0001410578-24-001651 | 6-K | XBRL Viewer | Baosheng Media Group Holdings LTD

For the Six Months Ended

June 30,

Horgos Zhijiantiancheng

GOING CONCERN	6 Months Ended
Jun. 30, 2024
GOING CONCERN
GOING CONCERN	3.GOING CONCERN As reflected in the Company’s unaudited condensed consolidated financial statements, the Company had a net loss of $1,740,418 and $4,079 for the six months ended June 30, 2024 and 2023, respectively, and reported a cash outflow of $1,274,344 for the six months ended June 30, 2024, while cash inflow of $2,639,003 from operating activities for the six months ended June 30, 2023, respectively. These factors raise a substantial doubt about the Company’s ability to continue as a going concern. As of June 30, 2024, the Company had cash and cash equivalent of $2,889,830 and short-term investments of $1,808,324. On the other hand, the balance of current liabilities of $6,668,600 as of June 30, 2024 is expected to get paid in the twelve months ending June 30, 2025. The Company expected to renew the bank borrowings upon its maturity. The Company intends to meet the cash requirements for the next 12 months from the issuance date of this report through a combination of application of credit terms, bank loans, and principal shareholder’s financial support. Given the factors mentioned above, the Company assesses current working capital is sufficient to meet its obligations for the next 12 months from the issuance date of this report. Accordingly, management continues to prepare the Company’s unaudited condensed consolidated financial statements on going concern basis. However, future financing requirements will depend on many factors, including the scale and pace of the expansion of the Company’s advertising business, the expansion of the Company’s sales and marketing activities, and potential investments in, or acquisitions of, businesses or technologies. Inability to obtain credit terms from medias or access to financing on favorable terms in a timely manner or at all would materially and adversely affect the Company’s business, results of operations, financial condition, and growth prospects.

GOING CONCERN

6 Months Ended

Jun. 30, 2024

3.GOING CONCERN

As reflected in the Company’s unaudited condensed consolidated financial statements, the Company had a net loss of $1,740,418 and $4,079 for the six months ended June 30, 2024 and 2023, respectively, and reported a cash outflow of $1,274,344 for the six months ended June 30, 2024, while cash inflow of $2,639,003 from operating activities for the six months ended June 30, 2023, respectively. These factors raise a substantial doubt about the Company’s ability to continue as a going concern.

As of June 30, 2024, the Company had cash and cash equivalent of $2,889,830 and short-term investments of $1,808,324. On the other hand, the balance of current liabilities of $6,668,600 as of June 30, 2024 is expected to get paid in the twelve months ending June 30, 2025. The Company expected to renew the bank borrowings upon its maturity. The Company intends to meet the cash requirements for the next 12 months from the issuance date of this report through a combination of application of credit terms, bank loans, and principal shareholder’s financial support. Given the factors mentioned above, the Company assesses current working capital is sufficient to meet its obligations for the next 12 months from the issuance date of this report. Accordingly, management continues to prepare the Company’s unaudited condensed consolidated financial statements on going concern basis.

However, future financing requirements will depend on many factors, including the scale and pace of the expansion of the Company’s advertising business, the expansion of the Company’s sales and marketing activities, and potential investments in, or acquisitions of, businesses or technologies. Inability to obtain credit terms from medias or access to financing on favorable terms in a timely manner or at all would materially and adversely affect the Company’s business, results of operations, financial condition, and growth prospects.

ORGANIZATION AND BUSINESS DESCRIPTION	6 Months Ended
Jun. 30, 2024
ORGANIZATION AND BUSINESS DESCRIPTION
ORGANIZATION AND BUSINESS DESCRIPTION	1.ORGANIZATION AND BUSINESS DESCRIPTION Baosheng Media Group Holdings Limited (“Baosheng Group”) was incorporated on December 4, 2018 under the laws of the Cayman Islands as an exempted company with limited liability. Baosheng Group owns 100% of the equity interests of Baosheng Media Group Limited (“Baosheng BVI”), an entity incorporated under the laws of British Virgin Islands (“BVI”) on December 14, 2018. Baosheng BVI owns 100% of the equity interests of Baosheng Media Group (Hong Kong) Holdings Limited (“Baosheng HK”), a business company incorporated in accordance with the laws and regulations of Hong Kong on January 7, 2019. On March 21, 2021, Baosheng HK established Beijing Baosheng Network Technology Co., Ltd. (“Baosheng Network”), a wholly owned subsidiary in China. On April 2, 2022, Baosheng Network set up a wholly owned subsidiary, Beijing Xunhuo E-commerce Co., Ltd. (“Beijing Xunhuo”). Beijing Baosheng Technology Company Limited (“Beijing Baosheng”) was established on October 17, 2014 under the laws of the People’s Republic of China (“China” or the “PRC”) with a registered capital of $289,540 (RMB 2,000,000). Prior to the reorganization (as defined below), Beijing Baosheng had three wholly-owned subsidiaries, Horgos Baosheng Advertising Co., Ltd. (“Horgos Baosheng”), Kashi Baosheng Information Technology Co., Ltd. (“Kashi Baosheng”), and Baosheng Technology (Horgos) Co., Ltd. (“Baosheng Technology”), which were established on August 30, 2016, May 15, 2018 and January 2, 2020 in China, respectively. On January 21, 2019, Baosheng HK entered into an equity transfer agreement with Beijing Baosheng and the shareholders of Beijing Baosheng. Pursuant to the equity transfer agreement, each of the shareholders of Beijing Baosheng transferred to Baosheng HK their respective equity interests in Beijing Baosheng at a consideration aggregating $13,844,895 (RMB94,045,600), determined by reference to the evaluation of the equity interest of Beijing Baosheng as of June 30, 2018 (the “reorganization”). Upon completion of such transfers, Beijing Baosheng became a direct wholly-owned subsidiary of Baosheng HK and an indirect-wholly owned subsidiary of the Company. On June 4, 2019, Baosheng Group completed the reorganization of entities under common control of its then existing shareholders, who collectively owned 100% of the equity interests of Beijing Baosheng prior to the reorganization. Baosheng Group, Baosheng BVI and Baosheng HK were established as holding companies of Beijing Baosheng and its subsidiaries, and all of these entities are under common control which results in the consolidation of Beijing Baosheng and its subsidiaries, which have been accounted for as a reorganization of entities under common control at carrying value. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the consolidated financial statements. Baosheng Group, Baosheng BVI, Baosheng HK, Beijing Baosheng and its subsidiaries (herein collectively referred to as the “Company”) are engaged in providing online marketing channels to advertisers for them to manage their online marketing activities. Share consolidation and increase in authorized share capital On May 11, 2022, the Company’s board of directors resolved to approve a share consolidation at a ratio of one-for-three and one fifth (3.2) ordinary shares with a par value of US$0.0005 each in the Company’s issued and unissued share capital into one ordinary share with a par value of US$0.0016 (“2022 Share Consolidation”), for which the Company obtained shareholder approval on April 28, 2022. Immediately following the 2022 Share Consolidation, the authorized share capital of the Company was US$50,000 divided into 31,250,000 ordinary shares of a par value US$0.0016 each. The 2022 Share Consolidation became effective on May 24, 2022. On March 6, 2023, the Company effected an increase in its authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value US$0.0016 each to US$60,000 divided into 37,500,000 ordinary shares of a par value US$0.0016 each (the “Increase in Share Capital”), and on March 21, 2023, the Company effected a share consolidation at a ratio of one-for-six, such that each (6) ordinary shares with a par value of US$0.0016 each in the Company’s issued and unissued share capital were consolidated into one ordinary share with a par value of US$0.0096 (“2023 Share Consolidation”). Effective on September 29, 2023, the Company increased the authorized share capital of the Company from US$60,000 divided into 6,250,000 Ordinary Shares of par value US$0.0096 each, to US$9,600,000 divided into 1,000,000,000 Ordinary Shares of a par value of US$0.0096 each (the “2023 Share Capital Increase”). Immediately following the Increase in Share Capital, 2023 Share Consolidation, and the 2023 Share Capital Increase, the authorized share capital of the Company increased from US$50,000 to US$60,000, divided into 6,250,000 ordinary shares of a par value US$0.0096 each. The Company believes it is appropriate to reflect the Increase in Share Capital, 2022 Share Consolidation and 2023 Share Consolidation on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, the Company had 1,000,000,000 authorized shares, par value of US$0.0096, of which 1,534,487 shares were issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.

ORGANIZATION AND BUSINESS DESCRIPTION

6 Months Ended

Jun. 30, 2024

ORGANIZATION AND BUSINESS DESCRIPTION

ORGANIZATION AND BUSINESS DESCRIPTION

1.ORGANIZATION AND BUSINESS DESCRIPTION

Baosheng Media Group Holdings Limited (“Baosheng Group”) was incorporated on December 4, 2018 under the laws of the Cayman Islands as an exempted company with limited liability.

Baosheng Group owns 100% of the equity interests of Baosheng Media Group Limited (“Baosheng BVI”), an entity incorporated under the laws of British Virgin Islands (“BVI”) on December 14, 2018.

Baosheng BVI owns 100% of the equity interests of Baosheng Media Group (Hong Kong) Holdings Limited (“Baosheng HK”), a business company incorporated in accordance with the laws and regulations of Hong Kong on January 7, 2019. On March 21, 2021, Baosheng HK established Beijing Baosheng Network Technology Co., Ltd. (“Baosheng Network”), a wholly owned subsidiary in China. On April 2, 2022, Baosheng Network set up a wholly owned subsidiary, Beijing Xunhuo E-commerce Co., Ltd. (“Beijing Xunhuo”).

Beijing Baosheng Technology Company Limited (“Beijing Baosheng”) was established on October 17, 2014 under the laws of the People’s Republic of China (“China” or the “PRC”) with a registered capital of $289,540 (RMB 2,000,000). Prior to the reorganization (as defined below), Beijing Baosheng had three wholly-owned subsidiaries, Horgos Baosheng Advertising Co., Ltd. (“Horgos Baosheng”), Kashi Baosheng Information Technology Co., Ltd. (“Kashi Baosheng”), and Baosheng Technology (Horgos) Co., Ltd. (“Baosheng Technology”), which were established on August 30, 2016, May 15, 2018 and January 2, 2020 in China, respectively.

On January 21, 2019, Baosheng HK entered into an equity transfer agreement with Beijing Baosheng and the shareholders of Beijing Baosheng. Pursuant to the equity transfer agreement, each of the shareholders of Beijing Baosheng transferred to Baosheng HK their respective equity interests in Beijing Baosheng at a consideration aggregating $13,844,895 (RMB94,045,600), determined by reference to the evaluation of the equity interest of Beijing Baosheng as of June 30, 2018 (the “reorganization”). Upon completion of such transfers, Beijing Baosheng became a direct wholly-owned subsidiary of Baosheng HK and an indirect-wholly owned subsidiary of the Company.

On June 4, 2019, Baosheng Group completed the reorganization of entities under common control of its then existing shareholders, who collectively owned 100% of the equity interests of Beijing Baosheng prior to the reorganization. Baosheng Group, Baosheng BVI and Baosheng HK were established as holding companies of Beijing Baosheng and its subsidiaries, and all of these entities are under common control which results in the consolidation of Beijing Baosheng and its subsidiaries, which have been accounted for as a reorganization of entities under common control at carrying value.

The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the consolidated financial statements.

Baosheng Group, Baosheng BVI, Baosheng HK, Beijing Baosheng and its subsidiaries (herein collectively referred to as the “Company”) are engaged in providing online marketing channels to advertisers for them to manage their online marketing activities.

Share consolidation and increase in authorized share capital

On May 11, 2022, the Company’s board of directors resolved to approve a share consolidation at a ratio of one-for-three and one fifth (3.2) ordinary shares with a par value of US$0.0005 each in the Company’s issued and unissued share capital into one ordinary share with a par value of US$0.0016 (“2022 Share Consolidation”), for which the Company obtained shareholder approval on April 28, 2022. Immediately following the 2022 Share Consolidation, the authorized share capital of the Company was US$50,000 divided into 31,250,000 ordinary shares of a par value US$0.0016 each. The 2022 Share Consolidation became effective on May 24, 2022.

