v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Information [Abstract]  
Schedule of Information by Segment

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