CHENGDU,
China, July 12, 2023 /PRNewswire/ -- Senmiao
Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and
servicing company focused on the online ride-hailing industry in
China, as well as an operator of
its own online ride-hailing platform, today announced financial
results for the fiscal year ended March 31,
2023.
Fiscal 2023 Year-end Financial and Operating
Highlights
- Total revenues of $8.1 million
from continuing operations, an increase of 64.5% from $4.9 million in the prior fiscal year, primarily
as a result of increased operating lease revenues from automobile
rentals and increased revenues from online ride-hailing platform
services.
- From October 23, 2020, the date
Senmiao launched its online ride-hailing platform, to March 31, 2023, approximately 29.6 million rides
were completed (including orders completed on the platform operated
by Senmiao and orders completed on partner platforms, such as
Xiehua and Anma) with fares paid by riders totaling $95.6 million. As of July
12, 2023, Senmiao operated in 26 cities in China, including
Chengdu, Changsha and Guangzhou.
- Net loss from continuing operations improved to $3.8 million, compared to net loss of
$5.6 million in the prior fiscal
year, primarily due to the Company's cost-cutting initiatives that
directly resulted in significantly lower selling, general and
administrative expenses.
Management Commentary
Xi Wen, Chairman, Chief Executive
Officer and President of Senmiao, stated, "We were pleased with our
financial performance in fiscal 2023, reporting a 64.5% increase in
total revenues to $8.1 million and
gross profit of $1.5 million,
compared to a gross loss of $2.1
million in the prior fiscal year. As a result of our top
line growth and effective cost-cutting initiatives, we narrowed
bottom-line losses by 32.4% from fiscal 2022, enabling us to
achieve positive cash flow from operating activities. Our strong
top-line results were driven by operating lease revenues from
automobile rentals more than doubling year over year and revenues
from online ride-hailing platform services growing 39.2%. We
have been focusing on growing these
two businesses in recent years and are confident that we will
continue to see positive momentum as China has moved away from its zero-COVID
policy in a post-pandemic environment. Since the launch of our
online ride-hailing business in October
2020, we have helped facilitate over 31.1 million rides in
26 cities as of May 2023. We expect
to continue expanding our business partnerships as we look to enter
potential new markets, exploring opportunities for new partner
models and strengthening our presence in our strongest markets of
Chengdu, Changsha and Guangzhou."
Financial Review
Revenues
Total revenues were $8.1 million
for the year ended March 31, 2023, an
increase of 64.5% from $4.9 million
in the prior fiscal year. The increase was mainly due to a
$1.7 million increase in operating
lease revenues from automobile rentals and a $1.0 million increase in revenue contributions
from online ride-hailing platform services.
During the year ended March 31,
2023, the automobile rental business generated operating
lease revenues of $3.5 million, an
increase of 100.5% from $1.7 million
in the prior fiscal year, due to a significant increase in the
number of automobiles leased. The online ride-hailing platform
services business generated revenues of $3.7
million, an increase of 39.2% from $2.7 million in the prior fiscal year. The
increase was primarily due to the significantly lower amount of
incentives the Company paid to ride-hailing drivers who completed
rides and earned income through its platform in the year ended
March 31, 2023.
Cost of Revenues
Cost of revenues decreased to $6.6
million for the year ended March 31,
2023, compared to $7.0 million
in the prior fiscal year, primarily due to a decrease in direct
expense and technical service fees for the online ride-hailing
platform services business as a result of a decrease in the number
of completed orders, partially offset by the increase in costs of
automobiles under operating leases as a result of business
expansion.
Gross Profit
Gross profit was $1.5 million for
the year ended March 31, 2023,
compared to gross loss of $2.1
million in the prior fiscal year. The change of $3.6
million was mainly due to the increase in profit in our
online ride-hailing platform services and operating lease,
partially offset by the gross loss of approximately $0.1 million from sales of
automobiles.
Selling, General and Administrative Expenses
Selling, general and administrative expenses decreased 32.0% to
$6.1 million for the year ended
March 31, 2023, from $9.0 million in the prior fiscal year. The
decrease was mainly attributable to the Company's implementation of
initiatives to streamline expenses during the period, which
resulted in a $0.9 million decrease
in financial, legal and marketing consulting fees, a $0.7 million decrease in salary and employee
benefit expenses, a $0.8 million
decrease in advertising and promotion expenses for online
ride-hailing platform services, and other expense reductions.
Net Loss from Continuing Operations
As a result of the foregoing,
net loss from Senmiao's continuing operations for the year
ended March 31, 2023, improved to
$3.8 million, compared to net loss of
$5.6 million in the prior fiscal
year.
