Exhibit 99.2
TROOPS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2024, AND DECEMBER 31, 2023
(In thousands of U.S. dollars except share and per share data)
| As of | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | 1,504 | $ | 3,113 | ||||
| Accounts receivable, net | 648 | 2 | ||||||
| Loans receivable, net of provision for loan losses of $1,537 and $1,532, respectively | 10,460 | 7,195 | ||||||
| Interest receivable | 97 | 41 | ||||||
| Other receivables, prepayments and deposits, net of provision for credit losses of $8 and $8, respectively | 539 | 319 | ||||||
| Other receivables - related parties | 121 | — | ||||||
| Total current assets | 13,369 | 10,670 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Plant and equipment, net | 45,784 | 46,773 | ||||||
| Operating lease right-of-use assets, net | 37 | 4 | ||||||
| Intangible assets, net | 1,449 | 29 | ||||||
| Long-term loans receivable, net of $486 and $491 provision for loan losses | 10,604 | 12,484 | ||||||
| Goodwill | 12,348 | 385 | ||||||
| Total non-current assets | 70,222 | 59,675 | ||||||
| Total assets | $ | 83,591 | $ | 70,345 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Amount due to a s shareholder | $ | 2,308 | $ | 1,923 | ||||
| Accounts payable | 1,201 | 39 | ||||||
| Other payables and accrued liabilities | 1,745 | 2,239 | ||||||
| Operating lease liability, current | 22 | 4 | ||||||
| Customer deposits | 30 | 5 | ||||||
| Taxes payable | 501 | 513 | ||||||
| Total current liabilities | 5,807 | 4,723 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Operating lease liability, non-current | 15 | — | ||||||
| Convertible notes - non-current | 13,400 | — | ||||||
| Non-current deferred tax liabilities | 5,150 | 5,043 | ||||||
| Total non-current liabilities | 18,565 | 5,043 | ||||||
| Total liabilities | 24,372 | 9,766 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Preferred stock, $0.001 par value, 1,000,000 shares authorized, nil and nil issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | — | — | ||||||
| Ordinary shares, $0.004 par value, 500,000,000 shares authorized, 101,597,998 and 101,597,998 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 406 | 406 | ||||||
| Additional paid-in-capital | 135,768 | 135,768 | ||||||
| Retained earnings (deficit) | (76,954 | ) | (75,598 | ) | ||||
| Accumulated other comprehensive income (loss) | (1 | ) | 3 | |||||
| Total TROOPS, Inc. shareholders’ equity | 59,219 | 60,579 | ||||||
| Total liabilities and shareholders’ equity | $ | 83,591 | $ | 70,345 | ||||
TROOPS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(In thousands of U.S. dollars except share and per share data)
| 2024 | 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| REVENUES | $ | 2,609 | $ | 1,834 | ||||
| COST OF REVENUES | 1,911 | 1,424 | ||||||
| GROSS PROFIT | 698 | 410 | ||||||
| OPERATING EXPENSES: | ||||||||
| General and administrative expenses | 2,183 | 1,469 | ||||||
| Total operating expenses | 2,183 | 1,469 | ||||||
| OPERATING LOSS | (1,485 | ) | (1,059 | ) | ||||
| OTHER (EXPENSES) INCOME: | ||||||||
| Interest income | 5 | 7 | ||||||
| Interest expense | — | (32 | ) | |||||
| Other income (expense), net | (2 | ) | (3 | ) | ||||
| Total other income (expense), net | 3 | (28 | ) | |||||
| LOSS BEFORE PROVISION FOR INCOME TAXES | (1,482 | ) | (1,087 | ) | ||||
| INCOME TAX BENEFIT | 126 | 49 | ||||||
| NET LOSS | $ | (1,356 | ) | $ | (1,038 | ) | ||
| OTHER COMPREHENSIVE LOSS: | ||||||||
| Foreign currency translation adjustment | (4 | ) | (2 | ) | ||||
| COMPREHENSIVE LOSS | $ | (1,360 | ) | $ | (1,040 | ) | ||
| LOSS PER SHARE: | ||||||||
| Basic | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Diluted | $ | (0.01 | ) | $ | (0.01 | ) | ||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES: | ||||||||
| Basic | 101,597,998 | 101,597,998 | ||||||
| Diluted | 101,597,998 | 101,597,998 | ||||||
