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Long-Term Investments, Net | 12 Months Ended
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Dec. 31, 2024
Long-Term Investments, Net [Abstract] |
LONG-TERM INVESTMENTS, NET | NOTE 10 — LONG-TERM INVESTMENTS, NET Long-term investments, net consisted of the following:
|  | As of December 31, |
|  | Ownership interest |  |  | 2024 |  |  | Ownership interest |  |  | 2023 |
Marketable equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment C |  |  | 0.00 | %* |  |  | 1 |  |  |  | 0.00 | %* |  |  | 1 |
Non-marketable equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment A |  |  | 8.37 | % |  |  | 5,479 |  |  |  | 8.37 | % |  |  | 5,827 |
Investment B |  |  | 3.63 | % |  |  | 255 |  |  |  | 3.63 | % |  |  | 342 |
Investment D |  |  | 4.49 | % |  |  | 16,621 |  |  |  | 4.47 | % |  |  | 16,880 |
Investment E, related party |  |  | 4.00 | % |  |  | 525 |  |  |  | 4.00 | % |  |  | 523 |
Investment F (a) |  |  | — |  |  |  | — |  |  |  | 4.00 | % |  |  | 2,152 |
Investment G (b) |  |  | 56.93 | % |  |  | — |  |  |  | — |  |  |  | — |
Investment H (c) |  |  | 3.76 | % |  |  | 2,574 |  |  |  | — |  |  |  | — |
Net carrying value |  |  |  |  |  | $ | 25,455 |  |  |  |  |  |  | $ | 25,725 |
* | Less than 0.001%
Investments in Marketable Equity Securities Investments in equity securities, such as, marketable securities, are accounted for at its current market value with the changes in fair value recognized in net gain (loss). Investment C was listed and publicly traded on Nasdaq Stock Exchange. Investments in Non-Marketable Equity Securities Investments in non-marketable equity securities consist of investments in limited liability companies in which the Company’s interests are deemed minor and long-term, strategic investments in companies that are in various stages of development. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Management assesses each of these investments on an individual basis, subject to a periodic impairment review and considers qualitative and quantitative factors including the investee’s financial condition, the business outlook for its products and technology, its projected results and cash flow, financing transactions subsequent to the acquisition of the investment, the likelihood of obtaining subsequent rounds of financing and cash usage. The Company is not required to determine the fair value of these investments unless impairment indicators existed. When an impairment exists, the investment will be written down to its fair value by recording the corresponding charge as a component of other income (expense), net. Fair value is estimated using the best information available, which may include cash flow projections or other available market data. Notes:
| (a) | On February 5, 2024, the Company entered into a purchase and sale agreement with an independent third party to sell all of its equity interest in Investment F for a purchase price of approximately $2.15 million and the transaction was completed on February 19, 2024.
| (b) | In connection with the Merger Transaction, the Company held a 56.93% equity interest in Bare Knuckle Fighting Championships, Inc. (“BKFC”) as of December 31, 2024. BKFC is a licensed combat sports platform that stages live and streaming bareknuckle fighting events featuring established professionals in boxing, mixed martial arts, kickboxing and Muay Thai. Notwithstanding the Company’s majority equity ownership, the Company determined that it did not have a controlling financial interest and significant influence in BKFC, as it lacked the power to direct the activities that most significantly impact BKFC’s economic performance. Based on an evaluation of BKFC’s governance structure, contractual arrangements, and actual operating practices, strategic, operational, and financing decisions are all directed by BKFC’s founder, and BKFC operates independently of the Company. Accordingly, the Company accounted for its investment in BKFC as a non-marketable equity security measured at cost less impairment in accordance with ASC 321, Investments — Equity Securities.
| (c) | In September 2024, the Company subscribed 285,353 Class C Units of Investment H, a Nevada limited liability private company, representing a 3.79% equity interest of Investment H as of transfer date, for a non-cash consideration of approximately $18.5 million. The consideration was payable by the issuance of 3.56 million shares of ordinary shares of AGBA at the current market value of 5.18 per share. Accordingly, the Company accounted for its investment in Investment H as a non-marketable equity security measured at cost less impairment in accordance with ASC 321, Investments — Equity Securities. (see Note 19(a)(vi)) Subsequently, the Company agreed to transfer all its equity interest in Investment H to a consulting firm for partial settlement of consultancy services (see Note 26(vii)).
The following table presents the movement of non-marketable equity securities as of December 31, 2024 and 2023:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Balance at beginning of year |  | $ | 25,725 |  |  | $ | 34,590 |
Additions |  |  | 18,457 |  |  |  | 289 |
Disposal |  |  | (2,152 | ) |  |  | — |
Adjustments: |  |  |  |  |  |  |  |
Downward adjustments |  |  | (15,971 | ) |  |  | (10,093 | )
Foreign exchange adjustment |  |  | (604 | ) |  |  | 939 |
Balance at end of year |  | $ | 25,455 |  |  | $ | 25,725 |
Cumulative unrealized gains and losses, included in the carrying value of the Company’s non-marketable equity securities:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Downward adjustments (including impairment) |  | $ | (53,318 | ) |  | $ | (37,347 | )
Upward adjustments |  |  | 6,209 |  |  |  | 6,209 |
Total |  | $ | (47,109 | ) |  | $ | (31,138 | )
Investment loss, net is recorded as other expense in the Company’s consolidated statements of operations and comprehensive loss and consisted of the following:
|  | For the years ended December 31, |
|  | 2024 |  |  | 2023 |
Marketable equity securities: |  |  |  |  |  |  |  |
Realized gain from sale of Investment C |  | $ | — |  |  | $ | 1,544 |
Non-marketable equity securities: |  |  |  |  |  |  |  |
Unrealized losses (including impairment) – Investment F |  |  | — |  |  |  | (9,922 | )
Unrealized losses (including impairment) – Investment B |  |  | (88 | ) |  |  | (171 | )
Unrealized losses (including impairment) – Investment H |  |  | (15,883 | ) |  |  | — |
Dividend income |  |  | — |  |  |  | 1,670 |
Investment loss, net |  | $ | (15,971 | ) |  | $ | (6,879 | )
During the year ended December 31, 2024, the Company recognized investment loss of approximately $16.0 million, primarily related to Investment H. The fair value of Investment H was determined based on recent financing rounds of the investee. The Company evaluated differences in rights and preferences of the securities transacted compared to those held by Company, as well as the timing, volume, and nature of the transactions. Based on this evaluation, the Company concluded that the financing rounds provided observable evidence of fair value under current market conditions.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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