Loss per Share
Loss per diluted share for continuing operations for the year
ended March 31, 2023, was
approximately $0.43 based on a
weighted average number of basic and diluted common stock of 7.2
million, compared to loss per diluted share of approximately
$1.66 based on a weighted average
number of basic and diluted common stock of 5.7 million in the
prior fiscal year.
Financial Position
As of March 31, 2023, Senmiao had cash and cash equivalents
of $1.6 million, compared to
$1.2 million as of March 31, 2022. Total stockholders' equity was
$4.4 million as of March 31, 2023, compared to $8.1 million as of March
31, 2022.
Additional information regarding Senmiao's results of operations
for this annual period can be found in Senmiao's Annual Report
on Form 10-K for the fiscal year ended March
31, 2023, to be filed with the Securities and Exchange
Commission on the date of this earnings release.
About Senmiao Technology Limited
Headquartered in Chengdu,
Sichuan Province, Senmiao provides
automobile transaction and related services including sales of
automobiles, facilitation and services for automobile purchases and
financing, management, operating leases, guarantees and other
automobile transaction services, as well as operates its own
ride-hailing platform aimed principally at the growing online
ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao,
please visit: http://www.senmiaotech.com. Senmiao routinely
provides important updates on its website.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements (including those relating to the
operation of Senmiao's ride-hailing platform) are subject to
significant risks, uncertainties and assumptions, including those
detailed from time to time in the Senmiao's filings with the SEC,
and represent Senmiao's views only as of the date they are made and
should not be relied upon as representing Senmiao's views as of any
subsequent date. Senmiao undertakes no obligation to publicly
revise any forward-looking statements to reflect changes in events
or circumstances.
For more information, please contact:
At the Company:
Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399
Investor Relations:
The Equity Group Inc.
In China
Carolyne Sohn, Vice
President
Lucy Ma, Associate
+1
408-538-4577
+86 10 5661 7012
csohn@equityny.com
lma@equityny.com
Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com
© 2023 Senmiao Technology Ltd. All rights reserved.
|
SENMIAO TECHNOLOGY LIMITED
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Expressed in U.S.
dollars, except for the number of shares)
|
|
|
|
March
31,
|
|
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,610,090
|
|
$
|
1,185,221
|
|
Accounts receivable,
net, current portion
|
|
|
158,435
|
|
|
418,022
|
|
Accounts receivable, a
related party
|
|
|
6,312
|
|
|
—
|
|
Inventories
|
|
|
6,678
|
|
|
286,488
|
|
Finance lease
receivables, net, current portion
|
|
|
146,114
|
|
|
314,264
|
|
Prepayments, other
receivables and other assets, net
|
|
|
1,438,243
|
|
|
2,713,208
|
|
Due from related
parties, current portion, net
|
|
|
1,488,914
|
|
|
682,335
|
|
Total current
assets
|
|
|
4,854,786
|
|
|
5,599,538
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
3,343,457
|
|
|
5,658,773
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
|
|
|
|
|
Operating lease
right-of-use assets, net
|
|
|
121,672
|
|
|
109,621
|
|
Operating lease
right-of-use assets, net, related parties
|
|
|
92,916
|
|
|
515,906
|
|
Financing lease
right-of-use assets, net
|
|
|
623,714
|
|
|
305,933
|
|
Intangible assets,
net
|
|
|
774,324
|
|
|
959,551
|
|
Accounts receivable,
net, noncurrent
|
|
|
—
|
|
|
69
|
|
Finance lease
receivables, net, noncurrent
|
|
|
71,133
|
|
|
92,980
|
|
Due from a related
party, noncurrent
|
|
|
3,640,206
|
|
|
6,635,746
|
|
Other non-current
assets
|
|
|
716,407
|
|
|
—
|
|
Total other
assets
|
|
|
6,040,372
|
|
|
8,619,806
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
14,238,615
|
|
$
|
19,878,117
|
|
|
|
|
|
|
|
|
LIABILITIES,
MEZZANNIE EQUITY AND EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Borrowings from a
financial institution
|
|
$
|
8,813
|
|
$
|
145,542
|
|
Accounts
payable
|
|
|
183,645
|
|
|
14,446
|
|
Advances from
customers
|
|
|
148,188
|
|
|
120,629
|
|
Accrued expenses and
other liabilities
|
|
|
3,377,507
|
|
|
2,444,367
|
|
Due to related parties
and affiliates
|
|
|
8,667
|
|
|
11,682
|
|
Operating lease
liabilities
|
|
|
60,878
|
|
|
50,177
|
|
Operating lease
liabilities - related parties
|
|
|
143,462
|
|
|
330,781
|
|
Financing lease
liabilities
|
|
|
264,052
|
|
|
304,557
|
|
Derivative
liabilities
|
|
|
501,782
|
|
|
2,215,204
|
|
Current liabilities -
discontinued operations
|
|
|
487,829
|
|
|
528,426
|
|
Total current
liabilities
|
|
|
5,184,823
|
|
|
6,165,811
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
|
|
|
|
|
Operating lease
liabilities, non-current
|
|
|
83,485
|
|
|
47,910
|
|
Operating lease
liabilities, non-current - related parties
|
|
|
42,247
|
|
|
226,896
|
|
Financing lease
liabilities, non-current
|
|
|
388,064
|
|
|
1,376
|
|
Deferred tax
liability
|
|
|
42,930
|
|
|
46,386
|
|
Total other
liabilities
|
|
|
556,726
|
|
|
322,568
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
5,741,549
|
|
|
6,488,379
|
|
SENMIAO TECHNOLOGY
LIMITED
|
|
CONSOLIDATED BALANCE
SHEETS (CONTINUED)
|
|
(Expressed in U.S.
