| Schedule of Condensed Parent Company Balance Sheets |
CONDENSED PARENT COMPANY BALANCE SHEETS
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| ASSETS | |
| | |
| |
| Cash | |
$ | 33 | | |
$ | 1,520 | |
| Prepaid expenses and other current assets, net | |
| 7,198 | | |
| 29,879 | |
| Investment in subsidiaries | |
| 5,943 | | |
| 1,879 | |
| Total assets | |
$ | 13,174 | | |
$ | 33,278 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Accrued expenses and other current liabilities | |
| 335 | | |
| 678 | |
| Warrant liabilities | |
| 947 | | |
| 50 | |
| Total liabilities | |
| 1,282 | | |
| 728 | |
| | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | |
| Class A Ordinary shares (par value of $0.0001 per share; 400,000,000 Class A Ordinary shares authorized as of December 31, 2024 and 2025, respectively; 51,845,493 and 51,645,493 Class A Ordinary shares issued and outstanding as of December 31, 2024; 59,608,351 and 55,969,794 Class A Ordinary shares issued and outstanding as of December 31, 2025) | |
| 5 | | |
| 6 | |
| Class B Ordinary shares (par value of $0.0001 per share; 100,000,000 Class B Ordinary shares authorized as of December 31, 2024 and 2025, respectively; 46,659,565 and 46,039,565 Class B Ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively) | |
| 5 | | |
| 5 | |
| Additional paid in capital | |
| 208,701 | | |
| 233,014 | |
| Accumulated deficit | |
| (196,819 | ) | |
| (200,475 | ) |
| Total shareholders’ equity | |
| 11,892 | | |
| 32,550 | |
| TOTAL LIABILITIES AND EQUITY | |
$ | 13,174 | | |
$ | 33,278 | |
|
| Schedule of Condensed Parent Company Statements of Operations |
CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| Operating loss: | |
| | |
| | |
| |
| Selling expenses | |
$ | (1 | ) | |
$ | - | | |
$ | (69 | ) |
| General and administrative expenses | |
| (10,723 | ) | |
| (32,536 | ) | |
| (2,578 | ) |
| Research and development expenses | |
| (500 | ) | |
| (31,020 | ) | |
| - | |
| Share of loss of subsidiaries | |
| (14,581 | ) | |
| (4,206 | ) | |
| (1,634 | ) |
| Total operating costs and expenses | |
| (25,805 | ) | |
| (67,762 | ) | |
| (4,281 | ) |
| | |
| | | |
| | | |
| | |
| Financial expenses, net | |
| (478 | ) | |
| (615 | ) | |
| (558 | ) |
| Change of fair value of warrant liabilities | |
| (629 | ) | |
| (286 | ) | |
| 897 | |
| Total other (loss) income, net | |
| (1,107 | ) | |
| (901 | ) | |
| 339 | |
| | |
| | | |
| | | |
| | |
| Loss before income tax expense | |
| (26,912 | ) | |
| (68,663 | ) | |
| (3,942 | ) |
| Income tax expense | |
| - | | |
| - | | |
| - | |
| Net loss | |
$ | (26,912 | ) | |
$ | (68,663 | ) | |
$ | (3,942 | ) |
|
| Schedule of Condensed Parent Company Statements of Cash Flow |
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOW
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| Cash flows used in operating activities | |
$ | (1,177 | ) | |
$ | (1,992 | ) | |
$ | (24,384 | ) |
| Cash flows used in investing activities | |
| (6,000 | ) | |
| - | | |
| - | |
| Cash flows provided by financing activities | |
| 9,202 | | |
| - | | |
| 25,871 | |
| Net increase (decrease) in cash | |
| 2,025 | | |
| (1,992 | ) | |
| 1,487 | |
| Cash at beginning of year | |
| - | | |
| 2,025 | | |
| 33 | |
| Cash at end of year | |
$ | 2,025 | | |
$ | 33 | | |
$ | 1,520 | |
|