v3.25.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Information [Abstract] |
Schedule of Information by Segment |
|  | For the year ended December 31, 2024 |
|  | Social media |  |  | Sports streaming |  |  | Financial services |  |  | Corporate |  |  | Elimination |  |  | Consolidated |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans interest income |  |  | — |  |  |  | — |  |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 151 |
Commission |  |  | — |  |  |  | — |  |  |  | 20,348 |  |  |  | — |  |  |  | — |  |  |  | 20,348 |
Recurring asset management service fees |  |  | — |  |  |  | — |  |  |  | 1,887 |  |  |  | — |  |  |  | — |  |  |  | 1,887 |
Advertising revenue |  |  | 275 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 276 |
SaaS fees |  |  | 707 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 707 |
Subscription fees and paid-per-view fees |  |  | 19 |  |  |  | 4,088 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,107 |
Total revenue |  |  | 1,001 |  |  |  | 4,089 |  |  |  | 22,386 |  |  |  | — |  |  |  | — |  |  |  | 27,476 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses for social media and streaming platform |  |  | (522 | ) |  |  | (3,491 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,013 | )
Commission expense |  |  | — |  |  |  | — |  |  |  | (10,531 | ) |  |  | — |  |  |  | — |  |  |  | (10,531 | )
Sales and marketing expenses |  |  | (921 | ) |  |  | (426 | ) |  |  | (219 | ) |  |  | — |  |  |  | — |  |  |  | (1,566 | )
Research and development expenses |  |  | (1,193 | ) |  |  | (135 | ) |  |  | (1,853 | ) |  |  | — |  |  |  | — |  |  |  | (3,181 | )
Personnel and benefit expenses |  |  | (2,091 | ) |  |  | (86 | ) |  |  | (38,106 | ) |  |  | (44,603 | ) |  |  | — |  |  |  | (84,886 | )
Legal and professional fee |  |  | (3,048 | ) |  |  | (70 | ) |  |  | (2,321 | ) |  |  | (16,931 | ) |  |  | — |  |  |  | (22,370 | )
Legal and professional fee, related party |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (949 | ) |  |  | — |  |  |  | (949 | )
Office and operating fee, related party |  |  | — |  |  |  | — |  |  |  | (4,303 | ) |  |  | — |  |  |  | — |  |  |  | (4,303 | )
Provision for allowance for expected credit losses |  |  | 5 |  |  |  | (10 | ) |  |  | (2,544 | ) |  |  | — |  |  |  | — |  |  |  | (2,549 | )
Other general and administrative expenses |  |  | (1,659 | ) |  |  | (109 | ) |  |  | (4,287 | ) |  |  | (253 | ) |  |  | — |  |  |  | (6,308 | )
Total operating expenses |  |  | (9,429 | ) |  |  | (4,327 | ) |  |  | (64,164 | ) |  |  | (62,736 | ) |  |  | — |  |  |  | (140,656 | )
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 6 |  |  |  | — |  |  |  | 19 |  |  |  | 765 |  |  |  | (339 | ) |  |  | 451 |
Interest expense |  |  | (2,581 | ) |  |  | (132 | ) |  |  | (785 | ) |  |  | (4,778 | ) |  |  | 339 |  |  |  | (7,937 | )
Foreign exchange (loss) gain, net |  |  | — |  |  |  | 16 |  |  |  | (717 | ) |  |  | — |  |  |  | — |  |  |  | (701 | )
Impairment on property and equipment |  |  | — |  |  |  | — |  |  |  | (104 | ) |  |  | — |  |  |  | — |  |  |  | (104 | )
Impairment on intangible assets |  |  | (621 | ) |  |  | (210 | ) |  |  | (369 | ) |  |  | — |  |  |  | — |  |  |  | (1,200 | )
Impairment on goodwill |  |  | (1,000,002 | ) |  |  | (5,776 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,005,778 | )
Impairment on right-of-use assets |  |  | — |  |  |  | — |  |  |  | (1,664 | ) |  |  | — |  |  |  | — |  |  |  | (1,664 | )
