Lion Group Holding (LGHL) 20-F 28 Apr 23 2022 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2022 shares
Document Information Line Items
Entity Registrant Name	Lion Group Holding Ltd.
Trading Symbol	LGHL
Document Type	20-F
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001806524
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39301
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	3 Phillip Street
Entity Address, Address Line Two	#15-04 Royal Group Building
Entity Address, Country	SG
Entity Address, City or Town	Singapore
Entity Address, Postal Zip Code	048693
Title of 12(b) Security	Class A Ordinary Shares represented by American Depositary Shares (“ADSs”)
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
Auditor Name	UHY LLP
Auditor Location	New York
Auditor Firm ID	1195
Business Contact
Document Information Line Items
Entity Address, Address Line One	3 Phillip Street
Entity Address, Address Line Two	#15-04 Royal Group Building
Entity Address, Country	SG
Entity Address, City or Town	Singapore
Entity Address, Postal Zip Code	048693
Contact Personnel Name	Chunning Wang
City Area Code	+65
Local Phone Number	8877 3871
Contact Personnel Email Address	wilson.wang@liongrouphl.com
Class A Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding	48,761,596
Class B Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding	9,843,096

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 11,159,610	$ 15,098,151
Restricted cash-bank balances held on behalf of customers	3,242,989	653,324
Securities owned, at fair value	11,104,047	15,900,369
Receivables from broker-dealers and clearing organizations	33,342,254	87,938,377
Short-term loans receivable	7,126,021
Other receivables	534,437	67,352
Prepaids, deposits and other	2,534,684	8,741,735
Total current assets	69,044,042	128,399,308
Long term investment	1,436,142	1,550,314
Fixed assets, net	13,786,344	17,507,742
Right-of-use assets	1,160,563
Other assets	1,207,293	1,459,467
Total Assets	86,634,384	148,916,831
Current Liabilities
Payables to customers	23,829,192	35,959,925
Payables to broker-dealers and clearing organizations	24,963,524	53,101,820
Accrued expenses and other payables	1,923,305	1,623,354
Derivative liabilities, at fair value		554,710
Embedded derivative liabilities	2,292,056
Short-term borrowings	110,000	110,000
Lease liability - current	601,531
Due to director	146,671	161,044
Total current liabilities	53,866,279	91,510,853
Lease liability - noncurrent	618,705
Convertible debentures	4,061,735
Warrant liabilities	675,000	1,940,625
Total Liabilities	59,221,719	93,451,478
Commitments and Contingencies
Mezzanine Equity
Series B Convertible Preferred Shares - 4,000 shares authorized, stated value of $1,000 per share, nil and 4,000 shares issued and outstanding at December 31, 2022 and 2021, respectively		1,222,771
Stockholders’ Equity
Preferred shares, $0.0001 par value, 50,000,000 shares authorized Series A Convertible Preferred Shares - 345,000 shares authorized, stated value of $1,000 per share, nil and 6,500 shares issued and outstanding at December 31, 2022 and 2021, respectively		3,929,206
Class A ordinary shares, $0.0001 par value, 300,000,000 shares authorized, 48,761,596 and 29,677,969 shares issued and outstanding at December 31, 2022 and 2021, respectively	4,876	2,968
Class B ordinary shares, $0.0001 par value, 150,000,000 shares authorized, 9,843,096 shares issued and outstanding at December 31, 2022 and 2021, respectively	984	984
Additional paid in capital	63,660,939	54,057,211
Accumulated deficit	(34,492,863)	(2,929,580)
Accumulated other comprehensive losses	(303,213)	(57,532)
Total LGHL shareholders’ equity	28,870,723	55,003,257
Non-controlling interest	(1,458,058)	(760,675)
Total shareholders’ equity	27,412,665	54,242,582
Total Liabilities, Mezzanine Equity and Shareholders’ Equity	$ 86,634,384	$ 148,916,831

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	50,000,000	50,000,000
Series B Convertible Preferred Shares
Convertible preferred shares,shares authorized	4,000	4,000
Convertible preferred shares stated value, per share (in Dollars per share)	$ 1,000	$ 1,000
Convertible preferred shares, shares issued	4,000
Convertible preferred shares, shares outstanding	4,000
Series A Convertible Preferred Shares
Convertible preferred shares,shares authorized	345,000	345,000
Convertible preferred shares stated value, per share (in Dollars per share)	$ 1,000	$ 1,000
Convertible preferred shares, shares issued	6,500
Convertible preferred shares, shares outstanding	6,500
Class A Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	300,000,000	300,000,000
Ordinary shares, shares issued	48,761,596	29,677,969
Ordinary shares, shares outstanding	48,761,596	29,677,969
Class B Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	150,000,000	150,000,000
Ordinary shares, shares issued	9,843,096	9,843,096
Ordinary shares, shares outstanding	9,843,096	9,843,096

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues (Losses)
Insurance brokerage commissions		$ 455,394	$ 542,795	$ 959,299
Securities brokerage commissions and fees		3,412,644	3,188,684	1,890,502
Market making commissions and fees		781,878	4,324,650	4,940,623
Interest income		3,229,716	1,351,318	138,799
Trading gains		(11,467,969)	13,379,146	1,833,875
Other income		1,105,837	2,206,119	467,037
Gross profit		(2,482,500)	24,992,712	10,230,135
Expenses and others
Commissions and fees		3,198,934	3,317,692	1,845,994
Compensation and benefits		3,620,506	4,069,203	3,802,793
Occupancy		826,254	778,881	683,160
Communication and technology		3,392,794	1,929,981	1,454,050
Cost of crypto mining			1,163,846
General and administrative		1,228,572	2,016,582	2,264,318
Professional fees		3,716,839	3,836,817	1,565,834
Research and development		4,693,995	1,205,040
Services fees		1,956,785	3,574,579	833,864
Interest		2,334,598	1,608,100	183,157
Depreciation		2,032,386	916,916	40,556
Marketing		3,743,567	913,675	651,324
Payment service charge		(12,407)	(181,249)	245,030
Impairment of fixed assets		1,690,028
Impairment of cryptocurrencies		293,619
Change in fair value of warrant liabilities		(1,260,354)	470,804	(777,266)
Other operating		32,406	144,175	11,464
Total operating expenses		31,488,522	25,765,042	12,804,278
(Loss) income before income taxes		(33,971,022)	(772,330)	(2,574,143)
Income tax expense		(3,419)	(54,367)	(1,316)
Net (loss) income		(33,974,441)	(826,697)	(2,575,459)
Net loss attributable to non-controlling interests		(2,411,158)	(849,479)
Net income (loss) attributable to LGHL		(31,563,283)	22,782	(2,575,459)
Deemed dividend on the effect of the down round features			(6,354,500)
Dividends and deemed dividends on preferred shares		(595,208)	(1,810,204)
Net (loss) income attributable to LGHL ordinary shareholders		$ (32,158,491)	$ (8,141,922)	$ (2,575,459)
Weighted average ordinary shares outstanding - basic (in Shares)	[1]	40,438,604	26,046,212	6,180,795
Weighted average ordinary shares outstanding - basic (in Shares)	[1]	5,535,888	4,041,875	3,962,294
Class A Ordinary Shares
Expenses and others
(Loss) earnings per share - basic (in Dollars per share)	[1]	$ (0.7)	$ (0.27)	$ (0.25)
Weighted average ordinary shares outstanding - basic (in Shares)	[1]	40,438,604	26,046,212	6,180,795
Class B Ordinary Shares
Expenses and others
(Loss) earnings per share - basic (in Dollars per share)	[1]	$ (0.70)	$ (0.27)	$ (0.25)
Weighted average ordinary shares outstanding - basic (in Shares)	[1]	5,535,888	4,041,875	3,962,294
[1]Share and per share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1.

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals) - $ / shares		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average ordinary shares outstanding - diluted (in Shares)	[1]	40,438,604	26,046,212	6,180,795
Weighted average ordinary shares outstanding - diluted (in Shares)	[1]	5,535,888	4,041,875	3,962,294
Class A Ordinary Shares
(Loss) earnings per share - diluted	[1]	$ (0.70)	$ (0.27)	$ (0.25)
(Loss) earnings per share - basic	[1]	$ (0.7)	$ (0.27)	$ (0.25)
Weighted average ordinary shares outstanding - diluted (in Shares)	[1]	40,438,604	26,046,212	6,180,795
Class B Ordinary Shares
(Loss) earnings per share - diluted	[1]	$ (0.70)	$ (0.27)	$ (0.25)
(Loss) earnings per share - basic	[1]	$ (0.70)	$ (0.27)	$ (0.25)
Weighted average ordinary shares outstanding - diluted (in Shares)	[1]	5,535,888	4,041,875	3,962,294
[1]Share and per share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (33,974,441)	$ (826,697)	$ (2,575,459)
Other comprehensive (loss) income
Foreign currency translation adjustment	(245,681)	(40,064)	20,487
Comprehensive loss	$ (34,220,122)	$ (866,761)	$ (2,554,972)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity - USD ($)		Series A Convertible Preferred Shares	Class A Ordinary Shares		Class A	Class B Ordinary Shares		Additional Paid in Capital		Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Non- Controlling Interest	Total
Balance at Dec. 31, 2019			$ 314	[1]		$ 395	[1]	$ 7,605,034	[1]	$ (376,903)	$ (37,955)		$ 7,190,885
Balance (in Shares) at Dec. 31, 2019	[1]		3,140,388			3,949,993
Effect of reverse recapitalization, net of costs			$ 336	[1],[2]		$ 580	[1],[2]	(2,242,234)	[1],[2]				(2,241,318)	[2]
Effect of reverse recapitalization, net of costs (in Shares)			3,357,574	[1],[2]		5,801,221	[1],[2]
Conversion of rights to ordinary shares upon the reverse recapitalization			$ 115	[1]				(115)	[1]
Conversion of rights to ordinary shares upon the reverse recapitalization (in Shares)			1,150,000	[1]
Shares issued to prior D&O			$ 30	[1]				59,970	[1]				60,000
Shares issued to prior D&O (in Shares)			300,000	[1]
Shares issued in connection with August 2020 PIPE, net of costs			$ 165	[1]				2,530,536	[1]				2,530,701
Shares issued in connection with August 2020 PIPE, net of costs (in Shares)			1,650,000	[1]
Shares issued as a result of post-merger consideration adjustment			$ 3	[1]		$ 9	[1]	(12)	[1]
Shares issued as a result of post-merger consideration adjustment (in Shares)			29,591	[1]		91,882	[1]
2020 incentive shares granted and unissued								3,656,800	[1]				3,656,800
Detachable warrants issued in connection with December 2020 Convertible Debenture, net of costs								454,089	[1]				454,089
Beneficial conversion feature in connection with December 2020 Convertible Debenture								205,693	[1]				205,693
Net income (loss)										(2,575,459)			(2,575,459)
Other comprehensive income (loss)											20,487		20,487
Balance at Dec. 31, 2020			$ 963	[1]		$ 984	[1]	12,269,761	[1]	(2,952,362)	(17,468)		9,301,878
Balance (in Shares) at Dec. 31, 2020	[1]		9,627,553			9,843,096
Issuance of January 2021 Call Options for service								1,909,000	[1]				1,909,000
Conversion of Debenture into ordinary shares			$ 89	[1]				1,611,511	[1]				1,611,600
Conversion of Debenture into ordinary shares (in Shares)			889,667	[1]
Exercise of December 2020 Warrants			$ 1,420	[1]				27,398,580	[1]				27,400,000
Exercise of December 2020 Warrants (in Shares)			14,200,000	[1]
Exercise of August 2020 PIPE Warrants			$ 77	[1]				1,541,588	[1]				1,541,665
Exercise of August 2020 PIPE Warrants (in Shares)			770,833	[1]	770,833
Issuance of ordinary shares in connection with 2020 Share Incentive Plan			$ 148	[1]				(148)	[1]
Issuance of ordinary shares in connection with 2020 Share Incentive Plan (in Shares)			1,486,504	[1]
Issuance of ordinary shares to Yun Tian			$ 36	[1]				777,935	[1]				777,971
Issuance of ordinary shares to Yun Tian (in Shares)			353,623	[1]
Exercise of January 2021 Call Options			$ 200	[1]				3,999,800	[1]				4,000,000
Exercise of January 2021 Call Options (in Shares)			2,000,000	[1]
Issuance of Series A Convertible Preferred Shares and detachable February 2021 Warrants, net of costs		$ 4,231,453						2,067,547	[1]				6,299,000
Issuance of Series A Convertible Preferred Shares and detachable February 2021 Warrants, net of costs (in Shares)		7,000
Beneficial conversion feature (“BCF”) of Series A Convertible Preferred Shares		$ (1,562,905)						1,562,905	[1]
Deemed dividend on Series A Convertible Preferred Shares in connection with BCF		1,562,905					[1]	(1,562,905)	[1]
Accrued dividends on Series A Convertible Preferred Shares								(195,000)	[1]				(195,000)
Conversion of Series A Convertible Preferred Shares and accrued dividends		$ (302,247)	$ 35	[1]				302,212	[1]
Conversion of Series A Convertible Preferred Shares and accrued dividends (in Shares)		(500)	349,789	[1]
Issuance of Series B Convertible Preferred Shares and detachable December 2021 Warrants, net of costs								942,448	[1]				942,448
BCF of Series B Convertible Preferred Shares								1,613,080	[1]				1,613,080
Deemed dividend on Series B Convertible Preferred Shares in connection with BCF and accretion of discounts								(36,299)	[1]				(36,299)
Accrued dividends on Series B Convertible Preferred Shares								(16,000)	[1]				(16,000)
Acquisition of noncontrolling interest								(128,804)	[1]			88,804	(40,000)
Net income (loss)										22,782		(849,479)	(826,697)
Other comprehensive income (loss)											(40,064)		(40,064)
Balance at Dec. 31, 2021		$ 3,929,206	$ 2,968	[1]		$ 984	[1]	54,057,211	[1]	(2,929,580)	(57,532)	(760,675)	54,242,582
Balance (in Shares) at Dec. 31, 2021		6,500	29,677,969	[1]		9,843,096	[1]
Conversion of Series A Convertible Preferred Shares and accrued dividends		$ (3,929,206)	$ 828					4,123,378	[1]				195,000
Conversion of Series A Convertible Preferred Shares and accrued dividends (in Shares)		(6,500)	8,280,270	[1]
Effect of early adoption of ASU 2020-06								(1,590,676)	[1]				(1,590,676)
Deemed dividend on Series B Convertible Preferred Shares in connection with accretion of discounts								(187,353)	[1]				(187,353)
Conversion of Series B Convertible Preferred Shares and accrued dividends			$ 516	[1]				3,016,284	[1]				3,016,800
Conversion of Series B Convertible Preferred Shares and accrued dividends (in Shares)			5,158,472	[1]
Issuance of ordinary shares to nonemployees in connection with 2020 Share Incentive Plan			$ 245	[1]				1,837,255	[1]				1,837,500
Issuance of ordinary shares to nonemployees in connection with 2020 Share Incentive Plan (in Shares)			2,450,000	[1]
Effect of a modification of the existing warrants as debt issuance costs (ASU 2021-04)								1,330,271	[1]				1,330,271
Conversion of May 2022 Convertible Debenture and the payment of make-whole interest by shares			$ 319	[1]				1,074,569	[1]				$ 1,074,888
Conversion of May 2022 Convertible Debenture and the payment of make-whole interest by shares (in Shares)			3,194,885	[1]									3,194,885
Contribution from noncontrolling shareholder												1,713,775	$ 1,713,775
Net income (loss)										(31,563,283)		(2,411,158)	(33,974,441)
Other comprehensive income (loss)											(245,681)		(245,681)
Balance at Dec. 31, 2022			$ 4,876	[1]		$ 984	[1]	$ 63,660,939	[1]	$ (34,492,863)	$ (303,213)	$ (1,458,058)	$ 27,412,665
Balance (in Shares) at Dec. 31, 2022			48,761,596	[1]		9,843,096	[1]
[1] Par value of ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1 As a result of the restatement the reverse recapitalization has been reduced by the fair value of approximately $2.2 million of Public Warrants and Private Warrants as a liability as of June 16, 2020 that is discussed in Note 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net loss	$ (33,974,441)	$ (826,697)	$ (2,575,459)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation expense	1,300,550	381,800	3,656,800
Impairment of fixed assets	1,690,028
Change in fair value of warrant liabilities	(1,265,625)	470,804	(777,266)
Change in fair value of option liability	(554,710)	149,740
Change in fair value of embedded derivative liability	5,271
Amortization of right-of-use assets	662,416
Gain on sale of crypto currencies		(17,496)
Impairment on cryptocurrencies	293,619
Amortization of debt discounts	658,680	783,994	13,288
Depreciation	2,032,386	1,295,470	40,556
Deferred taxes		1,128	(451)
Gain on forgiveness of debt		(104,640)
(Increase) decrease in operating assets
Securities owned	4,796,322	(15,882,747)	162,579
Receivables from broker-dealers and clearing organizations	54,596,123	(79,849,184)	(6,404,232)
Prepaids, deposits and other assets	6,673,603	(7,028,192)	(6,080)
Intangible assets	(438,042)
Increase (decrease) in operating liabilities
Payables to customers	(12,130,733)	30,738,655	1,367,577
Payables to broker-dealers and clearing organizations	(28,138,296)	49,256,080	3,845,740
Accrued expenses and other payables	510,897	148,786	782,623
Lease liabilities	(658,600)
Net cash (used in) provided by operating activities	(3,940,552)	(20,482,499)	105,675
Cash Flows from Investing Activities
Purchases of fixed assets		(10,234,188)
Acquisition of Trademarks			(5,184)
Advance payments for assets acquisition			(5,950,000)
Investment in investment funds		(1,550,314)
Acquisition of noncontrolling interest		(40,000)
Short term loans receivable	(8,524,659)	(1,000,000)	(680,350)
Collection of short term loan	1,431,320	719,815	86,020
Net cash used in investing activities	(7,093,339)	(12,104,687)	(6,549,514)
Cash Flows from Financing Activities
Dividends paid			(385,901)
Cash acquired in the reverse recapitalization			2,476,198
Payments for reverse recapitalization and ordinary shares issuance costs			(1,908,591)
Proceeds from August 2020 PIPE, net of costs			2,021,951
Proceeds from the exercise of December 2020 warrants		27,400,000
Proceeds from the exercise of August 2020 PIPE Warrants		1,541,666
Proceeds from the exercise of January 2021 Call Options		4,000,000
Proceeds from issuance Series A Convertible Preferred Shares and detachable warrants, net of issuance costs		6,299,000
Proceeds from issuance of Series B Convertible Preferred Shares and detachable December 2021 Warrants, net of costs		3,742,000
Proceeds from issuance of ordinary shares to Yuntian		777,971
Proceeds from issuance of convertible debenture	8,095,000		1,540,000
Contribution from noncontrolling shareholder	1,713,775
Proceeds from Short-term borrowings		110,000
Repayment of Short-term borrowings		(292,240)	(1,124,448)
Repayment of Short-term borrowings from related party			(128,415)
Advances from director			1,616,565
Repayments to director			(1,467,043)
Net cash provided by financing activities	9,808,775	43,578,397	2,640,316
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(123,760)	(33,833)	16,441
Net Change in Cash, Cash Equivalents, and Restricted Cash	(1,348,876)	10,957,378	(3,787,082)
Cash, Cash Equivalents, and Restricted Cash - Beginning of Year	15,751,475	4,794,097	8,581,179
Cash, Cash Equivalents, and Restricted Cash - End of Year	14,402,599	15,751,475	4,794,097
Noncash Investing and Financing Activities
Net liabilities acquired in the reverse recapitalization			57,963
Increase in payables for ordinary shares issuance costs			504,084
Transfer from other assets to intangible assets			13,277
Decrease in accrued expenses for shares issued to prior D&O			60,000
Convertible debenture debt discounts and issuance costs charged to equity			659,782
Subscription receivable for the shares issued in August 2020 PIPE			508,750
Transfer from other assets to intangible assets		8,000,000
Decrease in receivable for fixed assets		534,564
Value of January 2021 Call Options issued for service		1,909,000
Issuance of ordinary shares in connection with 2020 Share Incentive Plan		148
Conversion of crypto currencies to USDT		17,496
Effect of early adoption of ASU 2020-06	1,590,676
Conversion of Debenture into ordinary shares	444,888	1,611,600
Conversion of Series A Convertible Preferred Shares and accrued dividends	4,124,206	302,247
Conversion of Series B Convertible Preferred Shares and accrued dividends	3,016,800
Accrued dividends on Series A and Series B Convertible Preferred Shares		211,000
Deemed dividend on Series A and Series B Convertible Preferred Shares	187,353	1,599,204
Embedded derivative liabilities (make-whole interest feature)	2,916,785
Share issuances in exchange for a decrease in embedded derivative liability	630,000
Effect of a modification of the existing warrants as debt issuance costs (ASU 2021-04)	1,330,271
Lease liabilities arising from obtaining right-of-use assets	1,878,836
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	1,613,789	841,847	115,160
Cash paid for income taxes	$ 3,419	$ 54,667	$ 8,227

Organization and Principal Acti

Organization and Principal Activities	12 Months Ended
	Dec. 31, 2022
Organization and Principal Activities [Abstract]
Organization and Principal Activities	Note 1 — Organization and Principal Activities Lion Group Holding Ltd. (the “Company”, “Lion” or “LGHL”) is a company with limited liability registered as an exempted company in the Cayman Islands. The Company and its subsidiaries (collectively referred to as the “Group”) provide securities, futures and derivatives brokerage services, insurance brokerage services, total return swap trading services, and market maker trading services. As a result of the transaction described below, the Company’s ordinary shares and warrants started to be traded on the NASDAQ Capital Market under the ticker symbols LGHL and LGHLW, respectively on June 17, 2020. Each American Depositary Shares (“ADSs”) of the Company represents one Class A ordinary share. Reverse Recapitalization The Company was incorporated on February 11, 2020 for the sole purpose of consummating the business combination described further below. A business combination agreement dated March 10, 2020, as amended and restated on May 12, 2020 (the “Business Combination Agreement”), was entered into by and among the Company, Proficient Alpha Acquisition Corp., a Nevada corporation (“PAAC”), Lion MergerCo I, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (the “Merger Sub”), Lion Financial Group Limited, a corporation organized under the laws of the British Virgin Islands (“LFGL”), each of the holders of LFGL’s outstanding capital shares (collectively, the “Sellers”) and the other parties thereto (collectively, the “Business Combination”). The exchange consideration was approximately $131.3 million. On June 16, 2020, the Company consummated the Business Combination (the “Closing”) and each of PAAC and LFGL became a wholly-owned subsidiary of the Company and the Company became a new public company owned by the prior stockholders of PAAC and the prior shareholders of LFGL, where each outstanding share of PAAC common stock has been exchanged for one Class A ordinary share of the Company, each outstanding warrant of PAAC has been exchanged for one warrant of the Company and each outstanding right of PAAC has been exchanged for one-tenth of one Class A ordinary share of the Company, resulting in 4,507,574 Class A ordinary shares and 17,795,000 warrants being issued to PAAC stockholders; and where the Company acquired all of the issued and outstanding shares of LFGL, i.e. 50,000 ordinary shares of LFGL from each of LFGL shareholders, in exchange for 12,891,602 ordinary shares (including 3,140,388 Class A and 9,751,214 Class B, “Exchange Shares”) of the Company, valued at a price per share equal to the price at which each share of PAAC common stock was redeemed, i.e. $10.185 per share. The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. generally accepted accounting principles. Under this method of accounting, LGHL and PAAC are treated as the “acquired” company for financial reporting purpose. This determination was primarily based on LFGL comprising the ongoing operations of the combined company, LFGL’s senior management comprising the senior management of the combined company, and LFGL’s stockholders having a majority of the voting power of the combined company. Accordingly, for accounting purposes, LFGL is deemed the accounting acquirer in the transaction. The transaction is not a business combination because neither PAAC nor LGHL was a business under ASC 805. Consequently, the transaction is treated as the equivalent of LFGL issuing stock for the net monetary assets of PAAC, accompanied by a recapitalization of LFGL. Accordingly, the consolidated assets, liabilities and results of operations of LFGL are the historical financial statements of the combined company, and LGHL and PAAC’s assets, liabilities and results of operations are consolidated with LFGL beginning on June 16, 2020. The consolidated financial statements are prepared as a continuation of the financial statements of LFGL, the acquirer and predecessor, with retrospective adjustments to give effect of the reverse recapitalization. The equity is restated using the exchange ratio of 141.81 established in the reverse recapitalization transaction, which is 7,090,381 (the number of Exchange Shares excluding Escrow Shares, see below) divided by 50,000, to reflect the equity structure of the legal acquirer, LGHL. Earnings (loss) per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding multiplied by the exchange ratio. The par value of ordinary shares was adjusted retrospectively from $0 to $709, and the difference of $709 was adjusted retrospectively as additional paid-in capital as of January 1, 2018. The consolidated statements of changes in stockholders’ equity for the years ended December 31, 2020, 2019 and 2018 were also adjusted retrospectively to reflect this change. Upon the consummation of the reverse recapitalization, the assets and liabilities of PAAC were recognized at fair value. The fair value of cash and short-term liabilities acquired approximates their historical costs due to their short maturity. After the redemption of ordinary shares of PAAC before the closing of the Business Combination, the net assets acquired by the Company were in the amount of $171,357 (as restated), which were recorded as a decrease in additional paid-in capital. Assets and liabilities of PAAC upon the consummation of the reverse recapitalization are as follows: Cash $ 2,476,198 Prepaid expenses and other current assets 209 Warrant liabilities (2,247,087 ) Accrued expenses (57,963 ) Net assets acquired by LGHL as of June 16, 2020 $ 171,357 During the year ended December 31, 2020, the Group incurred approximately $2.4 million of direct and incremental transaction costs, consisting of legal, accounting and financial consulting services directly associated with the reverse recapitalization. In accordance with SEC reporting guidance with regards to an operating company’s reverse acquisition with a nonoperating company having some cash, transaction costs incurred for the reverse acquisition, such as legal fees, investment banking fees and the like, may be charged directly to equity to the extent of the cash received, while all costs in excess of cash received should be charged to expense. Accordingly, the Group charged transaction costs of approximately $2.4 million to additional paid in capital in the consolidated financial statements. 1,933,740 Class B ordinary shares being 15% of the Exchange Shares (“Indemnity Escrow Shares”) otherwise issuable to LFGL shareholders are set aside in escrow for a period of 24 months after the closing to satisfy any post-closing purchase price adjustment and indemnification claims prescribed in the Business Combination Agreement. Additionally, 3,876,481 Class B ordinary shares being 30% of the Exchange Shares (the “Earnout Escrow Shares”, together with any dividends, distributions or other income on the Earnout Escrow Shares, the “Earnout Escrow Property”) otherwise issuable to LFGL shareholders are set aside in escrow until released upon the satisfaction of certain financial milestones below: ● In the event that the net income for the calendar year ended December 31, 2021 (the “2021 Net Income”), as set forth in LGHL’s audited financial statements, is equal to or greater than $19,000,000 (the “First Net Income Target”), then, the Class B Sellers’ rights to 50% of the Earnout Escrow Property (the “First Half Earnout Property”) shall vest and shall no longer be subject to forfeiture. If the 2021 Net Income is less than the First Net Income Target, but is equal to or greater than $9,500,000, then the Sellers’ rights to 50% of the First Half Earnout Property shall vest and shall no longer be subject to forfeiture. In all other cases, the First Half Earnout Property will be forfeited. ● In the event that the net income for the calendar year ended December 31, 2022 (the “2022 Net Income”), as set forth in LGHL’s audited financial statements, is equal to or greater than $21,850,000 (the “Second Net Income Target”), then the Class B Sellers’ rights to the remaining Earnout Escrow Property (after giving effect to any forfeitures for the 2021 calendar year, the “Second Half Earnout Property”) shall vest and shall no longer be subject to forfeiture. If the 2022 Net Income is less than the Second Net Income Target, but is equal to or greater than $10,925,000, then the Class B Sellers’ rights to 50% of the Second Half Earnout Property shall vest and shall no longer be subject to forfeiture. In all other cases, the Second Half Earnout Property will be forfeited. Principal Activities The Group generates commission revenues by enabling its customers to trade in securities, futures and derivative markets throughout the world. The Group’s trading customers consist of corporate clients, individual traders and retail investors primarily located in People’s Republic of China (“PRC”) and Southeast Asia, although its trading platform allows it to serve customers worldwide. The Group also generates commission revenues by providing insurance brokerage services to high-net-worth individuals primarily located in the PRC. In May 2019, the Group began to serve as the counterparty to its customers in derivative transactions. This predominantly occurs when a customer utilizes a contract for difference (CFD). CFDs allow for the exchange of the difference in value of a particular asset such as a currency pair between the time at which a contract is opened and the time at which it is closed. If the trades of one customer can be used to naturally offset the trades of another customer, the Group will act as the market maker to offer liquidity and pricing to both customers. When such an offsetting is not available, the Group may choose to use its own trades to offset the trades of its customer, and the Group may also act as a broker in arranging trades between the customer and third-party market makers. The Group officially began offering total return swap (TRS) trading services to customers in July 2020. The Group has entered into International Swaps and Derivatives Association (ISDA) master agreements and related supplementary agreements with two of the top five swap traders in China. The Group is currently offering A-shares (shares that are denominated in Renminbi and traded in the Shanghai Stock Exchange and Shenzhen Stock Exchange) and Hong Kong stock basket linked TRS, which provides international investors seeking to invest in the China stock market with higher leverage compared with buying A-share stocks directly. The Group earns income from the spread on interest rate loans provided to TRS trading customers and loans borrowed from its business partners. In addition, the Group also receives commissions and fees from customers for trades made through the TRS trading service. For the years ended December 31, 2022, 2021 and 2020, no trading customers accounted for more than 10% of its total revenue. For the years ended December 31, 2022, 2021, and 2020, one clearing broker accounted for 72%, 61%, and 73%, respectively, of the Group’s total commissions expense. For the years ended December 31, 2022, 2021, and 2020, the Group placed 79% (13% of total revenue in 2022), 77% (2% of total revenue in 2021), and 77% (7% of total revenue in 2020), respectively, of its insurance brokerage sales with one insurance provider. The Group commenced bitcoin mining operations in late May 2021 and voluntarily ceased the operation since October 2021 as a result of the hiked electricity cost as well as the change in the regulatory environment in the PRC. In January 2022, the Group launched the non-fungible token, or NFT, business through Flying Lion Limited, including (i) issuance of MetaWords character NFTs and MetaWords work NFTs (collectively, the “MetaWords NFTs”), and (ii) the establishment of the NFT trading platform, namely the Lion NFT platform (f/k/a/ Meta World). The Group created and minted the MetaWords NFTs by converting Xu Bing’s characters in his artwork Book from the Ground The subsidiaries of the Company include a participant of the Stock Exchange of Hong Kong Limited (“SEHK”) and Hong Kong Securities Clearing Company Limited (“HKSCC”), remote trading member of Singapore Exchange Limited (“SGX”), and member of the Professional Insurance Brokers Association Limited (“PIBA”); possess the licenses issued by Hong Kong Securities and Futures Commission (“HKSFC”) to carry out regulated activities including Type 1 Dealing in Securities, Type 2 Dealing in Futures Contracts, Type 4 Advising on Securities, Type 5 Advising on Futures Contracts, and Type 9 Asset Management, the full license issued by Cayman Islands Monetary Authority (“CIMA”) to carry out securities investment business including Broker Dealer and Market Maker, and the Capital Markets Service License (“CMS License”) issued by the Monetary Authority of Singapore. COVID-19 In December 2019, COVID-19 emerged and has subsequently spread worldwide. In March 2020, the World Health Organization declared COVID-19 as a pandemic. In the fiscal year of 2021, some instances of COVID-19 infections emerged in various regions worldwide. Governments around the globe have taken measures to contain the spread of the COVID-19 virus, including quarantining individuals infected with or suspected of having COVID-19, prohibiting residents from free travel, encouraging employees of enterprises to work remotely from home and cancelling public activities, among others. COVID-19 has also resulted in temporary closure of many corporate offices and factories around the world. In addition, as the outbreak continues to threaten global economies, it may continue to cause significant market volatility and declines in general economic activities. Since December 2021, there has been a recurrence of COVID-19 outbreaks in China and Hong Kong due to the Delta and Omicron variants. During the year of 2022, other countries in the world lifted COVID travel restrictions, while China sticked to its stringent COVID control and prevention measures, resulting in a series of regional lockdowns amid a sharp spike in COVID cases until they started to exit from zero COVID strategy in the last month of 2022. Like most companies, the Group’s various business lines have been adversely impacted by COVID-19. CFD trading volume and futures contract volumes decreased significantly since the beginning of 2020, which was mainly attributable to economic and financial impact brought about by COVID-19 on the Group’s customers, causing a decrease in both their willingness to trade and make investments as well as their disposable income allocated making such transactions. Furthermore, customers’ concerns about future unpredictability also caused their trading activity to decline, impacting the Group’s CFD trading business in particular. In addition, travel restrictions in Hong Kong caused cancellations and prevented management from attending branding, business promotion, and exhibition activities, which limited the opportunities to acquire new customers. Meanwhile, the Group’s futures and insurance brokerage businesses were negatively affected as new or existing customers may not be able to travel to Hong Kong to open new futures trading accounts or purchase insurance products. At the end of 2022 and in the beginning of 2023, China was seeing COVID infections to surge rapidly as the border controls, travel and social restrictions were relaxed. Although the cases worldwide subdued, WHO has not declared an end to the COVID-19 pandemic yet. Given the uncertainties surrounding the duration of the outbreak, the Group cannot reasonably estimate the related financial impact to its future financial results. The Group continues to closely monitor the impact and navigate the significant challenges created by the COVID-19 pandemic. No impairments were recorded as of the consolidated balance sheet date, as the carrying amounts of the Group’s assets are expected to be recoverable. Details of the Company’s subsidiaries as of December 31, 2022 are as follows: Company name Date of Place of Ownership Principal Lion Financial Group Limited June 16, 2015 British Virgin Islands 100% Investment holding Lion Wealth Management Limited February 16, 2017 British Virgin Islands 100% Investment holding Lion International Securities Group Limited May 20, 2016 Hong Kong 100% Securities brokerage Lion Futures Limited May 20, 2016 Hong Kong 100% Futures brokerage Lion Investment (Hong Kong) Limited (F/K/A Lion Foreign Exchange Limited) May 20, 2016 Hong Kong 100% Dormant Lion Asset Management Limited (F/K/A Lion Capital Management Limited) May 20, 2016 Hong Kong 100% Asset management BC Wealth Management Limited October 14, 2014 Hong Kong 100% Insurance brokerage Lion Wealth Limited October 4, 2018 Hong Kong 100% Marketing and support service Lion Brokers Limited May 2, 2017 Cayman Islands 100% Broker dealer and market maker Lion International Financial (Singapore) Pte. LTD. July 26,2019 Singapore 100% Dormant Lion Group North America Corp. (F/K/A Proficient Alpha Acquisition Corp.) June 16, 2020 Nevada, USA 100% Dormant Lion Fintech Group Limited April 13, 2021 British Virgin Islands 100% Investment holding Royal Lion Investment Limited April 13, 2021 Cayman Islands 70% Investment holding Royal Lion Middle East DMCC April 13, 2021 Dubai 70% Dormant Lion NFT Limited May 7, 2021 British Virgin Islands 90% Investment and innovation in digital assets Flying Lion Limited June 17, 2021 Cayman Islands 70% Investment and innovation in digital assets Lion Group (Hangzhou) Investment Limited May 7, 2021 China 100% Technology development, consulting, conference and exhibition services Aquarius Sponsor Ltd. April 12, 2021 British Virgin Islands 51% Investment holding Aquarius II Sponsor Ltd/ May 4, 2021 British Virgin Islands 51% Investment holding Aquarius I Acquisition Corp. April 15, 2021 Cayman Islands 51% Special purpose acquisition company Aquarius II Acquisition Corp. May 5, 2021 Cayman Islands 51% Special purpose acquisition company Lion Metaverse Limited October 26, 2021 British Virgin Islands 50% Technology development Lion Multi-Series Fund SPC December 3, 2021 Cayman Islands 100% Assets management Lion Silver Capital Limited February 24, 2022 British Virgin Islands 51% Assets management

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Organization and Principal Activities [Abstract]
Significant Accounting Policies	Note 2 — Significant Accounting Policies Basis of Presentation These consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and have been prepared in accordance with the regulations of the Securities and Exchange Commission (“SEC”). Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Principles of Consolidation The consolidated financial statements include the accounts of the Company, and its subsidiaries in which it has a controlling financial interest. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in consolidation. The Group consolidates the loss of the subsidiaries and subtracts the net loss that is attributable to the non-controlling interest holders in calculating the net income (loss) that is attributable to the Group. Translation of Foreign Currencies The functional currency is the U.S. dollar for the Group’s Cayman Island operations, Singapore dollars for Singapore entity, and the Hong Kong dollar for all other Group operations. The Group’s reporting currency is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, income statement accounts are translated at average rates of exchange for the year and equity is translated at historical exchange rates. Any translation gains or losses are recorded in other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements as well as the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of deposits with banks and all highly liquid investments, with maturities of three months or less, that are not segregated and deposited for regulatory purposes. The Group does not have any cash equivalents as of December 31, 2022 and 2021. The Group maintains its cash in bank deposit accounts which at times may exceed insured limits. The Group has not experienced any losses in such accounts. The Group only has one bank account with U.S. bank subject to FDIC insurance and its balance was immaterial. Management believes that the Group is not exposed to any significant credit risk on cash and cash equivalents. Restricted Cash — Bank Balances Held on Behalf of Customers The Group maintains segregated trust accounts with licensed banks or payment platform to hold customer funds in accordance with the relevant legislation. The Group has classified customer funds as bank balances held on behalf of customers with a corresponding payable to customers in the liabilities section of the consolidated balance sheets. Securities Owned and Derivatives The Group’s proprietary trading securities transactions are recorded on the trade date, as if they had settled. Securities, futures and derivative positions are recorded at fair value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”). Receivables Receivables arise from the business of dealing in investment securities, futures and derivatives and include the amounts due on brokerage transactions on a trade-date basis. Broker-dealers will require balances to be placed with them in order to cover the positions taken by its customers. Clearing house receivables typically represent proceeds receivable on trades that have yet to settle and are usually collected within two days. Receivables from broker-dealers and clearing organizations as presented in the consolidated balance sheets represent such receivables related to the Group’s customer trading activities, including customers’ cash deposits, receivables arising from unsettled trades in securities, futures and CFD trading service, and receivables arising from the Group’s TRS trading service in an amount generally equal to the market value of A-shares. Receivables from broker-dealers and clearing organizations include such receivables arising from the Group’s proprietary trading activities as well. Commissions receivable represent commissions due from trading activities and from insurance providers once referrals have been made and the transactions have been executed under the terms of the relevant insurance policy or subscription agreement. As of December 31, 2022 and 2021, commissions receivable amounted to $35,805 and $32,463, respectively, are included in the line item “prepaids, deposits and other” in the consolidated balance sheets. Crypto Currencies The following table presents the activities of the crypto currencies for the years ended December 31, 2022 and 2021: BNB and Crypto currencies at January 1, 2022 $ - Additions of crypto currencies (1) 438,042 Realized gain on sale of crypto currencies - Impairment of crypto currencies (293,619 ) Sale of crypto currencies - Crypto currencies at December 31, 2022 (4) $ 144,423 Bitcoins Crypto currencies at January 1, 2021 $ - Additions of crypto currencies (2) 1,708,753 Realized gain on sale of crypto currencies 17,496 Impairment of crypto currencies (3) - Sale of crypto currencies (1,726,249 ) Crypto currencies at December 31, 2021 (4) $ - (1) Binance Coin (“BNB”) and Wrapped BNB (“WBNB”) obtained from the sales of NFTs. The Group collected in an aggregate of approximately US$438,000 at the spot token price upon the completion of the sale of NFTs. As of December 31, 2022, the Group recorded an impairment charge of approximately US$294,000. (2) Bitcoins obtained from the crypto currency mining activities. (3) The Group did not recognize impairment loss on crypto currencies during the year ended December 31, 2021 as the crypto currencies were converted to stable coins shortly after the consideration was received and all stable coins were liquidated before the year end. (4) The balance was included in the line item “other assets” in the consolidated balance sheet as of December 31, 2022 and 2021. Crypto Currency Machines Management has assessed the basis of depreciation of the Group’s crypto currency machines used to verify crypto currency transactions and generate crypto currencies and believes they should be depreciated over a 3-year period. The rate at which the Group generates digital assets and, therefore, consumes the economic benefits of its transaction verification servers are influenced by a number of factors including the following: ● the complexity of the transaction verification process which is driven by the algorithms contained within the bitcoin open source software; ● the general availability of appropriate computer processing capacity on a global basis (commonly referred to in the industry as hashing capacity which is measured in Petahash units); and ● technological obsolescence reflecting rapid development in the transaction verification server industry such that more recently developed hardware is more economically efficient to run in terms of digital assets generated as a function of operating costs, primarily power costs i.e. the speed of hardware evolution in the industry is such that later hardware models generally have faster processing capacity combined with lower operating costs and a lower cost of purchase. The Group operates in an emerging industry for which limited data is available to make estimates of the useful economic lives of specialized equipment. Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. This assessment takes into consideration the management’s expectations regarding the direction of the industry including potential changes in technology. To the extent that any of the assumptions underlying management’s estimate of useful life of its transaction verification servers are subject to revision in a future reporting period either as a result of changes in circumstances or through the availability of greater quantities of data then the estimated useful life could change and have a prospective impact on depreciation expense and the carrying amounts of these assets. During the year ended December 31, 2022, the Company fully impaired and disposed of the mining equipment in an amount of approximately $1.7 million, resulting from the stumbled Bitcoin price and the change in the regulatory environment in the PRC. Prepaids, deposits and other Prepaids, deposits and other consists of prepaid services, insurance, stock-based compensations, commission receivable and others. Balances of prepaids, deposits and other were $2,534,684 and $8,741,735 as of December 31, 2022 and 2021, respectively. NFT - Intangible assets Due to the lack of physical substance, the Group considers MetaWords NFTs that the Group created meet the definition of intangible assets and would generally be accounted for under ASC 350 Intangibles — Goodwill and Other. The useful life is indefinite according to ASC 350-30-35-4. The Group understands that there is no clear guidance either authoritative or nonauthoritative on the accounting treatment of NFTs yet. In the cases in which the Group shall account for the initial recognition of NFTs on balance sheet, it considers the following applicable guidance: ASC 350-30, General Intangibles Other Than Goodwill ASC 985-20, Software to be sold, leased, or otherwise marketed By analogy to the guidance above, capitalization of the costs commences on the establishment of technological feasibility (i.e. the completion of a working model) and ceases when the NFTs are made available for release to customers. Indefinite-lived intangible assets are not amortized. Instead, they are tested for impairment annually or upon a triggering event that indicates it is more likely than not that the asset is impaired. The impairment test under ASC 350 is a one-step test that compares the fair value of the intangible asset with its carrying value. If the fair value is less than the carrying value, an impairment is recorded. Once the intangible asset is impaired, the impairment loss is not reversed if the fair value subsequently increases. As of December 31, 2022, the Group considers the value of the NFTs held on hand is immaterial to the consolidated financial statements taken as a whole. In accordance with the accounting policies mentioned above, the Group initially capitalized the costs of NFTs in intangible assets which primarily included the gas fees, the blockchain transaction fee paid to network validators for their services, in an aggregate of less than $1,000, and subsequently determined to fully impair. Gas fees were paid by BNB tokens and measured at the fair value of the tokens on the date paid. As a result, as of December 31, 2022, the carrying value of NFTs included in intangible assets was zero. For NFTs held by users, the Group does not provide custody services either directly or indirectly, and neither it has control of these digital assets nor does it have any related liability. They are off-balance sheet in the Group’s financial statements. Fixed Assets, Net Furniture, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis using estimated useful lives of three ten Equity Investments Without Readily Determinable Fair Values In accordance with ASC 321 Investment—Equity Securities, for those equity investments without readily determinable fair values, the Group elects to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Under this measurement alternative, changes in the carrying value of the equity investment are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. Pursuant to ASC 321, for those equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss equal to the difference between the carrying value and fair value. Impairment of Long-lived Assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Other Assets Other assets primarily comprised of long-term portion of the value of January 2021 Call Options issued for service (see Note 14 for detail). Payables Payables arise from the business of dealing in investment securities, futures and derivatives. Payables to customers as presented in the consolidated balance sheets represent such payables related to the Group’s customer trading activities as well as the cash balances held on behalf of customers. The Group borrows loans from business partners at benchmark interest rate plus a fixed spread, and immediately lent to TRS trading service customers. Net loans borrowed from TRS business partners are included in the line item “payables to broker-dealers and clearing organizations”. As of December 31, 2022 and 2021, the balance of payables to broker-dealers and clearing organizations was primarily comprised of such net loans. Commissions payable mainly represent amounts owed to referral sources of insurance brokerage business outside of the Group for transactions referred based on the terms of the underlying agreements. As of December 31, 2022 and 2021, commissions payable amounted to $47,359 and $26,801, respectively and are included in the line item “accrued expenses and other payables” in the consolidated balance sheets. Revenue Recognition See Note 3 for details. Commissions and Fees Commissions and fees related to securities, derivative and TRS trading transactions are recorded on a trade date basis. Commissions expense on insurance products are recognized on the closing date of a transaction as determined by the terms of the relevant contract and insurance policy. Convertible Securities, Warrants and Derivative Instruments The accounting treatment of warrants and convertible securities issued is determined pursuant to the guidance provided by ASC 470, Debt, ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging (“ASC 815”), as applicable. Each feature of freestanding financial instruments including, without limitation, any rights relating to subsequent dilutive issuances, equity sales, rights offerings, conversions, optional redemptions and dividends are assessed with determinations made regarding the proper classification in the Company’s consolidated financial statements. The Company evaluates all of its equity-linked financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity and whether embedded derivative shall be bifurcated from the host instrument and separately accounted for as a derivative, is reassessed at the end of each reporting period. Derivative assets and liabilities are recorded at fair value at inception and re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. On January 1, 2022, the Company early adopted Accounting Standards Update (“ASU”) ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06)”. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. For public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company early adopted ASU 2020-06 in the first interim period of 2022 using the modified retrospective method which resulted in a reclassification of the unamortized portion of the beneficial conversion feature from additional paid-in capital to Series B Preferred shares on the consolidated balance sheet. Earnings (Loss) per Ordinary Share The Company complies with accounting and disclosure requirements ASC Topic 260, “Earnings Per Share”, which requires earnings per share for each class of stock (ordinary shares and participating securities) to be calculated using the two-class method. The two-class method is an allocation of earnings between the holders of ordinary shares and a company’s participating security holders. Under the two-class method, earnings for the reporting period are allocated between ordinary shareholders and other security holders based on their respective participation rights in undistributed earnings. As the Company’s two classes of ordinary shares have the same dividend rights, earnings (loss) per share for each class of ordinary shares have the same results. Basic earnings (loss) per ordinary share is computed by dividing net income or loss available to ordinary shareholders by the weighted average number of ordinary shares issued and outstanding for the periods. For the years ended December 31, 2021 and 2020, the December 2020 Convertible Debenture (as discussed in Note 12) which was fully converted into the Company’s Class A ordinary shares, as represented by ADSs in the first half of 2021 and the December 2020 Series A Warrant (as discussed in Note 12) which was exercised into the Company’s Class A ordinary shares, as represented by ADSs in the first half of 2021, have the same dividend rights as the ordinary shares on an as-converted and as-exercised basis, and therefore qualify as participating securities for the period they were outstanding in accordance with ASC 260. The holders of Convertible Debenture and Series A Warrant do not have a contractual obligation to share in the Company’s losses, therefore participating securities are excluded from the calculation of loss per share for the years ended December 31, 2021 and 2020 in which there were losses available to ordinary shareholders. In accordance with ASC 260-10-45, the 3,867,481 Class B of Earnout Escrow Shares are considered contingently returnable shares and therefore are excluded from the computation of basic earnings (loss) per share for all periods presented (on a retroactively adjusted basis). Since June 16, 2021, 50% of 1,933,740 Class B of Indemnity Escrow Shares was included in the computation of basic earnings (loss) per share and the remaining 50% was included starting from June 16, 2022. For purposes of determining diluted earnings (loss) per ordinary share, basic earnings (loss) per ordinary share is further adjusted to include the effect of potential dilutive ordinary shares outstanding during the period. Potential ordinary shares consist of the incremental ordinary shares upon exercise of warrants using the treasury stock method and upon conversion of convertible debt using the if-converted method. For the years ended December 31, 2022, 2021 and 2020 (on a retroactively adjusted basis), the following potential dilutive securities denominated in ordinary shares equivalents were excluded for the periods they were outstanding from the computation of diluted earnings (loss) per share because to do so would have been antidilutive. As a result, diluted earnings (loss) per ordinary share is the same as basic earnings (loss) per ordinary share for all periods presented. Years Ended December 31, 2022 2021 2020 SPAC Warrants See Note 20 17,795,000 17,795,000 17,795,000 August 2020 PIPE Warrants See Note 14 729,167 1,500,000 1,500,000 December 2020 Convertible Debenture See Note 12 — 800,000 800,000 December 2020 Warrants See Note 12 — 13,700,000 13,700,000 January 2021 Call Options See Note 14 4,000,000 6,000,000 — Series A Convertible Preferred Shares See Note 13 — 2,333,333 — February 2021 Warrants See Note 13 38,800,000 26,666,667 — Series B Convertible Preferred Shares See Note 13 — 3,615,584 — December 2021 Warrants See Note 13 2,285,715 2,285,715 — August and December 2022 Convertible Debentures See Note 12 5,200,000 — — Subsequently, an aggregate of approximately 4 million Class A ordinary shares were issued resulting from conversion of August 2022 Convertible Debenture. Non-controlling Interests The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Group. Income attributable to non-controlling interests’ holders is presented on the consolidated statements of operations and the consolidated statements of comprehensive income (loss) as an allocation of the total income for the periods between non-controlling interests holders and the shareholders of the Group. Under ASC 810-10-15-10(a), Consolidation, all majority-owned subsidiaries (i.e., all companies in which a parent has a controlling financial interest through direct or indirect ownership of a majority voting interest) must be consolidated unless control does not rest with the majority owner. The Group owns 50% of Lion Metaverse Limited (“LML”) and controls the board of directors. Therefore, the Group has a controlling financial interest in LML and LML is consolidated in the consolidated financial statements. On May 7, 2021, Lion NFT Limited (“LNFT”) was formed by Lion Financial Group Limited (“LFGL”) and three other shareholders in British Virgin Islands. LFGL owned 60% of equity interest of LNFT upon incorporation. During the year ended December 31, 2021, LNFT borrowed a total of $600,000 from its shareholders in the form of shareholder loans. On October 8, 2021, LFGL acquired 30% additional equity interest in LNFT for a total cash consideration of $200,000 from two of the minority shareholders. Reclassification Certain prior periods amounts have been reclassified to be comparable to the current period presentation. The reclassification has no effect on previously reported net assets or net income (loss). Stock-based Compensation The Company applies ASC No. 718, “Compensation-Stock Compensation”, which requires that share-based payment transactions with employees and nonemployees upon adoption of ASU 2018-07, be measured based on the grant date fair value of the equity instrument and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. The fair value of the Company’s ordinary shares underlying stock-based awards is determined to be based on the closing price of the Company’s shares as reported by Nasdaq on the date of grant. The Company values its stock options or warrants that have service vesting requirements or performance-based awards with or without market conditions using the Binomial Option Pricing Model. Research and Development Expenses Research and development expenses are expensed in the period when incurred. These costs primarily consist of designing, coding, project management, and other IT services related to developing and enhancing the project. Income Taxes The amount of current taxes payable or refundable is recognized as of the date of the consolidated financial statements, utilizing currently enacted tax laws and rates of the relevant authorities. Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and tax credits based on applicable tax rates. Deferred tax assets are reduced by a valuation allowance when management determines that it is more likely than not that some portion of the deferred tax asset will not be realized. Deferred tax expenses or benefits are recognized in the consolidated financial statements for the changes in deferred tax liabilities or assets between years. The Group recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group presents any interest or penalties related to an underpayment of income taxes as part of its income tax expense in the consolidated statements of operations. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. Leases On January 1, 2022, the Group adopted FASB ASC Topic 842, “Leases,” (“ASC Topic 842”) which requires that a lessee recognize in the consolidated balance sheet a lease liability and a corresponding right-of-use asset, including for those leases that the Group currently classifies as operating leases. The right-of-use asset and the lease liability was initially measured using the present value of the remaining lease payments. ASC Topic 842 was implemented using a modified retrospective approach which resulted in no cumulative-effect adjustment in the opening balance of retained earnings as of January 1, 2022. As a result, the consolidated balance sheet prior to January 1, 2022 was not restated and continues to be reported under FASB ASC Topic 840, “Leases,” (“ASC Topic 840”), which did not require the recognition of a right-of-use asset or lease liability for operating leases. The Group reviews all relevant contracts to determine if the contract contains a lease at its inception date. A contract contains a lease if the contract conveys to the Group the right to control the use of an underlying asset for a period of time in exchange for consideration. If the Group determines that a contract contains a lease, it recognizes, in the consolidated balance sheets, a lease liability and a corresponding right-of-use asset on the commencement date of the lease. The lease liability is initially measured at the present value of the future lease payments over the lease term using the rate implicit in the lease or, if not readily determinable, the Group’s secured incremental borrowing rate. An operating lease right-of-use asset is initially measured at the value of the lease liability minus any lease incentives and initial direct costs incurred plus any prepaid rent. Each lease liability is measured using the Group’s secured incremental borrowing rate. The Group’s leases have remaining terms of two to three years, and some of which include options to terminate the lease upon notice. The Group considers these options when determining the lease term used to calculate the right-of-use asset and the lease liability when the Group is reasonably certain it will exercise such option. The Group’s operating leases contain both lease components and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the underlying assets, such as common area maintenance and other management costs. The Company elected to measure the lease liability by combining the lease and non-lease components as a single lease component. As such, the Company includes the fixed payments and any payments that depend on a rate or index that relate to the lease and non-lease components in the measurement of the lease liability. Some of the non-lease components are variable in nature and not based on an index or rate, and as a result, are not included in the measurement of the operating lease right-of-use assets or operating lease liab

