v3.25.4

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract] |
Schedule of Exchange Rates | Translation of amounts from HK$ into US$ has been made at the following exchange rates for the years ended December 31, 2024 and 2023:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Year-end HK$:US$ exchange rate |  |  | 0.1288 |  |  |  | 0.1281 |
Annual average HK$:US$ exchange rate |  |  | 0.1282 |  |  |  | 0.1277 |
Schedule of Estimated Residual Values | Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values, if any:
|  | Expected useful life
Building |  | Shorter of 50 years or lease term
Leasehold improvement |  | 3 years
Furniture, fixtures and equipment |  | 3 to 5 years
Computer equipment |  | 3 years
Motor vehicles |  | 3 years
Schedule of Estimated Useful Lives | Intangible assets with definite lives are stated at cost less accumulated amortization. Amortization is calculated on a straight-line basis over their estimated useful lives.
|  | Expected useful life
Trademarks and trade names |  | 5 years
Customer relationships – business enterprises |  | 2 years
Customer relationships – consumer subscriptions |  | 2 years
Software |  | 5 years
Schedule of Disaggregated Revenue | The Company has disaggregated its revenue from contracts with customers into categories based on the nature of the revenue. The following table presents the revenue streams disaggregated by nature and geographic location:
|  | For the years ended December 31, |
|  | 2024 |  |  | 2023 |
At a point in time |  |  |  |  |  |
Paid-per-view fees |  | $ | 3,278 |  |  | $ | — |
Commissions |  |  | 20,348 |  |  |  | 50,069 |
Total revenue from the transfer of goods and services at a point in time |  |  | 23,626 |  |  |  | 50,069 |
Over time |  |  |  |  |  |  |  |
Advertising revenue |  |  | 276 |  |  |  | — |
SaaS fees |  |  | 707 |  |  |  | — |
Subscription fees |  |  | 829 |  |  |  | — |
Recurring asset management service fees |  |  | 1,887 |  |  |  | 3,963 |
Loan interest income |  |  | 151 |  |  |  | 157 |
Total revenue from the transfer of goods and services over time |  |  | 3,850 |  |  |  | 4,120 |
Total revenue |  | $ | 27,476 |  |  | $ | 54,189 |
Schedule of Revenue From External Customers |
|  | For the years ended December 31, |
By geography: |  | 2024 |  |  | 2023 |
Hong Kong |  | $ | 22,386 |  |  | $ | 54,189 |
United States |  |  | 3,470 |  |  |  | — |
Others |  |  | 1,620 |  |  |  | — |
Total |  | $ | 27,476 |  |  | $ | 54,189 |
Schedule of Contract Assets and Contract Liabilities From Contracts with Customers | The following table provides information about contract liabilities from the Company’s contracts with customers:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Contract liabilities, included in other current liabilities |  | $ | 1,683 |  |  | $ | — |
Schedule of Table Presents Information About the Company’s Financial Assets and Liabilities | The following table presents information about the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
|  | As of December 31, |  |  | Quoted prices in active markets |  |  | Significant other observable inputs |  |  | Significant other unobservable inputs |
Description |  | 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 977 |  |  | $ | — |  |  | $ | — |  |  | $ | 977 |
Convertible debts for which the fair value option has been elected (a) |  |  | 53,106 |  |  |  | — |  |  |  | — |  |  |  | 53,106 |
Total |  | $ | 54,083 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,083 |
|  | As of December 31, |  |  | Quoted prices in active markets |  |  | Significant other observable inputs |  |  | Significant other unobservable inputs |
Description |  | 2023 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Schedule of Table Presents Changes in Level 3 Liabilities Measured at Fair Value | The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2024:
|  | Warrant liabilities |  |  | Convertible debts |
Balance as of December 31, 2023 |  | $ | — |  |  | $ | — |
Additions from new issuance during the year |  |  | 4,440 |  |  |  | 5,378 |
Addition from acquisition of subsidiaries |  |  | — |  |  |  | 54,059 |
Settlement |  |  | — |  |  |  | (1,884 | )
Fair value measurement adjustments |  |  | (3,463 | ) |  |  | (4,447 | )
Balance as of December 31, 2024 |  | $ | 977 |  |  | $ | 53,106 |
Schedule of Significant Inputs in the Valuation Models | The significant inputs in the valuation models as of December 31, 2024, are as follows:
Inputs |  | Convertible debts A |  |  | Convertible debts B |
Valuation method |  |  | Binomial Tree Model |  |  |  | Binomial Tree Model |
Conversion price |  | $ | 8.36 |  |  | $ | 12.00 |
Fair value of conversion units |  |  | 11.06 |  |  |  | 15.15 |
Expected term (years) |  |  | 1.16 |  |  |  | 0.04 |
Volatility |  |  | 198.02 | % |  |  | 112.77 | %
Discount rate |  |  | 15.00 | % |  |  | 15.00 | %
Risk free rate |  |  | 4.29 | % |  |  | 4.24 | %

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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