dollars, except for the number of shares)
|
|
|
|
|
|
March 31,
|
|
|
March
31,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
Equity
|
|
|
|
|
|
|
|
Series A convertible
preferred stock (par value $1,000 per share, 5,000 shares
authorized; 1,641
and 5,000 shares issued and outstanding at March 31, 2023
and March 31, 2022, respectively)
|
|
|
269,386
|
|
|
820,799
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Common stock (par value
$0.0001 per share, 500,000,000 shares authorized; 7,743,040 and
6,186,783 shares issued and outstanding at March 31, 2023
and March 31, 2022, respectively)
*
|
|
|
773
|
|
|
618
|
|
Additional paid-in
capital
|
|
|
43,355,834
|
|
|
42,803,045
|
|
Accumulated
deficit
|
|
|
(37,715,294)
|
|
|
(34,601,545)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,247,099)
|
|
|
(109,454)
|
|
Total Senmiao
Technology Limited stockholders' equity
|
|
|
4,394,214
|
|
|
8,092,664
|
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
|
3,833,466
|
|
|
4,476,275
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
8,227,680
|
|
|
12,568,939
|
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and equity
|
|
$
|
14,238,615
|
|
$
|
19,878,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Giving retroactive effect to the 1-for-10 reverse stock split
effected on April 6, 2022
|
SENMIAO TECHNOLOGY LIMITED
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
|
|
(Expressed in U.S.
dollars, except for the number of shares)
|
|
|
|
|
For the Year
Ended
March 31,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
7,738,394
|
|
|
$
|
4,913,102
|
|
|
Revenues, a related
party
|
|
|
|
344,120
|
|
|
|
—
|
|
|
Total
revenues
|
|
|
|
8,082,514
|
|
|
|
4,913,102
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
(6,080,097)
|
|
|
|
(7,001,297)
|
|
|
Cost of revenues, a
related party
|
|
|
|
(509,904)
|
|
|
|
—
|
|
|
Total cost of
revenues
|
|
|
|
(6,590,001)
|
|
|
|
(7,001,297)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
|
|
|
1,492,513
|
|
|
|
(2,088,195)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
|
(6,142,447)
|
|
|
|
(9,035,142)
|
|
|
Provision for doubtful
accounts, net of recovery
|
|
|
|
(1,487,889)
|
|
|
|
(235,279)
|
|
|
Impairments of
inventories
|
|
|
|
(3,085)
|
|
|
|
(60,398)
|
|
|
Impairments of
long-lived assets and goodwill
|
|
|
|
—
|
|
|
|
(142,974)
|
|
|
Total operating
expenses
|
|
|
|
(7,633,421)
|
|
|
|
(9,473,793)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
(6,140,908)
|
|
|
|
(11,561,988)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net
|
|
|
|
664,001
|
|
|
|
(107,444)
|
|
|
Interest
expense
|
|
|
|
—
|
|
|
|
(5,893)
|
|
|
Interest expense on
finance leases
|
|
|
|
(25,675)
|
|
|
|
(55,844)
|
|
|
Change in fair value of
derivative liabilities
|
|
|
|
1,711,889
|
|
|
|
6,951,482
|
|
|
Issuance cost incurred
for issuing series A convertible preferred stock
|
|
|
|
—
|
|
|
|
(821,892)
|
|
|
Total other income,
net
|
|
|
|
2,350,215
|
|
|
|
5,960,409
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
|
(3,790,693)
|
|
|
|
(5,601,579)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
|
—
|
|
|
|
(4,566)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
|
|
(3,790,693)
|
|
|
|
(5,606,145)
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations, net of applicable income taxes
|
|
|
|
—
|
|
|
|
(2,747,209)
|
|
|
Net gain from
deconsolidation of VIEs - discontinued operations
|
|
|
|
—
|
|
|
|
10,975,101
|
|
|
Gain from discontinued
operations
|
|
|
|
—
|
|
|
|
8,227,892
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
|
|
(3,790,693)
|
|
|
|
2,621,747
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income)
attributable to non-controlling interests from continuing
operations
|
|
|
|
676,944
|
|
|
|
(3,872,645)
|
|
|
Net loss attributable
to non-controlling interests from discontinued
operations
|
|
|
|
—
|
|
|
|
714,274
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to the Company's stockholders
|
|
|
$
|
(3,113,749)
|
|
|
$
|
(536,624)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
|
$
|
(3,790,693)
|
|
|
$
|
2,621,747
|
|
|
|
|
|
|
|
|
|
|
|
|
SENMIAO TECHNOLOGY LIMITED
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(CONTINUED)
|
|
(Expressed in U.S.
