Taxation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| 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,
|
| |
|
2025
|
|
2024
|
|
2023
|
|
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,
|
| |
|
2025
|
|
2024
|
|
2023
|
|
Mainland China
|
|
$
|
30,345 |
|
$
|
38,651 |
|
$
|
84,911 |
|
Dubai
|
|
|
10,915 |
|
|
33,370 |
|
|
77,134 |
|
United States
|
|
|
126,307 |
|
|
100,705 |
|
|
104,650 |
|
Total loss before income tax expenses
|
|
$
|
167,567 |
|
$
|
172,726 |
|
$
|
266,695 |
|
| 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,
|
| |
|
2025
|
|
2024
|
|
2023
|
|
Statutory income tax rate in PRC
|
|
25.0 |
%
|
|
25.0 |
%
|
|
25.0 |
%
|
|
Tax effect of non-deductible items
|
|
—
|
|
|
—
|
|
|
(0.1 |
)%
|
|
Tax effect of undeclared expenses(i)
|
|
—
|
|
|
(5.2 |
)%
|
|
(2.9 |
)%
|
|
Tax effect of fair value change of convertible notes
|
|
(0.4 |
)%
|
|
—
|
|
|
—
|
|
|
Tax effect of share-based compensation
|
|
(17.5 |
)%
|
|
—
|
|
|
—
|
|
|
Tax effect of income tax rate differences in jurisdictions other than the PRC
|
|
(2.6 |
)%
|
|
(2.7 |
)%
|
|
(4.4 |
)%
|
|
Tax effect of net operating loss not applicable to carryforwards
|
|
(0.3 |
)%
|
|
7.5 |
%
|
|
(6.1 |
)%
|
|
Change in valuation allowance
|
|
(4.2 |
)%
|
|
(24.6 |
)%
|
|
(11.5 |
)%
|
|
Effective tax rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
| Schedule of Deferred Tax Assets |
As of December 31, 2025 and 2024, the significant components of the deferred tax assets were summarized below:
|
|
|
As of December 31,
|
| |
|
2025
|
|
2024
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Net operating loss carried forward
|
|
$
|
39,608 |
|
|
$
|
36,748 |
|
|
State net operating loss carried forwards for US entity
|
|
|
718 |
|
|
|
586 |
|
|
Accrued expenses
|
|
|
652 |
|
|
|
468 |
|
|
Impairment loss
|
|
|
12,167 |
|
|
|
13,376 |
|
|
Allowance for expected credit loss
|
|
|
30,512 |
|
|
|
24,273 |
|
|
Impairment on investments
|
|
|
3,980 |
|
|
|
3,980 |
|
|
Inventory write-down
|
|
|
4,277 |
|
|
|
4,249 |
|
|
Lawsuit provision
|
|
|
6,346 |
|
|
|
5,509 |
|
|
Property and equipment
|
|
|
799 |
|
|
|
788 |
|
|
Total deferred tax assets
|
|
|
99,059 |
|
|
|
89,977 |
|
|
Less: valuation allowance
|
|
|
(99,059 |
)
|
|
|
(89,977 |
)
|
|
Deferred tax assets, net of valuation allowance
|
|
$
|
—
|
|
|
$
|
—
|
|
| |
|
|
|
|
|
|
|
|
|
Roll forward of valuation allowance
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the year
|
|
$
|
89,977 |
|
|
|
48,363 |
|
|
Allowance made during the year
|
|
|
6,978 |
|
|
|
42,532 |
|
|
Effect of exchange rate differences
|
|
|
2,104 |
|
|
|
(918 |
)
|
|
Balance at the end of the year
|
|
$
|
99,059 |
|
|
|
89,977 |
|
|
| Schedule of Operating Loss Carry Forward |
As of December 31, 2025, the net operating loss carry forward from Mainland China will expire, if unused, as follows:
|
|
|
Net operating loss carry forward due by schedule
|
| |
|
2026
|
|
2027
|
|
2028
|
|
2029
|
|
2030
|
|
Total
|
|
Net operating loss carry forward
|
|
2,639 |
|
24,336 |
|
39,416 |
|
76,836 |
|
6,006 |
|
149,233 |
|