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Operating Leases | 12 Months Ended
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Dec. 31, 2024
Operating Leases [Abstract] |
OPERATING LEASES | NOTE 18 — OPERATING LEASES The Company has entered into a commercial operating lease with an independent third party for the use of an office in Hong Kong. The lease has an original term exceeding 1 year, but not more than 3 years with an option to renew a further term of 3 years. The operating leases are included in “Right-of-use asset, net” on the consolidated balance sheets and represents the Company’s right to use the underlying assets during the lease term. The Company’s obligation to make lease payments are included in “Operating lease liabilities” on the consolidated balance sheets. Supplemental balance sheet information related to the operating lease was as follows:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Operating lease: |  |  |  |  |  |
Right-of-use asset |  | $ | 12,626 |  |  | $ | 12,512 |
Less: accumulated amortization and impairment |  |  | (12,626 | ) |  |  | (1,004 | )
Right-of-use asset, net |  | $ | — |  |  | $ | 11,508 |
Lease liabilities: |  |  |  |  |  |  |  |
Current lease liabilities |  | $ | 1,867 |  |  | $ | 1,229 |
Non-current lease liabilities |  |  | 807 |  |  |  | 10,646 |
Total lease liabilities |  | $ | 2,674 |  |  | $ | 11,875 |
Operating lease expense for the years ended December 31, 2024 and 2023 was approximately $2.6 million and $1.5 million, respectively. In December 2024, the Company assessed that due to change of operation strategy in its financing service business, the Company believes that the right-of-use asset may not generate economic benefits in the foreseeable future. The Company considered it is reasonably certain not to exercise the renewal option and remeasured the right-of-use assets and corresponding lease liabilities as of the effective date of modification. The Company recorded a reduction in operating right-of-use assets and lease liabilities of approximately $8 million for the year ended December 31, 2024. Consequently, the Company recorded impairment on right-of-use asset of approximately $1.7 million during the year ended December 31, 2024. Other supplemental information about the Company’s operating lease as of December 31, 2024 and 2023 are as follow:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Weighted average discount rate |  |  | 5.25 | % |  |  | 6.58 | %
Weighted average remaining lease term (years) |  |  | 1.42 |  |  |  | 5.42 |
Maturities of operating lease liabilities as of December 31, 2024 were as follows:
For the year ending December 31, |  | Operating lease |
2025 |  | $ | 1,952 |
2026 |  |  | 814 |
Total minimum lease payments |  |  | 2,766 |
Less: imputed interest |  |  | (92 | )
Total operating lease liabilities |  | $ | 2,674 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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