Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | SOS LIMITED |
Document Type | 6-K/A |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | true |
Amendment Description | The Company is furnishing this Form 6-K/A (the “Amendment”) to amend its six-month interim financial statements and incorporate such financial statements into the Company’s registration statements referenced below. This Amendment is to correct two inadvertent clerical errors in the revenue and balance of intangible assets as of June 30, 2023 found in the Form 6-K (the “Original Filing”) filed on September 28, 2023 (the “Original Filing Date”). Except for the changes expressly described above, this Amendment continues to present information as at the Original Filing Date and does not amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events.This Form 6-K, as amended, is hereby incorporated by reference into the registration statement of the Company on Form S-8 (Registration Number 333-262636), to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. |
Entity Central Index Key | 0001346610 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-38051 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 249,884 | $ 259,492 |
Accounts receivable - net | 2,376 | 2,432 |
Inventory | 42,456 | 46,273 |
Other receivables - net | 67,325 | 55,004 |
Amount due from related parties | 45,122 | 69,038 |
Tax recoverable | 2,319 | 2,543 |
Intangible assets | 6,675 | 6,406 |
Total current assets | 416,157 | 441,188 |
Non-current assets: | ||
Property equipment and software-net | 12,443 | 12,553 |
Goodwill | 72 | 72 |
Operating lease, right of use assets-net | 652 | 921 |
Total non-current assets | 13,167 | 13,546 |
Total assets | 429,324 | 454,734 |
Current liabilities: | ||
Accrued liabilities | 16,875 | 20,385 |
Accounts payable | 13,923 | 12,834 |
Tax payable | 81 | 94 |
Other payables | 7,223 | 11,081 |
Amount due to related parties | 642 | 643 |
Operating lease liability-current | 557 | 544 |
Total current liabilities | 39,301 | 45,581 |
Non-current liability: | ||
Operating lease liability-non-current | 95 | 377 |
Total non-current liability | 95 | 377 |
Total liabilities | 39,396 | 45,958 |
Shareholder’s equity | ||
Paid up capital | 399 | 374 |
Additional paid-in capital | 707,516 | 705,488 |
Statutory reserve | 170 | 59 |
Accumulated deficit | (283,727) | (272,919) |
Other comprehensive loss | (32,106) | (23,400) |
Total Shareholders’ equity | 392,252 | 409,602 |
Non-controlling interest | (2,324) | (826) |
Total liabilities and shareholders’ equity | $ 429,324 | $ 454,734 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Income Statement [Abstract] | |||
Revenue | $ 41,835 | $ 84,780 | |
Business taxes and surcharges | (29) | (25) | |
Net revenue | 41,806 | 84,755 | |
Operating costs | (41,716) | (82,164) | |
Gross profit | $ 90 | $ 2,591 | |
Gross profit ratio | 0.20% | 3.10% | |
Operating expenses | |||
Selling expense | $ (1,142) | $ (3,115) | |
General and administrative expense | (9,354) | (6,697) | |
Impairment | (81) | ||
Share-based compensation | (2,053) | (14,471) | |
Total operating expenses | (12,630) | (24,283) | |
Loss from operations | (12,540) | (21,692) | |
Other income (expenses): | |||
Other income, net | 988 | 423 | |
Total other income, net | 988 | 423 | |
Loss before income taxes | (11,552) | (21,269) | |
Income tax expense | (642) | (554) | |
Net loss - continuing operations | (12,194) | (21,823) | |
Discontinued operations | |||
Income from discontinued operations | 6,921 | ||
Gain from discontinued operations | 6,921 | ||
Net loss | (12,194) | (14,902) | |
Non-controlling interest | 1,497 | 569 | |
Net loss attributable to SOS Ltd | (10,697) | (14,333) | |
Other comprehensive loss: | |||
Foreign currency translation adjustment-net of tax | 8,706 | (10,739) | |
Total comprehensive loss | $ (1,991) | $ (25,072) | |
Weighted average number of ordinary shares | |||
Basic (in Shares) | 3,440,476,475 | 3,127,978,878 | |
Diluted (in Shares) | [1] | ||
LOSS PER SHARE | |||
Basic (in Dollars per share) | $ (0.0031) | $ (0.0046) | |
Diluted (in Dollars per share) | [1] | $ (0.0031) | $ (0.0046) |
None-GAAP adjusted net loss | $ (8,644) | $ 138 | |
[1]N/A Anti-diluted shares not considered |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Statement of Cash Flow - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (10,697) | $ (14,333) |
Less: Net income from discontinued operation | 6,921 | |
Net loss from continuing operation | (10,697) | (21,254) |
Adjustments: | ||
Depreciation and amortization | 106 | 2,399 |
Share-based compensation | 2,054 | 14,472 |
Amortisation of right of use assets | 268 | 256 |
Accretion of finance leases | 19 | |
Allowance for doubtful accounts-accounts receivable | 189 | |
Allowance for doubtful accounts-other receivable | 800 | |
Impairment of cryptocurrencies | 81 | |
Operating cash flows before movements in working capital | (8,169) | (3,138) |
Changes in working capital: | ||
Inventory | 1,224 | 9,442 |
Accounts receivable | 56 | 19,298 |
Other receivables | (12,321) | (110,435) |
Amount due from related parties | 23,916 | (10,045) |
Intangible assets | (350) | (837) |
Accrued liabilities | (3,510) | (3,225) |
Accounts payable | 1,089 | 1,274 |
Tax payable | 211 | (47) |
Other payables | (3,857) | 7,199 |
Amount due to related parties | (1) | 624 |
Lease liabilities | (269) | 1,184 |
Net cash used in operating activities from continuing operations | (1,981) | (88,706) |
Net cash used in in generating from discontinued operating activities | (15,611) | |
Net cash used in operating activities | (1,981) | (104,317) |
Cash flows from investing activity: | ||
Proceeds from disposal of property, equipment and software | 132 | |
Net cash generated from investing activity from continuing operations | 132 | |
Net cash generated from investing activity from discontinuing operations | 1,465 | |
Net cash generated from investing activities | 1,597 | |
Cash flows from financing activities: | ||
Repayment of principle portion of lease liabilities | (288) | |
Proceeds from share issuance, net of issuance costs | 18,483 | |
Net cash generated from/(used in) financing activities | (288) | 18,483 |
Net decrease on cash and cash equivalents | (2,269) | (84,237) |
Cash and cash equivalents at beginning of the period | 259,492 | 338,026 |
Effect of exchange rates on cash and cash equivalents | (7,339) | (6,443) |
Less: cash and cash equivalents, from the discontinued operations | 3,602 | |
Cash and cash equivalents at end of the period | 249,884 | 243,744 |
Supplemental cash flow information | ||
Cash paid for income tax | $ 646 | $ 1,061 |