UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~ 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-38909

Triller Group Inc.

(Exact name of registrant as specified in its charter)

Delaware		33-1473901
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7119 West Sunset Boulevard, Suite 782

Los Angeles, CA

90046

(Address of Principal Executive Offices)

(Zip Code)

(310) 893-5090

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stocks, $0.001 par value	ILLR	NASDAQ Capital Market
Warrants, each warrant exercisable for one-quarter of one share of Common Stock for $23.00 per full share	ILLRW	NASDAQ Capital Market

As of ~~November 12~~[*], ~~2024~~2025, there were [*] ~~155,159,817~~ shares of common stock issued and outstanding.

Triller Group Inc.

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets	1
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss	2
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity	3
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit	3
	Unaudited Condensed Consolidated Statements of Cash Flows	45
	Notes to Unaudited Condensed Consolidated Financial Statements	56
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4553
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	6370
Item 4.	Control and Procedures	6370
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	6471
Item 1A.	Risk Factors	6471
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6572
Item 3.	Defaults Upon Senior Securities	6572
Item 4.	Mine Safety Disclosures	6572
Item 5.	Other Information	6572
Item 6.	Exhibits	6572
SIGNATURES		6673

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TRILLER GROUP INC. AND ITS SUBSIDIARIES

(Formerly AGBA Group Holding Limited)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in thousands of United States Dollars ~~(“US$”)~~, except for number of shares)

	As of
	September 30, 2024			December 31, 2023
	March 31, 2025			December 31, 2024
ASSETS	(Unaudited)			(Audited)
	(Unaudited)			(Audited)
ASSETS
Current assets:
Cash and cash equivalents	$	52,~~092,776~~130		$	13,~~861,223~~065
Restricted cash		1312,~~657,974~~793			1614,~~816,842~~196
Accounts receivable, net		1,~~688,408~~131			2,~~970,636~~873
Accounts receivable, net, related parties		898,703			1,094,225
Loans and notes receivables, net		111			92
Loans receivable, net		628,160			549,461
Deposit, prepayments, and other receivables, net		1,652			1,860
Notes receivable, net		—			557,003
Assets held for sale		469			2,003
Promissory notes receivable from Triller LLC		28,344,339			—
Total current assets		18,175			24,089
Deposit, prepayments, and other receivables, net		1,762,855			1,769,582
Total current assets		52,073,215			25,618,972
Non-current assets:
Rental deposit, net		975,539			961,253
Loans receivables, net		1,013			1,034
Loans receivable, net		1,041,958			1,054,841
Long-term investments, net		25,624			24,930
Property and equipment, net		1,660,660			1,721,284
Long-term investments, net, related party		524			525
Right-of-use assets, net		10,171,083			11,508,153
Total non-current assets		27,162			26,489
Long-term investments, net		29,973,941			25,201,933
TOTAL ASSETS	$	45,448		$	50,578
Long-term investments, net, related party		525,097			522,531
Total non-current assets		44,348,278			40,969,995
TOTAL ASSETS	$	96,421,493		$	66,588,967
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	16,077,742		$	19,754,041
Accounts payable and other current liabilities	$	147,553		$	149,901
Escrow liabilities		13,657,974			16,816,842
Other current liabilities, related parties		1,078			1,251
Borrowings		1,066,160			1,804,950
Escrow liabilities		12,793			14,196
Borrowings, related party		5,000,000			5,000,000
Borrowings		48,801			12,707
Amount due to the holding company		18,469,331			2,906,261
Borrowings, related party		—			29,181
Convertible promissory notes payable, net		32,511,904			—
Convertible debts, net		—			32,552
Income tax payable		201,125			328,720
Convertible debts, related party		53,106			53,106
Operating lease liabilities, current		1,295,842			1,229,329
Promissory notes payable		33,966
Warrant liabilities		~~4,281,454~~977			—977
Total current liabilities		92,561,532			47,840,143
Operating lease liabilities, current		1,888			1,867
Total current liabilities		300,188			295,738
Non-current liabilities:
Operating lease liabilities, non-current		~~9,718,742~~324			~~10,646,053~~807
Total non-current liabilities		~~9,718,742~~			~~10,646,053~~807
TOTAL LIABILITIES		~~102~~300,~~280,274~~512			58296,~~486,196~~545
Commitments and contingencies
Commitments and contingencies (Note XX)
Stockholders’ (deficit) equity:
Stockholders’ deficit:
Preferred stock, $0.001 par value; 100,000,000 shares authorized
Preferred stock, $0.001 par value, 100,000,000 shares authorized
Series A-1 preferred stock, $0.001 par value; 11,803,398 shares designated, nil shares issued and outstanding as of September 30, 2024 and December 31, 2023		—			—
Series A-1 preferred stock, $0.001 par value, 50,000,000 shares authorized, 11,801,804 and 11,801,804 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		12			12
Series B preferred stock, $0.001 par value; 35,000 shares designated, nil shares issued and outstanding as of September 30, 2024 and December 31, 2023		—			—
Series B preferred stock, $0.001 par value, 50,000,000 shares authorized,30,851 and 30,851 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		—	*		—
Common stock, $0.001 par value; 1,400,000,000 shares authorized, 47,317,308 and 33,240,991 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively#		47,317			33,241
Common stock, $0.001 par value; 150,000,000,000 shares authorized, 153,267,991 and 138,143,817 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		153			138
Common stock to be issued		—			2,350
Series A-1 preferred stock to be issued		12			12
Subscription receivable		(2,051,280	)		—
Common stock to be issued		15			15
Additional paid-in capital		90,997,538			74,141,419
Common stock held in escrow		24			24
Accumulated other comprehensive loss		(402,178	)		(473,087	)
Additional paid-in capital		994,332			958,017
Accumulated deficit		(94,450,178	)		(65,601,152	)
Accumulated other comprehensive loss		(487	)		(548	)
Total stockholders’ (deficit) equity		(5,858,781	)		8,102,771
Accumulated deficit		(1,244,312	)		(1,203,637	)
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY	$	96,421,493		$	66,588,967
Total stockholders’ deficit		(45,448	)		(245,967	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	(281,902	)	$	50,578

#* ~~Giving~~Less ~~retroactive~~than ~~effect to the forward stock split and reverse stock split (see Note 14).~~$1,000

See accompanying notes to unaudited condensed consolidated financial statements.

TRILLER GROUP INC. AND ITS SUBSIDIARIES

~~(Formerly~~UNAUDITED ~~AGBA~~CONDENSED ~~Group~~CONSOLIDATED ~~Holding~~STATEMENTS ~~Limited)~~OF OPERATIONS AND COMPREHENSIVE LOSS

~~UNAUDITED~~(Currency ~~CONDENSED~~expressed in thousands of United States ~~CONSOLIDATED~~Dollars, ~~STATEMENTS~~except OFfor ~~OPERATIONS~~number of shares)

AND COMPREHENSIVE LOSS

	Three months ended March 31,
	2025			2024
Revenues
Loan interest income	$	18		$	41
Commissions		4,416			6,723
Recurring asset management service fees		346			650
Recurring asset management service fees, related parties					242
Advertising revenue		—			—
SaaS fees		—			—
Subscription fee and paid-per-view fees		—			—
Total revenues		4,781			7,656

Operating expenses
Operating expense for social media and streaming platform		—	)		—
Commission expense		(2,521	))		(4,446	)
Sales and marketing expense		48	)		(483	)
Research and development expense		(1,702	)		(458	)
Personal and benefit expense		(34,963	)		(6,059	)
Legal and professional fee		(5,838	)		(625	)
Legal and professional fee, related party		—	)		(250	)
Office and operating fee, related party		(1,178	)		(1,118	)
Provision for allowance for expected credit losses		(47	)		(991	)
Other general and administrative expenses		(2,783	)		(880	)
Total operating expenses		(56,798	)		(15,310	)

Loss from operations			)		(7,654	)

Other income (expense)
Interest income		167			12
Interest expense		(4,803	)		(207	)
Foreign exchange (loss) gain, net		1,145	)		(227	)
Investment loss, net		68	)		(37	)
Change in fair value of warrant liabilities					—
Sundry income		38			91
Total other income, net		11,366	)		(368	)

Loss before income tax expense		(41,795	)		(8,022	)
Income tax expense		(25	)		(38	)

Net loss		(41,760	)		(8,060	)

Comprehensive loss
Net loss	$	(41,821	)	$	(8,060	)
Other comprehensive loss
Foreign currency translation adjustment		(61	)		191
Comprehensive loss	$		)	$	(7,869	)

Weighted average number of common stock outstanding^#
- Basic and diluted		(41,760	)		33,942,768

Net loss per share^#
- Basic and diluted	$	(0.27	))	$	(0.24	)

~~(Currency~~# ~~expressed in~~Giving ~~United~~retroactive ~~States~~effect ~~Dollars~~to ~~(“US$”),~~the ~~except~~forward ~~for~~stock ~~number~~split ofand ~~shares~~reverse stock split (see Note 19)

	For the three months ended September 30,						For the nine months ended September 30,
	2024			2023			2024			2023
Revenues:
Loans interest income	$	60,282		$	41,472		$	123,468		$	117,805
Non-interest income:
Commissions		4,784,825			12,168,777			15,661,048			38,507,460
Recurring asset management service fees		349,363			751,727			1,502,656			2,300,703
Recurring asset management service fees, related party		245,456			244,525			729,806			725,146
Total non-interest income		5,379,644			13,165,029			17,893,510			41,533,309
Total revenues		5,439,926			13,206,501			18,016,978			41,651,114
Operating expenses:
Interest expense		(1,147,912	)		(393,013	)		(1,723,179	)		(805,789	)
Commission expense		(1,934,131	)		(8,915,811	)		(7,696,943	)		(28,195,740	)
Sales and marketing expense		(93,165	)		(753,545	)		(605,682	)		(3,125,432	)
Research and development expense		(401,167	)		(740,847	)		(1,354,567	)		(2,678,645	)
Personnel and benefit expense		(6,826,869	)		(7,764,353	)		(18,364,075	)		(22,671,813	)
Legal and professional fee		(2,593,600	)		(3,452,808	)		(4,706,696	)		(12,422,810	)
Legal and professional fee, related party		(249,999	)		(77,777	)		(749,997	)		(77,777	)
Office and operating fee, related party		(1,088,453	)		(1,317,065	)		(3,280,695	)		(5,089,110	)
Provision for allowance for expected credit losses		(135,092	)		(328,012	)		(1,877,786	)		(661,288	)
Other general and administrative expenses		(1,152,530	)		(805,785	)		(3,440,851	)		(2,242,167	)
Total operating expenses		(15,622,918	)		(24,549,016	)		(43,800,471	)		(77,970,571	)
Loss from operations		(10,182,992	)		(11,342,515	)		(25,783,493	)		(36,319,457	)
Other income (expense):
Interest income		302,438			16,875			389,651			384,656
Foreign exchange gain (loss), net		1,104,515			(864,383	)		826,464			41,467
Investment income (loss), net		404			(792,907	)		(36,900	)		488,589
Change in fair value of warrant liabilities		(632,050	)		1,106			(4,281,454	)		3,481
Change in fair value of forward share purchase liability		—			—			—			(82,182	)
Loss on settlement of forward share purchase agreement		—			—			—			(378,895	)
Rental income		12			78,820			14,078			217,091
Sundry income		25,826			38,061			120,719			122,128
Total other income (expense), net		801,145			(1,522,428	)		(2,967,442	)		796,335
Loss before income taxes		(9,381,847	)		(12,864,943	)		(28,750,935	)		(35,523,122	)
Income tax expense		(37,335	)		(55,886	)		(98,091	)		(55,606	)
NET LOSS	$	(9,419,182	)	$	(12,920,829	)	$	(28,849,026	)	$	(35,578,728	)
Other comprehensive income (loss):
Foreign currency translation adjustment		(86,739	)		15,555			70,909			(84,414	)
COMPREHENSIVE LOSS	$	(9,505,921	)	$	(12,905,274	)	$	(28,778,117	)	$	(35,663,142	)
Weighted average number of common stocks outstanding – basic and diluted#		32,478,203			32,681,089			37,892,520			31,178,299
Net loss per share – basic and diluted	$	(0.29	)	$	(0.40	)	$	(0.76	)	$	(1.14	)

# Giving retroactive effect to the forward stock split and reverse stock split (see Note 14).

See accompanying notes to unaudited condensed consolidated financial statements.

TRILLER GROUP INC. AND ITS SUBSIDIARIES

~~(Formerly~~UNAUDITED ~~AGBA~~CONDENSED ~~Group~~CONSOLIDATED ~~Holding~~STATEMENTS ~~Limited~~OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY*

~~UNAUDITED~~(Currency ~~CONDENSED CONSOLIDATED~~expressed ~~STATEMENTS~~in OFthousands ~~CHANGES~~of INUnited ~~STOCKHOLDERS’~~States Dollars, ~~(DEFICIT)~~except ~~EQUITY~~for number of shares)

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	For the three months ended March 31, 2025
		Series A-1 preferred stock				Series B preferred stock					Common stock				Series A-1 preferred stock to be issued				Common stock to be issued					Common stock held in escrow					Additional			Accumulated other						Total
	Note	No. of share		Amount		No. of share		Amount			No. of share^#		Amount		No. of share		Amount		No. of share^#		Amount			No. of share			Amount		paid-in capital			comprehensive loss			Accumulated deficit			stockholders’ deficit
Balance as of January 1, 2025			11,801,804	$	12		30,851	$	—	*		138,143,817	$	138		11,801,804	$	12		15,022,711	$	15			24,022,431		$	24	$	958,017		$	(548	)	$	(1,203,637	)	$	(245,967	)

Issuance of common stock to settle finder fee	(19)(a)(iv)		—		—		—		—							—		—		—		—			—			—					—			—
Issuance of common stock and warrant liabilities for private placement	(19)(a)(v)		—		—		—		—							—		—					)		—			—			)		—			—
Issuance of common stock to independent directors under 2024 Equity Incentive Plan	(19)(a)(viii)		—		—		—		—							—		—		—		—			—			—					—			—
Stock-based compensation to consultants	(19)(a)(iii),(d)(i)		—		—		—		—							—		—							—			—					—			—
Stock-based compensation to directors, officers, and employees	(19)(a)(i), (ii), (vii),(d)(ii)		—		—		—		—							—		—							—			—					—			—
Shares issued for Investment H	(19)(a)(vi)		—		—		—		—							—		—		—		—			—			—					—			—
Issuance of common stock for commitment fee	(19)(a)(ix)		—		—		—		—					—		—		—		—		—			—			—					—			—
Issuance of Series A-1, Series B preferred stocks and common stocks, replacement warrants and Series A-1 preferred stocks to be issued in related to the Merger Transaction	(19)(a)(x),(b),(c),(e)								—											—		—											—			—
Settlement of payables with common stock held in escrow	(19)(a)(xi),(c)		—		—		—		—					—		—		—		—		—				)		—		—			—			—			—
Fractional shares from forward and reverse splits	(19)(a)(xii)		—		—		—		—					—		—		—		—		—			—			—		—			—			—			—
Foreign currency translation adjustment			—		—		—		—			—		—		—		—		—		—			—			—		—						—
Net loss for the year			—		—		—		—			—		—		—		—		—		—			—			—		—			—

Balance as March 31, 2025			11,801,804	$	12		30,851	$	—	*		138,143,817	$	138		11,801,804	$	12		15,022,711	$	15			24,022,431		$	24	$	958,017		$	(548	)	$	(1,203,637	)	$	(245,967	)

	For the nine months ended September 30, 2024
		Common stock				Common stock to be issued									Additional			Accumulated other						Total
	Note	No. of share#		Amount		No. of share#			Amount			Subscription receivable			paid-in capital			comprehensive(loss) income			Accumulated deficit			stockholders’ equity (deficit)
Balance as of January 1, 2024			33,240,991	$	33,241		2,350,081		$	2,350		$	—		$	74,141,419		$	(473,087	)	$	(65,601,152	)	$	8,102,771
Issuance of common stocks to settle finder fee	(14) (iv)		484,125		484		—			—			—			402,516			—			—			403,000
Issuance of common stocks for private placement	(14) (v)		3,557,932		3,558		(2,139,252	)		(2,139	)		(2,051,280	)		2,049,861			—			—			—
Issuance of common stocks to independent directors under 2024 Equity Incentive Plan	(14) (viii)		58,095		58		—			—			—			286,982			—			—			287,040
Share-based compensation to consultants	(14) (iii), (ix)		3,157,068		3,157		—			—			—			1,646,726			—			—			1,649,883
Share-based compensation to directors, officers, and employees	(14) (i), (ii), (vii), (x), (xi)		3,259,933		3,260		(210,829	)		(211	)		—			5,925,493			—			—			5,928,542
Shares issued for service rendered and purchase option	(14) (vi)		3,558,319		3,558		—			—			—			6,544,542			—			—			6,548,100
Fractional shares from forward and reverse splits	(14) (xii)		845		1		—			—			—			(1	)		—			—			—
Foreign currency translation adjustment			—		—		—			—			—			—			70,909			—			70,909
Net loss for the period			—		—		—			—			—			—			—			(28,849,026	)		(28,849,026	)
Balance as of September 30, 2024			47,317,308	$	47,317		—		$	—		$	(2,051,280	)	$	90,997,538		$	(402,178	)	$	(94,450,178	)	$	(5,858,781	)

*	Less than $1,000

	For the nine months ended September 30, 2023
	Common stock				Common stock to be issued						Additional		Accumulated other						Total
	No. of shares#		Amount		No. of Shares#			Amount			paid-in capital		comprehensive loss			Accumulated deficit			stockholders’ equity
Balance as of January 1, 2023		28,261,757	$	28,262		806,068		$	806		$	43,901,282	$	(384,938	)	$	(16,395,133	)	$	27,150,279
Issuance of common stocks to settle finder fee		1,052,446		1,052		—			—			3,998,948		—			—			4,000,000
Issuance of holdback shares		806,068		806		(806,068	)		(806	)		—		—			—			—
Share-based compensation		2,588,182		2,588		—			—			11,976,612		—			—			11,979,200
Forgiveness of amount due to the holding company		—		—		—			—			12,593,384		—			—			12,593,384
Foreign currency translation adjustment		—		—		—			—			—		(84,414	)		—			(84,414	)
Net loss for the period		—		—		—			—			—		—			(35,578,728	)		(35,578,728	)
Balance as of September 30, 2023		32,708,453	$	32,708		—		$	—		$	72,470,226	$	(469,352	)	$	(51,973,861	)	$	20,059,721

# Giving retroactive effect to the forward stock split and reverse stock split (see Note 14).

See accompanying notes to unaudited condensed consolidated financial statements.

TRILLER GROUP INC.

	For the three months ended March 31, 2024
	Common stock				Common stock to be issued					Additional		Accumulated other						Total
	No. of shares^#		Amount		No. of Shares^#			Amount		paid-in capital		comprehensive loss			Accumulated deficit			stockholders’ equity

Balance as of January 1, 2024		33,240,990	$	33		2,350,080		$	2	$	74,142	$	(473	)	$	(65,601	)	$	8,103
Issuance of common stocks to management team		210,829		—		(210,829	)		—		—		—			—			—
Issuance of common stock to settle finder fee		484,125		1		—			—		402		—			—			403
Stock-based compensation		2,078,772		2		436,148			—		2,105		—			—			2,107
Foreign currency translation adjustment		—		—		—			—		—		191			—			191
Net loss for the period		—		—		—			—		—		—			(8,060	)		(8,060	)

Balance as of March 31, 2024		36,014,716	$	36		2,575,399		$	2	$	76,649	$	(282	)	$	(73,661	)	$	2,744

~~(Formerly~~# ~~AGBA Group~~Giving ~~Holding~~retroactive ~~Limited~~effect to the forward stock split and reverse stock split (see Note 19).

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars (“US$”))

	For the nine months ended September 30,
	2024			2023
Cash flows from operating activities:
Net loss	$	(28,849,026	)	$	(35,578,728	)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense		6,359,906			11,979,200
Non-cash lease expense		1,927,851			854,470
Depreciation on property and equipment, net		68,705			238,315
Interest income on loans receivable, net		(123,468	)		(117,805	)
Interest income on notes receivable, net		—			(23,217	)
Interest income on promissory notes receivable from Triller LLC		(369,339	)		—
Interest expense on convertible promissory notes payable, net		1,123,273			—
Interest expense on borrowings		599,906			—
Foreign exchange gain, net		(826,464	)		(41,467	)
Investment loss (income), net		36,900			(488,589	)
Gain on disposal of property and equipment, net		(15,345	)		—
Provision for allowance for expected credit losses		1,877,786			661,288
Change in fair value of warrant liabilities		4,281,454			(3,481	)
Change in fair value of forward share purchase liability		—			82,182
Loss on settlement of forward share purchase agreement		—			378,895
Reversal of annual bonus accrued in prior year		—			(3,763,847	)
Change in operating assets and liabilities:
Accounts receivable		669,476			(575,266	)
Loans receivable		48,615			121,801
Deposits, prepayments, and other receivables		(553,891	)		(2,938,425	)
Accounts payable and accrued liabilities		(2,256,333	)		5,546,602
Escrow liabilities		(3,158,868	)		(8,934,670	)
Lease liabilities		(1,455,929	)		(645,303	)
Income tax payable		(127,595	)		(116,617	)
Net cash used in operating activities		(20,742,386	)		(33,364,662	)
Cash flows from investing activities:
Proceeds from sale of long-term investments, net		2,152,251			3,976,657
Purchase of notes receivable, net		—			(589,086	)
Dividends received from long-term investments, net		—			1,404,303
Proceeds from sale of notes receivable, net		412,360			—
Proceeds from disposal of property and equipment, net		15,345			—
Purchase of property and equipment		—			(104,778	)
Net cash provided by investing activities		2,579,956			4,687,096
Cash flows from financing activities:
Advances from the holding company		15,612,799			6,303,641
Repayment of borrowings		(772,202	)		—
Issue of promissory notes to Triller LLC		(19,975,000	)		—
Proceeds from convertible promissory note payable, net		23,388,631			—
Settlement of forward share purchase agreement		—			(13,952,683	)
Proceeds from borrowings		—			7,234,391
Net cash provided by (used in) financing activities		18,254,228			(414,651	)
Effect on exchange rate change on cash, cash equivalents and restricted cash		(19,113	)		(26,484	)
Net change in cash, cash equivalent and restricted cash		72,685			(29,118,701	)
Beginning of period		18,678,065			51,294,072
End of period	$	18,750,750		$	22,175,371
Supplementary cash flow information:
Cash paid for income taxes	$	227,348		$	172.223
Cash paid for interest	$	152,011		$	774,249
Cash received for interest	$	57,076		$	361,439
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock to settle payables	$	2,022,438		$	4,000,000
Forgiveness of amount due to the holding company	$	—		$	12,593,384
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	12,512,585

	As of September 30,
	2024		2023
Reconciliation to amounts on condensed consolidated balance sheets:
Cash and cash equivalents	$	5,092,776	$	1,622,425
Restricted cash		13,657,974		20,552,946
Total cash, cash equivalents and restricted cash	$	18,750,750	$	22,175,371

See accompanying notes to unaudited condensed consolidated financial statements.

TRILLER GROUP INC. AND ITS SUBSIDIARIES

~~(Formerly~~UNAUDITED ~~AGBA~~CONDENSED CONSOLIDATED ~~Group~~STATEMENTS ~~Holding~~OF ~~Limited)~~CASH FLOWS

(Currency expressed in thousands of United States Dollars, except for number of shares)

	For the three months ended March 31,
	2025			2024
Cash flows from operating activities:
Net loss	$		)	$	(8,060	)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation					1,748
Lease expense					642
Depreciation and amortization					23
Interest income			)		(11	)
Interest expense on borrowings					207
Foreign exchange loss (gain), net					227
Investment loss, net					37
Allowance for expected credit losses					991
Change in fair value of warrant liabilities			)		—
Change in fair value of convertible debts			)		—
Loss (gain) on disposal of property and equipment					(15	)

Change in operating assets and liabilities:
Accounts receivable					1,180
Loans receivable			)		(17	)
Deposits, prepayments, and other receivables			)		(245	)
Accounts payable and other current liabilities					(1,661	)
Escrow liabilities			)		(1,228	)
Operating lease liabilities			)		(485	)
Income tax payable			)		(190	)
Net cash used in operating activities			)		(6,857	)

Cash flows from investing activities:
Proceeds from sale of long-term investments					2,152
Proceeds from sale of property and equipment					15
Net cash provided by investing activities					2,167

Cash flows from financing activities:
Advances from the holding company					3,501
Proceeds from convertible debts					—
Repayments of convertible debts			)		—
Proceeds from borrowings					—
Repayments of borrowings			)		—
Net cash provided by financing activities					3,501

Effect on exchange rate change on cash, cash equivalents and restricted cash			)		239

Net change in cash, cash equivalent and restricted cash			)		(950	)
Beginning of period		17,261			18,678

End of period	$			$	17,728

Supplemental cash flow information:
Cash paid for income taxes	$			$	227
Cash received from interest	$			$	1
Cash paid for interest	$			$	65

Supplemental disclosure of non-cash investing and financing activities:
Issuance of common stocks to settle payables	$			$	403
Remeasurement of operating lease right-of-use assets and lease liabilities	$			$	—

	As of
	March 31, 2025	December 31, 2024
Reconciliation to amounts on condensed consolidated balance sheets:
Cash and cash equivalents	$	$	2,139
Restricted cash			15,589
Total cash, cash equivalents and restricted cash	$	$	17,728

See accompanying notes to unaudited condensed consolidated financial statements.

TRILLER GROUP INC. AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 AND ~~2023~~ 2024

(Currency expressed in thousands of United States Dollars ~~(“US$”)~~, except for number of shares)

NOTE 1 －— DESCRIPTION OF BUSINESS

Organization

Triller Group Inc. (“ILLR”, “Triller ~~Group~~”, or the “Company”) ~~(formerly~~was ~~AGBA Group Holding Limited (“AGBA”)) is~~ formed in the State of Delaware, on October 15, 2024, ~~which was established~~ to domicile ~~its~~the Company’s legal jurisdiction from British Virgin Islands to the State of Delaware. ILLR and its subsidiaries are hereinafter referred to as the “Company”.

The Company, ~~through~~currently ~~its~~operates ~~subsidiaries~~a global, ~~currently~~artificial ~~operates~~intelligence a(“AI”) ~~wealth~~powered ~~and~~technology ~~health~~ platform, ~~and~~(“Technology ~~offers~~Platform”) that serves a ~~wide~~broad ~~range~~constituency of ~~financial~~creators and ~~service~~brands ~~and~~around ~~products,~~the ~~covering~~world. ~~life~~“Creators” ~~insurance,~~include ~~pensions~~influencers, ~~property-casualty insurance~~artists, ~~stock~~athletes ~~brokerage,~~and ~~mutual~~public ~~funds~~figures ~~and~~that ~~lending~~utilize ~~businesses~~Triller’s Technology inPlatform ~~Hong~~to ~~Kong~~create and publish content. ~~ILLR~~“Brands” isare ~~also~~companies, ~~engaged~~products inor ~~financial~~product ~~technology~~lines ~~business~~which ~~and~~are active on Triller’s ~~financial~~Technology ~~investments,~~Platform ~~managing~~and anutilize ~~ensemble~~or ofhave ~~fintech~~utilized ~~investments~~one ~~and~~or ~~healthcare~~more ~~investment~~of ~~and~~Triller’s ~~operating~~products aor ~~health~~services ~~and~~offered ~~wealth~~through ~~management~~Triller’s Technology ~~platform~~Platform, ~~with~~or acompanies, ~~broad~~products ~~spectrum~~or ofproduct ~~services~~lines ~~and~~whose ~~value-added~~associated ~~information~~data inTriller ~~health~~tracks, ~~insurance,~~report ~~investments~~on and ~~social~~make ~~sharing~~available to Triller’s clients as part of one or more of Triller’s product offerings.

~~Merger~~Also, ~~Transaction~~the Company remains the operation of a wealth and health platform which offers a wide range of financial service and products, covering life insurance, pensions, property-casualty insurance, stock brokerage, mutual funds and lending businesses in Hong Kong.

OnNOTE ~~October~~2 ~~15,~~— ~~2024,~~SUMMARY ~~the~~OF ~~Company consummated the~~SIGNIFICANT ~~merger~~ACCOUNTING transaction with Triller Corp., a Delaware corporation (“Triller”), pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated as of August 30, 2024 (as further amended, the “Merger Agreement”), by and between AGBA, its wholly owned subsidiary AGBA Social Inc. (“Merger Sub”), Triller and Bobby Sarnevesht, as sole representative of the Triller stockholders. Details are described in note 4.POLICIES

The accompanying unaudited condensed consolidated financial statements reflected the operating results of AGBA for the three and nine months ended September 30, 2024 before the completion of the merger transaction.

NOTE 2 － SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying unaudited condensed consolidated financial statements and notes.

●	Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company are presented in United State dollars (“US$” or “$”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities Exchange Commission. Certain information and footnote disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, ~~2023~~2024 derived from the audited consolidated financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024, as filed on ~~March~~January 28[x], ~~2024~~2026.

~~TRILLER~~The ~~GROUP~~unaudited ~~INC~~condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and 2024, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three months ended March 31, 2025 and 2024 are not necessarily indicative of the results to be expected for any other interim period or for the entire year.

~~(Formerly~~● ~~AGBA~~Principles ~~Group~~of ~~Holding Limited)~~Consolidation

~~NOTES~~The TOaccompanying ~~UNAUDITED~~unaudited ~~CONDENSED~~condensed ~~CONSOLIDATED~~consolidated financial ~~FINANCIAL~~statements ~~STATEMENTS~~include the unaudited financial statements of the Company and its subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The condensed consolidated financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The unaudited condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results to be expected for any other interim period or for the entire year.

Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

● Principal of Consolidation

The accompanying unaudited condensed consolidated financial statements include the unaudited financial statements of ILLR and its subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The unaudited financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intercompany transactions and balances between ILLR and its subsidiaries are eliminated upon consolidation.

●	Use of Estimates and Assumptions

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the ~~unaudited~~ condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for expected credit losses, ~~notes receivables, promissory notes receivable, share~~stock-based compensation, ~~convertible~~fair ~~promissory~~value ~~notes~~measurement ~~payable~~of convertible debts, warrant liabilities, provision for contingent liabilities, revenue recognition, income tax provision, deferred taxes and uncertain tax position~~, and allocation of expenses from the holding company~~.

The inputs into the management’s judgments and estimates consider the geopolitical tension, inflationary and high interest rate environment and other macroeconomic factors on the Company’s critical and significant accounting estimates. Actual results could differ from these estimates.

●	Foreign Currency Translation and Transaction

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the ~~unaudited~~ condensed ~~consolidated~~ consolidated statements of operations and comprehensive loss.

6The reporting currency of the Company is US$ and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, some of the Company’s subsidiaries are operating in Hong Kong, which maintain their books and record in their local currency, Hong Kong dollars (“HK$”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with Accounting Standards Codification (“ASC”) Topic 830-30, Translation of Financial Statement, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive loss within the condensed consolidated statements of changes in stockholders’ (deficit) equity.

