“The decrease in research and development expenses was due to lower development milestone payments of the Suzhou Snail development contract for For the Stars and Nine Yin Sutra: Immortal offset by increases in internal research and development salaries as the Company continues to expand its internal development team .”
“ncrease in impairment of film assets of $0.8 million, an increase in cost of revenues of $3.9 million, partially offset by an increase in total other income of $0.1 million.”
“As of December 31, 2024, the Company’s effective tax rate differed from the federal statutory rate of 21% primarily due to foreign research and development deduction, permanent differences, changes in valuation allowance and change in warrant revaluation.”