Exhibit 99.1
SOS Limited
Interim Condensed Consolidated Balance Sheet
(US$ thousands, except share data and per share data, or otherwise noted)
Twelve months ended | Six months ended | |||||||
31-Dec-21 | 30-Jun-22 | |||||||
Audited | Unaudited | |||||||
$ | $ | |||||||
Current assets: | ||||||||
Cash and cash equivalents | 338,026 | 247,346 | ||||||
Accounts receivable - net | 26,129 | 5,738 | ||||||
Inventory | 96,071 | 84,855 | ||||||
Other receivables - net | 173,234 | 307,512 | ||||||
Amount due from related parties | 7,839 | 18,460 | ||||||
Tax recoverable | 7,706 | 3,596 | ||||||
Intangible assets | 14,502 | 15,338 | ||||||
Total current assets | 663,507 | 682,845 | ||||||
Non-current assets: | ||||||||
Property equipment and software-net | 28,320 | 26,382 | ||||||
Goodwill | 72 | 72 | ||||||
Operating lease, right of use assets-net | 3,401 | 3,742 | ||||||
Total non-current assets | 31,793 | 30,196 | ||||||
Total assets | 695,300 | 713,041 | ||||||
Liabilities and Shareholder’s Equity | ||||||||
Liabilities: | ||||||||
Accrued liabilities | 19,815 | 16,730 | ||||||
Accounts payable | 29,487 | 34,886 | ||||||
Tax payable | - | 2,322 | ||||||
Other payables | 6,684 | 14,099 | ||||||
Amount due to related parties | 2,777 | 4,167 | ||||||
Contract liability | 156 | 347 | ||||||
Operating lease liability-current | 894 | 1,446 | ||||||
Total current liabilities | 59,813 | 73,997 | ||||||
Operating lease liability-non-current | 1,918 | 2,472 | ||||||
Total non-current liabilities | 1,918 | 2,472 | ||||||
Total liabilities | 61,731 | 76,469 | ||||||
Shareholder’s Equity | ||||||||
Paid up capital | 300 | 335 | ||||||
Additional paid-in capital | 672,352 | 705,272 | ||||||
Retained earnings/(accumulated deficit) | 5,838 | (43,413 | ) | |||||
Current year net loss | (49,251 | ) | (14,334 | ) | ||||
Other comprehensive income/(loss) | 4,130 | (10,738 | ) | |||||
Total Shareholders’ Equity | 633,369 | 637,122 | ||||||
Non-controlling interest | 200 | (550 | ) | |||||
Total Liabilities and Shareholders’ Equity | 695,300 | 713,041 |
SOS Limited
Interim Condensed Consolidated Statements of Comprehensive Loss
(US$ thousands, except share data and per share data, or otherwise noted)
Six months ended | ||||||||
30-Jun-21 | 30-Jun-22 | |||||||
Unaudited | Unaudited | |||||||
$ | $ | |||||||
Revenue | 184,489 | 132,710 | ||||||
Business taxes and surcharges | (11 | ) | (45 | ) | ||||
Net revenue | 184,478 | 132,665 | ||||||
Operating costs | (167,238 | ) | (120,294 | ) | ||||
Gross profit | 17,240 | 12,371 | ||||||
Gross profit ratio | 9.3 | % | 9.3 | % | ||||
Operating expenses | ||||||||
Selling expense | (30 | ) | (3,115 | ) | ||||
G&A expense | (19,425 | ) | (10,087 | ) | ||||
Share-based compensation | (17,926 | ) | (14,471 | ) | ||||
Finance expense | - | - | ||||||
Total operating expenses | (37,381 | ) | (27,673 | ) | ||||
Income from operations | (20,141 | ) | (15,302 | ) | ||||
Other income (expenses): | ||||||||
Other income (expenses), net | 305 | 3,166 | ||||||
Total other (expenses) income, net | 305 | 3,166 | ||||||
Loss before income taxes | (19,836 | ) | (12,136 | ) | ||||
Income tax expense | (579 | ) | (2,767 | ) | ||||
Net loss - continuing operations | (20,415 | ) | (14,903 | ) | ||||
Non-controlling interest | 4 | 569 | ||||||
Net Loss | (20,411 | ) | (14,334 | ) | ||||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustment-net of tax | (2,991 | ) | (10,739 | ) | ||||
Total comprehensive loss | (23,402 | ) | (25,073 | ) | ||||
Weighted average number of ordinary shares | ||||||||
Basic | 490,720,471 | 3,127,978,878 | ||||||
Diluted* | - | - | ||||||
LOSS PER SHARE | ||||||||
Basic | (0.04 | ) | (0.0046 | ) | ||||
Diluted* | - | - |
Note 1:*N/A Anti-diluted shares not considered
Six months ended | ||||||||
30-Jun-21 | 30-Jun-22 | |||||||
US$ 000 | US$ 000 | |||||||
None-GAAP adjusted (loss)/profit before income tax expense | (2,484 | ) | 137 |
Note 2 The add-back adjustment was mainly associated with share-based compensation expenses of $17.9 million for the period of six months ended June 30, 2021 and $14.5 million for the six months ended June 30, 2022 respectively.
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SOS Limited
Interim Condensed Consolidated Statement of Cash Flow
(US$ thousands, except share data and per share data, or otherwise noted)
Six months ended | Six months ended | |||||||
30-Jun-21 | 30-Jun-22 | |||||||
Unaudited | Unaudited | |||||||
$ | $ | |||||||
Cash flows from operating activities: | ||||||||
Net (loss) | (20,411 | ) | (14,334 | ) | ||||
Adjustments: | ||||||||
Depreciation and amortization | 5,509 | 2,700 | ||||||
Share-based compensation | 17,927 | 14,472 | ||||||
Allowance for doubtful accounts-accounts receivable | - | 189 | ||||||
Allowance for doubtful accounts-other receivable | - | 800 | ||||||
Inventory | (102,566 | ) | 11,217 | |||||
Accounts receivable | - | 20,391 | ||||||
Other receivables | (196,620 | ) | (138,389 | ) | ||||
Amount due from related parties | (10,183 | ) | (10,622 | ) | ||||
Intangible assets | (12,221 | ) | (837 | ) | ||||
Accrued liabilities | 24 | (3,085 | ) | |||||
Accounts payable | (13,118 | ) | 5,400 | |||||
Tax payable | (6,024 | ) | (2,323 | ) | ||||
Other payables | (8,338 | ) | 7,415 | |||||
Amount due to related parties | 2,406 | 1,390 | ||||||
Contract liability | 4,450 | 192 | ||||||
Lease liabilities | - | 1,107 | ||||||
Net cash used in operating activities | (339,165 | ) | (104,317 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property, equipment and software | (34,205 | ) | - | |||||
Proceeds from disposal of property, equipment and software | - | 1,597 | ||||||
Disposition of assets-P2P | 3,500 | - | ||||||
Net cash (used in)/generated from investing activities | (30,705 | ) | 1,597 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from share issuance, net of issuance costs | 551,824 | 18,483 | ||||||
Net cash generated from financing activities | 551,824 | 18,483 | ||||||
Effect of exchange rates on cash and cash equivalents | 2,887 | (6,443 | ) | |||||
Net increase/(decrease) on cash and cash equivalents | 184,841 | (90,680 | ) | |||||
Cash and cash equivalents at beginning of the period | 610 | 338,026 | ||||||
Cash and cash equivalents at end of the period | 185,451 | 247,346 | ||||||
Supplemental cash flow information | ||||||||
Cash paid for income tax | - | 1,061 |
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