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2022
Revenue Recognition [Abstract]
Revenue Recognition	Note 3 — Revenue Recognition Under ASC Topic 606 Revenue from Contracts with Customers, revenues are recognized when control of the promised goods or services is transferred to customers in exchange for an amount that reflects the consideration the Group expects to be entitled to and in return for transferring those goods or services. Significant Judgments Revenue from contracts with customers include commission income from securities, futures and derivative brokerage, market making trading and insurance brokerage. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. Commissions and Fees The Group earns fees and commissions from securities, futures and derivatives brokerage services (including commissions and fees related to TRS trading business) and CFD trading services when the Group acts as a market maker. Each time a customer executes a securities, futures, derivative or CFD transaction, commissions and fees are earned. Commissions and related clearing fees and expenses are recorded on the trade date. The performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The Group charges securities brokerage commissions and market making commissions based on amount of transaction volume, or the number of shares, lots of contracts executed in each order, which generally vary in accordance with the type of products or services the Group offers. The Group also earns commission income arising from insurance brokerage services which are recognized at a point in time when the performance obligation has been satisfied by successfully referring an insurance client to an insurer in accordance with the relevant broker contract. The commission earned is equal to a percentage of the premium paid to the insurance provider. The following table presents revenue from contracts with customers, in accordance with ASC Topic 606, by major source and geographic region: For the Years Ended December 31, 2022 2021 2020 Insurance brokerage commissions $ 455,394 $ 542,795 $ 959,299 Securities brokerage commissions 3,412,644 3,188,684 1,890,502 Market making commissions and fees 781,878 4,324,650 4,940,623 Sale of NFTs 438,041 - - Cryptocurrency mining - 1,726,249 - Total revenue from contracts with customers $ 5,087,957 $ 9,782,378 $ 7,790,424 Hong Kong 3,868,038 5,457,728 2,777,831 Cayman Islands 1,219,919 4,324,650 5,012,593 $ 5,087,957 $ 9,782,378 $ 7,790,424 All of the Group’s revenues from contracts with customers are recognized at a point in time. Trading Gains (Losses) Trading gains and losses along with interest revenue fall within the scope of ASC Topic 825, Financial Instruments Trading gains (losses) consist of realized and unrealized gains (losses) derived from (i) managed portfolio trading positions where the Group acts as counterparty to customers’ trades, and (ii) marking up the bid/offer spreads on customers’ CFD transactions, and (iii) trading gains/(losses) from proprietary TRS trading activities. Trading gains/(losses) is recorded on a trade date basis. The following table represents trading gain (loss) breakdown: For the Years Ended December 31, 2022 2021 2020 CFD trading gains/(losses) $ (7,476,190 ) $ 4,374,807 $ 1,883,958 TRS trading gains/(losses) (3,913,422 ) 10,523,974 13,157 Other trading losses (78,357 ) (1,519,635 ) (63,240 ) Total $ (11,467,969 ) $ 13,379,146 $ 1,833,875 The following table represents the effect of trading activities on the consolidated statements of operations and comprehensive income (loss): Trading Revenue Type of Instrument 2022 2021 2020 Foreign Currency $ (310 ) $ 1,454 $ (1,443 ) Stock Indices (7,175,826 ) 4,879,459 1,438,798 Commodities (300,054 ) (506,106 ) 446,603 Equity (3,991,779 ) 9,004,339 (50,083 ) $ (11,467,969 ) $ 13,379,146 $ 1,833,875 Trading Revenue Line Item in Consolidated Statements of Operations and Comprehensive Income (Loss) 2022 2021 2020 Trading gains (losses) $ (11,467,969 ) $ 13,379,146 $ 1,833,875 The revenue related to each category includes realized and unrealized gains and losses on both derivative instruments and nonderivative instruments. Interest Income and Other Interest income primarily consist of interests earned on bank deposits and short-term loans the Group extends to unrelated third parties, interest rate difference between currency pairs the Group hold resulting from rolling over currency positions and interest earned from loans provided to TRS trading customers, which are recorded on an accrual basis. Interest income is recognized as it accrues using the effective interest method. Other income primarily consists of the dividends income, transaction fee, advisory service fee, government subsidy and other miscellaneous charges from customers etc. NFT Sales The Group determines revenue recognition generated in the Group’s NFT business through the following steps in accordance with ASC 606-10-05-4: ● Step 1 - Identify the contract, or contracts, with the customer A contract exists between the Group and platform user customers. When the users log in their accounts with the platform, users sign on the agreement which governs, among others, the purchase of digital assets. When the users submit the purchase order and sign the transaction in their digital wallet, they agree to enter the transaction and to pay the price listed. Collectability is probable because the transaction can only be completed when the available Wrapped Binance Coin or Binance Coin balance in their digital wallet is greater than the sale price. ● Step 2 - Identify the performance obligations in the contract There are two performance obligations including the transfer of MetaWords character NFTs and the transfer of a license of symbolic intellectual property (“IP”) associated with MetaWords to user customers. The Group considers itself the principal in the transfer of MetaWords character NFTs as it controls the MetaWords NFTs in advance of transferring to customers, and revenue is recognized on a gross basis. ● Step 3 - Determine the transaction price In exchange for transferring certain MetaWords NFTs to customers, the Group is entitled for a fixed number of WBNB/BNB tokens, net of the incentive consideration payable to customers which were noncash consideration that the Group measures at the fair value of the tokens on the date received and accounted for as a reduction of the transaction price in accordance with the guidance in ASC 606-10-32-25. Fair value of the WBNB/BNB tokens received is determined using the quoted price of the related cryptocurrency at the time of receipt, which is not materially different from the fair value at contract inception. In exchange for a license of IP, the Group is entitled to consideration in the form of sales-based royalties (i.e. authorization fee and licensing fee when applicable), and recognizes revenue as the subsequent sales occur in accordance with ASC 606-10-55-65. ● Step 4 - Allocate the transaction price to performance obligations in the contract; and As a result of applying the sales- or usage-based royalty exception, the allocation of the transaction price in the sale of Company’s MetaWords NFTs by the Group is not necessary. ● Step 5 - Recognize revenue when, or as, the Group satisfies performance obligations by transferring the promised good or services. Revenue in exchange for transferring MetaWords NFTs is recognized for each sale at the point when the NFT transfers to the user customer’s digital wallet. Revenue in exchange for license of IP is recognized as the subsequent sales occur. In addition, as the marketplace the Group earns revenue as transaction fee when NFTs are exchanged on the Group's platform. The Group considers itself the agent in the MetaWords Resale as it doesn’t control the MetaWords NFTs in advance of transferring to buyers, and revenue is recognized on a net basis as a specific percentage of the gross sale value. The revenue is recognized for each exchange when the NFT transfers to the buyer. The transaction fees abovementioned to such MetaWords Resale were de minimis as of December 31, 2022. Crypto Currencies Mining The Group recognizes revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the 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 company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: ● Step 1: Identify the contract with the customer ● Step 2: Identify the performance obligations in the contract ● Step 3: Determine the transaction price ● Step 4: Allocate the transaction price to the performance obligations in the contract ● Step 5: Recognize revenue when the Company satisfies a performance obligation In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following: ● Variable consideration ● Constraining estimates of variable consideration ● The existence of a significant financing component in the contract ● Noncash consideration ● Consideration payable to a customer Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate. Providing computing power in digital asset transaction verification services is an output of the Group’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Group’s contracts with mining pool operators. The transaction consideration the Group receives, if any, is noncash consideration, which the Group measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Group has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Group receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the cryptocurrency award received is determined using the quoted closing price of the related cryptocurrency at the date of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment.

Cash and Restricted Cash

Cash and Restricted Cash	12 Months Ended
	Dec. 31, 2022
Cash and Restricted Cash [Abstract]
Cash and Restricted Cash	Note 4 — Cash and Restricted Cash The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets and statements of cash flows. December 31, 2022 2021 2020 Cash $ 11,159,610 $ 15,098,151 $ 3,426,467 Restricted Cash 3,242,989 653,324 1,367,630 Total cash and restricted cash presented in the consolidated statement of cash flows $ 14,402,599 $ 15,751,475 $ 4,794,097 Restricted cash includes cash balances held on behalf of customers (see Note 2 for further information).

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
Fair Value [Abstract]
Fair Value	Note 5 — Fair Value Fair Value Hierarchy FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy of fair value inputs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. ● Level 2 are inputs other than quoted prices included within level 1 that are observable for the assets or liabilities either directly or indirectly. ● Level 3 inputs are unobservable inputs for the assets or liabilities. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A description of the valuation techniques applied to the Group’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Exchange-traded equity securities and futures are generally valued based on quoted prices at the close of trading on the period end date. To the extent these securities and futures are actively traded, valuation adjustments are not applied, and they are categorized in level 1 of the fair value hierarchy; otherwise, they are categorized in level 2 or level 3 of the fair value hierarchy. Listed derivatives that are actively traded are valued based on quoted prices at the close of trading on the period end date and are categorized in level 1 of the fair value hierarchy. Listed derivatives that are not actively traded are valued using the same approaches as those applied to over-the-counter (“OTC”) derivatives; they are generally categorized in level 2 of the fair value hierarchy. Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be either observed or modeled using a series of techniques and model inputs from comparable benchmarks. Substantially all of the Group’s OTC derivatives were carried at fair value based on spot exchange rates broadly distributed in active markets, or amounts approximating fair value. Such values are categorized as level 2 of the fair value hierarchy. The significant assumptions which the Company used to value the options in the Monte-Carlo Simulation model are as below. There were no outstanding options as of December 31, 2022. December 31, Stock price $ 0.49 ~ 12.61 Exercise price $ 0.49 ~ 12.61 Expected term in years 0.04 ~ 0.24 Expected dividend yield 0 % Volatility 30% ~ 75 % Risk-free interest Rate 5 % Public Warrants are classified as level 1 financial instruments, as their value is derived using quoted market prices as of the measurement date. Private Warrants are classified as level 2, which are valued using a Black-Sholes-Merton pricing model at of the measurement date. The significant assumptions which the Company used in the model are: December 31， 2022 2021 Stock price $ 0.715 $ 1.28 Exercise price $ 11.5 $ 11.5 Expected term in years 2.46 3.46 Expected dividend yield 0 % 0 % Volatility 96.42 % 80.46 % Risk-free interest Rate 4.44 % 1.22 % The following table presents the Group’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and 2021: At December 31, 2022 Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Total Assets Fair value measurement: Listed equity securities $ 11,104,047 $ - - $ 11,104,047 $ 11,104,047 $ - $ - $ 11,104,047 Liabilities Embedded derivative liabilities $ - $ (2,292,056 ) $ - $ (2,292,056 ) Warrant liabilities (460,000 ) (215,000 ) - (675,000 ) $ (460,000 ) $ (2,507,056 ) $ - $ (2,967,056 ) At December 31, 2021 Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Total Assets Fair value measurement: Listed equity securities $ 15,900,369 $ - - $ 15,900,369 NAV practical expedient: Long term investment 1,550,314 $ 15,900,369 $ - $ - $ 17,450,683 Liabilities Option liabilities (1) $ - $ (554,710 ) $ - $ (554,710 ) Warrant liabilities (1,322,500 ) (618,125 ) - (1,940,625 ) $ (1,322,500 ) $ (1,172,835 ) $ - $ (2,495,335 ) (1) No collateral received or pledged for derivative contracts. There were no transfers between level 1, level 2, and level 3 during either year. The following table presents the carrying values and estimated fair values of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. At December 31, 2022 Quoted Prices in Active Significant Significant Total Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Estimated Value (Level 1) (Level 2) (Level 3) Fair Value Assets Cash and cash equivalents $ 11,159,610 $ 11,159,610 $ - $ - $ 11,159,610 Bank balances held on behalf of customers 3,242,989 3,242,989 - - 3,242,989 Receivables from broker-dealers and clearing organizations 33,342,254 - 33,342,254 - 33,342,254 Short-term loans receivable 7,126,021 7,126,021 - - 7,126,021 Other receivables 534,437 - 534,437 - 534,437 $ 55,405,311 $ 21,528,620 $ 33,876,691 $ - $ 55,405,311 Liabilities Payables to customers $ 23,829,192 $ - $ 23,829,192 $ - $ 23,829,192 Payables to broker-dealers and clearing organizations 24,963,524 - 24,963,524 - 24,963,524 Accrued expenses and other payables 1,923,305 - 1,923,305 - 1,923,305 Short-term borrowings 110,000 - 110,000 - 110,000 Lease liability - current 601,531 - 601,531 - 601,531 Lease liability - noncurrent 618,705 - 618,705 - 618,705 Due to director 146,671 - 146,671 - 146,671 $ 52,192,928 $ - $ 52,192,928 $ - $ 52,192,928 At December 31, 2021 Total Quoted Significant Significant Estimated Value (Level 1) (Level 2) (Level 3) Fair Value Assets Cash and cash equivalents $ 15,098,151 $ 15,098,151 $ - $ - $ 15,098,151 Bank balances held on behalf of customers 653,324 653,324 - - 653,324 Receivables from broker-dealers and clearing organizations 87,938,377 - 87,938,377 - 87,938,377 Other receivables 67,352 - 67,352 - 67,352 $ 103,757,204 $ 15,751,475 $ 88,005,729 $ - $ 103,757,204 Liabilities Payables to customers $ 35,959,925 $ - $ 35,959,925 $ - $ 35,959,925 Payables to broker-dealers and clearing organizations 53,101,820 - 53,101,820 - 53,101,820 Accrued expenses and other payables 1,623,354 - 1,623,354 - 1,623,354 Short-term borrowings 110,000 - 110,000 - 110,000 Due to director 161,044 - 161,044 - 161,044 $ 90,956,143 $ - $ 90,956,143 $ - $ 90,956,143

Short-term Loans Receivable

Short-term Loans Receivable	12 Months Ended
	Dec. 31, 2022
Short-term Loans Receivable [Abstract]
Short-term Loans Receivable	Note 6 — Short-term Loans Receivable During the year ended December 31, 2022, the Group issued notes receivable in an aggregate of approximately $8,564,000 to two unrelated parties and received total repayments of approximately $1,499,000 including interest of $51,000. The notes were due in six months and accrue interest at a rate of 12% per annum. As of December 31, 2022 and December 31, 2021, the aggregate outstanding balance of loan receivables above was approximately $7,126,000 and $-0-, respectively. During the year ended December 31, 2022, interest income earned on the notes were $500,759. On April 6, 2023, the Group entered into an asset acquisition agreement with Hangzhou Lanlian Technology Co., Ltd. (“Lanlian”), to acquire various software systems for its trading service, which includes Real-time High Performance Risk Management System, Intelligent Dynamic Order Distribution System, and Margin-based Securities Trading System. The acquisition will close by March 31, 2024 upon which Lanlian will convey and deliver to the Group the software systems. The aggregate purchase price for the software systems was $7,850,000. On April 13, 2023, the Group entered into Deeds of Assignments with the unrelated borrowers discussed above and Lanlian. As a result, the Group assigned the outstanding loans receivable and accrued interest in an aggregate of approximate $7,766,000 to Lanlian as part of the payment for the purchase price. No gains or losses are recognized. The remaining purchase price will be settled upon the transfer of assets. On April 28, 2021, the Group entered into loan agreement in the principal amount of $1,000,000 to one unrelated party. The loan is due on June 1, 2021 and accrue interest at a rate of 12% per annum. As of September 27, 2021, the Group received repayment of principal and accrued interest in the amount of approximately $492,000 and $5,000, respectively. On September 7, 2021, the Group entered into an asset acquisition agreement with Lanlian, to acquire various software systems for TRS trading service. The acquisition was closed on September 27, 2021 upon which Lanlian conveyed and delivered to the Group the software systems. The aggregate purchase price for the software systems was $8,000,000. On September 27, 2021, the Group entered into Deeds of Assignment with the unrelated borrower discussed above and Lanlian. As a result, the Group assigned the outstanding loans receivable and accrued interest in an aggregate of approximate $508,000 and $26,000, respectively, to Lanlian without recourse as payment for the purchase price, and such notes were fully settled. No gains or losses are recognized. The remaining purchase price was paid in cash. For the year ended December 31, 2021, interest income earned on this note was approximately $31,000.

Long-term Investment

Long-term Investment	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term Investment	Note 7 — Long-term Investment In May 2021, the Group formed Lion Group (Hangzhou) Investment Limited and invested RMB 10,000,000 ($1,550,000) to purchase 25% of the equity interest in Hangzhou Qianlan Enterprise Management Partnership (Limited Partnership) (“Qianlan”). Qianlan, a limited partner of Hangzhou Tunlan Hongyi Investment Partnership (Limited Partnership) (“Tunlan Hongyi”), holds 62% of equity interest in Tunlan Hongyi (a private equity fund with total investment of RMB 64,500,000 which invested in Shenzhen Yuhe Chuangzhi Technology Limited Company). In accordance with ASC 820-10-35-59, investments in certain funds that do not have a readily determinable fair value may qualify for the use of the net asset value (NAV) per share as a practical expedient, if the net asset value per share of the investment is calculated in a manner consistent with the measurement principles of Topic 946 as of the reporting entity’s measurement date. This practical expedient can be applied on an investment-by-investment basis, and it is an accounting policy election and should be applied consistently from period to period, unless a change is preferable. In addition, ASC 321 offers a measurement alternative for equity investments without readily determinable fair values and allows some entities to elect to record these investments at cost, less impairment, adjusted for subsequent price changes in orderly transactions for identical or similar investment of the same issuer. An entity elects the measurement alternative on an investment by investment basis. Once elected, it should be applied to an investment consistently as long as the investment meets the qualifying criteria. In 2021, Group classified the investment to long term investment and elected to use the NAV per share as a practical expedient. As of December 31, 2022, the Group reassessed that such investment did not qualify for practical expedient anymore and elected to use ASC 321 measurement alternative. For the year ended December 31, 2022 and 2021, no gain or loss related to the long term investment was recognized.

Fixed Assets, Net

Fixed Assets, Net	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Fixed Assets, Net	Note 8 — Fixed Assets, Net Fixed assets consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Mining Machines $ 2,585,119 $ 2,584,071 Software 16,000,000 16,000,000 Leasehold improvement 38,329 38,329 Office and equipment 305,651 305,651 Total cost of fixed assets 18,929,099 18,928,051 Less: accumulated depreciation (3,452,727 ) (1,420,309 ) Less: impairment of mining machines (1,690,028 ) - Fixed assets, net $ 13,786,344 $ 17,507,742 On April 19, 2021, Lion Wealth Limited (the “Transferee”), a wholly-owned subsidiary of the Group, entered into an antminer transfer and maintenance agreement (the “Antminer Transfer and Maintenance Agreement”) with Shanghai ITHELP Network Technology Co., Ltd, (the “Transferor”), in a single transaction, to acquire the Bitmain Antminers S9 Hydro computer model equipment from the Transferor and the maintenance of the mining machines by Shanghai Minebaba Network Technology Co., Ltd (“Minebaba”). The acquisition was closed in May 2021, upon onsite inspection and acceptance and payment, with the Transferee acquiring five thousand brand new units of mining machines. The aggregate purchase price for the mining machines was approximately RMB 17 million (approximately $2.6 million), including the transportation and installation costs. The annual maintenance costs payable to the Minebaba are expected to be $0.2 million. In accordance with the Antminer Transfer and Maintenance Agreement, Minebaba shall operate and maintain the mining machines for three years. The Group may terminate Minebaba’s operation and maintenance with a written notice of 30 days prior to the termination without penalty. For the year ended December 31, 2021, the depreciation expense of the mining machines during the operation period in the amount of $378,554 and after ceasing the operation in the amount of $147,248 was included in the line item “cost of crypto mining” and “depreciation”, respectively, in the consolidated statements of operations. No such expense during the year ended December 31, 2022. Depreciation expense, including depreciation expense of the mining machines during the operation was $2,032,386, and $1,295,470 for the years ended December 31, 2022 and 2021, respectively, and are included in operating expenses. The Group recorded $1,690,028 and $-0- impairment charges related to mining machines for the years ended December 31, 2022 and 2021, respectively.

Short-term Borrowings

Short-term Borrowings	12 Months Ended
	Dec. 31, 2022
Short-term Borrowings [Abstract]
Short-term Borrowings	Note 9 — Short-term Borrowings As of December 31, 2022 and 2021, total short-term borrowings outstanding was $110,000 representing a loan owed to a minority shareholder. In October 2021, Lion Wealth Management Limited (“LWML”) and Dawa Future Graphic Technology Co., Ltd (“DAWA”) formed Lion Metaverse Limited to develop the Group’s newly launched Metaverse project “Lion World”. LWML and DAWA each hold 50% of equity interest in LML. LWML agreed to loan LML for its operation and evidence by the loan agreements. As of December 31, 2022 and 2021, total loan lent to LML is RMB 32,600,000 (approximately US $4,682,000) and RMB 15,000,000 (approximately US $2,325,000), respectively. The loan amount has been eliminated upon consolidation.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2022
Derivatives [Abstract]
Derivatives	Note 10 — Derivatives Derivative financial instruments used for trading purposes are carried at fair value. Fair values for exchange-traded derivatives, principally futures and certain options, are based on quoted market prices. Fair values for OTC derivative financial instruments, principally CFDs are based on spot exchange rates broadly distributed in active markets, OTC option contracts are based on stock price and stock volatility. Factors taken into consideration in estimating the fair value of OTC derivatives include market liquidity, concentrations, and funding and administrative costs incurred. The Group does not apply hedge accounting as defined in ASC 815, because all financial instruments are recorded at fair value with changes in fair values reflected in earnings. Therefore, certain of the disclosures required under ASC 815 are generally not applicable with respect to these financial instruments. As discussed in Note 1, the Group’s derivative trading activity primarily relates to situations where it assumes the role of a market maker or a counter party in its customers’ CFD and options transactions. If the trades of one customer can be used to naturally hedge and offset the trades of another customer, the Group will act as the market maker to offer liquidity and pricing to both customers. When such an offsetting is not available, the Group may choose to use its own trades to hedge and offset the trades of its customer. The contractual amounts related to CFDs reflect the volume and activity and generally do not reflect the amounts at risk. The fair value of the asset or liability is the best indicator of the Group’s risk. The credit risk for the CFDs and option contracts is limited to the unrealized fair value gains (losses) recorded in the balance sheets. Market risk is substantially dependent upon the value of the underlying assets and is affected by market forces such as volatility and changes in interest and foreign exchange rates. The Group’s open derivative positions at December 31, 2022 were derivative assets of $54 for CFDs. The Group’s open derivative positions at December 31, 2021 were derivative liabilities of $554,710 for OTC option contracts and derivative assets of $64 for CFDs . A summary of the Group’s open positions at December 31, 2022 is as follows: Description Fair Value of Fair Value of Net Amount Stock Indices CFDs 54 - 54 $ 54 $ - $ 54 A summary of the Group’s open positions at December 31, 2021 is as follows: Description Fair Value of Asset Fair Value of Liability Net Amount Stock Indices OTC option contracts $   $ 554,710 $ 554,710 Foreign Currency CFDs 4 -  4 Stock Indices CFDs 60 -  60 $ 64 $ 554,710 $ 554,774 The Group elects the alternative disclosure for gains and losses on derivative instrument included in its trading activities, and discloses gains and losses on its trading activities (including both derivative instruments and nonderivative instruments) separately by major type of items as required by ASC 815-10-50-4F, see Note 2 above. Offsetting Arrangements Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheets if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Concentrations of Credit Risk The Group is engaged in various trading and brokerage activities in which counterparties primarily include broker-dealers, individuals, and other financial institutions. In the event counterparties do not fulfil their obligations, the Group may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Group’s policy to review, as necessary, the credit standing of each counterparty.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties	Note 11 — Related Parties During the year ended December 31, 2022, no advances were received or repaid from/to the individual shareholder. Due to director in an amount of approximately $147,000 and $161,000 was included in the consolidated balance sheets as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, LML recorded payable to DAWA for research and development expenses in the amount of approximately $838,000 and $119,000, respectively. The amount was included in the line item “accrued expenses and other payables” in the consolidated balance sheets.

