AGBA Group Holding Ltd
For the period ended Mar 31, 2024. Filed May 15, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
ILLR$0.18-23.0%Stored close · as of Oct 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Statements of Cash Flows
(Currency expressed in United States Dollars (“US$”))
| For the three months ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(8,060,234) | $(12,072,610) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Share-based compensation expense | 1,748,281 | 3,906,600 |
| Non-cash lease expense | 641,952 | — |
| Depreciation of property and equipment | 22,878 | 101,172 |
| Interest income on notes receivable | (11,454) | — |
| Interest expense on borrowings | 207,222 | — |
| Foreign exchange (gain) loss, net | 227,341 | (556,311) |
| Investment loss (income), net | 37,356 | (1,723,064) |
| Gain on disposal of property and equipment | (15,345) | — |
| Allowance for expected credit losses | 991,338 | — |
| Change in fair value of warrant liabilities | — | (680) |
| Change in fair value of forward share purchase liability | — | 82,182 |
| Change in operating assets and liabilities: | ||
| Accounts receivable | 1,180,031 | (468,190) |
| Loans receivable | (17,203) | 9,721 |
| Deposits, prepayments, and other receivables | (244,813) | (515,863) |
| Accounts payable and accrued liabilities | (1,661,484) | 1,227,534 |
| Escrow liabilities | (1,227,926) | (24,067) |
| Lease liabilities | (484,808) | — |
| Income tax payable | (190,166) | (163,287) |
| Net cash used in operating activities | (6,857,034) | (10,196,863) |
| Cash flows from investing activities: | ||
| Proceeds from sale of long-term investments | 2,152,251 | 3,969,764 |
| Purchase of convertible note receivable | — | (589,086) |
| Dividend received from long-term investments | — | 608,714 |
| Proceeds from disposal of property and equipment | 15,345 | — |
| Net cash provided by investing activities | 2,167,596 | 3,989,392 |
| Cash flows from financing activities: | ||
| Advances from the holding company | 3,500,445 | 1,684,101 |
| Proceeds from borrowings | — | 1,783,521 |
| Net cash provided by financing activities | 3,500,445 | 3,467,622 |
| Effect on exchange rate change on cash, cash equivalents and restricted cash | 238,918 | 81,849 |
| Net change in cash, cash equivalent and restricted cash | (950,075) | (2,658,000) |
| BEGINNING OF PERIOD | 18,678,065 | 51,294,072 |
| END OF PERIOD | $17,727,990 | $48,636,072 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||
| Cash paid for income taxes | $227,112 | $128,816 |
| Cash received from interest | $1,143 | $170,526 |
| Cash paid for interest | $65,270 | $165,096 |
| SUPPLEMENTAL DISCLOSURE OF NON CASH INVESTING ACTIVITIES | ||
| Issuance of ordinary shares to settle payables | $403,000 | $4,000,000 |
| Forgiveness of amount due to the holding company | $— | $3,000,000 |
| As of | ||
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| Reconciliation to amounts on unaudited condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $2,139,074 | $3,653,778 |
| Restricted cash | 15,588,916 | 44,982,294 |
| Total cash, cash equivalents and restricted cash | $17,727,990 | $48,636,072 |
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