| Schedule of condensed balance sheets |
| | | | | | | | | | | | | As of December 31, | | 2024 | | 2025 | | US$ | | US$ | | ASSETS | | | | | Current assets | | | | | Cash | 562 | | | 635 | | | Short-term investments | 17,882 | | | 31,158 | | | Prepayments and other assets | 1,997 | | | 214 | | | Amounts due from related parties | 608,993 | | | 664,784 | | | Total current assets | 629,434 | | | 696,791 | | | | | | | Non-current assets | | | | | Long-term investments | 728 | | | 17,507 | | | Total non-current assets | 728 | | | 17,507 | | | Total assets | 630,162 | | | 714,298 | | | | | | | Current Liabilities | | | | | Convertible notes payable, current | 64,473 | | | 38,819 | | | Accrued expenses and other current liabilities | 13,571 | | | 10,458 | | | Amounts due to related parties | 23,395 | | | 67,631 | | | Share of losses in excess of investments in subsidiaries | 767,190 | | | 818,646 | | | Total current liabilities | 868,629 | | | 935,554 | | | | | | | Non-current liabilities | | | | | Convertible notes payable, non-current | — | | | 60,283 | | | Warrant liabilities, non-current | 1,201 | | | 1,125 | | | Total non-current liabilities | 1,201 | | | 61,408 | | | Total liabilities | 869,830 | | | 996,962 | | | | | | | SHAREHOLDERS’ DEFICIT | | | | | Class A Ordinary Shares | 2 | | | 2 | | | Class B Ordinary Shares | — | | | — | | | Treasury Shares | (1,019) | | | (30,004) | | | Additional paid-in capital | 895,010 | | | 958,052 | | | Accumulated deficit | (1,124,452) | | | (1,190,495) | | | Accumulated other comprehensive loss | (9,209) | | | (20,219) | | | Total shareholders’ deficit | (239,668) | | | (282,664) | | | Total liabilities and shareholders’ deficit | 630,162 | | | 714,298 | |
|
| Schedule of condensed statements of comprehensive loss |
| | | | | | | | | | | | | | | | | | | Year end of December 31, | | 2023 | | 2024 | | 2025 | | US$ | | US$ | | US$ | | General and administrative expenses | (3,442) | | | (3,629) | | | (3,874) | | | Interest income | 773 | | | 1,617 | | | 1,639 | | | Interest expense | (3,659) | | | (8,312) | | | (11,286) | | | Foreign currency exchange gains (losses) | 178 | | | (4) | | | (425) | | | Share of losses from subsidiaries | (125,632) | | | (112,846) | | | (52,341) | | | Changes in fair value of financial instruments | (1,533) | | | (6,591) | | | 244 | | | Loss before income taxes | (133,315) | | | (129,765) | | | (66,043) | | | Income tax expenses | — | | | — | | | — | | | Net loss | (133,315) | | | (129,765) | | | (66,043) | |
|
| Schedule of condensed statements of cash flows |
| | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2023 | | 2024 | | 2025 | | US$ | | US$ | | US$ | | Net cash used in operating activities | (6,524) | | | (6,460) | | | (12,338) | | | Net cash (used in)/provided by investing activities | (17,000) | | | 8,198 | | | (41,612) | | | Net cash provided by/(used in) financing activities | 8,091 | | | (3,000) | | | 54,023 | | | Effect of foreign currency exchange rate changes on cash | — | | | — | | | — | | | Net decrease in cash | (15,433) | | | (1,262) | | | 73 | | | Cash at beginning of the year | 17,257 | | | 1,824 | | | 562 | | | Cash at end of the year | 1,824 | | | 562 | | | 635 | |
|