v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies [Abstract]  
Schedule of Exchange Rates

Translation of amounts from HK$ into US$ has been made at the following exchange rates for the six months ended June 30, 2026 and 2025:

 

    June 30,  
    2026     2025  
Period-end HK$:US$ exchange rate     0.1275       0.1274  
Period average HK$:US$ exchange rate     0.1278       0.1283  
Schedule of Estimated Residual Values Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values, if any:
   

Expected

useful life
Building   Shorter of 50 years or lease term
Furniture, fixtures and equipment   3 to 5 years
Computer equipment   3 years
Motor vehicles   3 years
Schedule of Revenue from Contracts with Customers

The Company has disaggregated its revenue from contracts with customers into categories based on the nature of the revenue. The following table presents the revenue streams disaggregated by nature and geographic location:

 

    For the three months ended
June 30,		  
    2026     2025  
At a point in time            
Commissions   $ 4,930     $ 5,228  
Total revenue from the transfer of goods and services at a point in time     4,930       5,228  
                 
Over time                
Recurring asset management service fees     296       270  
Loans interest income     —       17  
Total revenue from the transfer of goods and services over time     296       287  
Total revenue   $ 5,226     $ 5,515  

 

    For the six months ended
June 30,		  
    2026     2025  
At a point in time            
Commissions   $ 9,686     $ 9,644  
Total revenue from the transfer of goods and services at a point in time     9,686       9,644  
                 
Over time                
Recurring asset management service fees     570       617  
Loans interest income     —       35  
Total revenue from the transfer of goods and services over time     570       652  
Total revenue   $ 10,256     $ 10,296  
Schedule of Revenue Streams Disaggregated by Nature and Geographic Location
    For the three months ended
June 30,		  
By geography:   2026     2025  
Hong Kong   $ 5,226     $ 5,515  
United States     —       —  
Others     —       —  
Total   $ 5,226     $ 5,515  

 

    For the six months ended
June 30,		  
By geography:   2026     2025  
Hong Kong   $ 10,256     $ 10,296  
United States     —       —  
Others     —       —  
Total   $ 10,256     $ 10,296  
Schedule of Financial Assets and Liabilities

The following table presents information about the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

 

    As of
June 30,		     Quoted
prices in
active
markets		    

Significant

other
observable
inputs

     Significant other
unobservable
inputs		  
Description   2026     (Level 1)     (Level 2)     (Level 3)  
                         
Assets:                                
Marketable equity securities   $ 2     $ 2     $ —     $ —  
Long-term investments (a)   $ 19,250     $ —     $ —     $ 19,250  
Long-term investments, related party   $ 520     $ —     $ —     $ 520  
                                 
Liabilities:                                
Warrant liabilities   $ —     $ —     $ —     $ —  
Convertible debts for which the fair value option has been elected (b)   $ 59,722     $ —     $ —     $ 59,722  

 

    As of
December 31,		     Quoted
prices in
active
markets		     Significant
other
observable
inputs		     Significant
other
unobservable
inputs		  
Description   2025     (Level 1)     (Level 2)     (Level 3)  
                         
Assets:                                
Marketable equity securities   $ 1     $ 1     $ —     $ —  
Long-term investments (a)   $ 19,752     $ —     $ —     $ 19,752  
Long-term investments, related party   $ 524     $ —     $ —     $ 524  
                                 
Liabilities:                                
Warrant liabilities   $ —     $ —     $ —     $ —  
Convertible debts for which the fair value option has been elected (b)   $ 59,722     $ —     $ —     $ 59,722  

 

Note:

(a)

Long-term investments are measured at fair value which are estimated using the market approach, based on valuation multiples derived from comparable companies, adjusted for size and risk. The significant unobservable inputs used in the valuation include market multiples ranging from 0.83 to 10.70 and a discount for lack of marketability of 12.95%.

 
(b) Certain of the Company’s senior convertible notes and convertible promissory notes are accounted for under the fair value option election in ASC 825. Under the fair value option election, the financial instrument is initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The estimated fair value adjustment is presented within other income (expense) in the unaudited condensed consolidated statements of operations and comprehensive loss. The fair value was estimated using a binomial option pricing model, which incorporates probability-weighted outcomes and considers the contractual terms of the instruments, including conversion features and settlement scenarios.
Schedule of Inputs in the Valuation Models

The significant inputs in the valuation models as of June 30, 2026, are as follows:

 

Inputs   Convertible
debts A		     Convertible
debts B		  
Valuation method     Binomial Tree Model       Binomial Tree Model  
Conversion price   $ 8.36     $ 9.00  
Expected volatility     61.74 %     61.74 %
Discount rate     23.48 %     23.48 %
Risk free rate     3.48 %     3.48 %