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Related Parties and Variable Interest Entity (Tables)
9 Months Ended
Sep. 30, 2024
Related Parties And Variable Interest Entity [Abstract]  
Schedule of Significant Related Party Transactions

The Company entered into the following significant related party transactions during the periods presented:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

 

(in thousands of USD)

 

 

(in thousands of USD)

 

Revenue generated

 

$

21,744

 

 

$

15,452

 

 

$

55,911

 

 

$

62,226

 

Cost of revenue incurred

 

 

27,318

 

 

 

3,143

 

 

 

67,780

 

 

 

10,286

 

Marketing expenses incurred (cost reimbursed)

 

 

(1,920

)

 

 

60

 

 

 

(4,861

)

 

 

157

 

General and administrative expenses incurred

 

 

9,285

 

 

 

7,533

 

 

 

23,666

 

 

 

23,576

 

Other income, net

 

 

456

 

 

 

298

 

 

 

3,135

 

 

 

51

 

* all expenses are net amounts including reimbursement from its related parties

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Significant Balances Due From and Due To Related Parties

The Company had the following significant balances due from and due to related parties as of September 30, 2024 and December 31, 2023:

 

 

As of

 

 

September 30, 2024

 

 

December 31, 2023

 

 

(in thousands of USD)

 

Due from related parties

 

 

 

 

 

 

Receivables

 

$

64,412

 

 

$

63,723

 

Other current assets

 

 

14,749

 

 

 

 

Other non-current assets

 

 

2,523

 

 

 

4,243

 

Loan receivables

 

 

31,979

 

 

 

11,633

 

Due to related parties

 

 

 

 

 

 

Current portion of operating lease liabilities

 

 

3,134

 

 

 

6,426

 

Operating lease liabilities

 

 

8,927

 

 

 

14,852

 

NW Media Loan

 

 

 

 

 

3,800

 

Accounts payable

 

 

21,134

 

 

 

6,713

 

Accrued expenses

 

 

7,510

 

 

 

 

Contract liabilities

 

 

 

 

 

16,160

 

Other

 

 

5

 

 

 

243