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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 11 — FAIR VALUE MEASUREMENTS

 

Fair value has been determined on a basis consistent with the requirements of FASB ASC Topic 825, Financial Instruments, and the Company adopted on a prospective basis required provisions of FASB ASC Topic 820, Fair Value Measurement.

 

Financial Items Measured at Fair Value on a Recurring Basis

 

The carrying amounts reported in the consolidated balance sheet for short-term financial instruments, including cash and cash equivalents, short-term loans, accounts receivable, prepaid expenses, short-term borrowings, accrued expense and other current liabilities due to the short maturities of these instruments.

 

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023 are summarized in the table below.

 

    December 31, 2024  
    Level 1    Level 2    Level 3    Total 
Assets                    
Investments  $
—
   $
—
   $
—
   $
—
 
Liabilities                    
Bonds with warrants  $
—
   $
—
   $
—
   $
—
 
    December 31, 2023  
    Level 1     Level 2     Level 3     Total  
Assets                        
Investments   $ —     $ —     $ —     $ —  
Liabilities                                
Bonds with warrants   $ —     $ —     $ —     $ —  

 

Financial Items Measured at Fair Value on a Nonrecurring Basis

 

There are no financial assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2024 and December 31, 2023.

 

Nonfinancial Items Measured at Fair Value on a Recurring Basis

 

There are no nonfinancial assets measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023.

 

Nonfinancial Items Measured at Fair Value on a Nonrecurring Basis

 

The fair value of long-lived assets is measured whenever the carrying value of long-lived asset or asset group is not recoverable on an undiscounted cash flow basis. No impairment is recognized for long-lived assets as of as of December 31, 2024 and December 31, 2023.