BRQSF Borqs Technologies Inc (QB)

 

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
OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2024

 

Commission File Number 001-37593

 

BORQS TECHNOLOGIES, INC.

(Translation of registrant’s name into English)

 

Office B, 21/F, Legend Tower, 7 Shing Yip Street

Kwun Tong, Kowloon, Hong Kong

(Address of principal executive offices)

 

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 ☐

 

 

  

INFORMATION CONTAINED IN THIS FORM 6-K REPORT 

 

The Company hereby submits its interim balance sheet and income statement for its six months ended on June 30, 2024. This submission is made within six months following the end of said period. The consolidated financial statements herein are unaudited, prepared by the management of the Company and furnished to this Current Report on Form 6-K and incorporated herein by reference.

 

  

BORQS TECHNOLOGIES, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of US dollar (“US$”), unless otherwise stated)

 

		December 31, 2023				June 30, 2024
		US$				US$
ASSESTS
Current assets:
Cash and cash equivalents			1,047				2,546
Restricted cash			26				26
Time deposit			3,496				3,525
Accounts receivable			2,363				1,959
Inventories - net			3,556				3,545
Other receivables, net			6,800				8,993
Prepaid expenses and other current assets, net			853				659
Total current assets			18,140				21,253
Non-current assets:
Property and equipment, net			845				700
Right of Use Asset			2,402				2,269
Deferred tax assets			44				44
Total non-current assets			3,292				3,013
Total assets			21,432				24,267
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings			424				421
Accounts payable			6,853				6,643
Accrued expenses and other payables			18,343				14,489
Advances from customers			1,243				1,374
Accrued payroll and related liabilities			1,737				1,913
Lease Liabilities- current			772				699
Amount due to related parties-current			743				740
Deferred revenues			8				318
Income tax payable			216				117
Other liabilities			2,680				-
Total current liabilities			33,019				26,714
Non-current liabilities:
Deferred tax liability			1,312				1,307
Lease liabilities- non-current			1,533				1,526
Long-term payable			-				-
Non-current liabilities			-				-
Total non-current liabilities			2,845				2,834
Total liabilities			35,864				29,547
Commitments and contingencies
Shareholders’ equity
Ordinary shares			-				-
Additional paid-in capital			345,338				329,976
Subscription receivables			(25,514	)			(16,091	)
Statutory reserve			1,901				1,901
Accumulated deficit			(331,539	)			(316,319	)
Including :Minority interests			(812	)			(811	)
Accumulated other comprehensive loss			(3,806	)			(3,935	)
Total shareholders’ equity			(14,432	)			(5,280	)
Total liabilities and shareholders’ equity			21,432				24,267

 

  

BORQS TECHNOLOGIES, INC.

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

(Amounts in thousands of US dollar (“US$”), unless otherwise stated)

 

		For the six months ended June 30,
		2023				2024
		US$				US$
Net revenues:
Software			5,662				6,173
Hardware			9,330				10,600
Total net revenues			14,992				16,773
Cost of revenues
Software			(3,915	)			(4,222	)
Hardware			(8,165	)			(9,163	)
Total cost of revenues			(12,080	)			(13,385	)
Total gross (loss) profit			2,912				3,388
Operating expenses:
Sales and marketing expenses			(226	)			(202	)
General and administrative expenses			(10,408	)			(5,687	)
Research and development expenses			(1,362	)			(1,193	)
Total operating expenses			(11,996	)			(7,082	)
Operating income (loss)			(9,084	)			(3,694	)
Interest income			59				260
Interest expense			(3,571	)			(1,755	)
Other income			3				82
Other expense			(16,508	)			-
Gain on disposal of subsidiary			-				14,372
Gain on cancellation of shares to former subsidiary			-				5,950
Foreign exchange income (loss)			286				(193	)
Government grant			14				-
Income (loss) from continuing operations, before income taxes			(28,801	)			15,023
Income tax expense			-				-
Net income (loss) from continuing operations			(28,801	)			15,023

 

  

SIGNATURES

 

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, thereunto duly authorized.

 

	BORQS TECHNOLOGIES INC.
	(registrant)
Dated: December 23, 2024	By:	/s/ Dexter Fong
		Dexter Fong
		Chief Financial Officer

 

 

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