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 November 2023
Commission File Number: 001-39258
BTC
Digital Ltd.
(Translation of registrant’s name into English)
3rd Floor, Tower A
Tagen Knowledge & Innovation Center
2nd Shenyun West Road, Nanshan District
Shenzhen, Guangdong Province 518000
People’s Republic of China
(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 ☐
BTC Digital Ltd. (the
“Company”) is filing this report on Form 6-K to report its financial results for the six months ended June 30, 2023 and to
discuss its recent corporate developments. Attached as exhibits to this report on Form 6-K are:
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(1) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations as Exhibit 99.1; |
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(2) |
the unaudited condensed interim consolidated financial statements and related notes as of June 30, 2023 and for the six months ended June 30, 2023 and 2022 as Exhibit 99.2; and |
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(3) |
Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. |
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this current
report with respect to the Company’s current plans, estimates, strategies and beliefs and other statements that are not historical
facts are forward-looking statements about the future performance of the Company. Forward-looking statements include, but are not limited
to, those statements using words such as “believe,” “expect,” “plans,” “strategy,” “prospects,”
“forecast,” “estimate,” “project,” “anticipate,” “aim,” “intend,”
“seek,” “may,” “might,” “could” or “should,” and words of similar meaning
in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written
forward-looking statements may also be included in other materials released to the public. These statements are based on management’s
assumptions, judgments and beliefs in light of the information currently available to it. The Company cautions investors that a number
of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements,
including but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition
and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission.
Therefore, investors should not place undue reliance on such forward-looking statements. Actual results may differ significantly from
those set forth in the forward-looking statements.
All such forward-looking
statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements
and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation
to update any forward-looking statements to reflect events or circumstances after the date hereof.
Exhibits
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.
Date: November 29, 2023
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By: |
/s/ Siguang Peng |
|
Name: |
Siguang Peng |
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Title: |
Chief Executive Officer |
3
Exhibit 99.1
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATION
The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements
and related notes that appear in exhibit 99.2 to the Form 6-K to which this document forms a part. In addition to historical consolidated
financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our
actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute
to these differences include those discussed in “Item 3. Key Information—D. Risk Factors” of our most recent annual
report on Form 20-F, filed with the U.S. Securities and Exchange Commission on March 15, 2023.
Overview
BTC Digital Ltd. (“we”,
“us” “our” and the “Company”) is a crypto asset technology company based in the U.S. with a focus
on bitcoin mining. We also generate revenue through mining machines resale and rental business operations.
For the six months ended June
30, 2023, we generated a substantial majority of our revenue from bitcoin mining. We store all of our bitcoins mined in hot wallets, or
cryptocurrency wallets connected to the Internet, and may from time to time exchange bitcoins mined for fiat currency to generate cash
flow to fund our business operations. We attribute our growth since we launched our crypto asset business in 2022 to our competitive strengths
in diversified revenue streams, dedicated team and efforts towards regulatory compliance, and our experienced and visionary management
team.
As of June 30, 2023, we owned a total of 1,754 mining machines under
operation with a total hash rate of 185PH/S. We manage and operate our mining machines at three hosting facilities operated by a hosting
facility owner in Jellico, Tennessee, Cumberland, Kentucky and New Tazewell, Tennessee, respectively. For the six months ended June 30,
2023, we mined a total of 49.9408 bitcoins, generating US$1.3 million in revenue.
Historically, the price of
bitcoins has fluctuated significantly. The profitability of our bitcoin mining operations and our operation results have been and will
continue to be directly impacted by the trading price of bitcoins. To mitigate these risks, we have launched a mining machines resale
and rental business. We have maintained business relationship with a major machine manufacturer, AGM Technologies Ltd, from which we source
mining machines on an order-by-order basis, often at prices lower than market prices. We will then resell mining machines when there is
a shortage of machines available on the market and resale prices are higher. Additionally, from time to time, we rent out our mining machines
to customers at a rate calculated based on the total bitcoins mined. We seek to rent out a greater percentage of our fleet at times when
bitcoin prices are lower to generate cash flow.
We believe research and development
capacities are key to our continued long-term growth and will afford us with the ability to mine bitcoins with greater hash rate and power
efficiency and the opportunity to further expand our service or product offerings and diversify our revenue streams. Through the Joint
Venture (as defined below), we have participated in the design and development of equipment dedicated for mining machines and infrastructure,
including high voltage power supply, liquid-cooling systems, and hash boards. In the near future, we plan to continue investing in research
and development and the Joint Venture and accumulate knowledge in the cryptocurrency industry.
