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Parent Only Financial Information

12 Months Ended

Dec. 31, 2023

Parent Only Financial Information [Abstract]

PARENT ONLY FINANCIAL INFORMATION

NOTE 26 — PARENT ONLY FINANCIAL INFORMATION

The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and concluded that it was applicable for the Company to disclose the financial statements for AGBA Group Holding Limited, the parent company.

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2023 and 2022. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.

The following presents condensed parent company only financial information of AGBA Group Holding Limited.

Condensed balance sheets

		As of December 31,
		2023				2022
ASSETS
Current assets:
Cash and cash equivalents		$	129,660			$	85,955
Restricted cash			—				15,356,580
Amounts due from the holding company			133,070				—
Amounts due from subsidiaries			908,811				—
Deposit, prepayments, and other receivables			453,620				1,715
Total current assets			1,625,161				15,444,250
Non-current assets:
Investments in subsidiaries			13				13
Total non-current assets			13				13
TOTAL ASSETS		$	1,625,174			$	15,444,263
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Other payable and accrued liabilities		$	3,738,639			$	6,577,351
Amounts due to subsidiaries			13				13
Amounts due to the related companies			—				1,327,107
Forward share purchase liability			—				13,491,606
Total current liabilities			3,738,652				21,396,077
Long-term liabilities:
Warrant liabilities			—				4,548
Total long-term liabilities			—				4,548
TOTAL LIABILITIES			3,738,652				21,400,625
Commitments and contingencies (Note 24)
Shareholders’ deficit:
Ordinary shares, $0.001 par value; 200,000,000 shares authorized, 68,661,998 and 58,376,985 shares issued and outstanding as of December 31, 2023 and 2022, respectively			68,662				58,377
Ordinary shares to be issued			4,854				1,665
Additional paid-in capital			19,507,136				1,867,335
Accumulated deficit			(21,694,130	)			(7,883,739	)
Total shareholders’ deficit			(2,113,478	)			(5,956,362	)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT		$	1,625,174			$	15,444,263

Condensed Statements of Operations

		For the years ended December 31,
		2023				2022
Operating cost and expenses:
Share-based compensation expense		$	(9,932,762	)		$	(2,088,725	)
Other general and administrative expenses			(3,764,618	)			(479,407	)
Total operating cost and expenses			(13,697,380	)			(2,568,132	)
Loss from operations			(13,697,380	)			(2,568,132	)
Other income (expense):
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	)
Loss on settlement of forward share purchase agreement			(378,895	)			—
Sundry income			343,518				67,734
Total other expense, net			(113,011	)			(5,315,607	)
Loss before income taxes			(13,810,391	)			(7,883,739	)
Income tax expense			—				—
NET LOSS		$	(13,810,391	)		$	(7,883,739	)

Condensed Statement of Cash Flows

		For the years ended December 31,
		2023				2022
Cash flows from operating activities:
Net loss		$	(13,810,391	)		$	(7,883,739	)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense			9,932,762				2,088,725
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
Loss on settlement of forward share purchase agreement			378,895				—
Change in operating assets and liabilities:
Deposits, prepayments, and other receivables			(17,035	)			(1,715	)
Other payables and accrued liabilities			1,161,288				(839,181	)
Net cash used in operating activities			(2,276,847	)			(1,252,569	)
Cash flows from financing activities:
(Repayment to) advances from related companies			(933,655	)			1,338,524
Settlement of forward share purchase agreement			(13,952,683	)			—
Proceeds from private placement			1,850,310				—
Cash proceeds from reverse recapitalization, net of redemption			—				15,356,580
Net cash (used in) provided by financing activities			(13,036,028	)			16,695,104
Net change in cash, cash equivalent and restricted cash			(15,312,875	)			15,442,535
BEGINNING OF YEAR			15,442,535				—
END OF YEAR		$	129,660			$	15,442,535

			As of December 31,
			2023				2022
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		$	129,660			$	85,955
Restricted cash			—				15,356,580
Total cash, cash equivalents and restricted cash		$	129,660			$	15,442,535

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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