Exhibit 99.1
SOS Limited
Interim Condensed Consolidated Balance Sheet
(US$ thousands, except share data and per share data, or otherwise noted)
Twelve months as of | Six months as of | |||||||
31-Dec-22 | 30-Jun-23 | |||||||
Audited | Unaudited | |||||||
US$ | US$ | |||||||
Current assets: | ||||||||
Cash and cash equivalents | 259,492 | 249,884 | ||||||
Accounts receivable – net | 2,432 | 2,376 | ||||||
Inventory | 46,273 | 42,456 | ||||||
Other receivables – net | 55,004 | 67,325 | ||||||
Amount due from related parties | 69,038 | 45,122 | ||||||
Tax recoverable | 2,543 | 2,319 | ||||||
Intangible assets | 6,406 | 6,675 | ||||||
Total current assets | 441,188 | 416,157 | ||||||
Non-current assets: | ||||||||
Property equipment and software-net | 12,553 | 12,443 | ||||||
Goodwill | 72 | 72 | ||||||
Operating lease, right of use assets-net | 921 | 652 | ||||||
Total non-current assets | 13,546 | 13,167 | ||||||
Total assets | 454,734 | 429,324 | ||||||
Liabilities and Shareholder’s Equity | ||||||||
Current liabilities: | ||||||||
Accrued liabilities | 20,385 | 16,875 | ||||||
Accounts payable | 12,834 | 13,923 | ||||||
Tax payable | 94 | 81 | ||||||
Other payables | 11,081 | 7,223 | ||||||
Amount due to related parties | 643 | 642 | ||||||
Operating lease liability-current | 544 | 557 | ||||||
Total current liabilities | 45,581 | 39,301 | ||||||
Non-current liability: | ||||||||
Operating lease liability-non-current | 377 | 95 | ||||||
Total non-current liability | 377 | 95 | ||||||
Total liabilities | 45,958 | 39,396 | ||||||
Shareholder’s equity | ||||||||
Paid up capital | 374 | 399 | ||||||
Additional paid-in capital | 705,488 | 707,516 | ||||||
Statutory reserve | 59 | 170 | ||||||
Accumulated deficit | (272,919 | ) | (283,727 | ) | ||||
Other comprehensive loss | (23,400 | ) | (32,106 | ) | ||||
Total Shareholders’ equity | 409,602 | 392,252 | ||||||
Non-controlling interest | (826 | ) | (2,324 | ) | ||||
Total liabilities and shareholders’ equity | 454,734 | 429,324 |
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-22 | 30-Jun-23 | |||||||
Unaudited | Unaudited | |||||||
US$ | US$ | |||||||
Revenue | 84,780 | 41,835 | ||||||
Business taxes and surcharges | (25 | ) | (29 | ) | ||||
Net revenue | 84,755 | 41,806 | ||||||
Operating costs | (82,164 | ) | (41,716 | ) | ||||
Gross profit | 2,591 | 90 | ||||||
Gross profit ratio | 3.1 | % | 0.2 | % | ||||
Operating expenses | ||||||||
Selling expense | (3,115 | ) | (1,142 | ) | ||||
General and administrative expense | (6,697 | ) | (9,354 | ) | ||||
Impairment | - | (81 | ) | |||||
Share-based compensation | (14,471 | ) | (2,053 | ) | ||||
Total operating expenses | (24,283 | ) | (12,630 | ) | ||||
Loss from operations | (21,692 | ) | (12,540 | ) | ||||
Other income (expenses): | ||||||||
Other income, net | 423 | 988 | ||||||
Total other income, net | 423 | 988 | ||||||
Loss before income taxes | (21,269 | ) | (11,552 | ) | ||||
Income tax expense | (554 | ) | (642 | ) | ||||
Net loss - continuing operations | (21,823 | ) | (12,194 | ) | ||||
Discontinued operations | ||||||||
Income from discontinued operations | 6,921 | - | ||||||
Gain from discontinued operations | 6,921 | - | ||||||
Net loss | (14,902 | ) | (12,194 | ) | ||||
Non-controlling interest | 569 | 1,497 | ||||||
Net loss attributable to SOS Ltd | (14,333 | ) | (10,697 | ) | ||||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustment-net of tax | (10,739 | ) | 8,706 | |||||
Total comprehensive loss | (25,072 | ) | (1,991 | ) | ||||
Weighted average number of ordinary shares | ||||||||
Basic | 3,127,978,878 | 3,440,476,475 | ||||||
Diluted* | - | - | ||||||
LOSS PER SHARE | ||||||||
Basic | (0.0046 | ) | (0.0031 | ) | ||||
Diluted* | (0.0046 | ) | (0.0031 | ) |
Note 1: *N/A Anti-diluted shares not considered
Six months ended | ||||||||
30-Jun-22 | 30-Jun-23 | |||||||
US$ | US$ | |||||||
None-GAAP adjusted net loss | 138 | (8,644 | ) |
Note 2: The add-back adjustment was mainly associated with share-based compensation expenses of $14.5 million for the six months ended June 30, 2022 and $2.1 million for the six months ended June 30, 2023, respectively.
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SOS Limited
Interim Condensed Consolidated Statement of Cash Flow
(US$ thousands, except share data and per share data, or otherwise noted)
Six months ended | Six months ended | |||||||
30-Jun-22 | 30-Jun-23 | |||||||
Unaudited | Unaudited | |||||||
US$ | US$ | |||||||
Cash flows from operating activities: | ||||||||
Net loss | (14,333 | ) | (10,697 | ) | ||||
Less: Net income from discontinued operation | 6,921 | - | ||||||
Net loss from continuing operation | (21,254 | ) | (10,697 | ) | ||||
Adjustments: | ||||||||
Depreciation and amortization | 2,399 | 106 | ||||||
Share-based compensation | 14,472 | 2,054 | ||||||
Amortisation of right of use assets | 256 | 268 | ||||||
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 | (3,138 | ) | (8,169 | ) | ||||
Changes in working capital: | ||||||||
Inventory | 9,442 | 1,224 | ||||||
Accounts receivable | 19,298 | 56 | ||||||
Other receivables | (110,435 | ) | (12,321 | ) | ||||
Amount due from related parties | (10,045 | ) | 23,916 | |||||
Intangible assets | (837 | ) | (350 | ) | ||||
Accrued liabilities | (3,225 | ) | (3,510 | ) | ||||
Accounts payable | 1,274 | 1,089 | ||||||
Tax payable | (47 | ) | 211 | |||||
Other payables | 7,199 | (3,857 | ) | |||||
Amount due to related parties | 624 | (1 | ) | |||||
Lease liabilities | 1,184 | (269 | ) | |||||
Net cash used in operating activities from continuing operations | (88,706 | ) | (1,981 | ) | ||||
Net cash used in in generating from discontinued operating activities | (15,611 | ) | - | |||||
Net cash used in operating activities | (104,317 | ) | (1,981 | ) | ||||
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 | 18,483 | (288 | ) | |||||
Net decrease on cash and cash equivalents | (84,237 | ) | (2,269 | ) | ||||
Cash and cash equivalents at beginning of the period | 338,026 | 259,492 | ||||||
Effect of exchange rates on cash and cash equivalents | (6,443 | ) | (7,339 | ) | ||||
Less: cash and cash equivalents, from the discontinued operations | 3,602 | - | ||||||
Cash and cash equivalents at end of the period | 243,744 | 249,884 | ||||||
Supplemental cash flow information | ||||||||
Cash paid for income tax | 1,061 | 646 |
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