v3.25.4

Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Information [Abstract] |
SEGMENT INFORMATION | NOTE 5 — SEGMENT INFORMATION By assessing the qualitative and quantitative criteria established by ASC Topic 280, “Segment Reporting”, management has determined that the Company has four reportable segments, which include the Company’s social media, sports streaming, sports content, and financial services segments. The Company’s reportable segments reflect how the Company’s operations are managed, how the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), allocates resources and evaluates performance, and how the Company’s internal financial reporting is structured. For the year ended December 31, 2024, the Companies reportable segments comprised of the following:
1. Social media |  | The Social media segment consists of the Company’s operations related to its social media platform and related services for content creation and distribution
2. Sports streaming |  | The online streaming segment consists of the Company’s operations related to its online streaming service.
3. Financial services |  | The Financial services segment consists of revenues and costs incurred from the sale of investment products, offer asset management services and money lending services.
The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each business unit requires different technology and marketing strategies. The following tables present the summary information by segment for the years ended December 31, 2024 and 2023. The segment expenses regularly reviewed by the CODM are presented in the “Operating expenses” section of the table below. Other segment items for each reportable segment include “Other income (expense), net” disclosed in the table below.
|  | 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 |
The Company had capital expenditures of approximately $0.2 million and nil under the social media segment and other reportable segments for the year ended December 31, 2024, respectively. The Company had no capital expenditures by reportable segment for the year ended December 31, 2023. The Company’s major customers and operations are based in Hong Kong and the United States. The social media and sports streaming segments were acquired during 2024. No such segments during 2023.

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- Definition The entire disclosure for reporting segments including data and tables. 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