Convertible Debentures

Convertible Debentures	12 Months Ended
	Dec. 31, 2022
Fair Value [Abstract]
Convertible Debentures	Note 12 – Convertible Debentures December 31, Convertible Debentures 2022 2021 December 2020 Convertible Debenture $ - $ - May 2022 Convertible Debenture - - August 2022 Convertible Debenture 2,238,897 - December 2022 Convertible Debenture 1,822,838 - $ 4,061,735 $ - December 2020 Convertible Debenture and Warrants On December 14, 2020, the Company completed a private placement with net proceeds of $1,540,000 in exchange for the issuance of i) a 9% senior secured convertible debenture (the “2020 Convertible Debenture” or “Debenture”) in the principal amount of $1,600,000, which is convertible up to 800,000 ADSs at $2.00 per ADS at any time, matures 30 months from the date of issuance and accrues interest at 9% per annum payable quarterly in cash or, in lieu of cash payment, in the Company’s ADSs, subject to adjustment and certain customary equity conditions; ii) a 2-year warrant (“Series B Warrant”) to purchase 5,000,000 ADS at an exercise price of $2.00 per ADS; iii) a warrant to purchase 1,200,000 ADS (“Series A Warrant”) until December 14, 2027 at an exercise price of $2.45 per ADS; and iv) a 7-year warrant to purchase 7,500,000 ADS (“Series C Warrant”, together with Series A Warrant and Series B Warrant, the “December 2020 Warrants”) at an exercise price of $2.45 per ADS. The exercisability of Series C Warrant shall vest ratably from time to time in proportion to the exercise of the Series B Warrant by the holder. Further, for each $1 million of subscription amount under the 2020 Convertible Debenture and the Series B Warrant, the purchaser shall receive a certificate representing 50,000 ADSs (or such lesser number on a ratable basis if the subscription amount is less than $1 million). Both the Debenture and the December 2020 Warrants include a full ratchet anti-dilution provision, and contain a beneficial ownership limitation on such conversion or exercise. The Company follows Accounting for Certain Financial Instruments with Down Round Features. The detachable December 2020 Warrants issued to the holder are considered to be indexed to the Company’s own stock and classified in stockholders’ equity and therefore they meet the scope exception prescribed in ASC 815-10-15. The fair value of December 2020 Warrants is measured by using Binomial Option Pricing Model and Black-Scholes Merton Valuation Model with the assumptions below on the date of issuance, with no subsequent adjustment of fair value in accordance with ASC 815. Series A Series B Series C Expected term in years 7 2 7 Stock price $ 2.32 $ 2.40 $ 2.40 Expected dividend yield 0 % 0 % 0 % Volatility 46.68 % 49.61 % 46.68 % Risk-free interest Rate 0.63 % 0.20 % 0.63 % Initial fair value per share $ 1.01 $ 0.58 $ 0.83 F-32 In accordance with ASC 470-20, Debt with Conversion and Other Options, the net proceeds of $1,540,000 were allocated to Convertible Debenture, the detachable Series A, B and C December 2020 Warrants on their relative fair value basis, in the amount of approximately $206,000, $157,000, $375,000 and $802,000, respectively. For the holder of the Debenture, conversion price results in BCF that is separated as an equity component and assigned a value of approximately $206,000 as a debt discount. Debt discount is amortized using the effective interest rate method over the period from the issuance date through the stated redemption date. The issuance costs are allocated in the same proportion as the proceeds are allocated to the debt and warrants. Issuance costs allocated to the equity-classified warrants in an aggregate of $77,500 were charged to stockholders’ equity. The Debenture is recognized initially at fair value, net of debt discounts including original issue discount of $60,000 and allocation of proceeds to BCF and the detachable Series A and Series B Warrants of $737,000, in an aggregate of approximately $803,000 on the date of issuance. As the vesting of Series C Warrants is contingent upon the exercise of Series B Warrants, debt discounts related to allocation of proceeds to Series C Warrants will be deferred and recognized until Series C Warrants are vested on a proportional basis. On January 29, 2021, the Debenture along with accrued interest of $11,600 was fully converted into 889,667 Class A ordinary shares, as represented by ADSs. The Company recognized interest expense of approximately $796,000 and $20,000 for the years ended December 31, 2021 and 2020, respectively, including interest relating to contractual interest obligation approximately of $12,000 and $7,000, respectively and amortization of the debt discounts and debt issuance cost approximately of $784,000 and $13,000, respectively. As a result of discounts amortization, the Debenture was in the carrying value of zero and approximately $816,000 as of December 31, 2020. As of December 31, 2022 and 2021, there was no such Debenture outstanding. As a result of January 2021 Call Options as discussed in Note 13, exercise price of Series A and Series C Warrants was adjusted from $2.45 to $2.00. In accordance with ASC 260-10-25-1, Earnings per Share-Overview-Recognition, when a down round feature is triggered, the Company recognized the effect of the down round feature in an aggregate of $743,500, and the effect is treated as a dividend and a reduction to income available to ordinary shareholders in the basic EPS calculation for the year ended December 31, 2021. During the year ended December 31, 2021, as a result of full exercise of December 2020 Warrants, the Company received the proceeds of $27.4 million in exchange for the issuance of 14,200,000 Class A ordinary shares, as represented by ADSs. May 2022 Convertible Debenture On May 17, 2022, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with ATW Opportunities Master Fund, L.P. (the “Purchaser”), pursuant to which the Company received net proceeds of $1,955,000 in consideration of the issuance of Convertible Debenture (the “May 2022 Debenture”) in the principal amount of $2,100,000. The Debenture matures on November 17, 2024, bears interest at a rate of 8% per annum to the extent such interest is paid in cash or 12.0% to the extent such interest is paid in ADSs at the Company’s election, and is convertible into ADSs at the option of the holder, beginning after its original date of issuance at a conversion price is the lesser of $1.00 or 85% of the lowest trade price in the last ten (10) trading days immediately prior to conversion , in no event that the conversion price shall be lower than $0.75, subject to adjustment, per ADS. Interest is payable quarterly. Upon the conversion of all of this Debenture prior to the maturity date, the Holder shall be entitled to receive all interest which would have accrued on the principal amount being converted after the date of such conversion, in any combination of cash or ADSs at the Company’s election (the “Interest Make-Whole”). The Debenture and include a full ratchet anti-dilution provision, and contain a beneficial ownership limitation on such conversion. As part of consideration of entering into the Securities Purchase Agreement, the Company agreed to extend the February 2021 and December 2021 Warrants termination dates as follows: (i) the termination date for the Series D American Depositary Shares Purchase Warrant shall be extended to February 18, 2028; (ii) the termination date for the Series E American Depositary Shares Purchase Warrant shall be extended to February 18, 2025; (iii) the termination date for the Series F American Depositary Shares Purchase Warrant shall be extended to February 18, 2028; and (iv) the termination date for the Series G American Depositary Shares Purchase Warrant shall be extended to December 13, 2028. Pursuant to the adoption of ASU 2021-04, the Company considered the guidance in in ASC 815-40-35-16 through ASC 815-40-35-18 regarding the modification or exchange of a freestanding equity-classified written call option, and recognized the incremental fair value of the warrants aforementioned as a debt discount or debt issuance cost in accordance with paragraph 815-40-35-17(b), in an amount of $1,330,000. The fair value of Series D, E and G Warrants immediately before the modification is estimated to be at $0.24, $0.09 and $0.29 per share, respectively by using Binomial Option Pricing Model with an expected term of 3.75, 0.75 and 4.57 years, respectively, a stock price of $1.07 per share, volatility of 58.23%, 91.63%, 57.98%, respectively, a risk free rate of 2.97%, 3.16% and 2.96%, respectively, and an expected dividend yield of 0%. The fair value of Series D, E and G Warrants after the modification is estimated to be at $0.35, $0.18 and $0.43 per share, respectively by using Binomial Option Pricing Model with an expected term of 5.75, 2.75 and 6.57 years, respectively, a stock price of $1.05 per share, volatility of 57.82%, 61.03% and 61.21%, respectively, a risk free rate of 2.96%, 2.97% and 2.97%, respectively, and an expected dividend yield of 0%. The Company early adopted ASU 2020-06 on January 1, 2022. In accordance with ASC 815-15-25-1, the Interest Make-Whole feature is an embedded derivative that should be bifurcated and accounted for separately. As a result, the Company recognized the embedded derivative liability for Interest Make-Whole feature at its fair value of approximately $625,000 which equals to the present value of the stated interest cash flows on the Consolidated Balance Sheets, with any changes in its fair value recognized in the earnings during period, and recorded the Debenture carried at the value of approximately $1,330,000 representing the difference between the proceeds received of $1,955,000 (net of debt original issue discount of $145,000) and the fair value of the derivative. Further, the Company charged the debt issuance cost of $1,330,000 against the proceeds. Debt discount and debt issuance costs are amortized using the effective interest rate method over the period from the issuance date through the stated maturity date. The Company recognized interest expense of approximately $445,000 for the year ended December 31, 2022, resulting from the amortization of the debt discounts. During the year ended December 31, 2022, the May 2022 Convertible Debenture along with the Make-Whole interest of $630,000 were fully converted into an aggregate of 3,194,885 Class A ordinary shares. As of December 31, 2022, there was no such Debenture outstanding. August 2022 and December 2022 Convertible Debentures On August 9, 2022, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with ATW Opportunities Master Fund II, L.P. (the “Purchaser”), pursuant to which the Company received net proceeds of $3,300,000 on August 10, 2022 (the “First Closing’) in consideration of the issuance of Convertible Debenture (the “August 2022 Debenture”) in the principal amount of $3,500,000. The Company also granted the Purchaser the right to purchase an additional $25 million of Debentures within 24-month anniversary of the First Closing Date (the “Subsequent Closings’), pursuant to which the Company received net proceeds of $2,840,000 on December 7, 2022 (the “Second Closing’) in consideration of the issuance of Convertible Debenture (the “December 2022 Debenture”) in the principal amount of $3,000,000. August and December 2022 Convertible Debentures have the same terms as the May 2022 Convertible Debenture, except that they mature at the 36-month anniversary on August 10, 2025 and December 7, 2025, respectively. Upon issuance, the Company recognized the embedded derivative liability for Interest Make-Whole feature at its fair value of approximately $1,241,000 and $1,051,000 on the Consolidated Balance Sheets for August and December 2022 Convertible Debentures, respectively, which equal to the present value of the stated interest cash flows, with any changes in its fair value recognized in the earnings during period, and recorded the Debentures carried at the value of approximately $2,059,000 and $1,789,000 for August and December 2022 Convertible Debentures, respectively, representing the difference between the proceeds received and the fair value of the derivative. Debt discounts are amortized using the effective interest rate method over the period from the issuance date through the stated maturity date. The Company recognized interest expense aggregating approximately $214,000 for the year ended December 31, 2022, resulting from the amortization of the debt discounts. Embedded Derivative Liability In connection with the issuance of May 2022, August 2022 and December 2022 Convertible Debentures as discussed above, the Company separately measured their embedded Interest Make-Whole feature at its fair value, with changes in fair value recognized in earnings. The following represents a summary of all outstanding embedded derivatives in convertible debentures at period end. December 31, Embedded Derivative Liability bifurcated from: 2022 2021 May 2022 Convertible Debenture $ - $ - August 2022 Convertible Debenture 1,241,261 - December 2022 Convertible Debenture 1,050,795 - $ 2,292,056 $ -

Convertible Preferred Shares an

Convertible Preferred Shares and Attached Warrants	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Convertible Preferred Shares and Attached Warrants	Note 13 — Convertible Preferred Shares and Attached Warrants February 2021 Series A Convertible Preferred Shares and Warrants On February 15, 2021, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement-February”) with one third party investor (the “Purchaser”), pursuant to which the Company received $6,440,000 in consideration of the issuance of: a) Series A Convertible Preferred Shares (the “Series A Convertible Preferred Shares”) with a stated value of $7,000,000; b) a warrant (the “Series D Warrant”) to purchase 2,333,333 ADSs of the Company until the fifth year anniversary of the closing date at an exercise price of $3.00 per ADS; c) a one-year warrant to purchase 13,333,333 ADS (the “Series E Warrant”) at an exercise price of $3.00 per ADS, each exercise of which entitles the warrant holder to receive one ADS and a 8% cash discount; and d) a 5-year warrant to purchase 13,333,333 ADS (the “Series F Warrant”, together with the Series D Warrant and the Series E Warrant, the “February 2021 Warrants”) at an exercise price of $3.00 per ADS. The exercisability of Series F Warrant shall vest ratably from time to time in proportion to the exercise of the Series E Warrants by the holder. The transactions contemplated under the Securities Purchase Agreement were closed on February 18, 2021. The number of Series A Convertible Preferred Shares is 7,000 and each share has a par value of $0.0001 and a stated value of $1,000. The Series A Convertible Preferred Shares have no voting rights, bear dividend rights at a rate of 8% per annum commencing on the six month anniversary of the closing date, and are convertible into the ADSs, beginning after its original date of issuance at an initial conversion price of $3.00 per share. Dividend is payable quarterly in cash, or the Company may pay accrued interest in its ADSs. At election of the Company, the Series A Convertible Preferred Shares may be redeemed, subject to certain equity conditions. Both the Series A Convertible Preferred Shares and the February 2021 Warrants include full ratchet anti-dilution provisions, and contain a beneficial ownership limitation on such conversion or exercise. Series A Convertible Preferred Shares are classified as equity and carried at the amount recorded at inception, without amortization. The discount to the redemption amount shall be recognized as a dividend upon redemption. The detachable February 2021 Warrants issued to the holder are considered to be indexed to the Company’s own stock and classified in stockholders’ equity and therefore they meet the scope exception prescribed in ASC 815-10-15. The fair value of February 2021 Warrants is measured by using Binomial Option Pricing Model and Black-Scholes Merton Valuation Model with the assumptions below on the date of issuance, with no subsequent adjustment of fair value in accordance with ASC 815. Series D Series E Series F Expected term in years 5 1 5 Stock price $ 2.97 $ 3.02 $ 2.97 Expected dividend yield 0 % 0 % 0 % Volatility 43.05 % 50.45 % 43.05 % Risk-free interest Rate 0.63 % 0.21 % 0.63 % Initial fair value per share $ 1.07 $ 0.53 $ 0.89 In accordance with ASC 470-20, Debt with Conversion and Other Options, the Company allocated the net proceeds to Series A Convertible Preferred Shares, the detachable Series D, E and F February 2021 Warrants on their relative fair value basis, in the amount of approximately $1,563,000, $560,000, $1,588,000 and $2,669,000, respectively. For the holder of the Series A Convertible Preferred Shares, conversion price results in BCF that is separated as an equity component and assigned a value of approximately $1,563,000 as a prefer stock discount. Such discount is amortized all at once upon issuance date and the amortization is treated as a deemed dividend for the year ended December 31, 2021. The issuance costs are allocated in the same proportion as the proceeds are allocated to the preferred stock and warrants. Issuance costs allocated to the equity-classified warrants in an aggregate of $81,000 were charged to additional paid in capital. The Series A Convertible Preferred Shares are recognized initially at fair value, net of discounts including original issue discount of $620,000 and allocation of proceeds to the detachable Series D and Series E Warrants of $2,149,000, in an amount of approximately $4,231,000 on the date of issuance. As the vesting of Series F Warrants is contingent upon the exercise of Series E Warrants, preferred stock discounts related to allocation of proceeds to Series F Warrants will be deferred and recognized until Series F Warrants are vested on a proportional basis. Each of the February 2021 securities contain down round features which would reduce the respective conversion price or exercise prices to the effective price at which any future securities are sold. In consideration of the transaction entered into in December 2021 below, the investor agrees to waive the full ratchet anti-dilution provision and set the conversion price and exercise prices as follows: (i) the conversion price of the Series A Preferred Shares is adjusted to the lower of $1.75 or 90% of the lowest daily Volume-Weighted Average Price in the last 10 trading days prior to conversion, in no event that the conversion price shall be lower than $0.75, as amended; (ii) the exercise price of the Series D Warrants is adjusted to $2.50; (iii) the exercise price of the Series E Warrants is adjusted to $2.00; and (iv) the exercise price of the Series F Warrants is adjusted to $2.50. In accordance with ASC 260-10-25-1, the Company recognized the effect of such reprice event for February 2021 Warrants in an aggregate of $5.3 million, and the effect is treated as a dividend and a reduction to income available to ordinary shareholders in the basic EPS calculation for the year ended December 31, 2021. During the year ended December 31, 2021, 500 Series A Preferred Shares along with accrued dividend of $14,000 were converted into an aggregate of 349,789 Class A ordinary shares, as represented by ADSs. 6,500 Series A Preferred Shares remained outstanding as of December 31, 2021 in the carrying value of $3,929,000. During the year ended December 31, 2022, the remaining 6,500 Series A Preferred Shares along with accrued dividend of $325,000 were fully converted into an aggregate of 8,280,270 Class A ordinary shares. As a result of early adoption of ASU 2020-06 on January 1, 2022 using the modified retrospective method, no cumulative effect was recognized with regards to Series A Preferred Shares. The Company recognized cumulative dividend of approximately $130,000 and $209,000 for the years ended December 31, 2022 and 2021, respectively. December 2021 Series B Convertible Preferred Shares and Warrants On December 13, 2021, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement-December”) with the same third party investor (the “Purchaser”), pursuant to which the Company received net proceeds of $3,800,000 in consideration of the issuance of: a) Series B Convertible Preferred Shares (the “Series B Convertible Preferred Shares”) with a stated value of $4,000,000; and b) a 5-year warrant to purchase 2,285,715 ADSs (the “Series G Warrants”, or the “December 2021 Warrants”) of the Company until on or prior to December 13, 2026 at an exercise price of $2.50 per ADS. The transactions were closed on December 13, 2021. The number of Series B Convertible Preferred Shares is 4,000 and each share has a par value of $0.0001 and a stated value of $1,000. The Series B Convertible Preferred Shares have no voting rights, bear dividend rights at a rate of 8% per annum commencing on the closing date, and are convertible into the ADSs, beginning after its original date of issuance at an initial conversion price of $1.75 per share or 90% of the lowest daily volume-weighted average price during the 10 consecutive trading days prior to the conversion date, in no event that the conversion price shall be lower than $0.75, as amended. Dividend is payable quarterly in cash, or the Company may pay accrued interest in its ADSs. On the third anniversary of the original issue date, the Company shall redeem, at the option of the holder, all of the then outstanding Series B Convertible Preferred Shares, for an amount in cash equal to the sum of (a) 100% of the aggregate cash investment of $3,800,000 and (b) accrued but unpaid dividends due in respect of the preferred shares. Both the Series B Convertible Preferred Shares and the December 2021 Warrants include full ratchet anti-dilution provisions, and contain a beneficial ownership limitation on such conversion or exercise. The detachable December 2021 Warrants issued to the holder are considered to be indexed to the Company’s own stock and classified in stockholders’ equity and therefore they meet the scope exception prescribed in ASC 815-10-15. The fair value of December 2021 Warrants is estimated to be at $0.58 per share by using Binomial Option Pricing Model with an expected term of 5 years, a stock price of $1.70 per share, volatility of 53.42%, a risk free rate of 1.30% and an expected dividend yield of 0%. In accordance with applicable accounting standards, Series B Convertible Preferred Shares qualified as redeemable securities and are classified as mezzanine equity; the net proceeds were allocated to the Series B Convertible Preferred Shares and the detachable Series G Warrant on their relative basis, in the amount of approximately $2,800,000 and $950,000, respectively. The Series B Preferred Shares contained a BCF that is separated as an equity component and assigned a value of approximately $1,613,000 as a prefer stock discount. The issuance costs are allocated in the same proportion as the proceeds are allocated to the preferred stock and warrants. Issuance costs allocated to the equity-classified warrants in an aggregate of $8,000 were charged to additional paid in capital. The Series B Convertible Preferred Shares are recognized initially at fair value, net of debt discounts including original issue discount of $50,000 and allocation of proceeds to the detachable Series G Warrants of $950,000 and to the BCF of $1,613,000, in an amount of approximately $1,186,000 on the date of issuance. Such discounts are accreted over the period from the date of issuance to the date of the earliest redemption and the accretion is treated as a deemed dividend. For the year ended December 31, 2021, the accretion was recognized as a deemed dividend to preferred stockholders in the amount of approximately $36,000, resulting in the carrying amount accreted to approximately $1,222,000 as of December 31, 2021. As a result of early adoption of ASU 2020-06 on January 1, 2022 using the modified retrospective method, a reclassification of the unamortized portion of the BCF in the amount of $1,591,000 from additional paid-in capital to Series B Preferred shares on the consolidated balance sheets. For the year ended December 31, 2022, the 4,000 Series B Preferred Shares along with accrued dividend of $294,000 were fully converted into an aggregate of 5,158,472 Class A ordinary shares, as represented by ADSs, and the accretion was recognized as a deemed dividend to preferred stockholders in the amount of approximately $187,000 prior to conversions. The Company recognized cumulative dividend of approximately $278,000 and $16,000 for the years ended December 31, 2022 and 2021, respectively.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	Note 14 — Stockholders’ Equity Ordinary Shares and Preferred Shares The Company is authorized to issue (i) 450,000,000 ordinary shares, $0.0001 par value per share, divided into 300,000,000 Class A ordinary shares and 150,000,000 Class B ordinary shares, and (ii) 50,000,000 preferred shares, $0.0001 par value per share. As of June 16, 2020, subsequent to the closing of the Business Combination, there were 17,399,176 ordinary shares outstanding, including 7,647,962 Class A ordinary shares and 9,751,214 Class B ordinary shares, and no preferred shares outstanding. The shareholders of Class A and Class B ordinary shares have the same rights except for the voting and conversion rights. Each Class A ordinary share is entitled to one vote, and is not convertible into Class B ordinary share under any circumstance; and each Class B ordinary share is entitled to ten votes, and is convertible into one Class A ordinary share at any time by the holder thereof, subject to adjustments for any subdivision or combination. On February 16, 2022 and January 13, 2023, the Company held General Meetings of Shareholders that approved the increase by the number of votes attached to Class B Ordinary Shares from ten (10) votes per Class B Ordinary Share to twenty five (25) votes per Class B Ordinary Share, and from twenty five (25) votes per Class B Ordinary Share to one hundred (100) votes per Class B Ordinary Share, respectively. A total of 1,486,504 and 2,450,000 Class A ordinary shares, represented by ADSs were issued in March 2021 and March 2022, respectively, in connection with 2020 Share Incentive Plan (as discussed in Note 15). As of December 31, 2022 and 2021, there was an aggregate of 48,761,596 and 29,677,969 Class A ordinary shares issued and outstanding, respectively; and an aggregate of 9,843,096 Class B ordinary shares issued and outstanding each. Due to the failure in meeting the Net Income Targets for the years ended December 31, 2022 and 2021, the Earnout Escrow Shares were to be forfeited. As of December 31, 2022 and 2021, there was an aggregate of nil nil August 2020 Private Placement On August 1, 2020, the Company entered into a securities purchase agreement (as amended on September 29, 2020, and later amended and restated on October 19, 2020) with three investors (collectively, the “Investors”). Two tranches of transactions contemplated under the agreement were closed on August 3 and November 13, 2020, respectively. As a result, an aggregate of 1,500,000 ADSs and 1,500,000 warrants to purchase an aggregate of 1,500,000 of the Company’s ADS at US$3.00 per ADS (the “August 2020 PIPE Warrants”) were issued at US$2.00 per ADS for an aggregate purchase price of US$3 million, and an aggregate of 150,000 ADSs were issued as origination fee. Issuance costs of approximately $469,000 were recorded as a charge to additional paid-in capital, including legal and accounting fees. In accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity, warrants are classified within stockholders’ equity as “additional paid in capital” upon their issuance. The proceeds were allocated to ordinary shares and private investment in public equity warrants (“PIPE Warrants”) on the relative fair value of the securities in accordance with ASC 470-20-30. In aggregate, the net proceeds to the Company were approximately $2,531,000 classified within stockholders’ equity, including a subscription receivable of $508,750 classified in the other receivables in the consolidated balance sheets as of December 31, 2020 which was received in January 2021. Such warrants shall be exercisable for a period of three The exercise price of PIPE Warrants was adjusted to $2.00 per share as a result of January 2021 Call Options as discussed below, and adjusted a second time to $1.75 per share as a result of December 2021 Series B Convertible Preferred Shares. In accordance with ASC 260-10-25-1, when a down round feature is triggered, the Company recognized the effect of the down round feature in an aggregate of $278,000 and $16,000, respectively, and the effect was treated as a dividend and a reduction to income available to ordinary shareholders in the basic EPS calculation for the year ended December 31, 2021. For the year ended December 31, 2021, 770,833 Class A ordinary shares, as represented by ADSs were issued for the aggregate proceeds of approximately $1.5 million, as a result of investors’ exercise of August 2020 PIPE Warrants. Share Subscription Agreement with Yun Tian On December 19, 2020, the Company entered into a private placement share subscription agreement (the “Share Subscription Agreement”) with Yun Tian Investment Limited (“Yun Tian”). Yun Tian subscribes for an aggregate of not more than 4,540,000 Class A ordinary shares (the “Subscription Shares”) by tranches at a subscription price of $2.2 per share before June 30, 2021. For the six months ended June 30, 2021, the Company received subscription price in an aggregate of $0.8 million from Yun Tian, and the related Subscription Shares of 353,623 Class A shares were issued. The Share Subscription Agreement is automatically terminated at June 30, 2021. January 2021 Call Options On January 6, 2021, the Company entered into a binding strategic cooperation framework agreement (the “Strategic Cooperation Agreement”) with Mr. Yao Yongjie (“Mr. Yao”) and engaged Mr. Yao as the chief technical adviser to provide technical advice and consultancy service in blockchain industry. The Company grants to Mr. Yao options (the “Call Options”) to subscribe for 6 million Class A ordinary shares, represented by ADSs at a price fixed at US$2 per share. Within 24 months of the signing of the Strategic Cooperation Agreement, Mr. Yao may exercise the right to subscribe for such shares by tranches if the following conditions are met: (i) if the closing price of the shares in the Company exceeds US$3 per share for 3 consecutive trading days, Mr. Yao may exercise 2 million call options; (ii) if the closing price of the shares in the Company exceeds US$5 per share for 3 consecutive trading days, Mr. Yao may exercise 2 million call options; (iii) if the closing price of the shares in the Company exceeds US$7.50 per share for 3 consecutive trading days, Mr. Yao may exercise 2 million call options. The Company estimated the fair value of the call options at $0.47, $0.33 and 0.16 per share for three tranches, respectively on the date of grant using Binomial Option Pricing Model applying an expected term of 2 years, a stock price of $1.94 per share, volatility of 51.69%, a risk free rate of 0.21% and an expected dividend yield of 0%. The aggregate fair value of the Call Options of $1,909,000 is recognized as stock-based compensation expense over the requisite service period which is five-year period from the date thereof. For the years ended December 31, 2022 and 2021, an aggregate of $382,000 each was recognized in expenses included in the consolidated statements of operations for the service provided. For the year ended December 31, 2021, 2,000,000 Class A ordinary shares, as represented by ADSs were issued for the aggregate proceeds of $4.0 million, as a result of exercise of Call Options. As of December 31, 2022, an aggregate of 4 million Call Options are outstanding, among which 2 million are vested and exercisable and the remaining 2 million are nonvested.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 15 — Stock-Based Compensation 2020 Share Incentive Plan In June 2020, in connection with the Business Combination, the Company’s board approved the 2020 Share Incentive Plan (the “2020 Plan”) and reserved 4,632,449 ordinary shares for issuance thereunder. The Company’s employees, non-employee directors and consultants are eligible to receive options, restricted shares, restricted share units, dividend equivalents, deferred shares, share payments or share appreciation rights, which may be awarded or granted under the Plan (collectively, “Awards”). Generally, each option will have an exercise price determined by the administrator and set forth in the award agreements which may be a fixed or variable price related to the fair market value of the Company’s ordinary shares and a contractual term up to ten On December 1, 2020, 1,486,504 deferred shares were granted to certain employees, non-employee directors and consultants for their services during the year ended December 31, 2020. All of the deferred shares granted are fully vested on the grant date. The Company estimated the fair value of shares at the closing price of $2.46 on the grant date in an aggregate of $3,656,800 and the stock-based compensation expenses were as follows for the year ended December 31, 2020. On March 3, 2022, 2,450,000 deferred shares were granted to certain non-employee consultants for their services for the years of 2022 and 2023. All of the deferred shares granted are fully vested on the grant date. The Company estimated the fair value of shares at the closing price of $0.75 on the grant date in an aggregate of $1,837,500. The stock-based compensation expenses are recognized over the requisite service period which were as follows for the year ended December 31, 2022. The following table provides the details of the total share-based payments under 2020 Plan during the year ended December 31, 2022, 2021, and 2020. For the Years Ended December 31, 2022 2021 2020 Compensation and benefits $ - $ - $ 934,800 Communication and technology 225,000 - 335,000 Marketing 206,250 - 363,000 Services fees - - 294,000 Professional fees 243,750 - 228,000 General and administrative 243,750 - 1,502,000 Total $ 918,750 $ - $ 3,656,800 As of December 31, 2022, approximately $1 million of total unrecognized compensation expense related to future services is expected to be recognized over a period of approximately one year.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 16 — Income Taxes The current and deferred portions of the income tax expense included in the consolidated statements of operations and comprehensive income (loss) as determined in accordance with ASC 740, Income Taxes, are as follows: Years Ended December 31, 2022 2021 2020 Current $ 3,419 $ 53,239 $ 1,767 Deferred - 1,128 (451 ) $ 3,419 $ 54,367 $ 1,316 A reconciliation of the difference between the expected income tax expense or benefit computed at applicable statutory income tax rates and the Group’s income tax expense is shown in the following table: Years Ended December 31, 2022 2021 2020 Income tax expense (benefit) at applicable statutory rate (1) $ (5,199,883 ) $ 3,085 $ (348,782 ) Nondeductible expenses 328,511 (398,706 ) - Impact of foreign tax rate differential (2) 3,117,801 (1,208,726 ) (214,313 ) Current year change in valuation allowance 1,804,389 1,606,803 558,859 Other (47,399 ) (1,328 ) 5,552 Prior year examination adjustment - 53,239 - Reported income taxes $ 3,419 $ 54,367 $ 1,316 (1) The applicable statutory rate applied is based on the profits tax rates in Hong Kong. Effective for tax years ended on or after December 31, 2018, the applicable tax rate was 8.25% on the first HK $2,000,000 of assessable profits and 16.5% on any assessable profits above that threshold. The 8.25% tax rate can only be utilized by one entity in a controlled group. All other Hong Kong entities in the Group utilize the 16.5% tax rate. The Singapore entity within the Group has an applicable tax rate of 17.0%. The entity in the United States within the Group has a federal tax rate of 21.0%. (2) The Group also has entities domiciled in the British Virgin Islands and the Cayman Islands, but such entities are not subject to income or capital gains taxes. Significant components of the Group’s deferred tax assets (liabilities) are presented below: December 31, 2022 2021 Deferred tax asset Net operating loss carryforwards $ 4,952,445 $ 2,987,597 Less: Valuation allowance (4,952,445 ) (2,987,597 ) Net deferred tax asset $ - $ - Deferred tax liability Accrued employee benefits Fixed assets - Deferred tax liability, net $ - $ - Management has applied a valuation allowance to the total amount of deferred tax assets based on the determination that it is more likely than not that the deferred tax asset will not be realized. This determination was based on the historic and estimated future profitability of the entities to which the deferred tax assets relate. The tax rules in Hong Kong do not allow the Group to file on a consolidated basis.

