XML 52 R35.htm IDEA: XBRL DOCUMENT v3.24.1
Additional Information: Condensed Financial Statements of the Company
 12 Months Ended
Dec. 31, 2023
Additional Information: Condensed Financial Statements of the Company [Abstract]  
Additional information: condensed financial statements of the Company
28.Additional information: condensed financial statements of the Company

 

Regulation S-X require condensed financial information as to financial position, statement of cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

 

The Company records its investment in its subsidiaries, former VIEs and former VIEs’ subsidiaries under the equity method of accounting.

 

Such investments are presented on the separate condensed balance sheets of the Company as “Long-term investments”.

 

The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures represent supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

 

The Company did not have significant other commitments, long-term obligations, or guarantees as of December 31, 2023.

 

Condensed statements of comprehensive loss of the parent company

 

   Years ended December 31, 

(Amounts expressed in thousands of US$ except for number of shares and per share data)

  2021   2022   2023 
Operating expenses   (10,399)   (4,289)   (3,919)
Loss before income tax   (10,266)   (4,472)   (3,284)
(Loss)/income from subsidiaries and former VIEs   (35,775)   (15,381)   6,095 
Net (loss)/income   (46,041)   (19,853)   2,811 

 

Condensed balance sheets of the parent company

 

   As of December 31, 
(Amounts expressed in thousands of US$ except for number of shares and per share data)  2022   2023 
Cash and cash equivalents   463    107 
Amounts due from subsidiaries   127,308    127,282 
Others   
—
    15 
Total assets   127,771    127,404 
           
Accounts payable, accrued expenses and other liabilities   397    58 
Deficit in subsidiaries   113,938    106,746 
Others   204    146 
Amounts due to subsidiaries   3,683    3,633 
Total liabilities   118,222    110,583 
Total shareholders’ equity   9,549    16,821 

 

Condensed statement of cash flows of the parent company

 

   Years ended December 31, 

(Amounts expressed in thousands of US$ except for number of shares and per share data)

  2021   2022   2023 
Cash flows from operating activities            
Net cash used in operating activities   (1,483)   (3,355)   (605)
Cash flows from investing activities               
Intercompany fund transfers   (3,000)   —    200 
Net cash (used in)/generated from investing activities   (3,000)   —    200 
Cash flows from financing activities               
Proceeds from exercise of share options   1,284    —    49 
Proceeds from issuance of convertible bonds   —    4,735    — 
Redemption of convertible bonds   —    (1,050)   — 
Net cash generated from financing activities   1,284    3,685    49 
(Decrease)/increase in cash, cash equivalents and restricted cash   (3,199)   330    (356)
Cash, cash equivalents and restricted cash at beginning of year   3,332    133    463 
Cash, cash equivalents and restricted cash at end of year   133    463    107