Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Exchange Rates |
Translation
of amounts from HK$ into US$ has been made at the following exchange rates for the years ended December 31, 2024 and 2023:
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Year-end
HK$:US$ exchange rate | |
| 0.1288 | | |
| 0.1281 | |
| Annual
average HK$:US$ exchange rate | |
| 0.1282 | | |
| 0.1277 | |
|
| Schedule of Estimated Residual Values |
Depreciation is calculated
on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking
into account their estimated residual values, if any: | | | Expected useful life | | Building | | Shorter of 50 years or lease term | | Leasehold improvement | | 3 years | | Furniture, fixtures and equipment | | 3 to 5 years | | Computer equipment | | 3 years | | Motor vehicles | | 3 years | |
| Schedule of Estimated Useful Lives |
Intangible
assets with definite lives are stated at cost less accumulated amortization. Amortization is calculated on a straight-line basis over
their estimated useful lives.
| | | Expected useful life | | Trademarks and trade names | | 5 years | | Customer relationships – business enterprises | | 2 years | | Customer relationships – consumer subscriptions | | 2 years | | Software | | 5 years | |
| Schedule of Disaggregated Revenue |
The Company has disaggregated its revenue from
contracts with customers into categories based on the nature of the revenue. The following table presents the revenue streams disaggregated
by nature and geographic location:
| | |
For the years ended
December 31, | |
| | |
2024 | | |
2023 | |
| At a point in time | |
| | |
| |
| Paid-per-view fees | |
$ | 3,278 | | |
$ | — | |
| Commissions | |
| 20,348 | | |
| 50,069 | |
| Total revenue from the transfer of goods and services at a point in time | |
| 23,626 | | |
| 50,069 | |
| | |
| | | |
| | |
| Over time | |
| | | |
| | |
| Advertising revenue | |
| 276 | | |
| — | |
| SaaS fees | |
| 707 | | |
| — | |
| Subscription fees | |
| 829 | | |
| — | |
| Recurring asset management service fees | |
| 1,887 | | |
| 3,963 | |
| Loan interest income | |
| 151 | | |
| 157 | |
| Total revenue from the transfer of goods and services over time | |
| 3,850 | | |
| 4,120 | |
| Total revenue | |
$ | 27,476 | | |
$ | 54,189 | |
|
| Schedule of Revenue From External Customers |
| |
For the years ended
December 31, | |
| By geography: | |
2024 | | |
2023 | |
| Hong Kong | |
$ | 22,386 | | |
$ | 54,189 | |
| United States | |
| 3,470 | | |
| — | |
| Others | |
| 1,620 | | |
| — | |
| Total | |
$ | 27,476 | | |
$ | 54,189 | |
|
| Schedule of Contract Assets and Contract Liabilities From Contracts with Customers |
The following table provides information about
contract liabilities from the Company’s contracts with customers:
| | |
As of December 31, | |
| | |
2024 | | |
2023 | |
| Contract liabilities, included in other current liabilities | |
$ | 1,683 | | |
$ | — | |
|
| Schedule of Table Presents Information About the Company’s Financial Assets and Liabilities |
The following table presents information about
the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2024 and
2023 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
| | |
As of
December 31, | | |
Quoted
prices in
active markets | | |
Significant other
observable
inputs | | |
Significant other
unobservable
inputs | |
| Description | |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| | |
| | |
| | |
| | |
| |
| Assets: | |
| | | |
| | | |
| | | |
| | |
| Marketable equity securities | |
$ | 1 | | |
$ | 1 | | |
$ | — | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities: | |
| | | |
| | | |
| | | |
| | |
| Warrant liabilities | |
$ | 977 | | |
$ | — | | |
$ | — | | |
$ | 977 | |
| Convertible debts for which the fair
value option has been elected (a) | |
| 53,106 | | |
| — | | |
| — | | |
| 53,106 | |
| Total | |
$ | 54,083 | | |
$ | — | | |
$ | — | | |
$ | 54,083 | |
| | |
As of
December 31, | | |
Quoted
prices in
active markets | | |
Significant other
observable
inputs | | |
Significant other
unobservable
inputs | |
| Description | |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| | |
| | |
| | |
| | |
| |
| Assets: | |
| | | |
| | | |
| | | |
| | |
| Marketable equity securities | |
$ | 1 | | |
$ | 1 | | |
$ | — | | |
$ | — | |
|
| Schedule of Table Presents Changes in Level 3 Liabilities Measured at Fair Value |
The following table presents changes in Level
3 liabilities measured at fair value for the year ended December 31, 2024:
| | |
Warrant liabilities | | |
Convertible debts | |
| Balance as of December 31, 2023 | |
$ | — | | |
$ | — | |
| Additions from new issuance during the year | |
| 4,440 | | |
| 5,378 | |
| Addition from acquisition of subsidiaries | |
| — | | |
| 54,059 | |
| Settlement | |
| — | | |
| (1,884 | ) |
| Fair value measurement adjustments | |
| (3,463 | ) | |
| (4,447 | ) |
| Balance as of December 31, 2024 | |
$ | 977 | | |
$ | 53,106 | |
|
| Schedule of Significant Inputs in the Valuation Models |
The significant inputs in the valuation models as of December
31, 2024, are as follows:
| Inputs | |
Convertible
debts A | | |
Convertible
debts B | |
| Valuation method | |
| Binomial Tree Model | | |
| Binomial Tree Model | |
| Conversion price | |
$ | 8.36 | | |
$ | 12.00 | |
| Fair value of conversion units | |
| 11.06 | | |
| 15.15 | |
| Expected term (years) | |
| 1.16 | | |
| 0.04 | |
| Volatility | |
| 198.02 | % | |
| 112.77 | % |
| Discount rate | |
| 15.00 | % | |
| 15.00 | % |
| Risk free rate | |
| 4.29 | % | |
| 4.24 | % |
|