|
FY2025
12 months to Dec 31, 2025
|
FY2024
12 months to Dec 31, 2024
|
|
|---|---|---|
| Operating activities: | ||
| Net loss | ||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | ||
| Impairment of content assets | ||
| Share-based compensation for employees | ||
| Share-based compensation for non-employees | ||
| Gain of digital assets from revenues | ||
| (Gain) loss from exchange of digital assets | ||
| Changes in fair value of digital assets | ||
| Interest income from loans receivable due from a related party | ||
| Share of equity loss in an equity method investee | ||
| Changes in fair value of trading securities | ||
| Impairment of long-term investments | ||
| Deferred tax benefits | ||
| Changes in operating assets and liabilities: | ||
| Stable coins | ||
| Digital assets | ||
| Accounts receivable | ||
| Prepaid expenses and other assets | ||
| Due from a related party | ||
| Current content assets, net | ||
| Accounts payable | ||
| Contract liabilities | ||
| Income taxes payable | ||
| Other current liabilities and accrued expenses | ||
| Net cash (used in) provided by operating activities | ||
| Investing activities: | ||
| Purchases of digital assets | ||
| Purchases of stable coins | ||
| Investment in equity investees | ||
| Loans made to a related party | ||
| Repayment of loans from a related party | ||
| Investment in trading securities | ||
| Redemption of investments in trading securities | ||
| Acquisition of net assets of a subsidiary | ||
| Net cash used in investing activities | ||
| Financing activities: | ||
| Subscription fee advanced from investors | ||
| Proceeds from issuance of common stocks pursuant to at the market offering | ||
| Net cash provided by financing activities | ||
| Net (decrease) increase in cash and cash equivalents | ||
| Cash, cash equivalents, beginning of year | ||
| Cash, cash equivalents, end of year | ||
| Non-cash Investing and Financing activities | ||
| Subscription fee advanced from investors in the form of USDC and USDT | ||
| Subscription fee paid from investors in the form of USDC and USDT | ||
| Purchase of digital assets in the form of USDT | ||
| Issuance of common stocks to settle subscription fee advanced from investors |
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