v3.25.4

Loans and Notes Receivable, Net | 12 Months Ended
--- | ---
Dec. 31, 2024
Loans and Notes Receivable, Net [Abstract] |
LOANS AND NOTES RECEIVABLE, NET | NOTE 8 — LOANS AND NOTES RECEIVABLE, NET
| (a) | Loans Receivables, net
The Company’s loans receivable, net was as follows:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Residential mortgage loans |  | $ | 1,164 |  |  | $ | 1,605 |
Less: allowance for expected credit losses |  |  | (38 | ) |  |  | (1 | )
Loans receivable, net |  | $ | 1,126 |  |  | $ | 1,604 |
Classifying as: |  |  |  |  |  |  |  |
Current portion |  | $ | 92 |  |  | $ | 549 |
Non-current portion |  |  | 1,034 |  |  |  | 1,055 |
Loans receivable, net |  | $ | 1,126 |  |  | $ | 1,604 |
The interest rates on loans issued ranged between 10.00% and 10.50% (2023: 9.00% to 10.50%) per annum for the year ended December 31, 2024. Mortgage loans are secured by collateral in the pledge of the underlying residential properties owned by the borrowers. As of December 31, 2024, the net carrying amount of the loans receivable was approximately $1.1 million which included an interest receivable of approximately $0.06 million. Mortgage loans are made to either business or individual customers in Hong Kong for a period of 1 to 25 years, which are fully collateralized and closely monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of December 31, 2024 and 2023. The following table presents the activity in the allowance for expected credit losses:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Balance at beginning of year |  | $ | 1 |  |  | $ | — |
Additions |  |  | 36 |  |  |  | 1 |
Foreign translation adjustment |  |  | 1 |  |  |  | — |
Balance at end of year |  | $ | 38 |  |  | $ | 1 |
Estimated allowance for expected credit losses is determined on quarterly basis, in accordance with the CECL model, for general credit risk of the overall portfolio, which is relied on an assessment of specific evidence indicating doubtful collection, historical loss experience, loan balance aging and prevailing economic conditions. If there is an unexpected deterioration of a customer’s financial condition or an unexpected change in economic conditions, including macroeconomic events, the Company will assess the need to adjust the allowance for expected credit losses. Any such resulting adjustments would affect earnings in the period that adjustments are made. For the years ended December 31, 2024 and 2023, the Company has assessed the probable loss and made an allowance for expected credit losses of approximately $36,000 and $1,000 on loans receivable, respectively.
| (b) | Notes Receivables, net
On February 24, 2023, the Company entered into a subscription agreement and a convertible loan note instrument (collectively the “Agreements”) with Investment A. Pursuant to the Agreements, the Company agrees to subscribe an aggregate amount of approximately $1.7 million notes, in batches, which are payable on or before January 31, 2024 and bears a fixed interest rate of 8% per annum. The Company sold all its convertible loan notes on Investment A to an independent third party on April 30, 2024 for a consideration of approximately $0.4 million. As of December 31, 2023, the net carrying amount of the notes receivable was approximately $0.6 million, which including an interest receivable of approximately $0.03 million. The following table presents the activity in the allowance for expected credit losses:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Balance at beginning of year |  | $ | 70 |  |  | $ | — |
Additions |  |  | 155 |  |  |  | 70 |
Disposal |  |  | (227 | ) |  |  | — |
Foreign translation adjustment |  |  | 2 |  |  |  | — |
Balance at end of year |  | $ | — |  |  | $ | 70 |
In accordance with ASC Topic 326, the Company accounts for its allowance for expected credit losses on notes receivable using the CECL model. Periodic changes to the allowance for expected credit losses are recognized in the consolidated statements of operations and comprehensive loss. For the year ended December 31, 2024 and 2023, the Company has evaluated the probable losses on the notes receivable and made an allowance for expected credit losses of approximately $0.16 million and $0.07 million, respectively.

X
- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481933/310-10-55-12A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-42 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 44 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-44 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-20/tableOfContent + Details
Name: | us-gaap_FinancingReceivablesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration