v3.25.4

Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2024
Intangible Assets, Net [Abstract] |
INTANGIBLE ASSETS, NET | NOTE 12 — INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following:
|  | Social media |  |  | Sports streaming |  |  | Financial services |  |  |  |
|  | Trademarks and trade names |  |  | Customer relationships – business enterprises |  |  | Customer relationships – consumer subscriptions |  |  | Software |  |  | Total |
At cost: |  | $ | 240 |  |  | $ | 436 |  |  | $ | 235 |  |  | $ | 464 |  |  | $ | 1,375 |
Less: Accumulated amortization |  |  | (10 | ) |  |  | (45 | ) |  |  | (25 | ) |  |  | (95 | ) |  |  | (175 | )
Less: Accumulated impairment losses |  |  | (230 | ) |  |  | (391 | ) |  |  | (210 | ) |  |  | (369 | ) |  |  | (1,200 | )
Intangible assets, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The software was purchased from a system vendor in Hong Kong and amortized on a straight-line basis over its estimated useful lives. The Company also acquired other intangible assets in the Merger Transaction (see Note 4). These intangible assets are recognized at their estimated fair values as of the acquisition date:
(i) | Trademarks and trade names: Fair value was determined using the relief-from-royalty method by applying a royalty rate to forecasted revenue under the trade name. Significant assumptions included forecasted revenues, royalty rates derived from comparable licensing arrangements and discount rates reflecting the risk of the cash flows.
(ii) | Customer relationships – business enterprises: Fair value was determined using incremental profit method, which measured present values of the cash flows with the existing customers in place over the period of time. Significant assumptions included projected revenues attributable to existing customers, retention rates, and discount rates consistent with the risk profile of the assets.
(iii) | Customer relationships – consumer subscriptions: Fair value was determined using cost approach. This method estimates the fair value based on the expected cost to recreate the existing subscriber base and relies on assumptions regarding the average acquisition cost per-subscriber.
Amortization expense for the year ended December 31, 2024 was approximately $0.17 million on a straight-line basis over the estimated useful lives of the assets. As of December 31, 2024, the Company considered there is uncertainty on future profit generation and performed impairment assessment on intangible assets and other non-current assets. Fair value is determined primarily using a discounted cash flow model that uses the estimated cash flows associated with the asset groups under review, discounted at a rate commensurate with the risk involved (see Note 11). The Company concluded the carrying amount derived from the anticipated undiscounted cash flows from the asset groups is less than its carrying amount, primarily caused by adverse macroeconomic conditions affecting the Company. During the year ended December 31, 2024, the Company recorded impairment loss on intangible assets of approximately $1.2 million in the other expense, net in the consolidated statements of operations and comprehensive loss.

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