CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

12 Months Ended

Dec. 31, 2023

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

23.CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The Group performed a test on the restricted net assets of consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the Group is required to disclose the financial statements for the parent Company.

CONDENSED PARENT COMPANY BALANCE SHEETS

	As of December 31,
	2023		2022
ASSETS
Cash and cash equivalents	$	170	$	171
Other receivables, net		20,665		9,830
Amounts due from related parties		44,574		3,726
Investment in subsidiaries		—		27,964
Total assets	$	65,409	$	41,691
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accrued expenses and other current liabilities	$	4,965	$	4,257
Amounts due to related parties		31		200
Convertible note		2,392		4,305
Deficits in investment in subsidiaries		12,438		—
Other liability		—		1,614
Total liabilities		19,826		10,376
Shareholders’ equity
Ordinary Shares (par value of $0.00075 per shares; 66,666,667 shares authorized, 49,806,556 and 15,891,257 shares issued as of December 31, 2023 and 2022, respectively. 49,806,556 and 15,216,681 shares outstanding as of December 31, 2023 and 2022, respectively)*		37		11
Series D convertible preferred shares (par value of $0.0001, 6,000 shares and 6,000 shares authorized, issued and outstanding as of December 31, 2023 and 2022, respectively.)		1		1
Series F convertible preferred shares (par value of 0.00005, 43,000 shares and 50,000 shares authorized, issued and outstanding as of December 31, 2023 and 2022, respectively)		1		2
Additional paid-in capital		399,117		312,831
Subscription receivable		(17,900)		—
Statutory reserve		8		8
Accumulated deficit		(336,571)		(283,000)
Accumulated other comprehensive income (loss)		890		1,470
Total shareholders’ equity		45,583		31,315
Total liabilities and shareholders’ equity	$	65,409	$	41,691

CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS

	For the years ended December 31,
	2023		2022		2021
Operating expenses:
Share of loss of subsidiaries and VIEs	$	(40,402)	$	(78,256)	$	(196,579)
General and administrative expenses		(13,140)		(5,897)		—
Other income		(12)		(465)		—
Loss Before Income Tax Expenses		(53,554)		(84,619)		(196,579)
Income tax expenses		—		—		—
Net Loss		(53,554)		(84,619)		(196,579)

CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS

	For the years ended December 31,
	2023		2022		2021
Cash flows from operating activities	$	(1,016)	$	(2,410)	$	—
Cash flows from investing activities		—		—		—
Cash flows from financing activities		1,015		(165)		—
Net decrease in cash, cash equivalents and restricted cash		(1)		(2,575)		—
Cash, cash equivalents and restricted cash, at beginning of year		171		2,746		—
Cash, cash equivalents and restricted cash, at end of year	$	170	$	171	$	—