~~TRILLER~~Translation ~~GROUP~~of ~~INC.~~amounts from HK$ into US$ has been made at the following exchange rates for the three months ended March 31, 2025 and 2024:

(Formerly AGBA Group Holding Limited)

	March 31,
	2025		2024
Period-end HK$:US$ exchange rate		0.1285		0.1278
Period average HK$:US$ exchange rate		0.1285		0.1279

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~7

~~FOR~~● ~~THE~~Segment ~~THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023~~Reporting

~~(Currency~~ASC ~~expressed~~Topic in280, ~~United~~Segment ~~States~~Reporting, ~~Dollars~~establishes standards ~~(“US$”)~~for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, ~~except~~business segments and major customers in financial statements for ~~number~~details ofon ~~shares)~~the Company’s business segments.

The ~~reporting~~Company ~~currency~~uses of the ~~Company~~management isapproach ~~US$~~to determine ~~and~~reportable ~~the~~operating ~~accompanying~~segments. ~~unaudited~~The ~~condensed~~management ~~consolidated~~approach ~~financial~~considers ~~statements~~the ~~have~~internal ~~been~~organization ~~expressed~~and inreporting ~~US$.~~used Inby ~~addition,~~ the Company’s ~~and~~chief ~~subsidiaries are~~ operating indecision ~~Hong~~maker ~~Kong maintain their books and record in their local currency, Hong Kong dollars~~ (“~~HK$~~CODM”), ~~which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general,~~ for ~~consolidation~~making ~~purposes~~decisions, ~~assets~~allocating resources and ~~liabilities~~assessing ofperformance. ~~its~~The ~~subsidiaries whose functional~~Company’s ~~currency~~CODM ishas ~~not~~been ~~US$~~identified ~~are~~as ~~translated~~the ~~into~~Chief ~~US$,~~Executive inOfficer ~~accordance with ASC Topic 830-30,~~ (“~~Translation of Financial Statement~~CEO”), ~~using~~who ~~the~~reviews ~~exchange~~consolidated ~~rate~~results onwhen ~~the~~making ~~balance~~decisions ~~sheet~~about allocating ~~date.~~resources ~~Revenues~~ and ~~expenses~~assessing ~~are~~performance ~~translated~~of ~~at average rates prevailing during~~ the ~~year~~Company. ~~The~~Based ~~gains~~on ~~and~~management’s ~~losses~~assessment, ~~resulting~~the ~~from~~Company ~~translation~~determined ofthat ~~unaudited~~it has ~~financial~~three ~~statements~~reportable ofsegments, ~~foreign subsidiaries~~which are ~~recorded~~Social asMedia, aSports ~~separate~~streaming ~~component~~and ofFinancial ~~accumulated~~Services ~~other~~during ~~comprehensive loss within~~ the ~~unaudited~~three ~~condensed consolidated~~months ~~statements~~ended ofMarch ~~changes in stockholders’ (deficit) equity~~31, 2025.

Translation of amounts from HK$ into US$ has been made at the following exchange rates for the nine months ended September 30, 2024 and 2023:

	September 30, 2024		September 30, 2023
Period-end HK$:US$ exchange rate		0.12870		0.12771
Period average HK$:US$ exchange rate		0.12801		0.12766

●	Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company maintains most of its bank accounts in ~~Hong~~the ~~Kong~~United States of America and Hong Kong . Hong Kong is not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance. However, management does not believe there is a significant risk of loss.

●	Restricted Cash

Restricted cash consists of funds held in escrow accounts reflecting the restricted cash and cash equivalents maintained in certain bank accounts that are held for the exclusive interest of the Company’s customers. The Company currently acts as a custodian to manage the assets and investment portfolio on behalf of its customers under the terms of certain contractual agreements, which the Company does not have the right to use for any purposes, other than managing the portfolio.

The Company restricts the use of the assets underlying the funds held in escrow to meet with regulatory or contractual requirements and classifies the assets as current based on their purpose and availability to fulfill its direct obligation under current liabilities.

●	Accounts Receivable, net

Accounts receivable, net ~~include~~are ~~trade~~recorded ~~accounts~~at ~~due~~the ~~from~~invoiced amount ~~customers~~less inany ~~insurance~~allowance ~~brokerage~~for ~~and~~expected ~~asset~~credit ~~management~~losses ~~businesses,~~to ~~less~~reserve ~~the allowance~~ for ~~expected~~potentially ~~credit~~uncollectible ~~losses~~receivables.

Accounts receivable, net are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms. The normal settlement terms of accounts receivable from insurance companies in the provision of brokerage agency services are within 30 days upon the execution of the insurance policies. Credit terms with the products providers of investment, unit and mutual funds and asset portfolio are mainly 90 days or a credit period mutually agreed between the contracting parties. The Company seeks to maintain strict control over its outstanding receivables to minimize credit risk. Overdue balances are reviewed regularly by senior management. Management reviews its receivables on a regular basis to determine if the allowance for expected credit losses is adequate, and provides allowance when necessary.

The Company’s payment terms of accounts receivable vary by the types of services offered. The normal settlement terms of accounts receivable from insurance companies in the provision of brokerage agency services and customers for advertising services, are within 30 days up on the execution of the insurance policies and advertising campaigns. Credit terms with the products providers of investment, unit and mutual funds and asset portfolio are mainly 90 days or a credit period mutually agreed between the contracting parties.

For certain services and customers, the Company requires payment before services are delivered to the customers. Changes in the allowance for expected credit losses are recorded in general and administrative expense in the condensed consolidated statement of operations and comprehensive loss. To determine the amount of the allowance, the Company estimates all expected credits losses based on historical experience, current conditions and reasonable and supportable forecasts.

The Company seeks to maintain strict control over its outstanding receivables to minimize credit risk. Overdue balances are reviewed regularly by senior management. Management reviews its receivables on a regular basis to determine if the allowance for expected credit losses is adequate and provides allowance when necessary.

The Company does not hold any collateral or other credit enhancements over its accounts receivable balances.

7For the three months ended March 31, 2025 and 2024, the Company evaluated the probable losses on account receivables and recorded a provision for allowance for expected credit losses of $[x] million and $0.2 million, respectively.

~~TRILLER~~● ~~GROUP~~Loans ~~INC.~~and Notes Receivable, net

~~(Formerly~~Loans ~~AGBA~~receivable, ~~Group~~net ~~Holding~~are ~~Limited)~~related to residential mortgage loans that are carried at unpaid principal balances, less the allowance for expected credit losses on loans receivable and charge-offs.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

● Loans Receivable, net

Loans receivable, net are related to residential mortgage loan that are carried at unpaid principal and interest balances, less the allowance for expected credit losses on loans receivable and charge-offs.

Loans are placed on nonaccrual status when they are past due 180 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A nonaccrual loan may be restored to accrual status when principal and interest payments have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months).

If the Company determines that a loan is impaired, the Company next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within the given fiscal quarter. Generally, the amount of the loan and negative escrow in excess of the appraised value less estimated selling costs, for the fair value of collateral valuation method, is charged off. For all other loans, impairment is measured as described below in “Allowance for Expected Credit Losses on Financial Instruments”.

●For ~~Allowance~~the ~~for~~three ~~Expected~~months ~~Credit~~ended ~~Losses~~March 31, 2025 and 2024, the Company evaluated the probable losses on ~~Financial~~loans ~~Instruments~~and notes receivable and recorded a provision for allowance for expected credit losses of approximately $[x] million and $0.2 million, respectively.

~~In accordance~~● ~~with~~Allowance ~~ASC~~for ~~Topic~~Expected ~~326, “~~Credit Losses – Measurement of Credit Losses on Financial Instruments” (ASC 326), the Company utilizes the current expected credit losses (“CECL”) model to determine an allowance that reflects its best estimate of the expected credit losses on accounts receivable, loans receivable, notes receivable, and deposits and others receivable which is recorded as a liability to offset the receivables. The CECL model is prepared after considering historical experience, current conditions, and reasonable and supportable economic forecasts to estimate expected credit losses. Accounts receivable, loans receivable, notes receivable, and deposits and others receivable are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense.

~~For~~In ~~the~~accordance ~~three~~with ~~months~~ASC ~~ended~~Topic ~~September 30~~326, ~~2024~~“Credit ~~and~~Losses ~~2023~~– Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), the ~~aggregated~~Company ~~provision~~utilizes ~~for~~the current expected credit losses (“CECL”) model to determine an allowance ~~for~~that ~~expected~~reflects its best estimate of the lifetime expected credit losses on accounts receivable, loans receivable, notes receivable, and ~~other~~deposits, prepayments and others receivable which is recorded as a liability to offset the receivables. ~~was~~The ~~$135~~CECL model is prepared after considering historical experience,~~092~~ current conditions, and reasonable ~~$328~~and supportable economic forecasts to estimate lifetime expected credit losses. Accounts receivable,~~012~~ loans and notes receivable, and ~~respectively~~deposits, prepayments, and others receivable are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense.

For the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, the aggregated provision for allowance for expected credit losses on accounts receivable, loans receivable, notes receivable, ~~and~~deposits and other receivables was approximately $~~1,877,786~~[x] million and $~~661~~1.0 million,~~288,~~ respectively.

● ~~Promissory~~Deposits, ~~Notes~~Prepayments ~~Receivable~~and ~~from~~other ~~Triller~~Receivable, ~~LLC~~net

~~Promissory~~Deposits, ~~notes~~prepayments ~~receivable~~and ~~from~~other ~~Triller~~receivables, ~~LLC is~~net ~~stated~~primarily atconsist ~~carrying~~of ~~value~~prepayments ~~and~~of ~~receivable~~professional inservice ~~the~~fees ~~next~~such ~~twelve~~as ~~months.~~consulting ~~Interest~~services ~~income~~and isbusiness ~~recognized~~insurance. atThese aadvances ~~fixed~~are ~~interest rate over the prevailing~~unsecured ~~periods~~and onreviewed ~~the~~periodically ~~unaudited~~to ~~condensed~~determine ~~consolidated~~whether ~~statements~~their ofcarrying ~~operations~~value ~~and~~has ~~comprehensive~~become ~~loss (see Note 5)~~impaired.

For the three months ended March 31, 2025 and 2024, the Company evaluated the probable losses on deposits, prepayments and other receivables and recognized a provision for allowance for expected credit losses of approximately $[x] million and $0.6 million, respectively.

●	Long-Term Investments, net

The Company invests in equity securities with readily determinable fair values, and equity securities that do not have readily determinable fair values~~, and warrant with purchase option~~.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Equity securities with readily determinable fair values are carried at fair value with any unrealized gains or losses reported in earnings.

Equity securities that do not have readily determinable fair values mainly consist of investments in privately-held companies. They are ~~accounted for,~~stated at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

Warrant with a purchase option of equity securities was recorded as an investment in non-marketable equity securities and measured at the fair value.

At each reporting period, the Company makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired.

●	Property and Equipment, net

Property and equipment, net are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values, if any:

		Expected useful life
Land and building		Shorter of 50 years or lease term
Building		Shorter of 50 years or lease term
Furniture, fixtures and equipment		5 years
Leasehold improvement		3 years
Furniture, fixtures and equipment		3 to 5 years
Computer equipment		3 years
Motor vehicle		3 years
Motor vehicles		3 years

~~Expenditure~~Expenditures for repairs and maintenance isare expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

Property and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long- lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets.

For the three months ended March 31, 2025 and 2024, the Company evaluated the approximately $[x] million and $0.6 million, respectively.

●	Impairment of Long-Lived Assets

In accordance with the provisions of ASC ~~Topic 360~~Topic360, “ Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property and equipment owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted ~~cash flows~~ cashflows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. No impairment losses were recognized for the three ~~and nine~~ months ended ~~September 30~~March 31, ~~2024~~2025 and ~~2023~~2024.

●	Accounts Payable

Accounts payable primarily consists of (i) commission payable to the Company’s financial advisors for the sale of investment funds, investment products, or insurance products, accruals for payments of professional services fees and other operating payables and (ii) payable to the suppliers related to talent and influencers for brand activations and live-event. The carrying amount approximates fair value because of the short-term maturity.

●	Borrowings

Borrowings are initially recognized at fair value, net ~~and~~of ~~repayable~~upfront infees ~~the~~incurred. ~~next~~Borrowings ~~twelve~~are ~~months~~subsequently measured at amortized cost. ~~Interest~~Any ~~expense~~difference between the proceeds (net of transaction costs) and the redemption amount is recognized onin aprofit ~~fixed~~or ~~interest~~loss ~~rate~~over on the ~~unaudited~~ ~~condensed~~period ~~consolidated~~of ~~statements~~the ofborrowings ~~operations~~using ~~and~~the ~~comprehensive~~effective ~~loss~~interest method.

● Convertible ~~Promissory Notes Payable~~Debts, net

The Company accounts for ~~its~~certain convertible ~~promissory notes payable~~debts, net in accordance with ASC Topic 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”), ~~whereby~~ whereby the convertible instrument is initially accounted for as a single unit of account, unless it contains a derivative that must be ~~bifurcated~~ bifurcated from the host contract in accordance with ASC Topic 815-15, “Derivatives and Hedging – Embedded Derivatives” or the substantial premium model in ASC 470-20 applies. Where the substantial premium model applies, the premium is recorded in additional paid -in capital. The resulting debt discount is amortized over the period during which the convertible ~~promissory~~debts ~~notes~~is ~~payable are~~ expected to be outstanding as additional non-cash interest expenses.

9Certain of the Company’s convertible debts are accounted for under the fair value option election in ASC 825 due to difference in its features. Under the fair value option election, the financial instrument is initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The estimated fair value adjustment is presented within other income (expense) in the condensed consolidated statements of operations and comprehensive loss. The Company classifies its convertible debts that are being valued under the fair value option election as Level 3 due to the lack of relevant observable market data over fair value inputs, such as the probability weighting of the various scenarios that can impact settlement of the arrangement.

~~TRILLER~~● ~~GROUP INC.~~Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC Topic 480, Distinguishing Liabilities from Equity (~~Formerly~~“ASC ~~AGBA~~480”) ~~Group~~and ~~Holding~~ASC Topic ~~Limited~~815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~Equity-classified

~~FOR~~For ~~THE~~issued ~~THREE~~or ~~AND~~modified warrants ~~NINE~~that ~~MONTHS~~meet ~~ENDED~~all ~~SEPTEMBER~~of 30the criteria for equity classification, ~~2024~~the ~~AND~~warrants ~~2023~~are required to be recorded as a component of equity at the time of issuance. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently remeasured. The Company accounts for its (i) Public Warrants and (ii) Replacement Warrants of Triller Group Warrants as equity.

~~(Currency expressed in United States Dollars (“US$”), except for number of shares)~~11

~~● Warrant Liabilities~~Liability-classified

~~The Company~~For ~~accounts~~issued ~~for~~or modified warrants asthat ~~either~~do ~~equity-classified~~not ormeet ~~liability-classified~~all ~~instruments based on an assessment of~~ the ~~warrant’s specific~~criteria ~~terms~~for ~~and~~equity ~~applicable authoritative guidance in ASC Topic 480~~classification, ~~“Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether~~ the warrants are ~~freestanding~~required ~~financial instruments pursuant~~ to ~~ASC~~be ~~480,~~recorded ~~meet~~as ~~the~~liabilities ~~definition~~at oftheir initial afair ~~liability~~value ~~pursuant~~on tothe ~~ASC~~date ~~480~~of issuance, and ~~whether~~ ~~the~~each ~~warrants~~balance ~~meet~~sheet ~~all~~date ofthereafter. ~~the~~Changes ~~requirements~~in ~~for~~the ~~equity~~estimated ~~classification~~fair ~~under~~value ~~ASC~~of ~~815, including whether~~ the warrants are ~~indexed to~~recognized ~~the~~as ~~Company’s~~a ~~own~~non-cash ~~common~~gain ~~stock~~or ~~and~~loss ~~whether~~on the ~~warrant~~condensed ~~holders~~consolidated ~~could~~statements ~~potentially~~of ~~require~~operations ~~“net~~and ~~cash~~comprehensive ~~settlement”~~loss. ~~in a~~The ~~circumstance outside of the~~ Company’s ~~control, among other conditions~~ accounts for ~~equity~~its ~~classification.~~(i) ~~This~~SPAC ~~assessment~~Private Warrants, ~~which~~(ii) ~~requires the~~Common ~~use of professional judgment~~Warrants, isand ~~conducted~~(iii) atWarrants ~~the~~– ~~time~~Class ofA ~~warrant issuance and as~~ of ~~each~~Triller ~~subsequent~~Group ~~quarterly period end date while the~~ warrants ~~are~~as ~~outstanding~~liabilities.

~~For issued~~Warrants orclassified ~~modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded~~ as a ~~component~~liabilities ~~of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants~~ are ~~required to be~~ recorded ~~as liabilities~~ at ~~their initial~~ fair value onand ~~the~~are ~~date~~remeasured ofat ~~issuance, and~~ each ~~balance~~reporting ~~sheet~~ date ~~thereafter~~until settlement. Changes in ~~the~~ fair value ~~are~~is recognized as a ~~non-cash~~component ~~gain~~of orchange ~~loss~~in onfair ~~the~~value ~~unaudited~~of warrant liability in the condensed consolidated statements of operations and comprehensive loss. Transaction ~~The~~costs ~~Company~~allocated ~~accounts~~to ~~for~~warrants ~~its~~that ~~Public~~are ~~Warrants~~presented as ~~equity~~a ~~and~~liability ~~the~~are ~~(i) SPAC~~immediately ~~Private~~expensed ~~Warrants,~~in ~~(ii)~~the ~~Warrants~~condensed –consolidated ~~Class~~statements of A,operations and ~~(iii)~~comprehensive ~~Common Warrants as liabilities~~loss.

Warrants classified as liabilities are recorded at fair value and are remeasured at each reporting date until settlement. Changes in fair value is recognized as a component of change in fair value of warrant liability in the unaudited condensed consolidated statements of operations and comprehensive loss. Transaction costs allocated to warrants that are presented as a liability are immediately expensed in the unaudited condensed consolidated statements of operations and comprehensive loss. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently remeasured.

●	Revenue Recognition

The Company receives ~~certain~~most ~~portion~~ of its non-interest income from contracts with customers, which are accounted for in accordance with Accounting Standards Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606)” (“ASC Topic 606”).

ASC Topic 606 provided the following overview of how revenue is recognized from the Company’s contracts with customers.: The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.

Step 4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).

10Certain portion of the Company’s income is derived from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company’s revenue recognition policies are in compliance with ASC Topic 606, as follows:

~~TRILLER~~(a) ~~GROUP~~Social ~~INC.~~Media and Sports Streaming

(~~Formerly~~i) ~~AGBA~~Advertising ~~Group~~Revenue: ~~Holding~~The ~~Limited)~~Company’s technology platform provides brands a variety of advertising services including AI-powered conversations and the augmentation and execution of advertising campaigns. Advertising revenue is generated from advertisements, either displayed on a device-specific application, browser or as part of an event. Brand sponsorship revenue is generally recognized as advertisements are viewed, if on a device-specific application or browser or when events occur with participation of the sponsor. Revenue from brand sponsorship agreements for which consideration is a fixed fee is allocated evenly to each event in a series of events over the applicable contractual service period as the advertisements are displayed, which is typically over a period of less than one year.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Certain portion of the Company’s income is derived from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company’s revenue recognition policies are in compliance with ASC 606, as follows:

Commissions

The Company earns commissions from the sale of investment products to customers. The Company enters into commission agreements with customers which specify the key terms and conditions of the arrangement. Commissions are separately negotiated for each transaction and generally do not include rights of return, credits or discounts, rebates, price protection or other similar privileges, and typically paid on or shortly after the transaction is completed. Upon the purchase of an investment product, the Company earns a commission from customers, calculated as a fixed percentage of the investment products acquired by its customers. The Company defines the “purchase of an investment product” for its revenue recognition purpose as the time when the customers referred by the Company has entered into a subscription contract with the relevant product provider and, if required, the customer has transferred a deposit to an escrow account designated by the Company to complete the purchase of the investment products. After the contract is established, there are no significant judgments made when determining the one-time commission price. Therefore, commissions are recorded at a point in time when the investment product is purchased.

The Company also facilitates the arrangement between insurance providers and individuals or businesses by providing insurance placement services to the insureds, and is compensated in the form of one-time commissions from the respective insurance providers. The Company primarily facilitates the placement of life, general and MPF insurance products. The Company determines that insurance providers are the customers.

The Company primarily earns commission income arising from the facilitation of the placement of an effective insurance policy, which is recognized at a point in time when the performance obligation has been satisfied upon execution of the insurance policy as the Company has no future or ongoing obligation with respect to such policies. The commission fee rate, which is paid by the insurance providers, based on the terms specified in the service contract which are agreed between the Company and insurance providers for each insurance product being facilitated through the Company. The commission earned is equal to a percentage of the premium paid to the insurance provider. Commission from renewed policies is variable consideration and is recognized in subsequent periods when the uncertainty around variable consideration is subsequently resolved (e.g., when customer renews the policy).

In accordance with ASC Topic 606, “Revenue Recognition: Principal Agent Considerations”, the Company evaluates the terms in the agreements with its channels and independent contractors to determine whether or not the Company acts as the principal or as an agent in the arrangement with each party respectively. The determination of whether to record the revenue in a gross or net basis depends upon whether the Company has control over the services prior to transferring it. Control is demonstrated by the Company which is primarily responsible for fulfilling the provision of placement services through the Company’s licensed insurance brokers to provide agency services. The commissions from insurance providers are recorded on a gross basis and commission paid to independent contractors or channel costs are recorded as commission expense in the unaudited condensed consolidated statements of operations and comprehensive loss.

The Company also offers the sale solicitation of real estate property to the final customers and is compensated in the form of commissions from the corresponding property developers pursuant to the service contracts. Commission income is recognized at a point of time upon the sale contracts of real estate property is signed and executed.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Recurring Asset Management Service Fees

The Company provides asset management services to investment funds or investment product providers in exchange for recurring asset management service fees. Recurring asset management service fees are determined based on the types of investment products the Company distributes and are calculated as a fixed percentage of the fair value of the total investment of the investment products, calculated daily. These customer contracts require the Company to provide investment management services, which represents a performance obligation that the Company satisfies over time. After the contract is established, there are no significant judgments made when determining the transaction price. As the Company provides these services throughout the contract term, for the method of calculating recurring service fees, revenue is calculated on a daily basis over the contract term, quarterly billed and recognized. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection, performance component or other similar privileges and the circumstances under which the fixed percentage fees, before determined, could be not subject to clawback. Payment of recurring asset management service fees are normally on a regular basis (typically monthly or quarterly).

Interest Income

The Company offers money lending services from loan origination in form of mortgage and personal loans. Interest income is recognized monthly in accordance with their contractual terms and recorded as interest income in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company does not charge prepayment penalties from its customers. Interest income on mortgage and personal loans is recognized as it accrued using the effective interest method. Accrual of interest income on mortgage loans is suspended at the earlier of the time at which collection of an account becomes doubtful or the account becomes 180 days delinquent.

Disaggregation of Revenue

The Company has disaggregated its revenue from contracts with customers into categories based on the nature of the revenue. The following table presents the revenue streams by segments, with the presentation revenue categories presented on the unaudited condensed consolidated statements of operations and comprehensive loss for the periods indicated:

	For the three months ended September 30, 2024
	Distribution Business		Platform Business
	Insurance brokerage service		Asset management service		Money lending service		Real estate agency service		Total
Interest income:
Loans	$	—	$	—	$	60,282	$	—	$	60,282
Non-interest income:
Commissions		4,701,151		83,674		—		—		4,784,825
Recurring asset management service fees		—		594,819		—		—		594,819
Total	$	4,701,151	$	678,493	$	60,282	$	—	$	5,439,926

~~TRILLER~~(ii) ~~GROUP~~Subscription ~~INC~~Fees: The Company’s technology platform provides streaming services that acquires content licensing from various sport and entertainment franchises to provide a content rich environment for both subscription based and pay-per-view consumption both across a variety of platforms including mobile phones, tablets, PCs, streaming devices, set-top-boxes and connected TVs. Subscriptions for streaming services are through third party streaming service providers, examples include All Elite Wrestling (“AEW”) in the case of Triller TV. Revenue from streaming subscriptions is recognized ratably over the life of a subscription.

(~~Formerly~~iii) ~~AGBA~~Pay-per-view ~~Group~~Fees: ~~Holding~~Unlike ~~Limited)~~subscription fees, the Company’s technology platform, via its streaming service provides pay-per-view services for premium content and events. Revenue from streaming pay-per-view events is recognized at the time the event airs.

~~NOTES~~(iv) TOSaaS ~~UNAUDITED~~Fees: ~~CONDENSED~~The ~~CONSOLIDATED~~Company’s ~~FINANCIAL~~technology ~~STATEMENTS~~platform provides data, analytics and other marketing services to brands and advertising agencies with access to a data base of profiled Brands and Creators and their associated audiences, giving them the ability to enlist Creators to develop and share captivating stories to market their products and services. SaaS platform provides customers a detailed dashboard to measure all creator driven marketing campaigns as well as a marketplace allowing e-commerce brands to automate the process of on-boarding creators with per-transaction incentives for enabling e-commerce transactions. Revenue from SaaS platform subscriptions is recognized ratably over the life of a subscription.

~~FOR~~In ~~THE~~arrangements ~~THREE~~where ~~AND~~another ~~NINE~~party ~~MONTHS~~is ~~ENDED~~involved in ~~SEPTEMBER~~providing 30specified services to a customer, ~~2024~~such ~~AND~~as ~~2023~~a distributor of the Company’s content for subscription and pay-per-view programming, the Company evaluates whether the Company is the principal or agent in the arrangement. In this evaluation, the Company considers if the Company obtains control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment and discretion in establishing price. For revenue arrangements where the Company is not the principal, the Company recognizes revenue on a net basis. The Company has revenue-share arrangements where the Company is the principal, such as serving as the provider of content for subscription and pay-per-view programming. Costs associated with revenue-share arrangements are recognized as part of expenses. The Company determined that it was the principal for all subscription and pay-per-view arrangements and no revenue was recognized on an agent net basis for the period presented.

~~(Currency~~The ~~expressed~~Company ingenerally ~~United~~expenses ~~States~~sales ~~Dollars~~commissions when ~~(“US$”),~~incurred ~~except~~because the amortization period would have been one year or less. These costs are recorded within operating expense for social ~~number~~media and streaming platform in the condensed consolidated statements of ~~shares)~~operations and comprehensive loss.

	For the three months ended September 30, 2023
	Distribution Business		Platform Business
	Insurance brokerage service		Asset management service		Money lending service		Real estate agency service		Total
Interest income:
Loans	$	—	$	—	$	41,472	$	—	$	41,472
Non-interest income:
Commissions		11,875,830		292,933		—		14		12,168,777
Recurring asset management service fees		—		996,252		—		—		996,252
Total	$	11,875,830	$	1,289,185	$	41,472	$	14	$	13,206,501

(b)

Financial Services

	For the nine months ended September 30, 2024
	Distribution Business		Platform Business
	Insurance brokerage service		Asset management service		Money lending service		Real estate agency service		Total
Interest income:
Loans	$	—	$	—	$	123,468	$	—	$	123,468
Non-interest income:
Commissions		15,211,065		449,983		—		—		15,661,048
Recurring asset management service fees		—		2,232,462		—		—		2,232,462
Total	$	15,211,065	$	2,682,445	$	123,468	$	—	$	18,016,978

(i)

Commissions: The Company earns commissions from the sale of investment products to customers, who are insurance companies and fund houses. The Company enters into commission agreements with customers which specify the key terms and conditions of the arrangement. Commissions are separately negotiated for each transaction and generally do not include rights of return, credits or discounts, rebates, price protection or other similar privileges, and typically paid on or shortly after the transaction is completed. Upon the purchase of an investment product by customer, the Company earns a commission from customers, calculated as a fixed percentage of the investment products acquired by its customers. The Company defines the “purchase of an investment product” for its revenue recognition purpose as the time when the customers referred by the Company has entered into a subscription contract with the relevant product provider and, if required, the customer has transferred a deposit to an escrow account designated by the Company to complete the purchase of the investment products. After the contract is established, there are no significant judgments made when determining the commission price. Therefore, commissions are recorded at point in time when the investment product is purchased.

	For the nine months ended September 30, 2023
	Distribution Business		Platform Business
	Insurance brokerage service		Asset management service		Money lending service		Real estate agency service		Total
Interest income:
Loans	$	—	$	—	$	117,805	$	—	$	117,805
Non-interest income:
Commissions		37,569,257		894,655		—		43,548		38,507,460
Recurring asset management service fees		—		3,025,849		—		—		3,025,849
Total	$	37,569,257	$	3,920,504	$	117,805	$	43,548	$	41,651,114

~~TRILLER~~The ~~GROUP~~Company ~~INC~~also facilitates the arrangement between insurance providers and individuals or businesses by providing insurance placement services to the insured and is compensated in the form of commission from the respective insurance providers. The Company primarily facilitates the placement of life, general and MPF insurance products. The Company determines that insurance providers are the customers. The Company primarily earns commission income arising from the facilitation of the placement of an effective insurance policy, which is recognized at a point in time when the performance obligation has been satisfied upon execution of the insurance policy as the Company has no future or ongoing obligation with respect to such policies. The commission fee rate, which is paid by the insurance providers, based on the terms specified in the service contract which are agreed between the Company and insurance providers for each insurance product being facilitated through the Company. The commission earned is equal to a percentage of the premium paid to the insurance provider. Commission from renewed policies is variable consideration and is recognized in subsequent periods when the uncertainty around variable consideration is subsequently resolved (e.g., when customer renews the policy). In accordance with ASC Topic 606, Revenue Recognition: Principal Agent Considerations, the Company evaluates the terms in the agreements with its channels and independent contractors to determine whether or not the Company acts as the principal or as an agent in the arrangement with each party respectively. The determination of whether to record the revenue in a gross or net basis depends upon whether the Company has control over the services prior to transferring it. Control is demonstrated by the Company which is primarily responsible for fulfilling the provision of placement services through the Company’s licensed insurance brokers to provide agency services. The commissions from insurance providers are recorded on a gross basis and commission paid to independent contractors or channel costs are recorded as commission expense in the condensed consolidated statements of operations and comprehensive loss.

~~(Formerly~~The ~~AGBA~~Company ~~Group~~also ~~Holding~~offers ~~Limited)~~the sale solicitation of real estate property to the final customers and is compensated in the form of commissions from the corresponding property developers pursuant to the service contracts. Commission income is recognized at a point of time upon the sale contracts of real estate property is signed and executed.

~~NOTES~~(ii) TORecurring ~~UNAUDITED~~Asset ~~CONDENSED~~Management ~~CONSOLIDATED~~Service ~~FINANCIAL~~Fees: ~~STATEMENTS~~The Company provides asset management services to investment funds or investment product providers in exchange for recurring asset management service fees. Recurring asset management service fees are determined based on the types of investment products the Company distributes and are calculated as a fixed percentage of the fair value of the total investment of the investment products, calculated daily. These customer contracts require the Company to provide investment management services, which represents a performance obligation that the Company satisfies over time. After the contract is established, there are no significant judgments made when determining the transaction price. As the Company provides these services throughout the contract term, for the method of calculating recurring asset management service fees, revenue is calculated on a daily basis over the contract term, quarterly billed and recognized. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection, performance component or other similar privileges and the circumstances under which the fixed percentage fees, before determined, could be not subject to clawback. Payment of recurring asset management service fees are normally on a regular basis (typically monthly or quarterly).

