v3.25.1
Taxation (Tables)
 12 Months Ended
Dec. 31, 2024
Taxation [Abstract]  
Schedule of Current and Deferred Portion of Income Tax Expense

The following table sets forth current and deferred portion of income tax expense of the Group:

 

    For the years ended December 31, 
    2024    2023    2022 
Current income tax expense  $
     -
   $
     -
   $
     -
 
Deferred income tax expense   
-
    
-
    
-
 
Total income tax expense  $
-
   $
-
   $
-
 
Schedule of Loss Before Provision for Income Tax

Loss before provision for income tax were attributable to the following geographic locations: 

 

   For the years ended December 31, 
   2024   2023   2022 
Mainland China  $38,651   $84,911   $20,545 
Dubai   33,370    77,134    18,222 
United States   100,705    104,650    9,476 
Total loss before income tax expenses  $172,726   $266,695   $48,243 
Schedule of Reconciliation Statutory Income Tax Rate

The following table sets forth reconciliation between the statutory income tax rate and the effective tax rates:

 

   For the years ended December 31, 
   2024   2023   2022 
Statutory income tax rate in PRC   25.0%   25.0%   25.0%
Tax effect of non-deductible items   
-
    (0.1)%   (0.7)%
Tax effect of undeclared expenses (i)   (5.2)%   (2.9)%   (4.7)%
Tax effect of impairment loss   
-
    
-
    (1.5)%
Tax effect of fair value changes   
-
    
-
    (0.1)%
Tax effect of share-based compensation   
-
    
-
    (1.7)%
Tax effect of income tax rate differences in jurisdictions other than the PRC   (2.7)%   (4.4)%   (6.1)%
Tax effect of net operating loss not applicable to carryforwards   7.5%   (6.1)%   (5.8)%
Change in valuation allowance   (24.6)%   (11.5)%   (4.4)%
Effective tax rate   
-
    
-
    
-
 

 

(i) The undeclared expenses mainly represent accrued financial expenses associated with PIPE escrow accounts. These are related expenses for which the Group will not include in the tax return, thereby giving rise to a permanent difference.
Schedule of Deferred Tax Assets

As of December 31, 2024 and 2023, the significant components of the deferred tax assets were summarized below:

 

   As of December 31, 
   2024   2023 
Deferred tax assets：          
Net operating loss carried forward  $36,748   $21,283 
State net operating loss carried forwards for US entity   586    638 
Accrued expenses   468    268 
Allowance for expected credit loss   37,649    21,352 
Impairment on investments   3,980    
-
 
Inventory write-down   4,249    4,027 
Lawsuit provision   5,509    
-
 
Property and equipment   788    795 
Total deferred tax assets   89,977    48,363 
Less: valuation allowance   (89,977)   (48,363)
Deferred tax assets, net of valuation allowance  $
-
   $
-
 
Schedule of Rollforward of Valuation Allowance
Rollforward of valuation allowance        
Balance as of December 31, 2023  $48,363    18,556 
Allowance made during the year   42,532    30,319 
Effect of exchange rate differences   (918)   (512)
Balance as of December 31, 2024  $89,977    48,363 
Schedule of Operating Loss Carry Forward As of December 31, 2023, the net operating loss carry forward from Mainland China will expire, if unused, as follows:
   Net operating loss carry forward due by schedule 
   2025   2026   2027   2028   2029   Total 
Net operating loss carry forward   2,249    2,544    26,708    34,369    73,612    139,482