v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Information [Abstract]  
SEGMENT INFORMATION

NOTE 4 — SEGMENT INFORMATION

 

By assessing the qualitative and quantitative criteria established by ASC Topic 280, “Segment Reporting”, management has determined that the Company has three reportable segments, which include the Company’s social media, sports streaming, and financial services segments. The Company’s reportable segments reflect how the Company’s operations are managed, how the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), allocates resources and evaluates performance, and how the Company’s internal financial reporting is structured.

 

For the three and six months ended June 30, 2026 and 2025, the Company’s reportable segments comprised of the following:

 

1. Social media   The Social media segment consists of the Company’s operations related to its social media platform and related services for content creation and distribution
     
2. Sports streaming   The online streaming segment consists of the Company’s operations related to its online streaming service.
     
3. Financial services   The Financial services segment consists of revenues and costs incurred from the sale of investment products, offer asset management services and money lending services.

 

The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each business unit requires different technology and marketing strategies.

 

The following tables present the summary information by segment for the three and six months ended June 30, 2026 and 2025:

 

    Three months ended June 30, 2026  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue                                    
Commission   $ —     $ —     $ 4,930     $ —     $ —     $ 4,930  
Recurring asset management service fees     —       —       296       —       —       296  
Total revenue     —       —       5,226       —       —       5,226  
Operating expenses                                                
Commission expense     —       —       (3,624 )     —       —       (3,624 )
Sales and marketing expenses     24       —       (20 )     (99 )     —       (95 )
Research and development expenses     (77 )     —       (211 )     —       —       (288 )
Personal and benefit expenses     (2,779 )     (94 )     (41 )     (5,406 )     —       (8,320 )
Legal and professional fee     (12,916 )     (73 )     42       (2,080 )     —       (15,027 )
Office and operating fee, related party     —       —       —       —       —       —  
Provision for allowance for expected credit losses     —       —       —       —       —       —  
Other general and administrative expenses     (10 )     (29 )     (137 )     (308 )     —       (484 )
Total operating expenses     (15,758 )     (196 )     (3,991 )     (7,893 )     —       (27,838 )
Other income (expense)                                                
Interest income     —       —       1       —       —       1  
Interest expense     (3,268 )     (21 )     (55 )     (2,182 )     —       (5,526 )
Foreign exchange gain (loss), net     —       3       2       (189 )     —       (184 )
Investment income, net     —       —       1       —       —       1  
Sundry income (expense)     —       —       20       3       —       23  
Total other expense, net     (3,268 )     (18 )     (31 )     (2,368 )     —       (5,685 )
Income tax expense     —       —       (72 )     —       —       (72 )
Net (loss) income   $ (19,026 )   $ (214 )   $ 1,132     $ (10,261 )   $ —     $ (28,369 )

 

 

    Three months ended June 30, 2025  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue                                    
Loans interest income   $ —     $ —     $ 17     $ —     $ —     $ 17  
Commission     —       —       5,228       —       —       5,228  
Recurring asset management service fees     —       —       270       —       —       270  
Total revenue     —       —       5,515       —       —       5,515  
Operating expenses                                                
                                                 
Commission expense     —       —       (3,308 )     —       —       (3,308 )
Sales and marketing expenses     —       —       (70 )     —       —       (70 )
Research and development expenses     (1,114 )     (17 )     (53 )     (198 )     —       (1,382 )
Personal and benefit expenses     (4,182 )     (53 )     (36 )     (16,898 )     —       (21,169 )
Legal and professional fee     —       —       —       (5,931 )     —       (5,931 )
Office and operating fee, related party     —       —       —       (1,187 )     —       (1,187 )
Provision for allowance for expected credit losses     —       —       (91 )     —       —       (91 )
Other general and administrative expenses     (491 )     (162 )     (4,430 )     3,871       —       (1,212 )
Total operating expenses     (5,787 )     (232 )     (7,988 )     (20,343 )     —       (34,350 )
Other income (expense)                                                
Interest income     —       —       3       —       —       3  
Interest expense     (2,984 )     (28 )     (149 )     (2,009 )     —       (5,170 )
Foreign exchange gain (loss), net     409       (41 )     1,373       43       —       1,784  
Sundry income     —       —       44       —       —       44  
Total other income (expense), net     (2,575 )     (69 )     1,271       (1,966 )     —       (3,339 )
Income tax expense     —       —       (31 )     —       —       (31 )
Net loss   $ (8,362 )   $ (301 )   $ (1,233 )   $ (22,309 )   $ —     $ (32,205 )

 

 

