v3.25.3
RELATED PARTY BALANCES AND TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2025
RELATED PARTY BALANCES AND TRANSACTIONS  
Schedule of related party and their relationships

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Name

    

Relationship

(a)

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Infinities Technology (Cayman) Holding Limited (“Infinities”)

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Equity investment of the Company

(b)

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Oak Pacific Investment (“OPI”) and its subsidiaries

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An entity controlled together by chief executive officer and one of our independent board member, and its subsidiaries.
Schedule of amount due from related party

As of December 31, 2024 and September 30, 2025 amounts due from related party was as follows (in thousands):

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Note

    

As of December 31, 2024

    

As of September 30, 2025

Infinities

 

(i)

 

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650

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666

OPI and its subsidiaries

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13

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12

Total

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$

663

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$

678

(i)The balance represents the receivable from Infinities in connection with the disposition of the SNS business. In November 2018, the Company’s Board of Directors approved a proposal for the sale of its SNS Business to Beijing Infinities for a combined consideration of $20,000 in cash and $40,000 in the form of Beijing Infinities shares to be issued to the Company. The Company collected $6,866 in 2019, however, by December 31, 2019, Beijing Infinities failed to make payments under the agreed extended repayment plan. Based on assessment of the collectability, the Company provided an allowance of $12,408 for the receivable. Additionally, the shares receivable in the form of Infinites Technology (Cayman) Holding Limited, which is the holding company of Beijing Infinities, were received as of December 31, 2020 and were recorded as long-term investments in the consolidated balance sheets as of December 31, 2020.
Schedule of amount due to related party

As of December 31, 2024 and September 30, 2025 amounts due to related party was as follows (in thousands):

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As of December 31, 2024

    

As of September 30, 2025

Infinities

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$

623

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$

639

Total

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$

623

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$

639

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