~~FOR~~(iii) ~~THE~~Loan ~~THREE~~Interest ~~AND~~Income: ~~NINE~~The ~~MONTHS~~Company ~~ENDED~~offers ~~SEPTEMBER~~money ~~30,~~lending ~~2024~~services ~~AND~~from ~~2023~~loan origination in form of mortgage and personal loans. Interest income is recognized monthly in accordance with their contractual terms and recorded as interest income in the condensed consolidated statement of operations. The Company does not charge prepayment penalties from its customers. Interest income on mortgage and personal loans is recognized as it accrued using the effective interest method. Accrual of interest income on mortgage loans is suspended at the earlier of the time at which collection of an account becomes doubtful or the account becomes 180 days delinquent.

~~(Currency expressed in United States Dollars (“US$”), except for number of shares)~~14

●Disaggregation of ~~Rental Income~~Revenue

~~Rental income~~The ~~represents~~Company ~~monthly~~has ~~rental~~disaggregated ~~received~~its revenue from contracts ~~the~~with ~~Company’s~~customers ~~tenants.~~into ~~The~~categories ~~Company~~based ~~recognizes rental income~~ on athe ~~straight-line~~nature ~~basis over~~of the ~~lease~~revenue. ~~term~~The infollowing ~~accordance~~table ~~with~~presents the ~~lease~~revenue ~~agreement.~~streams disaggregated by nature and geographic location:

	For the three months ended March 31,
	2025	2024
At a point in time
Paid-per-view fees	$	$	—
Commissions			6,723
Total revenue from the transfer of goods and services at a point in time			6,723

Over time
Advertising revenue			—
Saas fees			—
Subscription fees			—
Recurring asset management service fees			892
Loans interest income			41
Total revenue from the transfer of goods and services over time			933
Total revenue	$	$	7,656

	For the three months ended March 31,
By geography:	2025	2024
Hong Kong	$	$	7,656
United States			—
Others			—
Total	$	$	7,656

Contract Balances

The following table provides information about contract liabilities from the Company’s contracts with customers:

	As of
	March 31, 2025		December 31, 2024
Contract liabilities, included in other current liabilities	$	—	$	1,683

Receivables relate to customer contracts for which the performance obligation has been satisfied and payment is expected to be received in the next twelve months.

The Company reviews the status of the then-outstanding accounts receivable on a customer-by-customer basis, taking into consideration the aging schedule of receivables, its historical collection experience, current information regarding the client, subsequent collection history, and other relevant data, in establishing the allowance for doubtful accounts. Accounts receivable are written off against the allowance for doubtful accounts when the Company determines amounts are no longer collectible.

For the three months ended March 31, 2025 and 2024, there were no revenues recognized relating to performance obligations satisfied or partially satisfied in prior periods.

●	Comprehensive Loss

ASC Topic 220, “Comprehensive Income”, ~~establishes~~ establishes standards for reporting and display of comprehensive income ~~(loss)~~, its components and accumulated balances. Comprehensive ~~income~~ (loss) income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive (loss) income, as presented in the accompanying ~~unaudited~~ condensed consolidated statements of changes in stockholders’ (deficit) equity, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive (loss) income is not included in the computation of income tax ~~expense~~ expense or benefit.

● Employee Benefits

Full time employees of the Hong Kong subsidiaries participate in a defined contribution Mandatory Provident Fund retirement benefit scheme under the Hong Kong Mandatory Provident Fund Schemes Ordinance.

●	Income Taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the ~~unaudited condensed consolidated~~ financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the ~~years~~periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC Topic 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the ~~unaudited condensed consolidated~~ financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~ 2024, the Company did not have any interest and penalties associated with tax positions. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company did not have any significant unrecognized uncertain tax positions.

The Company is subject to tax in local and foreign ~~jurisdictions~~ jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

● ~~Share~~Stock-Based Compensation

The Company accounts for ~~share~~stock-based compensation in accordance with the fair value recognition provision of ASC Topic 718, “Stock Compensation”. The Company grants share awards, including common ~~stocks~~stock and restricted share units, to eligible participants. ~~Share~~ Stock-based compensation expense for share awards is measured at fair value on the grant date. The fair value of restricted stock with either solely a service requirement or with the combination of service and performance requirements is based on the closing fair market value of the common ~~stocks~~stock on the date of grant. ~~Share~~ Stock-based compensation expense is recognized over the requisite service period for time-vesting awards and, for awards with a performance condition, over the requisite service period if the performance condition is probable of achievement. For awards with graded vesting that are subject only to a service condition, the expense is recognized on a straight-line basis over the service period for the entire award.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

●	Net Loss Per Share

~~The Company~~In ~~computes earnings per share (“EPS”) in~~ accordance with ASC ~~Topic~~ 260, “Earnings ~~per~~Per Share~~” (“ASC~~, ~~260”). ASC 260 requires companies to present~~ basic ~~and~~net ~~diluted~~earnings ~~EPS.~~(loss) ~~Basic~~per ~~EPS~~share is ~~measured~~computed asby dividing net income (loss) ~~income~~attributable ~~divided~~to ordinary stockholders by the weighted average number ~~shares~~of unrestricted common stock outstanding ~~for~~during the period. ~~Diluted~~using ~~EPS presents~~ the ~~dilutive~~two-class ~~effect~~method. onUnder ~~a per share basis of~~ the ~~potential~~two-class ~~common stocks (e.g.~~method, ~~convertible~~net ~~securities,~~income ~~options and warrants~~(loss) is asallocated ifbetween ~~they~~common ~~had~~stock ~~been~~and ~~converted~~other atparticipating ~~the~~securities ~~beginning~~based ofon ~~the~~dividends ~~periods~~declared ~~presented,~~ (or ~~issuance date,~~accumulated) ifand ~~later.~~participating ~~Potential~~rights in ~~common~~undistributed ~~stocks~~earnings ~~that~~as ~~have~~if anall ~~anti-dilutive~~the ~~effect~~earnings ~~(i.e.,~~for ~~those~~the ~~that~~reporting ~~increase~~period ~~income~~had ~~per~~been ~~share~~distributed. orThe ~~decrease~~Company’s ~~loss per~~holdback ~~share)~~shares are participating ~~excluded~~securities ~~from~~because ~~the~~they ~~calculation~~are ofentitled ~~diluted~~to ~~EPS~~non-forfeitable dividends.

●Basic ~~Segment~~loss ~~Reporting~~per common stock is computed by dividing net loss by the weighted-average number of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the sum of the weighted average number of common stock outstanding and of potential dilutive securities (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted loss per share.

ASC Topic 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in the unaudited condensed consolidated financial statements for details on the Company’s business segments.16

The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Company’s CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. Based on management’s assessment, the Company determined that it has the following operating segments:

Segments Scope of Service Business Activities Distribution Business Insurance Brokerage Business - Facilitating the placement of insurance, investment, real estate and other financial products and services to our customers, through licensed brokers, in exchange for initial and ongoing commissions received from product providers, including insurance companies, fund houses and other product specialists. Platform Business - Asset Management Business - Providing access to financial products and services to licensed brokers. - Providing operational support for the submission and processing of product applications. - Providing supporting tools for commission calculations, customer engagement, sales team management, customer conversion, etc. - Providing training resources and materials. - Facilitating the placement of investment products for the fund and/or product provider, in exchange for the fund management services. - Money Lending Service - Providing the lending services whereby the Company makes secured and/or unsecured loans to creditworthy customers. - Real Estate Agency Service - Solicitation of real estate sales for the developers, in exchange for commissions. Fintech Business Investment Holding Managing an ensemble of fintech investments. Healthcare Business Investment Holding Managing an ensemble of healthcare-related investments.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

All of the Company’s revenues were generated in Hong Kong for the three and nine months ended September 30, 2024 and 2023 and all of the Company’s long-lived assets were located in Hong Kong as of September 30, 2024 and December 31, 2023.

●

Leases

Under ASU 2016-02, Leases (Topic 842) (“Topic 842”), leases are categorized as operating or financing lease at inception. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease terms include options to renew or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company has recognized right of use (“ROU”) assets and corresponding lease liabilities on the Company’s condensed consolidated balance sheets for its operating lease agreements with contractual terms greater than 12 months. Lease liabilities are based on the present value of remaining lease payments over the lease term. As the discount rate implied in the Company’s leases is not readily determinable, the present value is calculated using the Company’s incremental borrowing rate, which is estimated to approximate the interest rate on a collateralized basis with similar terms.

Some of the Company’s lease agreements contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Company has elected the practical expedient to combine fixed payments for non-lease components with lease payments and account for them together as a single lease component which increases the amount of ROU assets and lease liabilities.

Leases with a term of twelve months or less upon the commencement date are considered short-term leases, are not included on the condensed consolidated balance sheets and are expensed on a straight-line basis over the lease term.

●	Related Parties

The Company follows the ASC Topic 850-10, “Related Party” ~~(“ASC 850”)~~ for the identification of related parties and disclosure of related party transactions.

Pursuant to ~~ASC~~section 850-10-20, the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of ~~ASC~~section ~~Topic~~ 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and ~~Income~~income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The ~~unaudited condensed consolidated~~ financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of ~~unaudited condensed~~ consolidated financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which ~~income~~ statements of operations are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the ~~unaudited condensed consolidated financial~~ financial statements; c) the dollar amounts of transactions for each of the periods for which ~~income~~ statements of operations are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

1617

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

●	Commitments and Contingencies

The Company follows the ASC Topic 450-20, “Contingencies” , to report accounting for contingencies. Certain conditions may exist as of the date the ~~unaudited condensed consolidated~~ financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s ~~unaudited condensed consolidated~~ financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

●	Fair Value Measurement

The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("“ASC Topic 820-10"”), with respect to financial assets and liabilities that are measured at fair value. ASC Topic 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

●

Level 1 : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

●

Level 2 : Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and

●

Level 3 : Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

The carrying value of the Company’s financial instruments: cash and cash equivalents, restricted cash, accounts receivable, loans receivable, ~~notes receivable,~~ deposits, prepayments and other receivables, accounts ~~amount~~payable ~~due~~and toaccrued ~~the holding company~~liabilities, ~~accounts payable,~~ escrow liabilities, borrowings, and ~~accrued~~amounts ~~liabilities~~due to the holding company approximate at their fair values because of the short-term nature of these financial instruments.

Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of loans receivable approximates the carrying amount. The Company accounts for loans receivable at cost, subject to expected credit losses assessment.

17The Company measures warrant liabilities, certain convertible debts for which the fair value option has been elected at fair value on a recurring basis.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The following table presents information about the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

	As of September 30,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
Description	2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Marketable equity securities	$	1,380	$	1,380	$	—	$	—
Investments under purchase option		6,028,100		—		—		6,028,100
	$	6,029,480	$	1,380	$	—	$	6,028,100
Liabilities:
Warrant liabilities	$	4,281,454	$	—	$	—	$	4,281,454

	As of December 31,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
Description	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Marketable equity securities	$	595	$	595	$	—	$	—

Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

● Recently Issued Accounting Pronouncements

As of September 30, 2024, the Company has implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards Board (“FASB”) that were in effect. There were no new standards or updates during the nine months ended September 30, 2024 that had a material impact on the unaudited condensed consolidated financial statements.

Recently Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB amended guidance in ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The revised guidance requires that a public entity disclose significant segment expenses regularly reviewed by the chief operating decision maker (CODM), including public entities with a single reportable segment. The amended guidance is effective for fiscal years beginning in January 2024 and interim periods beginning January 2025 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact on its unaudited condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company’s annual reporting periods beginning in January 2025. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted. The Company is currently evaluating the impact on its unaudited condensed consolidated financial statements.

~~TRILLER~~The ~~GROUP~~following ~~INC~~table presents information about the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

(Formerly AGBA Group Holding Limited)

	As of March 31,	Quoted prices in active markets		Significant other observable inputs		Significant other unobservable inputs
Description	2025	(Level 1)		(Level 2)		(Level 3)

Assets:
Marketable equity securities	$	$		$	—	$	—

Liabilities:
Warrant liabilities	$	$	—	$	—	$
Convertible debts for which the fair value option has been elected (a)			—		—
Total	$	$	—	$	—	$

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	As of December 31,		Quoted prices in active markets		Significant other observable inputs		Significant other unobservable inputs
Description	2024		(Level 1)		(Level 2)		(Level 3)

Assets:
Marketable equity securities	$	1	$	1	$	—	$	—

Liabilities:
Warrant liabilities	$	977	$	—	$	—	$	977
Convertible debts for which the fair value option has been elected (a)		53,106		—		—		53,106
Total	$	54,083	$	—	$	—	$	54,083

~~FOR~~The ~~THE~~following ~~THREE~~table ~~AND~~presents ~~NINE~~changes ~~MONTHS~~in ~~ENDED~~Level 3 ~~SEPTEMBER~~liabilities ~~30,~~measured ~~2024~~at ~~AND~~fair ~~2023~~value for the three months ended March 31, 2025:

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	Warrant liabilities			Convertible debts
Balance as of December 31, 2024	$	977		$	53,106
Additions from new issuance
Addition from acquisition of subsidiaries
Settlement						)
Fair value measurement adjustments			)			)
Balance as of March 31, 2025	$	977		$	53,106

~~NOTE 3 — LIQUIDITY AND GOING CONCERN~~ Note:

~~The~~(a) ~~accompanying~~Certain ~~unaudited~~of ~~condensed~~the ~~consolidated financial~~Company’s ~~statements~~convertible ~~were~~debts ~~prepared~~are ~~assuming~~accounted for under the ~~Company~~fair ~~will~~value ~~continue~~option aselection ain ~~going~~ASC ~~concern,~~825. ~~which~~Under ~~contemplates~~the ~~continuity~~fair ofvalue ~~operations~~option election, ~~realization~~ ofthe ~~assets,~~financial instrument is initially measured at its issue-date estimated fair value and ~~liquidation~~subsequently ofremeasured ~~liabilities~~at estimated fair value on a recurring basis at each reporting period date. The estimated fair value adjustment is presented within other income (expense) in the ~~normal~~condensed ~~course~~consolidated statements of ~~business~~operations and comprehensive loss. ~~They~~The doCompany ~~not~~classifies ~~include~~its ~~any~~convertible ~~adjustments~~debts that ~~might be~~are ~~necessary~~being ~~should~~valued under the ~~Company~~fair bevalue ~~unable~~option election as Level 3 due to ~~continue~~the lack of relevant observable market data over fair value inputs, such as athe ~~going~~probability ~~concern~~weighting of the various scenarios that can impact settlement of the arrangement.

For the nine months ended September 30, 2024, the Company reported net loss of $28,849,026 and net cash outflows from operating activities of $20,742,386. As of September 30, 2024, the Company had a working capital deficit of $40,488,317 and a stockholders’ deficit of $5,858,781.

The Company has determined that the prevailing conditions and ongoing liquidity risks encountered by the Company raise substantial doubt about the ability to continue as a going concern for at least one year following the date these unaudited condensed consolidated financial statements are issued. The ability to continue as a going concern is dependent on the Company’s ability to successfully implement its current operating plan and fund-raising exercises. The Company believes that it will be able to grow its revenue base and control expenditures. In parallel, the Company will monitor its capital structure and operating plans and search for potential funding alternatives in order to finance the development activities and operating expenses. The Company is continuing its plan to further grow and expand operations and seek sources of capital to pay the contractual obligations as they come due. To access capital to fund operations or provide growth capital, the Company will need to raise capital in one or more debt and/or equity offerings.

However, the Company cannot predict the exact amount or timing of the alternatives or guarantee those alternatives will be favorable to its stockholders. Any failure to obtain financing when required will have a material adverse impact on the Company’s business, operation and financial result. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed on March 28, 2024, for further information about the liquidity and going concern.

NOTE 4 — COMPLETION OF MERGER TRANSACTION

The Merger Transactions

In April 2024, the Company entered into a certain Agreement and Plan of Merger (the “Original Merger Agreement”). On August 30, 2024, the Company entered into an Amended and Restated Agreement and Plan of Merger (as further amended, the “Merger Agreement”) by and between the Merger Sub, Triller, and Bobby Sarnevesht. The Merger Agreement has amended, restated and superseded the Original Merger Agreement accordingly (the “Merger Transactions”). Pursuant to the Merger Agreement, (a) Triller will complete its reorganization (the “Triller Reorganization”) with Triller Hold Co LLC (“Triller LLC”), (b) the Company will domesticate to the United States as a Delaware corporation (the “AGBA Domestication”), pursuant to which, among other things, all AGBA ordinary shares, par value $0.001 per share will automatically convert into the same number of shares Delaware Parent Common Stock, as defined below (AGBA, when domesticated as a Delaware corporation, is sometimes referred to as “Delaware Parent”) and (c) after giving effect to the Triller Reorganization and the AGBA Domestication, Merger Sub will merge into Triller, with Triller as the surviving corporation and a wholly owned subsidiary of Delaware Parent.

Stockholders’ Approval

On September 19, 2024, the Merger Transaction and other related proposals were approved by the stockholders of the Company at the extraordinary general meeting of stockholders (the “EGM”).

Merger Closing

On October 15, 2024, the Company consummated the Merger Agreement and completed the AGBA Domestication by changing its jurisdiction of incorporation from the British Virgin Islands to the State of Delaware and changed its company name to “Triller Group Inc.” (“Triller Group” or “ILLR”). Pursuant to the Certificate of Incorporation of the Company, the par value of the common stock and preferred stock of the Company is $0.001 per share.

~~TRILLER~~The ~~GROUP~~estimated ~~INC~~fair value of the convertible debts as of Mrach 31, 2025 was computed using the models and assumptions shown below. A net gain from fair value movements of approximately $4.4 million for the year ended December 31, 2024 is included in condensed consolidated statements of operations and comprehensive loss.

~~(Formerly~~The ~~AGBA~~significant ~~Group~~inputs ~~Holding~~in ~~Limited)~~the valuation models as of March 31, 2025, are as follows:

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Inputs	Convertible debts A			Convertible debts B
Valuation method		Binomial Tree Model			Binomial Tree Model
Conversion price	$	8.36		$	12.00
Fair value of conversion units		11.06			15.15
Expected term (years)		1.16			0.08
Volatility		198.02	%		112.77	%
Discount rate		15.00	%		15.00	%
Risk free rate		4.29	%		4.24	%

~~FOR~~● ~~THE~~Recently ~~THREE~~Issued ~~AND~~Accounting ~~NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023~~Pronouncements

~~(Currency~~From ~~expressed~~time into ~~United~~time, ~~States~~new ~~Dollars~~accounting pronouncements are issued by the Financial Accounting Standard Board (“~~US$~~FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, ~~except~~the ~~for~~Company ~~number~~believes that the impact of ~~shares)~~recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In ~~connection~~November ~~with~~2023, the ~~consummation~~FASB ofamended ~~the~~guidance ~~Merger~~in ~~Transaction~~ASU 2023-07, onSegment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The revised guidance requires that a public entity disclose significant segment expenses regularly reviewed by the ~~closing~~chief ~~date~~operating decisionmaker (CODM), including ~~the~~public ~~Company~~entities ~~acquired~~with ~~100%~~a ofsingle ~~the~~reportable ~~outstanding~~segment. ~~capital~~The ~~stock~~amended ~~and~~guidance ~~exercised~~is ~~the~~effective ~~conversion~~for offiscal ~~all~~years ~~restricted~~beginning in January 2024 ~~stock~~and ~~units~~interim ofperiods ~~Triller~~beginning January 2025 on a retrospective basis. Effective January 1, 2024, the Company retroactively adopted ASU 2023-07 which resulted in ~~exchange~~additional disclosures for significant segment expenses reviewed by the ~~following:~~Company’s CODM (refer to Note 5).

~~(i)~~Recently issued ~~83,468,631~~accounting ~~shares~~standards ofnot ~~common stock of ILLR to the Triller stockholders;~~yet adopted

~~(ii)~~In 24December 2023,~~206~~ the FASB issued ASU 2023-09,~~246~~ Income ~~shares~~Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater disaggregation of ~~common~~information ~~stock~~in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company’s annual reporting periods beginning in January 2025. Adoption is either with a prospective method or a fully retrospective method of ~~ILLR~~transition. toEarly ~~escrow~~adoption ~~agent;~~is permitted. The Company is currently evaluating the impact on its condensed consolidated financial statements.

~~(iii)~~In ~~issued~~March 112024,~~801,804~~ ~~shares~~the ofFASB ~~Series~~issued AASU 2024-101, Compensation – ~~preferred~~Stock ~~stock~~Compensation (Topic 718): Scope Application of ~~ILLR~~Profits toInterest and Similar Awards, which adds an illustrative example aimed at clarifying the ~~holders~~scope application of ~~Triller~~a ~~preferred~~profit ~~stock,~~interest ~~that~~award ~~are~~in ~~affiliated~~accordance with Topic 718. The update will be effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The new standard is not expected to have an impact on the Company’s ~~majority~~financial ~~stockholder,~~position or results of operations.

~~(iv)~~In March 2024, the FASB issued 30ASU 2024-02,~~851~~ ~~shares~~“Codification Improvements of— ~~Series~~Amendments Bto ~~preferred~~Remove ~~stock~~References ofto ~~ILLR~~the Concepts Statements”. This update contains amendments to ~~Green~~the ~~Nature~~Codification that ~~Limited~~remove references to various FASB Concepts Statements. These changes remove references to various Concepts Statements and the amendments apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, a2024. ~~British~~Early ~~Virgin~~application ~~Islands~~of ~~company~~the ~~that~~amendments in this Update is ~~affiliated~~permitted for ~~with~~any ~~the~~fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance). The Company’s believes ~~majority~~the ~~stockholder;~~future adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements.

(v) converted all existing Triller restricted stock units into 16,908,829 shares of restricted stock units of ILLR (the “Triller Group RSUs”), and reserved an aggregate of 16,908,829 shares of common stock of ILLR for future issuance upon the vesting of the Triller Group RSUs, and

(vi) adjusted an aggregate of 53,147,335 Triller warrants which are to be reissued as Triller Group warrants in replacement thereof pursuant to an independent valuation.

Following the closing, the Company issued an aggregate of 107,674,877 shares of its common stock, 11,801,804 shares of its Series A-1 preferred stock, and 30,851 shares of its Series B preferred stock.

At the closing date and following the completion of the Merger Transaction and after giving effect to the Forward Split effected on October 1, 2024 and Reverse Split effected on October 15, 2024, the Company had approximately 155,159,817 shares of common stock issued and outstanding.

To date, the common stocks of ILLR were listed and traded on the Nasdaq Stock Market under the symbol “ILLR”.

NOTE 5 — PROMISSORY NOTES RECEIVABLE AND PAYABLE

Financing Arrangements with Triller and Yorkville

On April 25, 2024, the Company entered into the A&R SEPA with YA II PN, LTD, a Cayman Islands exempt limited partnership (“Yorkville”), and Triller. Pursuant to the A&R SEPA, Triller, or the Company after the transactions contemplated by the Merger Agreement are closed, has the right to sell to Yorkville up to $500 million shares of common stock, par value $0.001 per share, of the Company (“Common Stock”), subject to certain limitations and conditions set forth in the A&R SEPA, from time to time during the term of the SEPA. Sales of the shares of Common Stock to Yorkville under the A&R SEPA, and the timing of any such sales, are at the Company’s option, and the Company is under no obligation to sell any shares of Common Stock to Yorkville under the A&R SEPA except in connection with notices that may be submitted by Yorkville.

In connection with the A&R SEPA, Yorkville agreed to an advance to the Triller in the form of convertible promissory notes in a principal amount up to $8.51 million (the “First Pre-Paid Advance”). The First Pre-Paid Advance is amounted to 94.0% of the principal amount to be drawn down. Interest shall accrue on the outstanding balance of First Pre-Paid Advance at an annual rate of 5%, subject to an increase to 18% upon an event of default as described in the definitive agreement. The maturity date of the First Pre-Paid Advance will be 12 months after its issuance date. Yorkville may convert the First Pre-Paid Advance into shares of the Common Shares at any time after the Merger at a fixed conversion price equal to (i) the principal mount and interests, divided by (ii) the determination of the lower of (a) 100% of the VWAP during the ten trading days preceding the closing date of the Merger (the “Fixed Price”), or (b) 92.5% of the lowest daily VWAP during the 10 consecutive trading days immediately preceding the conversion date or other date of determination (the “Variable Price”), provided that the Variable Price shall not be lower than the Floor Price. The “Floor Price”, solely with respect to the Variable Price, shall be equal to (i) a price equal to 20% of the average of the daily VWAPs during the ten (10) trading days immediately preceding the closing date of the Merger, and (ii) from and after the date of effectiveness of the initial registration statement, 20% of the VWAP of the trading day immediately prior to the date of effectiveness of the initial registration statement, if such price is lower than the price in part (i) of this sentence.

~~TRILLER~~In ~~GROUP~~November ~~INC~~2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.

In January 2025, the FASB issued ASU 2025-01 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (~~Formerly~~Subtopic ~~AGBA~~220-40). ~~Group~~The ~~Holding~~FASB ~~Limited~~issued ASU 2024-03 on November 4, 2024. ASU 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in an annual reporting period. The FASB’s intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.

~~NOTES~~In TOJuly ~~UNAUDITED~~2025, ~~CONDENSED~~the ~~CONSOLIDATED~~FASB ~~FINANCIAL~~issued ~~STATEMENTS~~2025-05 to improve the measurement of credit losses for accounts receivable and contract assets. The guidance provides a practical expedient for all entities to assume that current conditions as of the balance sheet date remain unchanged for the remaining life of the assets. The update aims to reduce the cost and complexity of estimating credit losses while maintaining decision-useful information for financial statement users. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025. Management is currently evaluating the impact that the adoption of this update may have on its financial statements

~~FOR~~Except ~~THE~~for the ~~THREE~~above-mentioned ~~AND~~pronouncements, ~~NINE~~there ~~MONTHS~~are ~~ENDED~~no ~~SEPTEMBER~~new 30recent issued accounting standards that will have a material impact on the condensed consolidated balance sheets, ~~2024~~statements ~~AND~~of ~~2023~~operations and comprehensive loss and cash flows.

~~(Currency~~NOTE ~~expressed~~3 in— LIQUIDITY ~~United~~AND ~~States~~GOING ~~Dollars~~CONCERN ~~(“US$”), except for number of shares)~~

~~Second~~The ~~Pre-Paid~~accompanying ~~Advance~~condensed consolidated financial statements were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. They do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

OnFor ~~June 28, 2024,~~ the ~~Company, Triller and Yorkville~~ ~~entered~~three ~~into~~months ~~the~~ended ~~Second~~March ~~A&R SEPA to modify the A&R SEPA dated April 25~~31, ~~2024. Pursuant to the Second A&R SEPA~~2025, ~~Yorkville will (i) provide for~~ the ~~assignment by Triller and assumption by the~~ Company ofreported ~~the~~net ~~rights~~loss ~~and obligations~~ of ~~Triller~~approximately ~~under~~$XX ~~the~~million ~~A&R SEPA~~ and ~~the~~net ~~promissory~~cash ~~note~~outflows offrom ~~the~~operating ~~First Pre-Paid Advance~~ activities of approximately $~~8.51~~XX million. ~~from~~As ~~Triller~~of ~~dated~~March ~~April~~31, 252025, ~~2024 and (ii) provide to~~ the Company ~~financing~~ inhad ~~the~~a ~~principal~~working ~~amount~~capital deficit of approximately $25271.7 million ~~(the~~and ~~“Second~~a ~~Pre-Paid~~stockholders’ deficit ~~Advance”) in the form~~ of anapproximately ~~additional~~$246.0 ~~convertible promissory note, subject to the same terms in interest charge and maturity under the First Pre-Paid Advance~~million.

InThe ~~connection~~Company ~~with~~has determined that the ~~Second~~prevailing conditions ~~A&R~~and ~~SEPA,~~ongoing liquidity risks encountered by the Company ~~issued~~raise ~~convertible~~substantial ~~promissory~~doubt ~~notes~~about inthe anability ~~aggregate~~to ofcontinue ~~$33~~as a going concern for at least one year following the date these condensed consolidated financial statements are issued.51 ~~million~~The ability to ~~Yorkville.~~continue Onas ~~July~~a 2,going concern ~~2024,~~is dependent on the Company’s ~~received~~ability ~~$23~~to successfully implement its current operating plan and fund-raising plan.35 The Company ~~million,~~believes ~~net~~that ofit ~~$150~~will be able to grow its revenue base and control expenditures. In parallel,~~000~~ ~~direct~~the ~~legal~~Company ~~fee~~will ~~incurred~~monitor its capital structure and operating plans and search for potential funding alternatives in ~~arranging~~order to finance the ~~Second~~development ~~A&R~~activities ~~SEPA,~~and ~~from~~operating ~~Yorkville~~expenses. The Company is continuing its plan to further grow and expand operations and seek sources of capital to pay the contractual obligations as they come due.

~~Common~~However, ~~Warrants~~the Company cannot predict the exact amount or timing of the alternatives or guarantee those alternatives will be favorable to ~~Yorkville~~its stockholders. Any failure to obtain financing when required will have a material adverse impact on the Company’s business, operation and financial result.

~~Also,~~their ~~pursuant~~respective tofair values as of the ~~Second~~Acquisition Date. ~~A&R~~The ~~SEPA,~~excess of the ~~Company~~value ~~issued~~of aconsideration ~~warrant (~~transferred over the ~~“Common~~aggregate ~~Warrant”)~~fair tovalue ~~Yorkville~~of tothose ~~purchase~~net upassets towas arecorded ~~number~~as ofgoodwill. Any ~~shares~~identified ofdefinite ~~common~~lived ~~stock~~intangible ofassets ~~the~~will ~~Company~~be ~~equal~~amortized toover ~~25%~~their ofestimated ~~the principal~~useful ~~amount~~lives ofand ~~the~~any ~~aggregated~~identified ~~pre-paid~~intangible ~~advances~~assets with ~~divided~~indefinite byuseful alives ~~price~~and ~~equal~~goodwill towill ~~the~~not ~~Fixed~~be ~~Price,~~amortized ~~each~~but ~~such~~will ~~Common~~be ~~Warrant~~tested ~~with~~for animpairment ~~exercise price~~at ~~equal~~least toannually ~~the~~or ~~Fixed~~more ~~Price.~~frequently when Oncertain ~~June~~indicators ~~28,~~are ~~2024,~~present. Determining the ~~Company~~fair ~~issued~~value ~~1,431,561~~of ~~shares~~assets ofacquired ~~common~~and ~~warrants~~liabilities toassumed ~~Yorkville~~requires ~~(representing~~management ~~$8,377,500~~to use orsignificant ~~25%~~judgment ofand ~~the~~estimates ~~$33,510,000~~including the ~~aggregated~~selection ~~principal~~of ~~amount~~valuation ofmethodologies, ~~the~~estimates ~~First~~of ~~Pre-Paid~~future ~~Advance~~revenues and ~~the~~cash ~~Second~~flows, ~~Pre-Paid~~discount rates, ~~Advance)~~and atselection ~~a fixed price~~ of ~~$5.67~~comparable ~~per share~~companies.

Promissory Notes Receivable from Triller

In connection with the First and Second Pre-Paid Advances issued by Yorkville under A&R SEPA and the Second A&R SEPA, Yorkville advanced $8.0 million and $20.3 million, respectively to Triller and Triller issued promissory note to the Company in April and August 2024. The promissory notes receivable from Triller included interest receivables from Triller.

As of September 30, 2024, the promissory note receivable from Triller was $28,344,339, including an interest receivable of $369,339, with the maturity date on June 28, 2025.

