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Organization and Principal Activities

12 Months Ended

Dec. 31, 2024

Organization and Principal Activities [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

We are an emerging blockchain-based and big data-driven marketing solution provider, also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and may expand into cryptocurrency security and insurance in the future. Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd and Weigou International Trading Co Ltd. Major trading commodity includes mineral resin, soy bean, wheat, sesame, liquid sulfur, petrol coke and latex etc. 

We were formed in Delaware on July 12, 2004 as China Risk Finance LLC. We began our credit analytics service provider business in 2001. We developed our proprietary, advanced technology over the past 18 years, during which our founders and management team advised many of China’s largest banks in analyzing consumer credit to issue over one hundred million credit cards to consumers. On April 28, 2017, our ADSs commenced trading on the NYSE under the symbol “XRF.” In May 2017, we completed our IPO in which we sold a total of 11,500,000 of our ADSs, each representing ten Class A Ordinary Shares and listing of our ADSs on the NYSE. In the third quarter 2018, due to regulatory changes that made it cost-prohibitive, and in some ways very risky from the regulatory compliance perspective, to own and operate our legacy marketplace lending platform, we decided to cease the customer acquisition and loan facilitation at our legacy marketplace lending platform and started to transition our business to other industries.

On May 5, 2020, we entered into a set of agreements with Yong Bao Two Limited (“YBT”), the shareholders of YBT (the “YBT Shareholders”), eight individual investors introduced by YBT (collectively with the YBT Shareholders, the “Investors”) and True North Financial, LLC to acquire YBT, which controls its variable interest entity SOS Information Technology Co., Ltd.. The transaction was consummated on May 15, 2020. As a result, we now own 100% of YBT, which controls its variable interest entity, SOS Information Technology Co., Ltd.. The shares issued to the Investors were relied on exemption from registration in accordance with Regulation S and/or Rule 4(a)(2) under the Securities Act of 1933, as amended. Accordingly, we started our newly acquired data mining and targeted marketing services business through SOS Information.

On August 3, 2020, we entered into certain share purchase agreement (the “Disposition SPA”) with Hantu (Hangzhou) Asset Management Co., Ltd. (the “Purchaser”). Pursuant to the Disposition SPA, the Purchaser agreed to purchase CRF China Holding Co. Limited, a Hong Kong limited company, China Capital Financial LLC, a Delaware limited liability company, CRF China Limited, a British Virgin Islands company, CRF Technology LLC, a California limited liability company, and HML China LLC, a Delaware limited liability company (collectively, the “XRF Subsidiaries”) in exchange for cash consideration of $3.5 million. Upon the closing of the transaction (the “Disposition”) contemplated by the Disposition SPA, the Purchaser will become the sole shareholder of the XRF Subsidiaries and as a result, assume all assets and liabilities of all the subsidiaries and variable interest entities owned or controlled by the XRF Subsidiaries. The Disposition closed on August 6, 2020. As a result of the Disposition, we ceased our legacy peer-to-peer lending business and have since focused on becoming a leading high-technology services business with services including marketing data, technology and solutions for insurance companies and emergency rescue services in China. We also changed our trading symbol to “SOS.”

We provide a wide range of data mining and analysis services to our corporate and individual members, including providing marketing data, technology and solutions for insurance companies, emergency rescue services, and insurance product and health care information portal in China. Our mission is to make it easier, safer and more efficient for our clients to obtain and process the data of their target customers.

We primarily address the large unmet demand for marketing-related data for clients such as insurance companies, financial institutions, medical institutions, healthcare providers and other service providers in the emergency rescue services industry by creating a SOS cloud emergency rescue service software as a service (SaaS) platform.

In 2020, we have launched our crypto mining business, and aim to start infrastructure services in blockchain security for our big data insurance marketing as well as provide insurance and banking services for digital assets and cryptocurrencies.

The accompanying consolidated financial statements reflect the activities of SOS Limited and each of the following entities:

Name		Background
SOS Information Technology New York Inc.		A New York company Incorporated on July 15, 2020 A holding company		SOS NY
Yong Bao Two Ltd.		A British Virgin Island company Incorporated on February 29, 2020 A holding company		YBT
Canada XX Exchange Ltd.		Digital asset exchange platform		Canada XX
US XX Exchange Ltd.		Digital asset exchange platform		US XX
Future Technology Global Ltd. (HK)		A 100% subsidiary of SOS Information Technology Co., Ltd.		Future Technology
FDW Limited		A 100% subsidiary of SOS Ltd.		FDW Limited
China SOS Ltd.		A Hong Kong limited liability company Incorporated on June 19, 2019 A holding company		China SOS
FD LLC		A 51% owned JV with Niagara Development LLC		FD LLC
Qingdao SOS Investment Management Co., Ltd.		A 100% subsidiary of China SOS Limited, a WOFE		WFOE
Qingdao SOS Investment LLP		A 99% subsidiary of Qingdao SOS Investment Management Co., Ltd.(PRC)		Qingdao SOS
SOS Auto Service Co., Ltd.		A 99% subsidiary of Qingdao SOS Investment Management Co., Ltd.(PRC)		Other Subsidiary
Inner Mongolia SOS Insurance Agency Co., Ltd.		A 100% subsidiary of SOS Information Technology Co., Ltd, which operates insurance brokerage business within Inner Mongolia region		Other Subsidiary
Common Prosperity Technology Co., Ltd.		A 50% subsidiary of SOS International Trading Co., Ltd. and another 50% owned by Qingdao SOS Investment LLP		Other Subsidiary
SOS International Trading Co., Ltd.		A 100% subsidiary of SOS Information Technology Co., Ltd.		Other Subsidiary
Weigou International Trading Co., Ltd.		A 99% subsidiary of Qingdao Investment LLP		Other Subsidiary
Shuyun International Trading Co., Ltd.		A 99% subsidiary of Qingdao Investment LLP		Other Subsidiary
Chexiaoer Technology Co., Ltd.		A 25% subsidiary of Qingdao Investment LLP and A 30% owned by SOS Auto Service Co., Ltd.		Other Subsidiary
Hebei S Cloud Enterprise Management Co., Ltd.		A 99% subsidiary of Future Digital Investment Ltd.(Hong Kong)		Other Subsidiary
SOS Rescue Service LLC		A 100% owned subsidiary of SOS Emergency Rescue Service Ltd		Other Subsidiary
SOS Emergency Rescue Service Ltd.		A 100% owned subsidiary of SOS Ltd.		Other Subsidiary
Future Digital Investment Ltd.		A 100% owned subsidiary of SOS Ltd.		Other Subsidiary
Qingdao Zhonghai Venture Capital Management Co., Ltd.		A 100% owned subsidiary of Future Digital Investment Ltd.		Other Subsidiary
Chexiaoer (Tianjin Automobile) Management Co., Ltd.		A 70% owned subsidiary of Chexiaoer Technology Co Ltd.		Other Subsidiary
Hebei Chexiaoer Technology Co., Ltd.		A 70% owned subsidiary of Chexiaoer Technology Co Ltd.		Other Subsidiary
Zhongjian Tianxia(Beijing) Investment Co., Ltd.		A 65% owned subsidiary of Xinxin Ranran International Trading Co Ltd.		Other Subsidiary
Xinxin Ranran International Trading Co. Ltd		A 99% owned subsidiary of SOS International Trading Co Ltd.		Other Subsidiary
Future Digital Trading Ltd.		100% owned subsidiary of SOS Ltd		Other Subsidiary
Qingdao Yonbao Ronghe International Trading Co Ltd.		A 90% owned subsidiary of Future Digital Trade Ltd		Other Subsidiary
Future Digital Trading Pte Ltd.		A 100% owned subsidiary of Future Digital Trade Ltd		Other Subsidiary

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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480424/946-10-50-1

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-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480424/946-10-50-2

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