The Group has entered into operating lease agreements for certain offices, which are substantially located in PRC. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the consolidated financial statements upon lease commencement, which is the date when the lessor makes the underlying asset available for use by the lessee.

The balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheets:

The components of lease expenses were as follows:

For the years ended December 31, 2024 and 2025, the short-term lease expenses amounted to $149 and $159, respectively.

Other information related to leases where the Group is the lessee is as follows:

As of December 31, 2025, the following is a schedule of future minimum payments under the Group’s operating leases: