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      "text": "MOXC's main operating subsidiary in China, Moxian Shenzhen, and its purported VIE, Moyi Shenzhen, do not have the national licenses required to operate an online advertising business in China.",
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      "text": "Moxian failed to disclose that Moyi's national license excludes internet information services and was cancelled in 2021. The 2014 license has territorial limitations. The VIE structure lacks required contracts.",
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      "text": "Moyi, which is owned solely by Chinese shareholders, is granted an Internet Content Provider license (“ICP License”). Businesses in China that are engaged in the business of Internet information services, including online advertisement and e-commerce services, are required to obtain an ICP License. Due to Chinese regulatory restrictions on foreign investments in the Internet sector, we operate our marketing platform and conduct our business through Moyi pursuant to the Moyi Agreements. — Moxian's 10-K",
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