Lease

Lease	12 Months Ended
	Dec. 31, 2022
Lease [Abstract]
Lease	Note 17 —Lease All of the Group’s leases are classified as operating leases and primarily consist of real estate leases for corporate offices and other facilities. As of December 31, 2022, the weighted-average remaining lease term on these leases is approximately 2.07 years and the weighted-average discount rate used to measure the lease liabilities was approximately 2.87%. The Group’s lease agreements do not contain any residual value guarantees, restrictions or covenants. Cash paid for amounts included in the measurement of operating lease liabilities was $561,000 for the year ended December 31, 2022. The following table presents balances reported in the consolidated balance sheets related to the Group’s leases: As at December 31, Operating lease right-of-use assets $ 1,160,563 Operating lease liabilities $ 1,220,236 The following table presents operating lease cost reported in occupancy expenses on the consolidated statements of comprehensive (loss)/income related to the Group’s leases: Year ended December 31, Operating lease cost $ 699,909 The following table reconciles the undiscounted cash flows of the Group’s leases as of December 31, 2022 to the present value of its operating lease payments: Year ended December 31, 2023 $ 623,744 2024 541,866 2025 80,964 Thereafter - Total undiscounted operating lease payments 1,246,574 Less: imputed interest (26,338 ) Present value of operating lease liabilities $ 1,220,236 The Group’s minimum annual lease commitments as of December 31, 2022, in accordance with ASC Topic 840, were as follows: Year ended 2023 $ 552,437 2024 479,076 2025 74,725 2026 5,660 Thereafter - $ 1,111,898

Regulatory Requirements

Regulatory Requirements	12 Months Ended
	Dec. 31, 2022
Regulatory Requirements [Abstract]
Regulatory Requirements	Note 18 — Regulatory Requirements The following table illustrates the minimum regulatory capital as established by the Hong Kong Securities and Futures Commission, the Insurance Authority (Hong Kong), Monetary Authority of Singapore, and the Cayman Islands Monetary Authority (CIMA) that the Company’s subsidiaries were required to maintain as of December 31, 2022 and the actual amounts of capital that were maintained. Entity Name Minimum Capital Excess Percent of Lion International Securities Group Limited $ 384,892 $ 1,152,970 $ 768,078 300 % Lion Futures Limited 384,892 1,407,515 1,022,623 366 % Lion Asset Management Limited 12,830 73,835 61,005 575 % BC Wealth Management Limited 38,489 307,610 269,121 799 % Lion International Financial (Singapore) Pte. Ltd. 744,313 856,642 112,329 115 % Lion Broker Limited (Cayman) 4,259,858 13,572,706 9,312,849 319 % Total $ 5,825,274 $ 17,371,279 $ 11,546,005 298 %

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Note 19 — Segment Reporting ASC 280, Disclosures about Segments of an Enterprise and Related Information, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise which engage in business activities from which they may earn revenues and incur expenses, and about which separate financial information is available that is evaluated regularly by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Reportable segments are defined as an operating segment that either (a) exceeds 10% of revenue, or (b) reported profit or loss in absolute amount exceeds 10% of profit of all operating segments that did not report a loss or (c) exceeds 10% of the combined assets of all operating segments. The Group has three primary operating segments (1) futures and securities brokerage services; (2) market making (CFD) trading; (3) TRS trading; and (4) others. The Group’s futures and securities brokerage segment generates commissions income by enabling customers to trade in futures and securities markets throughout the world. The Group engages in market making (CFD trading) activities where it serves as the counterparty to its customers in derivative transactions. The Group experiences trading gains and losses from such market making (CFD trading) activities. The Group also generated income from TRS trading business including the commission income from the securities trading and interest income from the loan to customers. Other businesses include the following: (1) insurance brokerage segment which generates commissions by providing insurance brokerage services to high-net-worth individuals; (2) proprietary trading activities in investment securities, futures and derivatives, (3) sale of NFT and development NFT platform and Metaverse games; (4) cryptocurrency mining; and (5) executive management functions and corporate overhead. Futures and CFD TRS Other Total Year ended December 31, 2022 Revenues (Losses) $ 3,284,729 $ (6,694,312 ) $ (595,871 ) $ 1,522,954 $ (2,482,500 ) Commissions and fees 2,297,341 7,863 664,435 229,295 3,198,934 Compensation and benefits 953,213 - - 2,667,293 3,620,506 Occupancy - 3,600 3,600 819,054 826,254 Communication and technology 459,263 340,408 340,408 2,252,715 3,392,794 General and administrative 101,143 57,372 57,372 1,012,685 1,228,572 Crypto currencies - - - - - Professional fees 17,496 106,533 106,533 3,486,277 3,716,839 Research and development - - - 4,693,995 4,693,995 Service fees - 470,791 951,857 534,137 1,956,785 Interest - - 1,675,946 658,652 2,334,598 Depreciation 539 800,000 800,000 431,847 2,032,386 Marketing 3,185 54,000 54,000 3,632,382 3,743,567 Payment service charge - (78,562 ) 66,155 - (12,407 ) Change in fair value of warrant liabilities - - - (1,260,354 ) (1,260,354 ) Impairment of fixed assets - - - 1,690,028 1,690,028 Impairment of cryptocurrencies - - - 293,619 293,619 Other operating expenses 6,499 - - 25,907 32,406 3,838,679 1,762,005 4,720,306 21,167,532 31,488,522 Loss from operations $ (553,950 ) $ (8,456,317 ) $ (5,316,177 ) $ (19,644,578 ) $ (33,971,022 ) Total segment assets $ 11,388,786 $ 13,468,277 $ 43,725,609 $ 18,051,712 $ 86,634,384 Futures and CFD TRS Other Total Year ended December 31, 2021 Revenue $ 2,800,543 $ 8,700,009 $ 13,182,716 $ 309,444 $ 24,992,712 Commissions and fees 2,037,619 63,654 1,031,416 185,003 3,317,692 Compensation and benefits 1,083,943 - - 2,985,260 4,069,203 Occupancy - 3,900 3,900 771,081 778,881 Communication and technology 437,629 418,227 698,262 375,863 1,929,981 General and administrative 89,040 393,005 78,616 1,455,921 2,016,582 Crypto currencies - - - 1,163,846 1,163,846 Professional fees 14,281 136,755 136,755 3,549,026 3,836,817 Research and development - - - 1,205,040 1,205,040 Service fees - 449,765 2,730,596 394,218 3,574,579 Interest - - 804,621 803,479 1,608,100 Depreciation 2,027 640,326 93,007 181,556 916,916 Marketing 2,171 70,000 - 841,504 913,675 Payment service charge - (274,616 ) 93,367 - (181,249 ) Change in fair value of warrant liabilities - - - 470,804 470,804 Other operating expenses 1,224 79,934 - 63,017 144,175 3,667,934 1,980,950 5,670,540 14,445,618 25,765,042 Income (loss) from operations $ (867,391 ) $ 6,719,059 $ 7,512,176 $ (14,136,174 ) $ (772,330 ) Total segment assets $ 4,097,364 $ 12,028,984 $ 112,623,891 $ 20,166,592 $ 148,916,831 Futures and CFD TRS Other Total Year ended December 31, 2020 Revenue $ 2,029,669 $ 6,810,520 $ 223,927 $ 1,166,019 $ 10,230,135 Commissions and fees 1,316,800 70,124 45,719 413,351 1,845,994 Compensation and benefits 1,110,192 - 2,692,601 3,802,793 Occupancy - 3,300 3,300 676,560 683,160 Communication and technology 455,323 409,961 233,669 355,097 1,454,050 General and administrative 55,028 225,067 18,105 1,966,118 2,264,318 Professional fees 26,690 108,175 170,544 1,260,425 1,565,834 Service fees - 300,990 13,352 519,522 833,864 Interest - - 52,240 130,917 183,157 Depreciation 13,000 (26,403 ) 26,403 27,556 40,556 Marketing 222 166,013 - 485,089 651,324 Payment service charge - 245,030 - - 245,030 Change in fair value of warrant liabilities - - - (777,266 ) (777,266 ) Other operating expenses - - - 11,464 11,464 2,977,255 1,502,257 563,332 7,761,434 12,804,278 Income (loss) from operations $ (947,586 ) $ 5,308,263 $ (339,405 ) $ (6,595,415 ) $ (2,574,143 ) Total segment assets $ 4,624,325 $ 11,558,061 $ 3,078,078 $ 3,645,605 $ 22,906,069

SPAC Warrants

SPAC Warrants	12 Months Ended
	Dec. 31, 2022
Warrant Disclosure Abstract
SPAC Warrants	Note 20 — SPAC Warrants PAAC’s warrants (collectively, the “SPAC Warrants”), which include (i) 11,500,000 warrants, those warrants included in the units as part of initial public offering (the “IPO”) on June 3, 2019 (the “Public Warrants”), (ii) 5,375,000 warrants purchased by the founders of PAAC in a private placement simultaneously closed with PAAC’s IPO (the “Private Warrants”) and (iii) 920,000 warrants issued to the underwriters of PAAC’s IPO (the “Underwriters’ Warrants”). Public Warrants and Private Warrants Upon the closing, each outstanding Public Warrants and Private Warrants of PAAC automatically represents the right to purchase one Class A ordinary share in the form of the Company’s ADSs in lieu of one ordinary share of PAAC at a price of $11.50 per share or $11.50 per ADS, subject to adjustment in the event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of Class A ordinary shares at a price below their respective exercise prices. However, no warrants issued in exchange for PAAC’s public warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding the foregoing, warrant holders may, during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis in the same manner as if the Company called the warrants for redemption and required all holders to exercise their warrants on a “cashless basis.” The Company’s Public Warrants and Private Warrants became exercisable thirty (30) days after the closing and will expire on the fifth anniversary of the closing or earlier upon redemption or liquidation. The Company’s warrants issued in exchange for PAAC’s private warrants are identical to warrants issued in exchange for the PAAC’s public warrants, except that such private warrants will be exercisable for cash (even if a registration statement covering the Class A ordinary shares issuable upon exercise of such warrants is not effective) or on a cashless basis, at the holder’s option, and will not be redeemable by the Company, in each case so long as they are still held by PAAC’s initial purchasers or their affiliates. The Company may call the warrants for redemption (excluding the private warrants), in whole and not in part, at a price of $0.01 per warrant, ● at any time while the warrants are exercisable; ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; ● if, and only if, the reported last sale price of the Company’s ADSs equals or exceeds $18.00 per ADS, for any 20 trading days within a 30-day trading period ending on the third business day prior to the notice of Redemption to warrant holders; and ● if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying such warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. If the Company calls the warrants for redemption as described above, management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” Subsequent to the closing, 11,500,000 Public Warrants and 5,375,000 Private Warrants remained outstanding through December 31, 2022. The Company evaluated the Public and Private Warrants under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the SEC Statement focused in part on provisions in warrant agreements that provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder and because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provision would preclude the warrant from being classified in equity and thus the warrant should be classified as a liability. Accordingly, due to the restatement, the Public and Private Warrants are now classified as a liability at fair value on the Company’s consolidated balance sheets at each period end, and the change in the fair value of such liability in each period is recognized as a gain or loss in the Company’s consolidated statements of operations and comprehensive income (loss). Because the Public Warrants were publicly traded and thus had an observable market price, fair value adjustments were determined by utilizing the market prices whereas the Private Warrants were valued using a Black-Sholes-Merton pricing model as described in Note 5 to the consolidated financial statements. The changes in the fair value of the warrants may be material to our future operating results. Underwriters’ Warrants The Underwriters’ Warrants may be exercised for cash or on a cashless basis at $12.00 per share, at the holder’s option, at any time during the period commencing on the later of the first anniversary of the effective date of the registration statement of which this prospectus forms a part and the closing of our initial business combination and terminating on the fifth anniversary of such effectiveness date. Such warrants may not be sold, transferred, assigned, pledged or hypothecated for a period of 360 days immediately following the effective date of the PAAC’s registration statement. After 360 days after the effective date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. The Company will have no obligation to net cash settle the exercise of the warrants. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or our recapitalization, reorganization, merger or consolidation. Subsequent to the Closing, 920,000 Underwriters’ Warrants remained outstanding through December 31, 2022. The Company evaluated the Underwriters’ Warrants under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity, and concluded that they meet the criteria to be classified in stockholders’ equity as additional paid in capital.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 21 — Subsequent Events Nasdaq Letter The Group received a notice dated February 10, 2023, from the Listings Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Group that the minimum bid price per ADS was below $1.00 for a period of 30 consecutive business days and that the Group did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). The Nasdaq notification letter does not result in the immediate delisting of the Group's ADSs, and the ADSs will continue to trade uninterrupted under the symbol “LGHL.” Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of one hundred eighty (180) calendar days, or until August 9, 2023 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least $1.00 for a minimum of ten (10) consecutive business days, Nasdaq will provide the Group a written confirmation of compliance and the matter will be closed.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2022
Organization and Principal Activities [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and have been prepared in accordance with the regulations of the Securities and Exchange Commission (“SEC”).
Emerging Growth Company Status	Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, and its subsidiaries in which it has a controlling financial interest. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in consolidation. The Group consolidates the loss of the subsidiaries and subtracts the net loss that is attributable to the non-controlling interest holders in calculating the net income (loss) that is attributable to the Group.
Translation of Foreign Currencies	Translation of Foreign Currencies The functional currency is the U.S. dollar for the Group’s Cayman Island operations, Singapore dollars for Singapore entity, and the Hong Kong dollar for all other Group operations. The Group’s reporting currency is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, income statement accounts are translated at average rates of exchange for the year and equity is translated at historical exchange rates. Any translation gains or losses are recorded in other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements as well as the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of deposits with banks and all highly liquid investments, with maturities of three months or less, that are not segregated and deposited for regulatory purposes. The Group does not have any cash equivalents as of December 31, 2022 and 2021. The Group maintains its cash in bank deposit accounts which at times may exceed insured limits. The Group has not experienced any losses in such accounts. The Group only has one bank account with U.S. bank subject to FDIC insurance and its balance was immaterial. Management believes that the Group is not exposed to any significant credit risk on cash and cash equivalents.
Restricted Cash — Bank Balances Held on Behalf of Customers	Restricted Cash — Bank Balances Held on Behalf of Customers The Group maintains segregated trust accounts with licensed banks or payment platform to hold customer funds in accordance with the relevant legislation. The Group has classified customer funds as bank balances held on behalf of customers with a corresponding payable to customers in the liabilities section of the consolidated balance sheets.
Securities Owned and Derivatives	Securities Owned and Derivatives The Group’s proprietary trading securities transactions are recorded on the trade date, as if they had settled. Securities, futures and derivative positions are recorded at fair value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”).
Receivables	Receivables Receivables arise from the business of dealing in investment securities, futures and derivatives and include the amounts due on brokerage transactions on a trade-date basis. Broker-dealers will require balances to be placed with them in order to cover the positions taken by its customers. Clearing house receivables typically represent proceeds receivable on trades that have yet to settle and are usually collected within two days. Receivables from broker-dealers and clearing organizations as presented in the consolidated balance sheets represent such receivables related to the Group’s customer trading activities, including customers’ cash deposits, receivables arising from unsettled trades in securities, futures and CFD trading service, and receivables arising from the Group’s TRS trading service in an amount generally equal to the market value of A-shares. Receivables from broker-dealers and clearing organizations include such receivables arising from the Group’s proprietary trading activities as well. Commissions receivable represent commissions due from trading activities and from insurance providers once referrals have been made and the transactions have been executed under the terms of the relevant insurance policy or subscription agreement. As of December 31, 2022 and 2021, commissions receivable amounted to $35,805 and $32,463, respectively, are included in the line item “prepaids, deposits and other” in the consolidated balance sheets.
Crypto Currencies	Crypto Currencies The following table presents the activities of the crypto currencies for the years ended December 31, 2022 and 2021: BNB and Crypto currencies at January 1, 2022 $ - Additions of crypto currencies (1) 438,042 Realized gain on sale of crypto currencies - Impairment of crypto currencies (293,619 ) Sale of crypto currencies - Crypto currencies at December 31, 2022 (4) $ 144,423 Bitcoins Crypto currencies at January 1, 2021 $ - Additions of crypto currencies (2) 1,708,753 Realized gain on sale of crypto currencies 17,496 Impairment of crypto currencies (3) - Sale of crypto currencies (1,726,249 ) Crypto currencies at December 31, 2021 (4) $ - (1) Binance Coin (“BNB”) and Wrapped BNB (“WBNB”) obtained from the sales of NFTs. The Group collected in an aggregate of approximately US$438,000 at the spot token price upon the completion of the sale of NFTs. As of December 31, 2022, the Group recorded an impairment charge of approximately US$294,000. (2) Bitcoins obtained from the crypto currency mining activities. (3) The Group did not recognize impairment loss on crypto currencies during the year ended December 31, 2021 as the crypto currencies were converted to stable coins shortly after the consideration was received and all stable coins were liquidated before the year end. (4) The balance was included in the line item “other assets” in the consolidated balance sheet as of December 31, 2022 and 2021.
Crypto-currency Machines	Crypto Currency Machines Management has assessed the basis of depreciation of the Group’s crypto currency machines used to verify crypto currency transactions and generate crypto currencies and believes they should be depreciated over a 3-year period. The rate at which the Group generates digital assets and, therefore, consumes the economic benefits of its transaction verification servers are influenced by a number of factors including the following: ● the complexity of the transaction verification process which is driven by the algorithms contained within the bitcoin open source software; ● the general availability of appropriate computer processing capacity on a global basis (commonly referred to in the industry as hashing capacity which is measured in Petahash units); and ● technological obsolescence reflecting rapid development in the transaction verification server industry such that more recently developed hardware is more economically efficient to run in terms of digital assets generated as a function of operating costs, primarily power costs i.e. the speed of hardware evolution in the industry is such that later hardware models generally have faster processing capacity combined with lower operating costs and a lower cost of purchase. The Group operates in an emerging industry for which limited data is available to make estimates of the useful economic lives of specialized equipment. Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. This assessment takes into consideration the management’s expectations regarding the direction of the industry including potential changes in technology. To the extent that any of the assumptions underlying management’s estimate of useful life of its transaction verification servers are subject to revision in a future reporting period either as a result of changes in circumstances or through the availability of greater quantities of data then the estimated useful life could change and have a prospective impact on depreciation expense and the carrying amounts of these assets. During the year ended December 31, 2022, the Company fully impaired and disposed of the mining equipment in an amount of approximately $1.7 million, resulting from the stumbled Bitcoin price and the change in the regulatory environment in the PRC.
Prepaids, deposits and other	Prepaids, deposits and other Prepaids, deposits and other consists of prepaid services, insurance, stock-based compensations, commission receivable and others. Balances of prepaids, deposits and other were $2,534,684 and $8,741,735 as of December 31, 2022 and 2021, respectively.
NFT - Intangible assets	NFT - Intangible assets Due to the lack of physical substance, the Group considers MetaWords NFTs that the Group created meet the definition of intangible assets and would generally be accounted for under ASC 350 Intangibles — Goodwill and Other. The useful life is indefinite according to ASC 350-30-35-4. The Group understands that there is no clear guidance either authoritative or nonauthoritative on the accounting treatment of NFTs yet. In the cases in which the Group shall account for the initial recognition of NFTs on balance sheet, it considers the following applicable guidance: ASC 350-30, General Intangibles Other Than Goodwill ASC 985-20, Software to be sold, leased, or otherwise marketed By analogy to the guidance above, capitalization of the costs commences on the establishment of technological feasibility (i.e. the completion of a working model) and ceases when the NFTs are made available for release to customers. Indefinite-lived intangible assets are not amortized. Instead, they are tested for impairment annually or upon a triggering event that indicates it is more likely than not that the asset is impaired. The impairment test under ASC 350 is a one-step test that compares the fair value of the intangible asset with its carrying value. If the fair value is less than the carrying value, an impairment is recorded. Once the intangible asset is impaired, the impairment loss is not reversed if the fair value subsequently increases. As of December 31, 2022, the Group considers the value of the NFTs held on hand is immaterial to the consolidated financial statements taken as a whole. In accordance with the accounting policies mentioned above, the Group initially capitalized the costs of NFTs in intangible assets which primarily included the gas fees, the blockchain transaction fee paid to network validators for their services, in an aggregate of less than $1,000, and subsequently determined to fully impair. Gas fees were paid by BNB tokens and measured at the fair value of the tokens on the date paid. As a result, as of December 31, 2022, the carrying value of NFTs included in intangible assets was zero. For NFTs held by users, the Group does not provide custody services either directly or indirectly, and neither it has control of these digital assets nor does it have any related liability. They are off-balance sheet in the Group’s financial statements.
Fixed Assets, Net	Fixed Assets, Net Furniture, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis using estimated useful lives of three ten
Equity Investments Without Readily Determinable Fair Values	Equity Investments Without Readily Determinable Fair Values In accordance with ASC 321 Investment—Equity Securities, for those equity investments without readily determinable fair values, the Group elects to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Under this measurement alternative, changes in the carrying value of the equity investment are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. Pursuant to ASC 321, for those equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss equal to the difference between the carrying value and fair value.
Impairment of Long-lived Assets	Impairment of Long-lived Assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets.
Other Assets	Other Assets Other assets primarily comprised of long-term portion of the value of January 2021 Call Options issued for service (see Note 14 for detail).
Payables	Payables Payables arise from the business of dealing in investment securities, futures and derivatives. Payables to customers as presented in the consolidated balance sheets represent such payables related to the Group’s customer trading activities as well as the cash balances held on behalf of customers. The Group borrows loans from business partners at benchmark interest rate plus a fixed spread, and immediately lent to TRS trading service customers. Net loans borrowed from TRS business partners are included in the line item “payables to broker-dealers and clearing organizations”. As of December 31, 2022 and 2021, the balance of payables to broker-dealers and clearing organizations was primarily comprised of such net loans. Commissions payable mainly represent amounts owed to referral sources of insurance brokerage business outside of the Group for transactions referred based on the terms of the underlying agreements. As of December 31, 2022 and 2021, commissions payable amounted to $47,359 and $26,801, respectively and are included in the line item “accrued expenses and other payables” in the consolidated balance sheets.
Revenue recognition	Revenue Recognition See Note 3 for details.
Commissions and Fees	Commissions and Fees Commissions and fees related to securities, derivative and TRS trading transactions are recorded on a trade date basis. Commissions expense on insurance products are recognized on the closing date of a transaction as determined by the terms of the relevant contract and insurance policy.
Convertible Securities, Warrants and Derivative Instruments	Convertible Securities, Warrants and Derivative Instruments The accounting treatment of warrants and convertible securities issued is determined pursuant to the guidance provided by ASC 470, Debt, ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging (“ASC 815”), as applicable. Each feature of freestanding financial instruments including, without limitation, any rights relating to subsequent dilutive issuances, equity sales, rights offerings, conversions, optional redemptions and dividends are assessed with determinations made regarding the proper classification in the Company’s consolidated financial statements. The Company evaluates all of its equity-linked financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity and whether embedded derivative shall be bifurcated from the host instrument and separately accounted for as a derivative, is reassessed at the end of each reporting period. Derivative assets and liabilities are recorded at fair value at inception and re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. On January 1, 2022, the Company early adopted Accounting Standards Update (“ASU”) ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06)”. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. For public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company early adopted ASU 2020-06 in the first interim period of 2022 using the modified retrospective method which resulted in a reclassification of the unamortized portion of the beneficial conversion feature from additional paid-in capital to Series B Preferred shares on the consolidated balance sheet.
Earnings (Loss) per Ordinary Share	Earnings (Loss) per Ordinary Share The Company complies with accounting and disclosure requirements ASC Topic 260, “Earnings Per Share”, which requires earnings per share for each class of stock (ordinary shares and participating securities) to be calculated using the two-class method. The two-class method is an allocation of earnings between the holders of ordinary shares and a company’s participating security holders. Under the two-class method, earnings for the reporting period are allocated between ordinary shareholders and other security holders based on their respective participation rights in undistributed earnings. As the Company’s two classes of ordinary shares have the same dividend rights, earnings (loss) per share for each class of ordinary shares have the same results. Basic earnings (loss) per ordinary share is computed by dividing net income or loss available to ordinary shareholders by the weighted average number of ordinary shares issued and outstanding for the periods. For the years ended December 31, 2021 and 2020, the December 2020 Convertible Debenture (as discussed in Note 12) which was fully converted into the Company’s Class A ordinary shares, as represented by ADSs in the first half of 2021 and the December 2020 Series A Warrant (as discussed in Note 12) which was exercised into the Company’s Class A ordinary shares, as represented by ADSs in the first half of 2021, have the same dividend rights as the ordinary shares on an as-converted and as-exercised basis, and therefore qualify as participating securities for the period they were outstanding in accordance with ASC 260. The holders of Convertible Debenture and Series A Warrant do not have a contractual obligation to share in the Company’s losses, therefore participating securities are excluded from the calculation of loss per share for the years ended December 31, 2021 and 2020 in which there were losses available to ordinary shareholders. In accordance with ASC 260-10-45, the 3,867,481 Class B of Earnout Escrow Shares are considered contingently returnable shares and therefore are excluded from the computation of basic earnings (loss) per share for all periods presented (on a retroactively adjusted basis). Since June 16, 2021, 50% of 1,933,740 Class B of Indemnity Escrow Shares was included in the computation of basic earnings (loss) per share and the remaining 50% was included starting from June 16, 2022. For purposes of determining diluted earnings (loss) per ordinary share, basic earnings (loss) per ordinary share is further adjusted to include the effect of potential dilutive ordinary shares outstanding during the period. Potential ordinary shares consist of the incremental ordinary shares upon exercise of warrants using the treasury stock method and upon conversion of convertible debt using the if-converted method. For the years ended December 31, 2022, 2021 and 2020 (on a retroactively adjusted basis), the following potential dilutive securities denominated in ordinary shares equivalents were excluded for the periods they were outstanding from the computation of diluted earnings (loss) per share because to do so would have been antidilutive. As a result, diluted earnings (loss) per ordinary share is the same as basic earnings (loss) per ordinary share for all periods presented. Years Ended December 31, 2022 2021 2020 SPAC Warrants See Note 20 17,795,000 17,795,000 17,795,000 August 2020 PIPE Warrants See Note 14 729,167 1,500,000 1,500,000 December 2020 Convertible Debenture See Note 12 — 800,000 800,000 December 2020 Warrants See Note 12 — 13,700,000 13,700,000 January 2021 Call Options See Note 14 4,000,000 6,000,000 — Series A Convertible Preferred Shares See Note 13 — 2,333,333 — February 2021 Warrants See Note 13 38,800,000 26,666,667 — Series B Convertible Preferred Shares See Note 13 — 3,615,584 — December 2021 Warrants See Note 13 2,285,715 2,285,715 — August and December 2022 Convertible Debentures See Note 12 5,200,000 — — Subsequently, an aggregate of approximately 4 million Class A ordinary shares were issued resulting from conversion of August 2022 Convertible Debenture.
Non-controlling Interest	Non-controlling Interests The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Group. Income attributable to non-controlling interests’ holders is presented on the consolidated statements of operations and the consolidated statements of comprehensive income (loss) as an allocation of the total income for the periods between non-controlling interests holders and the shareholders of the Group. Under ASC 810-10-15-10(a), Consolidation, all majority-owned subsidiaries (i.e., all companies in which a parent has a controlling financial interest through direct or indirect ownership of a majority voting interest) must be consolidated unless control does not rest with the majority owner. The Group owns 50% of Lion Metaverse Limited (“LML”) and controls the board of directors. Therefore, the Group has a controlling financial interest in LML and LML is consolidated in the consolidated financial statements. On May 7, 2021, Lion NFT Limited (“LNFT”) was formed by Lion Financial Group Limited (“LFGL”) and three other shareholders in British Virgin Islands. LFGL owned 60% of equity interest of LNFT upon incorporation. During the year ended December 31, 2021, LNFT borrowed a total of $600,000 from its shareholders in the form of shareholder loans. On October 8, 2021, LFGL acquired 30% additional equity interest in LNFT for a total cash consideration of $200,000 from two of the minority shareholders.
Reclassification	Reclassification Certain prior periods amounts have been reclassified to be comparable to the current period presentation. The reclassification has no effect on previously reported net assets or net income (loss).
Stock-based Compensation	Stock-based Compensation The Company applies ASC No. 718, “Compensation-Stock Compensation”, which requires that share-based payment transactions with employees and nonemployees upon adoption of ASU 2018-07, be measured based on the grant date fair value of the equity instrument and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. The fair value of the Company’s ordinary shares underlying stock-based awards is determined to be based on the closing price of the Company’s shares as reported by Nasdaq on the date of grant. The Company values its stock options or warrants that have service vesting requirements or performance-based awards with or without market conditions using the Binomial Option Pricing Model.
Research and Development Expenses	Research and Development Expenses Research and development expenses are expensed in the period when incurred. These costs primarily consist of designing, coding, project management, and other IT services related to developing and enhancing the project.
Income Taxes	Income Taxes The amount of current taxes payable or refundable is recognized as of the date of the consolidated financial statements, utilizing currently enacted tax laws and rates of the relevant authorities. Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and tax credits based on applicable tax rates. Deferred tax assets are reduced by a valuation allowance when management determines that it is more likely than not that some portion of the deferred tax asset will not be realized. Deferred tax expenses or benefits are recognized in the consolidated financial statements for the changes in deferred tax liabilities or assets between years. The Group recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group presents any interest or penalties related to an underpayment of income taxes as part of its income tax expense in the consolidated statements of operations. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws.
Lease	Leases On January 1, 2022, the Group adopted FASB ASC Topic 842, “Leases,” (“ASC Topic 842”) which requires that a lessee recognize in the consolidated balance sheet a lease liability and a corresponding right-of-use asset, including for those leases that the Group currently classifies as operating leases. The right-of-use asset and the lease liability was initially measured using the present value of the remaining lease payments. ASC Topic 842 was implemented using a modified retrospective approach which resulted in no cumulative-effect adjustment in the opening balance of retained earnings as of January 1, 2022. As a result, the consolidated balance sheet prior to January 1, 2022 was not restated and continues to be reported under FASB ASC Topic 840, “Leases,” (“ASC Topic 840”), which did not require the recognition of a right-of-use asset or lease liability for operating leases. The Group reviews all relevant contracts to determine if the contract contains a lease at its inception date. A contract contains a lease if the contract conveys to the Group the right to control the use of an underlying asset for a period of time in exchange for consideration. If the Group determines that a contract contains a lease, it recognizes, in the consolidated balance sheets, a lease liability and a corresponding right-of-use asset on the commencement date of the lease. The lease liability is initially measured at the present value of the future lease payments over the lease term using the rate implicit in the lease or, if not readily determinable, the Group’s secured incremental borrowing rate. An operating lease right-of-use asset is initially measured at the value of the lease liability minus any lease incentives and initial direct costs incurred plus any prepaid rent. Each lease liability is measured using the Group’s secured incremental borrowing rate. The Group’s leases have remaining terms of two to three years, and some of which include options to terminate the lease upon notice. The Group considers these options when determining the lease term used to calculate the right-of-use asset and the lease liability when the Group is reasonably certain it will exercise such option. The Group’s operating leases contain both lease components and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the underlying assets, such as common area maintenance and other management costs. The Company elected to measure the lease liability by combining the lease and non-lease components as a single lease component. As such, the Company includes the fixed payments and any payments that depend on a rate or index that relate to the lease and non-lease components in the measurement of the lease liability. Some of the non-lease components are variable in nature and not based on an index or rate, and as a result, are not included in the measurement of the operating lease right-of-use assets or operating lease liability. Operating lease expense is recognized on a straight-line basis over the lease term and is included in occupancy expenses in the Group’s consolidated statements of comprehensive income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For private companies, the ASU on credit losses will take effect for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. All entities may adopt the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In May 2019, FASB issued ASU 2019-05, Financial instrument — Credit Losses (Topic 326), Targeted Transition Relief, which provides an irrevocably fair value option to elect for eligible instruments. In November 2019, FASB issued ASU 2019-11 Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which clarified and improved various aspects of ASU 2016-13. In November 2019, FASB issued ASU 2019-10 to amend private companies, not-for-profit organizations, and certain small public companies effective date on its credit losses (CECL) standards to fiscal years beginning after December 15, 2022 and interim periods therein. The Group has evaluated the effect of the adoption of this ASU and does not expect there will be significant impact on its consolidated financial statements from the adoption of the new guidance.

