Exhibit 99.2
TROOPS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2022, AND DECEMBER 31, 2021
(In thousands of U.S. dollars except share and per share data)
| As of | ||||||||
| June 30, 2022 | December 31, 2021 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | 2,526 | $ | 3,480 | ||||
| Accounts receivable | 40 | 8 | ||||||
| Loans receivable, net of provision for loan losses of $2,940 and $2,086, respectively | 3,631 | 2,446 | ||||||
| Interest receivable | 284 | 52 | ||||||
| Other receivables, prepayments and deposits, net of provision for credit losses of $5 and $5, respectively | 150 | 222 | ||||||
| Total current assets | 6,631 | 6,208 | ||||||
| Deposits for acquisition of a subsidiary, net of provision for credit losses of $127 and $127, respectively | 4,873 | 4,873 | ||||||
| Plant and equipment, net | 49,711 | 50,590 | ||||||
| Operating lease right-of-use assets, net | 142 | 39 | ||||||
| Intangible assets, net | 51 | 61 | ||||||
| Long-term loans receivable, net of provision for loan losses of $1,228 and $1,472, respectively | 8,609 | 8,190 | ||||||
| Goodwill | 385 | 385 | ||||||
| Total assets | $ | 70,402 | $ | 70,346 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Short-term loan | $ | 1,306 | $ | - | ||||
| Accounts payable | 3 | - | ||||||
| Other payables and accrued liabilities | 1,516 | 1,609 | ||||||
| Operating lease liability, current | 127 | 39 | ||||||
| Customer deposits | 4 | - | ||||||
| Taxes payable | 546 | 504 | ||||||
| Convertible notes - current | 34 | 38 | ||||||
| Total current liabilities | 3,536 | 2,190 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Operating lease liability, non-current | 15 | - | ||||||
| Convertible notes - non-current | 53 | 87 | ||||||
| Non-current Deferred tax liabilities | 5,418 | 5,545 | ||||||
| Total liabilities | 9,022 | 7,822 | ||||||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||||
| SHAREHOLDERS' EQUITY | ||||||||
| Preferred stock, $0.001 par value, 1,000,000 shares authorized, | ||||||||
| nil issued and outstanding as of June 30, 2022 and December 31, 2021 | - | - | ||||||
| Ordinary shares, $0.004 par value, 500,000,000 shares authorized, | ||||||||
| 101,597,998 issued and outstanding as of | ||||||||
| June 30, 2022 and December 31, 2021 | 406 | 406 | ||||||
| Additional paid-in-capital | 135,681 | 135,643 | ||||||
| Retained deficit | (74,710 | ) | (73,533 | ) | ||||
| Accumulated other comprehensive income | 3 | 8 | ||||||
| Total shareholders' equity | 61,380 | 62,524 | ||||||
| Total liabilities and shareholders' equity | $ | 70,402 | $ | 70,346 | ||||
TROOPS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(In thousands of U.S. dollars except share and per share data)
| 2022 | 2021 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| REVENUES | $ | 1,924 | $ | 1,283 | ||||
| COST OF REVENUES | 1,567 | 1,344 | ||||||
| GROSS PROFIT (LOSS) | 357 | (61 | ) | |||||
| OPERATING EXPENSES: | ||||||||
| General and administrative expenses | 1,175 | 1,352 | ||||||
| Impairment loss of loan and interest receivables | 610 | - | ||||||
| Total operating expenses | 1,785 | 1,352 | ||||||
| OPERATING LOSS | (1,428 | ) | (1,413 | ) | ||||
| OTHER (EXPENSES) INCOME: | ||||||||
| Interest expense | (26 | ) | (181 | ) | ||||
| Other income, net | 163 | 3 | ||||||
| Gain on change in fair value of warrant derivative liability | - | 247 | ||||||
| Total other income , net | 137 | 69 | ||||||
| LOSS FROM OPERATIONS BEFORE PROVISION FOR INCOME TAXES | (1,291 | ) | (1,344 | ) | ||||
| INCOME TAX BENEFIT | 114 | 152 | ||||||
| NET LOSS | $ | (1,177 | ) | $ | (1,192 | ) | ||
| OTHER COMPREHENSIVE LOSS: | ||||||||
| Foreign currency translation adjustment | (5 | ) | (1 | ) | ||||
| COMPREHENSIVE LOSS | $ | (1,182 | ) | $ | (1,193 | ) | ||
| LOSS PER SHARE: | ||||||||
| Basic | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Diluted | $ | (0.01 | ) | $ | (0.01 | ) | ||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES: | ||||||||
| Basic | 101,597,998 | 101,341,930 | ||||||
| Diluted | 101,597,998 | 101,341,930 | ||||||