Convertible Promissory Notes Payable, net

As of September 30, 2024, the aggregate principal amount of the First and Second Pre-Paid Advances are $33.51 million and the convertible promissory notes payable to Yorkville are recorded at $32.51 million, net of discount, as current liabilities on the condensed consolidated balance sheets. The convertible promissory notes payable will be repayable within 12 months after the issuance date. Also, Yorkville has the right to convert the convertible promissory notes payable into the Company’s common stock at any time after the Merger Transaction at a fixed conversion price. The Company analyzed the conversion feature of the agreement for derivative accounting consideration under ASC 815 and determined that the embedded conversion features should be classified as a derivative because the exercise price of these convertible notes are subject to a variable conversion rate. The Company has determined that the conversion feature is not considered to be solely indexed to the Company’s own shares and is therefore not afforded equity treatment.

The Company recorded amortization of debt discount of convertible promissory notes payable as interest expense in the unaudited condensed consolidated statements of operations and comprehensive loss of $518,959 and $612,575 for the three and nine months ended September 30, 2024, respectively.

The Company recorded accrued interest of convertible promissory notes payable in interest expense in the unaudited condensed consolidated statements of operations and comprehensive loss of $432,592 and $510,698 for the three and nine months ended September 30, 2024, respectively.

~~TRILLER~~NOTE ~~GROUP~~4 ~~INC.~~— SEGMENT INFORMATION

~~(Formerly~~By ~~AGBA~~assessing ~~Group~~the ~~Holding~~qualitative ~~Limited~~and quantitative criteria established by ASC Topic 280, “Segment Reporting”, management has determined that the Company has four reportable segments, which include the Company’s social media, sports streaming, sports content, and financial services segments. The Company’s reportable segments reflect how the Company’s operations are managed, how the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), allocates resources and evaluates performance, and how the Company’s internal financial reporting is structured.

~~NOTES~~For TOthe ~~UNAUDITED~~three ~~CONDENSED~~months ~~CONSOLIDATED~~ended ~~FINANCIAL~~March ~~STATEMENTS~~31, 2025 and 2024, the Company’s reportable segments comprised of the following:

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

1. Social media		The Social media segment consists of the Company’s operations related to its social media platform and related services for content creation and distribution

2. Sports streaming		The online streaming segment consists of the Company’s operations related to its online streaming service.

3. Financial services		The Financial services segment consists of revenues and costs incurred from the sale of investment products, offer asset management services and money lending services.

~~(Currency~~The ~~expressed~~Company’s inreportable ~~United~~segments ~~States~~are ~~Dollars~~strategic business ~~(“US$”),~~units ~~except~~that ~~for~~offer ~~number~~different ofproducts ~~shares)~~and services. They are managed separately because each business unit requires different technology and marketing strategies.

~~NOTE~~The 6following —tables present the summary information ~~RESTRICTED~~by ~~CASH~~segment for the three months ended March 31, 2025 and 2024:

As of September 30, 2024 and December 31, 2023, the Company has $13,657,974 and $16,816,842 fund held in escrow, respectively. Fund held in escrow primarily comprised of escrow funds held in bank accounts on behalf of the Company’s customers. The Company is currently acted as a custodian to manage the assets and investment portfolio on behalf of its customers under the terms of certain contractual agreements, which the Company does not have the right to use for any purposes, other than managing the portfolio. Upon receiving escrow funds, the Company records a corresponding escrow liability.

Three months ended March 31, 2025

Social media

Sports
streaming

Financial
services

Corporate

Elimination

Consolidated

Revenue

Loans interest income

—

Commission

—

Recurring asset management service fees

—

Advertising revenue

—

SaaS fees

—

Subscription fees and paid-per-view fees

—

Total revenue

—

Operating expenses

Operating expenses for social media and streaming platform

)

—

)

Commission expense

—

)

—

)

Sales and marketing expenses

)

—

)

Research and development expenses

)

—

)

Personal and benefit expenses

)

—

)

Legal and professional fee

)

—

)

Legal and professional fee, related party

—

)

—

)

Office and operating fee, related party

—

)

—

)

Provision for allowance for expected credit losses

)

—

)

Other general and administrative expenses

)

—

)

Total operating expenses

)

—

)

Other income (expense), net

Interest income

—

)

Interest expense

)

Foreign exchange (loss) gain, net

—

)

—

)

Impairment on property and equipment

—

)

—

)

Impairment on intangible assets

)

—

)

Impairment on goodwill

)

Impairment on right-of-use assets

—

)

—

)

Investment loss, net

—

)

—

)

Change in fair value of convertible debts

—

Change in fair value of warrant liabilities

—

Sundry income

—

Total other expense, net

)

—

)

Income tax expense

—

Net loss

)

—

(

)

~~NOTE 7 － ACCOUNTS RECEIVABLE, NET~~22

	Three months ended March 31, 2024
	Financial services			Corporate			Elimination		Consolidated
Revenue
Commission		6,723			—			—		6,723
Asset management service fees		892			—			—		892
Loans interest income		41			—			—		41
Total revenue		7,656			—			—		7,656
Operating expenses
Commission expense		(4,446	)		—			—		(4,446	)
Sales and marketing expenses			)			)		—		(483	)
Research and development expenses			)			)		—		(458	)
Personal and benefit expenses			)			)		—		(6,059	)
Legal and professional fee										(625	)
Legal and professional fee, related party										(250	)
Office and operating fee, related party										(1,118	)
Provision for allowance for expected credit losses										(991	)
Other general and administrative expenses			)			)		—		(880	)
Total operating expenses			)			)		—		(15,310	)
Other income (expense)
Interest income								—		12
Interest expense			)			)		—		(207	)
Investment loss, net										(37	)
Others						)		—		(136	)
Total other income (expense), net						)		—		(368	)
Income tax expense			)			)		—		(38	)
Net income (loss)						)		—		(8,060	)

The following tables present a summary of the Company’s assets by reportable segment as of March 31, 2025 and December 31, 2024:

As of March 31, 2025

Social
media

Sports
streaming

Financial
services

Corporate

Elimination

Consolidated

Long-term investments, net

—

Other assets

Total assets

	As of December 31, 2024
	Social media		Sports streaming		Financial services		Corporate		Elimination			Consolidated
Long-term investments, net		—		—		25,455		—		—			25,455
Other assets		7,506		5,614		18,121		37,514		(43,632	)		25,123
Total assets		7,506		5,614		43,576		37,514		(43,632	)		50,578

The Company had no capital expenditures by reportable segment for the three months ended March 31, 2025 and 2024.

The Company’s major customers and operations are based in Hong Kong and the United States.

NOTE 5 — RESTRICTED CASH

As of March 31, 2025 and December 31, 2024, the Company has approximately $X million and $14.2 million fund held in escrow, respectively. Fund held in escrow primarily comprised of escrow funds held in bank accounts on behalf of the Company’s customers. The Company is currently acted as a custodian to manage the assets and investment portfolio on behalf of its customers under the terms of certain contractual agreements, which the Company does not have the right to use for any purposes, other than managing the portfolio. Upon receiving escrow funds, the Company records a corresponding escrow liability.

NOTE 6 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	As of
	September 30, 2024			December 31, 2023
	Mrach 31, 2025			December 31, 2024
Accounts receivable	$	~~1,880,421~~		$	3,~~283,118~~388
Accounts receivable – related parties		~~1,833,343~~			1,~~094,225~~100
Less: allowance for expected credit losses		~~(1,126,653~~	)		(~~312~~1,~~482~~615	)
Accounts receivable, net	$	~~2,587,111~~		$	42,~~064,861~~873

The accounts receivable due from related parties represented the management service rendered to the portfolio assets of a related companies, which are controlled by the holding company, for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values invested by the final customers. The amount is unsecured, interest-free and with a credit term mutually agreed.

The following table presents the activity in the allowance for expected credit losses:

	As of
	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Balance at beginning of period/year	$	312,482	$	94,447
Balance at beginning of period	$	1,615	$	312
Additions		808,274		217,475
Additions from acquisition of subsidiaries				386
Foreign translation adjustment		5,897		560
Additions				914
Balance at end of period/year	$	1,126,653	$	312,482
Foreign translation adjustment				3
Balance at end of period	$		$	1,615

The Company generally conducts its business with creditworthy third parties. The Company determines, on a quarterly basis, the probable losses and an allowance for expected credit losses determined in accordance with the CECL model, based on historical losses, current economic conditions, forecasted future economic and market considerations, and in some cases, evaluating specific customer accounts for risk of loss. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

For the three ~~and nine~~ months ended ~~September~~March 3031, 2025 and 2024, the Company has ~~evaluated~~assessed the probable ~~losses~~loss ~~on the accounts receivable~~ and made a provision for allowance for expected credit losses of approximately $~~214,416~~ XX and $~~808~~0.2 million on accounts receivable,~~274,~~ respectively.

For the three and nine months ended September 30, 2023, the Company has evaluated the probable losses on the accounts receivable and made a provision for allowance for expected credit losses of $143,101 and $211,050, respectively.24

22NOTE 7 — LOANS AND NOTES RECEIVABLE, NET

~~TRILLER~~(a) ~~GROUP~~Loans ~~INC.~~Receivables, net

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 8 － LOANS RECEIVABLE, NET

The Company’s loans receivable, net was as follows:

	As of
	September 30, 2024			December 31, 2023
	Mrach 31, 2025			December 31, 2024
Residential mortgage loans	$	~~1,680,436~~		$	1,~~605,531~~164
Less: allowance for expected credit losses		~~(10,318~~	)		(~~1,229~~38	)
Loans receivable, net	$	~~1,670,118~~		$	1,~~604,302~~126
Classifying as:
Current portion	$	~~628,160~~		$	~~549,461~~92
Non-current portion		~~1,041,958~~			1,~~054,841~~034
Loans receivable, net	$	~~1,670,118~~		$	1,~~604,302~~126

The interest rates on loans issued ranged between 910.00% and 10.50% (~~for the nine months ended September 30, 2023~~2024: 9.00% to 10.50%) per annum for the ~~nine~~three months ended ~~September~~March 3031, 2025 and 2024. Mortgage loans are secured by collateral in the pledge of the underlying ~~real~~residential ~~estate~~ properties owned by the borrowers. As of ~~September 30~~March 31, ~~2024~~2025, the net carrying amount of the loans receivable was approximately $1~~,670,118,~~.1 million which included an interest receivable of approximately $~~114,616~~0.06 million.

Mortgage loans are made to either business or individual customers in Hong Kong for a period of 1 to 25 years, which are fully collateralized and closely monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of ~~September~~Mrach 3031, ~~2024~~2025 and ~~December~~ December 31, ~~2023~~2024.

The following table presents the activity in the allowance for expected credit losses:

	As of
	March 31, 2025		December 31, 2024
Balance at beginning of period	$	38	$	1
Additions				36
Foreign translation adjustment				1
Balance at end of period	$	38	$	38

Estimated allowance for expected credit losses is determined on quarterly basis, in accordance with the CECL model, for general credit risk of the overall portfolio, which is relied on an assessment of specific evidence indicating doubtful collection, historical loss experience, loan balance aging and prevailing economic conditions. If there is an unexpected deterioration of a customer’s financial condition or an unexpected change in economic conditions, including macroeconomic events, the Company will assess the need to adjust the allowance for expected credit losses. Any such resulting adjustments would affect earnings in the period that adjustments are made.

For the three ~~and nine~~ months ended ~~September 30~~March 31, 2025 and 2024, the Company has ~~evaluated~~assessed the probable ~~losses~~loss ~~on loans receivable~~ and made aan ~~provision for~~ allowance for expected credit losses of approximately $536,~~482~~000 and $91,~~037~~000 on loans receivable, respectively.

~~For~~(b) ~~the~~Notes ~~three and nine months ended September 30~~Receivables, ~~2023, the Company has evaluated the probable losses on loans receivable and made a provision for allowance for expected credit losses of $1,414 and $1,414, respectively.~~net

~~NOTE~~On 9February －24, 2023, the Company entered into ~~NOTES~~a ~~RECEIVABLE~~subscription agreement and a convertible loan note instrument (collectively the “Agreements”) with Investment A. Pursuant to the Agreements, ~~NET~~the Company agrees to subscribe an aggregate amount of approximately $1.7 million notes, in batches, which are payable on or before January 31, 2024 and bears a fixed interest rate of 8% per annum. The Company sold all its convertible loan notes on Investment A to an independent third party on April 30, 2024 for a consideration of approximately $0.4 million.

On February 24, 2023, the Company entered into a subscription agreement and a convertible loan note instrument (collectively the “Agreements”) with Investment A. Pursuant to the Agreements, the Company agrees to subscribe an aggregate amount of $1,673,525 notes, in batches, which are payable on or before January 31, 2024 and bears a fixed interest rate of 8% per annum. On April 30, 2024, the Company entered into a purchase and sale agreement with an independent third party to sell all its convertible loan notes on Investment A for a purchase price of $412,360. The transaction was completed on April 30, 2024. For the three and nine months ended September 30, 2024, the Company has evaluated the probable losses on notes receivable and made a provision for allowance for expected credit losses of nil and $155,187, respectively.25

23As of December 31, 2023, the net carrying amount of the notes receivable was approximately $0.6 million, which including an interest receivable of approximately $0.03 million.

~~TRILLER~~In ~~GROUP~~accordance ~~INC~~with ASC Topic 326, the Company accounts for its allowance for expected credit losses on notes receivable using the CECL model. Periodic changes to the allowance for expected credit losses are recognized in the consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2025 and 2024, the Company has evaluated the probable losses on the notes receivable and made an allowance for expected credit losses of approximately $0.16 million and $0.07 million, respectively.

~~(Formerly~~NOTE ~~AGBA~~8 — ~~Group~~LONG-TERM ~~Holding~~INVESTMENTS, ~~Limited)~~NET

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 10 － LONG-TERM INVESTMENTS, NET

Long-term investments, net consisted of the following:

	As of
	Ownership interest			~~September~~March 3031, ~~2024~~2025		Ownership interest			December 31, ~~2023~~2024
Marketable equity securities:
Investment C		0.00	%*	$	1~~,380~~		0.00	%*	$	~~595~~1
Non-marketable equity securities:
Investment A		8.37	%		~~5,887,322~~		8.37	%		5,~~826,703~~479
Investment B		3.63	%		~~306,123~~		3.63	%		~~342,000~~255
Investment D		4.4749	%		~~17,751,016~~		4.4749	%		16,~~880,384~~621
Investment E, related party		4.00	%		~~525,097~~		4.00	%		~~522,531~~525
Investment F		—			—		4.00	%		2,152,251
Investment F (a)		—					—	%		—
					24,469,558					25,723,869
Investment G (b)		56.93	%				56.93	%		—
Investment G under purchase option					6,028,100					—
Investment H (c)		3.76	%				3.76	%		2,574
Net carrying value				$	~~30,499,038~~				$	25,~~724,464~~455

*	Less than 0.001%

Investments in Marketable Equity Securities

Investments in equity securities, such as, marketable securities, are accounted for at its current market value with the changes in fair value recognized in net gain (loss). Investment C was listed and publicly traded on Nasdaq Stock Exchange.

As of September 30, 2024 and December 31, 2023, Investment C was recorded at fair value of $1,380 and $595, which were traded at a closing price of $21.21 and $9.15 per share, respectively.

Investments in Non-Marketable Equity Securities

Investments in non-marketable equity securities consist of investments in limited liability companies in which the Company’s interests are deemed minor and long-term, strategic investments in companies that are in various stages of development~~, and investments in close-ended partnership funds which concentrated in the healthcare sector~~. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Management assesses each of these investments on an individual basis, subject to a periodic impairment review and considers qualitative and quantitative factors including the investee’s financial condition, the business outlook for its products and technology, its projected results and cash flow, financing transactions subsequent to the acquisition of the investment, the likelihood of obtaining subsequent rounds of financing and cash usage. The Company is not required to determine the fair value of these investments unless impairment indicators existed. When an impairment exists, the investment will be written down to its fair value by recording the corresponding charge as a component of other income (expense), net. Fair value is estimated using the best information available, which may include cash flow projections or other available market data.

On February 5, 2024, the Company entered into a purchase and sale agreement with an independent third party to sell all its equity interest in Investment F for a purchase price of $2.15 million and the transaction was completed on February 19, 2024.Notes:

~~Investments~~(a) ~~Under~~On ~~Purchase~~February ~~Option~~5, 2024, the Company entered into a purchase and sale agreement with an independent third party to sell all of its equity interest in Investment F for a purchase price of approximately $2.15 million and the transaction was completed on February 19, 2024.

On September 6, 2024, the Company received the warrant containing a purchase option to acquire 285,353 units of Class C of the consultant, equal to 4.11% of its equity interest, at an exercise price of $0.001 per unit, over a period of 5 years (see Note 14). This warrant containing a purchase option of equity securities was recorded as an investment in non-marketable equity securities and measured at the fair value of $6,028,100 under ASC Topic 321, as of September 30, 2024.

Under ASC Topic 820-10, the warrant was classified as Level 3 due to the use of unobservable inputs. The fair value of the warrant is valued by an independent valuer using a Binominal pricing model with the following key inputs at the measurement date:

	As of
	September 30, 2024
Input
Share price	$	52.57
Risk-free interest rate		2.54	%
Volatility		43.00	%
Exercise price	$	0.001
Warrant remaining life		5 years

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The following table presents the movement of non-marketable equity securities as of September 30, 2024 and December 31, 2023:

	As of
	September 30, 2024			December 31, 2023
Balance at beginning of period/year	$	25,723,869		$	34,589,767
Additions		—			288,581
Disposal		(2,152,251	)		—
Adjustments:
Downward adjustments		(37,678	)		(10,092,729	)
Foreign exchange adjustment		935,618			938,250
Balance at end of period/year	$	24,469,558		$	25,723,869

Cumulative unrealized gains and losses, included in the carrying value of the Company’s non-marketable equity securities:

	As of
	September 30, 2024			December 31, 2023
Downward adjustments (including impairment)	$	(37,385,007	)	$	(37,347,329	)
Upward adjustments		6,209,357			6,209,357
	$	(31,175,650	)	$	(31,137,972	)

Investment income (loss), net is recorded as other income (expense) in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, and consisted of the following:

	For the three months ended September 30,
	2024		2023
Marketable equity securities:
Unrealized gain (loss) from the changes in fair value – Investment C	$	404	$	(11	)
Non-marketable equity securities:
Unrealized loss (including impairment) – Investment F		—		(1,029,766	)
Dividend income		—		236,870
Investment income (loss), net	$	404	$	(792,907	)

	For the nine months ended September 30,
	2024			2023
Marketable equity securities:
Unrealized gain from the changes in fair value – Investment C	$	778		$	87
Realized gain from sale of Investment C		—			1,541,736
Non-marketable equity securities:
Unrealized loss (including impairment) – Investment B		(37,678	)		—
Unrealized loss (including impairment) – Investment F		—			(2,457,537	)
Dividend income		—			1,404,303
Investment (loss) income, net	$	(36,900	)	$	488,589

~~TRILLER~~(b) ~~GROUP~~In ~~INC~~connection with the Merger Transaction, the Company held a 56.93% equity interest in Bare Knuckle Fighting Championships, Inc. (“BKFC”) as of December 31, 2024. BKFC is a licensed combat sports platform that stages live and streaming bareknuckle fighting events featuring established professionals in boxing, mixed martial arts, kickboxing and Muay Thai. Notwithstanding the Company’s majority equity ownership, the Company determined that it did not have a controlling financial interest and significant influence in BKFC, as it lacked the power to direct the activities that most significantly impact BKFC’s economic performance. Based on an evaluation of BKFC’s governance structure, contractual arrangements, and actual operating practices, strategic, operational, and financing decisions are all directed by BKFC’s founder, and BKFC operates independently of the Company. Accordingly, the Company accounted for its investment in BKFC as a non-marketable equity security measured at cost less impairment in accordance with ASC 321, Investments — Equity Securities.

(~~Formerly~~c) In September 2024, the Company subscribed 285,353 Class C Units of Investment H, a Nevada limited liability private company, representing a 3.79% equity interest of Investment H as of transfer date, for a non-cash consideration of approximately $18.5 million. The consideration was payable by the issuance of 7.35 million shares of ordinary shares of AGBA ~~Group~~at ~~Holding~~the ~~Limited~~current market value of $2.51 per share. Accordingly, the Company accounted for its investment in Investment H as a non-marketable equity security measured at cost less impairment in accordance with ASC 321, Investments — Equity Securities. (see Note 19(a)(vi)) Subsequently in January 2025, the Company agreed to transfer all its equity interest in Investment H to a consulting firm for partial settlement of consultancy services (see Note 26(ii)).

~~NOTES~~The TOfollowing ~~UNAUDITED~~table ~~CONDENSED~~presents ~~CONSOLIDATED~~the ~~FINANCIAL~~movement ~~STATEMENTS~~of non-marketable equity securities as of Mrach 31, 2025 and December 31, 2024:

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

	As of
	March 31, 2025			December 31, 2024
Balance at beginning of period/year	$	25,455		$	25,725
Additions					18,457
Disposal			)		(2,152
Adjustments:
Downward adjustments			)		(15,971	)
Foreign exchange adjustment			)		(604
Balance at end of period/year	$	25,455		$	25,455

~~(Currency~~Cumulative ~~expressed~~unrealized gains and losses, included in ~~United~~the ~~States~~carrying ~~Dollars~~value ~~(“US$”),~~of ~~except~~the ~~for~~Company’s ~~number~~non-marketable ofequity ~~shares)~~securities:

NOTE 11 － BORROWINGS

	As of
	March 31, 2025		December 31, 2024
Downward adjustments (including impairment)	$	)	$	(53,318	)
Upward adjustments				6,209
Total	$	)	$	(47,109	)

	As of
	September 30, 2024		December 31, 2023
Mortgage borrowings	$	1,066,160	$	1,804,950
Short-term borrowings, related party		5,000,000		5,000,000
Total	$	6,066,160	$	6,804,950

Mortgage Borrowings

In February 2023, the Company obtained a mortgage loan of $1,793,001 (equivalent to HK$14,000,000) from a finance company in Hong Kong, which bears an average interest rate at 13.75% per annum and becomes repayable in February 2024. The loan was pledged by a fixed charge on an office premises owned by the Company. As of September 30, 2024, the carrying value of the loan is $1,066,160. On October 31, 2024, the Company entered into a preliminary sales and purchase agreement with an independent third party to sell the office premises with a cash consideration of approximately $1.6 million. The transaction will be completed in February 2025.

In July 2024, the Company partially settled $787,157, including $18,678 interest expense (equivalent to principal and interest of HK$6,000,000 and HK$145,833, respectively). The remaining principal and accrued interest is expected to settle in November 2024.

Short-term Borrowings

In September 2023, the Company obtained a short-term borrowing of $5,000,000 from the Company’s major stockholder’s ultimate holding company, which bears interest at a fixed rate of 12.00% per annum, repayable in October 2023. The borrowing is secured by a lien on the partial equity interest in Investment D owned by the Company. The Company entered into certain supplementary agreements to renew and extend the maturity to the end of November 2024.

NOTE 12 － OPERATING LEASES

The Company has entered into commercial operating lease with an independent third party for the use of an office in Hong Kong. The lease has original terms exceeding 1 year, but not more than 3 years with an option to renew for a further term of 3 years. The operating lease is included in “Right-of-use assets, net” on the condensed consolidated balance sheets and represented the Company’s right to use the underlying assets during the lease term. The Company’s obligation to make lease payments are included in “Operating lease liabilities” on the condensed consolidated balance sheets.

Supplemental balance sheet information related to operating leases was as follows:

	As of
	September 30, 2024			December 31, 2023
Operating lease:
Right-of-use asset	$	12,618,789		$	12,512,585
Less: accumulated amortization		(2,447,706	)		(1,004,432	)
Right-of-use asset, net	$	10,171,083		$	11,508,153
Lease liabilities:
Current lease liabilities	$	1,295,842		$	1,229,329
Non-current lease liabilities		9,718,742			10,646,053
Total lease liabilities:	$	11,014,584		$	11,875,382

~~TRILLER~~Investment ~~GROUP~~loss, ~~INC.~~net is recorded as other expense in the Company’s condensed consolidated statements of operations and comprehensive loss and consisted of the following:

(Formerly AGBA Group Holding Limited)

	For the three months ended March 31,
	2025		2024
Marketable equity securities:
Realized gain from sale of Investment C	$		$	—

Non-marketable equity securities:
Unrealized losses (including impairment) – Investment B		)		(37	)
Unrealized losses (including impairment) – Investment H		)		—
Investment loss, net	$	)	$	(37	)

~~NOTES~~NOTE TO9 ~~UNAUDITED~~— ~~CONDENSED~~ACCOUNTS ~~CONSOLIDATED~~PAYABLE ~~FINANCIAL~~AND ~~STATEMENTS~~OTHER CURRENT LIABILITIES

~~FOR~~Accounts ~~THE~~payable and ~~THREE~~other ~~AND~~current ~~NINE~~liabilities ~~MONTHS~~consisted ~~ENDED~~of ~~SEPTEMBER~~the ~~30, 2024 AND 2023~~followings:

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	As of
	March 31, 2025	December 31, 2024
Accounts payable	$	$	53,752
Provision for potential litigation expense			22,962
Music contingencies			23,793
Accrued professional expenses			28,627
Redemption liability			7,298
Loan interest payable			3,489
Loan interest payable – related party			1,251
Accrued payroll			2,636
Other accrued liabilities			7,344
Total	$	$	151,152

~~Operating~~NOTE ~~lease~~10 ~~expense~~— for the three months ended September 30, 2024 and 2023 was $643,708 and $640,920, respectively, is included in other general and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.BORROWINGS

~~Operating~~The ~~lease expense for the nine months ended September 30, 2024~~borrowings ~~and~~consisted ~~2023~~of ~~was $1,927,851 and $854,470, respectively, is included in other general and administrative expenses in~~ the ~~unaudited condensed consolidated statements of operations and comprehensive loss.~~followings:

Other supplemental information about the Company’s operating lease as of September 30, 2024 and December 31, 2023 are as follow:

	As of
	March 31, 2025	December 31, 2024
Mortgage borrowings (a)	$	$	868
Short-term loans (b)			11,642
Short-term loans, related parties (c)			29,181
Factoring loan (d)			197
Total	$	$	41,888

	As of
	September 30, 2024			December 31, 2023
Weighted average discount rate		6.58	%		6.58	%
Weighted average remaining lease term (years)		4.67			5.42

Notes:

~~Maturities~~(a) ofMortgage ~~operating lease liabilities as of September 30, 2024 were as follows:~~Borrowings

For the year ending September 30,	Operating lease
2025	$	1,951,717
2026		2,373,467
2027		3,216,968
2028		3,216,968
2029		2,144,645
Total minimum lease payments		12,903,765
Less: imputed interest		(1,889,181	)
Future minimum lease payments	$	11,014,584

In February 2023, the Company obtained a mortgage loan of approximately $1.8 million (equivalent to HK$14.0 million) from a finance company in Hong Kong, which bears an average interest rate at 13.75% per annum and becomes repayable in February 2024. The loan was pledged by a fixed charge on an office premise owned by the Company. As of December 31, 2024, the carrying value of the loan is approximately $0.9 million. On October 31, 2024, the Company entered into a preliminary sales and purchase agreement with an independent third party to sell the office premises with a cash consideration of approximately $1.6 million. The transaction is completed in February and June 2025.

NOTE 13 － WARRANTS

In connection with the Merger Transaction aforementioned in note 4, the exercise prices for, and the shares underlying, all previously outstanding public warrants (“AGBA Public Warrants”), private warrants issued in AGBA’s SPAC IPO (“AGBA SPAC Private Warrants”), Class A warrants (“AGBA Class A Warrants”), and common warrants (“AGBA Common Warrants,” together with AGBA Class A Warrants and AGBA SPAC Private Warrants, “AGBA Private Warrants,” together with AGBA Public Warrants, “AGBA Warrants”) issued by AGBA were adjusted in accordance with the terms of such warrant instruments to reflect the previously announced and implemented 1.9365-to-1 Forward Split and 1-for-4 Reverse Split. An equitable adjustment with a combined ratio of 0.5:1 applied to the number of AGBA Ordinary Shares issuable on the exercise of each AGBA Warrants and the warrant price. Upon the Closing, all warrants issued by AGBA and Triller were assigned to and assumed by Triller Group (“Triller Group Warrants”). Accordingly, as of the close of business on October 15, 2024, each AGBA Public Warrant and each AGBA SPAC Private Warrant became one Triller Group Warrant which entitles the holder thereof to purchase 0.25 shares of Triller Group Common Stock at an adjusted exercise price of $23.00 per whole share (provided, however, warrants are not exercisable for fractional shares, only whole shares; thereby a warrant holder would need to hold four warrants to yield one share). Each AGBA Class A Warrant and each AGBA Common Warrant became one Triller Group Warrant which entitles the holder thereof to purchase 0.5 shares of Triller Group Common Stock at an adjusted exercise price of two times of the original exercise price per whole share (provided, however, warrants are not exercisable for fractional shares, only whole shares; thereby a warrant holder would need to hold two warrants to yield one share). AGBA Public Warrants started trading on a post-adjustment basis as Triller Group Warrants on October 16, 2024 under the new ticker symbol “ILLRW”. All the warrants and their exercise prices are retroactively restated in effect to the forward stock split and reverse stock split (see Note 14).

The Company has issued the different classes of warrants, as follows:

Public Warrants

Each public warrant entitles the holder thereof to purchase one-quarter (1/4) of one share of common stock at a price of $23.00 per full share, subject to adjustment as discussed herein. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number of warrants may be exercised at any given time by a warrant holder.

~~TRILLER~~In ~~GROUP~~July ~~INC~~2024, the Company partially settled approximately $0.8 million, including approximately $0.02 million interest expense (equivalent to principal and interest of approximately HK$6.0 million and HK$0.15 million, respectively). The remaining principal and accrued interest are settled in January and June 2025.

(~~Formerly~~b) ~~AGBA~~Short-term ~~Group Holding Limited)~~Loans

~~NOTES~~In TOconnection ~~UNAUDITED~~with ~~CONDENSED~~the ~~CONSOLIDATED~~Merger ~~FINANCIAL~~Transaction, ~~STATEMENTS~~the Company assumed the liabilities of Triller Corp, which includes the short-term notes assumed at an aggregate principal amount of $9.5 million issued to various lenders (collectively, the “Short-term Loans”). The Short-term loans mature at various dates within the next twelve months and are included as current liabilities in the accompanying condensed consolidated balance sheets. The Company incurred approximately $2.1 million in interest expense and made aggregate payments of approximately $4.1 million toward the various short-term loans during the three months ended December 31, 2024. As of December 31, 2024, the aggregate outstanding principal and accrued interest was approximately $11.0 million.

~~FOR~~On ~~THE~~November ~~THREE~~27, ~~AND~~2024, ~~NINE~~the ~~MONTHS~~Company ~~ENDED~~also ~~SEPTEMBER~~obtained a 30short-term loan of approximately $0.6 million from an independent third party in Hong Kong with a fixed interest rate of 6% per annum, repayable on December 31, 2024. ~~AND~~The ~~2023~~loan is unsecured and the fixed interest rate will increase to 15% per annum if there is any default on repayment.

~~(Currency~~As ~~expressed~~of inthe ~~United~~date ~~States~~of ~~Dollars~~issuance ~~(“US$”)~~of these condensed consolidated financial statements, ~~except~~the ~~for~~Company ~~number~~has not repaid the amount due and considered default of ~~shares)~~settlement.