    Six months ended June 30, 2026  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue                                    
Commission   $ —     $ —     $ 9,686     $ —     $ —     $ 9,686  
Recurring asset management service fees     —       —       570       —       —       570  
Total revenue     —       —       10,256       —       —       10,256  
Operating expenses                                                
Commission expense     —       —       (7,094 )     —       —       (7,094 )
Sales and marketing expenses     (24 )     —       (52 )     (253 )     —       (329 )
Research and development expenses     (390 )     —       (433 )     —       —       (823 )
Personal and benefit expenses     (5,560 )     (749 )     (64 )     (18,395 )     —       (24,768 )
Legal and professional fee     (20,096 )     (144 )     (43 )     (2,530 )     —       (22,813 )
Office and operating fee, related party     —       —       —       (663 )     —       (663 )
Provision for allowance for expected credit losses     —       —       (2 )     —       —       (2 )
Other general and administrative expenses     (47 )     (68 )     (3,655 )     (326 )     —       (4,096 )
Total operating expenses     (26,117 )     (961 )     (11,343 )     (22,167 )     —       (60,588 )
Other income (expense)                                                
Interest income     —       —       3       —       —       3  
Interest expense     (6,521 )     (31 )     (654 )     (2,820 )     —       (10,026 )
Foreign exchange gain (loss), net     —       (17 )     8       (387 )     —       (396 )
Bad debts recovered     —       —       256       —       —       256  
Investment income, net     —       —       1       —       —       1  
Sundry income (expense)     —       —       358       (321 )     —       37  
Total other expense, net     (6,521 )     (48 )     (28 )     (3,528 )     —       (10,125 )
Income tax expense     —       —       (124 )     —       —       (124 )
Net loss   $ (32,638 )   $ (1,009 )   $ (1,239 )   $ (25,695 )   $ —     $ (60,581 )

 

    Six months ended June 30, 2025  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue                                    
Loans interest income   $ —     $ —     $ 35     $ —     $ —     $ 35  
Commission     —       —       9,644       —       —       9,644  
Recurring asset management service fees     —       —       617       —       —       617  
Total revenue     —       —       10,296       —       —       10,296  
Operating expenses                                                
Commission expense     —       —       (5,829 )     —       —       (5,829 )
Sales and marketing expenses     —       —       (70 )     —       —       (70 )
Research and development expenses     (2,303 )     (204 )     (98 )     (479 )     —       (3,084 )
Personal and benefit expenses     (8,071 )     (674 )     (111 )     (47,277 )     —       (56,133 )
Legal and professional fee     —       —       —       (11,769 )     —       (11,769 )
Office and operating fee, related party     —       —       —       (2,365 )     —       (2,365 )
Provision for allowance for expected credit losses     —       —       (138 )     —       —       (138 )
Other general and administrative expenses     (4,891 )     (53 )     (6,119 )     7,118       —       (3,945 )
Total operating expenses     (15,265 )     (931 )     (12,365 )     (54,772 )     —       (83,333 )
Other income (expense)                                                
Interest income     165       —       5       —       —       170  
Interest expense     (5,402 )     (384 )     (310 )     (3,877 )     —       (9,973 )
Foreign exchange gain (loss), net     409       (41 )     2,518       43       —       2,929  
Bad debts written-off     (5,441 )     —       —       —       —       (5,441 )
Others     —       —       150       —       —       150  
Total other income (expense), net     (10,269 )     (425 )     2,363       (3,834 )     —       (12,165 )
Income tax expense     —       —       (55 )     —       —       (55 )
Net income (loss)   $ (25,534 )   $ (1,356 )   $ 239     $ (58,606 )   $ —     $ (85,257 )

 

The following tables present a summary of the Company’s revenues from external customers by geographic regions, for each reportable segment for the three and six months ended June 30, 2026 and 2025:

 

    For the three months ended June 30, 2026  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue by geographic regions:                                    
Hong Kong   $ —     $ —     $ 5,226     $ —     $ —     $ 5,226  
United States     —       —       —       —       —       —  
Others     —       —       —       —       —       —  
Total revenue   $ —     $ —     $ 5,226     $ —     $ —     $ 5,226  

  

    For the three months ended June 30, 2025  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue by geographic regions:                                    
Hong Kong   $ —     $ —     $ 5,515     $ —     $ —     $ 5,515  
United States     —       —       —       —       —       —  
Others     —       —       —       —       —       —  
Total revenue   $ —     $ —     $ 5,515     $ —     $ —     $ 5,515  

 

    For the six months ended June 30, 2026  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue by geographic regions:                                    
Hong Kong   $ —     $ —     $ 10,256     $ —     $ —     $ 10,256  
United States     —       —       —       —       —       —  
Others     —       —       —       —       —       —  
Total revenue   $ —     $ —     $ 10,256     $ —     $ —     $ 10,256  

 

    For the six months ended June 30, 2025  
    Social media     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Revenue by geographic regions:                                    
Hong Kong   $ —     $ —     $ 10,296     $ —     $ —     $ 10,296  
United States     —       —       —       —       —       —  
Others     —       —       —       —       —       —  
Total revenue   $ —     $ —     $ 10,296     $ —     $ —     $ 10,296  

 

The following tables present a summary of the Company’s assets by reportable segment as of June 30, 2026 and December 31, 2025:

 

    As of June 30, 2026  
    Social
media		     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Long-term investments, net   $ —     $ —     $ 19,772     $ —     $ —     $ 19,772  
Other assets     11       482       9,895       3,721       —       14,109  
Total assets   $ 11     $ 482     $ 29,667     $ 3,721     $ —     $ 33,881  

 

    As of December 31, 2025  
    Social
media		     Sports
streaming		     Financial
services		     Corporate     Elimination     Consolidated  
Long-term investments, net   $ —     $ —     $ 20,277     $ —     $ —     $ 20,277  
Other assets     14       476       10,685       4,053       —       15,228  
Total assets   $ 14     $ 476     $ 30,962     $ 4,053     $ —     $ 35,505  

  

The Company’s major customers and operations are based in Hong Kong and the United States.