On March 6, 2023, the Company effected an increase in its authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value US$0.0016 each to US$60,000 divided into 37,500,000 ordinary shares of a par value US$0.0016 each (the “Increase in Share Capital”), and on March 21, 2023, the Company effected a share consolidation at a ratio of one-for-six, such that each (6) ordinary shares with a par value of US$0.0016 each in the Company’s issued and unissued share capital were consolidated into one ordinary share with a par value of US$0.0096 (“2023 Share Consolidation”). Effective on September 29, 2023, the Company increased the authorized share capital of the Company from US$60,000 divided into 6,250,000 Ordinary Shares of par value US$0.0096 each, to US$9,600,000 divided into 1,000,000,000 Ordinary Shares of a par value of US$0.0096 each (the “2023 Share Capital Increase”). Immediately following the Increase in Share Capital, 2023 Share Consolidation, and the 2023 Share Capital Increase, the authorized share capital of the Company increased from US$50,000 to US$60,000, divided into 6,250,000 ordinary shares of a par value US$0.0096 each. The Company believes it is appropriate to reflect the Increase in Share Capital, 2022 Share Consolidation and 2023 Share Consolidation on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, the Company had 1,000,000,000 authorized shares, par value of US$0.0096, of which 1,534,487 shares were issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.

PREPAYMENTS - THIRD PARTIES (Tables)

6 Months Ended

Jun. 30, 2024

PREPAYMENTS - THIRD PARTIES

Schedule of prepayments relating to third parties


	June 30,		December 31,
	2024		2023
Prepayments to third party medias	$	1,297,334	$	1,540,597
Less: provision for doubtful accounts		(578,824)		(581,462)
	$	718,510	$	959,135

Schedule of movement of allowance for doubtful prepayments


	June 30,		June 30,
	2024		2023
Balance at beginning of the period	$	581,462	$	2,153,390
Charge to expenses		10,825		164,953
Writing off prepayments		—		(1,443,356)
Foreign exchange income		(13,463)		(48,210)
Balance at end of the period	$	578,824	$	826,777

INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2024

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

8.INTANGIBLE ASSETS, NET

Intangible assets consisted of the following:


	June 30,		December 31,
	2024		2023
Copyrights	$	713,986	$	730,810
Software		69,579		65,335
Less: accumulated amortization		(463,676)		(394,596)
	$	319,889	$	401,549

For the six months ended June 30, 2024 and 2023, the Company purchased software of $5,789 and $23,052, respectively.

Amortization expense was $78,730 and $84,676 for the six months ended June 30, 2024 and 2023, respectively.

INCOME TAXES

6 Months Ended

Jun. 30, 2024

INCOME TAXES

INCOME TAXES

13.INCOME TAXES

Cayman Islands

Under the current and applicable laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

Under the current and applicable laws of BVI, Baosheng BVI is not subject to tax on income or capital gains.

Hong Kong

Baosheng HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate for the first HKD$2 million of assessable profits is 8.25% and assessable profits above HKD$2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of assessment 2018/2019. Before that, the applicable tax rate was 16.5% for corporations in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax laws, Baosheng HK is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

PRC

Beijing Baosheng, Horgos Baosheng, Kashi Baosheng, Baosheng Technology, Baosheng Network and Beijing Xunhuo were incorporated in the PRC and are subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income tax laws. On March 16, 2007, the National People’s Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.

Horgos Baosheng, Kashi Baosheng, and Baosheng Technology are subject to a preferential income tax rate of 0% CIT for a period since generating revenues, as they were incorporated in the Horgos and Kashi Economic District, Xinjiang province. The five-year preferential income tax treatment ends on December 31, 2025 for Baosheng Technology. Kashi Baosheng was entitled to the five - year preferential income tax treatment for ended on December 31, 2022 and is entitled to an extension of five - year preferential income tax treatment ended on December 31, 2027. Horgos Baosheng was entitled to the five-year preferential income tax treatment for ended on December 31, 2020 and is entitled to an extension of five-year preferential income tax treatment ended on December 31, 2025. Other than the preferential tax treatment received by Horgos Baosheng, Kashi Baosheng, and Baosheng Technology, all the other PRC subsidiaries of the Company are subject to the uniform enterprise income tax rate of 25%.

For the six months ended June 30, 2024 and 2023, the Company did not record current income tax expenses or deferred income tax expenses.

13.INCOME TAXES (CONTINUED)

Deferred tax assets as of June 30, 2024 and December 31, 2023 consist of the following:


	June 30,		December 31,
	2024		2023
Deferred tax assets:
Net operating losses carryforwards	$	4,589,082	$	2,903,728

Allowance for doubtful accounts of accounts receivable		219,522		193,032
Allowance for doubtful accounts of prepayments		6,566		3,971
Allowance for doubtful accounts of other current assets		4,204		1,668
Less: allowance on deferred tax assets		(4,819,374)		(3,102,399)
	$	—	$	—

The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryforward period available under applicable tax law.

As of June 30, 2024 and December 31, 2023, due to uncertainties surrounding future utilization on Beijing Baosheng, Baosheng Network, the Beijing branch of Horgos Baosheng and Baosheng HK, the Company accrued full valuation allowance of $4,819,374 and $3,102,399, respectively, against the deferred tax assets based upon management’s assessment as to their realization.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash Flows from Operating Activities:
Net loss	$ (1,740,418)	$ (4,079)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expenses	182,216	212,954
Loss from disposal of property and equipment		396
(Reversal of provision)/provision for expected credit losses of accounts receivable	(749,688)	398,378
Provision for doubtful accounts of prepayments	10,825	164,953
Provision for expected credit losses of other current assets	11,303	565
Changes in fair value of short-term investments	(201,733)	(542,128)
Changes in fair value of warrant liabilities		(830)
Share of equity loss in one equity investee	48,047		$ 9,214
Impairment of long-term investments	27,541
Changes in operating assets and liabilities:
Other current assets	91,394	201
Accounts payable	1,058,410	(1,456,524)
Advance from advertisers	61,513	78,650
Advertiser deposits	(16,632)	(154,959)
Income tax payable	5,685
Accrued expenses and other liabilities	139,226	(260,732)
Due to related parties	(8,492)
Net Cash (Used in) Provided by Operating Activities	(1,274,344)	2,639,003
Cash Flows from Investing Activities:
Purchases of property and equipment		(7,185)
Purchases of intangible assets	(5,789)	(23,052)
Purchases of short-term investments	(277,200)	(758,156)
Redemption of short-term investments	1,197,258	290,379
Purchase of long-term investments		(4,907,409)
Loans made to related parties		(127)
Repayment of loans from related parties	1,386
Net Cash Provided by (Used in) Investing Activities	915,655	(5,405,550)
Cash Flows from Financing Activities:
Repayment of bank borrowings		(26,635)
Net Cash Used in Financing Activities		(26,635)
Effect of exchange rate changes on cash and cash equivalents	(67,543)	(168,963)
Net decrease in cash and cash equivalents	(426,232)	(2,962,145)
Cash and cash equivalents at beginning of period	3,316,062	6,679,077	6,679,077
Cash and cash equivalents at end of period	2,889,830	3,716,932	$ 3,316,062
Supplemental Cash Flow Information
Cash paid for interest expense	39,314	26,341
Non-related party
Changes in operating assets and liabilities:
Accounts receivable	(797,478)	1,838,169
Prepayments	209,301	(146,446)
Media deposits	187,927	278,975
Related Party
Changes in operating assets and liabilities:
Accounts receivable	(5,539)
Prepayments	$ 212,248	2,339,321
Media deposits		$ (107,861)

LONG-TERM INVESTMENTS

6 Months Ended

Jun. 30, 2024

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

10.LONG-TERM INVESTMENTS

As of June 30, 2024 and December 31, 2023, long-term investments consisted of the following:


	June 30,		December 31,
	2024		2023
Equity investment without readily determinable fair value measured at Measurement Alternative (a)	$	2,544,790	$	2,632,742
Equity investment accounted for using the equity method (b)		4,071,458		4,216,222
	$	6,616,248	$	6,848,964

(a) As of June 30, 2024 and December 31, 2023, the movement of equity investment without readily determinable fair value measured at Measurement Alternative consisted of the following:


	June 30,		December 31,
	2024		2023
Opening balance	$	2,632,742	$	2,261,787
Investment in Beijing Qucheng Technology Co., Ltd. (“Qucheng”)		—		564,900
Impairment against investment in Qucheng		(27,541)		(128,204)
Foreign exchange adjustments		(60,411)		(65,741)
Ending balance	$	2,544,790	$	2,632,742

In January 2023, Beijing Baosheng closed an acquisition of 12% equity interest in Qucheng at cash consideration of RMB9,600,000, or $1,397,119. The Company made cash consideration of $564,900 and $832,219, respectively, in January 2023 and December 2022.

The Company accounted for the transaction as an investment in privately held investment using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. As of June 30, 2024 and December 31, 2023, the Company did not identify orderly transactions for similar investments of the investees and the Company did not record upward or downward adjustments. As of June 30, 2024 and December 31, 2023, the Company reviewed the financial position and financial performance of Qucheng, and assessed that the Company’s share of fair value was below the investment. For the six months ended June 30, 2024 and 2023, the Company provided impairment of $27,541 and $0 against investment in Qucheng.

10.LONG-TERM INVESTMENTS (CONTINUED)

In February 2021, the Company acquired 10% equity interest in Bejing Xinrong Fanxing Technology Co., Ltd. (“Xinrong Fanxing”) at cash consideration of RMB10,000,000, or $1,550,195. The Company accounted for the transaction as an investment in privately held investment using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. As of June 30, 2024 and December 31, 2023, the Company did not identify orderly transactions for similar investments, or impairment indicators of the investees, and the Company did not record upward or downward adjustments or impairment against the investment in Xinrong Fanxing.

(b)As of June 30, 2024 and December 31, 2023, the movement of equity investment accounted for using the equity method consisted of the following:


	June 30,		December 31,
	2024		2023
Opening balance	$	4,216,222	$	—
Investment in Guangzhou Shanxingzhe Technology Investment LLP (“Shanxingzhe”)		—		4,236,750
Share of equity loss		(48,047)		(9,214)
Foreign exchange adjustments		(96,718)		(11,314)
Ending balance	$	4,071,458	$	4,216,222

In June 2023, Beijing Xunhuo closed the acquisition of 42.85% of the equity interests in Shanxingzhe, at cash consideration of RMB30,000,000, or $4,236,750. In May 2023, Beijing Xunhuo fully paid the cash consideration.

Shanxingzhe is primarily engaged in investment in advertisement entities. The investment in Shanxingzhe is to diversify the Company’s advertising business. Beijing Xunhuo is able to exercise significant influence over Shanxingzhe, and accounted for the equity investment using equity method. For the six months ended June 30, 2024 and 2023, equity investment loss of $48,047 and $nil was recognized in the account of “other income, net” in the consolidated statements of loss and comprehensive loss, respectively. As of June 30, 2024 and December 31, 2023, the Company did not note other-than-temporary decline in fair value below the carrying value of the investment and did not accrue impairment against the investment in Shanxingzhe for the six months ended June 30, 2024 and 2023.

WARRANT LIABILITIES - Quantitative information regarding Level 3 fair value measurements inputs for the Company's warrants (Details)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 18, 2021
Volatility
WARRANT LIABILITIES
Measurement inputs of the warrants	31.54	28.63	32.94	31.26
Stock price
WARRANT LIABILITIES
Measurement inputs of the warrants	1.98	3.61	7.85	126.34
Expected life of the warrants to convert
WARRANT LIABILITIES
Measurement inputs of the warrants	2.22	2.72	3.22	5.50
Risk free rate
WARRANT LIABILITIES
Measurement inputs of the warrants	4.71	4.20	4.43	1.09
Dividend yield
WARRANT LIABILITIES
Measurement inputs of the warrants	0.0	0.0	0.0	0.0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)	Mar. 21, 2023 USD ($)	May 24, 2022	May 11, 2022	Sep. 29, 2023 USD ($)	Sep. 28, 2023 USD ($)	Mar. 20, 2023 USD ($)	Mar. 06, 2023 USD ($)	Mar. 05, 2023 USD ($)	May 25, 2022 USD ($)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Authorized capital	$ 60,000			$ 9,600,000	$ 60,000	$ 50,000	$ 60,000	$ 50,000	$ 50,000
Share consolidation ratio	6	3.2	3.2

PREPAYMENTS - THIRD PARTIES (Details) - Non-related party - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
PREPAYMENTS - THIRD PARTIES
Prepayments to third party medias	$ 1,297,334		$ 1,540,597
Less: provision for doubtful accounts	(578,824)	$ (826,777)	(581,462)	$ (2,153,390)
Total	718,510		$ 959,135
Provision for doubtful accounts of prepayments	$ 10,825	164,953
Wrote off prepayments		$ (1,443,356)

RELATED PARTY TRANSACTIONS AND BALANCES - Balances with related parties (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	$ 28,667	$ 30,075
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party	Related Party
Due to related parties	$ 3,548	$ 12,176
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party	Related Party
Horgos Zhijiantiancheng
RELATED PARTY TRANSACTIONS AND BALANCES
Receipts of media deposits	$ 242,009
Related Party
RELATED PARTY TRANSACTIONS AND BALANCES
Accounts receivable, net	5,499
Prepayments		$ 215,689
Related Party \| Ms. Wenxiu Zhong
RELATED PARTY TRANSACTIONS AND BALANCES
Due to related parties	3,548	3,546
Related Party \| Horgos Zhijiantiancheng
RELATED PARTY TRANSACTIONS AND BALANCES
Accounts receivable, net	5,499
Prepayments		215,689
Related Party \| Anruitai Investment Limited
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	$ 28,667	28,667
Others
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties		$ 1,408
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party	Related Party
Due to related parties		$ 8,630
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party	Related Party

OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

OTHER CURRENT ASSETS

Schedule of other current assets


	June 30,		December 31,
	2024		2023
Recoverable value-added taxes	$	2,240,645	$	2,603,043
Others		443,553		235,508
Less: provision for doubtful accounts		(17,746)		(6,678)
	$	2,666,452	$	2,831,873

Movement of allowance for doubtful accounts


	June 30,		June 30,
	2024		2023
Balance at beginning of the period	$	6,678	$	6,874
Charge to expenses		11,303		565
Foreign exchange income		(235)		(361)
Balance at end of the period	$	17,746	$	7,078

ACCOUNTS RECEIVABLE, NET - THIRD PARTIES - Accounts receivable, net of provision (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES.
Reversal allowance for expected credit losses			$ 702,156
(Reversal of provision)/provision for expected credit losses of accounts receivable	$ (749,688)	$ 398,378
Non-related party
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES.
Accounts receivable		39,382,659		$ 39,500,254
Less: allowance for expected credit losses		(12,364,291)		(13,417,481)
Accounts receivable, net	27,018,368	27,018,368	$ 26,082,773	$ 26,082,773
(Reversal of provision)/provision for expected credit losses of accounts receivable	$ (749,688)	$ 398,378

SUBSEQUENT EVENTS (Details) - Subsequent event - Loan agreement - Bank of Communications	Aug. 31, 2024 USD ($)	Aug. 31, 2024 CNY (¥)
SUBSEQUENT EVENTS
Principal amount	$ 693,000	¥ 5,000,000
Fixed interest rate	3.00%	3.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The interim unaudited condensed consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States (“US GAAP”).

The unaudited condensed consolidated financial information as of June 30, 2024 and for the six months ended June 30, 2024 and 2023 has been prepared without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with US GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 20-F for the fiscal year ended December 31, 2023, which was filed with the SEC on May 15, 2024.

In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2023. The results of operations for the six months ended June 30, 2024 and 2023 are not necessarily indicative of the results for the full years.

Short-term investments

Short-term investments consist of US Treasury Bills and investments in trading securities.

US Treasury Bills

The Company purchased US Treasury Bills with variable interest rates during the year of 2022, and sold these US Treasury Bills during the six months ended June 30, 2023.

US Treasury Bills were redeemable within a period of three through six months. In accordance with ASC 825, Financial Instruments, for financial products with variable interest rates referenced to performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carries these investments at fair value with fair value change gains or losses recorded in the investment income in the unaudited condensed consolidated statements of operations and comprehensive loss.

For the six months ended June 30, 2023, the Company recorded unrealized gain of $3,538, which was recorded as “changes in fair value of short-term investments” on the unaudited condensed consolidated statements of operations and comprehensive loss.

The Company did not purchase or sell US Treasury Bills for the six months ended June 30, 2024. The Company did not record the balance of US Treasury Bills as of June 30, 2024, or record realized or unrealized gain on the unaudited condensed consolidated statements of operations and comprehensive loss.

Investments in trading securities

Trading securities are investments in publicly-listed equity securities through various open market transactions. The Company purchased certain publicly-listed equity securities through various open market transactions and accounted for such investments as “short-term investments” and subsequently measure the investments at fair value. For the six months ended June 30, 2024 and 2023, the Company made a gain of $201,733 and $538,590 in investment in trading securities, which was recorded as “changes in fair value of short-term investments” on the unaudited condensed consolidated statements of operations and comprehensive loss.

Accounts receivable, net of provision for doubtful accounts

Accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses from the accounts due from the advertisers for the acquisition of ad inventory and other advertising services on their behalf. Accounts receivable do not bear interest.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using the modified retrospective transition method. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606, including contract assets. Upon the adoption of the guidance, the Company reversed allowance for expected credit losses of $702,156 for accounts receivable for the year ended December 31, 2023.

After the adoption of ASU 2016-13, the Company maintains an allowance for credit losses and records the allowance for credit losses as an offset to accounts receivable and the estimated credit losses charged to the allowance is classified as “provision for doubtful accounts” in the consolidated statements of loss and comprehensive loss. The Company assesses collectability by reviewing accounts receivable on aging schedules because the accounts receivable were primarily consisted of accounts due from the advertisers for the acquisition of ad inventory and other advertising services on their behalf. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the balances, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Delinquent account balances are written-off against the allowance for expected credit loss after management has determined that the likelihood of collection is not probable.

For the six months ended June 30, 2024, the Company reversed allowance for expected credit losses of $749,688 for accounts receivable. For the six months ended June 30, 2023, the Company provided allowance for expected credit losses of $398,378 for accounts receivable.

Prepayments

Prepayments represent amounts advanced to media or their authorized agencies (collectively “publishers”) for running of advertising campaigns of the advertisers. The publishers usually require advance payments when the Company orders advertising campaign services on behalf of its advertisers, and the prepayments will be utilized to offset the Company’s future payments. These amounts are unsecured, non-interest bearing and generally short-term in nature, which are reviewed periodically to determine whether their carrying value has become impaired. For the six months ended June 30, 2024 and 2023, the Company accrued allowances of doubtful accounts of $10,825 and $164,953, respectively, against prepayments.

Media deposits

Media deposits represent performance security deposit upon becoming an authorized agency of the relevant media (platforms where online advertisement is delivered) as a guarantee of performance and obligations and deposit associated with committed advertising spend on behalf of selected advertisers as required by certain media before running their advertising campaigns, which are paid to media pursuant to the terms of the framework agreements and contracts.

In the event that the advertisers or their advertising agencies on behalf of their advertising clients (collectively the “advertisers”) commit to spending a guaranteed minimum amount on a particular media with the Company, the Company enters into a back-to-back framework agreement with the relevant publishers committing the same level of guaranteed minimum spend and securing a preferential rebate policy applicable to the advertising spend of that advertiser. With the committed minimum spend, the Company is entitled to enjoy certain rebates and discounts and usually be required to pay a deposit of up to 10% of the guaranteed minimum spend. If the Company fails to fulfil the committed minimum spend, the Company would not be entitled to the additional rebates and discounts, and any deposit that has been paid may be forfeited or deducted to pay up the additional amount without the benefit of the additional rebates and discounts. The media may deduct damages from performance security deposit if the Company has breached the agency agreement or authorized agency management rules and conditions formulated by media.

As of June 30, 2024 and December 31, 2023, the balances of media deposits paid to third parties were $510,926 and $713,938, respectively.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Advertiser deposits

The advertiser deposits represented deposits made by the advertisers who undertake a minimum total advertising spend as a condition for enjoying rebates and discounts. The Company generally requires these advertisers to place deposits with the Company at a percentage (usually up to 10%) of the committed spend, which usually equals to the amount of deposit payable to the media under the corresponding framework agreement with the media specific to such advertiser (see note 2 – media deposits). If the advertiser fails to reach the committed minimum spend upon expiry or termination of the framework agreement; (i) the advertiser would not be entitled to the rebates and discounts under the preferential pricing policy, if any; (ii) the advertiser’s deposit may be forfeited or deducted to pay up the additional amount it should pay without the benefits of rebates or discounts.

As of June 30, 2024 and December 31, 2023, the balances of advertiser deposits were $71,479 and $90,065, respectively.

Revenue recognition

The Company early adopted ASC 606, Revenue from Contracts with Customers (“ASC 606”) on January 1, 2018, using the modified retrospective approach for contracts that were not completed as of December 31, 2017. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In according with ASC 606, revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

The Company identified each distinct service, or each series of distinct services that are substantially the same and that have the same pattern of transfer to the customer, as a performance obligation. Transaction price is allocated among different performance obligations identified in one contract, by using expected cost - plus margin approach, if the standalone selling price of each performance obligation is not observable.

The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year, which need to be recognized as assets.

The Company has advertising agency revenues from search engine marketing (“SEM,” a form of online marketing that involves the promotion of websites by increasing their visibility in search engine results pages and search-related products and services) services and non-SEM services, including deployment of in-feed and mobile app ads on other media and social media marketing services in relation to running advertising campaigns on selected social media accounts. The Company acts as an agent between media or their authorized agencies (collectively “publishers”) and advertisers by helping publishers procure advertisers and facilitate ad deployment on their advertising channels, and purchasing ad inventories and advertising services from publishers for advertisers. The Company places orders with publishers as per request from advertisers. Each order is materialized by a contract and explicitly quotes one agency service to arrange for the advertising service to be provided by a third - party publisher for a period of ad term. The Company provides advice and services on advertising strategies and ad optimization to advertisers to improve the effectiveness of their ads, all of which are highly interrelated and not separately identifiable. The Company’s overall promise represents a combined output that is a single performance obligation; there is no multiple performance obligations.

The Company evaluated its advertising agency contracts and determined that it was not acting as principal in these arrangements with publishers and advertisers since it never takes control of the ad inventories at any time. The Company collects the costs of purchasing ad inventories and advertising services from advertisers on behalf of publishers. The Company generates advertising agency revenues either by charging additional fees to advertisers or receiving rebates and incentives offered by publishers. Accordingly, both advertisers and publishers can be identified as customers, depending on the revenue model applicable to the relevant services.

The Company recognizes revenues on a net basis, which equal to: (i) rebates and incentives offered by publishers, netting the rebates to advertises (if any); and (ii) net fees from advertisers.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Rebates and incentives offered by publishers

Rebates and incentives offered by publishers are determined based on the contract terms with publishers and their applicable rebate policies, which typically in the form of across-the-board standard-rate rebates, differential standard-rate rebates and progressive-rate rebates. Rebates and incentives offered by publishers are accounted for as variable consideration. The Company accrues and recognizes revenues in the form of rebates and incentives based on its evaluation as to whether the contractually stipulated thresholds of advertising spend are likely to being reached, or other benchmarks or certain prescribed classification are likely to being qualified (e.g. the number of new advertisers secured, growth in actual advertising spend), and to the extent that a significant reversal of cumulative revenue would not occur in future periods. These evaluations are based on the past experience and regularly monitoring of various performance factors set within the rebate policies (e.g. accumulated advertising spend, number of new advertisers). At the end of each subsequent reporting period, the Company re-evaluates the probability of achieving such advertising spend volume and any related constraint, and if necessary, adjusts the estimate of the amount of rebates and incentives. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. The rebates and incentives are generally ascertained and settled on a quarterly or annual basis. Historically, adjustments to the estimations for the actual amounts have been immaterial. These rebates and incentives take the form of cash which, when paid, are applied to set off accounts payable with the relevant publishers or settled separately; or can be in the form of ad currency units which will be deposited in the account in the back-end platform of the media, and can then be utilized to acquire their ad inventory.

The Company may offer rebates to advertisers on a case - by - case basis, generally with reference to the rebates and incentives offered by publishers, the advertiser’s committed total spend, and the business relationships with such advertiser. The rebates offered by the Company to advertisers are in the form of cash discounts or ad currency units that can be utilized to acquire ad inventory from relevant media, both of which are account for as a deduction of revenues.

Net fees from advertisers

Net fees from advertisers are the difference between the gross billing amount charged to the advertisers and the costs of purchasing ad inventories and advertising services on their behalf.

The publishers do not receive the benefits from the Company’s facilitation services until the publishers deliver advertising services to the advertisers. The Company recognizes advertising agency revenues when it transfers the control of the facilitation service commitments, i.e., when the publishers deliver advertising services to the advertisers. Under the cost per click (“CPC”) and cost per acquisition (“CPA”) pricing model of media, the Company recognizes revenues at the point of time as the publishers deliver advertising services at the point in time. Under the cost per time (“CPT”) pricing model of media, the publishers deliver advertising services over time when the advertising links are displayed over the contract periods, and therefore the Company recognizes revenue on a straight-line basis over the contracted display period. During the six months ended June 30, 2024 and 2023, revenues from the advertising services under CPT pricing model that the Company arranged are immaterial.

