UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2024

 

Commission File Number: 001-38051

 

SOS LIMITED

(Translation of registrant’s name into English)

 

Building 6, East Seaview Park, 298 Haijing Road, Yinzhu Street

West Coast New District, Qingdao City, Shandong Province 266400

People’s Republic of China

+86-532-86617117

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  ☒     Form 40-F  ☐

 

 

 

 

 

EXPLANATORY NOTE

 

The Company is furnishing this Form 6-K/A (the “Amendment”) to amend its six-month interim financial statements and incorporate such financial statements into the Company’s registration statements referenced below. This Amendment is to correct two inadvertent clerical errors in the revenue and balance of intangible assets as of June 30, 2023 found in the Form 6-K (the “Original Filing”) filed on September 28, 2023 (the “Original Filing Date”). Except for the changes expressly described above, this Amendment continues to present information as at the Original Filing Date and does not amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events.

 

This Form 6-K, as amended, is hereby incorporated by reference into the registration statement of the Company on Form S-8 (Registration Number 333-262636), to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

 

Financial Statements and Exhibits.

 

Exhibits.

 

Exhibit No.   Description
99.1   Unaudited Interim Consolidated Financial Statements as of June 30, 2024 and for the Six Months Ended June 30, 2024 and 2023
99.2   Operating and Financial Review and Prospects in Connection with the Unaudited Interim Consolidated Financial Statements for the Six Months Ended June 30, 2024 and 2023
101.INS*   Inline XBRL Instance Document
101.SCH*   Inline XBRL Taxonomy Extension Schema Document
101.CAL*   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*   Inline XBRL Taxonomy Extension Label Linkbase Document
101.LAB*   Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.PRE*   Inline XBRL Taxonomy Extension Definition Linkbase Document
104*   Cover Page Interactive Data File formatted as Inline XBRL and contained in Exhibit 101

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: September 24, 2024 SOS Limited
     
  By: /s/ Yandai Wang
    Name: Yandai Wang
    Title: Chief Executive Officer

 

 

2

 

 

2024-06-30 SOS LIMITED

Exhibit 99.1

 

SOS Limited

 

Interim Condensed Consolidated Balance Sheets

(US$ thousands, except share data and per share data, or otherwise noted)

 

   Twelve months
as of		   Six months
as of		 
   31-Dec-23   30-Jun-24 
   Audited   Unaudited 
   US$   US$ 
Current assets:        
Cash and cash equivalents   279,177    246,727 
Investment securities   307    200 
Accounts receivable – net   809    512 
Inventories   32,875    30,437 
Other receivables – net   79,970    195,536 
Amount due from related parties   39,582    9,843 
Tax recoverable   1,279    884 
Intangible assets   21,396    21,396 
Total current assets   455,395    505,535 
Non-current assets:          
Property equipment and software-net   28,048    19,283 
Goodwill   72    72 
Operating lease, right of use assets-net   377    95 
Total non-current assets   28,497    19,450 
Total assets   483,892    524,985 
           
Liabilities and Shareholders’ Equity          
Current liabilities:          
Accrued liabilities   15,192    40,834 
Accounts payable   36,740    12,724 
Amount due to related parties   1,641    642 
Operating lease liabilities   377    95 
Tax payable   77    82 
Other payables   7,492    40,080 
Total current liabilities   61,519    94,457 
           
Total liabilities   61,519    94,457 
Shareholders’ equity          
Paid up capital   665    24,458 
Additional paid-in capital   730,345    732,195 
Statutory reserve   161    161 
Accumulated deficit   (276,672)   (287,561)
Other comprehensive loss   (28,512)   (33,263)
Non-controlling interest   (3,614)   (5,462)
Total Shareholders’ equity   422,373    430,528 
Total liabilities and shareholders’ equity   483,892    524,985 

 

 

 

SOS Limited

 

Interim Condensed Consolidated Statements of Comprehensive Loss

(US$ thousands, except share data and per share data, or otherwise noted)

 

   Six months ended 
   30-Jun-23   30-Jun-24 
   Unaudited   Unaudited 
   US$   US$ 
Revenue   41,835    60,531 
Business taxes and surcharges   (29)   (17)
Net revenue   41,806    60,514 
Operating costs   (41,716)   (58,083)
Gross profit   90    2,431 
Gross profit ratio   0.2%   4.0%
Operating expenses          
Selling expense   (1,142)   (2,199)
General and administrative expense   (9,354)   (14,513)
Impairment   (81)   
-
 
