Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information Line Items | |
Entity Registrant Name | SAI.TECH GLOBAL CORPORATION |
Trading Symbol | SAI |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 13,315,903 |
Amendment Flag | false |
Entity Central Index Key | 0001847075 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40368 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | #01-05 Pearl’s Hill Terrace |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 168976 |
Contact Personnel Name | Ian Zou |
Title of 12(b) Security | Ordinary Shares, par value $0.0001per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
Auditor Name | Audit Alliance LLP |
Auditor Location | Singapore |
Auditor Firm ID | 3487 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | #01-05 Pearl’s Hill Terrace |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 168976 |
Contact Personnel Name | Ian Zou |
City Area Code | 65 |
Local Phone Number | 9656 5641 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets: | |||
Cash and cash equivalents | $ 11,215 | $ 4,477 | |
Accounts receivable | 1,541 | 1,174 | |
Inventories | 152 | 198 | |
Cryptocurrencies | 50 | 83 | |
Stablecoin assets | 4,612 | ||
Deposits, prepayments and other current assets, net | 1,121 | 948 | |
Total current assets | 18,691 | 6,880 | |
Property and equipment, net | 1,872 | 4,345 | |
Intangible assets, net | 94 | 265 | |
Operating lease right-of-use assets, net | 443 | 43 | |
Total assets | 21,100 | 11,533 | |
Current liabilities: | |||
Accounts payable | 165 | 1,261 | |
Operating lease liabilities-current | 188 | 17 | |
Advance from customers | 62 | ||
Accrued and other liabilities | 159 | 25 | |
Income tax payable | 1 | ||
Other payable and accrued liabilities | 43 | 30 | |
Total current liabilities | 555 | 1,396 | |
Operating lease liabilities-non-current | 231 | 27 | |
Total Liabilities | 786 | 1,423 | |
Commitments and contingencies – Note 12 | |||
Mezzanine equities | 12,473 | ||
Shareholders’ equity: | |||
Subscription receivable | (9) | ||
Additional paid-in capital | 46,030 | 13,974 | |
Accumulated deficit | (25,257) | (16,412) | |
Accumulated other comprehensive income/(loss) | (461) | 83 | |
Total shareholders’ equity | 20,314 | (2,363) | |
Total Liabilities and shareholders’ equity | 21,100 | 11,533 | |
Class A Ordinary Shares | |||
Shareholders’ equity: | |||
Ordinary shares value | [1] | 1 | |
Class B Ordinary Shares | |||
Shareholders’ equity: | |||
Ordinary shares value | [1] | $ 1 | $ 1 |
[1]The shares and per share data are presented on a retroactive basis to reflect the reorganization. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class A Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 330,369,366 | 330,369,366 |
Ordinary shares, shares issued | 13,315,903 | 13,315,903 |
Ordinary shares, shares outstanding | 2,544,148 | 2,544,148 |
Class B Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 9,630,634 | 9,630,634 |
Ordinary shares, shares outstanding | 9,630,634 | 9,630,634 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss)/Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Statement [Abstract] | ||||
Revenues | $ 10,638 | $ 17,038 | $ 1,957 | |
Cost of revenues | 9,498 | 15,774 | 1,055 | |
Gross Profit | 1,140 | 1,264 | 902 | |
Sales and marketing expenses | 1,098 | 14,779 | 1 | |
General and administrative expenses | 6,080 | 2,383 | 231 | |
Research and development expenses | 476 | 419 | 348 | |
Impairment of long-lived assets | 951 | 135 | 40 | |
Total operating expenses | 8,605 | 17,716 | 620 | |
Profit/(Loss) from operations | (7,465) | (16,452) | 282 | |
Other income/(expense), net | (1,380) | (228) | 174 | |
Profit/(Loss) before income tax | (8,845) | (16,680) | 456 | |
Income tax benefit(expenses) | (24) | (53) | ||
Net profit/(loss) | (8,845) | (16,704) | 403 | |
Other comprehensive loss | ||||
Foreign currency translation gain/(loss) | (544) | 57 | 28 | |
Total comprehensive income/(loss) | $ (9,389) | $ (16,647) | $ 431 | |
Gain/(Loss) per ordinary share* | ||||
Basic and diluted (in Dollars per share) | [1] | $ (0.4601) | $ (1.4274) | |
Weighted average number of ordinary shares outstanding*: | ||||
Basic & Diluted (in Shares) | [1],[2] | 19,224,614 | 12,447,760 | 12,447,760 |
[1]The shares and per share data are presented on a retroactive basis to reflect the reorganization.[2]The ordinary shares are presented on a retroactive basis to reflect the Company’s share consolidation on April 29, 2022 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive (Loss)/Income (Parentheticals) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Statement [Abstract] | ||||
Basic and diluted | [1] | $ (0.4601) | $ (1.4274) | |
Basic & Diluted | [1],[2] | 19,224,614 | 12,447,760 | 12,447,760 |
[1]The shares and per share data are presented on a retroactive basis to reflect the reorganization.[2]The ordinary shares are presented on a retroactive basis to reflect the Company’s share consolidation on April 29, 2022 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity/(Deficit) - USD ($) $ in Thousands | Class A Ordinary Shares | Class B Ordinary Shares | Series Seed Preferred Shares | Subscription Receivable | Additional Paid-in Capital | Statutory Reserves | (Accumulated Deficit)/ Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2020 | $ 1 | $ (9) | $ 156 | $ 33 | $ 292 | $ 23 | $ 496 | ||
Balance (in Shares) at Dec. 31, 2020 | 2,544,148 | 9,630,634 | 272,978 | ||||||
Net loss | (16,704) | (16,704) | |||||||
Accretion to mezzanine equities | (1,064) | (1,064) | |||||||
Share-based compensation expense | 14,457 | 14,457 | |||||||
Disposal of an subsidiary | 425 | (33) | 392 | ||||||
Foreign currency translation adjustment | 60 | 60 | |||||||
Balance at Dec. 31, 2021 | $ 1 | (9) | 13,974 | (16,412) | 83 | (2,363) | |||
Balance (in Shares) at Dec. 31, 2021 | 2,544,148 | 9,630,634 | 272,978 | ||||||
Net loss | (8,845) | (8,845) | |||||||
Share-based compensation expense | 1,060 | 1,060 | |||||||
Share-based compensation expense (in Shares) | 382,250 | ||||||||
Reverse recapitalization | 9 | 18,524 | 18,533 | ||||||
Reverse recapitalization (in Shares) | 4,965,379 | ||||||||
Conversion into ordinary shares | $ 1 | 12,472 | 12,473 | ||||||
Conversion into ordinary shares (in Shares) | 5,424,126 | (272,978) | |||||||
Foreign currency translation adjustment | (544) | (544) | |||||||
Balance at Dec. 31, 2022 | $ 1 | $ 1 | $ 46,030 | $ (25,257) | $ (461) | $ 20,314 | |||
Balance (in Shares) at Dec. 31, 2022 | 13,315,903 | 9,630,634 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income/(loss) | $ (8,845) | $ (16,704) | $ 403 |
Adjustments to reconcile net income to net cash used in operating activities | |||
Depreciation and amortization | 1,662 | 309 | 83 |
Deferred tax | 12 | 19 | |
Bad debt provision | 5 | ||
Impairment of long-lived assets | 887 | 135 | 40 |
Impairment on intangible assets | 64 | ||
Loss on disposal of property and equipment | 718 | ||
Share-based payment | 1,060 | 14,457 | |
Disposal of construction in progress | 228 | ||
Changes in operating assets and liabilities | |||
Accounts receivable | (366) | (1,122) | (49) |
Cryptocurrencies | (37) | (83) | |
Deposits, prepayments and other current assets | 797 | (640) | (237) |
Amount due from related parties | 647 | (573) | |
Accounts payable | (1,096) | 1,213 | 45 |
Inventories | 30 | 721 | (851) |
Operating lease right-of-use assets | (411) | (43) | |
Operating lease liabilities-current | 176 | 17 | |
Operating lease liabilities-non-current | 209 | 27 | |
Income tax payable | (36) | 33 | |
Advance from customers | (59) | 69 | (174) |
Amount due to related parties | (29) | 30 | (7) |
Other payables and accrued liabilities | 278 | (220) | 228 |
Net cash used in operating activities | (4,962) | (983) | (1,035) |
Cash flows from investing activities | |||
Proceed from sale of property and equipment | 60 | ||
Purchase of property and equipment | (1,872) | (3,970) | (325) |
Changes in Stablecoin | (4,612) | ||
Purchase of intangible assets | (434) | ||
Net cash used in investing activities | (6,424) | (3,970) | (759) |
Cash flows from financing activities | |||
Reverse recapitalization | 18,533 | ||
Proceeds from issuance of Preferred Shares | 8,191 | 2,892 | |
Net cash provided by financing activities | 18,533 | 8,191 | 2,892 |
Effect of exchange rate changes | (409) | (61) | 72 |
Net increase in cash and cash equivalents | 6,738 | 3,177 | 1,170 |
Cash and cash equivalents at beginning of the year | 4,477 | 1,300 | 130 |
Cash and cash equivalents at end of the year | 11,215 | 4,477 | 1,300 |
Supplemental disclosure of non-cash financing activities: | |||
Capital injection received using equipment | $ 158 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization Disclosure [Abstract] | |
Organization | 1. Organization SAI.TECH Global Corporation, formerly known as TradeUP Global Corporation (the “Company” or “SAI.TECH”), was incorporated in the Cayman Islands on February 2, 2021. The Company, through its subsidiaries, is primarily engaged in sales of digital assets mining machines to end customers, specialized hosting service to digital asset mining customers, digital mining and mining pool service and other service globally. a. Reverse recapitalization On April 29, 2022, the Company consummated the previously announced business combination (the “Business Combination”) with SAITECH Limited, a Singapore based digital mining operator. Following the closing of the Business Combination, SAITECH Limited became a wholly owned subsidiary of TradeUP Global Corporation (“TradeUP”), which subsequently renamed to “SAI.TECH Global Corporation”. The transaction is accounted for as a recapitalization, SAITECH Limited is determined as the predecessor and the historical financial statements of SAITECH Limited became the Company’s historical financial statements, with retrospective adjustments to give effect of the recapitalization. The equity is restated using the exchange ratio of 0.13376 established in the recapitalization transaction, which is $188 million and $10.00 per share (the “exchange ratio”) divided by 140,551,496 (total ordinary shares outstanding of SAITECH Limited), and together with holders of 3,492,031 TradeUP Class A Ordinary Shares, remaining after the redemption of 2,071,735 Following completion of the Business Combination, holders of 28,000,000 SAITECH Limited Class A Ordinary Shares, remaining after the redemption of 24,254,751 -A There are an aggregate of 12,933,653 Class A Ordinary Shares issued and outstanding, and 2,244,493 Class A Ordinary Shares issuable upon the exercise of the warrants to purchase Class A Ordinary Shares outstanding, with an exercise price of $11.50 per share. Loss/(income) per share is retrospectively restated using the historical weighted -average nil -in -in The consolidated statements of changes in equity for the years ended December 31, 2021 and 2020 were also adjusted retrospectively to reflect these changes. The weighted average number of ordinary shares outstanding used in computing net loss per ordinary share — basic and diluted was adjusted retrospectively from 93,061,216 to 18,800,009 for the years ended December 31, 2021 and 2020. The loss per share before and after the retrospective adjustments are as follows. Year Ended December 31, 2020 2021 Before adjustment After adjustment Before adjustment After adjustment Net loss per share attributable to ordinary shareholders of SAI.TECH Global Corporation. – Basic and diluted — — (0.0019 ) (1.4274 ) Weighted average shares used in calculating net loss per share – Basic and diluted 93,061,216 12,447,760 93,061,216 12,447,760 b. Reorganization Prior to the Business Combination, SAITECH undertook a series of steps as follows to restructure its business (the “Reorganization”): The Company incorporated Superlative Accelerating Infinite Limited (“Superlative Accelerating”) under the laws of the British Virgin Islands and Superlative Accelerating incorporated Silicon Asset Investment Limited (“Silicon Asset”) under the laws of Hong Kong, as its wholly owned subsidiary, in April 2021. In April 2021, Silicon Asset incorporated a wholly owned subsidiary, Hangzhou Dareruohan Technology Co., Ltd. (“SAI WOFE”) in Hangzhou, the PRC. Effective on April 22, 2021, the Company acquired control over Beijing SAI and its subsidiary, Xinjiang Silicon Substrate Heating Power Co., Ltd. (“Xinjiang Silicon”) by entering into a series of contractual agreements (the “VIE Agreements”). The VIE Agreements enable SAI WOFE to (i) have power to direct the activities that most significantly affect the performance of Beijing SAI, and (ii) receive the benefits of Beijing SAI that could be significant to Beijing SAI. SAI WOFE is fully and exclusively responsible for the management of Beijing SAI, absorbs all risk of losses of Beijing SAI and has the exclusive right to exercise all voting rights of Beijing SAI’s shareholders. Therefore, in accordance with ASC 810 “Consolidation”, SAI WOFE is considered as the primary beneficiary of Beijing SAI and its subsidiary and has consolidated Beijing SAI’s assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements. Beijing SAI is controlled by the same shareholder since incorporation and after the reorganization. Accordingly, Beijing SAI became the VIE of the Company and the Company, through its wholly owned subsidiaries, Superlative Accelerating, Silicon Asset and SAI WOFE, become the primary beneficiary of Beijing SAI and its subsidiary (the “Reorganization”). Since the Company, its wholly owned subsidiaries and the VIE were effectively controlled by the same shareholders immediately before and after the Reorganization completed on April 22, 2021, as described above, On August 31, 2021, the Company terminated the VIE Agreements. As a result, the corporate structure of the Company no longer contains a VIE structure starting from August 31, 2021. c. Subsidiaries As of December 31, 2022, the Company’s major subsidiaries were summarized as follows: Name of the entity Date of incorporation Percentage of ownership Place of incorporation Principle business Subsidiaries Superlative Accelerating Infinite Limited February 5, 