The Company records revenues and costs on a net basis and the related accounts receivable and payable amounts on a gross basis.

The gross billing amounts charged to the advertisers are collected either in advance to provision of services or after the services. Accounts receivable represent the gross billing charged to advertisers that the Company has an unconditional right to consideration (including billed and unbilled amount) when the Company has satisfied its performance obligation. Payment terms and conditions of accounts receivables vary by customers, and terms typically include a requirement for payment within a period from three to six months. The Company has determined that all the contracts generally do not include a significant financing component. The Company does not have any contract assets since revenue is recognized when control of the promised services is transferred and the payment from customers is not contingent on a future event. In cases where the gross billing amounts are collected in advance, the amounts are recorded as “advance from advertisers” in the consolidated balance sheets. Advance from advertisers related to unsatisfied performance obligations at the end of the year is recognized as revenue when the Company delivers the services to its advertisers. The fees are non-refundable. In cases where amounts are collected after the services, accounts receivable are recognized upon delivery of ad inventories and advertising services to the advertisers. The gross billing amounts are determinable at the inception of the services.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

The cost of purchasing ad inventories and advertising services is recorded as accounts payable or a deduction against prepayments in cases where prepayments are required by the publishers.

The following table identifies the disaggregation of our revenue for the six months ended June 30, 2024 and 2023, respectively.


	For the Six Months Ended
	June 30,
	2024		2023
Nature of Revenue:
Rebates and incentives offered by publishers	$	20,200	$	84,372
Net fees from advertisers		25,975		24,411
Total	$	46,175	$	108,783

Category of Revenue:
SEM services	$	2,953	$	72,510
Non-SEM services		43,222		36,273
Total	$	46,175	$	108,783

Foreign currency translation

The reporting currency of the Company is U.S. dollars (“US$” or “$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. Since the Company operates in the PRC, the Company’s functional currency is the Chinese Yuan (“RMB”). The Company’s unaudited condensed consolidated financial statements have been translated into the reporting currency U.S. dollars. Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet. The resulting translation adjustments are reported under other comprehensive loss. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

The following table outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements in this report:


	June 30,	December 31,
	2024	2023
Year-end spot rate	7.2672	7.0999


	For the Six Months Ended June 30,
	2024	2023
Average rate	7.2150	6.9283

Concentration and credit risk

Substantially all of the Company’s operating activities are transacted into RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions require submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

The Company maintains certain bank accounts in the PRC, Hong Kong and the Cayman Islands, which are not insured by Federal Deposit Insurance Corporation (“FDIC”) insurance or other insurance. As of June 30, 2024 and December 31, 2023, $2,780,659 and $3,094,310 of the Company’s cash were on deposit at financial institutions in the PRC, respectively, where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Accounts receivable are typically unsecured and derived from services rendered to advertisers that are located primarily in China, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of advertisers’ creditworthiness and its ongoing monitoring of outstanding balances. The Company has a concentration of its receivables with specific advertisers. As of June 30, 2024, four advertisers accounted for 21.7%, 17.3%, 15.9% and 11.8% of accounts receivable, respectively. As of December 31, 2023, four advertisers accounted for 22.1%, 17.7%, 16.2% and 12.0%of accounts receivable, respectively.

For the six months ended June 30, 2024, seven publishers accounted for approximately 154.5%, 66.3%, 64.2%, 57.8%, 45.7%, 28.5% and 17.4% of the total revenue, respectively. One publisher contributed to more than 100% of our revenue because we reversed revenues generated by certain customers. For the six months ended June 30, 2023, two publishers accounted for approximately 78.7% and 17.4% of the total revenue, respectively.

As of June 30, 2024, one publisher accounted for 83.6% of the total accounts payable balance. As of December 31, 2023, one publisher accounted for 81.4% of the total accounts payable balance, respectively.

OTHER CURRENT ASSETS - Movement of allowance for doubtful accounts (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OTHER CURRENT ASSETS
Balance at beginning of the period	$ 6,678	$ 6,874
Charge to expenses	11,303	565
Foreign exchange income	(235)	(361)
Balance at end of the period	$ 17,746	$ 7,078

LONG-TERM INVESTMENTS - Components of Long Term Investments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair value measured at Measurement Alternative (a)	$ 2,544,790	$ 2,632,742	$ 2,261,787
Equity investment accounted for using the equity method (b)	4,071,458	4,216,222
Long-term investments	$ 6,616,248	$ 6,848,964

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

BANK BORROWINGS

6 Months Ended

Jun. 30, 2024

BANK BORROWINGS

BANK BORROWINGS

11.BANK BORROWINGS


	June 30,		December 31,
	2024		2023
Bank borrowings	$	2,201,673	$	2,253,553

In December 2023, Baosheng Network entered into a bank loan agreement with Bank of Beijing under which under which Baosheng Network borrowed a one-year loan of RMB10,000,000, or $1,449,846. The interest rate for the borrowing was fixed at 3.65% per annum. In December 2023, the borrowing was renewed for one year through December 2024. The loan is guaranteed by two third parties, for whom the Company involved a third-party counter-guarantor. In addition, the Company pledged its properties with the counter-guarantor.

In July 2023, Beijing Baosheng entered into a bank loan agreement with Bank of Communication under which under which Beijing Baosheng borrowed a one-year loan of RMB6,000,000, or $847,350. The interest rate for the borrowing was fixed at 3.55% per annum. The loan is guaranteed by Mr. Gong Sheng, the Company’s managing director and his spouse, and one third party. Beijing Baosheng also involved Baosheng Network as counter-guarantor for the third-party guarantor. In addition, Mr. Gong Sheng and his spouse pledged their property with the counter guarantor. The Company fully repaid the bank borrowing in July 2024.

For the six months ended June 30, 2024 and 2023, interest expense arising from the bank borrowings amounted to $39,314 and $26,341, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign currency translation (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Foreign currency translation
Year-end spot rate	7.2672		7.0999
Average rate	7.2150	6.9283

PREPAYMENTS - THIRD PARTIES - Movement of allowance for doubtful prepayments (Details) - Non-related party - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
PREPAYMENTS - THIRD PARTIES
Balance at beginning of the period	$ 581,462	$ 2,153,390
Charge to expenses	10,825	164,953
Writing off prepayments		(1,443,356)
Foreign exchange income	(13,463)	(48,210)
Balance at end of the period	$ 578,824	$ 826,777

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 2,889,830	$ 3,316,062
Short-term investments	1,808,324	2,554,319
Media deposits - third parties	510,926	713,938
Due from related parties	$ 28,667	$ 30,075
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party	Related Party
Deposit due from a third party	$ 2,752,092	$ 2,816,941
Other current assets	2,666,452	2,831,873
Total Current Assets	38,398,668	39,520,805
Long-term investment	6,616,248	6,848,964
Property and equipment, net	1,906,340	2,056,424
Intangible assets, net	319,889	401,549
Total Assets	47,241,145	48,827,742
Current Liabilities
Short-term bank borrowings	2,201,673	2,253,553
Accounts payable	3,290,894	2,292,871
Advance from advertisers	882,954	841,250
Advertiser deposits	71,479	90,065
Income tax payable	249,808	249,917
Due to related parties	$ 3,548	$ 12,176
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party	Related Party
Accrued expenses and other liabilities	$ 851,198	$ 727,799
Total Current Liabilities	7,551,554	6,467,631
Total Liabilities	7,551,554	6,467,631
Commitments and Contingencies
Shareholders' Equity
Ordinary Share (par value $0.0096 per share, 1,000,000,000 shares authorized; 1,534,487 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	14,731	14,731
Additional paid-in capital	41,564,418	41,564,418
Statutory reserve	898,133	898,133
Retained earnings	1,672,039	3,412,457
Accumulated other comprehensive loss	(4,459,730)	(3,529,628)
Total Shareholders' Equity	39,689,591	42,360,111
Total Liabilities and Shareholders' Equity	47,241,145	48,827,742
Non-related party
Current Assets
Accounts receivable, net	27,018,368	26,082,773
Prepayments	718,510	959,135
Related Party
Current Assets
Accounts receivable, net	$ 5,499
Prepayments		$ 215,689

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration and credit risk (Details)	6 Months Ended			12 Months Ended
	Jun. 30, 2024 USD ($) item	Jun. 30, 2023	Jun. 30, 2022 item	Dec. 31, 2023 USD ($) item
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FDIC, deposit at financial institutions \| $	$ 2,780,659			$ 3,094,310
Accounts receivable \| Credit concentration risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of advertisers	4			4
Accounts receivable \| Credit concentration risk \| Advertiser one
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	21.70%			22.10%
Accounts receivable \| Credit concentration risk \| Advertiser two
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	17.30%			17.70%
Accounts receivable \| Credit concentration risk \| Advertiser three
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	15.90%			16.20%
Accounts receivable \| Credit concentration risk \| Advertiser four
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	11.80%			12.00%
Revenue \| Customer concentration risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of publishers	7		2
Revenue \| Customer concentration risk \| Publisher one
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)		78.70%
Revenue \| Customer concentration risk \| Publisher two
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)		17.40%
Revenue \| Customer concentration risk \| Publisher one
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	154.50%
Revenue \| Customer concentration risk \| Publisher two
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	66.30%
Revenue \| Customer concentration risk \| Publisher three
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	64.20%
Revenue \| Customer concentration risk \| Publisher four
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	57.80%
Revenue \| Customer concentration risk \| Publisher five
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	45.70%
Revenue \| Customer concentration risk \| Publisher six
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	28.50%
Revenue \| Customer concentration risk \| Publisher seven
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	17.40%
Accounts payable \| Supplier concentration risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of publishers	1			1
Accounts payable \| Supplier concentration risk \| Publisher one
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of risk (as a percent)	83.60%			81.40%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 46,175	$ 108,783
Cost of revenues	(199,829)	(294,595)
Gross loss	(153,654)	(185,812)
Operating Expenses
Selling and marketing expenses	(90,755)	(199,025)
General and administrative expenses	(1,959,187)	(1,049,728)
Reversal of provision for expected credit losses, net	727,560	797,760
Total Operating Expenses	(1,322,382)	(450,993)
Loss from Operations	(1,476,036)	(636,805)
Other Income (Expenses)
Interest expense, net	(31,448)	(2,023)
Changes in fair value of warrant liabilities		830
Changes in fair value of short-term investments	201,733	542,128
Subsidy income	1,891	3,038
Other income, net	(436,558)	88,753
Total Other (Expenses) Income, Net	(264,382)	632,726
Loss Before Income Taxes	(1,740,418)	(4,079)
Net Loss	(1,740,418)	(4,079)
Other Comprehensive Loss
Foreign currency translation adjustment	(930,102)	(2,147,417)
Comprehensive Loss	$ (2,670,520)	$ (2,151,496)
Weighted average number of ordinary share outstanding
Weighted average number of ordinary share outstanding, Basic	1,534,487	1,534,487
Weighted average number of ordinary share outstanding, Diluted	1,534,487	1,534,487
Loss per share
Loss per share, Basic	$ (1.13)	$ 0.00
Loss per share, Diluted	$ (1.13)	$ 0.00

RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS AND BALANCES

16.RELATED PARTY TRANSACTIONS AND BALANCES

1)Nature of relationships with related parties


Name		Relationship with the Company
EJAM GROUP Co., Ltd. (“EJAM Group”)		Indirectly hold a 6.8% equity interest in the Company
Pubang Landscape Architecture (HK) Company Limited (“Pubang Hong Kong”)		Indirectly hold a 20.4% equity interest in the Company
Horgos Zhijiantiancheng		Controlled by EJAM Group
Guangzhou Yijiantiancheng Technology Co., Ltd. (“Guangzhou Yijiantiancheng”)		Controlled by EJAM Group
Horgos Meitui Network Technology Co., Ltd. (“Horgos Meitui”)		Controlled by EJAM Group, and was disposed of by EJAM Group on March 24, 2020
Ms. Wenxiu Zhong		Former Chairperson of the Board of Directors, CEO and indirect holder of 22.6% of the Company’s equity interests
Anruitai Investment Limited (“Anruitai”)		90% owned by Ms. Wenxiu Zhong and 10% owned by Mr. Sheng Gong, the Director and indirect equity shareholder of the Company

16.RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)

2)Transactions with related parties

For the six months ended June 30, 2024, the Company received the media deposits of $242,009 from Horgos Zhijiantiancheng.

