Note 18 - Segment Reporting

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

18. Segment reporting

The Company follows ASC Topic 280 “Segment Reporting”, which requires that companies disclose segment data based on how management makes decisions about allocating resources to segments and evaluating their performance. Reportable operating segments include components of an entity about which separate financial information is available and which operating results are regularly reviewed by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess each operating segment’s performance.

Nine Months Ended September 30, 2025 (Unaudited)

	Internet Ad and related service			IP Services		Blockchain technology		Corporate			Inter-segment and reconciling item			Total
	US$ (‘000)			US$ (‘000)		US$ (‘000)		US$ (‘000)			US$ (‘000)			US$ (‘000)
Revenues		3,123			179		615		-			-			3,917
Cost of revenues		2,921			131		560		-			-			3,612
Total operating expenses		269			-		-		1,450			-			1,719
Depreciation and amortization expense included in cost of revenues and total operating expenses		16			131		-		16			-			163
Operating income/(loss)		(67	)		48		55		(1,450	)		-			(1,414	)
Expenditure for long-term assets		-			600		-		65			-			665
Net income/(loss)		(70	)		48		55		(1,308	)		-			(1,275	)
Total assets-September 30, 2025		7,857			576		55		34,210			(33,048	)		9,650
Total assets-December 31, 2024		7,627			-		-		34,405			(32,346	)		9,686

Three Months Ended September 30, 2025 (Unaudited)

	Internet Ad and related service			IP Services		Blockchain technology			Corporate			Inter-segment and reconciling item		Total
	US$ (‘000)			US$ (‘000)		US$ (‘000)			US$ (‘000)			US$ (‘000)		US$ (‘000)
Revenues		1,635			82		-			-			-		1,717
Cost of revenues		1,559			60		-			-			-		1,619
Total operating expenses		(34	)		-		-			285			-		251
Depreciation and amortization expense included in cost of revenues and total operating expenses		4			60		-			8			-		72
Operating income/(loss)		109			22		(1	)		(283	)		-		(153	)
Net income/(loss)		110			22		(1	)		(239	)		-		(108	)

Nine Months Ended September 30, 2024 (Unaudited)

	Internet Ad and related service			IP Services		Blockchain technology		Corporate (1)			Inter-segment and reconciling item			Total
	US$ (‘000)			US$ (‘000)		US$ (‘000)		US$ (‘000)			US$ (‘000)			US$ (‘000)
Revenues		12,440			-		750		-			-			13,190
Cost of revenues		12,104			-		631		-			-			12,735
Total operating expenses		926			-		-		2,744			-			3,670
Depreciation and amortization expense included in cost of revenues and total operating expenses		23			-		631		59			-			713
Operating income/(loss)		(591	)		-		119		(2,743	)		-			(3,215	)
Impairment on long-term investments		-			-		-		(2	)		-			(2	)
Gain on disposal of subsidiaries		22			-		-		1			-			23
Net income/(loss)		(587	)		-		119		(2,519	)		-			(2,987	)
Total assets-September 30, 2024		8,331			-		210		34,359			(31,893	)		11,007
Total assets-December 31, 2023		7,966			-		841		35,011			(32,585	)		11,233

Three Months Ended September 30, 2024 (Unaudited)

	Internet Ad and related service		IP Services		Blockchain technology			Corporate (1)			Inter-segment and reconciling item		Total
	US$ (‘000)		US$ (‘000)		US$ (‘000)			US$ (‘000)			US$ (‘000)		US$ (‘000)
Revenues		3,239		-		-			-			-		3,239
Cost of revenues		2,973		-		211			-			-		3,184
Total operating expenses		43		-		-			2,004			-		2,047
Depreciation and amortization expense included in cost of revenues and total operating expenses		7		-		211			19			-		237
Operating income/(loss)		222		-		(211	)		(2,003	)		-		(1,992	)
Gain on disposal of subsidiaries		22		-		-			1			-		23
Net income/(loss)		241		-		(211	)		(1,935	)		-		(1,905	)

(1) Since our Ecommerce O2O Ad and marketing services segment has been dormant and historical amounts were immaterial, the operations of this segment have been combined with the corporate segment for financial reporting purposes. Accordingly, the segment information for the nine and three months ended September 30, 2024, has been reclassified to conform to the presentation for the nine and three months ended September 30, 2025.