2021 100% BVI Investment holding Sustainable Available Innovative Limited July 14, 2021 100% BVI Investment holding Silicon Asset Investment Limited March 3, 2021 100% Hong Kong Investment holding Sustainable Available Innovative Pte. Ltd. August 18, 2021 100% Singapore Investment holding Sustainable Available Innovative Asia Ltd August 26, 2021 100% Republic of Kazakhstan Investment holding Hangzhou Dareruohan Technology Co., Ltd. April 2, 2021 100% PRC Research and Development Nanjing SuannengWuxian Techology Co. Ltd. (1) June 4, 2020 100% PRC Research and Development SAI US INC. February 24, 2022 100% U.S. Business ____________ (1) Prior to August 31, 2021 total assets and liabilities presented on the Company’s consolidated balance sheets, net revenues, operating cost and expenses, and net income presented on the Company’s consolidated statements of operations and comprehensive (loss)/income, as well as the cash flows from operating, investing and financing activities presented on the Company’s consolidated statements of cash flows are substantially the financial position, result of operations and cash flows of the Company’s consolidated VIE . The following balances and amounts of the VIE were included in the Company’s consolidated financial statements as of December 31, 2022 and 2021 or for the year ended December 31, 2022, 2021 and 2020. As of December 31, 2021 As of December 31, 2022 (US$) (US$) Total Assets — — Total liabilities — — For the Year Ended 2020 2021 2022 (US$) (US$) (US$) Net revenues 1,957 6,737 — Net income/(loss) 403 (309 ) — Cash flow (used in)/provided by operating activities (1,035 ) 3,112 — Cash flow (used in)/provided by investing activities (759 ) 64 — Cash flow provided by/(used in) financing activities 2,892 (2,500 ) — |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of presentation The Company’s consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). b) Principles of consolidation The Company’s consolidated financial statements include the accounts of the Company, its subsidiaries and its consolidated VIE, of which the Company is the primary beneficiary, from the dates they were acquired or incorporated till August 2021 when VIE agreement was terminated. All inter -company c) Liquidity For the year ended December 31, 2022, the Company had a net loss of $8.8 million and net cash outflow in operating activities of $5.0 million. As of December 31, 2022, our consolidated current assets exceeded our consolidated current liabilities by $18.1 million, we had cash and cash equivalents of $11.2 million, and accumulated deficit of $25.3 million. The Company believes its current cash on hand is sufficient to meet its operating and capital requirement for at least the next twelve months from the date these financial statements are issued. d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Significant accounting estimates reflected in the Company’s consolidated financial statements include but are not limited to estimates and judgments applied in determination of allowance for doubtful receivables, impairment losses for long -lived -based e) Foreign currency translation and transactions Historically the Company’s principal country of operations is the PRC. The financial position and results of its operations are determined using RMB, the local currency, as the functional currency. The Company’s financial statements are reported using U.S. Dollars (“US$”, or “$”). The functional currency for the Company in Cayman Island is US$. Assets and liabilities are translated using the exchange rate at each balance sheet date. The consolidated statements of operations and comprehensive (loss)/income and cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period, and shareholders’ equity/(deficit) is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive (loss)/income in shareholders’ equity. The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. Any significant revaluation of RMB may materially affect the Company’s financial condition in terms of US$ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: As of December 31, 2021 As of December 31, 2022 Balance sheet items, except for equity accounts 6.3726 6.9646 For the Year Ended 2020 2021 2022 Items in the consolidated statements of operations and comprehensive (loss)/income, and cash flows 6.9042 6.4000 6.7190 No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate stated above, or at any other rate. f) Cash and cash equivalents Cash and cash equivalents consist of bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. g) Accounts receivable The Company records accounts receivable at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts as needed. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2022 and 2021, the Company did not recorded any allowances for doubtful accounts against its accounts receivable. h) Inventories Inventories, consisting of digital mining cabinets and related accessories for the production purpose, are stated at the lower of cost or net realizable value. The cost of inventory is determined using the identified cost of the specific item. Inventory is written down for damaged and slow -moving i) Cryptocurrency assets Cryptocurrency assets are included in current assets in the accompanying consolidated balance sheets. Cryptocurrency assets generated from the cryptocurrency mining business and the mining pool business are accounted for in connection with the Company’s revenue recognition policy disclosed below. Cryptocurrencies held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment quarterly, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite -lived nil nil Cryptocurrencies generated from the cryptocurrency mining business and the mining pool business as well as the cryptocurrencies distributed to mining pool participants are included within operating activities in the accompanying consolidated statements of cash flows. The sales of cryptocurrencies are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in gain or loss of disposal of cryptocurrencies in the consolidated statements of operations and comprehensive (loss)/income. The Company accounts for its gains or losses in accordance with the first -in-first-out j) Stablecoin assets Stablecoin is included in current assets in the accompanying consolidated balance sheets. The Company holds positions in the stablecoins USD Coin (USDC) and Tether (USDT), which are cryptocurrencies, but are considered a financial instrument in accordance with ASC Topic 825. These stablecoins are recognized in the consolidated balance sheets as investment recognized at fair value. k) Property and equipment, net The Company’s property and equipment are recorded at cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated on the straight -line Furniture, fixture and other equipment 3 years Electronic equipment 3 – 5 years Plant Shorter of useful life or lease term When property and equipment are retired or otherwise disposed of, resulting gain or loss is included in net income in the period of disposition. For the year ended December 31, 2022, 2021 and 2020, the Company recognized $718, $317 and nil l) Intangible assets, net The Company’s intangible assets primarily consisted of purchased software used for specific digital asset mining machines to increase the computing power or reduce power consumption. The software is initially recorded at purchased cost and amortized on a straight -line m) Construction in process Direct costs that are related to the construction of equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in process. Construction in process is transferred to specific plants and equipment items and the depreciation of these assets commences when the assets are ready for their intended use. n) Impairment of long-lived assets All long -lived -lived -lived -lived nil $40 -lived o) Fair value of financial instruments The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable and stablecoin. The carrying values of these financial instruments’ approximate fair values due to their short term in nature. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. p) Revenue recognition In accordance with ASC Topic 606, revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. In determining when and how much revenue is recognized from contracts with customers, the Company performs the following five -step Sales of products Revenue generated from sales of products occurs for the sales of digital asset mining machines to end customers. The Company presents the revenue generated from its product sales on a gross basis as the Company acts as the principal and has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. In making this determination, the Company also assesses whether it is primarily obligated in these transactions, is subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators. Revenues are measured as the amount of consideration the Company expects to receive in exchange for transferring control of products to customers. Consideration from product sales is recorded net of value -added Hosting service Revenues generated from hosting service is earned by the Company to perform hosting service and daily maintenance of servers for customers throughout the contractual period. The single performance obligation is to provide an environment for the servers to operate continuously which is satisfied over time. Such hosting service revenue is recognized over time as the performance obligation is satisfied over the term of the contracts with customers. Mining pool services The Company operates its mining pool, Sai.plus, to enable providers of computing power (“pool participants”) to participate in crypto -mining The Company considers itself the principal in transactions with the blockchain networks and recognizes the mining pool revenue on a gross basis. The performance obligation is to create or validate each block. Revenue is recognized at the point when the block creation or validation is complete and the Company has received the rewards. Revenue is measured at the fair value of rewards upon receipt, which is not materially different than the fair value at contract inception. The Company considers itself the principal in transactions with the blockchain networks as it coordinates all the computing power within the mining pool, delivers such aggregated computing power to the blockchain network, collects centrally all mining rewards and distributes them in accordance with the predetermined sharing mechanisms. The Company has control over the pool participants’ computing power. Although the pool participants can enter and exit the pool at will and deploy the qualifying types of mining machines at the choices of the pool participants, during the mining process, the Company dictates the tasks and the participants’ mining machines merely follow the allocation prescribed by the Company. As a result, the Company is primarily responsible for fulfilling the promise to provide the specified service. Further, under existing sharing mechanisms, the Company is exposed to the risk that actual block rewards may differ from expected rewards, therefore, bears the inventory risk before the specified service has been transferred to a customer. The Company provides mining pool services under Sai.plus. Mining Revenue. The Company have entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and our enforceable right to compensation only begins when we provide computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are immaterial and are recorded as a deduction from revenue), for successfully adding a block to the blockchain. q) Income taxes The Company follows the guidance of ASC Topic 740 “Income taxes” and uses liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets, if based on the weight of available evidence, it is more -likely-than-not r) Uncertain tax positions The Company uses a more -likely-than-not -likely-than-not Interest on non -payment According to the Departmental Interpretation and Practice Notes No.11 (Revised) (“DIPN11”) of the Hong Kong Inland Revenue Ordinance (the “HK tax laws”), an investigation normally covers the six years of the assessment prior to the year of the assessment in which the investigation commences. In the case of fraud and willful evasion, the investigation is extended to cover ten years of assessment. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. For the year ended December 31 2022, 2021 and 2020, the Company did not have any material interest or penalties associated with tax positions. The Company did not have any significant unrecognized uncertain tax positions as of December 31, 2022 and 2021. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. s) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company’s management team. Consequently, the Company has determined that it has two reportable operating segments. In addition, the Company’s chief operating decision maker makes resource allocation decisions and assesses performance based on the different business operating results instead of the geographic location operating results. Therefore, no geographical segments are presented. t) Earnings per share Earnings (loss) per share is computed in accordance with ASC 260. The two -class -class -A -converted -cumulative Basic earnings (loss) per ordinary share is computed by dividing net income/(loss) attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary and potential ordinary shares outstanding during the period. Potential ordinary shares include ordinary shares issuable upon the conversion of the preferred shares using the if -converted -dilutive u) Share based compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant -date -line -date v) Commitments and contingencies The Company accrues estimated losses from loss contingencies by a charge to income when information available before financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired, or a liability had been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. As of December 31, 2022 and 2021, there were no contingent liabilities relating to litigations against the Company. w) Leases In February 2016, the FASB issued ASU No. 2016 -02 -of-use |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories consisted of the following: As of December 31, 2021 As of December 31, 2022 US$ US$ Heat recovery cabinet 198 — Accessories — 152 198 152 Inventories are stated at the lower of cost or net realizable value. No impairment was recorded for the year ended December 31, 2022 and 2021. |