Share-based compensation   (2,053)   (807)
Total operating expenses   (12,630)   (17,519)
Loss from operations   (12,540)   (15,088)
Other income (expenses):          
Other income, net   988    2,333 
Total other income, net   988    2,333 
           
Loss before income taxes   (11,552)   (12,755)
Income tax expense   (642)   4 
Net loss   (12,194)   (12,751)
           
Discontinued operations          
Gain on disposal of discontinued operations   
-
    1 
           
Net loss   (12,194)   (12,750)
Non-controlling interest   1,497    1,848 
Net loss attributable to SOS Ltd   (10,697)   (10,902)
           
Other comprehensive loss:          
Foreign currency translation adjustment-net of tax   8,706    4,738 
Total comprehensive loss   (1,991)   (6,164)
           
Weighted average number of ordinary shares          
           
Basic   3,440,476,475    364,210,299 
Diluted*   3,440,476,475    364,210,299 
LOSS PER SHARE          
Basic   (0.0031)   (0.0299)
Diluted*   (0.0031)   (0.0299)

 

Note 1: *N/A Anti-diluted shares not considered

 

   Six months ended 
   30-Jun-23   30-Jun-24 
   US$   US$ 
None-GAAP adjusted net loss   (8,644)   (807)

 

Note 2: The add-back adjustment was mainly associated with share-based compensation expenses of $2.1 million for the six months ended June 30, 2023, and $0.8 million for the six months ended June 30, 2024, respectively. The impact of these adjustments is considered immaterial to the overall financial statements.

 

2

 

 

SOS Limited

 

Interim Condensed Consolidated Statements of Equity

(US$ thousands, except share data and per share data, or otherwise noted)

 

   Ordinary shares   Additional           Accumulated
other		   Non-   Total 
   Class A
shares		   Class B
shares		   Treasury
stock		   Total
shares		   Par
value		   Paid-in
capital		   Accumulated
deficits		   Statutory
Reserve		   comprehensive
income		   controlling
interests		   shareholders’
equity		 
Balance, December 31, 2023   121,992,169    13,971,251    (134,636,546)   1,326,874    665    730,345    (276,672)   161    (28,512)   (3,614)   422,373 
Share-based compensation   122,880    5,004,000    -    5,126,880    26    781    
-
    
-
    
-
    
-
    807 
Issuance of Class A Ordinary Shares and warrant   242,095,250    -    -    242,095,250    23,767    1,069    
-
    
-
    
-
    
-
    24,836 
Net loss   -    -    -    -    
-
    
-
    (10,902)   
-
    
-
    (1,848)   (12,750)
Disposition of continued operation   -    -    -    -    
-
    
-
    13    -    (13)   
-
    - 
Foreign currency translation adjustments   -    -    -    -    
-
    
-
    
-
    
-
    (4,738)   
-
    (4,738)
Balance, June 30, 2024   364,210,299    18,975,251    (134,636,546)   248,549,004    24,458    732,195    (287,561)   161    (33,263)   (5,462)   430,528 

 

3

 

 

SOS Limited

 

Interim Condensed Consolidated Statement of Cash Flow

(US$ thousands, except share data and per share data, or otherwise noted)

 

   Six months
ended		   Six months
ended		 
   30-Jun-23   30-Jun-24 
   Unaudited   Unaudited 
   US$   US$ 
Cash flows from operating activities:        
Net loss   (10,697)   (10,902)
Less: Net income from discontinued operation   
-
    1 
Net loss from continuing operation   (10,697)   (10,903)
Adjustments:          
Depreciation and amortization   106    8,765 
Share-based compensation   2,053    807 
Amortisation of right of use assets   268    281 
Accretion of finance leases   19    6 
Impairment of cryptocurrencies   81    
-
 
Operating cash flows before movements in working capital   (8,170)   (1,044)
Changes in working capital:          
Inventory   1,224    (155)
Accounts receivable   56    297 
Other receivables   (12,320)   (115,566)
Amount due from related parties   23,916    29,739 
Intangible assets   (350)   
-
 
Accrued liabilities   (3,510)   25,642 
Accounts payable   1,089    (24,016)
Tax payable   211    400 
Other payables   (3,857)   32,588 
Amount due to related parties   (1)   (999)
Lease liabilities   (269)   (282)
Net cash used in operating activities from continuing operations   (1,981)   (53,396)
Net cash used in in generating from discontinued operating activities   
-
    1 
Net cash used in operating activities   (1,981)   (53,395)
Cash flows from financing activities:          
Repayment of principle portion of lease liabilities   (288)   (288)
Proceeds from share issuance, net of issuance costs   
-
    24,836 
Net cash generated from/(used in) financing activities   (288)   24,548 
Net decrease on cash and cash equivalents   (2,269)   (28,847)
Cash and cash equivalents at beginning of the period   259,492    279,177 
Effect of exchange rates on cash and cash equivalents   (7,339)   (3,603)
Cash and cash equivalents at end of the period   249,884    246,727 
Supplemental cash flow information          
Cash paid for income tax   646    
-
 

 

 

 

4

 

 

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Exhibit 99.2

 

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

Overview and Outlook

 

SOS is an emerging blockchain-based and big data-driven marketing solution provider. SOS is also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and may expand into cryptocurrency security in the future. Since April 2021, we launched a commodities trading business via our subsidiaries SOS International Trading Co. and Weigou International Trading Co Ltd. We facilitate trading of commodities including but not limited to mineral resin, soy bean, wheat, sesame, liquid sulfur and latex.

 

The Company provides substantially all of its services to large businesses and small and medium-sized enterprises (“SMEs”) in China via the former VIE and its subsidiaries, due to PRC legal restrictions of foreign ownership in certain sectors. Substantially all of the Company’s revenues, costs and net income in China are directly or indirectly generated through the former VIE and its subsidiaries. The Company’s indirectly-owned subsidiaries had the VIE Agreements with the former VIE and legal shareholders of the former VIE to allow the transfer of economic benefits from the former VIE to the Company and to direct the activities of the VIE.

 

Our Products and Services

 

As of June 30, 2024, SOS focuses on three service lines including Commodities Trading, Hosting service and Others. For the six months ended June 30, 2024, our total revenues were $60.5 million, including commodities trading revenues of $55.5 million. Hosting Service revenues of 4.7 million and other revenues of $0.3 million.

 

Revenue by Products and Services

 

   Six months ended
June 30, 2024		 
Revenue by Products and Services  US$   Percentage 
Commodities Trading   55,466    91.7%
Hosting Services   4,719    7.8%
Others   329    0.5%
Total revenue -net  $60,514    100%

 

   Six months ended
June 30, 2023		 
Revenue by Products and Services  US$   Percentage 
Commodities Trading   37,815    90.5%
Cryptocurrency Mining   350    0.8%
Hosting Services   1,225    2.9%
Others   2,416    5.8%
Total revenue -net  $41,806    100%

 

 

 

Commodities Trading

 

Since April 2021, we launched our commodities trading business via our subsidiaries including SOS International Trading Co. Ltd. and Weigou International Trading, and we facilitate the trading of commodities including but not limited to mineral resin, soy bean, wheat, sesame, liquid sulfur, petrol coke and latex. We identify suppliers and buyers and generate revenue from the price difference. Revenue is recognized after products have been delivered and title to the goods and risk has been transferred from a seller to a buyer.

 

Hosting Services

 

From January 2022, SOS took the initiative to build a supercomputing center in Wisconsin USA by providing individual & business users a comprehensive experience of cryptocurrency mining capacity and hosting service. Part of the facility was up and running since April 2022 and we recorded a revenue of $1.2 million and 4.7 million for the six months ended June 30, 2023 and 2024 respectively.

 

Others

 

Others refer to the legacy business of data mining of remaining contracts, which run into the current reporting period.

 

Components of Our Results of Operation

 

Revenue

 

Revenue is derived from providing services to our customers including commodity trading, hosting service and cryptocurrency mining. The legacy business of data-mining segment was disposed of in November 2022, but there are some remaining contracts which run into the current reporting period ended June 30, 2024. Key factors that affect our future revenue growth include our introduction to new lines of services, our penetration in new territories, international expansion and the pandemic’s impact. We recognize revenue to depict the provision of service to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the service. Revenue is recognized after the service has been rendered or performed, or products have been delivered together with transfer of title from a seller to a buyer.

 

Operating Costs and Gross Profit

 

Our major operating costs are purchase costs of power supply, depreciation and amortization from hardware, software for cryptocurrency mining, costs of goods sold & warehouse rental for the commodities trading business.

 

We calculate our gross profit as revenue less operating costs. Our gross profit has been and, we expect, will continue to be affected by a variety of factors, primarily our product line mix, volume sold, and unit fees that we can charge to the customer, market price fluctuation and local government policy towards cryptocurrency.

 

General and Administrative Expenses

 

General and administrative expenses include management and office personnel compensation and bonuses, stock compensation, corporate level information technology related costs, rent, travel, professional service fees, insurance and general corporate expenses. We expect general and administrative expenses to continue to increase in absolute dollars as we expand our commercial infrastructure to both drive and support our planned growth in revenue and support the additional costs associated with being a public company such as costs & expenses related to direct public offering and legal fees to defend us against class actions.

 

2

 

 

Income Tax

 

Our income tax provision consists of an estimate of central and provincial income taxes based on enacted central and provincial tax rates, as adjusted for allowable credits, deductions and uncertain tax positions. SOS Information Technology Co., Ltd with significant insurance marketing service is a qualified high-tech enterprise and as such can enjoys a corporate income tax concession rate of 15%, all other domestic legal entities have 25% corporate tax rate. Depending on jurisdictions, offshore legal entities have various tax rate.

 

Interim Financial Results from Operations

 

Six months ended June 30, 2024 compared to June 30, 2023

 

Revenue

 

As of June 30, 2024, SOS focuses on three product and service lines including Commodities Trading, Hosting Service and Others. Commodities Trading contributes 91.7% of the total revenue, 7.8% from Hosting Services and 0.5% from Others, (i.e. legacy data mining which was disposed of in November 2022).

 

   Six months ended
June 30, 2024		 
Revenue by Products and Services  US$   Percentage 
Commodities Trading   55,466    91.7%
Hosting Services   4,719    7.8%
Others   329    0.5%
Total revenue -net  $60,514    100%

 

   Six months ended
June 30, 2023		 
Revenue by Products and Services  US$   Percentage 
Commodity Trading   37,815    90.5%
Cryptocurrency Mining   350    0.8%
Hosting Services   1,225    2.9%
Others   2,416    5.8%
Total revenue -net  $41,806    100%

 

Net revenue was $60.5 million, up 47.1% from $41.8 million period-on-period. An increase in revenue is primarily due to higher sales of natural rubber, one of the key industrial materials, as the Chinese economy has continued to recover over the past six months. The ongoing recovery of the Chinese economy over the past six months has fueled increased demand for rubber products. However, no revenue from cryptocurrency mining was generated for the same period in 2024, as we temporarily halted our cryptocurrency mining operations to focus on upgrading the mining site. The Company began the work in January 2024 and it is expected to be completed and be back online in October 2024.

 

3

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(US$ thousands, except share data and per share data, or otherwise notes)

 

   Six months ended 
    30-Jun-23    30-Jun-24 
    US$    US$ 
Revenue   41,835    60,531 
Business taxes and surcharges   (29)   (17)
Net revenue   41,806    60,514 
Operating costs   (41,716)   (58,083)
Gross profit   90    2,431 
Gross profit ratio   0.2%   4.0%

 

Revenue and Service by Products

 

   Six months ended
June 30, 2023		   Six months ended
June 30, 2024		 
Revenue by Products and Services  US$   Percentage   US$   Percentage 
Commodity Trading   37,815    90.5%   55,466    91.7%
Cryptocurrency Mining   350    0.8%   -    -%
Hosting Services   1,225    2.9%   4,719    7.8%
Others   2,416    5.8%   329    0.5%
Total   41,806    100%   60,514    100%

 

Operating Costs and Expenses

 

Operating costs were $58.1 million, up 39.3% period-on-period from $41.7 million in the first half of 2023 which is consistent with our revenue increase. Operating costs comprised of depreciation & amortization of hardware & software, electricity power and depreciation from property equipment for cryptocurrency mining as well as costs of goods sold & warehouse rental for commodity trading.

 

4

 

 

Selling Expenses

 

Selling expenses mainly relate to our commodity business and include freight-out expenses, custom clearing agency fee, warehouse rental expense, promotional expense, sales commission and payroll expenses to sales team. Selling expenses increased to $2.2 million from $1.1 million for the same period last year mainly attributable to the promotion activities.

 

General and Administrative Expenses

 

General and administrative expenses were $14.5 million, 54.3% up period-on-period from $9.4 million in the first half of 2023. The increase was mainly attributable to the depreciation expenses of $4 million for the newly established subsidiary. Share-based compensation has decreased from $2.1 million to $0.8 million, This happens because share-based compensation is often tied to the fair value of the company’s shares at the grant date or as they vest. When the share price declines, the value of the compensation, and therefore the associated expense, decreases as well.

 

Operating Loss

 

GAAP net loss was $10.9 million, compared to a net loss of $10.7 million in the first half of 2023, representing an increase of 0.02%. We had a gross margin of 4.0%, a significant drop from the previous year’s 0.2%. It sounds like the management is indicating that they have more leverage when negotiating the purchase price of natural rubber compared to sesame. This stronger bargaining power allows them to negotiate lower prices for rubber, which, in turn, can lead to a higher gross profit margin for natural rubber relative to sesame.

 

Income Tax

 

The Company obtained the tax return $4.0k of corporate income tax for the current period as compared to $0.6 million last year of the same period.

 

GAAP net loss attributable to ordinary shareholders was $10.9 million, as compared to a net loss of $10.7 million in the prior year period.

 

GAAP Basic EPS was $(0.0299) per share, as compared to $(0.0031) per share in the prior year period.

 

5

 

 

Cash Flow

 

Unaudited Condensed Consolidated Statement of Cash Flow

(US$ thousands, except share data and per share data, or otherwise noted)

 

   Six months
ended		   Six months
ended		 
   30-Jun-23   30-Jun-24 
   Unaudited   Unaudited 
   US$   US$ 
Cash Flow from Operating Activities:        
Net loss   (10,697)   (10,902)
Less: Net income from discontinued operation   -    1 
Net loss from continuing operation   (10,697)   (10,903)
Adjustments:          
Depreciation and amortization   106    8,765 
Share-based compensation   2,053    807 
Amortization of right of use assets   268    281 
Accretion of finance leases   19    6 
Impairment of cryptocurrencies   81    - 
Operating cash flows before movements in working capital   (8,170)   (1,044)
Changes in working capital:          
Inventory   1,224    (155)
Accounts receivable   56    297 
Other receivables   (12,320)   (115,566)
Amount due from related parties   23,916    29,739 
Intangible assets   (350)   - 
Accrued liabilities   (3,510)   25,642 
Accounts payable   1,089    (24,016)
Tax payable   211    400 
Other payables   (3,857)   32,588 
Amount due to related parties   (1)   (999)
Lease liabilities   (269)   (282)
Net cash used in operating activities from continuing operations   (1,981)   (53,396)
Net cash used in in generating from discontinued operating activities   -    1 
Net cash used in operating activities   (1,981)   (53,395)
Cash flows from financing activities:          
Repayment of principle portion of lease liabilities   (288)   (288)
Proceeds from share issuance, net of issuance costs   -    24,836 
Net cash generated from/(Used in) financing activities   (288)   24,548 
Net decrease in cash and cash equivalents   (2,269)   (28,847)
Cash and cash equivalents at beginning of the period   259,492    279,177 
Effect of exchange rates on cash and cash equivalents   (7,339)   (3,603)
Cash and cash equivalents at end of the period   249,884    246,727 
Supplemental cash flow information          
Cash paid for income tax   646    - 

 

Cash Flow Used in Operating Activities

 

As of June 30, 2024, the Company had cash and cash equivalents of $246.7 million, compared to $249.9 million in the prior year period, a decrease of $3.2 million. The Company believes that its cash resources are more than adequate to fund operations and growth initiatives.

 

Cash Flow Generated from Investing Activities

 

The Company experienced little investing activities for this period.

 

6

 

 

Cash Flow Used in Financing Activities

 

The Company raised funds of $7.8 million by F1 in March 2024 and 16.99 million by private placement in June 2024; total funds raised amounted to S$24.79 million for the period ended June 30, 2024.

 

Subsequent Events

 

On August 15, 2024, the Company held its 2024 annual general meeting of shareholders. It approved and adopted the Company’s 2024 Equity Incentive Plan and approved the increase of the Company’s authorized share capital, from US$1,200,000 divided into 240,000,000 ordinary shares of par value of US$0.005 each, comprising of 196,000,000 Class A Ordinary Shares of a par value of US$0.005 each and 44,000,000 Class B Ordinary Shares of a par value of US$0.005 each, by the creation of an additional 8,804,000,000 Class A Ordinary Shares of a par value of US$0.005 each (which shall rank pari passu in all respects with the existing Class A Ordinary Shares) and an additional 956,000,000 Class B Ordinary Shares of a par value of US$0.005 each, such that the authorized share capital shall be US$50,000,000 divided into 10,000,000,000 ordinary shares of par value of US$0.005 each (which shall rank pari passu in all respects with the existing Class B Ordinary Shares), comprising of 9,000,000,000 Class A Ordinary Shares of a par value of US$0.005 each and 1,000,000,000 Class B Ordinary Shares of a par value of US$0.005 each.

 

About SOS Limited

 

SOS is an emerging blockchain-based and big data-driven marketing solution provider. SOS is 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. For more information, please visit: http://www.sosyun.com/.

 

Forward-Looking Statements

 

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” “look” or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company’s:

 

● ability to execute its business plan;

 

● changes in the market for SOS’ products and services; and

 

● expansion plans and opportunities.

 

These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

 

7

 

 

These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission (“SEC”). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

 

● US government’s policies and regulatory oversight of crypto-currency mining operation and our other operations;

 

● SOS’s cryptocurrency mining, commodity trading and marketing solutions businesses are still under development, with many uncertainties in integration of these various business segments;

 

● Failure to manage the newly launched commodities trading business effectively;

 

● Loss of key customers in the commodity trading business;

 

● failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS’s mining activities;

 

● shortages in, or rises in the prices of mining machines may adversely affect the Company’s business;

 

● any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;

 

● security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and

 

● other risks and uncertainties indicated in SOS’s SEC reports or documents filed or to be filed with the SEC by SOS.

 

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 

 

8

 

 

v3.24.3
Document And Entity Information
 6 Months Ended
Jun. 30, 2024
Document Information Line Items  
Entity Registrant Name SOS LIMITED
Document Type 6-K
Current Fiscal Year End Date --12-31
Amendment Flag false
Entity Central Index Key 0001346610
Document Period End Date Jun. 30, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Entity File Number 001-38051
v3.24.3
Interim Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 246,727 $ 279,177
Investment securities 200 307
Accounts receivable – net 512 809
Inventories 30,437 32,875
Other receivables – net 195,536 79,970
Amount due from related parties 9,843 39,582
Tax recoverable 884 1,279
Intangible assets 21,396 21,396
Total current assets 505,535 455,395
Non-current assets:    
Property equipment and software-net 19,283 28,048
Goodwill 72 72
Operating lease, right of use assets-net 95 377
Total non-current assets 19,450 28,497
Total assets 524,985 483,892
Current liabilities:    
Accrued liabilities 40,834 15,192
Accounts payable 12,724 36,740
Amount due to related parties 642 1,641
Operating lease liabilities 95 377
Tax payable 82 77
Other payables 40,080 7,492
Total current liabilities 94,457 61,519
Total liabilities 94,457 61,519
Shareholders’ equity    
Paid up capital 24,458 665
Additional paid-in capital 732,195 730,345
Statutory reserve 161 161
Accumulated deficit (287,561) (276,672)
Other comprehensive loss (33,263) (28,512)
Non-controlling interest (5,462) (3,614)
Total Shareholders’ equity 430,528 422,373
Total liabilities and shareholders’ equity $ 524,985 $ 483,892
v3.24.3
Interim Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]    
Revenue $ 60,531 $ 41,835
Business taxes and surcharges (17) (29)
Net revenue 60,514 41,806
Operating costs (58,083) (41,716)
Gross profit $ 2,431 $ 90
Gross profit ratio 4.00% 0.20%
Operating expenses    
Selling expense $ (2,199) $ (1,142)
General and administrative expense (14,513) (9,354)
Impairment (81)
Share-based compensation (807) (2,053)
Total operating expenses (17,519) (12,630)
Loss from operations (15,088) (12,540)
Other income (expenses):    
Other income, net 2,333 988
Total other income, net 2,333 988
Loss before income taxes (12,755) (11,552)
Income tax expense 4 (642)
Net loss (12,751) (12,194)
Discontinued operations    
Gain on disposal of discontinued operations 1
Net loss (12,750) (12,194)
Non-controlling interest 1,848 1,497
Net loss attributable to SOS Ltd (10,902) (10,697)
Other comprehensive loss:    
Foreign currency translation adjustment-net of tax 4,738 8,706
Total comprehensive loss $ (6,164) $ (1,991)
Weighted average number of ordinary shares    
Basic (in Shares) 364,210,299 3,440,476,475
Diluted (in Shares) [1] 364,210,299 3,440,476,475
LOSS PER SHARE    
Basic (in Dollars per share) $ (0.0299) $ (0.0031)
Diluted (in Dollars per share) [1] $ (0.0299) $ (0.0031)
None-GAAP adjusted net loss $ (807) $ (8,644)
[1] N/A Anti-diluted shares not considered
v3.24.3
Interim Condensed Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2024 - USD ($)
$ in Thousands
Ordinary shares
Class A shares
Ordinary shares
Class B shares
Treasury Stock
Total shares
Additional Par value
Additional Paid-in capital
Accumulated deficits
Statutory Reserve
Accumulated other comprehensive income
Non- controlling interests
Total
Balance at Dec. 31, 2023         $ 665 $ 730,345 $ (276,672) $ 161 $ (28,512) $ (3,614) $ 422,373
Balance (in Shares) at Dec. 31, 2023 121,992,169 13,971,251 (134,636,546) 1,326,874              
Share-based compensation         26 781 807
Share-based compensation (in Shares) 122,880 5,004,000   5,126,880              
Issuance of Class A Ordinary Shares and warrant         23,767 1,069 24,836
Issuance of Class A Ordinary Shares and warrant (in Shares) 242,095,250     242,095,250              
Net loss         (10,902) (1,848) (12,750)
Disposition of continued operation         13   (13)  
Foreign currency translation adjustments         (4,738) (4,738)
Balance at Jun. 30, 2024         $ 24,458 $ 732,195 $ (287,561) $ 161 $ (33,263) $ (5,462) $ 430,528
Balance (in Shares) at Jun. 30, 2024 364,210,299 18,975,251 (134,636,546) 248,549,004              
v3.24.3
Interim Condensed Consolidated Statement of Cash Flow - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (10,902) $ (10,697)
Less: Net income from discontinued operation 1
Net loss from continuing operation (10,903) (10,697)
Adjustments:    
Depreciation and amortization 8,765 106
Share-based compensation 807 2,053
Amortisation of right of use assets 281 268
Accretion of finance leases 6 19
Impairment of cryptocurrencies 81
Operating cash flows before movements in working capital (1,044) (8,170)
Changes in working capital:    
Inventory (155) 1,224
Accounts receivable 297 56
Other receivables (115,566) (12,320)
Amount due from related parties 29,739 23,916
Intangible assets (350)
Accrued liabilities 25,642 (3,510)
Accounts payable (24,016) 1,089
Tax payable 400 211
Other payables 32,588 (3,857)
Amount due to related parties (999) (1)
Lease liabilities (282) (269)
Net cash used in operating activities from continuing operations (53,396) (1,981)
Net cash used in in generating from discontinued operating activities 1
Net cash used in operating activities (53,395) (1,981)
Cash flows from financing activities:    
Repayment of principle portion of lease liabilities (288) (288)
Proceeds from share issuance, net of issuance costs 24,836
Net cash generated from/(used in) financing activities 24,548 (288)
Net decrease on cash and cash equivalents (28,847) (2,269)
Cash and cash equivalents at beginning of the period 279,177 259,492
Effect of exchange rates on cash and cash equivalents (3,603) (7,339)
Cash and cash equivalents at end of the period 246,727 249,884
Supplemental cash flow information    
Cash paid for income tax $ 646
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