Investment loss, net |  |  | — |  |  |  | — |  |  |  | (15,971 | ) |  |  | — |  |  |  | — |  |  |  | (15,971 | )
Change in fair value of convertible debts |  |  | 4,447 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,447 |
Change in fair value of warrant liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,463 |  |  |  | — |  |  |  | 3,463 |
Sundry income |  |  | 31 |  |  |  | 6 |  |  |  | 101 |  |  |  | — |  |  |  | — |  |  |  | 138 |
Total other expense, net |  |  | (998,720 | ) |  |  | (6,096 | ) |  |  | (19,490 | ) |  |  | (550 | ) |  |  | — |  |  |  | (1,024,856 | )
Income tax expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net loss |  |  | (1,007,148 | ) |  |  | (6,334 | ) |  |  | (61,268 | ) |  |  | (63,286 | ) |  |  | — |  |  |  | (1,138,036 | )
|  | For the year ended December 31, 2023 |
|  | Financial services |  |  | Corporate |  |  | Elimination |  |  | Consolidated |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Commission |  |  | 50,069 |  |  |  | — |  |  |  | — |  |  |  | 50,069 |
Asset management service fees |  |  | 3,963 |  |  |  | — |  |  |  | — |  |  |  | 3,963 |
Loans interest income |  |  | 157 |  |  |  | — |  |  |  | — |  |  |  | 157 |
Total revenue |  |  | 54,189 |  |  |  | — |  |  |  | — |  |  |  | 54,189 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commission expense |  |  | (37,288 | ) |  |  | — |  |  |  | — |  |  |  | (37,288 | )
Sales and marketing expenses |  |  | (2,496 | ) |  |  | (1,213 | ) |  |  | — |  |  |  | (3,709 | )
Research and development expenses |  |  | (949 | ) |  |  | (3,608 | ) |  |  | — |  |  |  | (4,557 | )
Personnel and benefit expenses |  |  | (128 | ) |  |  | (27,090 | ) |  |  | — |  |  |  | (27,218 | )
General and administrative |  |  | (17,856 | ) |  |  | (6,622 | ) |  |  | — |  |  |  | (24,478 | )
Total operating expenses |  |  | (58,717 | ) |  |  | (38,533 | ) |  |  | — |  |  |  | (97,250 | )
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 39 |  |  |  | 345 |  |  |  | — |  |  |  | 384 |
Interest expense |  |  | (388 | ) |  |  | (396 | ) |  |  | — |  |  |  | (784 | )
Others |  |  | 6,715 |  |  |  | (12,173 | ) |  |  | — |  |  |  | (5,458 | )
Total other income (expense), net |  |  | 6,366 |  |  |  | (12,224 | ) |  |  | — |  |  |  | (5,858 | )
Income tax expense |  |  | (280 | ) |  |  | (7 | ) |  |  | — |  |  |  | (287 | )
Net income (loss) |  |  | 1,558 |  |  |  | (50,764 | ) |  |  | — |  |  |  | (49,206 | )
The following tables present a summary of the Company’s assets by reportable segment as of December 31, 2024 and 2023:
|  | As of December 31, 2024 |
|  | Social media |  |  | Sports streaming |  |  | Financial services |  |  | Corporate |  |  | Elimination |  |  | Consolidated |
Long-term investments, net |  |  | — |  |  |  | — |  |  |  | 25,455 |  |  |  | — |  |  |  | — |  |  |  | 25,455 |
Other assets |  |  | 7,506 |  |  |  | 5,614 |  |  |  | 18,121 |  |  |  | 37,514 |  |  |  | (43,632 | ) |  |  | 25,123 |
Total assets |  |  | 7,506 |  |  |  | 5,614 |  |  |  | 43,576 |  |  |  | 37,514 |  |  |  | (43,632 | ) |  |  | 50,578 |
|  | As of December 31, 2023 |
|  | Financial services |  |  | Corporate |  |  | Elimination |  |  | Consolidated |
Long-term investments, net |  |  | 25,725 |  |  |  | — |  |  |  | — |  |  |  | 25,725 |
Other assets |  |  | 13,788 |  |  |  | 27,076 |  |  |  | — |  |  |  | 40,864 |
Total assets |  |  | 39,513 |  |  |  | 27,076 |  |  |  | — |  |  |  | 66,589 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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