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BASIS OF PRESENTATION | 6 Months Ended
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Jun. 30, 2021
BASIS OF PRESENTATION [Abstract] |
BASIS OF PRESENTATION |
1. | BASIS OF PRESENTATION
The unaudited interim condensed consolidated financial statements of Sea Limited (the “Company”), its subsidiaries and variable interest entities (“VIEs”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information using accounting policies that are consistent with those used in the preparation of the Company’s audited consolidated financial statements for the year ended December 31, 2020. Accordingly, these unaudited interim condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the six months ended June 30, 2020 and 2021 are not necessarily indicative of results to be expected for any other interim period or for the year ending December 31, 2021. The condensed consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements, but does not include all of the disclosures required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated financial statements and the notes thereto should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020. VIE disclosures There were no pledges or collateralization of the VIEs’ assets. Creditors of the VIEs have no recourse to the general credit of the primary beneficiaries of the VIEs, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The VIEs hold certain assets, including land, data servers and related equipment for use in their operations. The VIEs do not own any facilities except for the rental of certain office premises, warehouses and data centers from third parties under operating lease arrangements. They also hold certain value-added technology licenses, registered copyrights, trademarks and registered domain names, including the official website, which are also considered as revenue-producing assets. However, none of such assets was recorded on the Company’s unaudited interim condensed consolidated balance sheets as such assets were all acquired or internally developed with insignificant cost and expensed as incurred. In addition, the Company also hires a sales and marketing as well as a research and development workforce for its daily operations and such costs are expensed when incurred. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The following tables represent the financial information of the VIEs whom the Company does not have majority voting interests as of December 31, 2020 and June 30, 2021 and for the six months ended June 30, 2020 and 2021 before eliminating the intercompany balances and transactions between the VIEs and other entities within the group:
|  | As of December 31, |  |  | As of June 30, |
|  | 2020 |  |  | 2021 |
|  | $ |  |  | $ |
ASSETS: |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  |  | 94,502 |  |  |  | 97,396 |
Amounts due from intercompanies (1) |  |  | 44,928 |  |  |  | 141,878 |
Others |  |  | 79,484 |  |  |  | 66,892 |
Total current assets |  |  | 218,914 |  |  |  | 306,166 |
Non-current assets: |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 35,453 |  |  |  | 33,988 |
Long-term investments |  |  | 16,080 |  |  |  | 17,313 |
Deferred tax assets |  |  | 47,948 |  |  |  | 48,776 |
Others |  |  | 37,662 |  |  |  | 23,682 |
Total non-current assets |  |  | 137,143 |  |  |  | 123,759 |
Total assets |  |  | 356,057 |  |  |  | 429,925 |
|  | As of December 31, |  |  | As of June 30, |
|  | 2020 |  |  | 2021 |
|  | $ |  |  | $ |
LIABILITIES: |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accrued expenses and other payables |  |  | 91,186 |  |  |  | 112,185 |
Deferred revenue |  |  | 212,377 |  |  |  | 204,926 |
Amounts due to intercompanies (1) |  |  | 70,019 |  |  |  | 116,898 |
Others |  |  | 31,104 |  |  |  | 28,104 |
Total current liabilities |  |  | 404,686 |  |  |  | 462,113 |
Non-current liabilities: |  |  |  |  |  |  |  |
Deferred revenue |  |  | 55,200 |  |  |  | 70,953 |
Amounts due to intercompanies (1) |  |  | 15,710 |  |  |  | 30,910 |
Others |  |  | 18,418 |  |  |  | 6,759 |
Total non-current liabilities |  |  | 89,328 |  |  |  | 108,622 |
Total liabilities |  |  | 494,014 |  |  |  | 570,735 |
|  | For the Six Months ended June 30, |
|  | 2020 |  |  | 2021 |
|  | $ |  |  | $ |
Revenue |  |  |  |  |  |
- Third party customers |  |  | 262,801 |  |  |  | 333,847 |
- Intercompanies |  |  | 70,363 |  |  |  | 84,876 |
Net loss |  |  | (28,770 | ) |  |  | (19,089 | )
|  | For the Six Months ended June 30, |
|  | 2020 |  |  | 2021 |
|  | $ |  |  | $ |
Net cash generated from (used in) operating activities |  |  | 59,030 |  |  |  | (12,218 | )
Net cash (used in) generated from investing activities |  |  | (25,122 | ) |  |  | 500 |
Net cash generated from financing activities |  |  | 32,220 |  |  |  | 14,025 |
| (1) | Amounts due from or to intercompanies consist of intercompany receivables or payables to the other companies within the group arising from intercompany transactions and funds advanced for working capital purpose.

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