18. SUBSEQUENT EVENTS

1-for-10 shares reverse split on common stock

On July 24, 2025, the Company issued a press release, announcing that it expects to implement a 1-for-10 reverse stock split on its common stock, par value $0.0001 per share, effective Tuesday, July 29, 2025 with trading to begin on a split-adjusted basis at the market open on that day. The Company considered the above transactions after giving a retroactive effect to a 1-for-10 reverse stock split of its common stock which became effective on July 29, 2025. The Company believed it is appropriate to reflect the above transactions on a retroactive basis similar to those after a stock split or dividend pursuant to ASC 260. All shares and per share amounts used herein and in the unaudited condensed consolidated financial statements have been retroactively stated to reflect the effect of the reverse stock split. Upon execution of the 1-for-10 reverse stock split, the Company recognized additional 37 shares of common stock due to round up issue.