v3.26.1
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

7. PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following:

 

   As of, 
   December 31,
2025		   June 30,
2026		 
Motor vehicles  $2   $2 
Office and computer equipment   535    1,838 

Construction in progress

   1,464    

—

 
Leasehold improvements   235    235 
Sub-total   2,236    2,075 
Less: accumulated depreciation   (252)   (301)
Total  $1,984   $1,774 

 

For the six months ended June 30, 2025 and 2026, depreciation expenses were $6 and $49, respectively, which were recorded in general and administrative expenses, research and development expenses and cost of revenue.

 

The Construction in progress mainly represented AI classroom project at the NSAD campus. During the six months ended June 30, 2026, the Company transferred approximately $1,303 of construction in progress to property and equipment, which included approximately $732 in January 2026 and $571 in June 2026 upon the completion of project phases.

 

The Company performed impairment assessment on the property and equipment. For the six months ended June 30, 2025 and 2026, nil and $161 of impairment losses were recorded, respectively. The impairment loss in 2026 was recognized with respect to construction in progress as a result of water damage caused by a leak from an upper floor. Together with the transfer of $1,303 to property and equipment, this impairment loss fully accounts for the reduction of the construction in progress balance from $1,464 as of December 31, 2025, to a nil ending balance.