Deposits, Prepayments and Other
Deposits, Prepayments and Other Current Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Deposits, Prepayments and Other Current Assets, Net Disclosure [Abstract] | |
Deposits, Prepayments and Other Current Assets, net | 4. Deposits, Prepayments and Other Current Assets, net Prepaid expenses and other current assets consisted of the following As of December 31, 2021 As of December 31, 2022 US$ US$ Deposits for office spaces leases 133 78 Prepaid purchase of inventory (i) 147 — Staff advances 38 — Deductible VAT tax 617 562 Other current assets (ii) 13 481 Deposits, prepayments and other current assets, cost 948 1,121 Less: bad debt provision — — Deposits, prepayments and other current assets, net 948 1,121 ____________ (i) (ii) |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment, Net Disclosure [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment, net, consisted of the following As of December 31, 2021 As of December 31, 2022 US$ US$ Electronic equipment 3,351 2,288 Furniture, fixtures and other equipment 1,034 1,332 Plants 89 83 Property and equipment, cost 4,474 3,703 Less: accumulated depreciation (129 ) (982 ) Impairment — (849 ) 4,345 1,872 Depreciation expenses for the year ended December 31, 2022, 2021 and 2020 were approximately $1,506, $152 and $34 respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net Disclosure [Abstract] | |
Intangible Assets, Net | 6. Intangible Assets, Net Intangible asset, net, consisted of the following As of As of US$ US$ Purchased software 344 311 Less: accumulated amortization (79 ) (217 ) 265 94 Amortization expenses for the year ended December 31, 2022, 2021 and 2020 were approximately $138, $157 and $49 respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leases [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | 7. Operating Leases The Company entered into various operating lease agreements, mainly including operation in Kazakhstan, which was started in August, 2021, office lease, which was started in March, 2022, and operation lease in Ohio, U.S., which was started in August, 2022. The remaining lease terms ranges from 1.5 to 3 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table presents the operating lease related assets and liabilities recorded on the Company’s consolidated balance sheet. As of December 31, 2021 As of December 31, 2022 US$ US$ Right-of-use assets, net 43 443 Impairment of right-of-use assets — — Right-of-use assets, net 43 443 Operating lease liabilities – current 17 188 Operating lease liabilities – non-current 27 231 Total operating lease liabilities 44 419 For the year ended December 31, 2022, 2021 and 2020, the Company recorded short -term nil nil nil The following table summarizes the maturity of operating lease liabilities as of December 31, 2022: US$ 2023 209 2024 202 Total 30 Less: imputed interest (22 ) Present value of lease liabilities 419 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The entities within the Company file separate tax returns in the respective tax jurisdictions in which they operate. Cayman Islands The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands. British Virgin Islands (“BVI”) Under the current laws of the BVI, the Company’s subsidiaries incorporated in BVI are not subject to tax on income or capital gains. Additionally, upon payments of dividends by the BVI company to its respective shareholders, no BVI withholding tax will be imposed. Hong Kong, PRC Under the current Hong Kong tax laws, a two -tier -derived Mainland, PRC The Company’s PRC subsidiaries are governed by the income tax law of the PRC and are subject to the PRC enterprise income tax (“EIT”). The EIT rate of PRC is 25%, which applies to both domestic and foreign invested enterprises. The income tax rate of a Company’s PRC subsidiaries is 25%. The income tax rate of the Company’s VIE and VIE subsidiary is 25% for the period from March 28, 2019 (inception) through December 31, 2019, and the years ended December 31, 2020. On August 31, 2021, the Company terminated the VIE Agreements. As a result, the corporate structure of the Company no longer contains a VIE structure effective August 31, 2021. Singapore Sustainable Available Innovative Pte. Ltd. was established in Singapore and is subject to Singapore corporate income taxes at the rate of 17% for the years ended December 31, 2022, 2021 and 2020. United States (“U.S.”). SAI US INC. is incorporated in the U.S. and is subject to the U.S. federal income taxes. According to U.S. tax reform, a flat corporate income tax rate of 21% is effective beginning in 2018. For the year ended December 31, 2022, 2021 and 2020, the Company’s income tax expense consisted of: For Year Ended 2020 2021 2022 US$ US$ US$ Current tax expense 33 24 — Deferred tax expense 20 — — 53 24 — A reconciliation of the income tax expense determined at the PRC statutory income tax rate to the Company’s actual income tax expense is as follows: For Year Ended 2020 2021 2022 US$ US$ US$ Loss before income tax expense 456 (16,680 ) (8,845 ) PRC statutory income tax rate 25 % 25 % 25 % Income tax at PRC statutory income tax rate 114 (4,170 ) (2,211 ) Super deduction of qualified R&D expenditures (65 ) — — Expenses not deductible 3 4,141 265 Change in valuation allowance 1 53 — Change in unrecognized deferred tax asset — — 1,946 Income tax expense 53 24 — The Group’s deferred tax assets at December 31, 2022 and 2021 were as follows: As of December 31, 2021 As of December 31, 2022 US$ US$ Deferred tax assets 53 — Less, valuation allowance (53 ) — Deferred tax assets, net — — The following represents a roll -forward : For the years ended 2020 2021 2022 US$ US$ US$ Beginning balance — 1 — Deferred tax assets-provision for current year 1 52 — Less, valuation allowance — (53 ) — Deferred tax assets, net 1 — — |
Redeemable Preferred Shares
Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable Preferred Shares [Abstract] | |
Redeemable Preferred Shares | 9. Redeemable Preferred Shares Series A Preferred Shares Issuance On April 22, 2021, the Company entered into an investment agreement with certain investors, to issue 16,466,767 series A preferred shares (“Series A Preferred Shares”), with par value of US$0.0001 each, for an aggregated consideration of US$8,156. The issuance price of the Series A Preferred Shares is US$0.4953. In addition, the Company was committed to issue 9,864,312 Series Pre -A -A Preferred Shares will be issued to the three shareholders once they have obtained all approval from PRC government and their capital contribution in the Company has been completed. Automatic conversion event was added for Series Angel, Series Pre -A The Beneficial conversion feature (“BCF”) exists when the conversion price of the Series A Preferred Shares is lower than the fair value of the Class A Ordinary Shares at the commitment date, which is the issuance date of Series A Preferred Shares. No BCF was recognized for the Series A Preferred Shares as the fair value of the Class A Ordinary Shares at the commitment date was less than its most favorable conversion price. The fair value of the Company’s Class A Ordinary Shares was determined with the assistance of an independent third -party Additional Preferences of Preferred Shares after the Reorganization Additional Redemption Rights Upon the Reorganization, a new redemption event is added that Series Angel, Series Pre -A As it was not probable for the Redemption Event to happen before the reorganization, the Preferred Shares were not considered currently redeemable, and no accretions were made until the reorganization when the Qualified IPO and trade sale redemption term is added. The Group accretes changes in the redemption value from the date of reorganization and continue until such time to the redemption (6 years) date using interest method at a simple annual interest rate of 10%. The accretion will be recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid -in -in The Preferred Shares are classified in mezzanine equity between the liabilities and the permanent equity on the consolidated balance sheets due to the conditional redemption right upon the occurrence of the redemption events which are beyond the Group’s control. As of December 31, 2021 and 2022, the mezzanine equities are $12,473 and nil The change in the number of redeemable preferred shares for the years ended December 31, 2020, 2021 and 2022 is as follows: For the years ended December 31, 2020 2021 2022 (‘000) (‘000) (‘000) Number of redeemable preferred shares Opening balance — 21,000 37,730 Issuance of Series Angel Preferred Shares (1) 4,000 — — Conversion of Beijing SAI preferred shares due to reorganization (1) — (21,000 ) — Issuance of Series Angel Preferred Shares of the Company due to reorganization (2) — 7,289 — Issuance of Series Pre-A Preferred Shares of the Company due to reorganization (3) 17,000 13,974 — Issuance of Series A Preferred Shares (4) — 16,467 — Conversion into Ordinary Shares (5) (37,730 ) Ending balance 21,000 37,730 0 (1) -in (2) (3) -A -A -A -A -A and the 9.8 million Series Pre -A -A (4) (5) On April 29, 2022, the redeemable preferred shares were transferred into Class A Ordinary Shares following the Business Combination based upon a conversion ratio of 0.13376. The change in the number of redeemable preferred shares for the years ended December 31, 2020, 2021 and 2022 is restated as following: For the years ended December 31, 2020 2021 2022 (‘000) (‘000) (‘000) Number of redeemable preferred shares Opening balance — 2,928 5,151 Issuance of Series Angel Preferred Shares (1) 975 — — Conversion of Beijing SAI preferred shares due to reorganization (1) — (2,928 ) — Issuance of Series Angel Preferred Shares of the Company due to reorganization (2) — 975 — Issuance of Series Pre-A Preferred Shares of the Company due to reorganization (3) 1,953 1,953 — Issuance of Series A Preferred Shares (4) — 2,223 — Conversion into Ordinary Shares (5) — — (5,151 ) Ending balance 2,928 5,151 — * The change in the balance of the mezzanine equities for the years ended December 31, 2020, 2021 and 2022 is as follows: For the years ended 2020 2021 2022 US$ US$ US$ Opening balance — 3,218 12,473 Series Angel Preferred Shares (1) 613 — — Series A Preferred Shares (2) 2,605 8,156 — Accretion during the period (3) — 1,064 — Currency translation adjustment — 35 — Conversion into Ordinary Shares (4) — — (12,473 ) Ending balance 3,218 12,473 — (1) (2) (3) -A (4) |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 10. Restricted Net Assets The Company’s operations are conducted through its PRC subsidiary and historically the VIE. Relevant PRC statutory laws and regulations permit payments of dividends by its PRC subsidiary and VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations, and after it has met the PRC requirements for appropriation to statutory reserves. Paid in capital, additional paid -in -in -distributable In accordance with the PRC regulations on Enterprises with Foreign Investment, a WOFE established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A WOFE is required to allocate at least 10% of its annual after -tax Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least 10% of its annual after -tax As a result of these PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. As of December 31, 2022 and 2021, net assets restricted in the aggregate, which include paid -in -in |
Employee Defined Contribution P
Employee Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2022 | |
Employee Defined Contribution Plan [Abstract] | |
Employee Defined Contribution Plan | 11. Employee Defined Contribution Plan Full time employees of the Company’s subsidiaries in U.S., Singapore and PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. The related labor regulations of U.S., Singapore and PRC require that the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The employee benefits were expensed as incurred. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits were $257, $93 and $9, respectively, for the year ended December 31, 2022, 2021 and 2020. |
Share-based Payment
Share-based Payment | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment [Abstract] | |
Share-based Payment | 12. Share-based Payment On September 8, 2021, the Company granted 8,979,600 restricted Class A Ordinary Shares to Make World Better Limited (“Recipient”), which is an entity wholly owned by Mr. Fan Yinliang (“Mr. Fan”) who is a consultant to the Company. The restricted shares are granted with a purchase price of $0.0001 per share and are fully vested upon grant and was fully issued as of December 31,2021. This grant is to reward Mr. Fan for his service of introducing digital asset mining resources providers outside China. This share -based Share Incentive Plans The company have incentive plan for the granting of share -based 2021 Share Incentive Plan On April 22, 2022, the Company’s shareholders adopted the 2021 Share Incentive Plan, which provides for the issuance of up to an initial 1,812,663 Class A ordinary shares and subject to such adjustments in the plan, the then -applicable st st st As of December 31, 2022, 410,663 A summary of the Company’s unvested time -based Number of Shares Unvested at December 31, 2021 1,812,663 Vested 382,250 Granted 981,000 Forfeited 38,750 Unvested at December 31, 2022 410,663 |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2022 | |
Concentration of Risk [Abstract] | |
Concentration of Risk | 13. Concentration of Risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and due from related parties. As of December 31, 2022, all of the Company’s cash and cash equivalents was held by major financial institutions located in PRC, Hong Kong, U.S., and Cayman. The Company believes that these financial institutions are of high credit quality. For accounts receivable, the Company extends credit based on an evaluation of the customer’s financial condition, generally without requiring collateral or other security. Further, the Company reviews the recoverable amount of each individual receivable at each balance sheet date to ensure that adequate allowances are made for doubtful accounts. In this regard, the Company considers that the Company’s credit risk for accounts receivable is significantly reduced. For amount due from related parties, the Company provides advances to the officers for daily operation. The credit risk is mitigated by ongoing monitoring process of outstanding balance and timely collection when there is no immediate need for such advances. Concentration of customers The following tables summarized the information about the Group’s concentration of customers as of and for the years ended December 31, 2022 and 2021, respectively: A B C D E F G H I J K L M N O P Q R S T Year Ended December 31, 2022 Revenues, customer concentration — — — — — 12 % — — — — — — — 28 % 20 % 28 % — — — — Year Ended December 31, 2022 Purchases, supplier concentration — — — — — — — — — — — — 11 % — — — * 28 % 27 % 21 % As of December 31, 2022 Accounts receivable, customer concentration — — — — — — — — — — — — — — * 96 % — — — — As of December 31, 2022 Accounts payable, supplier concentration — — — — — — — — — — — — — — — — 16 % — — — A B C D E F G H I J Year Ended December 31, 2021 Revenues, customer concentration 20 % 14 % 36 % 11 % * * — — — — Year Ended December 31, 2021 Purchases, supplier concentration — — — — — — 19 % 16 % * * As of December 31, 2021 Accounts receivable, customer concentration * — — — — 100 % — — — — As of December 31, 2021 Accounts payable, supplier concentration — — — — — — — — — 99 % ____________ * — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Operating lease commitment: The information of operating lease commitment is provided in Note 7. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | 15. Earnings/(Loss) Per Share Basic and diluted loss per ordinary share for each of the period presented is calculated as follows: For the year ended December 31, 2020 2021 2022 US$ US$ US$ Numerators Net profit/(loss) 403 (16,704 ) (8,845 ) Less: Net income allocated to Series Angel and Series Pre-A preferred share (403 ) — — Accretion on mezzanine equities — (1,064 ) — Adjusted net profit (loss) — (17,768 ) (8,845 ) Denominators Weighted average number of ordinary shares outstanding-Basic and diluted* 12,447,760 12,447,760 19,224,614 Loss per ordinary share-Basic and diluted — (1.4274 ) (0.4601 ) ____________ * Potential ordinary shares that have an anti -dilutive |
Amount Due from_(to) Related Pa
Amount Due from/(to) Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Amount Due from/(to) Related Parties [Abstract] | |
Amount due from/(to) related parties | 16. Amount due from/(to) related parties The following is a list of the related parties with whom the Company conducted transactions for the year ended December 31, 2022, 2021 and 2020, and their relations with the Company: Name of the related parties Relation with the Company Mr. Risheng Li Founder, chairman of board of director, chief executive officer Mr. Liedong Wang Senior executive officer Mr. Dahan Bao Senior executive officer As of December 31, 2021 As of December 31, 2022 US$ US$ Amount due from related parties Mr. Risheng Li — — — — As of December 31, 2021 As of December 31, 2022 US$ US$ Amount due to related parties Beijing SAI 30 — 30 — Amount due from related parties represents cash advanced to these officers for operation of the Company and are all subsequently collected. Amount due to related parties represents reimbursement payable to the management used for daily operation. The related party transactions summarized by different natures are as follows: For the year ended December 31, 2020 2021 2022 US$ US$ US$ Settlement of advance to related parties for daily operation Mr. Risheng Li 406 235 — Mr. Liedong Wang 396 415 — Mr. Dahan Bao 31 30 — Repayment from related parties Mr. Risheng Li 203 36 — Mr. Liedong Wang 22 14 — Mr. Dahan Bao — — — |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 17. Segment Information The Company applies ASC 280, Segment Reporting The following table details revenue and cost of revenues for the Company’s reportable segments for the year ended December 31, 2022, 2021 and 2020, and reconciles to net income (loss) in the consolidated statements of operations: For the year ended December 31, 2020 2021 2022 US$ US$ US$ Reportable segment revenue: Revenue – equipment & hosting $ 1,957 $ 9,558 $ 9,929 Revenue – mining pool — 7,480 676 Revenue – mining — — 33 Total segment and consolidated revenue 1,957 17,038 10,638 Reportable segment cost of revenue Cost of revenues – equipment & hosting 1,055 8,382 8,802 Cost of revenues – mining pool — 7,392 676 Cost of revenues – mining 20 Total segment and consolidated cost of revenues 1,055 15,774 9,498 Reconciling Items: Selling, general and administrative expenses (232 ) (17,162 ) (7,178 ) Research development expenses (348 ) (419 ) (476 ) Impairment of long-lived assets (40 ) (135 ) (951 ) Other income/(expense) 174 (228 ) (1,380 ) Income tax expense (53 ) (24 ) — Net profit/(loss) $ 403 $ (16,704 ) $ (8,845 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events The Company has evaluated subsequent events through the issuance of the combined and consolidated financial statements and no subsequent event is identified that would have required adjustment or disclosure in the consolidated financial statements. |
Parent Only Information
Parent Only Information | 12 Months Ended |
Dec. 31, 2022 | |
Parent Only Information [Abstract] | |
Parent Only Information | 19. Parent Only Information SAI.TECH Global Corporation (the “Parent Company”) was incorporated on January 26, 2021, and have become parent company of the Company since the completion of the Business Combination on April 29, 2022. Following the closing of the Business Combination, SAITECH Limited became a wholly owned subsidiary of TradeUP Global Corporation (“TradeUP”), which subsequently renamed to “SAI.TECH Global Corporation”. The transaction is accounted for as a recapitalization, SAITECH Limited is determined as the predecessor and the historical financial statements of SAITECH Limited became the Company’s historical financial statements, and SAI.TECH Limited’s financial statements are determined as the Company’s Parent Company financial statements. See Note 1a — “Reverse recapitalization” for more information. The following disclosures presented the financial positions of the Parent Company as of December 31, 2021 and 2022, and results of operations and cash flows for the years ended December 31, 2022, 2021 and 2020, as if the current corporate structure has been in existence throughout the periods presented. The audited condensed financial statements of the Parent Company have been prepared using the same accounting policies as set out in the Company’s consolidated financial statements. Condensed Balance Sheets As of As of US$ US$ Assets Cash 3,311 9,376 Amount due from subsidiaries and VIE — — Accounts receivable 1,174 57 Other receivables — 474 Amounts due from related parties 7,400 16,407 Long-term investment 100 50 Investments in subsidiaries and VIE — — Cryptocurrencies 4 18 Operating lease right-of-use assets 43 27 Total Assets 12,032 26,409 Accounts payable 1,259 163 Accrued payroll — 60 Operating lease liabilities-current 17 11 Operating lease liabilities-non-current 27 17 Investments in subsidiaries and VIE — 5,844 Total Liabilities 1,303 6,095 Mezzanine equities 12,473 — Equity: *Class A Ordinary shares ($0.0001 par value; 330,369,366 shares authorized, 13,315,903 and 2,544,148 shares issued and outstanding in December 31, 2022 and December 31, 2021) 1 1 *Class B Ordinary shares ($0.0001 par value; 9,630,634 shares authorized and outstanding in December 31, 2022 and December 31, 2021) 1 1 Subscription receivable (9 ) — Additional paid-in capital 12,928 46,030 Statutory reserves — — Accumulated deficit (14,747 ) (25,257 ) Accumulated other comprehensive income/(loss) 82 (461 ) Total equity (1,744 ) 20,314 Total Liabilities and Equity 12,032 26,409 ____________ * Condensed Statements of Operations For the year ended 2020 2021 2022 US$ US$ US$ Revenue — 2,527 2,608 Cost of revenue — (2,302 ) (2,268 ) General and administrative expenses — (508 ) (3,502 ) Sales and marketing expenses — (14,464 ) (150 ) R&D expenses (6 ) Asset impairment loss (19 ) Other expense, net (885 ) Share of income/(loss) from subsidiaries and VIE 403 (909 ) (4,623 ) Net income/(loss) 403 (15,656 ) (8,845 ) Condensed Statements of Cash Flows For the year ended 2020 2021 2022 US$ US$ US$ Cash flows used in operating activities — (209 ) (4,579 ) Investment in subsidiaries and VIE (2,923 ) (7,500 ) — Collection of due from/(increase in due from) subsidiaries and VIE — 2,828 (9,007 ) Cash flows used in investing activities (2,923 ) (4,672 ) (9,007 ) Proceeds from issuance of redeemable preferred shares 2,923 8,191 — Reverse Recapitalization — — 19,652 Cash flows from financing activities 2,923 8,191 19,652 Effect of exchange rate changes — — — Net change in cash and cash equivalents — 3,310 6,066 Cash and cash equivalents at beginning of the period — — 3,310 Cash and cash equivalents at end of the period — 3,310 9,376 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | a) Basis of presentation The Company’s consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Principles of consolidation | b) Principles of consolidation The Company’s consolidated financial statements include the accounts of the Company, its subsidiaries and its consolidated VIE, of which the Company is the primary beneficiary, from the dates they were acquired or incorporated till August 2021 when VIE agreement was terminated. All inter -company |
Liquidity | c) Liquidity For the year ended December 31, 2022, the Company had a net loss of $8.8 million and net cash outflow in operating activities of $5.0 million. As of December 31, 2022, our consolidated current assets exceeded our consolidated current liabilities by $18.1 million, we had cash and cash equivalents of $11.2 million, and accumulated deficit of $25.3 million. The Company believes its current cash on hand is sufficient to meet its operating and capital requirement for at least the next twelve months from the date these financial statements are issued. |
Use of estimates | d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Significant accounting estimates reflected in the Company’s consolidated financial statements include but are not limited to estimates and judgments applied in determination of allowance for doubtful receivables, impairment losses for long -lived -based |
Foreign currency translation and transactions | e) Foreign currency translation and transactions Historically the Company’s principal country of operations is the PRC. The financial position and results of its operations are determined using RMB, the local currency, as the functional currency. The Company’s financial statements are reported using U.S. Dollars (“US$”, or “$”). The functional currency for the Company in Cayman Island is US$. Assets and liabilities are translated using the exchange rate at each balance sheet date. The consolidated statements of operations and comprehensive (loss)/income and cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period, and shareholders’ equity/(deficit) is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive (loss)/income in shareholders’ equity. The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. Any significant revaluation of RMB may materially affect the Company’s financial condition in terms of US$ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: As of December 31, 2021 As of December 31, 2022 Balance sheet items, except for equity accounts 6.3726 6.9646 For the Year Ended 2020 2021 2022 Items in the consolidated statements of operations and comprehensive (loss)/income, and cash flows 6.9042 6.4000 6.7190 No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate stated above, or at any other rate. |
Cash and cash equivalents | f) Cash and cash equivalents Cash and cash equivalents consist of bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. |
Accounts receivable | g) Accounts receivable The Company records accounts receivable at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts as needed. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2022 and 2021, the Company did not recorded any allowances for doubtful accounts against its accounts receivable. |
Inventories | h) Inventories Inventories, consisting of digital mining cabinets and related accessories for the production purpose, are stated at the lower of cost or net realizable value. The cost of inventory is determined using the identified cost of the specific item. Inventory is written down for damaged and slow -moving |
Cryptocurrency assets | i) Cryptocurrency assets Cryptocurrency assets are included in current assets in the accompanying consolidated balance sheets. Cryptocurrency assets generated from the cryptocurrency mining business and the mining pool business are accounted for in connection with the Company’s revenue recognition policy disclosed below. Cryptocurrencies held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment quarterly, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite -lived nil nil Cryptocurrencies generated from the cryptocurrency mining business and the mining pool business as well as the cryptocurrencies distributed to mining pool participants are included within operating activities in the accompanying consolidated statements of cash flows. The sales of cryptocurrencies are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in gain or loss of disposal of cryptocurrencies in the consolidated statements of operations and comprehensive (loss)/income. The Company accounts for its gains or losses in accordance with the first -in-first-out |