3)Balances with related parties

As of June 30, 2024 and December 31, 2023, the balances due from related parties were as follows:


	June 30,		December 31,
	2024		2023
Accounts receivable
Horgos Zhijiantiancheng (a)	$	5,499	$	—

Prepayments
Horgos Zhijiantiancheng (a)	$	—	$	215,689

Due from related parties
Anruitai Investment Limited	$	28,667	$	28,667
Others		—		1,408
	$	28,667	$	30,075

(a)

Horgos Zhijiantiancheng is both a media and advertiser with the Company. For six months ended June 30, 2023, the Company provided services to Horgos Zhijiantiancheng and paid media deposits with Horgos Zhijiantiancheng. For the six months ended June 30, 2024, the Company received the media deposits of $242,009 from Horgos Zhijiantiancheng.

As of June 30, 2024 and December 31, 2023, the balances due to related parties were as follows:


	June 30,		December 31,
	2024		2023
Other payable
Wenxiu Zhong	$	3,548	$	3,546
Others		—		8,630
	$	3,548	$	12,176

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

INCOME TAXES

Summary of deferred tax assets


	June 30,		December 31,
	2024		2023
Deferred tax assets:
Net operating losses carryforwards	$	4,589,082	$	2,903,728

Allowance for doubtful accounts of accounts receivable		219,522		193,032
Allowance for doubtful accounts of prepayments		6,566		3,971
Allowance for doubtful accounts of other current assets		4,204		1,668
Less: allowance on deferred tax assets		(4,819,374)		(3,102,399)
	$	—	$	—

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:


	June 30,		December 31,
	2024		2023
Property	$	1,913,631	$	1,958,723
Leasehold improvement		466,359		477,349
Office equipment		144,333		147,734
Vehicles		138,388		141,649
Electronic equipment		126,188		129,162
Less: accumulated depreciation		(882,559)		(798,193)
	$	1,906,340	$	2,056,424

Depreciation expense was $103,486 and $128,178 for the six months ended June 30, 2024 and 2023, respectively.

LOSS PER SHARE - Computation of basic and diluted loss per ordinary share (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
LOSS PER SHARE
Net Loss	$ (1,740,418)	$ (4,079)
Weighted average number of ordinary share outstanding
Weighted average number of ordinary share outstanding, Basic	1,534,487	1,534,487
Weighted average number of ordinary share outstanding, Diluted	1,534,487	1,534,487
Loss per share, Basic	$ (1.13)	$ 0.00
Loss per share, Diluted	$ (1.13)	$ 0.00
Dilutive stocks	$ 0	$ 0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

LOSS PER SHARE

Schedule of computation of basic and diluted loss per ordinary share


	For the Six Months Ended
	June 30,
	2024		2023
Net Loss	$	(1,740,418)	$	(4,079)

Weighted average number of ordinary share outstanding
Basic and Diluted		1,534,487		1,534,487

Loss per share
Basic and Diluted	$	(1.13)	$	(0.00)

CONTINGENCIES

6 Months Ended

Jun. 30, 2024

CONTINGENCIES

CONTINGENCIES

17.CONTINGENCIES

In the normal course of business, the Company is subject to loss contingencies, such as certain legal proceedings, claims and disputes. The Company records a liability for such loss contingencies when the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated.

On April 6, 2023, the Longhua District People’s Court of Shenzhen City, Guangdong Province accepted a case filed by Shenzhen Pusi Technology Co., Ltd (“Shenzhen Pusi”), as the complainant, and Beijing Baosheng, as the defendant. In this case, Shenzhen Pusi sought recovery of outstanding service fee RMB160,965 (approximately $23,292) and related liquidated damages from Beijing Baosheng and other expenses (i.e., attorney’s fee, court expense and property reservation fee). The court made a ruling in favor of the complainant. Beijing Baosheng appealed to Shenzhen Intermediate People’s Court against the trial court’s judgement. The appellate court made a final ruling on April 29, 2024, affirming the trial court’s judgement. A bank account of Baosheng with bank deposit balance of RMB 171,478 has been reserved by the court on July 2, 2023, following Shenzhen Pusi’s application. The case was settled on May 15, 2024, and paid a total amount of RMB 176,358 to the complaint.

17.CONTINGENCIES (CONTINUED)

In March 2022, Beijing Baosheng brought a breach of contract claim against Beijing Aipu New Media Technology Co., Ltd. (“Aipu”) in the Beijing Haidian District People’s Court and sought recovery of RMB1,783,834.04 (approximately $270,102) and related liquidated damages. On March 14, 2022, Beijing Baosheng applied for reservation of Aipu’s property in an amount of RMB1,783,834.04 (approximately $270,102) and said application was approved by the court on March 17, 2022. On February 10, 2023, Beijing Baosheng applied for extension for reservation of Aipu’ s property in an amount of RMB1,783,834.04 (approximately $270,102 ), and the court approved the extension of reservation to March 17, 2024. This case was heard on September 10, 2024 at Dongsheng Court in Haidian District, Beijing, The cross examination procedure has been completed, and the Company is currently waiting for another court hearing.

On January 30, 2024, Beijing Arbitration Committee accepted a contract dispute arbitration case filed by Beijing Baosheng against Tianjin Hongen Wanmei Future Education Technology Co., Ltd (“Tianjin Hongen”) for recovery of RMB1,434,059.00 (US$201,982.99). As of September 6, 2024, Tianjin Hongen had already paid to Beijing Baosheng RMB1,267,980.00 (US$178,591.25). As of the date of this report, Beijing Baosheng is waiting for the arbitration committee’s notice of hearing.

On March 1, 2024, the Company was served a complaint regarding a lawsuit brought by three institutional investors (the “Plaintiffs”) against the Company and certain other parties, filed with the United States District Court of the Southern District of New York, alleging that the Company violated Section 11 and Section 12 of the Securities Act of 1933, as amended, by including untrue statements of material facts and omitting to state material facts required to make the statements therein not misleading, in its registration statement on Form F-1, as amended (File No. 333-239800), which was declared effective by the SEC on February 5, 2021. On March 17, 2021, two institutional investors, which are also two of the Plaintiffs, purchased 1,960,784 units from the Company pursuant to a securities purchase agreement, with each unit consisting of one ordinary share of the Company and one warrant to purchase one half of one ordinary share of the Company, for an aggregate purchase price of US$10 million. On March 5, 2024, the Plaintiffs filed an amended complaint and served the Company on March 6, 2024. The Company extended the deadline to respond to May 22, 2024 in order to coordinate with other defendants in the matter. The Company filed a motion to dismiss the Plaintiffs’ second amended complaint on May 22, 2024. As of the date of this annual report, there is no anticipated court dates of this lawsuit. The Company believes that the complaint is without any merit and intends to defend the matter vigorously.

On April 10, 2024, the Company was served with a copy of the winding up petition (the “Petition”), filed by Orient Plus International Limited (the “Petitioner”) with the Grand Court of the Cayman Islands, seeking an order that the Company be wound up pursuant to Section 92(e) of the Cayman Islands Companies Act (2023 Revision), claiming that the management of the Company have acted unfairly and/or oppressively towards the Petitioner and other minority shareholders, and/or the affairs of the Company have been conducted with a lack of probity, and the Petitioner and the other investors have justifiably lost confidence in the management of the Company. On March 17, 2021, two institutional investors, one of which is the Petitioner, purchased 1,960,784 units from the Company pursuant to a securities purchase agreement, with each unit consisting of one ordinary share of the Company and one warrant to purchase one half of one ordinary share of the Company, for an aggregate purchase price of US$10 million. The Company filed a strike out application on July 10, 2024, and the hearing of the strike out application will be held on October 18, 2024. The Company believes that the Petition is without any merit and intends to defend the matter vigorously.

On November 17, 2023, the Company entered into a securities purchase agreement (the “Karboom Securities Purchase Agreement”) with Kaboom Technology Limited (“Kaboom”). Pursuant to the Karboom Securities Purchase Agreement, the Company agreed to issue to the Investor senior convertible promissory notes, in an original principal amount of not more than US$42,000,000 (the “Notes”), convertible into the Company’s ordinary shares, par value $0.0096 per share. On February 7, 2024, the Company entered into a securities purchase agreement (the “VG Securities Purchase Agreement”) with VG Master Fund SPC (“VG Master Fund”). Pursuant to the VG Securities Purchase Agreement, subject to specified terms and conditions, the Company may sell and issue in its discretion, up to US$2,000,000 of the Company’s ordinary shares to VG Master Fund.

Affected by the lawsuit filed by three institutional investors on March 1, 2024 and by legal proceedings filed by the Petitioner on April 10, 2024, Both Kaboom and VG Master Fund terminated agreements with the Company.

On May 31, 2024, Karboom sent the Company a notice of agreement termination (the “Karboom Termination Notice”) regarding the Karboom Securities Purchase Agreement and all related agreements contemplated thereunder (collectively, the “Karboom Agreements”), due to the legal proceedings that the Company was involved at that time. Immediately prior to the termination of the Karboom Agreements, the Company had not issued any Note to Karboom under the Karboom Securities Purchase Agreement. Upon the termination of the Karboom Agreements, effective on the date of the Karboom Termination Notice, the Karboom Agreements became null and void and of no further force and effect, and all investment activities between Karboom and the Company ceased immediately.

17.CONTINGENCIES (CONTINUED)

On June 4, 2024, VG Master Fund sent the Company a notice of agreement termination (the “VG Termination Notice”) regarding the VG Securities Purchase Agreement and all related agreements contemplated thereunder (collectively, the “VG Agreements”), due to the legal proceedings that the Company was involved at that time. Immediately prior to the termination of the VG Agreements, there had been no ordinary shares sold by the Company to VG Master Fund under the VG Agreements. Upon the termination of the VG Agreements, effective on the date of the VG Termination Notice, the VG Agreements became null and void and of no further force and effect, and all investment activities between VG Master Fund and the Company ceased immediately.

As of the date of this report, there is no other legal proceedings, claims and disputes that might cause the Company to be subject to loss contingencies.

INTANGIBLE ASSETS, NET (Details) - USD ($)	6 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
INTANGIBLE ASSETS, NET
Less: accumulated amortization	$ (463,676)		$ (394,596)
Intangible assets, net	319,889		401,549
Payments to acquire software	5,789	$ 23,052
Amortization expense	78,730	$ 84,676
Copyrights
INTANGIBLE ASSETS, NET
Intangible assets, gross	713,986		730,810
Software
INTANGIBLE ASSETS, NET
Intangible assets, gross	$ 69,579		$ 65,335

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

OTHER CURRENT ASSETS (Details) - USD ($)	6 Months Ended
OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
OTHER CURRENT ASSETS
Recoverable value-added taxes	$ 2,240,645		$ 2,603,043
Others	443,553		235,508
Less: provision for doubtful accounts	(17,746)	$ (7,078)	(6,678)	$ (6,874)
Other current assets	2,666,452		$ 2,831,873
Provision for expected credit losses of other current assets	$ 11,303	565
Reversed provision for doubtful accounts		$ 565

WARRANT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

WARRANT LIABILITIES

Summary of change in the fair value of the warrant liabilities


Estimated fair value as of December 31, 2023	$	—
Changes in estimated fair value		—
Estimated fair value as of June 30, 2024	$	—

Estimated fair value as of December 31, 2022	$	832
Changes in estimated fair value		(830)
Estimated fair value as of June 30, 2023	$	2

Summary of quantitative information regarding Level 3 fair value measurements inputs for the Company's warrants


	As of June 30,		As of December 31,		As of June 30,		As of March 18,
	2024		2023		2023		2021
Volatility	31.54	%	28.63	%	32.94	%	31.26	%
Stock price	1.98		3.61		7.85		126.34
Expected life of the warrants to convert	2.22		2.72		3.22		5.50
Risk free rate	4.71	%	4.20	%	4.43	%	1.09	%
Dividend yield	0.0	%	0.0	%	0.0	%	0.0	%

DEPOSITS DUE FROM A THIRD PARTY

6 Months Ended

Jun. 30, 2024

DEPOSITS DUE FROM A THIRD PARTY

DEPOSITS DUE FROM A THIRD PARTY

9.DEPOSITS DUE FROM A THIRD PARTY

In November 2023, Baosheng Network and Nanjing Yunbei E-commerce Co., Ltd. entered into an Asset Merger Margin Custodian Agreement, pursuant to which the Company deposited RMB20,000,000, or $2,554,539 (the “Deposit”) into the custodian account under the name of Nanjing Yunbei to support the Company’s future business combination. The deposit would be deposited in custody account of Nanjing Yunbei for twelve months. The deposit is interest-free during the custody period. As of June 30, 2024 and December 31, 2023, the Company had a deposit of $2,752,092 and $2,816,941 due from Nanjing Yunbei, respectively.

ORGANIZATION AND BUSINESS DESCRIPTION (Details)	Mar. 21, 2023 USD ($) $ / shares shares	May 24, 2022	May 11, 2022 $ / shares	Jun. 30, 2018 USD ($)	Jun. 30, 2018 CNY (¥)	Oct. 17, 2014 USD ($) subsidiary	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Sep. 29, 2023 USD ($) $ / shares shares	Sep. 28, 2023 USD ($) $ / shares shares	Jun. 30, 2023 $ / shares	Mar. 20, 2023 USD ($) $ / shares shares	Mar. 06, 2023 USD ($) $ / shares shares	Mar. 05, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares	May 25, 2022 USD ($) $ / shares shares	Jun. 04, 2019	Jan. 07, 2019	Dec. 14, 2018	Oct. 17, 2014 CNY (¥)
ORGANIZATION AND BUSINESS DESCRIPTION
Share consolidation ratio	6	3.2	3.2
Common stock, par value per share \| $ / shares	$ 0.0016		$ 0.0005				$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0016	$ 0.0016	$ 0.0096	$ 0.0016
Authorized capital \| $	$ 60,000								$ 9,600,000	$ 60,000		$ 50,000	$ 60,000	$ 50,000		$ 50,000
Common stock, shares authorized \| shares	1,000,000,000						1,000,000,000	1,000,000,000	1,000,000,000	6,250,000		6,250,000	37,500,000	31,250,000		31,250,000
Ordinary shares, shares issued \| shares							1,534,487	1,534,487
Common stock, shares outstanding \| shares							1,534,487	1,534,487
Beijing Baosheng
ORGANIZATION AND BUSINESS DESCRIPTION
Consideration for equity transfer				$ 13,844,895	¥ 94,045,600
2022 Share Consolidation
ORGANIZATION AND BUSINESS DESCRIPTION
Share consolidation ratio	0.17		0.17
Common stock, par value per share \| $ / shares			$ 0.0016
2023 Share Consolidation
ORGANIZATION AND BUSINESS DESCRIPTION
Share consolidation ratio	1
Common stock, par value per share \| $ / shares	$ 0.0096
Baosheng BVI
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest held																			100.00%
Baosheng HK
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest held																		100.00%
Beijing Baosheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest held																	100.00%
Registered capital						$ 289,540														¥ 2,000,000
Number of wholly-owned subsidiaries \| subsidiary						3

CONTINGENCIES - Beijing Baosheng (Details)									1 Months Ended
CONTINGENCIES - Beijing Baosheng (Details)	Sep. 06, 2024 USD ($)	Sep. 06, 2024 CNY (¥)	May 15, 2024 CNY (¥)	Jan. 30, 2024 USD ($)	Jan. 30, 2024 CNY (¥)	Apr. 06, 2023 USD ($)	Apr. 06, 2023 CNY (¥)	Mar. 17, 2021 USD ($) shares	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Jul. 02, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	May 17, 2024 USD ($)	May 17, 2024 CNY (¥)	Nov. 17, 2023 USD ($) $ / shares	Jul. 02, 2023 CNY (¥)	May 17, 2022 USD ($)	May 17, 2022 CNY (¥)
CONTINGENCIES
Common stock reserved for future issuance \| $												$ 2,000,000
Convertible notes payable
CONTINGENCIES
Debt instrument convertible par value \| $ / shares															$ 0.0096
Convertible notes payable \| Maximum
CONTINGENCIES
Principal amount \| $															$ 42,000,000
Outstanding service fee case with Longhua District People's Court
CONTINGENCIES
Bank deposits \| ¥																¥ 171,478
Instalments for litigation settlement made \| ¥			¥ 176,358
Breach of contract with Beijing Haidian District People's Court
CONTINGENCIES
Amount of damages									$ 270,102	¥ 1,783,834.04
Property reservation to secure claim													$ 270,102	¥ 1,783,834.04			$ 270,102	¥ 1,783,834.04
Contract dispute with Arbitration committee
CONTINGENCIES
Amount of damages				$ 201,982.99	¥ 1,434,059.00
Loss contingency damages paid	$ 178,591.25	¥ 1,267,980.00
Lawsuit with United States District Court of the Southern District of New York
CONTINGENCIES
Number of ordinary share in each unit								1,960,784
Number of shares per unit								1
Number of warrants per unit								1
Number of shares issuable per warrant								1.5
Aggregate purchase price \| $								$ 10,000,000
Winding up petition with Grand Court of the Cayman Islands
CONTINGENCIES
Number of ordinary share in each unit								1,960,784
Aggregate purchase price \| $								$ 10,000,000
Securities purchase agreement
CONTINGENCIES
Number of shares issuable per warrant								1.5
Number of shares in a unit								1
Number of warrants in a unit								1
Shenzhen Pusi Technology Co., Ltd \| Outstanding service fee case with Longhua District People's Court
CONTINGENCIES
Amount of damages						$ 23,292	¥ 160,965
Shenzhen Pusi Technology Co., Ltd \| Service fee repayment
CONTINGENCIES
Bank deposits \| ¥											¥ 171,478

DEPOSITS DUE FROM A THIRD PARTY (Details)	1 Months Ended		6 Months Ended
DEPOSITS DUE FROM A THIRD PARTY (Details)	Nov. 30, 2023 USD ($)	Nov. 30, 2023 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
DEPOSITS DUE FROM A THIRD PARTY
Deposits made to a third party for future business combination \| ¥		¥ 20,000,000
Nanjing Yunbei
DEPOSITS DUE FROM A THIRD PARTY
Deposit period			12 months
Deposit due			$ 2,752,092	$ 2,816,941
Asset Merger Margin Custodian Agreement \| Nanjing Yunbei
DEPOSITS DUE FROM A THIRD PARTY
Deposits made to a third party for future business combination	$ 2,554,539

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenues	$ 46,175	$ 108,783
Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Payment term for accounts receivables	3 months
Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Payment term for accounts receivables	6 months
SEM services
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenues	$ 2,953	72,510
Non-SEM services
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenues	43,222	36,273
Rebates and incentives offered by publishers
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenues	20,200	84,372
Net fees from advertisers
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenues	$ 25,975	$ 24,411

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2024

INTANGIBLE ASSETS, NET

Summary of intangible assets


	June 30,		December 31,
	2024		2023
Copyrights	$	713,986	$	730,810
Software		69,579		65,335
Less: accumulated amortization		(463,676)		(394,596)
	$	319,889	$	401,549

LONG-TERM INVESTMENTS - Narratives (Details)	1 Months Ended								6 Months Ended		12 Months Ended
LONG-TERM INVESTMENTS - Narratives (Details)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jan. 31, 2023 USD ($)	Jan. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Nov. 30, 2022 USD ($)	Feb. 28, 2021 USD ($)	Feb. 28, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
LONG-TERM INVESTMENTS
Impairment against equity investment without readily determinable fair value									$ 27,541		$ 128,204
Amount of investments made										$ 4,907,409
Share of equity loss									(48,047)		$ (9,214)
Xinrong Fanxing
LONG-TERM INVESTMENTS
Equity interests							10.00%	10.00%
Cash consideration for equity method investment							$ 1,550,195	¥ 10,000,000
Shanxingzhe
LONG-TERM INVESTMENTS
Equity interests	42.85%	42.85%								42.85%
Cash consideration for equity method investment	$ 4,236,750	¥ 30,000,000
Beijing Qucheng
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair value, percent			12.00%	12.00%
Cash consideration for equity investment without readily determinable fair value			$ 564,900	¥ 9,600,000	$ 832,219	$ 1,397,119
Impairment against equity investment without readily determinable fair value									$ 27,541	$ 0

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

18.SUBSEQUENT EVENTS

In August 2024, Beijing Baosheng entered into a bank loan agreement with Bank of Communication under which under which Beijing Baosheng borrowed a one-year loan of RMB5,000,000, or $693,000. The interest rate for the borrowing was fixed at 3.0% per annum. The loan is guaranteed by Mr. Gong Sheng, the Company’s director, and his spouse, and one third party. Beijing Baosheng also involved Baosheng Network as counter-guarantor for the third-party guarantor.

These unaudited condensed consolidated financial statements were approved by management and available for issuance on September [X], and the Company has evaluated subsequent events through this date.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023	Sep. 29, 2023	Sep. 28, 2023	Jun. 30, 2023	Mar. 21, 2023	Mar. 20, 2023	Mar. 06, 2023	Mar. 05, 2023	Dec. 31, 2022	May 25, 2022	May 11, 2022
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0016	$ 0.0096	$ 0.0016	$ 0.0016	$ 0.0096	$ 0.0016	$ 0.0005
Ordinary shares, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000	6,250,000		1,000,000,000	6,250,000	37,500,000	31,250,000		31,250,000
Ordinary shares, shares issued	1,534,487	1,534,487
Ordinary shares, shares outstanding	1,534,487	1,534,487

LOSS PER SHARE

6 Months Ended

Jun. 30, 2024

LOSS PER SHARE

LOSS PER SHARE

14.LOSS PER SHARE

The following table sets forth the computation of basic and diluted loss per ordinary share for the six months ended June 30, 2024 and 2023, respectively:


	For the Six Months Ended
	June 30,
	2024		2023
Net Loss	$	(1,740,418)	$	(4,079)

Weighted average number of ordinary share outstanding
Basic and Diluted		1,534,487		1,534,487

Loss per share
Basic and Diluted	$	(1.13)	$	(0.00)

For the six months ended June 30, 2024 and 2023, the Company had no dilutive shares.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Short-term investments
Balance of short-term investments	$ 1,808,324		$ 2,554,319
Changes in fair value of short-term investments	201,733	$ 542,128
Accounts receivable, net of provision for doubtful accounts
Reversal allowance for expected credit losses			702,156
Reversed allowance for expected credit losses	(749,688)	398,378
Prepayments
Provision for doubtful accounts of prepayments	10,825	164,953
Allowances for doubtful accounts for prepayments	$ 10,825	164,953
Media deposits
Percentage of deposit on guaranteed minimum spend	10.00%
Media deposits - third parties	$ 510,926		$ 713,938
US Treasury Bills
Short-term investments
Changes in fair value of short-term investments		3,538
Investments in trading securities
Short-term investments
Changes in fair value of short-term investments	$ 201,733	$ 538,590

WARRANT LIABILITIES - Narrative details (Details)				6 Months Ended
WARRANT LIABILITIES - Narrative details (Details)	Mar. 21, 2023	May 24, 2022	May 11, 2022	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 shares	Mar. 18, 2021 $ / shares shares
WARRANT LIABILITIES
Share consolidation ratio	6	3.2	3.2
Liquidated damages upon failure to deliver \| $				$ 1,000
Volume weighted average price of the ordinary shares, per trading day				$ 10
Volume weighted average price of the ordinary shares, from fifth trading day				$ 20
Private Placement
WARRANT LIABILITIES
Number of warrants issued \| shares						112,610
Exercise price (in dollars per share)						$ 107.71
Warrants outstanding \| shares				112,610	112,610

EQUITY - Ordinary shares (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Sep. 29, 2023	Sep. 28, 2023	Jun. 30, 2023	Mar. 21, 2023	Mar. 20, 2023	Mar. 06, 2023	Mar. 05, 2023	Dec. 31, 2022	May 25, 2022	May 11, 2022
EQUITY
Authorized capital			$ 9,600,000	$ 60,000		$ 60,000	$ 50,000	$ 60,000	$ 50,000		$ 50,000
Ordinary shares, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000	6,250,000		1,000,000,000	6,250,000	37,500,000	31,250,000		31,250,000
Ordinary shares, par value (in dollars per share)	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0016	$ 0.0096	$ 0.0016	$ 0.0016	$ 0.0096	$ 0.0016	$ 0.0005

LONG-TERM INVESTMENTS - Movement of equity investment accounted for using the equity method (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
LONG-TERM INVESTMENTS
Opening balance	$ 4,216,222
Investment in Guangzhou Shanxingzhe Technology Investment LLP ("Shanxingzhe")		$ 4,236,750
Share of equity loss	(48,047)	(9,214)
Foreign exchange adjustments	(96,718)	(11,314)
Ending balance	$ 4,071,458	$ 4,216,222

- Definition

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertiser deposits (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of the committed spend	10.00%
Advertiser deposits	$ 71,479	$ 90,065

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Ordinary Shares	Additional Paid-in Capital	Statutory Reserves	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at the beginning at Dec. 31, 2022	$ 14,731	$ 41,564,418	$ 898,133	$ 5,257,627	$ (2,298,284)	$ 45,436,625
Balance at the beginning (in shares) at Dec. 31, 2022	1,534,487
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(4,079)		(4,079)
Foreign currency translation adjustments					(2,147,417)	(2,147,417)
Balance at the end at Jun. 30, 2023	$ 14,731	41,564,418	898,133	5,253,548	(4,445,701)	43,285,129
Balance at the end (in shares) at Jun. 30, 2023	1,534,487
Balance at the beginning at Dec. 31, 2023	$ 14,731	41,564,418	898,133	3,412,457	(3,529,628)	$ 42,360,111
Balance at the beginning (in shares) at Dec. 31, 2023	1,534,487					1,534,487
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(1,740,418)		$ (1,740,418)
Foreign currency translation adjustments					(930,102)	(930,102)
Balance at the end at Jun. 30, 2024	$ 14,731	$ 41,564,418	$ 898,133	$ 1,672,039	$ (4,459,730)	$ 39,689,591
Balance at the end (in shares) at Jun. 30, 2024	1,534,487					1,534,487

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parentheticals)	Mar. 21, 2023	May 24, 2022	May 11, 2022
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Share consolidation ratio	6	3.2	3.2

ACCOUNTS RECEIVABLE, NET - THIRD PARTIES (Tables)

6 Months Ended

Jun. 30, 2024

ACCOUNTS RECEIVABLE, NET - THIRD PARTIES.

