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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 3,258 $ 7,073
Accounts receivable, net 6,181 5,341
Inventories 45,098 36,692
Financial assets available for sales 47 242
Deposits, prepayments and other receivables 8,215 1,965
Total current assets 64,999 52,381
Non-current assets:    
Property and equipment, net 1,591 1,817
Right-of-use assets 774 1,592
Investment in equity securities 2,200 2,200
Deferred tax assets 11 11
Total non-current assets 4,576 5,620
TOTAL ASSETS 69,575 58,001
Current liabilities:    
Accounts payable and accrued liabilities 6,940 4,758
Customer deposits 5,567 3,238
Bank borrowings 12,641 4,588
Lease liabilities 4,581 3,482
Income tax payable 313
Total current liabilities 44,804 31,478
Long-term liabilities:    
Bank borrowings 431
Lease liabilities 4,686 4,265
Total long-term liabilities 4,686 4,696
TOTAL LIABILITIES 49,490 36,174
Shareholders’ equity    
Ordinary share, par value US$0.00025, 10,000,000,000 shares authorized, 33,330,000 and 30,840,000 ordinary shares issued and outstanding as of December 31, 2024 and 2023, respectively 9 8
Additional paid-in capital 20,140 18,945
Retained earnings 170 3,024
Non-controlling interest
Accumulated other comprehensive loss (234) (150)
Total shareholders’ equity 20,085 21,827
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 69,575 58,001
Related Party [Member]    
Current assets:    
Amounts due from related parties 2,200 1,068
Current liabilities:    
Amounts due to related parties $ 15,075 $ 15,099