AGBA Group Holding Ltd
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 28, 2024
ILLR$0.18-23.0%Stored close · as of Oct 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| For the years ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net loss | $(49,206,019) | $(44,520,635) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Share-based compensation expense | 11,235,026 | 2,088,725 |
| Non-cash lease expense | 1,496,286 | — |
| Depreciation of property and equipment | 261,323 | 392,873 |
| Interest income on notes receivable | (34,665) | — |
| Interest expense on borrowings | 784,479 | — |
| Foreign exchange (gain) loss, net | (909,227) | 2,643,261 |
| Investment loss, net | 6,878,869 | 8,937,431 |
| Allowance for expected credit losses on financial instruments | 1,077,184 | — |
| Change in fair value of warrant liabilities | (4,548) | (8,952) |
| Change in fair value of forward share purchase liability | 82,182 | 5,392,293 |
| Gain on disposal of property and equipment | (664,816) | — |
| Loss on settlement of forward share purchase agreement | 378,895 | — |
| Reversal of over-accruals staff bonus | (3,595,028) | — |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (1,187,628) | (1,947,089) |
| Loans receivable | (15,656) | 2,319,054 |
| Deposits, prepayments, and other receivables | (2,495,082) | (198,512) |
| Accounts payable and accrued liabilities | 6,894,066 | 10,877,792 |
| Escrow liabilities | (12,670,774) | (4,998,181) |
| Lease liabilities | (1,130,008) | — |
| Income tax payable | 542,982 | (282,459) |
| Net cash used in operating activities | (42,282,159) | (19,304,399) |
| Cash flows from investing activities: | ||
| Proceeds from sale of investments | 3,976,657 | 1,853,473 |
| Purchase of notes receivable | (589,086) | — |
| Purchase of long-term investments | (288,581) | — |
| Addition in long-term investments, related party | — | (16,228,690) |
| Dividend received from long-term investments | 1,670,045 | 1,154,749 |
| Proceeds from sale of property and equipment | 6,127,576 | — |
| Purchase of property and equipment | (104,846) | (968,367) |
| Net cash provided by (used in) investing activities | 10,791,765 | (14,188,835) |
| Cash flows from financing activities: | ||
| Advances from the holding company | 9,342,972 | 9,752,275 |
| Settlement of forward share purchase agreement | (13,952,683) | — |
| Proceeds from borrowings | 7,746,414 | 4,464,391 |
| Repayments of borrowings | (6,026,937) | — |
| Proceeds from private placement | 1,850,310 | — |
| Dividend paid to the holding company | — | (17,437,805) |
| Cash proceeds from reverse recapitalization, net of redemption | — | 15,356,580 |
| Net cash (used in) provided by financing activities | (1,039,924) | 12,135,441 |
| Effect on exchange rate change on cash, cash equivalents and restricted cash | (85,689) | (429,542) |
| Net change in cash, cash equivalent and restricted cash | (32,616,007) | (21,787,335) |
| BEGINNING OF YEAR | 51,294,072 | 73,081,407 |
| END OF YEAR | $18,678,065 | $51,294,072 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||
| Cash received from income tax refund | $427,363 | $125,353 |
| Cash paid for income taxes | $172,334 | $531,592 |
| Cash received from interest | $349,055 | $99,132 |
| Cash paid for interest | $784,479 | $140,644 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Initial recognition of operating lease liabilities related to right-of-use asset | $12,512,585 | $— |
| Forgiveness of amounts due to the holding company | $12,593,384 | $6,000,000 |
| Issuance of ordinary shares to settle finder fee | $4,000,000 | $— |
| Issuance of ordinary shares to settle payables | $— | $7,203,070 |
| Purchase of property and equipment, through earnest deposit | $— | $7,182,131 |
| Special dividend to the holding company offset with amount due from the holding company | $— | $29,562,195 |
| Transaction costs in related to Business Combination | $— | $8,308,754 |
| Liability assumed related to forward share purchase agreement | $— | $13,491,606 |
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Reconciliation to amounts on consolidated balance sheets: | ||
| Cash and cash equivalents | $1,861,223 | $6,449,876 |
| Restricted cash | 16,816,842 | 44,844,196 |
| Total cash, cash equivalents and restricted cash | $18,678,065 | $51,294,072 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.