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.