Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Estimated Useful Lives of Property and Equipment |
Estimated useful lives are as follows: | Category | | Estimated
useful lives | | Electronic equipment | | 5 years | | Vehicles | | 5 years | | Production facilities | | 10 years | | Battery and charging swap infrastructure | | 5 years | | Furniture | | 5 years |
|
| Schedule of Estimated Useful Lives of Intangible Assets |
Intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: | Category | | Estimated
useful lives | | Software | | 2 years | | Trademark | | 10 years |
|
| Schedule of Fair Value Measurements of Liabilities |
The following table details the fair value measurements of liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of December 31, 2025 and 2024.
|
|
|
Fair Value Measurement using
|
| |
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total fair
value
|
|
Warrant liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025
|
|
$
|
87 |
|
$
|
—
|
|
$
|
—
|
|
$
|
87 |
|
As of December 31, 2024
|
|
$
|
52 |
|
$
|
—
|
|
$
|
—
|
|
$
|
52 |
|
Convertible notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025
|
|
$
|
—
|
|
$
|
—
|
|
$
|
11,126 |
|
$
|
11,126 |
|
As of December 31, 2024
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
| Schedule of Reconciliation Convertible Note Measured at Fair Value on Recurring Basis |
The changes for warrant liabilities measured at fair value are as follows:
|
|
|
Private
Warrants
|
|
Representative
Warrants
|
|
Fair value as of December 31, 2022
|
|
$
|
101 |
|
|
$
|
399 |
|
|
Change in fair value
|
|
|
(43 |
)
|
|
|
(169 |
)
|
|
Fair value as of December 31, 2023
|
|
$
|
58 |
|
|
$
|
230 |
|
|
Change in fair value
|
|
|
(47 |
)
|
|
|
(189 |
)
|
|
Fair value as of December 31, 2024
|
|
$
|
11 |
|
|
$
|
41 |
|
|
Change in fair value
|
|
|
7 |
|
|
|
28 |
|
|
Fair value as of December 31, 2025
|
|
$
|
18 |
|
|
|
69 |
|
|
| Schedule of Reconciliation Convertible Note Measured at Fair Value on Recurring Basis |
The following is a reconciliation of the beginning and ending balances for convertible note measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2025, see Note 14 for details:
|
Opening balance
|
|
—
|
|
New convertible note issued
|
|
7,135 |
|
Debt issuance expenses
|
|
1,365 |
|
Change in fair value of convertible note
|
|
2,626 |
|
Ending balance
|
|
11,126 |
|
| Schedule of Allowance for Expected Credit Losses |
For the years ended December 31, 2025, 2024 and 2023, allowance for expected credit losses made by the Group were shown as follows:
|
|
|
For the years ended December 31,
|
| |
|
2025
|
|
2024
|
|
2023
|
|
Allowance for expected credit losses for accounts receivable, current
|
|
$
|
—
|
|
|
$
|
1,493 |
|
$
|
3,937 |
|
Allowance for expected credit loss for other current assets
|
|
|
24,898 |
|
|
|
2,423 |
|
|
—
|
|
(Reversal of) Allowance for expected credit losses for amounts due from related parties
|
|
|
(1,207 |
)
|
|
|
60,495 |
|
|
15,000 |
|
Allowance for expected credit losses for accounts receivable, non-current
|
|
|
—
|
|
|
|
—
|
|
|
3,829 |
|
Total
|
|
$
|
23,691 |
|
|
$
|
64,411 |
|
$
|
22,766 |
|
| Schedule of Impairment Loss |
For the years ended December 31, 2025, 2024 and 2023, impairment loss made by the Group were shown as follows:
|
|
|
For the years ended December 31,
|
| |
|
2025
|
|
2024
|
|
2023
|
|
Impairment loss of advance to suppliers
|
|
$
|
127 |
|
$
|
649 |
|
$
|
42,478 |
|
Impairment loss of prepaid expenses
|
|
|
4,192 |
|
|
593 |
|
|
20,187 |
|
Total
|
|
$
|
4,319 |
|
$
|
1,242 |
|
$
|
62,665 |
|
| Schedule of Currency Exchange Rates of Consolidated Financial Statements |
The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:
|
Balance sheet items, except for equity accounts
|
|
As of December 31,
|
|
2025
|
|
2024
|
|
US$ against RMB
|
|
6.9931 |
|
7.2993 |
|
US$ against AED
|
|
3.6728 |
|
3.6726 |
|
Items in the statements of operations and comprehensive loss,
and statements of cash flows
|
|
For the years ended December 31,
|
|
2025
|
|
2024
|
|
2023
|
|
US$ against RMB
|
|
7.1875 |
|
7.1957 |
|
7.0809 |
|
US$ against AED
|
|
3.6729 |
|
3.6726 |
|
3.6843 |
|
| Schedule of Disaggregation of Groups Long-Lived Assets by Geographic Area |
The majority of the Group’s long-lived assets as of December 31, 2025 and 2024, were located in the Mainland China, the United States, the United Arab Emirates. The following table sets forth the disaggregation of the Groups long-lived assets by geographic area:
|
|
|
As of December 31,
|
| |
|
2025
|
|
2024
|
|
The United States
|
|
$
|
—
|
|
$
|
151 |
|
The United Arab Emirates
|
|
|
408 |
|
|
6,125 |
|
Mainland China
|
|
|
36 |
|
|
2,637 |
|
Total
|
|
$
|
444 |
|
$
|
8,913 |
|