| Schedule of Long-Term Investment |
| |
|
Equity investments accounted for using the equity method |
|
|
Equity investments without readily determinable fair values |
|
| Balance as of December 31, 2021 |
|
$ |
- |
|
|
$ |
- |
|
| Investment made (i) |
|
|
2,972 |
|
|
|
- |
|
| Investment loss |
|
|
(13 |
) |
|
|
- |
|
| Impairment loss of investment |
|
|
(2,959 |
) |
|
|
- |
|
| Balance as of December 31, 2022 |
|
$ |
- |
|
|
$ |
- |
|
| Investment made (ii) |
|
|
- |
|
|
|
15,918 |
|
| Balance as of December 31, 2023 |
|
$ |
- |
|
|
$ |
15,918 |
|
| Impairment loss of investment (ii) |
|
|
- |
|
|
|
(15,918) |
|
| Balance as of December 31, 2024 |
|
$ |
- |
|
|
$ |
- |
|
| (i) | In November 2022, the Group invested US$2.9 million (RMB20 million) in Shanghai OBS Culture and Technology Co., Ltd. (“Shanghai OBS”), a company focusing on technical development, software development and others, in exchange for 20% equity interests. As of December 31, 2022, the Group made full impairment on the long-term investment in Shanghai OBS. |
| (ii) | On December 28, 2023, The Group entered into an equity investment term
sheet with W. Motors Automotive Group Holding Limited (“W. Motors”), a private company, pursuant to which the Group agreed
to issue 308,171 Class B ordinary shares as consideration for its unpaid research and development service fees, and an additional 2,070,000
Class B ordinary shares in exchange for a 5% equity interest in W. Motors. As the Group has neither obtained control over nor been able
to exert significant influence on the investee before or after the transaction, the investment is accounted for as a long-term equity
investment without readily determinable fair values and measured at cost, and less impairment if any. Given that the fair value of the
Group’s ordinary shares is more reliably measurable, being listed on a public exchange, the investment was initially recognized
at the fair value of the shares issued by the Group, amounting to approximately US$15.9 million. |
| | |
| | As of December 31, 2024, the Group made full impairment on the long-term
investment in W. Motors due to the investee’s net liability position. |
|