~~Once~~(c) ~~the~~Short-term ~~public warrants become exercisable~~Loans, ~~the Company~~Related ~~may call the outstanding warrants (including any outstanding warrants issued upon exercise of the unit purchase option issued to Maxim Group LLC) for redemption:~~Parties

In September 2023, the Company obtained short-term loans of approximately $5.0 million from Giant Wisdom Ventures Limited, a company controlled by major stockholder of the Company, which bears interest at a fixed rate of 12% per annum, repayable in October 2023. The borrowing is secured by a lien on the partial equity interest in Investment D owned by the Company.

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp, which includes the borrowing entered with De Silva 2000 Living Trust for a principal of approximately $0.2 million with a fixed interest rate of 1.85% per annum.

In October 2024, the Company entered a loan facility agreement with one of its stockholders, TAG Holding Limited for borrowings up to $30.0 million. The loan is unsecured, repayable on demand and bears interest at a fixed rate of 6% per annum. As of December 31, 2024, the outstanding loan balance was approximately $18.4 million.

On October 16, 2024, Triller Corp. entered a short-term loan agreement with Giant Wisdom Ventures Limited for a principal of approximately $5.0 million with a fixed interest rate of 18% per annum. The loan is guaranteed by Triller Group and is collateralized by 5,000,000 shares of BKFC common stock. Both principal and accrued interest are due on January 16, 2025. In the event of a default, the interest rate increases to 21% per annum. As of December 31, 2024, the aggregate outstanding principal and accrued interest was approximately $5.2 million.

In November and December 2024, the Company obtained aggregate short-term loans of approximately $0.5 million from the Company’s Chief Operating Officer with a fixed interest rate of 6% per annum, repayable on December 31, 2024. The loans are unsecured and the fixed interest rate will increase to 15% per annum if there is any default on repayment.

(d)	Factoring loan

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp.’s subsidiary, Flipps Media Inc. (“Flipps”), which included certain sale of future receipts agreements (the “Agreements”) entered with certain third-party financing companies in October 2024. Pursuant to the Agreements, Flipps sold its future receipts of approximately $0.6 million for a principal amount of approximately $0.4 million. Flipps recorded a debt discount of approximately $0.03 million for the loan origination fees. The debt discount was amortized over the term of the loans with a range of four to twelve-month periods. The agreed weekly payment was approximately $0.03 million. As of December 31, 2024, the outstanding principal balance, net of debt discount, was approximately $0.2 million.

NOTE 11 — CONVERTIBLE DEBTS, NET

(i)

TFI Note

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp, which includes convertible notes issued to Total Formation Inc. (“TFI”), stockholder of the Company, with a total principal balance of approximately $35.3 million and fair value of approximately $46.3 million (the “TFI Note”) as of the Acquisition Date. The TFI Note bears 15% annual interest and payable on demand by TFI at any time on or after August 1, 2024. The Company may prepay any amount owed under the note in whole or in part at any time without penalty or premium, plus unpaid accrued interest as of the date of such repayment. In the event that the Company fails to pay any amount due under this note when due or if the Company commences any case, proceeding, or other action relating to bankruptcy, insolvency, or reorganization, these events will constitute an event of default. An event of default will result in TFI having the option, by written notice to the Company, to declare the entire principal amount, together with all accrued but unpaid interest, payable immediately. If any amount payable under this TFI Note is not paid when due, such overdue amount shall bear interest at the default rate of 16% from the date of such non-payment until such amount is paid in full.

As of December 31, 2024, the TFI Note was reported at a fair value of approximately $46.3 million and is included in convertible debts under current liabilities in the condensed consolidated balance sheets. For the period from the Acquisition date through December 31, 2024, the Company recognized a gain of approximately $5.8 million on the change in fair value of convertible debts in the accompanying condensed consolidated statements of operations and comprehensive loss. As of the date of issuance of these condensed consolidated financial statements, the Company has not repaid the amount due and considered default of settlement.

(ii)

Exchangeable Note

On October 16, 2024, the Company issued an exchangeable note of approximately $5.4 million to Giant Wisdom Ventures Limited which bears interest at a fixed rate of 15% per annum and mature on January 16, 2025. The note is secured by a pledge of 5,000,000 shares of common stock of BKFC owned by the Company. As of December 31, 2024, the fair value of the note is approximately $6.8 million. As of the date of issuance of these condensed consolidated financial statements, the Company has not repaid the amount due and considered default of settlement.

(iii)

Convertible Promissory Note - Yorkville

On April 25, 2024, the Company entered into an amended and restated standby equity purchase agreement (the “First A&R SEPA”) with YA II PN, LTD, a Cayman Islands exempt limited partnership (“Yorkville”), and Triller Corp.

In connection with the A&R SEPA, Yorkville agreed to an advance to the Triller Corp in the form of convertible promissory notes in a principal amount up to approximately $8.51 million (the “First Pre-Paid Advance”). The First Pre-Paid Advance amounted to 94.0% of the principal amount to be drawn down. Interest shall accrue on the outstanding balance at an annual rate of 5%, subject to an increase to 18% upon an event of default as described in the agreement. The maturity date is 12 months after its issuance date.

On June 28, 2024, the Company, Triller Corp and Yorkville entered into the Second A&R SEPA to modify the First A&R SEPA dated April 25, 2024. Pursuant to the Second A&R SEPA, Yorkville provides to the Company financing in the principal amount of $25 million (the “Second Pre-Paid Advance”) in the form of an additional convertible promissory note, subject to the same terms in interest charge and maturity under the First Pre-Paid Advance. The Second Pre-Paid Advance amounted to 94.0% of the principal amount to be drawn down.

Yorkville may convert the First Pre-Paid Advance and Second Pre-Paid Advance into the common shares at any time after the Merger at a fixed conversion price equal to (i) the principal amount and interests, divided by (ii) the determination of the lower of (a) 100% of the volume weighted average price (“VWAP”) during the ten trading days preceding the closing date of the Merger (the “Fixed Price”), or (b) 92.5% of the lowest daily VWAP during the 10 consecutive trading days immediately preceding the conversion date or other date of determination (the “Variable Price”), provided that the Variable Price shall not be lower than the Floor Price. The “Floor Price”, solely with respect to the Variable Price, shall be equal to (i) a price equal to 40% of the average of the VWAPs during the ten (10) trading days immediately preceding the closing date of the Merger, and (ii) from and after the date of effectiveness of the initial registration statement, 40% of the VWAP of the trading day immediately prior to the date of effectiveness of the initial registration statement, if such price is lower than the price in part (i) of this sentence.

On July 2, 2024, the Company received approximately $23.35 million, net of approximately $0.15 million legal and professional fee as direct issuance costs incurred in arranging the Second A&R SEPA, from Yorkville. As of December 31, 2024, the Company issued convertible promissory notes in an aggregate of approximately $33.51 million to Yorkville.

Common Warrants to Yorkville

Also, pursuant to the First A&R SEPA and Second A&R SEPA, the Company issued a warrant (the “Common Warrant”) to Yorkville to purchase up to a number of shares of common stock of the Company equal to 25% of the principal amount of the aggregated pre-paid advances divided by a price equal to the Fixed Price, each such Common Warrant with an exercise price equal to the Fixed Price. On June 28, 2024, the Company issued 1,431,561 common warrants to Yorkville at a fixed exercise price of $5.85 per share (see Note 17).

The Company analyzed the conversion feature of the agreement for derivative accounting consideration under ASC 815 and determined that the embedded conversion features should be classified as a derivative because the exercise price of these convertible notes are subject to a variable conversion rate. The Company has determined that the conversion feature is not considered to be solely indexed to the Company’s own shares and is therefore not afforded equity treatment.

The Company recorded amortization of debt discount and direct issuance costs and accrued interest of convertible promissory notes payable in interest expense in the condensed consolidated statements of operations and comprehensive loss of approximately $2.2 million and $0.9 million for the three months ended March 31, 2025 and 2024, respectively.

On November 26, 2024, Yorkville initiated litigation against Triller, Triller Corp., Triller Hold Co LLC, and Convoy Global Holdings Limited (“Defendants”) by filing a motion for summary judgment in lieu of a complaint pursuant to NY CPLR 3213 (the “Motion”), seeking a judgment finding Defendants liable for all amounts allegedly owed under the convertible promissory note, including interest, plus costs, legal fees, and expenses incurred by Yorkville (see Note 25). As of the date of issuance of these condensed consolidated financial statements, the Company has not repaid the amount due and considered default of settlement.

NOTE 12 — WARRANTS

In connection with the Merger Transaction aforementioned in Note 4, the exercise prices for, and the shares underlying, all previously outstanding public warrants (“AGBA Public Warrants”), Class A warrants (“AGBA Class A Warrants”), and common warrants (“AGBA Common Warrants”) (collectively, “AGBA Warrants”) issued by AGBA were adjusted in accordance with the terms of such warrant instruments to reflect the previously announced and implemented 1.9365-to-1 Forward Split and 1-for-4 Reverse Split. An equitable adjustment with a combined ratio of 0.5:1 applied to the number of AGBA Ordinary Shares issuable on the exercise of each AGBA Warrants and the warrant price. Upon the closing, all warrants issued by AGBA and Triller Corp. were assigned to and assumed by Triller Group (“Triller Group Warrants”). Accordingly, as of the close of business acquisition on October 15, 2024, each AGBA Public Warrant and each AGBA SPAC Private Warrant became one Triller Group Warrant which entitles the holder thereof to purchase 0.25 shares of Triller Group Common Stock at an adjusted exercise price of $23.00 per whole share (provided, however, warrants are not exercisable for fractional shares, only whole shares; thereby a warrant holder would need to hold four warrants to yield one share). Each AGBA Class A Warrant and each AGBA Common Warrant became one Triller Group Warrant which entitles the holder thereof to purchase 0.5 shares of Triller Group Common Stock at an adjusted exercise price of two times of the original exercise price per whole share (provided, however, warrants are not exercisable for fractional shares, only whole shares; thereby a warrant holder would need to hold two warrants to yield one share). AGBA Public Warrants started trading on a post-adjustment basis as Triller Group Warrants on October 16, 2024 under the new ticker symbol “ILLRW”. All the warrants and their exercise prices are retroactively restated in effect to the forward stock split and reverse stock split (see Note 19).

The Company has issued different classes of warrants, as follows:

Equity Classified Warrants

(a)	Public Warrants

Once the warrants become exercisable, the Company may call the outstanding warrants (including any outstanding warrants issued upon exercise of the unit purchase option issued to Maxim Group LLC) for redemption:

●

in whole and not in part;

●

at a price of $0.01 per warrant;

●

upon a minimum of 30 days’ prior written notice of redemption,

● if, and only if, the last sales price of the common stock equals or exceeds $3316.0050 per share for any 20 trading days within a 30 trading day period ending three business days before the Company send the notice of redemption, and

●

if, and only if, there is a current registration statement in effect with respect to the common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

If the Company calls the warrants for redemption as described above, the management of the Company will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the whole warrants for that number of common ~~stocks~~stock equal to the quotient obtained by dividing (x) the product of the number of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Whether the Company will exercise ~~our~~its option to require all holders to exercise their warrants on a “cashless basis” will depend on a variety of factors including the price of ~~the~~its common stock at the time the warrants are called for redemption, the Company’s cash needs at such time and concerns regarding dilutive share issuances.

The public warrants qualify for the derivative scope exception under ASC 815 and are therefore presented as a component of ~~Stockholders~~stockholders’ ~~Equity~~(deficit) ~~Section~~equity on the condensed consolidated balance sheets without subsequent fair value re-measurement.

As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, ~~there~~ there were XX and 4,600,000 public warrants of Triller Group Warrants outstanding.

~~Other~~(b) ~~than~~Replacement the public warrants, the Company has accounted for and presented certain warrants as liabilities on the condensed consolidated balance sheets, in accordance with ASC 480. The fair value of the warrant liabilities is valued by an independent valuer using a Binominal pricing model. The warrant liabilities were classified as Level 3 due to the use of unobservable inputs.Warrants

~~SPAC~~On ~~Private~~October 15, 2024, pursuant to the Merger Agreement, the Company issued 49,697,115 Triller Group Replacement Warrants to replace Triller Corp. warrants. Each replacement warrant entitles the holder thereof to purchase one share of common stock at a price of $3.1946 per full share, subject to adjustment as discussed herein.

The SPAC private warrants are identical to the public warrants, except that the SPAC private warrants and the common stocks issuable upon the exercise of the SPAC private warrants were not transferable, assignable or salable until after the completion of the business combination on November 14, 2022, subject to certain limited exceptions. Additionally, the SPAC private warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the SPAC private warrants are held by someone other than the initial purchasers or their permitted transferees, the SPAC private warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants at a price of $23.00 per full share.32

AsThe ofreplacement ~~September~~warrants ~~30,~~may ~~2024~~be ~~and~~exercised ~~December~~in full ~~31,~~or ~~2023,~~in part during the exercise period from the issue date to 2028. The holders will have the option to exercise warrants on a “cashless ~~there~~exercise.” ~~were~~In ~~225~~such event,~~000~~ ~~SPAC~~each ~~private~~holder would pay the exercise price by surrendering the whole warrants ~~outstanding,~~for ~~with~~that ~~aggregate~~number ~~value~~of shares equal to the quotient obtained by dividing (x) the product of $8the number of shares underlying the warrants,~~102~~ multiplied by the difference between the exercise price of the warrants and ~~nil,~~the ~~respectively~~“fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the volume average reported last sale price of the shares for the 10 trading days prior to the exercise date.

~~The~~As ~~changes~~of inMarch ~~fair~~31, ~~value~~2025 ~~for the three~~ and ~~nine~~December ~~months ended September 30~~31, 2024, there were ~~$(981)~~XX and $849,~~102~~697,115 replacement warrants of Replacement Warrants outstanding, respectively.

~~The~~Liability ~~changes~~Classified ~~in fair value for the three and nine months ended September 30, 2023 were $1,106 and $3,481, respectively.~~Warrants

29(a) Warrant - Class A

~~TRILLER~~On ~~GROUP~~May ~~INC~~2, 2024, the Company issued 3,557,932 shares of common stock and the associated warrants to purchase up to 734,920 shares of common stock at a purchase price of $1.40 per share under the private placement, to an institutional investor, a director, officers and employees of the Company. The subscribers in private placement will receive one Warrant – Class A for every five shares of common stock subscribed. Each Warrant – Class A entitles the holder to purchase 0.5 share of common stock at an exercise price of $2.00 per share and shall be exercised with more than $500,000 per tranche. The warrants will be exercisable six months after the issuance date for a period of five years after the exercise date.

~~(Formerly~~As ~~AGBA~~of March 31, 2025 and December 31, 2024, there were XXX and 1,469,840 Warrants - Class A of Triller Group ~~Holding~~Warrants ~~Limited)~~outstanding, respectively, with aggregate value of approximately $1.0 million and nil, respectively.

~~NOTES~~(b) TOCommon ~~UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~Warrants

~~FOR~~On ~~THE~~June ~~THREE~~28, ~~AND~~2024, ~~NINE~~the ~~MONTHS~~Company ~~ENDED~~issued ~~SEPTEMBER~~1,431,561 common 30warrants to Yorkville, ~~2024~~in ~~AND~~connection ~~2023~~with the Second A&R SEPA (see Note 16). Each common warrant entitles the holder to purchase 1 share of common stock with an exercise price of $5.85 per share.

~~(Currency~~As ~~expressed~~of inMarch ~~United~~31, ~~States~~2025 ~~Dollars~~and ~~(“US$”)~~December 31, ~~except~~2024, ~~for~~there were ~~number~~XX and 1,431,561 common warrants of ~~shares)~~Triller Group Warrants outstanding, respectively.

~~Warrants~~The Company has accounted for and presented Warrant – Class A and Common Warrants as liabilities on the condensed consolidated balance sheets, in accordance with ASC 480. The fair value of the warrant liabilities is valued by an independent valuer using a Binominal pricing model. The warrant liabilities were classified as Level 3 due to the use of unobservable inputs.

On May 2, 2024, the Company issued 3,557,932 shares of common stock and the associated warrants to purchase up to 734,920 shares of common stock at a purchase price of $1.40 per share under the private placement, to an institutional investor, a director and officers of the Company. The subscribers in private placement will receive one warrant – class A for every five shares of common stock subscribed. Each warrant – class A entitles the holder to purchase 0.5 share of common stock at an exercise price of $2.00 per share and shall be exercised with more than $500,000 per tranche. The warrants will be exercisable six months after the issuance date for a period of five years after the exercise date.

As of September 30, 2024 and December 31, 2023, there were 1,469,840 and nil warrants - class A outstanding, respectively, with aggregate value of $1,896,657 and nil, respectively.

The changes in fair value for the three and nine months ended September 30, 2024 were $156,864 and $1,896,657 respectively.

Common Warrants

One June 28, 2024, the Company issued 2,957,008 common warrants to Yorkville, in connection with the Second A&R SEPA, representing $8,377,500 or 25% of the $33,510,000 the aggregate principal amount of the First Pre-Paid Advance and the Second Pre-Paid Advance (see Note 5). Each common warrant entitles the holder to purchase 0.5 share of common stock with an exercise price of $5.67 per share.

As of September 30, 2024 and December 31, 2023, there were 2,957,008 and nil common warrants outstanding, respectively, with aggregate value of $2,376,695 and nil, respectively.

The changes in fair value for the three and nine months ended September 30, 2024 were $476,167 and $2,376,695, respectively.

The key inputs into the Binominal pricing model were as follows at their measurement dates:

										As of
	As of March 31, 2025
	As of September 30, 2024									December 31, 2023
	Common Warrants			Warrants – Class A
		Common Warrants			Warrants – Class A			SPAC Private Warrants			SPAC Private Warrants
Input
Input
Share price	$	2.38		$	2.38
Share price	$	3.32		$	3.32		$	3.32		$	0.49
Risk-free interest rate		4.38	%		4.37	%
Risk-free interest rate		3.56	%		3.56	%		3.56	%		4.04	%
Volatility		52.67	%		52.71	%
Volatility		51.68	%		51.72	%		50.80	%		48.66	%
Exercise price	$	5.85		$	2.00
Exercise price	$	5.67		$	2.00		$	23.00		$	23.00
Warrant remaining life (years)		4.49			4.84
Warrant remaining life		4.74 years			5.09 years			1.88 years			2.63 years

3033

~~TRILLER~~NOTE ~~GROUP~~13 ~~INC.~~— OPERATING LEASES

~~(Formerly~~The ~~AGBA~~Company ~~Group~~has ~~Holding~~entered ~~Limited)~~into a commercial operating lease with an independent third party for the use of an office in Hong Kong. The lease has an original term exceeding 1 year, but not more than 3 years with an option to renew a further term of 3 years. The operating leases are included in “Right-of-use asset, net” on the condensed consolidated balance sheets and represents the Company’s right to use the underlying assets during the lease term. The Company’s obligation to make lease payments are included in “Operating lease liabilities” on the condensed consolidated balance sheets.

~~NOTES~~Supplemental TObalance ~~UNAUDITED~~sheet ~~CONDENSED~~information ~~CONSOLIDATED~~related to ~~FINANCIAL~~the ~~STATEMENTS~~operating lease was as follows:

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

	As of
	March 31, 2025			December 31, 2024
Operating lease:
Right-of-use asset	$	12,626		$	12,512
Less: accumulated amortization and impairment		(12,626	)		(1,004	)
Right-of-use asset, net	$	—		$	11,508

Lease liabilities:
Current lease liabilities	$	1,867		$	1,229
Non-current lease liabilities		807			10,646
Total lease liabilities	$	2,674		$	11,875

~~(Currency~~Operating ~~expressed~~lease inexpense ~~United~~for ~~States~~the ~~Dollars~~three ~~(“US$”)~~months ended March 31, ~~except~~2025 ~~for~~and ~~number~~2024 ofwas ~~shares)~~approximately $2.6 million and $1.5 million, respectively.

~~NOTE~~In 14December －2024, ~~STOCKHOLDERS’~~the ~~(DEFICIT)~~Company ~~EQUITY~~assessed that due to change of operation strategy in its financing service business, the Company believes that the right-of-use asset may not generate economic benefits in the foreseeable future. The Company considered it is reasonably certain not to exercise the renewal option and remeasured the right-of-use assets and corresponding lease liabilities as of the effective date of modification. The Company recorded a reduction in operating right-of-use assets and lease liabilities of approximately $8 million for the three months ended March 31, 2025 and 2024. Consequently, the Company recorded impairment of right-of-use asset of approximately $1.7 million during the three months ended March 31, 2025 and 2024.

ToOther ~~date,~~supplemental information about the Company’s ~~common stock is currently~~ ~~traded~~operating onlease ~~the~~as ~~Nasdaq~~of ~~Capital~~March ~~Market~~31, ~~under~~2025 ~~the~~and ~~symbol~~December ~~“ILLR”~~31, ~~which~~2024 ~~was~~are ~~previously~~as ~~traded under the symbol “AGBA.”~~follow:

On October 15, 2024, the Company changed its domicile from British Virgin Islands to the State of Delaware.

	As of
	March 31, 2025			December 31, 2024
Weighted average discount rate		5.25	%		6.58	%
Weighted average remaining lease term (years)		1.42			5.42

~~Preferred~~Maturities of operating lease liabilities as ~~Stock~~of March 31, 2025 were as follows:

On October 15, 2024, the Company filed its articles of incorporation with the Secretary of State of Delaware, to authorize shares of preferred stock and provide that shares of preferred stock may be issued from time to time in one or more series. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.

For the year ending March 31,	Operating lease
2025	$	1,952
2026		814
Total minimum lease payments		2,766
Less: imputed interest		(92	)
Total operating lease liabilities	$	2,674

To date, the Company has authorized a total of 100,000,000 shares of preferred stock. Of this amount the Company has designated 11,803,398 shares and 35,000 shares to two classes of preferred stock, Series A-1 Preferred Stock and Series B Preferred Stock, respectively.34

NOTE 14 — STOCKHOLDERS’ (DEFICIT) EQUITY

(a)	Common Stock

The Company has 150,000,000,000 authorized shares of common stock, with a par value of $0.001 per share.

During the three months ended March 31, 2025, the Company issued XX shares of common stock as follows:

(i)	167,586 shares of common stock to the directors and officers of the Company under the Share Award Scheme (the “Scheme”), whose shares were vested in 2023.

(ii)	8,079,002 shares of common stock to a director, officers and employees of the Company to compensate for the contributions of their services and performance.

(iii)

3,157,068 shares of common stock to certain consultants to compensate their services rendered which included 636,899 shares issued to a related company owned by the former Chairman of the Company for advisory services. As of December 31, 2024, the unrecognized deferred equity compensation amounting to approximately $6.4 million was recorded and will be amortized over the remaining service period.

(iv)	484,125 shares of common stock to Apex Twinkle Limited to partially settle the finder fee payable.

(v)

3,557,932 shares of common stock and the associated warrants to purchase 734,920 shares of common stock at a purchase price of $1.45 per share under the private placement, to an institutional investor, a director, officers and employees of the Company, on May 2, 2024. Among 3,557,932 shares of common stock, in December 2023, the Company received gross proceeds of approximately $1.9 million from an institutional investor in exchange of 1,279,688 shares of common stock and settled the accrued salaries of approximately $1.2 million with an aggregate of 859,564 shares of common stock to a director, officers and employees of the Company. The remaining 1,418,680 shares of common stock were issued to a director of the Company.

(vi)

3,558,319 shares of common stock to stockholder of Investment H in September 2024 with the aggregate fair value of approximately $18.5 million, at the current market value of $2.51 per share in exchange of 285,353 units of Class C of Investment H, equal to 3.79% of its equity interest. (see Note 10(c))

(vii)

1,306,970 shares of common stock for the settlement of the accrued salaries and salaries incurred during the year to the directors and officers.

(viii)

290,475 shares of common stock to the independent directors of the Company under the 2024 Equity Incentive Plan.

(ix)	480,426 shares of common stock to Yorkville as a commitment fee pursuant to A&R SEPA. (see Note 16(iii))

(x)	83,468,631 shares of common stock to the Triller Corp stockholders in connection with the Merger Transaction. (see Note 4)

(xi)	183,815 shares of common stock for settlement of claims that relate to the affairs of Triller Corp. prior to the Closing date with common stock held in escrow. (see Note 4)

(xii)

168,477 fractional shares of common stock resulting from rounding up to whole shares upon the effectiveness of Reverse Split.

There were XX and 138,143,817 shares of common stock issued and outstanding, as of March 31, 2025 and December 31, 2024, respectively.

To the date of the accompanying condensed consolidated financial statements issued, there were 197,266,991 shares of common stock issued and outstanding. The subsequent issuance of common stocks is listed from (i) to (vii) in Note 26.

For the three months ended March 31, 2025 and 2024, the Company recorded approximately $77.8 million and $11.2 million stock-based compensation expense, respectively which is included in the personal and benefit expense and legal and professional fee in the condensed consolidated statements of operations and comprehensive loss.

(b)	Preferred Stock

The Company has authorized a total of 100,000,000 shares of preferred stock with a par value of $0.001 per share. Of this amount the Company has authorized 50,000,000 shares and 50,000,000 shares to two classes of preferred stock, Series A-1 Preferred Stock and Series B Preferred Stock, respectively.

A description of each class of preferred stock is listed below:

Series A-1 Preferred Stock

The Company designated up to 11,803,398 shares as Series A-1 Preferred Stock, with a par value of $0.001 per share. Each share of Series A-1 Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of common stock.

~~There~~In ~~were~~connection ~~nil~~with the Merger Transaction, the Company issued 11,801,804 shares of Series A-1 Preferred Stock ~~issued~~to ~~and~~the ~~outstanding as~~holders of ~~September~~Triller ~~30,~~Corp ~~2024~~preferred stock and ~~December 31~~11,801,804 ~~2023~~shares of Series A-1 Preferred Stock to be issued to Giant Wisdom Ventures Limited.

There were XX and 11,801,804 shares of Series A-1 Preferred Stock issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

Series B Preferred Stock

The Company designated up to 35,000 shares of Series B Preferred Stock, with a par value of $0.001 per share. Each share of Series B Preferred Stock shall be entitled to 10,000 votes for each share of Series B Preferred Stock held by such holder.

~~There~~In ~~were~~connection ~~nil~~with the Merger Transaction, the Company issued 30,851 shares of Series B Preferred Stock ~~issued~~to ~~and~~Green ~~outstanding as~~Nature ofLimited, ~~September~~an ~~30,~~affiliate ~~2024~~of ~~and~~the ~~December~~Company’s ~~31,~~majority ~~2023~~stockholder.

There were XX and 30,851 shares of Series B Preferred Stock issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

~~TRILLER~~(c) ~~GROUP~~Preferred ~~INC.~~Stock To Be Issued

~~(Formerly~~There ~~AGBA~~were ~~Group~~11,801,804 shares ~~Holding~~of ~~Limited~~Series A-1 preferred stock to be issued in connection with the Merger Transaction which were subsequently settled with 11,807,332 common stocks in March 2025 (see Note 4).

~~NOTES~~(d) TOCommon ~~UNAUDITED~~Stock ~~CONDENSED~~To ~~CONSOLIDATED~~Be ~~FINANCIAL STATEMENTS~~Issued

~~FOR~~The ~~THE~~Company ~~THREE~~has ~~AND~~committed ~~NINE~~to ~~MONTHS~~issue ~~ENDED~~common ~~SEPTEMBER~~stocks as ~~30,~~compensation ~~2024~~for ~~AND 2023~~services:

(~~Currency~~i) ~~expressed~~9,672,500 incommon ~~United~~stocks ~~States~~to ~~Dollars~~a ~~(“US$”),~~consultant ~~except~~under ~~for~~a ~~number~~consulting ~~of shares)~~agreement.

~~Common Stock~~ (orii) ~~equivalent~~5,340,211 common stocks to ~~ordinary~~directors, ~~shares)~~officers and employees under equity incentive plans for their service and performance

~~Forward~~There were 15,022,711 and ~~Reverse~~2,350,081 ~~Stock~~shares ~~Splits~~of common stock to be issued, as of March 31, 2025 and 2024, respectively.

On October 1, 2024, the Company effected a 1.9365-to-1 forward stock split (the “Forward Split”), resulting increase in the total number of authorized ordinary shares from 1,500,000,000 to 2,904,753,145, increase in the outstanding ordinary shares from 97,736,035 shares to 189,265,804 shares and reduction of par value from $0.001 to $0.000516395 per share.36

~~Further, on October 15, 2024, immediately prior to the completion of the redomiciliation and merger transaction, the Company effected a 1-for-4 reverse stock split~~ (~~the “Reverse Split”~~e), ~~resulting in~~Common ~~the~~Stock ~~proportional~~Held ~~adjustments~~In to the par value of the ordinary shares, the authorized number of ordinary shares, and the number of outstanding ordinary shares. Proportional adjustments were also made to all outstanding stock options, warrants, and common warrants in accordance with their respective terms. The Reverse Split did not change the par value of the Company’s common stock or the authorized number of shares. All fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock. All share and warrant numbers and per share amounts are retroactively presented in this Form 10-Q to reflect the impact of the Forward Split and the Reverse Split as if they had taken effect on January 1, 2023.Escrow

ToThere ~~date,~~were ~~the Company has 1~~24,~~400~~206,~~000,000 authorized~~246 shares of common stock, ~~with~~deposited ainto ~~par~~an ~~value~~escrow account in the name of ~~$0.001~~the ~~per~~Company, ~~share~~acting as escrow agent, in connection with the Merger Transaction (see Note 4).

During the ~~nine~~three months ended ~~September~~March 3031, 2025 and 2024, ~~the~~ ~~Company~~183,815 ~~issued~~and ~~14,076,317~~nil shares common stock held in escrow are transferred out to settle claims that relate to the affairs of Triller Corp. prior to the Closing date with common stock asheld ~~follows:~~in escrow.

~~(i)~~There ~~167~~were XX and 24,~~586~~022,431 shares of common stock toheld ~~the~~in ~~directors~~escrow issued and ~~officers~~outstanding as of ~~the~~March ~~Company~~31, ~~under~~2025 ~~the~~and ~~Share Award Scheme (the “Scheme”)~~2024, ~~whose shares were vested in 2023~~respectively.

(iif) ~~1,325,458~~Forgiveness ~~shares~~ of ~~common~~Amount ~~stock~~Due to the ~~employees~~Holding ~~of the~~ Company ~~to compensate for the contributions of their services and performance.~~

~~(iii)~~During ~~2,520,169~~the ~~shares~~three ofmonths ~~common~~ended ~~stock~~March to31, ~~certain~~2025 and ~~consultants~~2024, tothe ~~compensate~~holding ~~their~~company ~~services~~of ~~rendered.~~the AsCompany ofagreed ~~September~~to ~~30,~~forgive ~~2024,~~a ~~the~~debt ~~unrecognized~~of ~~deferred~~nil ~~equity~~and ~~compensation~~approximately ~~amounting~~$12.6 tomillion $7,~~994,977~~ ~~was recorded~~ in ~~the~~aggregate, ~~additional~~respectively representing ~~paid-in~~certain ~~capital~~amounts ~~and~~due ~~will~~to beit ~~amortized~~and ~~over~~treat ~~the~~as ~~remaining~~additional ~~service~~paid-in ~~period~~capital.