dollars, except for the number of shares)
|
|
|
|
|
|
For the Year
Ended
March
31,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
|
Other comprehensive
(loss) income
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment
|
|
|
(1,103,510)
|
|
|
64,470
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
|
(4,894,203)
|
|
|
2,686,217
|
|
|
|
Less: Total
comprehensive income (loss) attributable to noncontrolling
interests
|
|
|
(642,809)
|
|
|
3,142,520
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss attributable to stockholders
|
|
|
(4,251,394)
|
|
|
(456,303)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common stock
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted*
|
|
|
|
7,195,781
|
|
|
|
5,726,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - basic and diluted*
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
|
$
|
(0.43)
|
|
|
$
|
(1.66)
|
|
|
|
Discontinued
operations
|
|
|
|
—
|
|
|
|
1.56
|
|
|
|
Net loss per share -
basic and diluted*
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Giving retroactive effect to the 1-for-10 reverse stock split
effected on April 6, 2022
|
SENMIAO TECHNOLOGY LIMITED
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Expressed in U.S.
dollars, except for the number of shares)
|
|
|
|
For the Years
Ended March 31,
|
|
|
2023
|
|
2022
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(3,790,693)
|
|
$
|
2,621,747
|
|
Net income from
discontinued operations
|
|
|
—
|
|
|
8,227,892
|
|
Net loss from
continuing operations
|
|
|
(3,790,693)
|
|
|
(5,606,145)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
|
|
1,095,518
|
|
|
956,400
|
|
Stock compensation
expense
|
|
|
—
|
|
|
653,000
|
|
Issuance cost incurred
for issuing series A convertible preferred stock
|
|
|
—
|
|
|
821,892
|
|
Amortization of
right-of-use assets
|
|
|
711,630
|
|
|
955,443
|
|
Amortization of
intangible assets
|
|
|
184,215
|
|
|
160,831
|
|
Provision for doubtful
accounts, net of recovery
|
|
|
1,487,889
|
|
|
235,279
|
|
Impairments of
inventories
|
|
|
3,085
|
|
|
60,398
|
|
Impairments of
long-lived assets and goodwill
|
|
|
—
|
|
|
142,974
|
|
Gain on disposal of
equipment
|
|
|
(452,522)
|
|
|
—
|
|
Change in fair value
of derivative liabilities
|
|
|
(1,711,889)
|
|
|
(6,951,482)
|
|
Change in operating
assets and liabilities
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
224,673
|
|
|
4,456
|
|
Accounts receivable, a
related party
|
|
|
(6,327)
|
|
|
—
|
|
Inventories
|
|
|
316,139
|
|
|
(260,464)
|
|
Finance lease
receivables
|
|
|
258,932
|
|
|
634,103
|
|
Prepayments, other
receivables and other assets
|
|
|
1,046,465
|
|
|
28,254
|
|
Accounts
payable
|
|
|
170,703
|
|
|
(31,434)
|
|
Advances from
customers
|
|
|
36,911
|
|
|
6,678
|
|
Accrued expenses and
other liabilities
|
|
|
1,170,510
|
|
|
(377,965)
|
|
Operating lease
liabilities
|
|
|
(53,620)
|
|
|
(240,051)
|
|
Operating lease
liabilities - related parties
|
|
|
(133,782)
|
|
|
(228,281)
|
|
Net cash provided by
(used in) operating activities from continuing
operations
|
|
|
557,837
|
|
|
(9,036,114)
|
|
Net cash used in
operating activities from discontinued operations
|
|
|
—
|
|
|
(123,167)
|
|
Net Cash Provided
by (Used in) Operating Activities
|
|
|
557,837
|
|
|
(9,159,281)
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(1,151,076)
|
|
|
(3,223,992)
|
|
Cash proceed from
disposal of long-lived assets
|
|
|
1,498,024
|
|
|
—
|
|
Purchases of intangible
assets
|
|
|
(26,420)
|
|
|
(141,730)
|
|
Cash released upon
termination of a VIE
|
|
|
—
|
|
|
(193)
|
|
Net cash provided by
(used in) investing activities from continuing
operations
|
|
|
320,528
|
|
|
(3,365,915)
|
|
Net cash used in
investing activities from discontinued operations
|
|
|
—
|
|
|
(111,210)
|
|
Net Cash Provided
by (Used in) Investing Activities
|
|
|
320,528
|
|
|
(3,477,125)
|
|
SENMIAO TECHNOLOGY LIMITED
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
|
|
(Expressed in U.S.