Stablecoin assets | j) Stablecoin assets Stablecoin is included in current assets in the accompanying consolidated balance sheets. The Company holds positions in the stablecoins USD Coin (USDC) and Tether (USDT), which are cryptocurrencies, but are considered a financial instrument in accordance with ASC Topic 825. These stablecoins are recognized in the consolidated balance sheets as investment recognized at fair value. |
Property and equipment, net | k) Property and equipment, net The Company’s property and equipment are recorded at cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated on the straight -line Furniture, fixture and other equipment 3 years Electronic equipment 3 – 5 years Plant Shorter of useful life or lease term When property and equipment are retired or otherwise disposed of, resulting gain or loss is included in net income in the period of disposition. For the year ended December 31, 2022, 2021 and 2020, the Company recognized $718, $317 and nil |
Intangible assets, net | l) Intangible assets, net The Company’s intangible assets primarily consisted of purchased software used for specific digital asset mining machines to increase the computing power or reduce power consumption. The software is initially recorded at purchased cost and amortized on a straight -line |
Construction in process | m) Construction in process Direct costs that are related to the construction of equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in process. Construction in process is transferred to specific plants and equipment items and the depreciation of these assets commences when the assets are ready for their intended use. |
Impairment of long-lived assets | n) Impairment of long-lived assets All long -lived -lived -lived -lived nil $40 -lived |
Fair value of financial instruments | o) Fair value of financial instruments The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable and stablecoin. The carrying values of these financial instruments’ approximate fair values due to their short term in nature. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. |
Revenue recognition | p) Revenue recognition In accordance with ASC Topic 606, revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. In determining when and how much revenue is recognized from contracts with customers, the Company performs the following five -step Sales of products Revenue generated from sales of products occurs for the sales of digital asset mining machines to end customers. The Company presents the revenue generated from its product sales on a gross basis as the Company acts as the principal and has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. In making this determination, the Company also assesses whether it is primarily obligated in these transactions, is subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators. Revenues are measured as the amount of consideration the Company expects to receive in exchange for transferring control of products to customers. Consideration from product sales is recorded net of value -added Hosting service Revenues generated from hosting service is earned by the Company to perform hosting service and daily maintenance of servers for customers throughout the contractual period. The single performance obligation is to provide an environment for the servers to operate continuously which is satisfied over time. Such hosting service revenue is recognized over time as the performance obligation is satisfied over the term of the contracts with customers. Mining pool services The Company operates its mining pool, Sai.plus, to enable providers of computing power (“pool participants”) to participate in crypto -mining The Company considers itself the principal in transactions with the blockchain networks and recognizes the mining pool revenue on a gross basis. The performance obligation is to create or validate each block. Revenue is recognized at the point when the block creation or validation is complete and the Company has received the rewards. Revenue is measured at the fair value of rewards upon receipt, which is not materially different than the fair value at contract inception. The Company considers itself the principal in transactions with the blockchain networks as it coordinates all the computing power within the mining pool, delivers such aggregated computing power to the blockchain network, collects centrally all mining rewards and distributes them in accordance with the predetermined sharing mechanisms. The Company has control over the pool participants’ computing power. Although the pool participants can enter and exit the pool at will and deploy the qualifying types of mining machines at the choices of the pool participants, during the mining process, the Company dictates the tasks and the participants’ mining machines merely follow the allocation prescribed by the Company. As a result, the Company is primarily responsible for fulfilling the promise to provide the specified service. Further, under existing sharing mechanisms, the Company is exposed to the risk that actual block rewards may differ from expected rewards, therefore, bears the inventory risk before the specified service has been transferred to a customer. The Company provides mining pool services under Sai.plus. Mining Revenue. The Company have entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and our enforceable right to compensation only begins when we provide computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are immaterial and are recorded as a deduction from revenue), for successfully adding a block to the blockchain. |
Income taxes | q) Income taxes The Company follows the guidance of ASC Topic 740 “Income taxes” and uses liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets, if based on the weight of available evidence, it is more -likely-than-not |
Uncertain tax positions | r) Uncertain tax positions The Company uses a more -likely-than-not -likely-than-not Interest on non -payment According to the Departmental Interpretation and Practice Notes No.11 (Revised) (“DIPN11”) of the Hong Kong Inland Revenue Ordinance (the “HK tax laws”), an investigation normally covers the six years of the assessment prior to the year of the assessment in which the investigation commences. In the case of fraud and willful evasion, the investigation is extended to cover ten years of assessment. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. For the year ended December 31 2022, 2021 and 2020, the Company did not have any material interest or penalties associated with tax positions. The Company did not have any significant unrecognized uncertain tax positions as of December 31, 2022 and 2021. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. |
Segment reporting | s) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company’s management team. Consequently, the Company has determined that it has two reportable operating segments. In addition, the Company’s chief operating decision maker makes resource allocation decisions and assesses performance based on the different business operating results instead of the geographic location operating results. Therefore, no geographical segments are presented. |
Earnings per share | t) Earnings per share Earnings (loss) per share is computed in accordance with ASC 260. The two -class -class -A -converted -cumulative Basic earnings (loss) per ordinary share is computed by dividing net income/(loss) attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary and potential ordinary shares outstanding during the period. Potential ordinary shares include ordinary shares issuable upon the conversion of the preferred shares using the if -converted -dilutive |
Share based compensation | u) Share based compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant -date -line -date |
Commitments and contingencies | v) Commitments and contingencies The Company accrues estimated losses from loss contingencies by a charge to income when information available before financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired, or a liability had been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. As of December 31, 2022 and 2021, there were no contingent liabilities relating to litigations against the Company. |
Leases | w) Leases In February 2016, the FASB issued ASU No. 2016 -02 -of-use |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization [Abstract] | |
Schedule of loss per share before and after the retrospective adjustments | Year Ended December 31, 2020 2021 Before adjustment After adjustment Before adjustment After adjustment Net loss per share attributable to ordinary shareholders of SAI.TECH Global Corporation. – Basic and diluted — — (0.0019 ) (1.4274 ) Weighted average shares used in calculating net loss per share – Basic and diluted 93,061,216 12,447,760 93,061,216 12,447,760 |
Schedule of major subsidiaries | Name of the entity Date of incorporation Percentage of ownership Place of incorporation Principle business Subsidiaries Superlative Accelerating Infinite Limited February 5, 2021 100% BVI Investment holding Sustainable Available Innovative Limited July 14, 2021 100% BVI Investment holding Silicon Asset Investment Limited March 3, 2021 100% Hong Kong Investment holding Sustainable Available Innovative Pte. Ltd. August 18, 2021 100% Singapore Investment holding Sustainable Available Innovative Asia Ltd August 26, 2021 100% Republic of Kazakhstan Investment holding Hangzhou Dareruohan Technology Co., Ltd. April 2, 2021 100% PRC Research and Development Nanjing SuannengWuxian Techology Co. Ltd. (1) June 4, 2020 100% PRC Research and Development SAI US INC. February 24, 2022 100% U.S. Business (1) |
Schedule of consolidated financial statements | As of December 31, 2021 As of December 31, 2022 (US$) (US$) Total Assets — — Total liabilities — — |
Schedule of cash flow statement | For the Year Ended 2020 2021 2022 (US$) (US$) (US$) Net revenues 1,957 6,737 — Net income/(loss) 403 (309 ) — Cash flow (used in)/provided by operating activities (1,035 ) 3,112 — Cash flow (used in)/provided by investing activities (759 ) 64 — Cash flow provided by/(used in) financing activities 2,892 (2,500 ) — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of currency exchange rates | As of December 31, 2021 As of December 31, 2022 Balance sheet items, except for equity accounts 6.3726 6.9646 For the Year Ended 2020 2021 2022 Items in the consolidated statements of operations and comprehensive (loss)/income, and cash flows 6.9042 6.4000 6.7190 |
Schedule of estimated useful lives | Furniture, fixture and other equipment 3 years Electronic equipment 3 – 5 years Plant Shorter of useful life or lease term |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of inventories | As of December 31, 2021 As of December 31, 2022 US$ US$ Heat recovery cabinet 198 — Accessories — 152 198 152 |
Deposits, Prepayments and Oth_2
Deposits, Prepayments and Other Current Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits, Prepayments and Other Current Assets, Net [Abstract] | |
Schedule of prepaid expenses and other current assets | As of December 31, 2021 As of December 31, 2022 US$ US$ Deposits for office spaces leases 133 78 Prepaid purchase of inventory (i) 147 — Staff advances 38 — Deductible VAT tax 617 562 Other current assets (ii) 13 481 Deposits, prepayments and other current assets, cost 948 1,121 Less: bad debt provision — — Deposits, prepayments and other current assets, net 948 1,121 (i) (ii) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment, Net [Abstract] | |
Schedule of property and equipment, net | As of December 31, 2021 As of December 31, 2022 US$ US$ Electronic equipment 3,351 2,288 Furniture, fixtures and other equipment 1,034 1,332 Plants 89 83 Property and equipment, cost 4,474 3,703 Less: accumulated depreciation (129 ) (982 ) Impairment — (849 ) 4,345 1,872 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of As of US$ US$ Purchased software 344 311 Less: accumulated amortization (79 ) (217 ) 265 94 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leases [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | As of December 31, 2021 As of December 31, 2022 US$ US$ Right-of-use assets, net 43 443 Impairment of right-of-use assets — — Right-of-use assets, net 43 443 Operating lease liabilities – current 17 188 Operating lease liabilities – non-current 27 231 Total operating lease liabilities 44 419 |
Schedule of maturity of operating lease liabilities | US$ 2023 209 2024 202 Total 30 Less: imputed interest (22 ) Present value of lease liabilities 419 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | For Year Ended 2020 2021 2022 US$ US$ US$ Current tax expense 33 24 — Deferred tax expense 20 — — 53 24 — |
Schedule of income tax expense determined at the PRC statutory income tax rate | For Year Ended 2020 2021 2022 US$ US$ US$ Loss before income tax expense 456 (16,680 ) (8,845 ) PRC statutory income tax rate 25 % 25 % 25 % Income tax at PRC statutory income tax rate 114 (4,170 ) (2,211 ) Super deduction of qualified R&D expenditures (65 ) — — Expenses not deductible 3 4,141 265 Change in valuation allowance 1 53 — Change in unrecognized deferred tax asset — — 1,946 Income tax expense 53 24 — |
Schedule of deferred tax assets | As of December 31, 2021 As of December 31, 2022 US$ US$ Deferred tax assets 53 — Less, valuation allowance (53 ) — Deferred tax assets, net — — |
Schedule of roll-forward of the valuation allowance | For the years ended 2020 2021 2022 US$ US$ US$ Beginning balance — 1 — Deferred tax assets-provision for current year 1 52 — Less, valuation allowance — (53 ) — Deferred tax assets, net 1 — — |
Redeemable Preferred Shares (Ta
Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of redeemable preferred shares | For the years ended December 31, 2020 2021 2022 (‘000) (‘000) (‘000) Number of redeemable preferred shares Opening balance — 21,000 37,730 Issuance of Series Angel Preferred Shares (1) 4,000 — — Conversion of Beijing SAI preferred shares due to reorganization (1) — (21,000 ) — Issuance of Series Angel Preferred Shares of the Company due to reorganization (2) — 7,289 — Issuance of Series Pre-A Preferred Shares of the Company due to reorganization (3) 17,000 13,974 — Issuance of Series A Preferred Shares (4) — 16,467 — Conversion into Ordinary Shares (5) (37,730 ) Ending balance 21,000 37,730 0 For the years ended December 31, 2020 2021 2022 (‘000) (‘000) (‘000) Number of redeemable preferred shares Opening balance — 2,928 5,151 Issuance of Series Angel Preferred Shares (1) 975 — — Conversion of Beijing SAI preferred shares due to reorganization (1) — (2,928 ) — Issuance of Series Angel Preferred Shares of the Company due to reorganization (2) — 975 — Issuance of Series Pre-A Preferred Shares of the Company due to reorganization (3) 1,953 1,953 — Issuance of Series A Preferred Shares (4) — 2,223 — Conversion into Ordinary Shares (5) — — (5,151 ) Ending balance 2,928 5,151 — For the years ended 2020 2021 2022 US$ US$ US$ Opening balance — 3,218 12,473 Series Angel Preferred Shares (1) 613 — — Series A Preferred Shares (2) 2,605 8,156 — Accretion during the period (3) — 1,064 — Currency translation adjustment — 35 — Conversion into Ordinary Shares (4) — — (12,473 ) Ending balance 3,218 12,473 — |
Share-based Payment (Tables)
Share-based Payment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment [Abstract] | |
Schedule of unvested time-based restricted common stock | Number of Shares Unvested at December 31, 2021 1,812,663 Vested 382,250 Granted 981,000 Forfeited 38,750 Unvested at December 31, 2022 410,663 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Concentration of Risk [Abstract] | |
Schedule of information about the Group’s concentration of customers as of and for the years ended | A B C D E F G H I J K L M N O P Q R S T Year Ended December 31, 2022 Revenues, customer concentration — — — — — 12 % — — — — — — — 28 % 20 % 28 % — — — — Year Ended December 31, 2022 Purchases, supplier concentration — — — — — — — — — — — — 11 % — — — * 28 % 27 % 21 % As of December 31, 2022 Accounts receivable, customer concentration — — — — — — — — — — — — — — * 96 % — — — — As of December 31, 2022 Accounts payable, supplier concentration — — — — — — — — — — — — — — — — 16 % — — — A B C D E F G H I J Year Ended December 31, 2021 Revenues, customer concentration 20 % 14 % 36 % 11 % * * — — — — Year Ended December 31, 2021 Purchases, supplier concentration — — — — — — 19 % 16 % * * As of December 31, 2021 Accounts receivable, customer concentration * — — — — 100 % — — — — As of December 31, 2021 Accounts payable, supplier concentration — — — — — — — — — 99 % |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted loss per ordinary share | For the year ended December 31, 2020 2021 2022 US$ US$ US$ Numerators Net profit/(loss) 403 (16,704 ) (8,845 ) Less: Net income allocated to Series Angel and Series Pre-A preferred share (403 ) — — Accretion on mezzanine equities — (1,064 ) — Adjusted net profit (loss) — (17,768 ) (8,845 ) Denominators Weighted average number of ordinary shares outstanding-Basic and diluted* 12,447,760 12,447,760 19,224,614 Loss per ordinary share-Basic and diluted — (1.4274 ) (0.4601 ) * |
Amount Due from_(to) Related _2
Amount Due from/(to) Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Amount Due from/(to) Related Parties [Abstract] | |
Schedule of related party transactions summarized by different natures | Name of the related parties Relation with the Company Mr. Risheng Li Founder, chairman of board of director, chief executive officer Mr. Liedong Wang Senior executive officer Mr. Dahan Bao Senior executive officer |
Schedule of amount due from related parties | As of December 31, 2021 As of December 31, 2022 US$ US$ Amount due from related parties Mr. Risheng Li — — — — As of December 31, 2021 As of December 31, 2022 US$ US$ Amount due to related parties Beijing SAI 30 — 30 — |
Schedule of related party transactions summarized by different natures | For the year ended December 31, 2020 2021 2022 US$ US$ US$ Settlement of advance to related parties for daily operation Mr. Risheng Li 406 235 — Mr. Liedong Wang 396 415 — Mr. Dahan Bao 31 30 — Repayment from related parties Mr. Risheng Li 203 36 — Mr. Liedong Wang 22 14 — Mr. Dahan Bao — — — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of reportable segments | For the year ended December 31, 2020 2021 2022 US$ US$ US$ Reportable segment revenue: Revenue – equipment & hosting $ 1,957 $ 9,558 $ 9,929 Revenue – mining pool — 7,480 676 Revenue – mining — — 33 Total segment and consolidated revenue 1,957 17,038 10,638 Reportable segment cost of revenue Cost of revenues – equipment & hosting 1,055 8,382 8,802 Cost of revenues – mining pool — 7,392 676 Cost of revenues – mining 20 Total segment and consolidated cost of revenues 1,055 15,774 9,498 Reconciling Items: Selling, general and administrative expenses (232 ) (17,162 ) (7,178 ) Research development expenses (348 ) (419 ) (476 ) Impairment of long-lived assets (40 ) (135 ) (951 ) Other income/(expense) 174 (228 ) (1,380 ) Income tax expense (53 ) (24 ) — Net profit/(loss) $ 403 $ (16,704 ) $ (8,845 ) |
Parent Only Information (Tables
Parent Only Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Only Information [Abstract] | |
Schedule of condensed balance sheets | As of As of US$ US$ Assets Cash 3,311 9,376 Amount due from subsidiaries and VIE — — Accounts receivable 1,174 57 Other receivables — 474 Amounts due from related parties 7,400 16,407 Long-term investment 100 50 Investments in subsidiaries and VIE — — Cryptocurrencies 4 18 Operating lease right-of-use assets 43 27 Total Assets 12,032 26,409 Accounts payable 1,259 163 Accrued payroll — 60 Operating lease liabilities-current 17 11 Operating lease liabilities-non-current 27 17 Investments in subsidiaries and VIE — 5,844 Total Liabilities 1,303 6,095 Mezzanine equities 12,473 — Equity: *Class A Ordinary shares ($0.0001 par value; 330,369,366 shares authorized, 13,315,903 and 2,544,148 shares issued and outstanding in December 31, 2022 and December 31, 2021) 1 1 *Class B Ordinary shares ($0.0001 par value; 9,630,634 shares authorized and outstanding in December 31, 2022 and December 31, 2021) 1 1 Subscription receivable (9 ) — Additional paid-in capital 12,928 46,030 Statutory reserves — — Accumulated deficit (14,747 ) (25,257 ) Accumulated other comprehensive income/(loss) 82 (461 ) Total equity (1,744 ) 20,314 Total Liabilities and Equity 12,032 26,409 * |
Schedule of condensed statements of operations | For the year ended 2020 2021 2022 US$ US$ US$ Revenue — 2,527 2,608 Cost of revenue — (2,302 ) (2,268 ) General and administrative expenses — (508 ) (3,502 ) Sales and marketing expenses — (14,464 ) (150 ) R&D expenses (6 ) Asset impairment loss (19 ) Other expense, net (885 ) Share of income/(loss) from subsidiaries and VIE 403 (909 ) (4,623 ) Net income/(loss) 403 (15,656 ) (8,845 ) |
Schedule of condensed statements of cash flows | For the year ended 2020 2021 2022 US$ US$ US$ Cash flows used in operating activities — (209 ) (4,579 ) Investment in subsidiaries and VIE (2,923 ) (7,500 ) — Collection of due from/(increase in due from) subsidiaries and VIE — 2,828 (9,007 ) Cash flows used in investing activities (2,923 ) (4,672 ) (9,007 ) Proceeds from issuance of redeemable preferred shares 2,923 8,191 — Reverse Recapitalization — — 19,652 Cash flows from financing activities 2,923 8,191 19,652 Effect of exchange rate changes — — — Net change in cash and cash equivalents — 3,310 6,066 Cash and cash equivalents at beginning of the period — — 3,310 Cash and cash equivalents at end of the period — 3,310 9,376 |
Organization (Details)
Organization (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Apr. 29, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization (Details) [Line Items] | |||||
Exchange ratio (in Dollars per share) | $ 0.13376 | ||||
Recapitalization transaction (in Dollars) | $ 188,000 | ||||
Recapitalization transaction per share (in Dollars per share) | $ 10 | ||||
Total ordinary shares outstanding | 140,551,496 | 0 | 37,730,000 | 21,000,000 | |
Shares received | 272,247 | ||||
Warrants purchase | 2,244,493 | ||||
Business combination description | the Business Combination, holders of 28,000,000 SAITECH Limited Class A Ordinary Shares, remaining after the redemption of 24,254,751 shares, received 3,745,249 Class A Ordinary Shares, holders of 2,040,816 SAITECH Limited Series Seed Preferred Shares, remaining after the redemption of 1,767,838 shares, received 272,978 Class A Ordinary Shares, holders of 7,288,630 SAITECH Limited Series Angel Preferred Shares, remaining after the redemption of 6,313,711 shares, received 974,919 Class A Ordinary Shares, holders of 14,599,115 SAITECH Limited Series Pre-A Preferred Shares, remaining after the redemption of 12,646,352 shares, received 1,952,763 Class A Ordinary Shares, and holders of 16,622,935 SAITECH Limited Series A Preferred Shares, remaining after the redemption of 14,399,469 shares, received 2,223,466 Class A Ordinary Shares. | ||||
Shares issuable upon exercise of warrants to purchase | 2,244,493 | ||||
Exercise price per share (in Dollars per share) | $ 11.5 | ||||
Par value of ordinary shares (in Dollars per share) | $ 0.0001 | ||||
Subscription receivable (in Dollars) | $ 9 | ||||
Weighted average number of ordinary shares outstanding | 93,061,216 | 18,800,009 | |||
TradeUP Warrants [Member] | |||||
Organization (Details) [Line Items] | |||||
Total ordinary shares outstanding | 2,244,493 | ||||
Class A Ordinary Shares [Member] | |||||
Organization (Details) [Line Items] | |||||
Total ordinary shares outstanding | 3,492,031 | 5,151,000 | 2,928,000 | ||
Redemption shares | 2,071,735 | ||||
Shares received | 3,492,031 | ||||
Aggregate shares issued | 12,933,653 | ||||
Aggregate shares outstanding | 12,933,653 | ||||
Par value of ordinary shares (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Class B Ordinary Shares [Member] | |||||
Organization (Details) [Line Items] | |||||
Total ordinary shares outstanding | 272,247 | ||||
Par value of ordinary shares (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Organization (Details) - Schedu
Organization (Details) - Schedule of loss per share before and after the retrospective adjustments - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Before Adjustment [Member] | ||
Net loss per share attributable to ordinary shareholders of SAI.TECH Global Corporation. | ||
Basic | $ (0.0019) | |
Weighted average shares used in calculating net loss per share | ||
Basic | 93,061,216 | 93,061,216 |
After Adjustment [Member] | ||
Net loss per share attributable to ordinary shareholders of SAI.TECH Global Corporation. | ||
Basic | $ (1.4274) | |
Weighted average shares used in calculating net loss per share | ||
Basic | 12,447,760 | 12,447,760 |
Organization (Details) - Sche_2
Organization (Details) - Schedule of loss per share before and after the retrospective adjustments (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Before Adjustment [Member] | ||
Organization (Details) - Schedule of loss per share before and after the retrospective adjustments (Parentheticals) [Line Items] | ||
Diluted | $ (0.0019) | |
Diluted | 93,061,216 | 93,061,216 |
After Adjustment [Member] | ||
Organization (Details) - Schedule of loss per share before and after the retrospective adjustments (Parentheticals) [Line Items] | ||
Diluted | $ (1.4274) | |
Diluted | 12,447,760 | 12,447,760 |
Organization (Details) - Sche_3
Organization (Details) - Schedule of major subsidiaries | 12 Months Ended | |
Dec. 31, 2022 | ||
Superlative Accelerating Infinite Limited [Member] | ||
Subsidiaries | ||
Date of incorporation | Feb. 05, 2021 | |
Percentage of ownership | 100% | |
Place of incorporation | BVI | |
Principle business activities | Investment holding | |
Sustainable Available Innovative Limited [Member] | ||
Subsidiaries | ||
Date of incorporation | Jul. 14, 2021 | |
Percentage of ownership | 100% | |
Place of incorporation | BVI | |
Principle business activities | Investment holding | |
Silicon Asset Investment Limited [Member] | ||
Subsidiaries | ||
Date of incorporation | Mar. 03, 2021 | |
Percentage of ownership | 100% | |
Place of incorporation | Hong Kong | |
Principle business activities | Investment holding | |
Sustainable Available Innovative Pte. Ltd. [Member] | ||
Subsidiaries | ||
Date of incorporation | Aug. 18, 2021 | |
Percentage of ownership | 100% | |
Place of incorporation | Singapore | |
Principle business activities | Investment holding | |
Sustainable Available Innovative Asia Ltd [Member] | ||
Subsidiaries | ||
Date of incorporation | Aug. 26, 2021 | |
Percentage of ownership | 100% | |
Place of incorporation | Republic of Kazakhstan | |
Principle business activities | Investment holding | |
Hangzhou Dareruohan Technology Co., Ltd. [Member] | ||
Subsidiaries | ||
Date of incorporation | Apr. 02, 2021 | |
Percentage of ownership | 100% | |
Place of incorporation | PRC | |
Principle business activities | Research and Development | |
Nanjing SuannengWuxian Techology Co. Ltd. [Member] | ||
Subsidiaries | ||
Date of incorporation | Jun. 04, 2020 | [1] |
Percentage of ownership | 100% | [1] |
Place of incorporation | PRC | [1] |
Principle business activities | Research and Development | [1] |
SAI US INC. [Member] | ||
Subsidiaries | ||
Date of incorporation | Feb. 24, 2022 | |
Percentage of ownership | 100% | |
Place of incorporation | U.S. | |
Principle business activities | Business | |
[1]On August 9, 2021, the Company completed the acquisition of Nanjing SuannengWuxian Techology Co. Ltd. (“Nanjing SuannengWuxian”), an entity under common control by one of our principal shareholders. Nanjing SuannengWuxian provides crypto mining service to its customers. |
Organization (Details) - Sche_4
Organization (Details) - Schedule of consolidated financial statements - Parent Company [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Financial Statements, Captions [Line Items] | ||
Total Assets | ||
Total liabilities |
Organization (Details) - Sche_5
Organization (Details) - Schedule of cash flow statement - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization (Details) - Schedule of cash flow statement [Line Items] | |||
Net revenues | $ 6,737 | $ 1,957 | |
Net income/(loss) | (309) | 403 | |
Cash flow (used in)/provided by operating activities | 3,112 | (1,035) | |