Organization and Principal Ac_2

Organization and Principal Activities (Tables)	12 Months Ended
	Dec. 31, 2022
Organization and Principal Activities [Abstract]
Schedule of the net assets acquired by the Company upon consummation of the Business Combination	Cash $ 2,476,198 Prepaid expenses and other current assets 209 Warrant liabilities (2,247,087 ) Accrued expenses (57,963 ) Net assets acquired by LGHL as of June 16, 2020 $ 171,357
Schedule of subsidiaries	Company name Date of Place of Ownership Principal Lion Financial Group Limited June 16, 2015 British Virgin Islands 100% Investment holding Lion Wealth Management Limited February 16, 2017 British Virgin Islands 100% Investment holding Lion International Securities Group Limited May 20, 2016 Hong Kong 100% Securities brokerage Lion Futures Limited May 20, 2016 Hong Kong 100% Futures brokerage Lion Investment (Hong Kong) Limited (F/K/A Lion Foreign Exchange Limited) May 20, 2016 Hong Kong 100% Dormant Lion Asset Management Limited (F/K/A Lion Capital Management Limited) May 20, 2016 Hong Kong 100% Asset management BC Wealth Management Limited October 14, 2014 Hong Kong 100% Insurance brokerage Lion Wealth Limited October 4, 2018 Hong Kong 100% Marketing and support service Lion Brokers Limited May 2, 2017 Cayman Islands 100% Broker dealer and market maker Lion International Financial (Singapore) Pte. LTD. July 26,2019 Singapore 100% Dormant Lion Group North America Corp. (F/K/A Proficient Alpha Acquisition Corp.) June 16, 2020 Nevada, USA 100% Dormant Lion Fintech Group Limited April 13, 2021 British Virgin Islands 100% Investment holding Royal Lion Investment Limited April 13, 2021 Cayman Islands 70% Investment holding Royal Lion Middle East DMCC April 13, 2021 Dubai 70% Dormant Lion NFT Limited May 7, 2021 British Virgin Islands 90% Investment and innovation in digital assets Flying Lion Limited June 17, 2021 Cayman Islands 70% Investment and innovation in digital assets Lion Group (Hangzhou) Investment Limited May 7, 2021 China 100% Technology development, consulting, conference and exhibition services Aquarius Sponsor Ltd. April 12, 2021 British Virgin Islands 51% Investment holding Aquarius II Sponsor Ltd/ May 4, 2021 British Virgin Islands 51% Investment holding Aquarius I Acquisition Corp. April 15, 2021 Cayman Islands 51% Special purpose acquisition company Aquarius II Acquisition Corp. May 5, 2021 Cayman Islands 51% Special purpose acquisition company Lion Metaverse Limited October 26, 2021 British Virgin Islands 50% Technology development Lion Multi-Series Fund SPC December 3, 2021 Cayman Islands 100% Assets management Lion Silver Capital Limited February 24, 2022 British Virgin Islands 51% Assets management

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Organization and Principal Activities [Abstract]
Schedule of crypto currencies	BNB and Crypto currencies at January 1, 2022 $ - Additions of crypto currencies (1) 438,042 Realized gain on sale of crypto currencies - Impairment of crypto currencies (293,619 ) Sale of crypto currencies - Crypto currencies at December 31, 2022 (4) $ 144,423 Bitcoins Crypto currencies at January 1, 2021 $ - Additions of crypto currencies (2) 1,708,753 Realized gain on sale of crypto currencies 17,496 Impairment of crypto currencies (3) - Sale of crypto currencies (1,726,249 ) Crypto currencies at December 31, 2021 (4) $ - (1) Binance Coin (“BNB”) and Wrapped BNB (“WBNB”) obtained from the sales of NFTs. The Group collected in an aggregate of approximately US$438,000 at the spot token price upon the completion of the sale of NFTs. As of December 31, 2022, the Group recorded an impairment charge of approximately US$294,000. (2) Bitcoins obtained from the crypto currency mining activities. (3) The Group did not recognize impairment loss on crypto currencies during the year ended December 31, 2021 as the crypto currencies were converted to stable coins shortly after the consideration was received and all stable coins were liquidated before the year end. (4) The balance was included in the line item “other assets” in the consolidated balance sheet as of December 31, 2022 and 2021.
Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share	Years Ended December 31, 2022 2021 2020 SPAC Warrants See Note 20 17,795,000 17,795,000 17,795,000 August 2020 PIPE Warrants See Note 14 729,167 1,500,000 1,500,000 December 2020 Convertible Debenture See Note 12 — 800,000 800,000 December 2020 Warrants See Note 12 — 13,700,000 13,700,000 January 2021 Call Options See Note 14 4,000,000 6,000,000 — Series A Convertible Preferred Shares See Note 13 — 2,333,333 — February 2021 Warrants See Note 13 38,800,000 26,666,667 — Series B Convertible Preferred Shares See Note 13 — 3,615,584 — December 2021 Warrants See Note 13 2,285,715 2,285,715 — August and December 2022 Convertible Debentures See Note 12 5,200,000 — —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue Recognition [Abstract]
Schedule of revenue from contracts with customers	For the Years Ended December 31, 2022 2021 2020 Insurance brokerage commissions $ 455,394 $ 542,795 $ 959,299 Securities brokerage commissions 3,412,644 3,188,684 1,890,502 Market making commissions and fees 781,878 4,324,650 4,940,623 Sale of NFTs 438,041 - - Cryptocurrency mining - 1,726,249 - Total revenue from contracts with customers $ 5,087,957 $ 9,782,378 $ 7,790,424 Hong Kong 3,868,038 5,457,728 2,777,831 Cayman Islands 1,219,919 4,324,650 5,012,593 $ 5,087,957 $ 9,782,378 $ 7,790,424
Schedule of trading gains (losses) breakdown	For the Years Ended December 31, 2022 2021 2020 CFD trading gains/(losses) $ (7,476,190 ) $ 4,374,807 $ 1,883,958 TRS trading gains/(losses) (3,913,422 ) 10,523,974 13,157 Other trading losses (78,357 ) (1,519,635 ) (63,240 ) Total $ (11,467,969 ) $ 13,379,146 $ 1,833,875 Trading Revenue Line Item in Consolidated Statements of Operations and Comprehensive Income (Loss) 2022 2021 2020 Trading gains (losses) $ (11,467,969 ) $ 13,379,146 $ 1,833,875
Schedule of consolidated statements of operations and comprehensive income (loss)	Trading Revenue Type of Instrument 2022 2021 2020 Foreign Currency $ (310 ) $ 1,454 $ (1,443 ) Stock Indices (7,175,826 ) 4,879,459 1,438,798 Commodities (300,054 ) (506,106 ) 446,603 Equity (3,991,779 ) 9,004,339 (50,083 ) $ (11,467,969 ) $ 13,379,146 $ 1,833,875

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Schedule of cash and restricted cash	December 31, 2022 2021 2020 Cash $ 11,159,610 $ 15,098,151 $ 3,426,467 Restricted Cash 3,242,989 653,324 1,367,630 Total cash and restricted cash presented in the consolidated statement of cash flows $ 14,402,599 $ 15,751,475 $ 4,794,097

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value [Abstract]
Schedule of monte-carlo simulation model	December 31, Stock price $ 0.49 ~ 12.61 Exercise price $ 0.49 ~ 12.61 Expected term in years 0.04 ~ 0.24 Expected dividend yield 0 % Volatility 30% ~ 75 % Risk-free interest Rate 5 % December 31， 2022 2021 Stock price $ 0.715 $ 1.28 Exercise price $ 11.5 $ 11.5 Expected term in years 2.46 3.46 Expected dividend yield 0 % 0 % Volatility 96.42 % 80.46 % Risk-free interest Rate 4.44 % 1.22 %
Schedule of fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis	Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Total Assets Fair value measurement: Listed equity securities $ 11,104,047 $ - - $ 11,104,047 $ 11,104,047 $ - $ - $ 11,104,047 Liabilities Embedded derivative liabilities $ - $ (2,292,056 ) $ - $ (2,292,056 ) Warrant liabilities (460,000 ) (215,000 ) - (675,000 ) $ (460,000 ) $ (2,507,056 ) $ - $ (2,967,056 ) Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Total Assets Fair value measurement: Listed equity securities $ 15,900,369 $ - - $ 15,900,369 NAV practical expedient: Long term investment 1,550,314 $ 15,900,369 $ - $ - $ 17,450,683 Liabilities Option liabilities (1) $ - $ (554,710 ) $ - $ (554,710 ) Warrant liabilities (1,322,500 ) (618,125 ) - (1,940,625 ) $ (1,322,500 ) $ (1,172,835 ) $ - $ (2,495,335 ) (1) No collateral received or pledged for derivative contracts.
Schedule of fair values of financial assets and liabilities, excluding financial instruments	Quoted Prices in Active Significant Significant Total Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Estimated Value (Level 1) (Level 2) (Level 3) Fair Value Assets Cash and cash equivalents $ 11,159,610 $ 11,159,610 $ - $ - $ 11,159,610 Bank balances held on behalf of customers 3,242,989 3,242,989 - - 3,242,989 Receivables from broker-dealers and clearing organizations 33,342,254 - 33,342,254 - 33,342,254 Short-term loans receivable 7,126,021 7,126,021 - - 7,126,021 Other receivables 534,437 - 534,437 - 534,437 $ 55,405,311 $ 21,528,620 $ 33,876,691 $ - $ 55,405,311 Liabilities Payables to customers $ 23,829,192 $ - $ 23,829,192 $ - $ 23,829,192 Payables to broker-dealers and clearing organizations 24,963,524 - 24,963,524 - 24,963,524 Accrued expenses and other payables 1,923,305 - 1,923,305 - 1,923,305 Short-term borrowings 110,000 - 110,000 - 110,000 Lease liability - current 601,531 - 601,531 - 601,531 Lease liability - noncurrent 618,705 - 618,705 - 618,705 Due to director 146,671 - 146,671 - 146,671 $ 52,192,928 $ - $ 52,192,928 $ - $ 52,192,928 Total Quoted Significant Significant Estimated Value (Level 1) (Level 2) (Level 3) Fair Value Assets Cash and cash equivalents $ 15,098,151 $ 15,098,151 $ - $ - $ 15,098,151 Bank balances held on behalf of customers 653,324 653,324 - - 653,324 Receivables from broker-dealers and clearing organizations 87,938,377 - 87,938,377 - 87,938,377 Other receivables 67,352 - 67,352 - 67,352 $ 103,757,204 $ 15,751,475 $ 88,005,729 $ - $ 103,757,204 Liabilities Payables to customers $ 35,959,925 $ - $ 35,959,925 $ - $ 35,959,925 Payables to broker-dealers and clearing organizations 53,101,820 - 53,101,820 - 53,101,820 Accrued expenses and other payables 1,623,354 - 1,623,354 - 1,623,354 Short-term borrowings 110,000 - 110,000 - 110,000 Due to director 161,044 - 161,044 - 161,044 $ 90,956,143 $ - $ 90,956,143 $ - $ 90,956,143

Fixed Assets, Net (Tables)

Fixed Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of fixed assets	December 31, 2022 2021 Mining Machines $ 2,585,119 $ 2,584,071 Software 16,000,000 16,000,000 Leasehold improvement 38,329 38,329 Office and equipment 305,651 305,651 Total cost of fixed assets 18,929,099 18,928,051 Less: accumulated depreciation (3,452,727 ) (1,420,309 ) Less: impairment of mining machines (1,690,028 ) - Fixed assets, net $ 13,786,344 $ 17,507,742

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2022
Derivatives [Abstract]
Schedule of the group’s open positions	Description Fair Value of Fair Value of Net Amount Stock Indices CFDs 54 - 54 $ 54 $ - $ 54 Description Fair Value of Asset Fair Value of Liability Net Amount Stock Indices OTC option contracts $   $ 554,710 $ 554,710 Foreign Currency CFDs 4 -  4 Stock Indices CFDs 60 -  60 $ 64 $ 554,710 $ 554,774

Convertible Debentures (Tables)

Convertible Debentures (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value [Abstract]
Schedule of convertible debentures	December 31, Convertible Debentures 2022 2021 December 2020 Convertible Debenture $ - $ - May 2022 Convertible Debenture - - August 2022 Convertible Debenture 2,238,897 - December 2022 Convertible Debenture 1,822,838 - $ 4,061,735 $ - December 31, Embedded Derivative Liability bifurcated from: 2022 2021 May 2022 Convertible Debenture $ - $ - August 2022 Convertible Debenture 1,241,261 - December 2022 Convertible Debenture 1,050,795 - $ 2,292,056 $ -
Schedule of assumptions used to measure the fair value of warrants on the date of issuance	Series A Series B Series C Expected term in years 7 2 7 Stock price $ 2.32 $ 2.40 $ 2.40 Expected dividend yield 0 % 0 % 0 % Volatility 46.68 % 49.61 % 46.68 % Risk-free interest Rate 0.63 % 0.20 % 0.63 % Initial fair value per share $ 1.01 $ 0.58 $ 0.83

Convertible Preferred Shares _2

Convertible Preferred Shares and Attached Warrants (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of assumptions used to measure the fair value of warrants on the date of issuance	Series D Series E Series F Expected term in years 5 1 5 Stock price $ 2.97 $ 3.02 $ 2.97 Expected dividend yield 0 % 0 % 0 % Volatility 43.05 % 50.45 % 43.05 % Risk-free interest Rate 0.63 % 0.21 % 0.63 % Initial fair value per share $ 1.07 $ 0.53 $ 0.89

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of share-based payments	For the Years Ended December 31, 2022 2021 2020 Compensation and benefits $ - $ - $ 934,800 Communication and technology 225,000 - 335,000 Marketing 206,250 - 363,000 Services fees - - 294,000 Professional fees 243,750 - 228,000 General and administrative 243,750 - 1,502,000 Total $ 918,750 $ - $ 3,656,800

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of current and deferred portions of the income tax expense	Years Ended December 31, 2022 2021 2020 Current $ 3,419 $ 53,239 $ 1,767 Deferred - 1,128 (451 ) $ 3,419 $ 54,367 $ 1,316
Schedule a reconciliation of the difference between the expected income tax expense or benefit computed at applicable statutory income tax rates and the Group’s income tax expense	Years Ended December 31, 2022 2021 2020 Income tax expense (benefit) at applicable statutory rate (1) $ (5,199,883 ) $ 3,085 $ (348,782 ) Nondeductible expenses 328,511 (398,706 ) - Impact of foreign tax rate differential (2) 3,117,801 (1,208,726 ) (214,313 ) Current year change in valuation allowance 1,804,389 1,606,803 558,859 Other (47,399 ) (1,328 ) 5,552 Prior year examination adjustment - 53,239 - Reported income taxes $ 3,419 $ 54,367 $ 1,316 (1) The applicable statutory rate applied is based on the profits tax rates in Hong Kong. Effective for tax years ended on or after December 31, 2018, the applicable tax rate was 8.25% on the first HK $2,000,000 of assessable profits and 16.5% on any assessable profits above that threshold. The 8.25% tax rate can only be utilized by one entity in a controlled group. All other Hong Kong entities in the Group utilize the 16.5% tax rate. The Singapore entity within the Group has an applicable tax rate of 17.0%. The entity in the United States within the Group has a federal tax rate of 21.0%. (2) The Group also has entities domiciled in the British Virgin Islands and the Cayman Islands, but such entities are not subject to income or capital gains taxes.
Significant components of the Group’s deferred tax assets	December 31, 2022 2021 Deferred tax asset Net operating loss carryforwards $ 4,952,445 $ 2,987,597 Less: Valuation allowance (4,952,445 ) (2,987,597 ) Net deferred tax asset $ - $ - Deferred tax liability Accrued employee benefits Fixed assets - Deferred tax liability, net $ - $ -

Lease (Tables)

Lease (Tables)	12 Months Ended
	Dec. 31, 2022
Lease [Abstract]
Schedule of consolidated balance sheets	As at December 31, Operating lease right-of-use assets $ 1,160,563 Operating lease liabilities $ 1,220,236
Schedule of consolidated statements of comprehensive (loss)/income	Year ended December 31, Operating lease cost $ 699,909
Schedule of present value of its operating lease payments	Year ended December 31, 2023 $ 623,744 2024 541,866 2025 80,964 Thereafter - Total undiscounted operating lease payments 1,246,574 Less: imputed interest (26,338 ) Present value of operating lease liabilities $ 1,220,236
Schedule of minimum annual lease commitments	Year ended 2023 $ 552,437 2024 479,076 2025 74,725 2026 5,660 Thereafter - $ 1,111,898

Regulatory Requirements (Tables

Regulatory Requirements (Tables)	12 Months Ended
	Dec. 31, 2022
Regulatory Requirements [Abstract]
Schedule of the minimum regulatory capital required and the actual amounts of capital maintained	Entity Name Minimum Capital Excess Percent of Lion International Securities Group Limited $ 384,892 $ 1,152,970 $ 768,078 300 % Lion Futures Limited 384,892 1,407,515 1,022,623 366 % Lion Asset Management Limited 12,830 73,835 61,005 575 % BC Wealth Management Limited 38,489 307,610 269,121 799 % Lion International Financial (Singapore) Pte. Ltd. 744,313 856,642 112,329 115 % Lion Broker Limited (Cayman) 4,259,858 13,572,706 9,312,849 319 % Total $ 5,825,274 $ 17,371,279 $ 11,546,005 298 %

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of operating segments	Futures and CFD TRS Other Total Year ended December 31, 2022 Revenues (Losses) $ 3,284,729 $ (6,694,312 ) $ (595,871 ) $ 1,522,954 $ (2,482,500 ) Commissions and fees 2,297,341 7,863 664,435 229,295 3,198,934 Compensation and benefits 953,213 - - 2,667,293 3,620,506 Occupancy - 3,600 3,600 819,054 826,254 Communication and technology 459,263 340,408 340,408 2,252,715 3,392,794 General and administrative 101,143 57,372 57,372 1,012,685 1,228,572 Crypto currencies - - - - - Professional fees 17,496 106,533 106,533 3,486,277 3,716,839 Research and development - - - 4,693,995 4,693,995 Service fees - 470,791 951,857 534,137 1,956,785 Interest - - 1,675,946 658,652 2,334,598 Depreciation 539 800,000 800,000 431,847 2,032,386 Marketing 3,185 54,000 54,000 3,632,382 3,743,567 Payment service charge - (78,562 ) 66,155 - (12,407 ) Change in fair value of warrant liabilities - - - (1,260,354 ) (1,260,354 ) Impairment of fixed assets - - - 1,690,028 1,690,028 Impairment of cryptocurrencies - - - 293,619 293,619 Other operating expenses 6,499 - - 25,907 32,406 3,838,679 1,762,005 4,720,306 21,167,532 31,488,522 Loss from operations $ (553,950 ) $ (8,456,317 ) $ (5,316,177 ) $ (19,644,578 ) $ (33,971,022 ) Total segment assets $ 11,388,786 $ 13,468,277 $ 43,725,609 $ 18,051,712 $ 86,634,384 Futures and CFD TRS Other Total Year ended December 31, 2021 Revenue $ 2,800,543 $ 8,700,009 $ 13,182,716 $ 309,444 $ 24,992,712 Commissions and fees 2,037,619 63,654 1,031,416 185,003 3,317,692 Compensation and benefits 1,083,943 - - 2,985,260 4,069,203 Occupancy - 3,900 3,900 771,081 778,881 Communication and technology 437,629 418,227 698,262 375,863 1,929,981 General and administrative 89,040 393,005 78,616 1,455,921 2,016,582 Crypto currencies - - - 1,163,846 1,163,846 Professional fees 14,281 136,755 136,755 3,549,026 3,836,817 Research and development - - - 1,205,040 1,205,040 Service fees - 449,765 2,730,596 394,218 3,574,579 Interest - - 804,621 803,479 1,608,100 Depreciation 2,027 640,326 93,007 181,556 916,916 Marketing 2,171 70,000 - 841,504 913,675 Payment service charge - (274,616 ) 93,367 - (181,249 ) Change in fair value of warrant liabilities - - - 470,804 470,804 Other operating expenses 1,224 79,934 - 63,017 144,175 3,667,934 1,980,950 5,670,540 14,445,618 25,765,042 Income (loss) from operations $ (867,391 ) $ 6,719,059 $ 7,512,176 $ (14,136,174 ) $ (772,330 ) Total segment assets $ 4,097,364 $ 12,028,984 $ 112,623,891 $ 20,166,592 $ 148,916,831 Futures and CFD TRS Other Total Year ended December 31, 2020 Revenue $ 2,029,669 $ 6,810,520 $ 223,927 $ 1,166,019 $ 10,230,135 Commissions and fees 1,316,800 70,124 45,719 413,351 1,845,994 Compensation and benefits 1,110,192 - 2,692,601 3,802,793 Occupancy - 3,300 3,300 676,560 683,160 Communication and technology 455,323 409,961 233,669 355,097 1,454,050 General and administrative 55,028 225,067 18,105 1,966,118 2,264,318 Professional fees 26,690 108,175 170,544 1,260,425 1,565,834 Service fees - 300,990 13,352 519,522 833,864 Interest - - 52,240 130,917 183,157 Depreciation 13,000 (26,403 ) 26,403 27,556 40,556 Marketing 222 166,013 - 485,089 651,324 Payment service charge - 245,030 - - 245,030 Change in fair value of warrant liabilities - - - (777,266 ) (777,266 ) Other operating expenses - - - 11,464 11,464 2,977,255 1,502,257 563,332 7,761,434 12,804,278 Income (loss) from operations $ (947,586 ) $ 5,308,263 $ (339,405 ) $ (6,595,415 ) $ (2,574,143 ) Total segment assets $ 4,624,325 $ 11,558,061 $ 3,078,078 $ 3,645,605 $ 22,906,069

Organization and Principal Ac_3

Organization and Principal Activities (Details)	1 Months Ended	12 Months Ended
	Jun. 16, 2020 shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares	Dec. 31, 2020 USD ($)	Mar. 31, 2022 shares	Mar. 31, 2021 shares	Jun. 30, 2020 USD ($)
Organization and Principal Activities (Details) [Line Items]
Business combination exchange consideration (in Dollars) | $		$ 131,300,000
Description of ordinary shares	the Company acquired all of the issued and outstanding shares of LFGL, i.e. 50,000 ordinary shares of LFGL from each of LFGL shareholders, in exchange for 12,891,602 ordinary shares (including 3,140,388 Class A and 9,751,214 Class B, “Exchange Shares”) of the Company, valued at a price per share equal to the price at which each share of PAAC common stock was redeemed, i.e. $10.185 per share.
Exchange ratio		141.81
Exchange shares excluding escrow shares (in Shares)		7,090,381
Divided shares (in Shares)		50,000
Ordinary shares adjustment, description		The par value of ordinary shares was adjusted retrospectively from $0 to $709, and the difference of $709 was adjusted retrospectively as additional paid-in capital as of January 1, 2018.
Net assets acquired by the company upon closing (in Dollars) | $		$ 171,357
Transaction costs for legal (in Dollars) | $							$ 2,400,000
Transaction costs charged to additional paid in capital (in Dollars) | $				$ 2,400,000
Earnout escrow shares, description		Additionally, 3,876,481 Class B ordinary shares being 30% of the Exchange Shares (the “Earnout Escrow Shares”, together with any dividends, distributions or other income on the Earnout Escrow Shares, the “Earnout Escrow Property”) otherwise issuable to LFGL shareholders are set aside in escrow until released upon the satisfaction of certain financial milestones below:   ● In the event that the net income for the calendar year ended December 31, 2021 (the “2021 Net Income”), as set forth in LGHL’s audited financial statements, is equal to or greater than $19,000,000 (the “First Net Income Target”), then, the Class B Sellers’ rights to 50% of the Earnout Escrow Property (the “First Half Earnout Property”) shall vest and shall no longer be subject to forfeiture. If the 2021 Net Income is less than the First Net Income Target, but is equal to or greater than $9,500,000, then the Sellers’ rights to 50% of the First Half Earnout Property shall vest and shall no longer be subject to forfeiture. In all other cases, the First Half Earnout Property will be forfeited.     ● In the event that the net income for the calendar year ended December 31, 2022 (the “2022 Net Income”), as set forth in LGHL’s audited financial statements, is equal to or greater than $21,850,000 (the “Second Net Income Target”), then the Class B Sellers’ rights to the remaining Earnout Escrow Property (after giving effect to any forfeitures for the 2021 calendar year, the “Second Half Earnout Property”) shall vest and shall no longer be subject to forfeiture. If the 2022 Net Income is less than the Second Net Income Target, but is equal to or greater than $10,925,000, then the Class B Sellers’ rights to 50% of the Second Half Earnout Property shall vest and shall no longer be subject to forfeiture. In all other cases, the Second Half Earnout Property will be forfeited.
Total revenue, percentage			10%				10%
Percentage of total commissions expense		72%	61%	73%
Insurance brokerage sales, description		For the years ended December 31, 2022, 2021, and 2020, the Group placed 79% (13% of total revenue in 2022), 77% (2% of total revenue in 2021), and 77% (7% of total revenue in 2020), respectively, of its insurance brokerage sales with one insurance provider.
Warrant [Member]
Organization and Principal Activities (Details) [Line Items]
Warrants issued (in Shares)	17,795,000
Class A Ordinary Shares [Member]
Organization and Principal Activities (Details) [Line Items]
Ordinary shares, issued (in Shares)	4,507,574	29,677,969	29,677,969		2,450,000	1,486,504
Class B Ordinary Shares [Member]
Organization and Principal Activities (Details) [Line Items]
Ordinary shares, issued (in Shares)		9,843,096	9,843,096
Indemnity Escrow shares (in Shares)		1,933,740
Percentage of exchange shares in Indemnity Escrow		15%