dollars, except for the number of shares)
|
|
|
|
For the Years Ended
March 31,
|
|
|
2023
|
|
2022
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Net proceeds from
issuance of common stock in registered direct offering
|
|
|
—
|
|
|
5,771,053
|
|
Net proceeds from
issuance of common stock upon warrants exercised
|
|
|
—
|
|
|
22,015
|
|
Net proceeds from
issuance of series A convertible preferred stock and warrants in
a
private placement offering
|
|
|
—
|
|
|
4,369,937
|
|
Borrowings from a
financial institution
|
|
|
—
|
|
|
183,390
|
|
Repayments to related
parties and affiliates
|
|
|
—
|
|
|
(117,761)
|
|
Repayments from related
parties and affiliates
|
|
|
144,151
|
|
|
—
|
|
Repayments of current
borrowings from financial institutions
|
|
|
(125,840)
|
|
|
(39,613)
|
|
Principal payments of
finance lease liabilities
|
|
|
(392,145)
|
|
|
(433,611)
|
|
Net cash provided by
(used in) financing activities from continuing
operations
|
|
|
(373,834)
|
|
|
9,755,410
|
|
Net Cash Provided
by (Used in) Financing Activities
|
|
|
(373,834)
|
|
|
9,755,410
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
|
(79,662)
|
|
|
(381,858)
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
|
424,869
|
|
|
(3,262,854)
|
|
Cash and cash
equivalents, beginning of the year
|
|
|
1,185,221
|
|
|
4,448,075
|
|
Cash and cash
equivalents, end of the year
|
|
$
|
1,610,090
|
|
$
|
1,185,221
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information
|
|
|
|
|
|
|
|
Cash paid for interest
expense
|
|
$
|
—
|
|
$
|
5,893
|
|
Cash paid for income
tax
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
|
Non-cash Transaction
in Investing and Financing Activities
|
|
|
|
|
|
|
|
Recognition of other
receivables from Jinkailong upon deconsolidation
|
|
$
|
—
|
|
$
|
7,298,208
|
|
Recognition of
right-of-use assets and lease liabilities
|
|
$
|
917,687
|
|
$
|
273,555
|
|
Recognition of
right-of-use assets and lease liabilities, related
parties
|
|
$
|
121,742
|
|
$
|
181,620
|
|
Termination of right-of
use assets and lease liabilities
|
|
$
|
47,438
|
|
$
|
—
|
|
Termination of right-of
use assets and lease liabilities, related parties
|
|
$
|
302,010
|
|
$
|
—
|
|
Cashless exercise of
November 2021 Investor warrants into common stock
|
|
$
|
1,533
|
|
$
|
—
|
|
Allocation of fair
value of derivative liabilities for issuance of common
stock
|
|
$
|
—
|
|
$
|
7,932,341
|
|
Allocation of fair
value of derivative liabilities to additional paid in capital
upon
warrants exercised
|
|
$
|
—
|
|
$
|
45,674
|
|
Acquisition of XXTX'S
minority interest with issuance of common stock at fair
value
|
|
$
|
—
|
|
$
|
1,972,717
|
View original
content:https://www.prnewswire.com/news-releases/senmiao-technology-reports-fiscal-2023-year-end-financial-results-301876019.html
SOURCE Senmiao Technology Limited
