v3.25.4

Property and Equipment, Net | 12 Months Ended
--- | ---
Dec. 31, 2024
Property and Equipment, Net [Abstract] |
PROPERTY AND EQUIPMENT, NET | NOTE 13 — PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
As cost: |  |  |  |  |  |
Building |  | $ | — |  |  | $ | 1,886 |
Furniture, fixtures and equipment |  |  | 40 |  |  |  | 40 |
Computer equipment |  |  | 243 |  |  |  | 243 |
Motor vehicles |  |  | — |  |  |  | 109 |
|  |  | 283 |  |  |  | 2,278 |
Less: accumulated depreciation and impairment |  |  | (283 | ) |  |  | (557 | )
Property and equipment, net |  | $ | — |  |  | $ | 1,721 |
Depreciation expense for the years ended December 31, 2024 and 2023 was approximately $0.1 million and $0.3 million, respectively. During the year ended December 31, 2024, the Company recorded a full impairment charge of approximately $0.1 million on property and equipment due to uncertainty of future revenue generation in Hong Kong. On October 31, 2024, the Company entered into a preliminary sales and purchase agreement with an independent third party to sell an office premise with a cash consideration of approximately $1.6 million. The transaction completed in February 2025. As of December 31, 2024, the carrying value of the office premises was approximately $2.0 million and recorded as assets held for sale in the consolidated balance sheet.

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