Cash flow (used in)/provided by investing activities | 64 | (759) | |
Cash flow provided by/(used in) financing activities | $ (2,500) | $ 2,892 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 CNY (¥) | |
Schedule Of Currency Exchange Rates [Abstract] | ||||
Net loss | $ 8,800 | |||
Net cash outflow in operating activities | 5,000 | |||
Current liabilities | 18,100 | |||
Cash and cash equivalents | 11,200 | |||
Accumulated deficit | 25,300 | |||
Cryptocurrency impairment loss | 64 | |||
Loss from disposal of property and equipment, net | $ 718 | 317 | ||
Estimated useful lives | 3 years | |||
Impairment loss on long-lived assets | $ 912 | |||
Underpayment of taxes (in Yuan Renminbi) | ¥ | ¥ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of currency exchange rates - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Currency Exchange Rates Abstract | |||
Balance sheet items, except for equity accounts | $ 6.9646 | $ 6.3726 | |
Items in the consolidated statements of operations and comprehensive (loss)/income, and cash flows | $ 6.719 | $ 6.4 | $ 6.9042 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives | 12 Months Ended |
Dec. 31, 2022 | |
Furniture, Fixture and Other Equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Electronic Equipment [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Electronic Equipment [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Plant [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful plant | Shorter of useful life or lease term |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories (Details) - Schedule of inventories [Line Items] | ||
Inventories total | $ 152 | $ 198 |
Heat Recovery Cabinet [Member] | ||
Inventories (Details) - Schedule of inventories [Line Items] | ||
Inventories total | 198 | |
Accessories [Member] | ||
Inventories (Details) - Schedule of inventories [Line Items] | ||
Inventories total | $ 152 |
Deposits, Prepayments and Oth_3
Deposits, Prepayments and Other Current Assets, Net (Details) - Schedule of prepaid expenses and other current assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule Of Prepaid Expenses And Other Current Assets Abstract | |||
Deposits for office spaces leases | $ 78 | $ 133 | |
Prepaid purchase of inventory | [1] | 147 | |
Staff advances | 38 | ||
Deductible VAT tax | 562 | 617 | |
Other current assets | [2] | 481 | 13 |
Deposits, prepayments and other current assets, cost | 1,121 | 948 | |
Less: bad debt provision | |||
Deposits, prepayments and other current assets, net | $ 1,121 | $ 948 | |
[1]Prepaid purchase of inventory mainly consists of the advance deposit to suppliers of mining equipment.[2]Other current assets mainly consist of the advance payment to service providers and deposit to the power supplier in connection with the Company’s hosting service. |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 1,506 | $ 152 | $ 34 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of property and equipment, net - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 3,703 | $ 4,474 |
Less: accumulated depreciation | (982) | (129) |
Impairment | (849) | |
Property and equipment, net | 1,872 | 4,345 |
Electronic Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | 2,288 | 3,351 |
Furniture, Fixtures and Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | 1,332 | 1,034 |
Plants [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 83 | $ 89 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expenses | $ 138 | $ 157 | $ 49 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Intangible asset, net, consisted of the following - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Asset Net Consisted Of The Following [Abstract] | ||
Purchased software | $ 311 | $ 344 |
Less: accumulated amortization | (217) | (79) |
Intangible assets, net | $ 94 | $ 265 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leases (Details) [Line Items] | |||
Short-term lease costs | $ 139 | $ 8 | |
Operating lease liabilities | $ 139 | ||
Weighted average remaining lease term | 2 years 1 month 6 days | ||
Weighted average discount rate | 4.60% | ||
Minimum [Member] | |||
Operating Leases (Details) [Line Items] | |||
Remaining lease terms | 1 year 6 months | ||
Maximum [Member] | |||
Operating Leases (Details) [Line Items] | |||
Remaining lease terms | 3 years |
Operating Leases (Details) - Sc
Operating Leases (Details) - Schedule of operating lease related assets and liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Operating Lease Related Assets and Liabilities [Abstract] | ||
Right-of-use assets, net | $ 443 | $ 43 |
Impairment of right-of-use assets | ||
Operating lease liabilities – current | 188 | 17 |
Operating lease liabilities – non-current | 231 | 27 |
Total operating lease liabilities | $ 419 | $ 44 |
Operating Leases (Details) - _2
Operating Leases (Details) - Schedule of maturity of operating lease liabilities | Dec. 31, 2022 USD ($) |
Schedule of Maturity of Operating Lease Liabilities [Abstract] | |
2023 | $ 209 |
2024 | 202 |
Total | 30 |
Less: imputed interest | (22) |
Present value of lease liabilities | $ 419 |
Income Taxes (Details)
Income Taxes (Details) - HKD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Income Taxes (Details) [Line Items] | |||||
Corporate income tax, percentage | 8.25% | ||||
Income tax profit (in Dollars) | $ 2 | ||||
Subsequent Profits | 16.50% | ||||
Domestic and foreign income tax rate | 25% | ||||
Income tax rate VIE and VIE subsidiary | 25% | ||||
Percentage of tax rate | 25% | 25% | 25% | ||
Income tax rate | 21% | ||||
Singapore [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Percentage of tax rate | 17% | 17% | 17% | ||
Mainland, PRC [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Domestic and foreign income tax rate | 25% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of income tax expense - United States (“U.S.”) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes (Details) - Schedule of income tax expense [Line Items] | |||
Current tax expense | $ 24 | $ 33 | |
Deferred tax expense | 20 | ||
Total income tax expense | $ 24 | $ 53 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of income tax expense determined at the PRC statutory income tax rate - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Income Tax Expense Determined at the PRC Statutory Income Tax Rate [Abstract] | |||
Loss before income tax expense | $ (8,845) | $ (16,680) | $ 456 |
PRC statutory income tax rate | 25% | 25% | 25% |
Income tax at PRC statutory income tax rate | $ (2,211) | $ (4,170) | $ 114 |
Super deduction of qualified R&D expenditures | (65) | ||
Expenses not deductible | 265 | 4,141 | 3 |
Change in valuation allowance | 53 | 1 | |
Change in unrecognized deferred tax asset | 1,946 | ||
Income tax expense | $ 24 | $ 53 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of deferred tax assets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Deferred Tax Assets [Abstract] | |||
Deferred tax assets | $ 53 | ||
Less, valuation allowance | (53) | ||
Deferred tax assets, net |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of roll-forward of the valuation allowance - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Roll Forward of the Valuation Allowance [Abstract] | |||
Beginning balance | $ 1 | ||
Deferred tax assets-provision for current year | 52 | 1 | |
Less, valuation allowance | (53) | ||
Deferred tax assets, net | $ 1 |
Redeemable Preferred Shares (De
Redeemable Preferred Shares (Details) | 12 Months Ended | |||||||||
Sep. 30, 2022 USD ($) | Sep. 09, 2022 shares | Apr. 22, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Apr. 29, 2022 $ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Mar. 28, 2020 USD ($) | Mar. 28, 2020 CNY (¥) | |
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Preferred shares, issued | 9,864,312 | |||||||||
Issuance price per share (in Dollars per share) | $ / shares | $ 0.13376 | |||||||||
Preferred shares, holding percentage | 7.99% | |||||||||
Duration of redemption value | 6 years | 6 years | ||||||||
Interest rate percentage | 10% | 10% | ||||||||
Mezzanine equity amount (in Dollars) | $ | $ 12,473,000 | |||||||||
Number of shares | $ 0.15 | ¥ 1 | ||||||||
shares unit | 1 | 1 | ||||||||
Warrants exercise (in Dollars) | $ | $ 1,860,000 | |||||||||
Total consideration | $ 613,000 | ¥ 4,000,000 | ||||||||
Series A Preferred Shares [Member] | ||||||||||
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Preferred shares, issued | 16,466,767 | |||||||||
Preferred shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | |||||||||
Aggregate consideration amount (in Dollars) | $ | $ 8,156,000 | |||||||||
Issuance price per share (in Dollars per share) | $ / shares | $ 0.4953 | |||||||||
Series Pre-A Preferred Stock [Member] | ||||||||||
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Preferred shares, issued | 4,110,130 | |||||||||
Preferred shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | |||||||||
Preferred shares, authorized | 13,974,442 | |||||||||
Shares issued | 9,800,000 | |||||||||
Series Angel Preferred Shares [Member] | ||||||||||
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Preferred shares, issued | 7,288,630 | |||||||||
Preferred shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | |||||||||
Preferred shares, authorized | 7,288,630 | |||||||||
Series Pre-A Preferred Shares [Member] | ||||||||||
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Preferred shares, issued | 9,864,312 | |||||||||
Series Angel Preferred Shares [Member] | ||||||||||
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Equity interest, percentage | 6.67% | 6.67% | ||||||||
Beijing SAI [Member] | Series Pre-A Preferred Stock [Member] | ||||||||||
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Preferred shares, issued | 9,864,312 | |||||||||
Beijing SAI [Member] | Series A Preferred Stock [Member] | ||||||||||
Redeemable Preferred Shares (Details) [Line Items] | ||||||||||
Preferred shares, issued | 16,466,767 | 16,466,767 | ||||||||
Preferred shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
Preferred shares, authorized | 17,247,608 | |||||||||
Total consideration | $ | $ 2,605,000 |
Redeemable Preferred Shares (_2
Redeemable Preferred Shares (Details) - Schedule of redeemable preferred shares - shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Number of redeemable preferred shares | ||||
Opening balance | 37,730,000 | 21,000,000 | ||
Issuance of Series Angel Preferred Shares | [1] | 4,000,000 | ||
Conversion of Beijing SAI preferred shares due to reorganization | [1] | (21,000,000) | ||
Issuance of Series Angel Preferred Shares of the Company due to reorganization | [2] | 7,289,000 | ||
Issuance of Series Pre-A Preferred Shares of the Company due to reorganization | [3] | 13,974,000 | 17,000,000 | |
Issuance of Series A Preferred Shares | [4] | 16,467,000 | ||
Conversion into Ordinary Shares | [5] | (37,730,000) | ||
Ending balance | 0 | 37,730,000 | 21,000,000 | |
Mezzanine equities [Member] | ||||
Number of redeemable preferred shares | ||||
Opening balance | 12,473,000 | 3,218,000 | ||
Ending balance | 12,473,000 | 3,218,000 | ||
Series Angel Preferred Shares | [6] | 613,000 | ||
Series A Preferred Shares | [7] | 8,156,000 | 2,605,000 | |
Accretion during the period | [8] | 1,064,000 | ||
Currency translation adjustment | 35,000 | |||
Conversion into Ordinary Shares | [9] | (12,473,000) | ||
Common Class A [Member] | ||||
Number of redeemable preferred shares | ||||
Opening balance | 5,151,000 | 2,928,000 | ||
Issuance of Series Angel Preferred Shares | [1] | 975,000 | ||
Conversion of Beijing SAI preferred shares due to reorganization | [1] | (2,928,000) | ||
Issuance of Series Angel Preferred Shares of the Company due to reorganization | [2] | 975,000 | ||
Issuance of Series Pre-A Preferred Shares of the Company due to reorganization | [3] | 1,953,000 | 1,953,000 | |
Issuance of Series A Preferred Shares | [4] | 2,223,000 | ||
Conversion into Ordinary Shares | [5] | (5,151,000) | ||
Ending balance | 5,151,000 | 2,928,000 | ||
[1]The investment in a PRC entity is not presented in the form of single unit share, but the amount and percentage in paid-in capital of the entity. The number of shares presented is under the assumption that RMB1 ($0.15) is equal to 1 unit of share.[2]Series Angel Preferred Shares have a par value of $0.0001, with 7,288,630 shares authorized and issued.[3]Series Pre-A Preferred Shares have a par value of $0.0001, with 13,974,442 shares authorized. The number of Series Pre-A Preferred Shares issued during 2021 includes 4,110,130 Series Pre-A Preferred Shares issued at reorganization and 9,864,312 Series Pre-A Preferred Shares to be issued upon exercise of the warrants that were granted to three investors of Beijing SAI, as the exercise of these warrants were considered to be administrative procedures and the Company does not expect any circumstances under which those shares would not be issued. The $1.86 million for the exercise of the warrants is considered to be paid by the warrant holders at their Series Pre-A investment on Beijing SAI in September 2020. The administrative procedures for the exercise of the warrants have been completed and the funds were received by SAI on September 9, 2021, and the 9.8 million Series Pre-A Preferred Shares were issued on the same date. The Company considered the Series Pre-A Preferred Shares should be retrospectively stated in the financial statements as if they had been issued on September 2020 and were considered outstanding as of the balance sheet date.[4]Series A Preferred Shares has a par value of $0.0001, with 17,247,608 shares authorized and 16,466,767 shares issued.[5]The redeemable preferred shares are transferred to Class A Ordinary Shares following the Business Combination, see Note 1a for more information.[6]The issuance of Series Angel Preferred Shares on March 28, 2020, pursuant to which 6.67% of the equity interest of Beijing SAI were transferred for a total consideration of RMB4,000 ($613).[7]The issuance of Series A Preferred Shares of 16,466,767 on April 22, 2021, with the par value of $0.0001, for the total consideration of $2,605.[8]Accretion provided for the redemption rights for Series Angel, Series Pre-A and Series A Preferred Shares to the redemption value.[9]Since the redeemable preferred shares are transferred into Class A Ordinary Shares following the Business Combination, there is no redeemable value of those shares, see Note 1a for more information |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Net Assets (Details) [Line Items] | ||