(ivg) ~~484,125~~2023 ~~shares~~Share ofAward ~~common~~Scheme ~~stock to Apex Twinkle Limited to partially settle~~ (the ~~finder fee payable.~~“Scheme”)

(v) 3,557,932 shares of common stock and the associated warrants to purchase 711,586 shares of common stock at a purchase price of $1.45 per share under the private placement, to an institutional investor, a director and officers of the Company, on May 2, 2024. Among 3,557,932 shares of common stock, in December 2023, the Company received gross proceeds of $1,850,314 from an institutional investor in exchange of 1,279,688 shares of common stock and settled the accrued salaries of $1,242,850 with an aggregate of 859,564 shares of common stock to a director and officers of the Company. The remaining 1,418,680 shares of common stock were issued to a director of the Company.

(vi) 3,558,319 shares of common stock to a consultant to compensate services for a period of two years commenced in September 2024 and to receive the warrant containing a purchase option to acquire the equity interest of the consultant, with the aggregate fair value of $18,456,585, at the current market value of $2.51 per share. Under the consulting agreement, the Company received the warrant to purchase 285,353 units of Class C of the consultant, equal to 4.11% of its equity interest, at an exercise price of $0.001 per unit, over a period of 5 years. During the three and nine months ended September 30, 2024, the Company recorded $520,000 and $520,000 of consultancy service fee, respectively in the unaudited condensed consolidated statements of operations and comprehensive loss. As of September 30, 2024, the unrecognized deferred equity compensation amounting to $11,908,485 was recorded in the additional paid-in capital and will be amortized over the remaining service period and $6,028,100 of long-term investments, net in the condensed consolidated balance sheets.

(vii) 702,726 shares of common stock for the settlement of the accrued salaries to the directors and officers.

(viii) 58,095 shares of common stock to the independent directors of the Company under the 2024 Equity Incentive Plan.

(ix) 636,899 shares of common stock to a related company which owned by the Chairman of the Company to compensate for the advisory services rendered.

(x) 604,244 shares of common stock for the settlement of the accrued director’s fee to the Chairman of the Company.

(xi) 459,919 shares of common stock to the employees and officers of the Company to compensate for their services and performance.

(xii) 845 fractional shares of common stock resulting from rounding up to whole shares upon the effectiveness of Reverse Split.

There were 47,317,308 and 33,240,991 shares of common stock issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively.

During the three months ended September 30, 2024 and 2023, the Company recorded $2,564 and $2,150,680 share-based compensation expense, respectively which is included in the legal and professional fee in the unaudited condensed consolidated statements of operations and comprehensive loss.

During the nine months ended September 30, 2024 and 2023, the Company recorded $218,012 and $8,026,400 share-based compensation expense, respectively which is included in the legal and professional fee in the unaudited condensed consolidated statements of operations and comprehensive loss.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Common Stock To Be Issued

There were nil and 2,350,081 shares of common stock to be issued, as of September 30, 2024 and December 31, 2023, respectively.

Subscription Receivable

Subscription receivable is related to the private placement commenced in November 2023, whose common stocks were issued to a director of the Company on May 2, 2024. The gross proceed of $2,051,280 in relation to the corresponding 1,418,680 shares of common stock is expected to be settled by the director of the Company on or before December 31, 2024.

Forgiveness of Amount Due to the Holding Company

During the nine months ended September 30, 2024 and 2023, the holding company of the Company agreed to forgive a debt of nil and $12,593,384, in aggregate, respectively, representing certain amount due to it and treat as additional paid-in capital.

2023 Share Award Scheme

Pursuant to the Share Award Scheme, the Company filed S-8 registration statement to register up to 5,652,352 shares of common stock on February 24, 2023.

The fair value of the common stock granted during the period is measured based on the closing price of the Company’s common stocks as reported by Nasdaq Exchange on the date of grant. For those vested immediately on the date of grant, the fair value is recognized as ~~share~~stock-based compensation expense in the ~~unaudited~~ condensed consolidated statements of operations and comprehensive loss.

As(h) ofRestricted ~~September~~Share ~~30,~~Units ~~2024, 491,797 shares of common stock are available to issue under this plan.~~(“RSUs”)

During the three months ended September 30, 2024 and 2023, the Company recorded nil and nil share-based compensation expense, respectively which is included in the personnel and benefit expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.

During the nine months ended September 30, 2024 and 2023, the Company recorded $1,565,880 and nil share-based compensation expense, respectively which is included in the personnel and benefit expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Restricted Share Units (“RSUs”)

In December 2022, the Company approved and granted 2,420,625 shares of common stock as RSUs to employees and consultants as additional compensation under the Scheme. These RSUs typically will be vested over one to four years period from 2023 to 2026.

For the RSUs, the fair value is recognized over the period based on the derived service period (usually the vesting period), on a straight-line basis. The valuations assume no dividends will be paid. The Company has assumed 10% forfeitures.

OnAs ~~January~~of 22March 31, ~~2024~~2025 and ~~June~~December 1831, ~~2024,~~XX ~~the Company~~and ~~issued 161~~2024,~~775~~ ~~and 5~~388,~~811~~683 shares of common stock, ~~respectively,~~are available to ~~the~~issue ~~directors and officers of the Company~~ under ~~the~~this ~~Scheme, whose shares were vested in 2023~~plan.

During the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, the Company recorded approximately $~~250,567~~0.8 million and $1~~,317,600~~.9 ~~share~~million stock-based compensation expense, respectively which is included in the ~~personal~~ personnel and benefit expenses in the ~~unaudited~~ condensed consolidated statements of operations and comprehensive loss.

~~During~~As ~~the~~of ~~nine~~March ~~months~~31, ~~ended~~2025 ~~September~~and 30December 31, 2024, total ~~and~~unrecognized ~~2023,~~compensation ~~the~~remaining ~~Company~~to ~~recorded~~be ~~$751,701~~recognized ~~and~~in ~~$3,952,800~~future ~~share-based~~periods ~~compensation~~for ~~expense,~~RSUs ~~respectively~~totaled ~~which~~approximately is$0.7 ~~included~~million. inThey ~~the~~are ~~personal~~expected ~~and~~to ~~benefit~~be ~~expenses~~recognized inover the ~~unaudited~~weighted ~~condensed~~average ~~consolidated~~period ~~statements~~ of ~~operations~~1.37 ~~and comprehensive loss~~years.

As of September 30, 2024 and December 31, 2023, total unrecognized compensation remaining to be recognized in future periods for RSUs totaled $1.2 million and $1.9 million, respectively. They are expected to be recognized over the weighted average period of 1.08 years.37

A summary of the activities for the Company’s RSUs as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 is as follow:

	As of
	As of December 31,
	September 30, 2024						December 31, 2023
	March 31, 2025						December 31, 2024
	Number of RSUs			Weighted Average Grant Price			Number of RSUs			Weighted Average Grant Price
Outstanding, beginning of period/year		634,072		$	2.47			2,420,625		$	2.47
Outstanding, beginning of year		388,683		$	2.47			634,072		$	2.47
Vested		—		$	—			(167,770	)	$	2.47
Granted		—		$	—			—	)	$	—
Forfeited		(142,275	)	$	(2.47	)		(1,618,783	)	$	(2.47	)
Vested			)	$	2.47			(95,525	)	$	2.47
Outstanding, end of period/year		491,797		$	2.47			634,072		$	2.47
Forfeited			)	$	2.47			(149,864		$	2.47
Outstanding, end of year				$	2.47			388,683		$	2.47

(i) 2024 Equity Incentive Plan

Pursuant to the 2024 Equity Incentive Plan (the “2024 Plan”), the Company filed S-8 registration statement to register 7,746,000 shares of common stock on August 29, 2024.

The fair value of the common stock granted during the period is measured based on the closing price of the Company’s common stock as reported by Nasdaq Exchange on the date of grant. For those vested immediately on the date of grant, the fair value is recognized as ~~share~~stock-based compensation expense in the ~~unaudited~~ condensed consolidated statements of operations and comprehensive loss.

As of ~~September~~March 3031, 2025 and December 31, 2024, XX and 36,016 shares of common stock are available to issue under this plan.

~~During~~NOTE ~~the~~15 ~~three~~— ~~months~~INCOME ~~ended~~TAX September 30, 2024, the Company recorded $3,059,390 and $764,923 share-based compensation expense, respectively which is included in the personal and benefit expenses and legal and professional fee, respectively in the unaudited condensed consolidated statements of operations and comprehensive loss.EXPENSE

~~During~~The ~~the~~provision ~~nine~~for ~~months~~income ~~ended~~tax ~~September 30, 2024, the Company recorded $3,059,390 and $764,923 share-based compensation~~ expense, ~~respectively which is included in the personal and benefit~~consisted ~~expenses~~of in the ~~unaudited condensed consolidated statements of operations and comprehensive loss.~~following:

	For the three months ended March 31,
	2025		2024
U.S.	$	—	$	—
Other than U.S.		—		287
Income tax expense	$	—	$	287

TRILLER GROUP INC.

	For the three months ended March 31,
	2025		2024
Current tax	$	—	$	332
Deferred tax		—		(45	)
Income tax expense	$	—	$	287

~~(Formerly~~The ~~AGBA~~Company’s ~~Group~~subsidiaries ~~Holding~~mainly ~~Limited)~~operate in Hong Kong and the U.S. that are subject to taxes in the jurisdictions in which they operate, as follows:

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 15 － OPERATING EXPENSES

Commission Expense

Pursuant to the terms of respective contracts, commission expense represents certain premiums from insurance or investment products paid to agents. Commission rates vary by market due to local practice, competition, and regulations. The Company charged commission expense on a systematic basis that is consistent with the revenue recognition.

During the three months ended September 30, 2024 and 2023, the Company recorded $1,934,131 and $8,915,811 commission expenses, respectively.

During the nine months ended September 30, 2024 and 2023, the Company recorded $7,696,943 and $28,195,740 commission expenses, respectively.

Personnel and Benefit Expense

Personnel and benefit expense mainly consisted of salaries and bonus paid and payable to the employees of the Company.

During the three months ended September 30, 2024 and 2023, the Company recorded $6,826,869 and $7,764,353 personnel and benefit expense, respectively.

During the nine months ended September 30, 2024 and 2023, the Company recorded $18,364,075 and $22,671,813 personnel and benefit expense, respectively.

Legal and Professional Fees

Legal and professional fees mainly consisted of certain professional consulting services in legal, audit, accounting and taxation, and others.

During the three months ended September 30, 2024 and 2023, the Company recorded $2,843,599 and $3,530,585 legal and professional fees, respectively.

During the nine months ended September 30, 2024 and 2023, the Company recorded $5,456,693 and $12,500,587 legal and professional fees, respectively.

Other General and Administrative Expenses

The Company incurred different types of expenditures under other general and administrative expenses. They primarily consist of depreciation of property and equipment and management fee expenses which are allocated for certain corporate office expenses.

During the three months ended September 30, 2024 and 2023, the Company recorded $1,152,530 and $805,785 other general and administrative expenses, respectively.

During the nine months ended September 30, 2024 and 2023, the Company recorded $3,440,851 and $2,242,167 other general and administrative expenses, respectively.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 16 － INCOME TAXES

The provision for income taxes consisted of the following:

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Income tax expense	$	37,335	$	55,886	$	98,091	$	55,606

The Company’s subsidiaries mainly operate in Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

~~Upon~~The ~~the~~Company ~~redomiciliation~~is ~~from~~formed ~~the~~in ~~British Virgin Islands to~~ the State of Delaware, the Company is ~~subjected~~subject to the federal income tax rate of 21%.

British Virgin Islands

The Company’s subsidiaries are incorporated in the British Virgin Islands ~~are~~and is not subject to taxation. In addition, upon payments of dividends by these entities to their ~~stockholder~~stockholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

The Company’s subsidiaries operating in Hong Kong isare subject to the Hong Kong Profits Tax at the income tax rates ranging from 8.25% to 16.5% on the assessable income arising in Hong Kong during its tax year.

~~The~~For ~~following~~the three months ended March 31, 2025 and ~~table~~2024, ~~sets~~Hong ~~forth~~Kong ~~the~~profits ~~significant~~tax ~~components~~is ofcalculated in accordance with the ~~deferred~~two-tiered profits tax ~~assets~~rates ofregime. The applicable tax rate for the first ~~Company~~HK$ as2 million of ~~September~~assessable ~~30,~~profits ~~2024~~is 8.25% and ~~December~~assessable 31profits above HK$ 2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, ~~2023:~~effective from the year of assessment 2018/2019.

	As of
	September 30, 2024			December 31, 2023
Deferred tax assets, net:
Net operating loss carryforwards	$	12,861,058		$	8,909,692
Less: valuation allowance		(12,861,058	)		(8,909,692	)
Deferred tax assets, net	$	—		$	—

The reconciliation of income tax rate to the effective income tax rate based on loss before income tax expense for the three months ended March 31, 2025 and 2024 are as follows:

	For the three months ended March 31,
	2025			2024

Loss before income taxes	$	(1,138,036	)	$	(48,919	)
Statutory income tax rate		16.5	%		16.5	%
Income tax expense at statutory rate		(187,776	)		(8,072	)
Income not subject to taxes		(7,641	)		(2,563	)
Non-deductible items:
- Share based compensation		12,833			1,854
- Investment loss		2,635			1,135
- Others (a)		178,777			—
Effect of difference tax jurisdiction		(309	)		—
Under provision of prior years		—			221
Change in valuation allowance		1,481			7,733
Tax holiday		—			(21	)
Income tax expense	$	—		$	287

Note:

(a)	For the three months ended December 31, 2024, other non-deductible expenses mainly consisted of impairment loss on goodwill and other non-current assets.

The following table sets forth the significant components of the deferred tax assets of the Company as of March 31, 2025 and December 31, 2024:

	As of
	March 31, 2025			December 31, 2024
Deferred tax assets, net:
Net operating loss carryforwards	$	10,446		$	8,909
Less: valuation allowance		(10,446	)		(8,909	)
Deferred tax assets, net:	$	—		$	—

The movement of valuation allowance is as follows:

	As of
	For the three months ended March 31,
	September 30, 2024			December 31, 2023
	2025			2024
Balance as of beginning of the period/year	$	(8,909,692	)	$	(5,461,370	)
Balance as of beginning of the period	$	(8,909	)	$	(5,461	)
Addition		(3,951,366	)		(3,448,322	)
Additions		(1,537	)		(3,448	)
Balance as of end of the period/year	$	(12,861,058	)	$	(8,909,692	)
Balance as of end of the period	$	(10,446	)	$	(8,909	)

3639

~~TRILLER~~As ~~GROUP~~of ~~INC~~Mrach 31, 2025 and December 31, 2024, the operations incurred approximately $61.5 million and $54.0 million, respectively of cumulative net operating losses, which can be carried forward to offset future taxable income. Net operating loss can be carried forward indefinitely but cannot be carried back to prior years. There are no group relief provisions for losses or transfers of assets under Hong Kong tax regime. Each company within a corporate group is taxed as a separate entity. The Company has provided for a full valuation allowance against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes that it is more likely that not all of these assets will be realized in the future. The valuation allowance is reviewed annually.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

As of September 30, 2024 and December 31, 2023, the operations incurred $78.0 million and $54.0 million, respectively of cumulative net operating losses which can be carried forward to offset future taxable income. Net operating loss can be carried forward indefinitely but cannot be carried back to prior years. There are no group relief provisions for losses or transfers of assets under Hong Kong tax regime. Each company within a corporate group is taxed as a separate entity. The Company has provided for a full valuation allowance against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes that it is more likely than not that these assets will not be realized in the future. The valuation allowance is reviewed annually.

Uncertain tax positions

The Company evaluates the uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and ~~measure~~measures the unrecognized benefits ~~associated~~ associated with the tax positions. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company did not have any significant unrecognized ~~uncertain~~ uncertain tax positions. The Company ~~incurred~~did ~~and~~not ~~settled~~incur ~~minimal~~any interest and penalties related to potential underpaid income tax expenses for the ~~nine~~three months ended ~~September~~March 3031, 2025 and 2024 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from ~~September~~March 3031, ~~2024~~2025.

NOTE 1716 －— ~~SEGMENT~~RELATED ~~INFORMATION~~PARTY BALANCES AND TRANSACTIONS

The ~~following~~table ~~tables~~below ~~present~~sets ~~the~~forth ~~summary~~major ~~information~~related parties byof ~~segment for~~ the ~~three~~Company and ~~nine~~their ~~months~~relationships ~~ended~~with ~~September~~the ~~30, 2024 and 2023:~~Company.

	For the three months ended September 30, 2024
	Distribution Business		Platform Business			Fintech Business			Healthcare Business		Total
Revenue, net
- Interest income	$	—	$	60,282		$	—		$	—	$	60,282
- Non-interest income		4,701,151		678,493			—			—		5,379,644
		4,701,151		738,775			—			—		5,439,926
Commission expense		1,843,490		90,641			—			—		1,934,131
Depreciation		266		15,444			7,231			—		22,941
Income (loss) from operations		1,528,282		(7,275,168	)		(4,436,106	)		—		(10,182,992	)
Investment income, net		—		—			404			—		404
Total assets	$	13,923,909	$	54,396,750		$	27,575,737		$	525,097	$	96,421,493

Name		Relationship with the Company
JFA Capital		Investment private funds controlled by the holding company of the Company
NSD Capital		Investment private funds controlled by the holding company of the Company
TAG Holdings Limited		Stockholder of the Company
TAG Financial Holdings Limited		Company controlled by common stockholder of the Company
Convoy Financial Services Limited		Company controlled by common stockholder of the Company
Convoy Global Holdings Limited		Company controlled by common stockholder of the Company
Giant Wisdom Ventures Limited		Company controlled by major stockholder of the Company
Atlas Merchant Capital LLC		Company controlled by the former chairman of the Company
Wong Suet Fai Almond		Chief Operating Officer of the Company
De Silva Trust		Company controlled by director of subsidiaries of the Company
HCMPS Healthcare Holdings Limited		Company with common director of the Company
Total Formation Inc.		Stockholder of the Company

37In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by the stockholder. Amounts represent advances or amounts paid in satisfaction of liabilities.

~~TRILLER~~(i) ~~GROUP~~Related ~~INC.~~party balances

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	For the three months ended September 30, 2023
	Distribution Business		Platform Business			Fintech Business			Healthcare Business		Total
Revenue, net
- Interest income	$	—	$	41,472		$	—		$	—	$	41,472
- Non-interest income		11,875,830		1,289,199			—			—		13,165,029
		11,875,830		1,330,671			—			—		13,206,501
Commission expense		8,592,596		323,215			—			—		8,915,811
Depreciation		261		15,439			7,121			—		22,821
Income (loss) from operations		1,890,079		(5,666,668	)		(7,565,926	)		—		(11,342,515	)
Investment loss, net		—		—			(792,907	)		—		(792,907	)
Total assets	$	16,283,632	$	33,054,207		$	32,722,269		$	521,041	$	82,581,149

	For the nine months ended September 30, 2024
	Distribution Business		Platform Business			Fintech Business			Healthcare Business		Total
Revenue, net
- Interest income	$	—	$	123,468		$	—		$	—	$	123,468
- Non-interest income		15,211,065		2,682,445			—			—		17,893,510
		15,211,065		2,805,913			—			—		18,016,978
Commission expense		7,124,313		572,630			—			—		7,696,943
Depreciation		789		46,254			21,662			—		68,705
Income (loss) from operations		3,330,885		(12,375,689	)		(16,738,689	)		—		(25,783,493	)
Investment loss, net		—		—			(36,900	)		—		(36,900	)
Total assets	$	13,923,909	$	54,396,750		$	27,575,737		$	525,097	$	96,421,493

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	For the nine months ended September 30, 2023
	Distribution Business		Platform Business			Fintech Business			Healthcare Business		Total
Revenue, net
- Interest income	$	—	$	117,805		$	—		$	—	$	117,805
- Non-interest income		37,569,257		3,964,052			—			—		41,533,309
		37,569,257		4,081,857			—			—		41,651,114
Commission expense		27,133,073		1,062,667			—			—		28,195,740
Depreciation		783		216,953			20,579			—		238,315
Income (loss) from operations		5,077,269		(10,068,524	)		(31,328,202	)		—		(36,319,457	)
Investment income, net		—		—			488,589			—		488,589
Total assets	$	16,283,632	$	33,054,207		$	32,722,269		$	521,041	$	82,581,149

All of the Company’s customers and operations are based in Hong Kong.

NOTE 18－ RELATED PARTY BALANCES AND TRANSACTIONS

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by the holding company. Amounts represent advances or amounts paid in satisfaction of liabilities.

Related party balances consisted of the following:

			As of		~~As of~~
					September 30, 2024				December 31, 2023
			March 31, 2025				December 31, 2024
Balance with related parties:
Accounts receivable	(a)	~~(a)~~	$	—	$	~~898,703~~	$	1,094	$	~~1,094,225~~
Borrowings		(b)			$	5,000,000			$	5,000,000
Other current liabilities	(b)		$	1,251			$	—
Amount due to the holding company		(c)			$	18,469,331			$	2,906,261
Borrowings	(c)		$	29,181			$	5,000
Long-term investment – Investment E		(d)			$	525,097			$	522,531
Amount due to the holding company	(d)		$	—			$	2,906
Subscription receivable		(e)			$	2,051,280			$	—
Long-term investment – Investment E	(e)		$	525			$	523
Convertible debts	(f)		$	53,106			$	—

(a)	Accounts receivable due from related parties represented the management service rendered to two individual close-ended investment private funds registered in the Cayman Islands, which is controlled by the holding company.

(b) Borrowing is obtained from the Company’s major stockholder of ultimate holding company. The amount was secured, interest-bearing and repayable by the end of November 2024, as extended (see Note 11).

(c) Amounts due to the holding company are those nontrade payables arising from transactions between the Company and the holding company, such as advances made by the holding company on behalf of the Company, advances made by the Company on behalf of the holding company, and allocated shared expenses paid by the holding company. During the nine months ended September 30, 2024 and 2023, amounts due to the holding company of nil and $12,593,384, respectively, were forgiven (see Note 14).

(d) The Company purchased 4% equity interest in Investment E from a related party in May 2021, based on historical cost. The Company has a common director with Investment E.

(e) Subscription receivable is related to the private placement commenced in November 2023, whose common stocks were issued to a director of the Company on May 2, 2024. The gross proceed of $2,051,280 in relation to the corresponding 1,418,680 shares of common stock is expected to be settled by the director of the Company on or before December 31, 2024.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

In the ordinary course of business, during the three and nine months ended September 30, 2024 and 2023, the Company involved with transactions, either at cost or current market prices and on the normal commercial terms among related parties. The following table provides the transactions with these parties for the periods as presented (for the portion of such period that they were considered related):

		For the three months ended September 30,				For the nine months ended September 30,
		2024		2023		2024		2023
Nature of transactions
Asset management service income	(f)	$	245,456	$	244,525	$	729,806	$	725,146
Office and operating fee charge	(g)	$	1,088,453	$	1,317,065	$	3,280,695	$	5,089,110
General and administrative expense allocated	(h)	$	—	$	—	$	—	$	1,722
Legal and professional fees	(i)	$	249,999	$	77,777	$	749,997	$	77,777

(f) Under the management agreement, the Company shall provide management service to the portfolio assets held by two individual close-ended investment private funds in the Cayman Islands, which is controlled by the holding company, for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values invested by the final customers.

(g) Pursuant to the service agreement, the Company agreed to pay the office and administrative expenses to the holding company for the use of office premises, including, among other things, building management fees, government rates and rent, office rent, and lease-related interest and depreciation that were actually incurred by the holding company.

(h) Certain amounts of general and administrative expenses were allocated by the holding company.

(i) On September 19, 2023, the Company entered into an advisory services agreement with a related company, which owned by the Chairman of the Company, for a monthly fee of $83,333. The service will be terminated by either party upon 90 days prior written notice.

Apart from the transactions and balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.

NOTE 19 － RISK AND UNCERTAINTIES

The Company is exposed to the following risk and uncertainties:

(a) Concentration risk

For the three and nine months ended September 30, 2024 and 2023, the customers who accounted for 10% or more of the Company’s revenues are presented as follows:

	For the three months ended September 30,
	2024					2023
Customer	Revenues		Percentage of revenues			Revenues		Percentage of revenues
Customer A	$	982,137		18	%	$	4,286,883		32	%
Customer B	$	*		*	%	$	*		*	%
Customer C	$	*		*	%	$	1,503,454		11	%
Customer D	$	1,063,350		20	%	$	1,581,322		12	%

~~TRILLER~~(b) ~~GROUP~~Other ~~INC~~current liabilities due to related parties represented the interest payable accrued on the short-term borrowings from four related parties (see Note 15(c)).

(~~Formerly~~c) ~~AGBA~~Borrowings ~~Group~~consisted ~~Holding~~of ~~Limited~~short-term loans obtained from the Company’s senior management, major stockholder of ultimate holding company, a company controlled by director of subsidiaries and a stockholder. The amounts were secured, interest-bearing and repayable on demand (see Note 15(c)).

~~NOTES~~(d) TOAmount ~~UNAUDITED~~due ~~CONDENSED~~to ~~CONSOLIDATED~~the ~~FINANCIAL~~holding ~~STATEMENTS~~company are those nontrade payables arising from transactions between the Company and the holding company, such as advances made by the holding company on behalf of the Company, advances made by the Company on behalf of the holding company, and allocated shared expenses paid by the holding company. During the three months ended March 31, 2025 and 2024, amounts due to the holding company of nil and $12.6 million, respectively, were forgiven (see Note 19).

~~FOR~~(e) ~~THE~~The ~~THREE~~Company ~~AND~~purchased ~~NINE~~4% ~~MONTHS~~equity ~~ENDED~~interest ~~SEPTEMBER~~in 30Investment E from a related party in May 2021, ~~2024~~based ~~AND~~on ~~2023~~historical cost. The Company has a common director with Investment E.

(~~Currency~~f) ~~expressed~~TFI inNote ~~United~~obtained ~~States~~from ~~Dollars~~the ~~(“US$”)~~Company’s major stockholder of ultimate holding company. The amount was secured, ~~except~~interest-bearing, ~~for~~and ~~number~~repayable ofin ~~shares~~June 2026 (see Note 16).

	For the nine months ended September 30,
	2024					2023
Customer	Revenues		Percentage of revenues			Revenues		Percentage of revenues
Customer A	$	4,714,969		26	%	$	10,852,942		26	%
Customer B	$	*		*	%	$	5,561,429		13	%
Customer C	$	*		*	%	$	4,609,083		11	%
Customer D	$	3,426,311		19	%	$	4,633,225		11	%
Customer E	$	1,920,088		11	%	$	*		*	%

(ii)

Transactions with related parties

*In ~~Customer~~the ~~who~~ordinary ~~accounted~~course ~~for~~of ~~less~~business, ~~than~~during ~~10%~~the three ofmonths ended March 31, 2025 and 2024, the ~~total~~Company ~~revenue~~involved ~~during~~with transactions, either at cost or current market prices and on the normal ~~periods~~commercial terms among related parties. The following table provides the transactions with these parties for the periods as presented (for the portion of such period that they were considered related):

As of September 30, 2024 and December 31, 2023, the customers who accounted for 10% or more of the Company’s outstanding receivable balances are presented as follows:

		For the three months ended March 31,
		2025		2024

Asset management service income	(g)	$	-	$	970
Office rental and operating fees	(h)	$	4,303	$	6,040
Legal and professional fees	(i)	$	1,000	$	333
Interest expense	(j)	$	1,024	$	-

	As of
Customer	September 30, 2024		December 31, 2023
Customer A	$	*	$	1,092,414
Customer C	$	*		61,455
Customer D	$	*	$	1,634

(g)

Under the management agreements, the Company shall provide management service to the portfolio assets held by two individual close-ended investment private funds in the Cayman Islands, which is controlled by the shareholder, for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values invested by the final customers.

*(h) ~~Customer~~Pursuant ~~who~~to ~~accounted~~the ~~for~~service ~~less~~agreement, ~~than~~the ~~10%~~Company ofagreed to pay the ~~total~~office ~~accounts~~and ~~receivable~~administrative asexpenses to the holding company for the use of ~~period~~office ~~end~~premises, including, among other things, building management fees, government rates and rent, office rent, and lease-related interest and depreciation that were actually incurred by the holding company.

(i)	On September 19, 2023, the Company entered into an advisory services agreement with a related company, which owned by the Chairman of the Company, for a monthly fee of approximately $0.8 million. The service will be terminated by either party upon 90 days prior written notice.

(j)	The interest expense incurred for borrowings from four related parties.

Apart from the transactions and balances detailed above and elsewhere in these accompanying condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.

NOTE 17 — RISK AND UNCERTAINTIES

The Company is exposed to the following concentrations of risks:

(a)	Major customers

For the three months ended March 31, 2025 and 2024, the customers who accounted for 10% or more of the Company’s revenues and its outstanding receivable balances at period-end dates, are presented as follows:

	For the three months ended March 31, 2025					As of March 31, 2025
Customer	Revenues		Percentage of revenues			Accounts receivable
Customer A	$	4,726		17	%	$	141
Customer B	$	3,841		14	%	$	—
Customer C	$	2,583		9	%	$	420

	For the three months ended March 31, 2024					As of March 31, 2024
Customer	Revenues		Percentage of revenues			Accounts receivable
Customer A	$	14,452		27	%	$	1,092
Customer B	$	5,961		11	%	$	61
Customer D	$	5,923		11	%	$	2

(b)	Credit risk

Financial instruments that potentially ~~subject~~ subject the Company to credit risk consist of cash equivalents, restricted cash, accounts receivable, loans receivable, and notes receivables. Cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are regularly monitored by management. ~~Effective~~As ~~from~~of ~~October~~Mrach 31, 2025, the Company maintained a total of approximately $17.26 million at financial institutions, consisting of approximately $15.86 million held in Hong Kong, including a cash balance of approximately $1.66 million and escrow funds of approximately $14.20 million, ~~2024~~of which approximately $15.86 million was subject to credit risk, and approximately $1.40 million in cash held in the United States. These balances are protected by the Hong Kong Deposit Protection Board, ~~pays~~which ~~compensation~~provides coverage up to a limit of HK$~~800,000~~0.8 million (approximately $~~102,564~~0.1 million) if the bank with which an individual/a company hold its eligible deposit fails., Aseffective ~~of September~~from 30October 1, 2024, ~~cash balance of $5,092,776~~ and ~~fund~~the ~~held~~Federal inDeposit ~~escrow~~Insurance ofCorporation ~~$13,657,974~~(“FDIC”) ~~were maintained at financial institutions~~ in ~~Hong~~ ~~Kong,~~the ofUnited ~~which approximately $18,265,597 was subject to credit risk~~States. While management ~~believes~~considers ~~that~~ these financial institutions ~~are~~to be of high credit quality, it ~~also~~continuously ~~continually~~ monitors their ~~credit worthiness~~creditworthiness.

For accounts receivable, loans receivable, and notes receivables, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses based on the estimated realizable value. Credit of money lending business is controlled by the application of credit approvals, limits and monitoring procedures.42

For accounts receivable and loans and notes receivables, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses based on the estimated realizable value. Credit of money lending business is controlled by the application of credit approvals, limits and monitoring procedures.

