 31, 2023.
• There is substantial doubt about the company's ability to continue as a going concern.
• Commission expenses rose significantly from $18,823,458 to $37,287,519, impacting operating costs.
• New funding initiatives with Williamsburg Venture Holdings and institutional investors to raise up to $50 million and $5,128,960 respectively.
• Loans receivable decreased from $1,589,871 in 2022 to $1,604,302 in 2023.
• Working capital deficit increased by $3.96 million, or 21.66%, for the year ended December 31, 2023.
• Diluted weighted average ordinary shares outstanding increased from 56,084,858 to 65,265,397.
• Series of immaterial business acquisitions updated to reflect 2023 acquisitions.
• Disaggregated revenue for 2023 shows a decrease in interest income from loans from $176,175 in 2022 to $157,190 in 2023.
• Income tax expense rose from $124,605 to $286,538 for the years ended December 31, 2023 and 2022.
• The company reported a working capital deficit and net cash outflows from operating activities as of December 31, 2023.
• Personnel and benefit expenses increased from $21,928,504 to $27,217,822 due to bonus reversals.
• The company entered private placement agreements, receiving $5,128,960 in gross proceeds.
• The company obtained a mortgage loan of $1,793,001 in 2023, repayable in February 2024.
• Change in fair value measurement for equity securities, with non-marketable equity securities valued at $34,589,767 in 2023.
• Net loss per share improved from ($0.79) to ($0.75) for the year ended December 31, 2023.
• Name changes for subsidiaries to reflect ownership and business activities.
• The company issued 946,100 ordinary shares in May 2023 under the Share Award Scheme.
• Adoption of ASU 2016-13 for credit losses, with no material impact on financial statements.
• The company entered into a private placement in December 2023, receiving gross proceeds of $1,665,850.
• Investment holdings and services provided by subsidiaries clarified and updated.
• The company settled a debt of $12,593,384 in 2023, treating it as additional paid-in capital.
• Recoupment policy introduced for executive compensation in case of accounting restatement.
• Lease accounting changes under ASC Topic 842, with no leases of 12 months or less in 2023.
• Certification dates and names updated for Chief Executive Officer and Chief Financial Officer.