v3.26.1
Income Tax Expense (Tables)
 6 Months Ended
Jun. 30, 2026
Income Tax Expense [Abstract]  
Schedule of Provision for Income Tax Expense

The provision for income tax expense consisted of the following:

 

    For the three months ended
June 30,		     For the six months ended
June 30,		  
    2026     2025     2026     2025  
U.S.   $ —     $ —     $ —     $ —  
Other than U.S.     72       31       124       55  
Income tax expense     72       31       124       55  

 

    For the three months ended
June 30,		     For the six months ended
June 30,		  
    2026     2025     2026     2025  
Current tax   $ 72     $ 31     $ 124     $ 55  
Deferred tax     —       —       —       —  
Income tax expense     72       31       124       55  
Schedule of Reconciliation of Income Tax Rate The reconciliation of the Hong Kong income tax rate of 16.5% to the effective income tax rate based on loss before income tax expense are as follows:
    For the six months ended
June 30,		  
    2026     2025  
Income tax expense at statutory rate     (9,975 )     (14,058 )
Income not subject to taxes     (45 )     (548 )
Non-deductible items:                
- Share based compensation     2,412       6,910  
- Others (a)     1,403       3,349  
Effect of difference tax jurisdiction     (3 )     (1,239 )
Tax losses utilized     —       (228 )
Change in valuation allowance     6,353       5,890  
Tax holiday     (21 )     (21 )
Income tax expense   $ 124     $ 55  
(a) For the six months ended June 30, 2026 and 2025, other non-deductible expenses mainly consisted of legal and professional fees and bad debts written-off, respectively.
Schedule of Deferred Tax Assets

The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of June 30, 2026 and December 31, 2025:

 

    As of  
    June 30,
2026		     December 31,
2025		  
Deferred tax assets, net:            
Net operating loss carryforwards   $ 26,509     $ 20,992  
Less: valuation allowance     (26,509 )     (20,992 )
Deferred tax assets, net:   $ —     $ —  
Schedule of Movement of Valuation Allowance

The movement of valuation allowance is as follows:

 

    For the six months ended
June 30,		  
    2026     2025  
Balance as of beginning of the period/year   $ 20,992     $ 10,446  
Additions     5,517       5,012  
Balance as of end of the period   $ 26,509     $ 15,458