v3.26.1
Intangible Assets
12 Months Ended
Dec. 31, 2025
Intangible Assets [Abstract]  
INTANGIBLE ASSETS
11. INTANGIBLE ASSETS

 

   Development 
   costs 
   US$ 
Cost    
At January 1, 2024   24,925,472 
Additions   1,397,149 
Exchange realignment   (603,511)
      
At December 31, 2024 and January 1, 2025   25,719,110 
Additions   769,428 
Write off   (22,666,208)
Exchange realignment   840,412 
      
At December 31, 2025   4,662,742 
      
Accumulated amortization and impairment     
At January 1, 2024   17,631,389 
Amortization provided during the year   3,021,933 
Impairment provided during the year   4,541,074 
Exchange realignment   (493,269)
      
At December 31, 2024 and January 1, 2025   24,701,127 
Amortization provided during the year   103,513 
Write off   (21,472,962)
Exchange realignment   705,205 
      
At December 31, 2025   4,036,883 
      
Net carrying amount     
At December 31, 2025   625,859 
      
At December 31, 2024   1,017,983 

 

During the year ended December 31, 2025, a written off of intangible assets with net book value of US$1,193,246 was recognized as certain development projects were abandoned as a result of changes in the Company’s technology development investment strategy.

 

As at December 31, 2024, due to the uncertainty in the global economic outlook and the net assets of the Company being more than its market capitalization, the Group performed an impairment test for the cash generating unit (“CGU”) containing the intangible assets. The recoverable amount of the CGU that included the intangible assets was determined based on a value in use calculation using cash flow projections based on financial budgets approved by senior management covering a three-year period. The discount rate applied in the cash flow projections was 18%.

 

Based on the impairment test, the carrying amount of the intangible assets was impaired by US$4,541,074 and no impairment loss was allocated to the property and equipment and right-of-use assets included in the CGU as the recoverable amounts of these assets were higher than their carrying amounts. The impairment loss recognized was included in “General, administrative and other operating expenses” in the consolidated statement of profit or loss.

 

During the year ended December 31, 2023, an impairment loss of US$3,105,507 was recognized as certain development projects were abandoned as a result of changes in the Company’s technology development investment strategy.