Net assets (in Dollars) | $ 10,358 | $ 7,510 |
Geographic Distribution, Foreign [Member] | ||
Restricted Net Assets (Details) [Line Items] | ||
Annual after tax profit, percentage | 10% | |
Registered capital | 50% | |
Geographic Distribution, Domestic [Member] | ||
Restricted Net Assets (Details) [Line Items] | ||
Annual after tax profit, percentage | 10% | |
Registered capital | 50% |
Employee Defined Contribution_2
Employee Defined Contribution Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Defined Contribution Plan [Abstract] | |||
Total amount of employee benefits | $ 257 | $ 93 | $ 9 |
Share-based Payment (Details)
Share-based Payment (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 08, 2021 | Apr. 22, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Share-based Payment (Details) [Line Items] | ||||
Purchase price per share (in Dollars per share) | $ 0.0001 | |||
Sales and marketing expenses (in Dollars) | $ 14,457 | |||
Ordinary shares percentage | 3% | |||
Grant shares | 410,663 | |||
Class A Ordinary Shares [Member] | ||||
Share-based Payment (Details) [Line Items] | ||||
Restricted shares | 8,979,600 | |||
Common stock, shares issued | 1,812,663 |
Share-based Payment (Details) -
Share-based Payment (Details) - Schedule of unvested time-based restricted common stock | 12 Months Ended |
Dec. 31, 2022 shares | |
Schedule Of Unvested Time Based Restricted Common Stock Abstract | |
Unvested Beginning balance | 1,812,663 |
Vested | 382,250 |
Granted | 981,000 |
Forfeited | 38,750 |
Unvested Ending balance | 410,663 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Customer Concentration Risk [Member] | |
Concentration of Risk (Details) [Line Items] | |
Concentration of customers percentage | 10% |
Concentration of Risk (Detail_2
Concentration of Risk (Details) - Schedule of information about the Group’s concentration of customers as of and for the years ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 20% | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | [1] | |||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 14% | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer C [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 36% | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer D [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 11% | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer E [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | [1] | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer F [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 12% | [1] | ||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | 100% | |||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer G [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | 19% | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer H [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | 16% | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer I [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | [1] | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer J [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | [1] | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | 99% | |||
Customer K [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer L [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer M [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | 11% | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer N [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 28% | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer O [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 20% | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | [1] | |||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer P [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | 28% | |||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | ||||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | 96% | |||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer Q [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | [1] | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | 16% | |||
Customer R [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | 28% | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer S [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | 27% | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
Customer T [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues, customer concentration | ||||
Year Ended December 31, 2022 | ||||
Purchases, supplier concentration | 21% | |||
As of December 31, 2022 | ||||
Accounts receivable, customer concentration | ||||
As of December 31, 2022 | ||||
Accounts payable, supplier concentration | ||||
[1]Less than 10%. |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - Schedule of basic and diluted loss per ordinary share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Numerators | ||||
Net profit/(loss) | $ (8,845) | $ (16,704) | $ 403 | |
Less: Net income allocated to Series Angel and Series Pre-A preferred share | (403) | |||
Accretion on mezzanine equities | (1,064) | |||
Adjusted net profit (loss) | $ (8,845) | $ (17,768) | ||
Denominators | ||||
Weighted average number of ordinary shares outstanding-Basic and diluted (in Shares) | [1],[2] | 19,224,614 | 12,447,760 | 12,447,760 |
Loss per ordinary share-Basic and diluted (in Dollars per share) | [2] | $ (0.4601) | $ (1.4274) | |
[1]The ordinary shares are presented on a retroactive basis to reflect the Company’s share consolidation on April 29, 2022[2]The shares and per share data are presented on a retroactive basis to reflect the reorganization. |
Earnings_(Loss) Per Share (De_2
Earnings/(Loss) Per Share (Details) - Schedule of basic and diluted loss per ordinary share (Parentheticals) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Basic And Diluted Loss Per Ordinary Share Abstract | ||||
Weighted average number of ordinary shares outstanding diluted | [1],[2] | 19,224,614 | 12,447,760 | 12,447,760 |
Loss per ordinary share-diluted | [2] | $ (0.4601) | $ (1.4274) | |
[1]The ordinary shares are presented on a retroactive basis to reflect the Company’s share consolidation on April 29, 2022[2]The shares and per share data are presented on a retroactive basis to reflect the reorganization. |
Amount Due from_(to) Related _3
Amount Due from/(to) Related Parties (Details) - Schedule of the related parties with whom the Company conducted transactions | 12 Months Ended |
Dec. 31, 2022 | |
Mr. Risheng Li [Member] | |
Related Party Transaction [Line Items] | |
Relation with the Company | Founder, chairman of board of director, chief executive officer |
Mr. Liedong Wang [Member] | |
Related Party Transaction [Line Items] | |
Relation with the Company | Senior executive officer |
Mr. Dahan Bao [Member] | |
Related Party Transaction [Line Items] | |
Relation with the Company | Senior executive officer |
Amount Due from_(to) Related _4
Amount Due from/(to) Related Parties (Details) - Schedule of amount due from related parties - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amount due from related parties | ||
Amount due from related parties | ||
Amount due to related parties | ||
Amount due to related parties | 30 | |
Mr. Risheng Li [Member] | ||
Amount due from related parties | ||
Amount due from related parties | ||
Beijing SAI [Member] | ||
Amount due to related parties | ||
Amount due to related parties | $ 30 |
Amount Due from_(to) Related _5
Amount Due from/(to) Related Parties (Details) - Schedule of related party transactions summarized by different natures - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Mr. Risheng Li [Member] | |||
Settlement of advance to related parties for daily operation | |||
Settlement of advance to related parties for daily operation | $ 235 | $ 406 | |
Repayment from related parties | |||
Repayment from related parties | 36 | 203 | |
Mr. Liedong Wang [Member] | |||
Settlement of advance to related parties for daily operation | |||
Settlement of advance to related parties for daily operation | 415 | 396 | |
Repayment from related parties | |||
Repayment from related parties | 14 | 22 | |
Mr. Dahan Bao [Member] | |||
Settlement of advance to related parties for daily operation | |||
Settlement of advance to related parties for daily operation | 30 | 31 | |
Repayment from related parties | |||
Repayment from related parties |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information (Details) [Line Items] | |
Number of reportable segments | 2 |
CODM [Member] | |
Segment Information (Details) [Line Items] | |
Number of reportable segments | 3 |
Cost of Revenue [Member] | |
Segment Information (Details) [Line Items] | |
Number of reportable segments | 2 |
Segment Information (Details) -
Segment Information (Details) - Schedule of reportable segments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reportable segment revenue: | |||
Total segment and consolidated revenue | $ 10,638 | $ 17,038 | $ 1,957 |
Reportable segment cost of revenue | |||
Total segment and consolidated cost of revenues | 9,498 | 15,774 | 1,055 |
Reconciling Items: | |||
Selling, general and administrative expenses | (7,178) | (17,162) | (232) |
Research development expenses | (476) | (419) | (348) |
Impairment of long-lived assets | (951) | (135) | (40) |
Other income/(expense) | (1,380) | (228) | 174 |
Income tax expense | (24) | (53) | |
Net profit/(loss) | (8,845) | (16,704) | 403 |
Revenue – equipment & hosting [Member] | |||
Reportable segment revenue: | |||
Total segment and consolidated revenue | 9,929 | 9,558 | 1,957 |
Revenue – mining pool [Member] | |||
Reportable segment revenue: | |||
Total segment and consolidated revenue | 676 | 7,480 | |
Revenue – mining [Member] | |||
Reportable segment revenue: | |||
Total segment and consolidated revenue | 33 | ||
Cost of revenues – equipment & hosting [Member] | |||
Reportable segment cost of revenue | |||
Total segment and consolidated cost of revenues | 8,802 | 8,382 | 1,055 |
Cost of revenues – mining pool [Member] | |||
Reportable segment cost of revenue | |||
Total segment and consolidated cost of revenues | 676 | $ 7,392 | |
Cost of revenues – mining [Member] | |||
Reportable segment cost of revenue | |||
Total segment and consolidated cost of revenues | $ 20 |
Parent Only Information (Detail
Parent Only Information (Details) - Schedule of condensed balance sheets - Previously Reported [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Assets | |||
Cash | $ 9,376 | $ 3,311 | |
Amount due from subsidiaries and VIE | |||
Accounts receivable | 57 | 1,174 | |
Other receivables | 474 | ||
Amounts due from related parties | 16,407 | 7,400 | |
Long-term investment | 50 | 100 | |
Investments in subsidiaries and VIE | |||
Cryptocurrencies | 18 | 4 | |
Operating lease right-of-use assets | 27 | 43 | |
Total Assets | 26,409 | 12,032 | |
Accounts payable | 163 | 1,259 | |
Accrued payroll | 60 | ||
Operating lease liabilities-current | 11 | 17 | |
Operating lease liabilities-non-current | 17 | 27 | |
Investments in subsidiaries and VIE | 5,844 | ||
Total Liabilities | 6,095 | 1,303 | |
Mezzanine equities | 12,473 | ||
Equity: | |||
Subscription receivable | (9) | ||
Additional paid-in capital | 46,030 | 12,928 | |
Statutory reserves | |||
Accumulated deficit | (25,257) | (14,747) | |
Accumulated other comprehensive income/(loss) | (461) | 82 | |
Total equity | 20,314 | (1,744) | |
Total Liabilities and Equity | 26,409 | 12,032 | |
Class A Ordinary Shares | |||
Equity: | |||
Ordinary shares value | [1] | 1 | 1 |
Class B Ordinary Shares | |||
Equity: | |||
Ordinary shares value | [1] | $ 1 | $ 1 |
[1]The shares and per share data are presented on a retroactive basis to reflect the reorganization. |
Parent Only Information (Deta_2
Parent Only Information (Details) - Schedule of condensed balance sheets (Parentheticals) - Previously Reported [Member] - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class A Ordinary Shares | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 330,369,366 | 330,369,366 |
Ordinary shares, shares issued | 13,315,903 | 2,544,148 |
Ordinary shares, shares outstanding | 13,315,903 | 2,544,148 |
Class B Ordinary Shares | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 9,630,634 | 9,630,634 |
Ordinary shares, shares outstanding | 9,630,634 | 9,630,634 |
Parent Only Information (Deta_3
Parent Only Information (Details) - Schedule of condensed statements of operations - Previously Reported [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Statement of Income Captions [Line Items] | |||
Revenue | $ 2,608 | $ 2,527 | |
Cost of revenue | (2,268) | (2,302) | |
General and administrative expenses | (3,502) | (508) | |
Sales and marketing expenses | (150) | (14,464) | |
R&D expenses | (6) | ||
Asset impairment loss | (19) | ||
Other expense, net | (885) | ||
Share of income/(loss) from subsidiaries and VIE | (4,623) | (909) | 403 |
Net income/(loss) | $ (8,845) | $ (15,656) | $ 403 |
Parent Only Information (Deta_4
Parent Only Information (Details) - Schedule of condensed statements of cash flows - Previously Reported [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows used in operating activities | $ (4,579) | $ (209) | |
Investment in subsidiaries and VIE | (7,500) | (2,923) | |
Collection of due from/(increase in due from) subsidiaries and VIE | (9,007) | 2,828 | |
Cash flows used in investing activities | (9,007) | (4,672) | (2,923) |
Proceeds from issuance of redeemable preferred shares | 8,191 | 2,923 | |
Reverse Recapitalization | 19,652 | ||
Cash flows from financing activities | 19,652 | 8,191 | 2,923 |
Effect of exchange rate changes | |||
Net change in cash and cash equivalents | 6,066 | 3,310 | |
Cash and cash equivalents at beginning of the period | 3,310 | ||
Cash and cash equivalents at end of the period | $ 9,376 | $ 3,310 |