Prior Business Operations
On October 20, 2022, pursuant
to the terms of the VIE contractual arrangements, Zhuhai Meizhilian Education Technology Co., Ltd. (“Zhuhai Meten”) and Zhuhai
Likeshuo Education Technology Co., Ltd. (“Zhuhai Likeshuo”) unilaterally terminated their respective contractual arrangements
with 30-day advanced notices to their respective former VIEs, namely Shenzhen Meten International Education Co., Ltd. and Shenzhen Likeshuo
Education Co., Ltd. (the “former VIEs”). The termination of the VIE contractual arrangements were effective on November 19,
2022. As the VIE structure has been unwound, the financial results of the VIEs and their subsidiaries are no longer consolidated into
the Company’s financial statements after the effective date. As of the date of this report, we only operate cryptocurrency mining
business in the U.S., and we no longer provide English language training (“ELT”) services, which services were provided by
the former VIEs. The following are descriptions of the former VIEs’ business, and the operating results of which were consolidated
into the Company’s financial statements for the first half of 2022.
Through the former VIEs, we
were an ELT service provider in China. China’s ELT market is segmented into general ELT, test-oriented ELT and after-school language
training sectors. The former VIEs offered a comprehensive ELT service portfolio comprising of general adult ELT, junior ELT, overseas
training services, online ELT and other English language-related services to students from a wide range of age groups. The former VIEs
conducted their business through offline-online business model designed to maximize compatibility within their business segments in order
to scale up at relatively low costs.
As of November 22, 2022, the
former VIEs had a nationwide offline learning center network of 17 self-operated learning centers covering seven cities in two provinces,
autonomous regions and municipalities in China, and one franchised learning center in China. Leveraging their experience gained from operating
offline learning centers, the former VIEs launched the online English learning platform “Likeshuo” in 2014 to further expand
their service reach to a larger student base. As of November 22, 2022, the former VIEs had approximately 2.09 million registered users
on the “Likeshuo” platform and cumulatively over 485,000 paying users who purchased their online ELT courses or trial lessons.
As of the same date, the cumulative number of student enrollments for the former VIEs’ online ELT courses since 2014 was approximately
230,000 and the former VIEs had delivered over 6.0 million accumulated course hours to the students online. The former VIEs took advantage
of their business model of combining offline learning center network and online platform to deepen their market penetration and further
develop their business.
The former VIEs’ qualified
personnel, centralized management system driven by artificial intelligence, and technical expertise enabled the former VIEs to create
a learning environment that caters to the specific learning demands of the students. The former VIEs had a high-caliber teaching staff
and an experienced content development team, who were supported by the former VIEs’ centralized teaching and management systems
to optimize the students’ learning experiences. As of November 22, 2022, the former VIEs had a team of 524 full-time teachers, study
advisors and teaching service staff, of which 245 were study advisors and teaching service staff for our offline and online businesses.
As of the same date, the former VIEs also had 40 full-time and part-time foreign teachers from English-speaking countries for the offline
ELT services. The former VIEs had a dedicated content development team focusing on developing practical and innovative education materials
independently and in collaboration with strategic partners. The former VIEs had built highly centralized and scalable management systems
to manage teaching, marketing, finance and human resources activities across offline and online businesses. In addition to management
systems, the former VIEs had made significant investments in developing platforms and systems to support teaching activities. For example,
the former VIEs utilized the intelligent tracking and learning coaching function of artificial intelligence-driven teaching management
systems to record and analyze the students’ real-time learning process and personalize the course content to address the students’
learning needs.
Results of Operations
The following table sets forth
a summary of our consolidated results of operations, both in absolute amounts and as a percentage of total net revenue, for the period
indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere in
this report on Form 6-K. The operating results in any period are not necessarily indicative of the results that may be expected for any
future period.
| |
For the Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
US$ | | |
% | | |
US$ | | |
% | |
Summary Consolidated Statements of Operations: | |
| | |
| | |
| | |
| |
Revenues | |
| 35,506 | | |
| 100.0 | | |
| 7,284 | | |
| 100.0 | |
Cost of revenues | |
| (20,374 | ) | |
| (57.4 | ) | |
| (7,394 | ) | |
| (101.5 | ) |
Gross profit/(loss) | |
| 15,132 | | |
| 42.6 | | |
| (110 | ) | |