Organization and Principal Ac_4

Organization and Principal Activities (Details) - Schedule of the net assets acquired by the Company upon consummation of the Business Combination	Dec. 31, 2022 USD ($)
Schedule Of The Net Assets Acquired By The Company Upon Consummation Of The Business Combination Abstract
Cash	$ 2,476,198
Prepaid expenses and other current assets	209
Warrant liabilities	(2,247,087)
Accrued expenses	(57,963)
Net assets acquired by LGHL as of June 16, 2020	$ 171,357

Organization and Principal Ac_5

Organization and Principal Activities (Details) - Schedule of subsidiaries	12 Months Ended
	Dec. 31, 2022
June 16, 2015 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Jun. 16, 2015
Place of incorporation or establishment	British Virgin Islands
Ownership interest	100%
Principal activities	Investment holding
February 16, 2017 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Feb. 16, 2017
Place of incorporation or establishment	British Virgin Islands
Ownership interest	100%
Principal activities	Investment holding
May 20, 2016 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	May 20, 2016
Place of incorporation or establishment	Hong Kong
Ownership interest	100%
Principal activities	Securities brokerage
May 20, 2016 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	May 20, 2016
Place of incorporation or establishment	Hong Kong
Ownership interest	100%
Principal activities	Futures brokerage
May 20, 2016 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	May 20, 2016
Place of incorporation or establishment	Hong Kong
Ownership interest	100%
Principal activities	Dormant
May 20, 2016 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	May 20, 2016
Place of incorporation or establishment	Hong Kong
Ownership interest	100%
Principal activities	Asset management
October 14, 2014 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Oct. 14, 2014
Place of incorporation or establishment	Hong Kong
Ownership interest	100%
Principal activities	Insurance brokerage
October 4, 2018 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Oct. 04, 2018
Place of incorporation or establishment	Hong Kong
Ownership interest	100%
Principal activities	Marketing and support service
May 2, 2017 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	May 02, 2017
Place of incorporation or establishment	Cayman Islands
Ownership interest	100%
Principal activities	Broker dealer and market maker
July 26,2019 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Jul. 26, 2019
Place of incorporation or establishment	Singapore
Ownership interest	100%
Principal activities	Dormant
June 16, 2020 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Jun. 16, 2020
Place of incorporation or establishment	Nevada, USA
Ownership interest	100%
Principal activities	Dormant
April 13, 2021 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Apr. 13, 2021
Place of incorporation or establishment	British Virgin Islands
Ownership interest	100%
Principal activities	Investment holding
April 13, 2021 [Member]
Organization and Principal Activities (Details) - Schedule of subsidiaries [Line Items]
Date of Incorporation or acquisition	Apr. 13, 2021
Place of incorporation or establishment	Cayman Islands
Ownership interest	70%
Principal activities	Investment holding

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Oct. 08, 2021	May 07, 2021
Significant Accounting Policies (Details) [Line Items]
Commission receivable	$ 32,463	$ 35,805
Spot token price	438,000
Impairment charge	294,000
Impaired assets	1,700,000
Other assets	2,534,684	8,741,735
Aggregate amount	1,000
Commission payable	$ 47,359	26,801
Shareholders loan		$ 600,000
Additional equity interest			30%
Minority shareholders			$ 200,000
Leases remaining terms	2 years 25 days
Minimum [Member]
Significant Accounting Policies (Details) [Line Items]
Estimated useful lives	3 years
Leases remaining terms	2 years
Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Estimated useful lives	10 years
Leases remaining terms	3 years
Earnout Escrow Shares [Member]
Significant Accounting Policies (Details) [Line Items]
Shares issued (in Shares)	3,867,481
Indemnity Escrow Shares [Member]
Significant Accounting Policies (Details) [Line Items]
Shares issued (in Shares)	1,933,740
Class A ordinary shares [Member]
Significant Accounting Policies (Details) [Line Items]
Ordinary shares (in Shares)	4,000,000
Business Combination [Member]
Significant Accounting Policies (Details) [Line Items]
Equity interest				60%
Lion Metaverse Limited [Member]
Significant Accounting Policies (Details) [Line Items]
Ownership percentage	50%

Significant Accounting Polici_4

Significant Accounting Policies (Details) - Schedule of crypto currencies - USD ($)		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021
BNB and WBNB [Member]
Significant Accounting Policies (Details) - Schedule of crypto currencies [Line Items]
Balance beginning
Additions of crypto currencies	[1]	438,042
Realized gain on sale of crypto currencies
Impairment of crypto currencies		(293,619)
Sale of crypto currencies
Balance ending		144,423	[2]
Bitcoins [Member]
Significant Accounting Policies (Details) - Schedule of crypto currencies [Line Items]
Balance beginning			[2]
Additions of crypto currencies	[3]			1,708,753
Realized gain on sale of crypto currencies				17,496
Impairment of crypto currencies	[4]
Sale of crypto currencies				(1,726,249)
Balance ending	[2]
[1] Binance Coin (“BNB”) and Wrapped BNB (“WBNB”) obtained from the sales of NFTs. The Group collected in an aggregate of approximately US$438,000 at the spot token price upon the completion of the sale of NFTs. As of December 31, 2022, the Group recorded an impairment charge of approximately US$294,000. The balance was included in the line item “other assets” in the consolidated balance sheet as of December 31, 2022 and 2021. Bitcoins obtained from the crypto currency mining activities. The Group did not recognize impairment loss on crypto currencies during the year ended December 31, 2021 as the crypto currencies were converted to stable coins shortly after the consideration was received and all stable coins were liquidated before the year end.

Significant Accounting Polici_5

Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SPAC Warrants [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share	17,795,000	17,795,000	17,795,000
August 2020 PIPE Warrants [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share	729,167	1,500,000	1,500,000
December 2020 Convertible Debenture [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share		800,000	800,000
December 2020 Warrants [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share		13,700,000	13,700,000
January 2021 Call Options [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share	4,000,000	6,000,000
Series A Convertible Preferred Shares [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share		2,333,333
February 2021 Warrants [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share	38,800,000	26,666,667
Series B Convertible Preferred Shares [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share		3,615,584
December 2021 Warrants [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share	2,285,715	2,285,715
August and December 2022 Convertible Debentures [Member]
Significant Accounting Policies (Details) - Schedule of potential dilutive securities denominated in ordinary shares equivalents were excluded from the computation of diluted earnings (loss) per share [Line Items]
Total basic and diluted earnings (loss) per ordinary share	5,200,000

Revenue Recognition (Details) -

Revenue Recognition (Details) - Schedule of revenue from contracts with customers - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition (Details) - Schedule of revenue from contracts with customers [Line Items]
Insurance brokerage commissions	$ 455,394	$ 542,795	$ 959,299
Securities brokerage commissions	3,412,644	3,188,684	1,890,502
Market making commissions and fees	781,878	4,324,650	4,940,623
Sale of NFTs	438,041
Cryptocurrency mining		1,726,249
Total revenue from contracts with customers	5,087,957	9,782,378	7,790,424
Geographic revenue	5,087,957	9,782,378	7,790,424
Hong Kong [Member]
Revenue Recognition (Details) - Schedule of revenue from contracts with customers [Line Items]
Geographic revenue	3,868,038	5,457,728	2,777,831
Cayman Islands [Member]
Revenue Recognition (Details) - Schedule of revenue from contracts with customers [Line Items]
Geographic revenue	$ 1,219,919	$ 4,324,650	$ 5,012,593

Revenue Recognition (Details)_2

Revenue Recognition (Details) - Schedule of trading gains (losses) breakdown - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Trading Gains Losses Breakdown Abstract
CFD trading gains/(losses)	$ (7,476,190)	$ 4,374,807	$ 1,883,958
TRS trading gains/(losses)	(3,913,422)	10,523,974	13,157
Other trading losses	(78,357)	(1,519,635)	(63,240)
Total	(11,467,969)	13,379,146	1,833,875
Trading gains (losses)	$ (11,467,969)	$ 13,379,146	$ 1,833,875

Revenue Recognition (Details)_3

Revenue Recognition (Details) - Schedule of consolidated statements of operations and comprehensive income (loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Consolidated Statements Of Operations And Comprehensive Income Loss Abstract
Foreign Currency	$ (310)	$ 1,454	$ (1,443)
Stock Indices	(7,175,826)	4,879,459	1,438,798
Commodities	(300,054)	(506,106)	446,603
Equity	(3,991,779)	9,004,339	(50,083)
Total	$ (11,467,969)	$ 13,379,146	$ 1,833,875

Cash and Restricted Cash (Detai

Cash and Restricted Cash (Details) - Schedule of cash and restricted cash - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of cash and restricted cash [Abstract]
Cash	$ 11,159,610	$ 15,098,151	$ 3,426,467
Restricted Cash	3,242,989	653,324	1,367,630
Total cash and restricted cash presented in the consolidated statements of cash flows	$ 14,402,599	$ 15,751,475	$ 4,794,097

Fair Value (Details) - Schedule

Fair Value (Details) - Schedule of monte-carlo simulation model - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Monte-Carlo Simulation model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected dividend yield		0%
Risk-free interest Rate		5%
Monte-Carlo Simulation model [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in Dollars per share)		$ 0.49
Exercise price (in Dollars per share)		$ 0.49
Expected term in years		14 days
Volatility		30%
Monte-Carlo Simulation model [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in Dollars per share)		$ 12.61
Exercise price (in Dollars per share)		$ 12.61
Expected term in years		2 months 26 days
Volatility		75%
Black-Sholes-Merton pricing mode [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in Dollars per share)	$ 0.715
Exercise price (in Dollars per share)	$ 11.5
Expected term in years	2 years 5 months 15 days
Expected dividend yield	0%
Volatility	96.42%
Risk-free interest Rate	4.44%
Black-Sholes-Merton pricing mode [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in Dollars per share)		$ 1.28
Exercise price (in Dollars per share)		$ 11.5
Expected term in years		3 years 5 months 15 days
Expected dividend yield		0%
Volatility		80.46%
Risk-free interest Rate		1.22%

Fair Value (Details) - Schedu_2

Fair Value (Details) - Schedule of fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis - USD ($)		Dec. 31, 2022	Dec. 31, 2021
Fair value measurement:
Listed equity securities		$ 11,104,047	$ 15,900,369
Total Assets		11,104,047	17,450,683
Liabilities
Embedded derivative liabilities		(2,292,056)
Option liabilities	[1]		(554,710)
Warrant liabilities		(675,000)	(1,940,625)
Total Liabilites		(2,967,056)	(2,495,335)
NAV practical expedient:
Long term investment		1,436,142	1,550,314
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair value measurement:
Listed equity securities		11,104,047	15,900,369
Total Assets		11,104,047	15,900,369
Liabilities
Embedded derivative liabilities
Option liabilities	[1]
Warrant liabilities		(460,000)	(1,322,500)
Total Liabilites		(460,000)	(1,322,500)
Significant Observable Inputs (Level 2) [Member]
Fair value measurement:
Listed equity securities
Total Assets
Liabilities
Embedded derivative liabilities		(2,292,056)
Option liabilities	[1]		(554,710)
Warrant liabilities		(215,000)	(618,125)
Total Liabilites		(2,507,056)	(1,172,835)
Significant Unobservable Inputs (Level 3) [Member]
Fair value measurement:
Listed equity securities
Total Assets
Liabilities
Embedded derivative liabilities
Option liabilities	[1]
Warrant liabilities
Total Liabilites
[1] No collateral received or pledged for derivative contracts.

Fair Value (Details) - Schedu_3

Fair Value (Details) - Schedule of fair values of financial assets and liabilities, excluding financial instruments - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 11,159,610	$ 15,098,151
Bank balances held on behalf of customers	3,242,989	653,324
Receivables from broker-dealers and clearing organizations	33,342,254	87,938,377
Short-term loans receivable	7,126,021
Other receivables	534,437	67,352
Total assets in fair value	55,405,311	103,757,204
Liabilities
Payables to customers	23,829,192	35,959,925
Payables to broker-dealers and clearing organizations	24,963,524	53,101,820
Accrued expenses and other payables	1,923,305	1,623,354
Short-term borrowings	110,000	110,000
Lease liability - current	601,531
Lease liability - noncurrent	618,705
Due to director	146,671	161,044
Total liabilities in fair value	52,192,928	90,956,143
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets
Cash and cash equivalents	11,159,610	15,098,151
Bank balances held on behalf of customers	3,242,989	653,324
Receivables from broker-dealers and clearing organizations
Short-term loans receivable	7,126,021
Other receivables
Total assets in fair value	21,528,620	15,751,475
Liabilities
Payables to customers
Payables to broker-dealers and clearing organizations
Accrued expenses and other payables
Short-term borrowings
Lease liability - current
Lease liability - noncurrent
Due to director
Total liabilities in fair value
Significant Observable Inputs (Level 2) [Member]
Assets
Cash and cash equivalents
Bank balances held on behalf of customers
Receivables from broker-dealers and clearing organizations	33,342,254	87,938,377
Short-term loans receivable
Other receivables	534,437	67,352
Total assets in fair value	33,876,691	88,005,729
Liabilities
Payables to customers	23,829,192	35,959,925
Payables to broker-dealers and clearing organizations	24,963,524	53,101,820
Accrued expenses and other payables	1,923,305	1,623,354
Short-term borrowings	110,000	110,000
Lease liability - current	601,531
Lease liability - noncurrent	618,705
Due to director	146,671	161,044
Total liabilities in fair value	52,192,928	90,956,143
Significant Unobservable Inputs (Level 3) [Member]
Assets
Cash and cash equivalents
Bank balances held on behalf of customers
Receivables from broker-dealers and clearing organizations
Short-term loans receivable
Other receivables
Total assets in fair value
Liabilities
Payables to customers
Payables to broker-dealers and clearing organizations
Accrued expenses and other payables
Short-term borrowings
Lease liability - current
Lease liability - noncurrent
Due to director
Total liabilities in fair value
Estimated Fair Value [Member]
Assets
Cash and cash equivalents	11,159,610	15,098,151
Bank balances held on behalf of customers	3,242,989	653,324
Receivables from broker-dealers and clearing organizations	33,342,254	87,938,377
Short-term loans receivable	7,126,021
Other receivables	534,437	67,352
Total assets in fair value	55,405,311	103,757,204
Liabilities
Payables to customers	23,829,192	35,959,925
Payables to broker-dealers and clearing organizations	24,963,524	53,101,820
Accrued expenses and other payables	1,923,305	1,623,354
Short-term borrowings	110,000	110,000
Lease liability - current	601,531
Lease liability - noncurrent	618,705
Due to director	146,671	161,044
Total liabilities in fair value	$ 52,192,928	$ 90,956,143

Short-term Loans Receivable (De

Short-term Loans Receivable (Details) - USD ($)			1 Months Ended	12 Months Ended
	Apr. 06, 2023	Sep. 27, 2021	Apr. 28, 2021	Dec. 31, 2022	Dec. 31, 2021
Short-term Loans Receivable (Details) [Line Items]
Notes receivable				$ 8,564,000
ReReceived repayment amount				1,499,000
Interest amount				$ 51,000
Accrued interest rate, percentage				12%
Loans receivable				$ 7,126,000	$ 0
Interest income earned				500,759	$ 31,000
Purchase price of system software	$ 7,850,000	$ 8,000,000
Accrued interest	$ 7,766,000	508,000		$ 26,000
Due date			Jun. 01, 2021
Loan Agreement [Member]
Short-term Loans Receivable (Details) [Line Items]
ReReceived repayment amount		492,000
Interest amount		$ 5,000
Accrued interest rate, percentage			12%
Aggregate principal amount			$ 1,000,000

Long-term Investment (Details)

Long-term Investment (Details)	May 31, 2021 USD ($)	May 31, 2021 CNY (¥)
Long-term Investment (Details) [Line Items]
Equity interest	$ (1,550,000)	¥ 10,000,000
Equirty interest, percentage	25%	25%
Total investment	64,500,000
Tunlan Hongyi [Member]
Long-term Investment (Details) [Line Items]
Equirty interest, percentage	62%	62%

Fixed Assets, Net (Details)

Fixed Assets, Net (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fixed Assets, Net (Details) [Line Items]
Aggregate purchase price	$ 2,600,000	¥ 17
Maintenance costs payable	200,000
Depreciation expense	378,554
Operating expenses	31,488,522		$ 25,765,042	$ 12,804,278
Impairment charges	293,619
Mining machines [Member]
Fixed Assets, Net (Details) [Line Items]
Impairment charges	1,690,028		0
Depreciation [Member]
Fixed Assets, Net (Details) [Line Items]
Depreciation expense	147,248
Operating expenses	$ 2,032,386		$ 1,295,470

Fixed Assets, Net (Details) - S

Fixed Assets, Net (Details) - Schedule of fixed assets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total cost of fixed assets	$ 18,929,099	$ 18,928,051
Less: accumulated depreciation	(3,452,727)	(1,420,309)
Less: impairment of mining machines	(1,690,028)
Fixed assets, net	13,786,344	17,507,742
Mining Machines [Member]
Property, Plant and Equipment [Line Items]
Total cost of fixed assets	2,585,119	2,584,071
Software [Member]
Property, Plant and Equipment [Line Items]
Total cost of fixed assets	16,000,000	16,000,000
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Total cost of fixed assets	38,329	38,329
Office and equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of fixed assets	$ 305,651	$ 305,651

Short-term Borrowings (Details)

Short-term Borrowings (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Oct. 31, 2021	Oct. 08, 2021
Short-term Borrowings (Details) [Line Items]
Related party	$ 110,000		$ 110,000
Equity interest						30%
Total loan	$ 4,682,000	¥ 32,600,000
Short-Term Borrowings [Member]
Short-term Borrowings (Details) [Line Items]
Equity interest					50%
Lion Metaverse Limited [Member]
Short-term Borrowings (Details) [Line Items]
Total loan			$ 2,325,000	¥ 15,000,000

Derivatives (Details)

Derivatives (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Derivatives [Abstract]
Derivative assets	$ 54
Derivative liabilities		$ 554,710
Derivative assets		$ 64

Derivatives (Details) - Schedul

Derivatives (Details) - Schedule of the group’s open positions - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Subordinated Borrowing [Line Items]
Fair Value of Asset	$ 54	$ 64
Fair Value of Liability		554,710
Net Amount	54	554,774
Stock Indices CFDs [Member]
Subordinated Borrowing [Line Items]
Fair Value of Asset	54	60
Fair Value of Liability
Net Amount	$ 54	60
Stock Indices OTC option contracts [Member]
Subordinated Borrowing [Line Items]
Fair Value of Liability		554,710
Net Amount		554,710
Foreign Currency CFDs [Member]
Subordinated Borrowing [Line Items]
Fair Value of Asset		4
Fair Value of Liability
Net Amount		$ 4

Related Parties (Details)

Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Due to director	$ 147,000	$ 161,000
Research and development expenses	$ 838,000	$ 119,000

Convertible Debentures (Details

Convertible Debentures (Details) - USD ($)							1 Months Ended		12 Months Ended
	Dec. 07, 2022	Aug. 10, 2022	Aug. 09, 2022	Mar. 03, 2022	Dec. 14, 2020	Jan. 01, 2020	May 17, 2022	Jan. 29, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Convertible Debentures (Details) [Line Items]
Received net proceeds			$ 3,300,000		$ 1,540,000		$ 1,955,000		$ 1,540,000
Senior secured convertible debenture					9%
Principal amount	$ 3,000,000	$ 3,500,000			$ 1,600,000		$ 2,100,000
Convertible shares (in Shares)					800,000
Convertible per share					$ 2
Issuance accrues interest rate					9%
Subscription amount					$ 1,000,000
Convertible debentures description					the purchaser shall receive a certificate representing 50,000 ADSs (or such lesser number on a ratable basis if the subscription amount is less than $1 million). Both the Debenture and the December 2020 Warrants include a full ratchet anti-dilution provision, and contain a beneficial ownership limitation on such conversion or exercise.				As part of consideration of entering into the Securities Purchase Agreement, the Company agreed to extend the February 2021 and December 2021 Warrants termination dates as follows: (i) the termination date for the Series D American Depositary Shares Purchase Warrant shall be extended to February 18, 2028; (ii) the termination date for the Series E American Depositary Shares Purchase Warrant shall be extended to February 18, 2025; (iii) the termination date for the Series F American Depositary Shares Purchase Warrant shall be extended to February 18, 2028; and (iv) the termination date for the Series G American Depositary Shares Purchase Warrant shall be extended to December 13, 2028. Pursuant to the adoption of ASU 2021-04, the Company considered the guidance in in ASC 815-40-35-16 through ASC 815-40-35-18 regarding the modification or exchange of a freestanding equity-classified written call option, and recognized the incremental fair value of the warrants aforementioned as a debt discount or debt issuance cost in accordance with paragraph 815-40-35-17(b), in an amount of $1,330,000. The fair value of Series D, E and G Warrants immediately before the modification is estimated to be at $0.24, $0.09 and $0.29 per share, respectively by using Binomial Option Pricing Model with an expected term of 3.75, 0.75 and 4.57 years, respectively, a stock price of $1.07 per share, volatility of 58.23%, 91.63%, 57.98%, respectively, a risk free rate of 2.97%, 3.16% and 2.96%, respectively, and an expected dividend yield of 0%. The fair value of Series D, E and G Warrants after the modification is estimated to be at $0.35, $0.18 and $0.43 per share, respectively by using Binomial Option Pricing Model with an expected term of 5.75, 2.75 and 6.57 years, respectively, a stock price of $1.05 per share, volatility of 57.82%, 61.03% and 61.21%, respectively, a risk free rate of 2.96%, 2.97% and 2.97%, respectively, and an expected dividend yield of 0%.
Fair value of warrants amount									$ (1,260,354)	$ 470,804	$ (777,266)
Debt discount									206,000
Aggregate amount				$ 1,837,500		$ 3,656,800			77,500	743,500
Net of debt original issue discount									145,000
Accrued interest								$ 11,600
Converted shares (in Shares)								889,667
Recognized interest expense aggregating amount	214,000								445,000	796,000	20,000
Interest obligation										12,000	7,000
Amortization of debt discounts										784,000
Amortization of debt discount issuance cost											13,000
Debentures carried value	1,789,000								$ 1,330,000		$ 816,000
Warrant description									As a result of January 2021 Call Options as discussed in Note 13, exercise price of Series A and Series C Warrants was adjusted from $2.45 to $2.00.
Proceeds amount										$ 27,400,000
Issuance of ordinary shares (in Shares)										14,200,000
Maturity date									Nov. 17, 2024
Interest rate									8%
Interest paid in cash percentage									12%
Conversion price (in Dollars per share)									$ 0.75
Trade price percentage									85%
Derivative liability fair value	1,051,000								$ 625,000
Proceeds received									1,955,000
Debt issuance cost									1,330,000
Purchase additional debenture amount									$ 25,000,000
Conversion of May 2022 Convertible Debenture and the payment of make-whole interest by shares (in Shares)									3,194,885
May 2022 Convertible Debenture [Member]
Convertible Debentures (Details) [Line Items]
Conversion price (in Dollars per share)									$ 1
Purchase additional debenture amount									$ 630,000
December 2022 Debenture [Member]
Convertible Debentures (Details) [Line Items]
Received net proceeds									2,840,000
August and December 2022 Convertible Debentures [Member]
Convertible Debentures (Details) [Line Items]
Debentures carried value	2,059,000
Derivative liability fair value	$ 1,241,000
Series B Warrant [Member]
Convertible Debentures (Details) [Line Items]
Warrant term					2 years
Warrant to purchase shares (in Shares)					5,000,000
Exercise per share (in Dollars per share)					$ 2
Fair value of warrants amount									$ 157,000
Warrant shares (in Shares)									737,000
Series A Warrant [Member]
Convertible Debentures (Details) [Line Items]
Warrant to purchase shares (in Shares)					1,200,000
Exercise per share (in Dollars per share)					$ 2.45
Fair value of warrants amount									$ 206,000
Series C [Member]
Convertible Debentures (Details) [Line Items]
Warrant term					7 years
Warrant to purchase shares (in Shares)					7,500,000
Exercise per share (in Dollars per share)					$ 2.45
Fair value of warrants amount									375,000
Aggregate amount									803,000
Net of debt original issue discount									60,000
Series D [Member]
Convertible Debentures (Details) [Line Items]
Fair value of warrants amount									$ 802,000

Convertible Debentures (Detai_2

Convertible Debentures (Details) - Schedule of convertible debentures - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items]
Convertible debentures	$ 4,061,735
Embedded derivative liability bifurcated	2,292,056
December 2020 Convertible Debenture [Member]
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items]
Convertible debentures
May 2022 Convertible Debenture [Member]
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items]
Convertible debentures
Embedded derivative liability bifurcated
August 2022 Convertible Debenture [Member]
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items]
Convertible debentures	2,238,897
Embedded derivative liability bifurcated	1,241,261
December 2022 Convertible Debenture [Member]
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items]
Convertible debentures	1,822,838
Embedded derivative liability bifurcated	$ 1,050,795

Convertible Debentures (Detai_3

Convertible Debentures (Details) - Schedule of assumptions used to measure the fair value of warrants on the date of issuance	12 Months Ended
	Dec. 31, 2022 $ / shares
Series A
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Expected term in years	7 years
Stock price (in Dollars per share)	$ 2.32
Expected dividend yield	0%
Volatility	46.68%
Risk-free interest Rate	0.63%
Initial fair value per share (in Dollars per share)	$ 1.01
Series B
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Expected term in years	2 years
Stock price (in Dollars per share)	$ 2.4
Expected dividend yield	0%
Volatility	49.61%
Risk-free interest Rate	0.20%
Initial fair value per share (in Dollars per share)	$ 0.58
Series C
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Expected term in years	7 years
Stock price (in Dollars per share)	$ 2.4
Expected dividend yield	0%
Volatility	46.68%
Risk-free interest Rate	0.63%
Initial fair value per share (in Dollars per share)	$ 0.83