The Company uses internally-assigned risk grades to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company’s internal risk grade system is based on experiences with similarly graded loans and the assessment of borrower credit quality, such as, credit risk scores, collateral and collection history. Individual credit scores are assessed by credit bureau, such as TransUnion. Internal risk grade ratings reflect the credit quality of the borrower, as well as the value of collateral held as security. To minimize credit risk, the Company requires collateral arrangements to all mortgage loans and has policies and procedures for validating the reasonableness of the collateral valuations on a regular basis. Management believes that these policies effectively manage the credit risk from advances.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The Company’s third-party customers that represent more than 10% of total loans receivable, and their related net loans receivable balance as a percentage of total loans receivable, as of September 30, 2024 and December 31, 2023 were as follows:

	As of
	September 30, 2024			December 31, 2023
Customer F		37.3	%		37.3	%
Customer G		29.7	%		30.9	%
Customer H		33.0	%		31.8	%

(c)	Economic and political risk

The Company’s major operations are conducted in Hong Kong and the United States of America. Accordingly, the political, economic, and legal environments in Hong Kong and the United States of America, as well as the general state of ~~Hong~~their ~~Kong’s economy~~economies may influence the Company’s business, financial condition, and results of operations.

In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these condensed consolidated financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these condensed consolidated financial statements.

(d)	Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ and Sterling on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

For the three months ended March 31, 2025 and 2024, the Company recorded the foreign exchange loss of approximately $0.70 million and foreign exchange gain of approximately $0.91 million, respectively, mainly attributable from the long-term investments which are mostly denominated in Sterling.

(e)	Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases.

NOTE 2018 －— COMMITMENTS AND CONTINGENCIES

~~Litigation~~Contractual — From time to time, the Company is involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.Commitments

AsSale ofand ~~September~~Purchase ~~30,~~Agreement ~~2024, the Company involved~~ with ~~various~~Sony ~~legal proceedings:~~Life Singapore

~~Action~~Pursuant ~~Case:~~to ~~HCA702/2018~~the Onagreement ~~March~~dated 27April 5, 2023, ~~2018~~entered with Sony Life Singapore Pte. Ltd. (“SLS”), an independent third party, the ~~writ~~Company is committed to purchase 100% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of ~~summons~~SGD2.5 ~~was~~million ~~issued~~(equivalent ~~against~~to approximately $1.88 million). On December 28, 2023, the Company and ~~seven~~SLS ~~related~~entered ~~companies~~into ofa second supplementary agreement to extend the ~~former~~closing ~~stockholder~~date byof the ~~Plaintiff~~transaction from December 31, 2023 to March 31, 2024. ~~This action~~On ~~alleged~~March 29, 2024, the ~~infringement~~Company ofand ~~certain~~SLS ~~registered~~entered ~~trademarks~~into ~~currently~~a ~~registered~~third ~~under~~supplementary agreement to extend the ~~Plaintiff.~~closing Ondate ~~February~~of 23the transaction from March 31, ~~2023~~2024 to May 9, 2024. Pursuant to the ~~Court granted~~third ~~leave~~supplementary ~~for~~agreement, ~~this~~the ~~action~~Company bepaid SGD0.25 ~~set~~million ~~down~~(equivalent ~~for~~to ~~trial~~approximately of$0.19 13million) ~~days,~~to ~~and~~SLS as the ~~trial~~partial ~~will~~payment ~~commence~~to cash consideration on ~~November~~April 2512, 2024. ~~Legal~~On May ~~counsel~~9, of2024, the Company ~~will~~and ~~continue~~SLS entered into a fourth supplementary agreement to ~~handle~~extend inthe ~~this~~closing ~~matter~~date of the transaction from May 9, 2024 to May 20, 2024. AtOn ~~this~~June ~~stage~~18, in2024, the ~~proceedings~~Company and SLS entered into a fifth supplementary agreement to extend the closing date of the transaction from May 20, it2024 isto ~~unable~~July 31, 2024. Pursuant to ~~determine~~the fifth supplementary agreement, the ~~probability~~Company paid an aggregate of SGD0.15 million (equivalent to approximately $0.11 million) as the ~~outcome~~extension fee and indemnification fee in July 2024. On October 3, of2024 and January 30, 2025, the ~~matter~~Company orand SLS entered into the ~~range~~sixth ofand ~~reasonably~~seventh ~~possible~~supplementary ~~loss~~agreements, ifrespectively ~~any~~to extend the closing date of the transaction to February 28, 2025.

TRILLER GROUP INC.

(Formerly AGBA Group Holding Limited)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Action Case: HCA765/2019 On April 30, 2019, the writ of summons was issued against the Company’s subsidiary, three related companies and the former directors, stockholders and financial consultant by the Plaintiff. This action alleged the deceit and misrepresentation from an inducement of the fund subscription and claimed for compensatory damage of approximately $2 million. On April 18, 2024, the court made an order that the plaintiff shall set the case down for trial on or before July 6, 2024 for a 7 days trial before a judge and there shall be a pre-trial review before the trial judge on a date 12 weeks before the trial. The plaintiff and the defendants agreed on a time extension until August 8, 2024 to set the case down for trial. On August 9, 2024, the Court made an order that the case be adjourned to January 14, 2025 for another case management conference. The case is on-going and parties have yet to attempt mediation. Legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonably possible loss, if any.

Action Case: HCA2097 and 2098/2020 On December 15, 2020, the writs of summons were issued against the Company and the former consultant by the Plaintiff. This action alleged misrepresentation and conspiracy causing the loss from the investment in corporate bond and claimed for compensatory damage of approximately $1.67 million. The Company previously made $0.84 million as contingency loss for the year ended December 31, 2021. Parties participated in a mediation held on March 25, 2022 and negotiated for settlement through without prejudice correspondence, no settlement was reached. The case is on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonably possible loss, if any.

The Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least each fiscal quarter and adjusted to reflect the impacts of negotiations, estimate settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Legal fees are expensed in the period in which they are incurred.

Sale and Purchase Agreement — Pursuant to the agreement dated April 5, 2023, entered with Sony Life Singapore Pte. Ltd. (“SLS”), an independent third party, the Company is committed to purchase 100% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of SGD2,500,000 (equivalent to $1,882,000). On December 28, 2023, the Company and SLS entered into a second supplementary agreement to extend the closing date of the transaction from December 31, 2023 to March 31, 2024. On March 29, 2024, the Company and SLS entered into a third supplementary agreement to extend the closing date of the transaction from March 31, 2024 to May 9, 2024. Pursuant to the third supplementary agreement, the Company paid SGD250,000 (equivalent to $188,200) to SLS as the partial payment to cash consideration on April 12, 2024. On May 9, 2024, the Company and SLS entered into a fourth supplementary agreement to extend the closing date of the transaction from May 9, 2024 to May 20, 2024. On June 18, 2024, the Company and SLS entered into a fifth supplementary agreement to extend the closing date of the transaction from May 20, 2024 to July 31, 2024. Pursuant to the fifth supplementary agreement, the Company paid an aggregate of SGD150,000 (equivalent to $112,920) as the extension fee and indemnification fee in July 2024. On September 25, 2024, the Company and SLS entered into a sixth supplementary agreement to extend the closing date of the transaction from July 31, 2024 to October 31, 2024. Up to the date of the unaudited condensed consolidated financial statements available to be issued, further extension on the closing date of the transaction is under negotiation between SLS and the Company.

Nasdaq Compliance — On March 20, 2024, Nasdaq granted an additional 180 calendar days period or until September 16, 2024, to the Company to regain the compliance. On May 3, 2024, the closing bid price of the common stocks of the Company has been over $1.00 per share for a minimum of 10 consecutive trading days. Accordingly, Nasdaq confirmed that the Company regained compliance with Rule 5550(a)(2) and that this matter is now closed.

~~TRILLER~~Subsequently ~~GROUP~~on ~~INC~~March 14, 2025, SLS issued a termination notice to terminate the agreement due to the Company’s failure to complete the transaction. On April 21, 2025, the Company and SLS entered into a settlement agreement under which the Company is obligated to pay SLS a settlement amount of SGD 1.85 million (equivalent to approximately $1.4 million) on or before August 31, 2025. In addition, SLS has claimed further damages of SGD 0.1 million (equivalent to approximately $0.07 million) arising from the Company’s breach of its obligations under the agreement. Both the settlement amount and the additional damages claim bear interest at a rate of 5.33% per annum, accruing from March 5, 2025, until the date of full payment.

~~(Formerly~~Legal ~~AGBA~~Matters ~~Group~~and ~~Holding~~Other ~~Limited)~~Contingencies

~~NOTES~~From TOtime ~~UNAUDITED~~to ~~CONDENSED~~time, ~~CONSOLIDATED~~the ~~FINANCIAL~~Company ~~STATEMENTS~~is party to various claims and legal proceedings incident to the operation of its business. For example, the Company is currently involved in proceedings brought by music companies relating to the payment of royalties for music used on its platform, employment and related matters, consumer class actions and suits alleging, among other things, violations of state consumer protection or privacy laws, and contractual disputes over representations and warranties and post-closing obligations associated with business acquisitions.

~~FOR~~In ~~THE~~addition, ~~THREE~~third ~~AND~~parties ~~NINE~~have ~~MONTHS~~from ~~ENDED~~time ~~SEPTEMBER~~to time 30claimed, ~~2024~~and ~~AND~~others ~~2023~~may claim in the future, that the Company has infringed their intellectual property rights. The Company is subject to intellectual property disputes, including patent infringement claims, and management expects that it will continue to be subject to intellectual property infringement claims as its services expand in scope and complexity. The Company is not presently involved in any patent infringement and other intellectual property-related lawsuits. The Company may also become more vulnerable to third-party claims as laws such as the Digital Millennium Copyright Act are interpreted by the courts, and the Company becomes subject to laws in jurisdictions where the underlying laws with respect to the potential liability of online intermediaries are either unclear or less favorable. Management believes that additional lawsuits alleging that the Company has violated patent, copyright or trademark laws may be filed against it. Intellectual property claims, whether meritorious or not, are time consuming and often costly to resolve, could require expensive changes in the Company’s methods of doing business or the goods it sells, or could require the Company to enter into costly royalty or licensing agreements.

~~(Currency~~The ~~expressed~~Company inis ~~United~~also ~~States~~subject ~~Dollars~~to ~~(“US$”)~~consumer claims or lawsuits relating to alleged violations of consumer protection or privacy rights and statutes, ~~except~~some of which could involve potentially substantial claims for ~~number~~damages, including statutory or punitive damages. Consumer and privacy-related claims or lawsuits, whether meritorious or not, could be time consuming, result in costly litigation, damage awards, fines and penalties, injunctive relief or increased costs of ~~shares)~~doing business through adverse judgment or settlement, or require the Company to change its business practices, sometimes in expensive ways.

~~NOTE~~The 21Company is also subject to, or in the future －may ~~SUBSEQUENT~~become ~~EVENTS~~subject to, a variety of regulatory inquiries, audits, and investigations across the jurisdictions where it conducts business, including, for example, inquiries related to consumer protection, employment matters and/or hiring practices, marketing practices, tax, unclaimed property and privacy rules and regulations. Any regulatory actions against the Company, whether meritorious or not, could be time consuming, result in costly litigation, damage awards, fines and penalties, injunctive relief or increased costs of doing business through adverse judgment or settlement, require the Company to change its business practices in expensive ways, require significant amounts of management time, result in the diversion of significant operational resources, materially damage its brand or reputation, or otherwise harm its business.

InLegal ~~accordance~~expenses ~~with~~related ~~ASC~~to ~~Topic 855~~defense, ~~“Subsequent~~negotiations, ~~Events”~~settlements, ~~which~~rulings ~~establishes general standards of accounting for~~ and ~~disclosure~~advice of ~~events~~outside ~~that~~legal ~~occur~~counsel ~~after the balance sheet date but before the unaudited condensed consolidated financial statements~~ are ~~issued,~~expensed ~~the~~as Company has evaluated all events or transactions that occurred after September 30, 2024, up to November 14, 2024 that the unaudited condensed consolidated financial statements were available to be issuedincurred.

OnThe ~~October~~Company 1,establishes ~~2024~~an accrued liability for loss contingencies related to legal and ~~October~~regulatory ~~14,~~matters ~~2024,~~when the ~~Company~~loss is both probable and reasonably estimable. Those accruals ~~effected~~represent amanagement’s ~~Forward~~best ~~Split~~estimate of probable losses and, ain ~~Reverse~~such ~~Split~~cases, ~~respectively~~there may be an exposure to loss in excess of the amounts accrued. ~~Details~~For ~~are~~certain of the matters described above, there are inherent and significant uncertainties based on, among other factors, the stage of the proceedings, developments in ~~Note~~the 1applicable facts of law, or the lack of a specific damage claim.

On October 15, 2024, the Company consummated the Merger Transaction and the details are described in Note 4.

On October 31, 2024, the Company entered into a preliminary sales and purchase agreement with an independent third party to sell an office premises with a cash consideration of approximately $1.6 million. The transaction will be completed in February 2025. As of September 30, 2024, the carrying value of the office premises was approximately $1.5 million.

The Company’s accrued liabilities for loss contingencies related to legal and regulatory matters may change in the future as a result of new developments, including, but not limited to, the occurrence of new legal matters, changes in the law or regulatory environment, adverse or favorable rulings, newly discovered facts relevant to the matter, or changes in the strategy for the matter. Regardless of the outcome, litigation and other regulatory matters can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.

The following describes material legal proceedings in which the Company is involved as of March 31, 2025:

(i)

Action Case: CACV 1116/2025 (on appeal from HCA702/2018)

On March 27, 2018, the writ of summons was issued against the Company and seven related companies of the former shareholder (the “Defendants”) by the Plaintiff. This action alleged the infringement of certain registered trademarks currently registered under the Plaintiff. On February 23, 2023, the Court granted leave for this action be set down for trial of 13 days, and the trial will commence on November 25, 2024. On October 31, 2025, the Court granted judgement in favor of the Plaintiff. On November 28, 2025, the Defendants lodged and served the Notice of Appeal (CACV 1116/2025) to the Court of Appeal. Legal counsel of the Company will continue to handle in this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the appeal or the range of reasonably possible loss as the Court is in the process of quantifying the amount of damages.

(ii)

Action Case: HCA765/2019

On April 30, 2019, the writ of summons was issued against the Company’s subsidiary, three related companies and the former directors, stockholders and financial consultant by the Plaintiff. This action alleged the deceit and misrepresentation from an inducement of the fund subscription and claimed for compensatory damage of approximately $2.6 million. On April 18, 2024, the court made an order that the plaintiff shall set the case down for trial on or before July 6, 2024 for a 7 days trial before a judge and there shall be a pre-trial review before the trial judge on a date 12 weeks before the trial. The plaintiff and the defendants agreed on a time extension until August 8, 2024 to set the case down for trial. On August 9, 2024, the Court made an order that the case be adjourned to January 14, 2025 for another case management conference. On February 17, 2025, the Company filed an amended defence to the court and the next case management conference is fixed to be heard on January 6, 2026. The case is on-going and parties have yet to attempt mediation. Legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonably possible loss, if any.

(iii)

Action Case: HCA2097 and 2098/2020

On December 15, 2020, the writs of summons were issued against the Company and the former consultant by the Plaintiff. This action alleged the misrepresentation and conspiracy causing the loss from the investment in corporate bond and claimed for compensatory damage of approximately $1.7 million. The Company previously made approximately $0.8 million as contingency loss for the year ended December 31, 2021. Parties participated in a mediation held on March 25, 2022 and negotiated for settlement through without prejudice correspondence, no settlement was reached. The pre-trial review is fixed to be heard on January 29, 2026 and the 6-days trial is fixed to be heard from May 14 to 21, 2026. The case is on-going and legal counsel of the Company will continue to handle this matter. As of March 31, 2025, the Company accrued a legal provision of approximately $0.8 million as a liability in the condensed consolidated balance sheets.

(iv)

Sony Music Entertainment

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp, including the legal contingency accrual stemming from the litigation with Sony Music Entertainment (“Sony”) alleging claims for breach of contract, copyright infringement, contributory copyright infringement, and vicarious copyright infringement. The court entered judgement pursuant to stipulation in the amount of approximately $3.6 million requiring Triller Corp to make monthly payments through May 21, 2025. Triller Corp defaulted on the payments and judgement was entered against Triller Corp on August 27, 2024 for the full amount due. As of March 31, 2025, approximately $3.6 million is included as a liability in the condensed consolidated balance sheets.

(v)

Sony Music Publishing Europe Limited (“SOLAR”)

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp, including the legal contingency accrual stemming from the complaint filed by SOLAR in the London, United Kingdom Circuit Common Court alleging claims of songwriter/producer music publishing rights infringement. A default judgement for £3.8 million was ruled in SOLAR’s favor and SOLAR filed an action in the Superior Court of California for the County of Los Angeles for recognition of this foreign country money judgment in the amount of approximately $4.4 million. As of March 31, 2025, this amount is included as a liability in the condensed consolidated balance sheets.

(vi)

Music Licensing

Triller Corp has outstanding contractual obligations to various record labels, music publishers and performing rights organizations (collectively, “Rightsholders”) who have licensed to Triller Corp the right to use sound recordings and musical compositions in connection with the operation of the Triller app and other aspects of the Company’s business. As of March 31, 2025, the Company has recorded liabilities in the amount of approximately $30.0 million for unpaid amounts owed under its music licenses. Triller Corp is also involved in various legal proceedings and has received threats of litigation from Rightsholders. Triller Corp believes it may be or become liable to Rightsholders for additional amounts such as interest, penalty fees, attorneys’ fees, copyright infringement damages and other amounts, but is currently unable to estimate the probability of loss associated with these actions or the range or reasonably possible losses, if any, or the impact such losses may have on the Company’s results of operations, financial condition or cash flows.

(vii)

Fox Plaza Lease

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp, including the legal contingency accrual stemming from the ongoing litigation with Fox Plaza, LLC due to an alleged breach of a commercial office lease agreement as a result of an alleged failure to pay rents under the agreement. The plaintiff seeks damages in excess of approximately $3.5 million, plus attorney’s fees, costs of suit, and additional damages to be proven at trial. Triller Corp intends to vigorously defend itself in this matter. The Company has accrued approximately $1.8 million as a liability pertaining to this claim on the condensed consolidated balance sheets. It is reasonably possible that the potential loss may exceed the accrued liability amount.

(viii)

Concentrix Daksh

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp, including the legal contingency accrual stemming from the arbitration with Concentrix Daksh Services India Private Ltd. (“Concentrix”). Concentrix alleges wrongful early termination of a services agreement and seeks damages of approximately $2.0 million in lost profits, plus interest and fees. The Company has accrued approximately $2.0 million as a liability pertaining to this matter. While the Company intends to defend the claim vigorously, management believes the recorded amount represents the probable loss as of March 31, 2025.

(ix)

Epic Sports & Entertainment

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Hold Co LLC and Triller Fight Club LLC related to litigation with Epic Sports & Entertainment, Inc. (“Epic”) for alleged breach of a settlement agreement. Epic initially claimed damages of approximately $1.8 million, and recent settlement discussions indicate a potential settlement range of approximately $0.6 to $2.0 million. As of March 31, 2025, the Company accrued a legal provision of approximately $1.9 million as a liability in the condensed consolidated balance sheets.

(x)

Samsung Arbitration Award

In connection with the Merger Transaction, the Company assumed the liabilities of Triller Corp, including the legal contingency accrual stemming from the arbitration with Samsung Electronics Co., Ltd due to a breach of a commercial agreement and failure to pay the amounts owed under the contract. The U.S. District Court for the Central District of California confirmed the award and entered a judgment of approximately $2.6 million in May 2024, accruing interest at $368.43 per day, at a rate of 5.17% per annum until repaid. A writ of execution was issued on August 2, 2024, and a Judgment Debtor Examination is scheduled for February 24, 2025. The Company provided financial records in December 2024 in response to a subpoena. As of March 31, 2025, the Company accrued approximately $3.0 million as a liability in the condensed consolidated balance sheets.

(xi)

Prem Parameswaren

In connection with the Merger Transaction, the Company assumed potential liabilities related to claims asserted by Prem Parameswaran, the former Chief Executive Officer of Triller Corp for alleged unpaid compensation. To avoid litigation, the parties reached an agreement in principle for a settlement consisting of $500,000 in cash and 625,000 stock units, subject to approval by AGBA Group Holding Limited. As of March 31, 2025, the Company has accrued approximately $2.4 million as a liability pertaining to this matter, representing the probable settlement amount.

(xii)

Triller Legacy, LLC Settlement Agreement

On July 26, 2024, Triller Hold Co, LLC and Triller Acquisition, LLC entered into a settlement agreement with Triller Legacy, LLC (“Legacy”), original sellers of Triller Corp, regarding the 2019 acquisition of Triller Corp from Legacy. The Company agreed to issue 3.89 million shares of Series A common stock to Legacy. Legacy intends to sell 1.75 million shares for a minimum return of approximately $7.0 million by the end of March 31, 2025. The Company must compensate Legacy for any shortfall of share sales below $7.0 million. The Company has the option to purchase up to 1.75 million shares from Legacy at $4.00 per share through December 31, 2024 and $4.75 per share through March 31, 2025. The Company can also opt to pay Legacy $7.0 million. The Company has included the estimated guaranteed payment liability in its accounts payable and legal contingencies.

(xiii)

Bobby Sarnevesht

The Company is subject to claims asserted by Bobby Sarnevesht for alleged breach of a merger agreement and related contracts. The Company disputes the claims and the matter remains unresolved. As of March 31, 2025, the Company has accrued approximately $3.0 million as a liability pertaining to this dispute, which represents management’s best estimate of the probable loss.

(xiv)

YA II PN, LTD. v. Triller Group Inc.; Triller Corp.; Triller Hold Co LLC; Convoy Global Holdings Limited, Index No. 659314/2024 in the New York Supreme Court, Commercial Division

On November 26, 2024, Yorkville (“Plaintiff”) initiated litigation against the Company, Triller Corp., Triller Hold Co LLC, and Convoy Global Holdings Limited (“Defendants”) by filing a motion for summary judgment in lieu of a complaint pursuant to NY CPLR 3213 (the “Motion”), seeking a judgment finding Defendants liable for all amounts allegedly owed under the convertible promissory note (the “Note”), dated June 28, 2024, including interest, plus costs, legal fees, and expenses incurred by Yorkville in enforcing the Note’s terms. On February 24, 2025, Defendants filed their opposition to the Motion, arguing that the Motion should be denied because Plaintiff’s reliance on CPLR 3213 was improper and because, even if Plaintiff’s reliance on CPLR 3213 were proper, triable disputes of fact preclude summary judgment in Plaintiff’s favor. On March 7, 2025, Plaintiff filed a reply in support of the Motion. On May 19, 2025, Yorkville’s initial motion for summary judgment in lieu of complaint, seeking immediate payment, was denied by the Supreme Court of the State of New York, New York County. The court determined that Yorkville’s right to payment depended on a detailed analysis of obligations under multiple intertwined documents, including the Yorkville Convertible Promissory Note, Second A&R SEPA, Registration Rights Agreement, and Pledge Agreements, thus converting the case to a plenary action. Yorkville filed a notice of appeal on May 28, 2025 and a new motion for summary judgment on July 1, 2025, asserting the Yorkville Convertible Promissory Note’s maturity date of June 28, 2025 (the “Maturity Date”).

On June 20, 2025, the Company transferred 3,000,000 shares of common stock of BKFC, previously pledged by Triller Hold Co LLC as collateral pursuant to the Amended and Restated Pledge Agreement, dated June 28, 2024, between Triller Hold Co LLC and Yorkville, as partial repayment. The case does not have a trial date set. Defendants intend to litigate the case until a resolution is reached.

On December 3, 2025, the Plaintiff filed responses and objections (the “Responses and Objections”) to the Defendants’ first set of interrogatories dated November 3, 2025 to the Supreme Court of the State of New York County of New York (Index no.: 659314/2024). Pursuant to the Responses and Objections, the Plaintiff stated its claims and contentions with respect to its damage resulting from the event of default that occurred under the Note when the Defendants failed to pay all amounts due by the Maturity Date. The total amount owed under the Note, including interest, plus costs, legal fees, and expenses incurred by Yorkville less the value of BKFC’s shares is approximately $38.1 million. Yorkville further stated that it continues to accrue additional damages with each passing day that the obligations under the Note and guaranties remain unpaid. The case is on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonable possible loss, if any.

(xv)

13080 Advisors LLC v. Triller Group, Inc., Jams Reference No. 5220008039 (Los Angeles County, California)

On December 18, 2024, 13080 Advisors LLC (“Claimant”) submitted a Notice of Arbitration and Demand for Arbitration (“13080 Arbitration Demand”) to JAMS to assert that Triller and TAG Holdings Limited (collectively as “Respondents”) have breached their alleged duties to Claimant under the following alleged agreements: (1) a partially executed document entitled “Grant Agreement for S-8 Registered Shares” dated March 14, 2024, and (2) a partially executed document entitled “Consulting Services Agreement” also dated March 14, 2024. The 13080 Arbitration Demand asserts four purported claims for relief: breach of contract, negligent misrepresentation, specific performance and declaratory relief. On February 18, 2025, Respondents submitted to JAMS a motion to dismiss all the claims for relief asserted in the 13080 Arbitration Demand along with a motion to strike Claimant’s requests for punitive damages. This motion remains pending and no arbitrator has been appointed. The case is on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonable possible loss, if any.

Subsequent to March 31, 2025, the Company is involved in the following material legal proceedings:

Robert E. Diamond Jr.et al. v. Triller Group, Inc., Case No. 25-cv-00129 (PAE) (S.D.N.Y.)

On January 7, 2025, Robert E. Diamond Jr (“Diamond”), the former chairman of Triller’s board of directors and Atlas Merchant Capital LLC (collectively as “Plaintiffs”), an advisory services company under Diamond’s control filed a lawsuit in federal district court in Manhattan, New York to allege that Triller has failed to pay over or grant to Plaintiffs certain cash amounts and equity awards to which Plaintiffs were entitled pursuant to various agreements between Plaintiffs and Triller. Plaintiffs claim that they are entitled to over $5.0 million in cash compensation and over 6.0 million shares of Triller’s common stock. On February 28, 2025, Triller filed a partial motion to dismiss the scope of Plaintiffs’ claims. This motion is now pending before the court. The case is on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonable possible loss, if any.

NOTE 19 — SUBSEQUENT EVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the condensed consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2025, up to the date that the unaudited condensed consolidated financial statements were available to be issued.

(i)	In April 2025, the Company issued an aggregate of 603,839 shares of common stock to the directors and officers of the Company under the Share Award Scheme, whose shares were vested in 2023.

(ii)	In April 2025, the Company issued an aggregate of 823,642 shares of common stock to the employees of the Company to compensate for the contributions of their services and performance, at a price range from $1.072 to $2.532 per share.

(vi)	In April 2025, the Company issued an aggregate 304,478 shares of common stock to the employees of Triller Corp. under the share award scheme of Triller Corp.

	In April 2025, the Company issued 3,227,500 shares of common stock to 13080 Advisors LLC for the first installment.

(viii)

On April 11, 2025, the Company entered into a Convertible Note Purchase Agreement (“NPA”) with an independent third party pursuant to which the Company (i) issues a convertible note in the principal amount of approximately $10.0 million (the “Note”), (ii) issues a warrant to purchase 10,000,000 shares of the Company’s common stock at an exercise price of $1.00 per share (the “Warrant”), (iii) executes and delivers a registration rights agreement, and (iv) executes and delivers a termination agreement to terminate a securities purchase agreement dated January 24, 2025.

The Note matures in two years after its date of issuance with an interest rate of U.S. Prime Rate plus 2% per annum payable at maturity. The Note will be convertible into the Company’s common stock at a 20% discount to the 5-day daily dollar volume weighted average price of the common stock of the Company.

The Warrant will be exercisable in a year after the Company’s next qualified equity financing with a term of five years.

(ix)

On April 17, 2025, the Company received a written notice (the “Notice”) from Nasdaq, notifying that the Company failed to comply with Nasdaq Listing Rule 5250(c)(1) as the Company failed to timely file its Annual Report on Form 10-K for the year ended December 31, 2024. The Notice had no immediate effect but, before June 16, 2025, the Company was required to submit a plan to Nasdaq to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, Nasdaq will grant the Company up to 180 calendar days from the filing due date to regain compliance. Otherwise, after the date, subject to other requirements and conditions, the Company may proceed to delisting procedures. On August 19, 2025, Nasdaq accepted the Company’s plan to regain the compliance by October 13, 2025.

(x)

On May 20, 2025, the Company received a written notice (the “Notice”) from Nasdaq, notifying that the Company failed to comply with Nasdaq Listing Rule 5250(c)(1) as the Company failed to timely file its quarterly report on Form 10-Q for the period ended March 31, 2025. The Notice had no immediate effect but, before June 16, 2025, the Company was required to submit a plan to Nasdaq to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, Nasdaq will grant the Company up to 180 calendar days from the filing due date to regain compliance. Otherwise, after the date, subject to other requirements and conditions, the Company may proceed to delisting procedures. On August 19, 2025, Nasdaq accepted the Company’s plan to regain the compliance by October 13, 2025.

(xi)

On June 20, 2025, Yorkville effected a foreclosure under the Amended and Restated Pledge Agreement, dated June 28, 2024, between Triller Hold Co LLC and Yorkville (the “Triller Pledge Agreement”). This action was undertaken by Yorkville following its allegations of various events of default by the Company under the terms of the Yorkville Convertible Promissory Note, dated June 28, 2024, and other related transaction documents, including the Second A&R SEPA. Yorkville had previously sought to accelerate payment of all amounts due under the Yorkville Convertible Promissory Note. Although the Company has not received a formal notice of foreclosure from Yorkville, the Company became aware through a transfer agent statement that 3,000,000 shares of common stock of BKFC, previously pledged by Triller Hold Co LLC as collateral, were transferred to Yorkville on June 20, 2025. These 3,000,000 shares represented a 17.2% ownership interest in BKFC as specifically pledged to Yorkville. As a direct result of this transfer, the Company’s beneficial ownership in BKFC declined from 56.93% to 38.91% of BKFC’s outstanding common shares. Following this change in ownership, the majority stockholders of BKFC approved amendments to BKFC’s certificate of incorporation and its Stockholders Agreement, which included the removal of the Company’s board designation rights. These amendments became effective on July 1, 2025. Consequently, the Company no longer holds a majority stake in BKFC and has lost its contractual rights to appoint directors to the BKFC board. As a result of losing control over BKFC, BKFC will be deconsolidated from the Company’s condensed consolidated financial statements as of July 1, 2025, the effective date of the amended and restated Stockholders Agreement. The Company is currently evaluating the accounting and reporting implications of this deconsolidation, which may include potential impairment charges, recognition of a gain or loss on deconsolidation, and any required restatement of prior period comparative information.

(xii)

On June 30, 2025, the Company received a written notice (the “Notice”) from Nasdaq, notifying that the Company had publicly traded under $1.00 per share for a period of 30 consecutive trading days or more, which failed to comply with Nasdaq Listing Rule 5550(a)(2) and Nasdaq Listing Rule 5810(c)(3)(A). The Notice had no immediate effect but, before December 29, 2025, the Company was required to regain compliance by trading at least $1.00 per share for a minimum of 10 consecutive trading days. Otherwise, after the date, subject to other requirements and conditions, the Company may proceed to delisting procedures. As of the date of the condensed consolidated financial statements, the Company is still consecutively trading under $1.00, directors of the Company are investigating actions, where appropriate, to regain the compliance, by December 29, 2025.