Schedule of accounts receivable, net of provision for doubtful accounts


	June 30,		December 31,
	2024		2023
Accounts receivable	$	39,382,659	$	39,500,254
Less: allowance for expected credit losses		(12,364,291)		(13,417,481)
Accounts receivable, net	$	27,018,368	$	26,082,773

Schedule of movement of allowance for doubtful accounts


	June 30,		June 30,
	2024		2023
Balance at beginning of the period	$	13,417,481	$	17,681,792
(Reversal of charge) charge to expenses		(749,688)		398,378
Foreign exchange income		(303,502)		(881,194)
Balance at end of the period	$	12,364,291	$	17,198,976

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of disaggregation of revenue


	For the Six Months Ended
	June 30,
	2024		2023
Nature of Revenue:
Rebates and incentives offered by publishers	$	20,200	$	84,372
Net fees from advertisers		25,975		24,411
Total	$	46,175	$	108,783

Category of Revenue:
SEM services	$	2,953	$	72,510
Non-SEM services		43,222		36,273
Total	$	46,175	$	108,783

Summary of currency exchange rates


	June 30,	December 31,
	2024	2023
Year-end spot rate	7.2672	7.0999


	For the Six Months Ended June 30,
	2024	2023
Average rate	7.2150	6.9283

OTHER CURRENT ASSETS

6 Months Ended

Jun. 30, 2024

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS

6.OTHER CURRENT ASSETS

Other current assets consist of the following:


	June 30,		December 31,
	2024		2023
Recoverable value-added taxes	$	2,240,645	$	2,603,043
Others		443,553		235,508
Less: provision for doubtful accounts		(17,746)		(6,678)
	$	2,666,452	$	2,831,873

For the six months ended June 30, 2024 and 2023, provision for expected credit losses of other current assets was $11,303 and $565, respectively. Movement of allowance for doubtful accounts was as follows:


	June 30,		June 30,
	2024		2023
Balance at beginning of the period	$	6,678	$	6,874
Charge to expenses		11,303		565
Foreign exchange income		(235)		(361)
Balance at end of the period	$	17,746	$	7,078

INCOME TAXES - Deferred tax assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses carryforwards	$ 4,589,082	$ 2,903,728
Allowance for doubtful accounts of accounts receivable	219,522	193,032
Allowance for doubtful accounts of prepayments	6,566	3,971
Allowance for doubtful accounts of other current assets	4,204	1,668
Less: allowance on deferred tax assets	$ (4,819,374)	$ (3,102,399)

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	6 Months Ended
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and equipment, net
Less: accumulated depreciation	$ (882,559)		$ (798,193)
Property and equipment, net	1,906,340		2,056,424
Depreciation expense	103,486	$ 128,178
Property
Property and equipment, net
Property and equipment, gross	1,913,631		1,958,723
Leasehold improvement
Property and equipment, net
Property and equipment, gross	466,359		477,349
Office equipment
Property and equipment, net
Property and equipment, gross	144,333		147,734
Vehicles
Property and equipment, net
Property and equipment, gross	138,388		141,649
Electronic equipment
Property and equipment, net
Property and equipment, gross	$ 126,188		$ 129,162

ACCOUNTS RECEIVABLE, NET - THIRD PARTIES

6 Months Ended

Jun. 30, 2024

ACCOUNTS RECEIVABLE, NET - THIRD PARTIES.

ACCOUNTS RECEIVABLE, NET - THIRD PARTIES

4.ACCOUNTS RECEIVABLE, NET – THIRD PARTIES

The Company records revenues and costs on a net basis and the related accounts receivable and payable amounts on a gross basis. Accounts receivable, net of provision for doubtful accounts consist of the following:


	June 30,		December 31,
	2024		2023
Accounts receivable	$	39,382,659	$	39,500,254
Less: allowance for expected credit losses		(12,364,291)		(13,417,481)
Accounts receivable, net	$	27,018,368	$	26,082,773

The Company reversed provision for expected credit losses of $749,688 for the six months ended June 30, 2024, and provided allowance for expected credit loss of $398,378 for the six months ended June 30, 2023. Movement of allowance for doubtful accounts was as follows:


	June 30,		June 30,
	2024		2023
Balance at beginning of the period	$	13,417,481	$	17,681,792
(Reversal of charge) charge to expenses		(749,688)		398,378
Foreign exchange income		(303,502)		(881,194)
Balance at end of the period	$	12,364,291	$	17,198,976

WARRANT LIABILITIES

6 Months Ended

Jun. 30, 2024

WARRANT LIABILITIES

WARRANT LIABILITIES

12.

WARRANT LIABILITIES

In connection with the private placement on March 18, 2021 (Note 16), the Company sold an aggregate of 112,610 warrants (giving effect to a share consolidation at a ratio of one-for-three and one fifth (3.2) ordinary shares effective on May 24, 2022 and a share consolidation at a ratio of one-for-six (6) ordinary shares effective on March 21, 2023) with each warrant entitling the holder thereof to purchase one half of one ordinary share at an exercise price of $107.71 per ordinary share (giving effect to a share consolidation at a ratio of one-for-three and one fifth (3.2) ordinary shares effective on May 24, 2022, and a share consolidation at a ratio of one-for-six (6) ordinary shares effective on March 21, 2023). A warrant may be exercised at any time on or after March 18, 2021 and on or prior to 5:00 p.m. (New York City time) on September 18, 2026 but not thereafter.

The holders of warrants are granted with registration rights. If at any time after the six - month anniversary of March 18, 2021, there is no effective registration statement registering, or no current prospectus available for the issuance of the warrant shares to the holder and the resale of the warrant shares, then this warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise.” The warrants are subject to adjustments in the event of 1) stock dividends and splits, 2) subsequent right offerings, 3) pro rata dilutions and 4) fundamental transactions. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of the warrants.

In the event of a fundamental transaction, the Company or any successor entity shall, at the holder’s option, purchase this warrant from the holder by paying to the holder an amount of cash equal to the value of the remaining unexercised portion of the warrant, using Black-Scholes model, on the date of the consummation of such fundamental transaction; provided, however, that, if the fundamental transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, holder shall only be entitled to receive from the Company or any successor entity the same type or form of consideration (and in the same proportion), at the value of the unexercised portion of the warrant, that is being offered and paid to the holders of ordinary shares of the Company in connection with the fundamental transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of ordinary shares are given the choice to receive from among alternative forms of consideration in connection with the fundamental transaction.

If the Company fails for any reason to deliver to the holders the warrant shares subject to a notice of exercise by the warrant share delivery date, the Company shall pay to the holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of warrant shares subject to such exercise (based on the volume weighted average price of the ordinary shares on the date of the applicable Notice of Exercise), $10 per trading day (increasing to $20 per trading day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each trading day after such warrant share delivery date until such warrant shares are delivered or holder rescinds such exercise. In addition, cash payment is required as a compensation for buy-in on failure of delivery warrant shares.

The above - mentioned cash-settled make-whole provisions led the warrants classified as a derivative warrant liability. The derivative warrant liability was initially recorded at fair value on the closing date of the private placement and were subsequently remeasured at fair value at each reporting dates. The changes in the fair value of derivative warrant liability were charged to the account of “Changes in fair value of warrant liabilities” in the consolidated statements of loss and comprehensive loss.

As of June 30, 2024 and December 31, 2023, the Company had 112,610 of private placement warrants outstanding. The warrant liability related to such warrants was remeasured to its fair value at each reporting period. The change in fair value was recognized in the consolidated statements of loss. The change in the fair value of the warrant liabilities is summarized as follows:


Estimated fair value as of December 31, 2023	$	—
Changes in estimated fair value		—
Estimated fair value as of June 30, 2024	$	—

Estimated fair value as of December 31, 2022	$	832
Changes in estimated fair value		(830)
Estimated fair value as of June 30, 2023	$	2

The fair value of the warrant liabilities was estimated using Black-Scholes model. Inherent in these valuations are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical and implied volatilities of selected peer companies as well as its own that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

12.WARRANT LIABILITIES (CONTINUED)

The following table provides quantitative information regarding Level 3 fair value measurements inputs for the Company’s warrants at their measurement dates:


	As of June 30,		As of December 31,		As of June 30,		As of March 18,
	2024		2023		2023		2021
Volatility	31.54	%	28.63	%	32.94	%	31.26	%
Stock price	1.98		3.61		7.85		126.34
Expected life of the warrants to convert	2.22		2.72		3.22		5.50
Risk free rate	4.71	%	4.20	%	4.43	%	1.09	%
Dividend yield	0.0	%	0.0	%	0.0	%	0.0	%

INCOME TAXES - Additional details (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
INCOME TAXES
Valuation allowance	$ 4,819,374	$ 3,102,399
Net operating losses carryforwards
INCOME TAXES
Valuation allowance	$ 4,819,374	$ 3,102,399

LONG-TERM INVESTMENTS - Movement of equity investment without readily determinable fair value measured at Measurement Alternative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Movement of equity investment without readily determinable fair value measured at Measurement Alternative
Opening balance	$ 2,632,742	$ 2,261,787
Investment in Beijing Qucheng Technology Co., Ltd. ("Qucheng")		564,900
Impairment against investment in Qucheng	(27,541)	(128,204)
Foreign exchange adjustments	(60,411)	(65,741)
Ending balance	$ 2,544,790	$ 2,632,742

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2024

PROPERTY AND EQUIPMENT, NET

Summary of property and equipment, net


	June 30,		December 31,
	2024		2023
Property	$	1,913,631	$	1,958,723
Leasehold improvement		466,359		477,349
Office equipment		144,333		147,734
Vehicles		138,388		141,649
Electronic equipment		126,188		129,162
Less: accumulated depreciation		(882,559)		(798,193)
	$	1,906,340	$	2,056,424

RELATED PARTY TRANSACTIONS AND BALANCES - Transactions with related parties (Details) - Horgos Zhijiantiancheng - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
RELATED PARTY TRANSACTIONS AND BALANCES
Transactions with related parties	$ 3,875	$ 153,077
Receipts of media deposits	$ 242,009

LONG-TERM INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

LONG-TERM INVESTMENTS

Schedule of components of long-term investments


	June 30,		December 31,
	2024		2023
Equity investment without readily determinable fair value measured at Measurement Alternative (a)	$	2,544,790	$	2,632,742
Equity investment accounted for using the equity method (b)		4,071,458		4,216,222
	$	6,616,248	$	6,848,964

Schedule of movement of equity investment without readily determinable fair value measured at Measurement Alternative


	June 30,		December 31,
	2024		2023
Opening balance	$	2,632,742	$	2,261,787
Investment in Beijing Qucheng Technology Co., Ltd. (“Qucheng”)		—		564,900
Impairment against investment in Qucheng		(27,541)		(128,204)
Foreign exchange adjustments		(60,411)		(65,741)
Ending balance	$	2,544,790	$	2,632,742

Schedule of movement of equity investment accounted using Equity method


	June 30,		December 31,
	2024		2023
Opening balance	$	4,216,222	$	—
Investment in Guangzhou Shanxingzhe Technology Investment LLP (“Shanxingzhe”)		—		4,236,750
Share of equity loss		(48,047)		(9,214)
Foreign exchange adjustments		(96,718)		(11,314)
Ending balance	$	4,071,458	$	4,216,222

