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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 678 $ 1,330
Accounts receivable, net 7,692 15,267
Prepaid expenses and other current assets, net 3,521 6,131
Inventory 319 537
Total current assets 12,210 23,265
Property, plant and equipment 578 633
Right-of-use asset 37 73
Loan to a related party, net 5,972 5,907
Other receivable – non-current, net 891 0
Total non-current assets 7,478 6,613
TOTAL ASSETS 19,688 29,878
Current liabilities:    
Bank loans - current 219 207
Lease payable - current 37 36
Finance lease - current 29 29
Accounts payable 9,134 14,323
Accruals and other current liabilities 2,236 3,850
Income taxes payable 35 713
Total current liabilities 11,690 19,158
Bank loans – non-current 103 323
Lease payable – non-current 0 38
Finance lease – non-current 72 101
Deferred tax liabilities 0 0
Amount due to a related party 1,096 0
Total non-current liabilities 1,271 462
TOTAL LIABILITIES 12,961 19,620
Shareholders’ equity    
Additional paid-in capital 3,151 3,151
Merger reserve 1,113 1,113
Retained earnings 2,452 5,981
Accumulated other comprehensive income 11 13
Total shareholders’ equity 6,727 10,258
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 19,688 $ 29,878