(xiii)

On June 30, 2025, the Company and Green Ventures entered into Amendment No. 5 to the Green Ventures Note, in which Green Ventures agreed (i) amend certain terms and conditions of the Green Ventures Note, including reducing the interest rates for the Green Ventures Note to 8%, reducing the rate of the default interest rate to 11%, extending the maturity date to June 6, 2026 and (ii) waive all existing events of default under the Green Ventures Note (collectively, the “Requested Amendments and Waivers”). As consideration for granting the Requested Amendments and Waivers, Triller has agreed to provide additional collateral to secure the outstanding obligations under the Green Ventures Note, and to procure its affiliate, TAG Technologies, to guarantee the due and punctual performance and payment obligations under the Green Ventures Note.

(xiv)

On October 14, 2025, the Company received a delisting determination letter (the “Determination Letter”) from Nasdaq indicating that, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”), the Company’s common stock would be subject to suspension and delisting from the Nasdaq Capital Market at the opening of business on October 23, 2025 due to the Company’s non-compliance with Nasdaq’s filing requirements set forth in Listing Rule 5250(c)(1) (the “Listing Rule”) for its failure to timely file its Form 10-K for the year ended December 31, 2024, and its Forms 10-Q for the periods ended March 31, 2025 and June 30, 2025, respectively. The Company has requested to appeal the delisting determination and will attend the hearing to demonstrate its ability to regain and sustain long-term compliance.

On November 17, 2025, the Company received an additional delisting determination letter (the “Additional Determination Letter”) from Nasdaq indicating that since it failed to timely file its Form 10-Q for the period ended September 30, 2025, this serves as an additional basis for delisting.

Following a hearing held on November 25, 2025, the Panel has granted the Company an exception period subject to the Company satisfying the following conditions:

●

File 2024 Form 10-K and delinquent Forms 10-Q for the quarters ended March 31, June 30, and September 30, 2025 on or before December 24, 2025;

●

Regain compliance with the $1.00 minimum bid-price requirement on or before February 27, 2026; and

●

File its 2025 Form 10-K on or before March 31, 2026.

(xv)

On December 26, 2025, the Company received a determination letter from the Panel confirming the suspension trading on the Nasdaq Stock Market effective at the opening of the market on December 30, 2025 and delisting of the Company’s securities. This decision stems from the Company not having been able to file two periodic reports by a deadline of December 24, 2025 set by the Panel.

NOTE 20 — PARENT ONLY FINANCIAL INFORMATION

The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and concluded that it was applicable for the Company to disclose the financial statements for Triller Group Inc., the parent company.

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of March 31, 2025 and December 31, 2024. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.

The following presents condensed parent company only financial information of Triller Group Inc.

Condensed balance sheets

	As of
	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$			$	3
Amounts due from the holding company					—
Amounts due from subsidiaries					66,088
Promissory notes receivable, related party					33,949
Prepayments					155
Total current assets					100,195

Non-current assets:
Investments in subsidiaries					785,733
Total non-current assets					785,733

TOTAL ASSETS	$			$	885,928

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Other payable and accrued liabilities	$			$	8,929
Borrowings					32,552
Borrowings, related party					18,443
Warrant liabilities					977
Total current liabilities					60,901

TOTAL LIABILITIES					60,901

Commitments and contingencies (Note 25)

Stockholders’ equity (deficit):
Preferred stock, $0.001 par value, 100,000,000 shares authorized
Series A-1 preferred stock, $0.001 par value, 50,000,000 and nil shares authorized, XX and 11,801,804 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		12			12
Series B preferred stock, $0.001 par value, 50,000,000 and nil shares authorized, XX and 30,851 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		—	*		—
Common stock, $0.001 par value; 150,000,000,000 and 484,125,000 shares authorized, XX and 138,143,817 shares issued and outstanding as of Mrach 31, 2025 and December 31, 2024, respectively		138			138
Common stock to be issued		15			15
Series A-1 preferred stock to be issued		12			12
Common stock held in escrow		24			24
Additional paid-in capital		909,806			909,806
Accumulated deficit			)		(84,980	)
Total stockholders’ equity (deficit)					825,027	)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$			$	885,928

*	Less than $1,000

Condensed Statements of Operations

	Three Months ended March 31,
	2025			2024
Operating cost and expenses:
Stock-based compensation expense	$	(51,671	)	$	(9,933	)
Other general and administrative expenses		(11,066	)		(3,764	)
Total operating cost and expenses		(62,737	)		(13,697	)

Loss from operations		(62,737	)		(13,697	)

Other income (expense):
Interest income		765			—
Interest expense		(4,546	)		—
Interest expense, related party		(231	)		—
Change in fair value of warrant liabilities		3,463			4
Change in fair value of forward share purchase liability		—			(82	)
Loss on settlement of forward share purchase agreement		—			(379	)
Sundry income		—			344
Total other income (expense), net		(549	)		(113	)

Loss before income taxes		(63,286	)		(13,810	)

Income tax expense		—			—

NET LOSS	$	(63,286	)	$	(13,810	)

Condensed Statement of Cash Flows

	Three Months ended March 31,
	2025			2024
Cash flows from operating activities:
Net loss	$	(63,286	)	$	(13,810	)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense		51,671			9,933
Change in fair value of warrant liabilities		(3,463	)		(4	)
Change in fair value of forward share purchase liability		—			82
Loss on settlement of forward share purchase agreement		—			379
Interest income from promissory note receivable, related party		(765	)		—
Interest expenses on borrowings		4,777			—

Change in operating assets and liabilities:
Prepayments		658			(17	)
Other payables and accrued liabilities		6,399			1,161
Net cash used in operating activities		(4,009	)		(2,276	)

Cash flows from investing activities:
Issuance of promissory notes receivable, related party		(15,465	)		—
Net cash used in investing activities		(15,465	)		—

Cash flows from financing activities:
Advances to related companies		(4,003	)		(934	)
Proceeds from convertible promissory note payables		23,350			—
Settlement of forward share purchase agreement		—			(13,953	)
Proceeds from private placement		—			1,850
Net cash provided by (used in) financing activities		19,347			(13,037	)

Net change in cash, cash equivalent and restricted cash		(127	)		(15,313	)

BEGINNING OF PERIOD		130			15,443

END OF PERIOD	$	3		$	130

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (the “Quarterly Report”) to “we,” “us”, “the Group” or the “Company” refer to Triller Group Inc. (formerly AGBA Group Holding Limited (“AGBA”)). References to our “management” or our “management team” refer to our officers and directors. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section included in our 2023 Annual Report filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

Triller Group Inc. is formed in the State of Delaware, on October 15, 2024, which was established to domicile its legal jurisdiction from British Virgin Islands to the State of Delaware.

~~Merger~~Nasdaq ~~Transaction~~Listing Extension

InWe ~~April~~received ~~2024,~~a wedelisting ~~entered~~determination ~~into~~letter on aOctober ~~certain~~14, ~~Agreement~~ 2025 and ~~Plan~~an ofadditional ~~Merger~~delisting ~~(the~~determination ~~“Original~~letter ~~Merger~~on ~~Agreement”)~~November by17, ~~and~~2025 ~~between~~from ~~our~~the ~~subsidiary,~~Listing ~~AGBA~~Qualifications ~~Social~~Staff ~~Inc.,~~(the “Staff”) ~~Triller~~of ~~Corp.,~~the aNasdaq ~~Delaware corporation~~Stock Market LLC (“~~Triller~~Nasdaq”), ~~and~~due ~~Bobby~~to ~~Sarnevesht,~~the asour ~~sole~~non-compliance ~~representative~~with ofNasdaq’s ~~the~~filing requirements ~~Triller~~set ~~stockholders.~~forth Onin ~~August~~Listing ~~30,~~Rule ~~2024,~~5250(c)(1) ~~all parties~~(the ~~further~~“Listing ~~entered~~Rule”) ~~into~~for anits ~~Amended~~failure ~~and~~to ~~Restated~~timely ~~Agreement~~file ~~and~~the ~~Plan~~Form of10-K ~~Merger~~for ~~(as~~the year ~~further~~ended ~~amended~~December 31, 2024, and the ~~“Merger~~Forms ~~Agreement”). The~~10-Q ~~Merger~~for ~~Agreement~~the ~~has~~periods ~~amended,~~ended ~~restated~~March ~~and~~31, ~~superseded~~2025, ~~the~~June ~~Original~~30, ~~Merger~~2025 ~~Agreement~~and ~~accordingly~~September ~~(the~~30, ~~“Merger~~2025, ~~Transaction”)~~respectively.

We requested a hearing before the Nasdaq Hearings Panel (the “Panel”) on October 21, 2025, and the hearing was held on November 25, 2025. On ~~September~~December 193, ~~2024~~2025, ~~our~~we received ~~shareholders~~a ~~approved~~decision letter from the ~~Merger~~Staff ~~Transaction~~of ~~and~~Nasdaq, ~~other~~indicating ~~related~~that ~~proposals~~based on the information presented at the ~~extraordinary~~hearing, ~~general~~the ~~meeting~~Panel has determined to grant us an exception period to continue its listing on Nasdaq subject to the conditions that: (1) on or before December 24, 2025, we shall demonstrate compliance with the Listing Rule; (2) on or before February 27, 2026, we shall demonstrate compliance with the $1.00 per share minimum bid price requirement; and (3) on or before March 31, 2026, we shall file the Form 10-K for the year ended December 31, 2025. It is a requirement during the exception period that the we provide prompt notification of ~~shareholders~~any significant events that occur during this time that may affect the our compliance with Nasdaq requirements.

On October 15, 2024, we consummated the Merger Transaction and issued an aggregate of 107,674,877 shares of our common stock, 11,801,804 shares of our Series A-1 preferred stock, and 30,851 shares of our Series B preferred stock.

Domestication and Name Change

In connection with the Merger Transaction, we completed the domestication of our jurisdiction to domicile from British Virgin Islands to the State of Delaware, United States of America, and changed our company name from “AGBA Group Holding Limited” to “Triller Group Inc.”

Forward and Reverse Stock Splits

On October 1, 2024, we effected a 1.9365-to-1 forward stock split (the “Forward Split”), resulting increase in the total number of authorized ordinary shares from 1,500,000,000 to 2,904,753,145, increase in the outstanding ordinary shares from 97,736,035 shares to 189,265,804 shares and reduction of par value from $0.001 to $0.00516395 per share.

Further, on October 15, 2024, we effected a 1-for-4 reverse stock split (the “Reverse Split”), resulting in the proportional adjustments to the par value of the ordinary shares, the authorized number of ordinary shares, and the number of outstanding ordinary shares. Proportional adjustments were also made to all outstanding warrants and common warrants in accordance with their respective terms. All fractional shares were rounded up to the nearest whole share with respect to outstanding ordinary shares. All share numbers and per share amounts are retroactively presented in this Form 10-Q to reflect the impact of the Forward Split and the Reverse Split if they had taken effect on January 1, 2023.

Nasdaq Trading

To date, our common stock and public warrants are traded on the Nasdaq Capital Market under the symbol “ILLR” and “ILLRW,” respectively, which were previously traded under the symbol “AGBA” and “AGBAW.”

Business overview

We are a leading one-stop financial supermarket based in Hong Kong servicing over 400,000 individual and corporate customers. We offer the broadest set of financial services and healthcare products in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs.

We currently operate four major areas of businesses, comprising of:

Distribution Business: The Group’s powerful financial advisor business is the largest in the market, it engages in the personal financial advisory business (including advising and sales of a full range of financial services products including long-term life insurance, savings and mortgages), with additional internal and external channels being developed and added.

Platform Business: The Group operates as a “financial supermarket” offering over 1,800 financial products to a large universe of retail and corporate customers.

Healthcare Business: Through the Group’s 4% stake in and a strategic partnership with HCMPS, operating as one of the largest healthcare management organizations in the Hong Kong and Macau region, with over 800 doctors in its network. Established in 1979, it is one of the most reputed healthcare brands in Hong Kong.

Fintech Business: The Group has an ensemble of leading FinTech assets and businesses in Europe and Hong Kong. In addition to financial gains, the Group also derives substantial knowledge transfers from its investee companies, supporting the development and growth of the Group’s new business models.

Distribution Business

The Distribution Business comprises a variety of captive financial services distribution channels. We have built a market leading financial advisors distribution channel in Hong Kong. We have also built other distribution channels alongside our market leading financial advisors business.

Our combined captive distribution channels enable us to directly access one of the largest pools of customers accessible to independent financial services providers in Hong Kong.

Channel		Description
Financial Advisors Business (“FA Business”)		“Focus” is engaged in the distribution of life insurance, asset management, property-casualty and Mandatory Provident Fund products through its teams of independent financial advisors (brokers).

Alternative Distribution Business		A collection of distribution channels, including salaried financial planners targeting HNWI, development teams pursuing corporate partnerships and incubating financial advisors teams.

Digital Business		ILLR Money is a direct-to-consumer digital app that provides various financial products and services to retail customers.

Our largest distribution channel is the FA Business, operating under the brand name Focus. With its large salesforce of financial advisors, “Focus” provides a wide range of financial products and independent advisory services to individual and corporate customers, primarily in connection with life insurance products. Our FA Business has been the clear market leader in the insurance brokerage industry in Hong Kong for decades, building up a large and highly productive salesforce. As of September 30, 2024, there were around 562 financial advisors at “Focus”, organized into 10 sales teams. Each team is led by a “tree head”, responsible for managing the financial advisors within their teams.

In addition to the FA Business, we continued to expand our distribution footprint with the establishment and expansion of a number of additional distribution channels, collectively known as our Alternative Distribution Business. These distribution channels are targeted at specific customer segments and/or capturing specific distribution opportunities.

Combined with our Digital Business, we now have a well-diversified range of distribution channels and capabilities.

During ~~2024~~2025, we continued to make significant investments into developing and expanding our financial advisors salesforce, broadening and deepening the product range, as well as upgrading the supporting infrastructure. Our infrastructure not only supports the financial consultants in engaging with their customers, it also provides extensive operational support in relation to the processing of transactions, associated payment flows, as well as after-sales services. Building our infrastructure required substantial investments into technological, operational and financial systems, as well as the development of comprehensive operational and support teams (operations support, customer services, payments, etc.). Since many of the financial products offered to our customers are regulated, on top of the various operational requirements, we have built significant internal capabilities in the areas of risk and internal control, as well as legal and compliance to ensure an appropriate level of regulatory compliance and supervision.

As a result of our efforts to expand our distribution capabilities and improve our supporting infrastructure, we have successfully developed these inter-related strategic assets:

●

Vast customer base in Hong Kong and growing customer base in Mainland China.

●

State-of-the-art supporting infrastructure.

●

Relationships with and access to a broad range of leading global financial product providers.

●

Deep market knowledge and understanding.

●

Highly productive and well-trained salesforce.

We will continue to capitalize on these core strategic assets and match them with the emerging opportunities in our three core industries (life insurance, wealth management and healthcare).

For the nine months ended September 30, 2024, the Company made $15.21 million from commission in the Distribution Business. The revenue attributed to the Company during the first half year of 2024 only captured an insignificant portion of the revenues actually generated by the financial advisors currently associated with Focus.

We will continue to widen our distribution footprint and actively explore further opportunities to develop partnerships and generate customer leads on the ground in Mainland China, as well as refining our abilities to service our customer base. We expect sales volumes to return to the levels previously recorded, prior to the pandemic period, especially with the re-opening of the Mainland border and the ongoing integration of Hong Kong into the Greater Bay area.

Platform Business

The Platform business, through OPH and its subsidiaries, is a one-stop financial supermarket with a breadth of products and services that is unrivaled in Hong Kong sourced from leading global product providers.

The Platform Business was set up to take advantage of the decades-long experience we built up in supporting the largest financial advisors salesforce in Hong Kong. We were already servicing a large pool of customers and in the process, built up a wide library of world class financial products and constructed a state-of-the-art technological and operational infrastructure.

The Platform Business now operates this full-service platform under its “OnePlatform” brand and has opened it up to banks, other financial institutions, family offices, brokers, and individual independent financial advisors that are looking for support in advising and serving their retail clients.

Our technology-enabled Platform Business offers a wide range of financial products, covering life insurance, pensions, property-casualty insurance, stock brokerage, mutual funds, money lending and real estate agency.

In addition to its unrivaled product-shelf, the Platform Business offers digital-enabled sales management and support solutions, business operations support, comprehensive customer services, and training support.

Currently, our platform financial services and investment products mainly comprise mutual fund distributions, portfolio management, money lending, insurance and Mandatory Provident Fund (MPF) products, and international real estate referral and brokerage services, as discussed below:-

The OnePlatform brand currently covers 80 insurance providers selling 1,183 products, and 53 asset management fund houses with over 1,141 products.

Fintech Business

The Fintech Business has collected an ensemble of valuable fintech assets in its investment portfolio. Fintech Business’ management team has strived to establish the business as a leading name in the fintech investment sector.

Core Fintech investments held under the Fintech Business as of September 30, 2024 include:

An investment in Tandem Money Limited, a UK digital bank.

An investment in CurrencyFair Limited, a B2B and B2C payments company.

An investment in Oscar Health Inc., a US direct-to-consumer digital health insurer.

An investment in Goxip Inc., a fashion media platform based in Hong Kong.

	Carrying amount in
	US$ thousands ⁽¹⁾
	September 30,		December 31,
	2024		2023
Tandem Money Limited		17,751		16,880
CurrencyFair Limited		5,887		5,827
Oscar Health Inc.⁽²⁾		—		—
Goxip Inc.		306		342
LC Healthcare Fund I, L.P. ⁽³⁾		—		2,152

Notes:

(1)	Carrying amount represents Fintech’s attributable interest in the investment portfolio asset.

(2)	The Company partially sold 993,108 shares of Oscar Health Inc. on Nasdaq Stock Exchange with an average current market price of $4.01 per share in 2023.

(3)	On February 5, 2024, the Company sold all its equity interest in LC Healthcare Fund I, L.P. to an independent third party for a consideration of $2.15 million.

Healthcare Business

We currently hold a 4% equity stake in HCMPS, one of the leading healthcare management organizations in Hong Kong.

Founded in 1979 and currently operating under the Dr. Jones Fok & Associates Medical Scheme Management Limited (“JFA”) brand, JFA is one of the most reputed healthcare brands in Hong Kong. It has four self-operated medical centres and a network of over 700 healthcare service providers – providing healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA’s clients include blue chip companies from various industry and leading insurers. Apart from Hong Kong, JFA is the largest operator in Macau with around 70 clinics.

JFA operates a city-wide medical network that includes 340 general practitioners (“GP”), 11 laboratories and imaging centers, 273 specialist doctors, 25 physiotherapy centers, 12 Chinese medicine practitioner clinics, all based in Hong Kong, and 69 GP clinics in Macau. Over 380,000 out-patient and in-patient visits are recorded annually through HCMPS’s medical network. JFA offers its patients a full range of medical services, including general services, specialist services, physiotherapy, Chinese medicine, dental, vaccination, X-ray, laboratories and imaging services.

We believe that the future of healthcare is in “Smart Health” – technology that offers improved patient-care management and leverages data as the new tool for solving complex healthcare challenges with reduced operating costs. We will focus on technology/digitalization and consumerization of healthcare to create an ecosystem empowering customers to proactively manage their health and well-being and to improve their access to healthcare at a lower cost – with connectivity across the care continuum. We believe that JFA has the captive customer base, infrastructure and product/service offerings to optimize customer experience to further grab market share.

We are currently working to transform JFA into the best medical care institution in Asia by 2025, redefining industry standards in the Greater Bay Area and offering market-leading customer care and best-in-class infrastructure empowered by data analytics.

4956

Results of Operations

Comparison of the Three Months Ended September 30, 2024 and 2023:

The following tables set forth our results of operations for the periods presented in U.S. dollars (in thousands):

	Three months ended September 30,
	2024			2023			Variance
	(US$ in thousands)						$			%
Revenues:
Interest income:
Loans	$	60		$	41			19			46.34
Total interest income		60			41			19			46.34
Non-interest income:
Commissions		4,785			12,169			(7,384	)		(60.68	)
Recurring asset management service fees		349			752			(403	)		(53.59	)
Recurring asset management service fees, related party		246			245			1			0.41
Total non-interest income		5,380			13,166			(7,786	)		(59.14	)
Total revenues		5,440			13,207			(7,767	)		(58.81	)
Operating expenses:
Interest expense		(1,148	)		(393	)		755			192.11
Commission expense		(1,934	)		(8,916	)		(6,982	)		(78.31	)
Sales and marketing expense		(93	)		(754	)		(661	)		(87.67	)
Research and development expense		(401	)		(741	)		(340	)		(45.88	)
Personnel and benefit expense		(6,827	)		(7,764	)		(937	)		(12.07	)
Legal and professional fee		(2,594	)		(3,453	)		(859	)		(24.88	)
Legal and professional fee, related party		(250	)		(78	)		172			220.51
Office and operating fee, related party		(1,088	)		(1,317	)		(229	)		(17.39	)
Provision for allowance for expected credit losses		(135	)		(328	)		(193	)		(58.84	)
Other general and administrative expenses		(1,153	)		(806	)		347			43.05
Total operating expenses		(15,623	)		(24,550	)		(8,927	)		(36.36	)
Loss from operations		(10,183	)		(11,343	)		(1,160	)		(10.23	)
Other income (expense):
Interest income		302			17			285			1,676.47
Foreign exchange gain (loss), net		1,105			(864	)		1,969			227.89
Investment loss, net		—			(793	)		(793	)		(100.00	)
Change in fair value of warrant liabilities		(632	)		1			(633	)		(63,300.00	)
Rental income		—			79			(79	)		(100.00	)
Sundry income		26			38			(12	)		(31.58	)
Total other income (expense), net		801			(1,522	)		2,323			152.63
Loss before income taxes		(9,382	)		(12,865	)		(3,483	)		(27.07	)
Income tax expense		(37	)		(56	)		(19	)		(33.93	)
NET LOSS	$	(9,419	)	$	(12,921	)		(3,502	)		(27.10	)

Revenue

The following table summarizes the major operating revenues for the three months ended September 30, 2024 and 2023:

	Three months ended September 30,
	2024		2023		Variance
	(US$ in thousands)				$			%
Business segment
Distribution Business	$	4,701	$	11,876		(7,175	)		(60.42	)
Platform Business		739		1,331		(592	)		(44.48	)
Fintech Business		—		—		—			—
Healthcare Business		—		—		—			—
TOTAL	$	5,440	$	13,207		(7,767	)		(58.81	)

5057

Distribution Business

The Distribution Business contributed 86.42% and 89.92% of the total revenue for the three months ended September 30, 2024 and 2023, respectively. Income from the Distribution Business mainly related to commissions earned, which decreased by US$7.2 million, or 60.42%, from US$11.9 million in 2023 to US$4.7 million in 2024. The decrease in revenue primarily attributed from the economic recession and outward migration in Hong Kong. The largest segment of the Distribution Business is our FA Business, operated under the “Focus” brand name.

Summarized revenue breakdown by product and type of contracts:

	Three months ended September 30,
	2024		2023		Variance
	(US$ in thousands)				$			%
By product:
Life insurance	$	3,921	$	11,147		(7,226	)		(64.82	)
Property-casualty insurance		639		467		172			36.83
Mandatory provident fund and related revenues		141		262		(121	)		(46.18	)
		4,701		11,876		(7,175	)		(60.42	)

By the type of contracts:
- New and or current year		4,701		11,496		(6,795	)		(59.11	)
- Recurring		—		380		(380	)		(100.00	)
TOTAL	$	4,701	$	11,876		(7,175	)		(60.42	)

Platform Business

The Platform Business contributed 13.58% and 10.08% of the total revenue for the three months ended September 30, 2024 and 2023, respectively.

	Three months ended September 30,
	2024		2023		Variance
	(US$ in thousands)				$			%
Commission	$	84	$	293		(209	)		(71.33	)
Recurring service fees		595		996		(401	)		(40.26	)
Loans		60		42		18			42.86
TOTAL	$	739	$	1,331		(592	)		(44.48	)

Operating Expenses

Interest Expense

Interest expense increased by US$0.8 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The increase was mainly attributed to the interest expense and amortization of the debt discount on convertible notes payable.

Commission Expense

	Three months ended September 30,
	2024		2023		Variance
	(US$ in thousands)				$			%
Business segment
Distribution Business	$	1,843	$	8,593		(6,750	)		(78.55	)
Platform Business		91		323		(232	)		(71.83	)
Fintech Business		—		—		—			—
Healthcare Business		—		—		—			—
TOTAL	$	1,934	$	8,916		(6,982	)		(78.31	)

5158

The Distribution Business contributed 95.29% and 96.38% of the total commission expense for the three months ended September 30, 2024 and 2023, respectively. Commission expense for the Distribution Business decreased by US$6.8 million, or 78.55%, from US$8.6 million in 2023 to US$1.8 million in 2024. As a result of the decrease in revenue associated with the Distribution Business, commission expense decreased correspondingly.

Sales and Marketing Expense

Sales and marketing expense decreased by US$0.7 million or 87.67% for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease in sales and marketing expense is mainly attributed to lower spending associated with “AGBA” corporate branding and associated product campaigns for celebrating the successful listing.

Research and Development Expense

Research and development expense decreased by US$0.3 million or 45.88% for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The slight decrease was primarily due to decreased in headcounts.

Personnel and Benefit Expense

	Three months ended September 30,
	2024		2023		Variance
	(US$ in thousands)				$			%
Personnel and benefit	$	3,517	$	6,446		(2,929	)		(45.44	)
Share-based compensation to employees		3,310		1,318		1,992			151.14
TOTAL	$	6,827	$	7,764		(937	)		(12.07	)

Personnel and benefit cost decreased by US$1.0 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease was primarily attributable to the reduction of headcounts during the period.

Share-based compensation for employees increased by US$2.0 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The increase was primarily due to the issuance of common stocks to our independent directors under the 2024 Equity Incentive Plan and issuance of common stocks to our officers and employees to compensate for their contributions of services and performance, offset by the decrease in the amortization of the fair value of the restricted share units due to the vested and forfeited shares in 2024. The fair value of the restricted share units is recognized over the period based on the derived service period (usually the vesting period), on a straight-line basis.

Legal and Professional Fees

	Three months ended September 30,
	2024		2023		Variance
	(US$ in thousands)				$			%
Legal and professional fee	$	1,915	$	1,301		614			47.19
Legal and professional fee, related party		250		78		172			220.51
Consulting fees (share-based related)		679		2,152		(1,473	)		(68.45	)
TOTAL	$	2,844	$	3,531		(687	)		(19.46	)

Legal and professional fees in aggregate decreased by US$0.7 million, or 19.46%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease was primarily attributed to the decrease in the consulting fees incurred during the period, which settled by the issuance of our common stocks.

Legal and professional fees, related party of $0.3 million for the three months ended September 30, 2024 represented the advisory service fee paid to a related company which owned by the Chairman of the Company.

Consulting fees under share-based compensation for the three months ended September 30, 2024 was mainly related to the corporate strategic consultancy, intelligence technology consultancy, and business marketing service rendered by certain third party consultants, equal to 5,349,582 shares of common stock at the market price ranging from US$0.339 to US$2.5111 per share.

Other General and Administrative Expense

	Three months ended September 30,
	2024		2023			Variance
	(US$ in thousands)					$			%
Depreciation on property and equipment	$	23	$	23			—			—
Depreciation on right-of-use assets		467		446			21			4.71
Financial data subscription expense		67		155			(88	)		(56.77	)
Interest expense on lease liabilities		173		199			(26	)		(13.07	)
Building management fee and utilities		247		166			81			48.80
Overseas travelling expense		52		129			(77	)		(59.69	)
Other operating expenses		124		(312	)		436			139.74
TOTAL	$	1,153	$	806			347			43.05

Total other general and administrative expenses increased US$0.3 million, or 43.05%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The net increase was mainly due to the increase in building management fee and utilities of US$0.08 million and other operating expenses of US$0.4 million, offset by the decrease in depreciation on right-of-use assets of US$0.09 million, and overseas travelling expense of US$0.08 million. The depreciation on right-of-use assets and the interest expense on lease liabilities were mainly attributed to the commercial operating lease entered with an independent third party for the use of an office premises in Hong Kong. The lease has original terms exceeding one year, but not more than three years with an option to renew for a further term of three years.

Loss from Operations

Loss from operations decreased by US$1.2 million, or 10.23%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease was mainly attributable to the decrease in operating expenses of US$8.9 million, offset by the decrease in revenues of $7.8 million.

Other Income (Expense), net

Interest Income

Interest income increased by US$0.3 million for the three months ended September 30, 2024.

Foreign Exchange Gain (Loss), net

Foreign exchange gain (loss), net mainly represented the unrealized net foreign exchange gain (loss) from the translation of long-term investments which are mostly denominated in Sterling. The net foreign exchange gain increased by US$2.0 million or 227.89% for the three months ended September 30, 2024, as compared to the net foreign exchange loss for the three months ended September 30, 2023, due to the continuous strong Sterling exchange rate.

5360

Investment Loss, Net

Investment loss decreased by US$0.8 million, or 100.00%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023, mainly because of the decrease in unrealized loss in non-marketable equity securities of US$1.0 million, and decrease in dividend income of US$0.2 million.

Change in fair value of warrant liabilities

We classified the SPAC Private Warrants, Warrant – Class A, and Common Warrants as liabilities at their fair value and adjust them to fair value at each reporting period. These warrant liabilities are subject to re-measurement of each balance sheet date until exercised. For the three months ended September 30, 2024 and 2023, we recognized the change in fair value in aggregate of $0.6 million and nil in our condensed consolidated statements of operations and comprehensive loss.

Net Loss

Net loss decreased by US$3.5 million, or 27.10% for the three months ended September 30, 2024, as compared to three months ended September 30, 2023, primarily due to the decrease in operating expense of US$8.9 million, offset by the decrease in total revenues of US$7.8 million and increase in other income of US$2.3 million.

Nine months ended September 30, 2024 vs nine months ended September 30, 2023

	Nine months ended September 30,
	2024			2023			Variance
	(US$ in thousands)						$			%
Revenues:
Interest income:
Loans	$	123		$	118			5			4.24
Total interest income		123			118			5			4.24
Non-interest income:
Commissions		15,661			38,507			(22,846	)		(59.33	)
Recurring asset management service fees		1,503			2,301			(798	)		(34.68	)
Recurring asset management service fees, related party		730			725			5			0.69
Total non-interest income		17,894			41,533			(23,639	)		(56.92	)
Total revenues		18,017			41,651			(23,634	)		(56.74	)
Operating expenses:
Interest expense		(1,723	)		(806	)		917			113.77
Commission expense		(7,697	)		(28,196	)		(20,499	)		(72.70	)
Sales and marketing expense		(606	)		(3,125	)		(2,519	)		(80.61	)
Research and development expense		(1,354	)		(2,678	)		(1,324	)		(49.44	)
Personnel and benefit expense		(18,364	)		(22,672	)		(4,308	)		(19.00	)
Legal and professional fee		(4,707	)		(12,423	)		(7,716	)		(62.11	)
Legal and professional fee, related party		(750	)		(78	)		672			861.54
Office and operating fee, related party		(3,281	)		(5,089	)		(1,808	)		(35.53	)
Provision for allowance for expected credit losses		(1,878	)		(661	)		1,217			184.12
Other general and administrative expenses		(3,441	)		(2,242	)		1,199			53.48
Total operating expenses		(43,801	)		(77,970	)		(34,169	)		(43.82	)
Loss from operations		(25,784	)		(36,319	)		(10,535

Filing Compare · Triller Group Inc.