GOING CONCERN (Details) - USD ($)	6 Months Ended
GOING CONCERN (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
GOING CONCERN
Net Loss	$ (1,740,418)	$ (4,079)
Cash flow from operating activity	(1,274,344)	$ 2,639,003
Cash and cash equivalents	2,889,830		$ 3,316,062
Short-term investments	1,808,324		2,554,319
Balance of Current Liabilities	6,668,600
Current liabilities	$ 7,551,554		$ 6,467,631

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
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-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

BANK BORROWINGS (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
BANK BORROWINGS
Bank borrowings	$ 2,201,673	$ 2,253,553

EQUITY - Additional information (Details)	Mar. 21, 2023 USD ($) $ / shares shares	May 24, 2022	May 11, 2022 $ / shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Sep. 29, 2023 USD ($) $ / shares shares	Sep. 28, 2023 USD ($) $ / shares shares	Jun. 30, 2023 $ / shares	Mar. 20, 2023 USD ($) $ / shares shares	Mar. 06, 2023 USD ($) $ / shares shares	Mar. 05, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares	May 25, 2022 USD ($) $ / shares shares
EQUITY
Share consolidation ratio	6	3.2	3.2
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0016		$ 0.0005	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0096	$ 0.0016	$ 0.0016	$ 0.0096	$ 0.0016
Authorized capital \| $	$ 60,000					$ 9,600,000	$ 60,000		$ 50,000	$ 60,000	$ 50,000		$ 50,000
Ordinary shares, shares authorized \| shares	1,000,000,000			1,000,000,000	1,000,000,000	1,000,000,000	6,250,000		6,250,000	37,500,000	31,250,000		31,250,000
Ordinary shares, shares issued \| shares				1,534,487	1,534,487
Ordinary shares, shares outstanding \| shares				1,534,487	1,534,487
2022 Share Consolidation
EQUITY
Share consolidation ratio	0.17		0.17
Ordinary shares, par value (in dollars per share) \| $ / shares			$ 0.0016
2023 Share Consolidation
EQUITY
Share consolidation ratio	1
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0096

EQUITY - Restricted net assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
EQUITY
Statutory reserve	$ 898,133	$ 898,133
Amount of net assets restricted	$ 33,718,654	$ 33,718,654

ACCOUNTS RECEIVABLE, NET - THIRD PARTIES - Movement of allowance for doubtful accounts (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Movement of allowance for doubtful accounts
(Reversal of provision)/provision for expected credit losses of accounts receivable	$ (749,688)	$ 398,378
Reversal of expenses			$ (702,156)
Non-related party
Movement of allowance for doubtful accounts
Balance at beginning of the period	13,417,481	17,681,792	17,681,792
(Reversal of provision)/provision for expected credit losses of accounts receivable	(749,688)	398,378
Foreign exchange income	(303,502)	(881,194)
Balance at end of the period	$ 12,364,291	$ 17,198,976	$ 13,417,481

PREPAYMENTS - THIRD PARTIES

6 Months Ended

Jun. 30, 2024

PREPAYMENTS - THIRD PARTIES

PREPAYMENTS - THIRD PARTIES

5.PREPAYMENTS – THIRD PARTIES

Prepayments – third parties consist of the following:


	June 30,		December 31,
	2024		2023
Prepayments to third party medias	$	1,297,334	$	1,540,597
Less: provision for doubtful accounts		(578,824)		(581,462)
	$	718,510	$	959,135

Provision for doubtful accounts of prepayments was $10,825 and $164,953 for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company also wrote off prepayments of $nil and $1,443,356 because the management assessed the vendor would no long provide service. Movement of allowance for doubtful prepayments was as follows:


	June 30,		June 30,
	2024		2023
Balance at beginning of the period	$	581,462	$	2,153,390
Charge to expenses		10,825		164,953
Writing off prepayments		—		(1,443,356)
Foreign exchange income		(13,463)		(48,210)
Balance at end of the period	$	578,824	$	826,777

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of nature of relationships with related parties


Name		Relationship with the Company
EJAM GROUP Co., Ltd. (“EJAM Group”)		Indirectly hold a 6.8% equity interest in the Company
Pubang Landscape Architecture (HK) Company Limited (“Pubang Hong Kong”)		Indirectly hold a 20.4% equity interest in the Company
Horgos Zhijiantiancheng		Controlled by EJAM Group
Guangzhou Yijiantiancheng Technology Co., Ltd. (“Guangzhou Yijiantiancheng”)		Controlled by EJAM Group
Horgos Meitui Network Technology Co., Ltd. (“Horgos Meitui”)		Controlled by EJAM Group, and was disposed of by EJAM Group on March 24, 2020
Ms. Wenxiu Zhong		Former Chairperson of the Board of Directors, CEO and indirect holder of 22.6% of the Company’s equity interests
Anruitai Investment Limited (“Anruitai”)		90% owned by Ms. Wenxiu Zhong and 10% owned by Mr. Sheng Gong, the Director and indirect equity shareholder of the Company

Schedule of transactions with related parties

Schedule of balances due from related parties


	June 30,		December 31,
	2024		2023
Accounts receivable
Horgos Zhijiantiancheng (a)	$	5,499	$	—

Prepayments
Horgos Zhijiantiancheng (a)	$	—	$	215,689

Due from related parties
Anruitai Investment Limited	$	28,667	$	28,667
Others		—		1,408
	$	28,667	$	30,075

(a)

Schedule of balances due to related parties


	June 30,		December 31,
	2024		2023
Other payable
Wenxiu Zhong	$	3,548	$	3,546
Others		—		8,630
	$	3,548	$	12,176

BANK BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2024

BANK BORROWINGS

Summary of bank borrowings


	June 30,		December 31,
	2024		2023
Bank borrowings	$	2,201,673	$	2,253,553

INCOME TAXES (Details) - HKD ($) $ in Millions	6 Months Ended	12 Months Ended
INCOME TAXES (Details) - HKD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2020
Hong Kong \| Assessable profits of first HKD$2 million
Effective Income Tax Rate Reconciliation [Line Items]
Assessable profits	$ 2
Income tax rate	8.25%
Hong Kong \| Assessable profits above HKD$2 million
Effective Income Tax Rate Reconciliation [Line Items]
Assessable profits	$ 2
Income tax rate	16.50%
PRC
Effective Income Tax Rate Reconciliation [Line Items]
Income tax rate	25.00%
PRC \| Horgos Baosheng
Effective Income Tax Rate Reconciliation [Line Items]
Preferential income tax rate	0.00%
Preferential income tax rate term		5 years
PRC \| Kashi Baosheng
Effective Income Tax Rate Reconciliation [Line Items]
Preferential income tax rate	0.00%
Preferential income tax rate term	5 years
PRC \| Baosheng Technology
Effective Income Tax Rate Reconciliation [Line Items]
Preferential income tax rate	0.00%
Preferential income tax rate term	5 years

EQUITY

6 Months Ended

Jun. 30, 2024

EQUITY

EQUITY

15.EQUITY

Ordinary shares

Effective on September 29, 2023, the Company increased the authorized share capital of the Company from US$60,000 divided into 6,250,000 Ordinary Shares of par value US$0.0096 each, to US$9,600,000 divided into 1,000,000,000 Ordinary Shares of a par value of US$0.0096 each.

On March 6, 2023, the Company effected an increase in authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value US$0.0016 each to US$60,000 divided into 37,500,000 ordinary shares of a par value US$0.0016 each (the “Increase in Share Capital”), and on March 21, 2023, the Company effected a share consolidation at a ratio of one-for-six, such that each (6) ordinary shares with a par value of US$0.0016 each in the Company’s issued and unissued share capital were consolidated into one ordinary share with a par value of US$0.0096 (“2023 Share Consolidation”). Immediately following the Increase in Share Capital and 2023 Share Consolidation, the authorized share capital of the Company increased from US$50,000 to US$60,000, divided into 6,250,000 ordinary shares of a par value US$0.0096 each. The Company believes it is appropriate to reflect the Increase in Share Capital, 2022 Share Consolidation and 2023 Share Consolidation on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, the Company had 1,000,000,000 authorized shares, par value of US$0.0096, of which 1,534,487 shares of ordinary shares were issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.

Restricted net assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their respective retained earnings, if any, as determined in accordance with PRC accounting standards and regulations and after they have met the PRC requirements for appropriation to statutory reserves. Paid in capital of the PRC subsidiaries included in the Company’s consolidated net assets are also non-distributable for dividend purposes. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. The Company is required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, the Company may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends.

As of June 30, 2024 and December 31, 2023, the Company’s PRC profit generating subsidiaries accrued statutory reserve funds of $898,133.

As of June 30, 2024 and December 31, 2023, the Company had net assets restricted in the aggregate, which include paid-in capital and statutory reserve of the Company’s PRC subsidiaries of $33,718,654.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

RELATED PARTY TRANSACTIONS AND BALANCES - Nature of relationships with related parties (Details) - Related Party	Jun. 30, 2024
EJAM Group
RELATED PARTY TRANSACTIONS AND BALANCES
Equity interest	6.80%
Pubang Hong Kong
RELATED PARTY TRANSACTIONS AND BALANCES
Equity interest	20.40%
Ms. Wenxiu Zhong
RELATED PARTY TRANSACTIONS AND BALANCES
Equity interest	22.60%
Anruitai Investment Limited \| Ms. Wenxiu Zhong
RELATED PARTY TRANSACTIONS AND BALANCES
Ownership interest held	90.00%
Anruitai Investment Limited \| Mr. Sheng Gong
RELATED PARTY TRANSACTIONS AND BALANCES
Equity interest held	10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The interim unaudited condensed consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States (“US GAAP”).

Short-term investments

Short-term investments consist of US Treasury Bills and investments in trading securities.

US Treasury Bills

The Company purchased US Treasury Bills with variable interest rates during the year of 2022, and sold these US Treasury Bills during the six months ended June 30, 2023.

Investments in trading securities

Accounts receivable, net of provision for doubtful accounts

Prepayments

Media deposits

As of June 30, 2024 and December 31, 2023, the balances of media deposits paid to third parties were $510,926 and $713,938, respectively.

Advertiser deposits

As of June 30, 2024 and December 31, 2023, the balances of advertiser deposits were $71,479 and $90,065, respectively.

Revenue recognition

The Company recognizes revenues on a net basis, which equal to: (i) rebates and incentives offered by publishers, netting the rebates to advertises (if any); and (ii) net fees from advertisers.

Rebates and incentives offered by publishers

Net fees from advertisers

Net fees from advertisers are the difference between the gross billing amount charged to the advertisers and the costs of purchasing ad inventories and advertising services on their behalf.

The Company records revenues and costs on a net basis and the related accounts receivable and payable amounts on a gross basis.

The cost of purchasing ad inventories and advertising services is recorded as accounts payable or a deduction against prepayments in cases where prepayments are required by the publishers.

The following table identifies the disaggregation of our revenue for the six months ended June 30, 2024 and 2023, respectively.


	For the Six Months Ended
	June 30,
	2024		2023
Nature of Revenue:
Rebates and incentives offered by publishers	$	20,200	$	84,372
Net fees from advertisers		25,975		24,411
Total	$	46,175	$	108,783

Category of Revenue:
SEM services	$	2,953	$	72,510
Non-SEM services		43,222		36,273
Total	$	46,175	$	108,783

Foreign currency translation

The following table outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements in this report:


	June 30,	December 31,
	2024	2023
Year-end spot rate	7.2672	7.0999


	For the Six Months Ended June 30,
	2024	2023
Average rate	7.2150	6.9283

Concentration and credit risk

WARRANT LIABILITIES - Change in the fair value of the warrant liabilities (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Change in the fair value of the warrant liabilities
Estimated fair value, Beginning	$ 832
Changes in estimated fair value	(830)
Estimated fair value, Ending	$ 2

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Document and Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Entity Registrant Name	Baosheng Media Group Holdings Ltd
Entity Central Index Key	0001811216
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

BANK BORROWINGS - Additional information (Details)	6 Months Ended
BANK BORROWINGS - Additional information (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Jul. 31, 2023 USD ($)	Jul. 31, 2023 CNY (¥)
Bank of Communications \| Credit facility agreement
BANK BORROWINGS
Interest expense arising from the bank borrowings	$ 39,314	$ 26,341
Bank of Communications \| Loan agreement
BANK BORROWINGS
Principal amount					$ 847,350	¥ 6,000,000
Fixed interest rate					3.55%	3.55%
Bank of Beijing \| Loan agreement
BANK BORROWINGS
Principal amount			$ 1,449,846	¥ 10,000,000,000,000
Fixed interest rate			3.65%	3.65%