Convertible Preferred Shares _3

Convertible Preferred Shares and Attached Warrants (Details) - USD ($)				1 Months Ended		12 Months Ended
	Aug. 09, 2022	Dec. 13, 2021	Dec. 14, 2020	May 17, 2022	Feb. 15, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Series convertible preferred shares par value (in Dollars per share)						$ 0.0001	$ 0.0001
Net proceeds of convertible preferred shares						$ 1,563,000
Dividend shares (in Shares)						50,000
Converted shares (in Shares)							14,200,000
Carrying value							$ 3,929,000
Cumulative dividend						$ 278,000	16,000
Received net proceeds	$ 3,300,000		$ 1,540,000	$ 1,955,000		1,540,000
Debt discounts original issue discount						145,000
Series A Preferred Shares [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Cumulative dividend						$ 130,000	$ 209,000
Class A Ordinary Shares [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Converted shares (in Shares)							349,789
Series B Convertible Preferred Shares [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Additional paid in capital								$ 1,591,000
February 2021 Series A Convertible Preferred Shares and Warrants [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Debt received					$ 6,440,000
Convertible debenture, description					a) Series A Convertible Preferred Shares (the “Series A Convertible Preferred Shares”) with a stated value of $7,000,000; b) a warrant (the “Series D Warrant”) to purchase 2,333,333 ADSs of the Company until the fifth year anniversary of the closing date at an exercise price of $3.00 per ADS; c) a one-year warrant to purchase 13,333,333 ADS (the “Series E Warrant”) at an exercise price of $3.00 per ADS, each exercise of which entitles the warrant holder to receive one ADS and a 8% cash discount; and d) a 5-year warrant to purchase 13,333,333 ADS (the “Series F Warrant”, together with the Series D Warrant and the Series E Warrant, the “February 2021 Warrants”) at an exercise price of $3.00 per ADS.	(i) the conversion price of the Series A Preferred Shares is adjusted to the lower of $1.75 or 90% of the lowest daily Volume-Weighted Average Price in the last 10 trading days prior to conversion, in no event that the conversion price shall be lower than $0.75, as amended; (ii) the exercise price of the Series D Warrants is adjusted to $2.50; (iii) the exercise price of the Series E Warrants is adjusted to $2.00; and (iv) the exercise price of the Series F Warrants is adjusted to $2.50.
Conversion price (in Dollars per share)							$ 8,280,270
Additional paid in capital						$ 81,000
Net of debt discounts paid						620,000
Series A preferred shares remained outstanding (in Shares)							6,500
Accrued dividend converted into an aggregate (in Shares)							325,000
February 2021 Series A Convertible Preferred Shares and Warrants [Member] | Series D [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Net proceeds of convertible preferred shares						560,000
Aggregate proceeds						2,149,000
February 2021 Series A Convertible Preferred Shares and Warrants [Member] | Series E [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Net proceeds of convertible preferred shares						1,588,000
Aggregate proceeds						4,231,000
February 2021 Series A Convertible Preferred Shares and Warrants [Member] | Series F [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Net proceeds of convertible preferred shares						$ 2,669,000
February 2021 Series A Convertible Preferred Shares and Warrants [Member] | Series A Preferred Shares [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Series convertible preferred shares (in Shares)						7,000
Series convertible preferred shares par value (in Dollars per share)						$ 0.0001
Series convertible preferred shares par value						$ 1,000
Dividend rights rate						8%
Conversion price (in Dollars per share)						$ 3
Net proceeds of convertible preferred shares						$ 1,563,000
February 2021 Series A Convertible Preferred Shares and Warrants [Member] | Series A Preferred Shares [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Dividend shares (in Shares)							500
December 2020 Convertible Debenture and Warrants [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Aggregate amount						5.3
Dividend shares (in Shares)							500
Net proceeds allocated to convertible debenture						$ 4,000
December 2020 Convertible Debenture and Warrants [Member] | Series A Preferred Shares [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Converted shares (in Shares)							14,000
December 2021 Series B Convertible Preferred Shares and Warrants [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Convertible debenture, description		a) Series B Convertible Preferred Shares (the “Series B Convertible Preferred Shares”) with a stated value of $4,000,000; and b) a 5-year warrant to purchase 2,285,715 ADSs (the “Series G Warrants”, or the “December 2021 Warrants”) of the Company until on or prior to December 13, 2026 at an exercise price of $2.50 per ADS.
Dividend rights rate						8%
Conversion price (in Dollars per share)						$ 1.75
Received net proceeds		$ 3,800,000
Percentage of lowest daily volume-weighted average price						90%
Lower conversion price (in Dollars per share)						$ 0.75
Aggregate cash						100%
Cash investment						$ 3,800,000
Stock and classified in stockholders’ equity, description						The fair value of December 2021 Warrants is estimated to be at $0.58 per share by using Binomial Option Pricing Model with an expected term of 5 years, a stock price of $1.70 per share, volatility of 53.42%, a risk free rate of 1.30% and an expected dividend yield of 0%.
Debt discount						$ 1,613,000
Warrants an aggregate						8,000
Debt discounts original issue discount						50,000
Deemed dividends to preferred stockholders in amount							$ 36,000
Carrying amount accreted							$ 1,222,000
December 2021 Series B Convertible Preferred Shares and Warrants [Member] | Series B [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Net proceeds of convertible preferred shares						2,800,000
December 2021 Series B Convertible Preferred Shares and Warrants [Member] | Series G [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Net proceeds of convertible preferred shares						950,000
Debt discount						1,613,000
Proceeds to the detachable Series G Warrants						950,000
Convertible amount						$ 1,186,000
December 2021 Series B Convertible Preferred Shares and Warrants [Member] | Series B Convertible Preferred Shares [Member]
Convertible Preferred Shares and Attached Warrants (Details) [Line Items]
Series convertible preferred shares (in Shares)						4,000
Series convertible preferred shares par value (in Dollars per share)						$ 0.0001
Series convertible preferred shares par value						$ 1,000

Convertible Preferred Shares _4

Convertible Preferred Shares and Attached Warrants (Details) - Schedule of assumptions used to measure the fair value of warrants on the date of issuance - February 2021 Series A Convertible Preferred Shares and Warrants [Member]	12 Months Ended
	Dec. 31, 2021 $ / shares
Series D [Member]
Convertible Preferred Shares and Attached Warrants (Details) - Schedule of assumptions used to measure the fair value of warrants on the date of issuance [Line Items]
Expected term in years	5 years
Stock price (in Dollars per share)	$ 2.97
Expected dividend yield	0%
Volatility	43.05%
Risk-free interest Rate	0.63%
Initial fair value per share (in Dollars per share)	$ 1.07
Series E [Member]
Convertible Preferred Shares and Attached Warrants (Details) - Schedule of assumptions used to measure the fair value of warrants on the date of issuance [Line Items]
Expected term in years	1 year
Stock price (in Dollars per share)	$ 3.02
Expected dividend yield	0%
Volatility	50.45%
Risk-free interest Rate	0.21%
Initial fair value per share (in Dollars per share)	$ 0.53
Series F [Member]
Convertible Preferred Shares and Attached Warrants (Details) - Schedule of assumptions used to measure the fair value of warrants on the date of issuance [Line Items]
Expected term in years	5 years
Stock price (in Dollars per share)	$ 2.97
Expected dividend yield	0%
Volatility	43.05%
Risk-free interest Rate	0.63%
Initial fair value per share (in Dollars per share)	$ 0.89

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($)			1 Months Ended			12 Months Ended
	Jan. 06, 2021	Aug. 01, 2020	Dec. 31, 2021	Jan. 31, 2021	Dec. 19, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 16, 2020
Stockholders’ Equity (Details) [Line Items]
Ordinary shares authorized						450,000,000
Ordinary value per share (in Dollars per share)						$ 0.0001
Preferred shares authorized			50,000,000			50,000,000	50,000,000
Preferred shares par value per share (in Dollars per share)			$ 0.0001			$ 0.0001	$ 0.0001
Ordinary shares outstanding												17,399,176
Aggregate shares							48,761,596
Warrant exercisable period						3 years
Exercise price (in Dollars per share)			$ 1.75
Aggregate amount (in Dollars)							$ 278,000
Aggregate proceeds of investors (in Dollars)								$ 60,000
Recognized in expenses (in Dollars)			$ 382,000			$ 382,000	382,000
Warrants [Member]
Stockholders’ Equity (Details) [Line Items]
Exercise price (in Dollars per share)				$ 2
Aggregate amount (in Dollars)							16,000
Call Option [Member]
Stockholders’ Equity (Details) [Line Items]
Strategic Cooperation Agreement	On January 6, 2021, the Company entered into a binding strategic cooperation framework agreement (the “Strategic Cooperation Agreement”) with Mr. Yao Yongjie (“Mr. Yao”) and engaged Mr. Yao as the chief technical adviser to provide technical advice and consultancy service in blockchain industry. The Company grants to Mr. Yao options (the “Call Options”) to subscribe for 6 million Class A ordinary shares, represented by ADSs at a price fixed at US$2 per share. Within 24 months of the signing of the Strategic Cooperation Agreement, Mr. Yao may exercise the right to subscribe for such shares by tranches if the following conditions are met:    (i) if the closing price of the shares in the Company exceeds US$3 per share for 3 consecutive trading days, Mr. Yao may exercise 2 million call options;     (ii) if the closing price of the shares in the Company exceeds US$5 per share for 3 consecutive trading days, Mr. Yao may exercise 2 million call options;     (iii) if the closing price of the shares in the Company exceeds US$7.50 per share for 3 consecutive trading days, Mr. Yao may exercise 2 million call options.
Aggregate fair value (in Dollars)						1,909,000
Aggregate proceeds (in Dollars)						4,000,000	4,000,000
Call options vested and exercisable (in Dollars)						2,000,000
Call options nonvested (in Dollars)						$ 2,000,000
Yun Tian [Member]
Stockholders’ Equity (Details) [Line Items]
Share price (in Dollars per share)					$ 2.2
Private Placement [Member]
Stockholders’ Equity (Details) [Line Items]
Description of securities purchase agreement		the Company entered into a securities purchase agreement (as amended on September 29, 2020, and later amended and restated on October 19, 2020) with three investors (collectively, the “Investors”). Two tranches of transactions contemplated under the agreement were closed on August 3 and November 13, 2020, respectively. As a result, an aggregate of 1,500,000 ADSs and 1,500,000 warrants to purchase an aggregate of 1,500,000 of the Company’s ADS at US$3.00 per ADS (the “August 2020 PIPE Warrants”) were issued at US$2.00 per ADS for an aggregate purchase price of US$3 million, and an aggregate of 150,000 ADSs were issued as origination fee. Issuance costs of approximately $469,000 were recorded as a charge to additional paid-in capital, including legal and accounting fees. In accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity, warrants are classified within stockholders’ equity as “additional paid in capital” upon their issuance. The proceeds were allocated to ordinary shares and private investment in public equity warrants (“PIPE Warrants”) on the relative fair value of the securities in accordance with ASC 470-20-30. In aggregate, the net proceeds to the Company were approximately $2,531,000 classified within stockholders’ equity, including a subscription receivable of $508,750 classified in the other receivables in the consolidated balance sheets as of December 31, 2020 which was received in January 2021.
Aggregate proceeds of investors (in Dollars)							$ 1,500,000
Class A Ordinary Share [Member]
Stockholders’ Equity (Details) [Line Items]
Ordinary shares authorized			300,000,000			300,000,000	300,000,000
Ordinary shares outstanding			29,677,969			48,761,596	29,677,969					7,647,962
Conversion rights description						Each Class A ordinary share is entitled to one vote, and is not convertible into Class B ordinary share under any circumstance; and each Class B ordinary share is entitled to ten votes, and is convertible into one Class A ordinary share at any time by the holder thereof, subject to adjustments for any subdivision or combination. On February 16, 2022 and January 13, 2023, the Company held General Meetings of Shareholders that approved the increase by the number of votes attached to Class B Ordinary Shares from ten (10) votes per Class B Ordinary Share to twenty five (25) votes per Class B Ordinary Share, and from twenty five (25) votes per Class B Ordinary Share to one hundred (100) votes per Class B Ordinary Share, respectively.
Shares issued			29,677,969			29,677,969	29,677,969		2,450,000		1,486,504	4,507,574
Aggregate shares						48,761,596
Shares outstanding			29,677,969			29,677,969	29,677,969
Exercise of August 2020 PIPE Warrants							770,833
Class A Ordinary Share [Member] | Call Option [Member]
Stockholders’ Equity (Details) [Line Items]
Ordinary shares issued							2,000,000
Class B Ordinary Shares [Member]
Stockholders’ Equity (Details) [Line Items]
Ordinary shares authorized			150,000,000			150,000,000	150,000,000
Ordinary shares outstanding			9,843,096			9,843,096	9,843,096					9,751,214
Shares issued			9,843,096			9,843,096	9,843,096
Shares outstanding			9,843,096			9,843,096	9,843,096
Series A Preferred Shares [Member]
Stockholders’ Equity (Details) [Line Items]
Shares issued			6,500				6,500
Shares outstanding			6,500				6,500
Series B Preferred Shares [Member]
Stockholders’ Equity (Details) [Line Items]
Shares issued			4,000				4,000
Shares outstanding			4,000				4,000
Tranches one [Member]
Stockholders’ Equity (Details) [Line Items]
Fair value call option (in Dollars per share)						$ 0.47
Tranches Two [Member]
Stockholders’ Equity (Details) [Line Items]
Fair value call option (in Dollars per share)						0.33
Tranches Three [Member]
Stockholders’ Equity (Details) [Line Items]
Fair value call option (in Dollars per share)						$ 0.16
Binomial Option Pricing Model [Member]
Stockholders’ Equity (Details) [Line Items]
Expected term						2 years
Stock price per share (in Dollars per share)						$ 1.94
Volatility percentage						51.69%
Risk free rate percentage						0.21%
Dividend yield						0%
Yun Tian [Member]
Stockholders’ Equity (Details) [Line Items]
Received subscription price (in Dollars)										$ 800,000
Yun Tian [Member] | Class A Ordinary Share [Member]
Stockholders’ Equity (Details) [Line Items]
Subscription shares					4,540,000
Subscription shares issued										353,623

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)			1 Months Ended	12 Months Ended
	Mar. 03, 2022	Jan. 01, 2020	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation (Details) [Line Items]
Deferred shares granted to employees, non-employee directors and consultants	2,450,000	1,486,504
Price per share (in Dollars per share)	$ 0.75	$ 2.46		$ 1
Aggregate amount (in Dollars)	$ 1,837,500	$ 3,656,800		$ 77,500	$ 743,500
Total unrecognized compensation expense (in Dollars)				$ 1,000,000
Recognized over a period				1 year
2020 Share Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Ordinary shares issued			4,632,449
Contractual term			10 years
Total shares granted				3,936,504
Shares remained available for future awards				695,945

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - Schedule of share-based payments - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Share Based Payments Abstract
Compensation and benefits			$ 934,800
Communication and technology	225,000		335,000
Marketing	206,250		363,000
Services fees			294,000
Professional fees	243,750		228,000
General and administrative	243,750		1,502,000
Total	$ 918,750		$ 3,656,800

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Applicable tax rate, description	the applicable tax rate was 8.25% on the first HK $2,000,000 of assessable profits and 16.5% on any assessable profits above that threshold. The 8.25% tax rate can only be utilized by one entity in a controlled group. All other Hong Kong entities in the Group utilize the 16.5% tax rate.
Tax rate	17%
Federal tax rate	21%

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of current and deferred portions of the income tax expense - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Current And Deferred Portions Of The Income Tax Expense Abstract
Current	$ 3,419	$ 53,239	$ 1,767
Deferred		1,128	(451)
Income tax expense	$ 3,419	$ 54,367	$ 1,316

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule a reconciliation of the difference between the expected income tax expense or benefit computed at applicable statutory income tax rates and the Group’s income tax expense - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule AReconciliation Of The Difference Between The Expected Income Tax Expense Or Benefit Computed At Applicable Statutory Income Tax Rates And The Group SIncome Tax Expense Abstract
Income tax expense (benefit) at applicable statutory rate	[1]	$ (5,199,883)	$ 3,085	$ (348,782)
Nondeductible expenses		328,511	(398,706)
Impact of foreign tax rate differential	[2]	3,117,801	(1,208,726)	(214,313)
Current year change in valuation allowance		1,804,389	1,606,803	558,859
Other		(47,399)	(1,328)	5,552
Prior year examination adjustment			53,239
Reported income taxes		$ 3,419	$ 54,367	$ 1,316
[1]The applicable statutory rate applied is based on the profits tax rates in Hong Kong. Effective for tax years ended on or after December 31, 2018, the applicable tax rate was 8.25% on the first HK $2,000,000 of assessable profits and 16.5% on any assessable profits above that threshold. The 8.25% tax rate can only be utilized by one entity in a controlled group. All other Hong Kong entities in the Group utilize the 16.5% tax rate. The Singapore entity within the Group has an applicable tax rate of 17.0%. The entity in the United States within the Group has a federal tax rate of 21.0%.[2] The Group also has entities domiciled in the British Virgin Islands and the Cayman Islands, but such entities are not subject to income or capital gains taxes.

Income Taxes (Details) - Signif

Income Taxes (Details) - Significant components of the Group’s deferred tax assets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred tax asset
Net operating loss carryforwards	$ 4,952,445	$ 2,987,597
Less: valuation allowance	(4,952,445)	(2,987,597)
Net deferred tax asset
Deferred tax liability
Fixed assets
Deferred tax liability, net

Lease (Details)

Lease (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Lease [Abstract]
lease term	2 years 25 days
Weighted-average discount rate	2.87%
Operating lease liabilities	$ 561,000

Lease (Details) - Schedule of c

Lease (Details) - Schedule of consolidated balance sheets	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Consolidated Balance Sheets [Abstract]
Operating lease right-of-use assets	$ 1,160,563
Operating lease liabilities	$ 1,220,236

Lease (Details) - Schedule of_2

Lease (Details) - Schedule of consolidated statements of comprehensive (loss)/income	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Consolidated Statements of Comprehensive Loss Income [Abstract]
Operating lease cost	$ 699,909

Lease (Details) - Schedule of p

Lease (Details) - Schedule of present value of its operating lease payments	Dec. 31, 2022 USD ($)
Schedule of Present Value of its Operating Lease Payments [Abstract]
2023	$ 623,744
2024	541,866
2025	80,964
Thereafter
Total undiscounted operating lease payments	1,246,574
Less: imputed interest	(26,338)
Present value of operating lease liabilities	$ 1,220,236

Lease (Details) - Schedule of m

Lease (Details) - Schedule of minimum annual lease commitments	Dec. 31, 2022 USD ($)
Schedule of Minimum Annual Lease Commitments [Abstract]
2023	$ 552,437
2024	479,076
2025	74,725
2026	5,660
Thereafter
Total	$ 1,111,898

Regulatory Requirements (Detail

Regulatory Requirements (Details) - Schedule of the minimum regulatory capital required and the actual amounts of capital maintained	Dec. 31, 2022 USD ($)
Regulatory Asset [Line Items]
Minimum Regulatory Capital Requirements	$ 5,825,274
Capital Levels Maintained	17,371,279
Excess Net Capital	$ 11,546,005
Percent of requirement Maintained	298%
Lion International Securities Group Limited [Member]
Regulatory Asset [Line Items]
Minimum Regulatory Capital Requirements	$ 384,892
Capital Levels Maintained	1,152,970
Excess Net Capital	$ 768,078
Percent of requirement Maintained	300%
Lion Futures Limited [Member]
Regulatory Asset [Line Items]
Minimum Regulatory Capital Requirements	$ 384,892
Capital Levels Maintained	1,407,515
Excess Net Capital	$ 1,022,623
Percent of requirement Maintained	366%
Lion Asset Management Limited [Member]
Regulatory Asset [Line Items]
Minimum Regulatory Capital Requirements	$ 12,830
Capital Levels Maintained	73,835
Excess Net Capital	$ 61,005
Percent of requirement Maintained	575%
BC Wealth Management Limited [Member]
Regulatory Asset [Line Items]
Minimum Regulatory Capital Requirements	$ 38,489
Capital Levels Maintained	307,610
Excess Net Capital	$ 269,121
Percent of requirement Maintained	799%
Lion International Financial (Singapore) Pte. Ltd. [Member]
Regulatory Asset [Line Items]
Minimum Regulatory Capital Requirements	$ 744,313
Capital Levels Maintained	856,642
Excess Net Capital	$ 112,329
Percent of requirement Maintained	115%
Lion Broker Limited (Cayman) [Member]
Regulatory Asset [Line Items]
Minimum Regulatory Capital Requirements	$ 4,259,858
Capital Levels Maintained	13,572,706
Excess Net Capital	$ 9,312,849
Percent of requirement Maintained	319%

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Operating segments, description	Reportable segments are defined as an operating segment that either (a) exceeds 10% of revenue, or (b) reported profit or loss in absolute amount exceeds 10% of profit of all operating segments that did not report a loss or (c) exceeds 10% of the combined assets of all operating segments.
Number of operating segments	3

Segment Reporting (Details) - S

Segment Reporting (Details) - Schedule of operating segments - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues (Losses)	$ (2,482,500)	$ 24,992,712	$ 10,230,135
Commissions and fees	3,198,934	3,317,692	1,845,994
Compensation and benefits	3,620,506	4,069,203	3,802,793
Occupancy	826,254	778,881	683,160
Communication and technology	3,392,794	1,929,981	1,454,050
General and administrative	1,228,572	2,016,582	2,264,318
Crypto currencies		1,163,846
Professional fees	3,716,839	3,836,817	1,565,834
Research and development	4,693,995	1,205,040
Service fees	1,956,785	3,574,579	833,864
Interest	2,334,598	1,608,100	183,157
Depreciation	2,032,386	916,916	40,556
Marketing	3,743,567	913,675	651,324
Payment service charge	(12,407)	(181,249)	245,030
Change in fair value of warrant liabilities	(1,260,354)	470,804	(777,266)
Impairment of fixed assets	1,690,028
Impairment of cryptocurrencies	293,619
Other operating expenses	32,406	144,175	11,464
Total operating expenses	31,488,522	25,765,042	12,804,278
Income (loss) from operations	(33,971,022)	(772,330)	(2,574,143)
Total segment assets	86,634,384	148,916,831	22,906,069
Futures insurance and securities brokerage services [Member]
Segment Reporting Information [Line Items]
Revenues (Losses)	3,284,729	2,800,543	2,029,669
Commissions and fees	2,297,341	2,037,619	1,316,800
Compensation and benefits	953,213	1,083,943	1,110,192
Occupancy
Communication and technology	459,263	437,629	455,323
General and administrative	101,143	89,040	55,028
Crypto currencies
Professional fees	17,496	14,281	26,690
Research and development
Service fees
Interest
Depreciation	539	2,027	13,000
Marketing	3,185	2,171	222
Payment service charge
Change in fair value of warrant liabilities
Impairment of fixed assets
Impairment of cryptocurrencies
Other operating expenses	6,499	1,224
Total operating expenses	3,838,679	3,667,934	2,977,255
Income (loss) from operations	(553,950)	(867,391)	(947,586)
Total segment assets	11,388,786	4,097,364	4,624,325
CFD Trading [Member]
Segment Reporting Information [Line Items]
Revenues (Losses)	(6,694,312)	8,700,009	6,810,520
Commissions and fees	7,863	63,654	70,124
Compensation and benefits
Occupancy	3,600	3,900	3,300
Communication and technology	340,408	418,227	409,961
General and administrative	57,372	393,005	225,067
Crypto currencies
Professional fees	106,533	136,755	108,175
Research and development
Service fees	470,791	449,765	300,990
Interest
Depreciation	800,000	640,326	(26,403)
Marketing	54,000	70,000	166,013
Payment service charge	(78,562)	(274,616)	245,030
Change in fair value of warrant liabilities
Impairment of fixed assets
Impairment of cryptocurrencies
Other operating expenses		79,934
Total operating expenses	1,762,005	1,980,950	1,502,257
Income (loss) from operations	(8,456,317)	6,719,059	5,308,263
Total segment assets	13,468,277	12,028,984	11,558,061
TRS Trading [Member]
Segment Reporting Information [Line Items]
Revenues (Losses)	(595,871)	13,182,716	223,927
Commissions and fees	664,435	1,031,416	45,719
Compensation and benefits
Occupancy	3,600	3,900	3,300
Communication and technology	340,408	698,262	233,669
General and administrative	57,372	78,616	18,105
Crypto currencies
Professional fees	106,533	136,755	170,544
Research and development
Service fees	951,857	2,730,596	13,352
Interest	1,675,946	804,621	52,240
Depreciation	800,000	93,007	26,403
Marketing	54,000
Payment service charge	66,155	93,367
Change in fair value of warrant liabilities
Impairment of fixed assets
Impairment of cryptocurrencies
Other operating expenses
Total operating expenses	4,720,306	5,670,540	563,332
Income (loss) from operations	(5,316,177)	7,512,176	(339,405)
Total segment assets	43,725,609	112,623,891	3,078,078
Other [Member]
Segment Reporting Information [Line Items]
Revenues (Losses)	1,522,954	309,444	1,166,019
Commissions and fees	229,295	185,003	413,351
Compensation and benefits	2,667,293	2,985,260	2,692,601
Occupancy	819,054	771,081	676,560
Communication and technology	2,252,715	375,863	355,097
General and administrative	1,012,685	1,455,921	1,966,118
Crypto currencies		1,163,846
Professional fees	3,486,277	3,549,026	1,260,425
Research and development	4,693,995	1,205,040
Service fees	534,137	394,218	519,522
Interest	658,652	803,479	130,917
Depreciation	431,847	181,556	27,556
Marketing	3,632,382	841,504	485,089
Payment service charge
Change in fair value of warrant liabilities	(1,260,354)	470,804	(777,266)
Impairment of fixed assets	1,690,028
Impairment of cryptocurrencies	293,619
Other operating expenses	25,907	63,017	11,464
Total operating expenses	21,167,532	14,445,618	7,761,434
Income (loss) from operations	(19,644,578)	(14,136,174)	(6,595,415)
Total segment assets	$ 18,051,712	$ 20,166,592	$ 3,645,605

SPAC Warrants (Details)

SPAC Warrants (Details) - $ / shares		12 Months Ended
	Jun. 03, 2019	Dec. 31, 2022
SPAC Warrants (Details) [Line Items]
Warrant description	PAAC’s warrants (collectively, the “SPAC Warrants”), which include (i) 11,500,000 warrants, those warrants included in the units as part of initial public offering (the “IPO”) on June 3, 2019 (the “Public Warrants”), (ii) 5,375,000 warrants purchased by the founders of PAAC in a private placement simultaneously closed with PAAC’s IPO (the “Private Warrants”) and (iii) 920,000 warrants issued to the underwriters of PAAC’s IPO (the “Underwriters’ Warrants”).	The Company may call the warrants for redemption (excluding the private warrants), in whole and not in part, at a price of $0.01 per warrant,    ● at any time while the warrants are exercisable;   ● upon not less than 30 days’ prior written notice of redemption to each warrant holder;   ● if, and only if, the reported last sale price of the Company’s ADSs equals or exceeds $18.00 per ADS, for any 20 trading days within a 30-day trading period ending on the third business day prior to the notice of Redemption to warrant holders; and   ● if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying such warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption.
Warrant exercise price per share		$ 12
Public Warrants [Member]
SPAC Warrants (Details) [Line Items]
Warrants purchased		11,500,000
Private Warrants [Member]
SPAC Warrants (Details) [Line Items]
Warrants purchased		5,375,000
Underwriters [Member]
SPAC Warrants (Details) [Line Items]
Warrants purchased		920,000
PAAC [Member]
SPAC Warrants (Details) [Line Items]
Business combination, description		Upon the closing, each outstanding Public Warrants and Private Warrants of PAAC automatically represents the right to purchase one Class A ordinary share in the form of the Company’s ADSs in lieu of one ordinary share of PAAC at a price of $11.50 per share or $11.50 per ADS, subject to adjustment in the event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation.

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Feb. 10, 2023	Dec. 31, 2022	Mar. 03, 2022	Jan. 01, 2020
Subsequent Events (Details) [Line Items]
Price per share		$ 1	$ 0.75	$ 2.46
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Price per share	$ 1