AGBA Group Holding Ltd

For the period ended Jun 30, 2024. Filed Aug 14, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 14, 2024

ILLR$0.18-23.0%Stored close · as of Oct 6, 2026

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Contents

Unaudited Condensed Consolidated Statements of Cash Flows

(Currency expressed in United States Dollars (“US$”))

	For the six months ended June 30,
	2024	2023
Cash flows from operating activities:
Net loss	$(19,429,844)	$(22,657,899)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense	2,482,861	8,510,920
Non-cash lease expense	1,284,143	213,550
Depreciation on property and equipment	45,764	215,494
Interest income on notes receivable	—	(11,778)
Interest income on promissory notes receivable	(73,425)	—
Interest expense on convertible promissory notes payable	171,722	—
Interest expense on borrowings	403,545	—
Foreign exchange loss (gain), net	278,051	(905,850)
Investment loss (income), net	37,304	(1,281,496)
Gain on disposal of property and equipment	(15,345)	—
Provision for allowance for expected credit losses	1,742,694	333,276
Change in fair value of warrant liabilities	3,649,404	(2,375)
Change in fair value of forward share purchase liability	—	82,182
Loss on settlement of forward share purchase agreement	—	378,895
Reversal of annual bonus accrued in prior year	—	(3,763,847)
Change in operating assets and liabilities:
Accounts receivable	1,004,560	(1,005,597)
Loans receivable	(17,889)	13,319
Deposits, prepayments, and other receivables	(581,700)	(3,629,837)
Accounts payable and accrued liabilities	(1,108,252)	6,578,049
Escrow liabilities	(2,985,179)	(2,032,965)
Lease liabilities	(969,795)	(161,274)
Income tax payable	(165,869)	(138,590)
Net cash used in operating activities	(14,247,250)	(19,265,823)
Cash flows from investing activities:
Proceeds from sale of long-term investments	2,152,251	3,976,657
Purchase of notes receivable	—	(589,086)
Dividends received from long-term investments	—	1,167,433
Proceeds from sale of convertible notes receivable	412,360	—
Proceeds from disposal of property and equipment	15,345	—
Purchase of property and equipment	—	(77,969)
Net cash provided by investing activities	2,579,956	4,477,035
Cash flows from financing activities:
Advances from the holding company	8,454,941	6,849,425
Settlement of forward share purchase agreement	—	(13,952,683)
Proceeds from borrowings	—	1,786,640
Net cash provided by (used in) financing activities	8,454,941	(5,316,618)
Effect on exchange rate change on cash, cash equivalents and restricted cash	157,742	49,765
Net change in cash, cash equivalent and restricted cash	(3,054,611)	(20,055,641)
BEGINNING OF PERIOD	18,678,065	51,294,072
END OF PERIOD	$15,623,454	$31,238,431
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	$226,625	$138,310
Cash paid for interest	$113,679	$412,776
Cash received for interest	$50,972	$356,003
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Issuance of ordinary shares to settle payables	$403,000	$4,000,000
Forgiveness of amount due to the holding company	$—	$8,600,000
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$—	$12,512,585

	As of June 30,
	2024	2023
Reconciliation to amounts on condensed consolidated balance sheets:
Cash and cash equivalents	$1,791,791	$3,783,780
Restricted cash	13,831,663	27,454,651
Total cash, cash equivalents and restricted cash	$15,623,454	$31,238,431

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.