| (1.5 | ) |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling and marketing expenses | |
| (7,734 | ) | |
| (21.8 | ) | |
| (198 | ) | |
| (2.7 | ) |
General and administrative expenses | |
| (9,526 | ) | |
| (26.8 | ) | |
| (656 | ) | |
| (9.0 | ) |
Research and development expenses | |
| (797 | ) | |
| (2.2 | ) | |
| - | | |
| - | |
Loss from operations | |
| (2,925 | ) | |
| (8.2 | ) | |
| (964 | ) | |
| (13.2 | ) |
Interest income | |
| 16 | | |
| 0.05 | | |
| 1 | | |
| 0.01 | |
Interest expenses | |
| (2 | ) | |
| (0.01 | ) | |
| (50 | ) | |
| (0.7 | ) |
Foreign exchange loss, net | |
| 665 | | |
| 1.9 | | |
| (135 | ) | |
| (1.9 | ) |
Gains/(losses) on disposal and closure of subsidiaries and branches | |
| (1,441 | ) | |
| (4.1 | ) | |
| - | | |
| - | |
Government grants | |
| 325 | | |
| 0.9 | | |
| - | | |
| - | |
Realized gain on exchange of digital assets | |
| - | | |
| - | | |
| 34 | | |
| 0.5 | |
Equity in income on equity method investments | |
| 445 | | |
| 1.3 | | |
| 1 | | |
| 0.01 | |
Others, net | |
| 2,594 | | |
| 7.3 | | |
| (2 | ) | |
| (0.03 | ) |
Loss before income tax | |
| (323 | ) | |
| (0.9 | ) | |
| (1,115 | ) | |
| (15.3 | ) |
Income tax benefit | |
| 28 | | |
| 0.1 | | |
| - | | |
| - | |
Net loss | |
| (295 | ) | |
| (0.8 | ) | |
| (1,115 | ) | |
| (15.3 | ) |
Six Months Ended June 30, 2023 Compared
to Six Months Ended June 30, 2022
Revenues
| |
For the Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
US$ | | |
% | | |
US$ | | |
% | |
General adult ELT | |
| 2,231 | | |
| 6.3 | | |
| - | | |
| - | |
Overseas training services | |
| 6,599 | | |
| 18.6 | | |
| - | | |
| - | |
Online ELT | |
| | | |
| - | | |
| - | | |
| - | |
For adults | |
| 15,849 | | |
| 44.6 | | |
| - | | |
| - | |
For juniors | |
| 1,924 | | |
| 5.4 | | |
| - | | |
| - | |
For international test preparation | |
| 1,125 | | |
| 3.2 | | |
| - | | |
| - | |
Japanese, Korean and Spanish | |
| 527 | | |
| 1.5 | | |
| - | | |
| - | |
Subtotal | |
| 19,425 | | |
| 54.7 | | |
| - | | |
| - | |
Junior ELT | |
| 5,296 | | |
| 14.9 | | |
| - | | |
| - | |
Other English language-related services | |
| 325 | | |
| 0.9 | | |
| - | | |
| - | |
Cryptocurrency-related business | |
| | | |
| | | |
| | | |
| | |
Bitcoin mining | |
| 1,630 | | |
| 100.0 | | |
| 1,342 | | |
| 18.4 | |
Mining machines resale | |
| - | | |
| - | | |
| 5,485 | | |
| 75.3 | |
Other mining-related business | |
| - | | |
| - | | |
| 457 | | |
| 6.3 | |
Subtotal | |
| 1,630 | | |
| 100.0 | | |
| 7,284 | | |
| 100.0 | |
Total | |
| 35,506 | | |
| 100.0 | | |
| 7,284 | | |
| 100.0 | |
Our total revenue decreased
by 79.5% from US$35.5 million in the six months ended June 30, 2022 to US$7.3 million in the six months ended June 30, 2023, as the
VIE structure was unwound in November 2022, and the financial results of the VIEs and their subsidiaries’ educational training business
are no longer consolidated into the Company’s financial statements for the six months ended June 30, 2023. As for the ongoing cryptocurrency
business, our revenue increased by 346.9% from US$1.6 million in the six months ended June 30, 2022 to US$7.3 million in the six months
ended June 30, 2023.
This significant growth in the Company’s revenue generated from
cryptocurrency business is primarily attributed to an increase in the number of mining machines owned by the Company in the first half
of 2023 and the introduction of a new business line involving the resale of mining machines.
Cost of Revenues
Our total cost of revenues
decreased by 63.7% from US$20.4 million in the six months ended June 30, 2022 to US$7.4 million in the six months ended June
30, 2023, as the VIE structure was unwound in November 2022, and the cost of the VIEs and their subsidiaries’ educational training
business were no longer consolidated into the Company’s financial statements for the six months ended June 30, 2023.
Gross Profit and Gross Profit Margin
As a result of the foregoing,
our gross profit decreased by 100.7%, from US$15.1 million in the six months ended June 30, 2022 to negative US$110 thousand in the six
months ended June 30, 2023. Our gross profit margin decreased from 42.6% in the six months ended June 30, 2022 to negative 1.5% in the
six months ended June 30, 2023.
Selling and Marketing Expenses
Our selling and marketing
expenses decreased from US$7.7 million in the six months ended June 30, 2022 to $198 thousand in the six months ended June 30, 2023, as
the VIE structure was unwound in November 2022, the selling and marketing expenses of the VIEs and their subsidiaries’ educational
training business were no longer consolidated into the Company’s financial statements for the six months ended June 30, 2023.
General and Administrative Expenses
Our general and administrative
expenses decreased by 93.1% from US$9.5 million in the six months ended June 30, 2022 to US$656 thousand in the six months ended June
30, 2023, as the VIE structure was unwound in November 2022, and the general and administrative expenses of the VIEs and their subsidiaries’
educational training business were no longer consolidated into the Company’s financial statements for the six months ended June
30, 2023.
Interest Income
Our interest income decreased
from US$16 thousand in the six months ended June 30, 2022 to US$1 thousand in the six months ended June 30, 2023, mainly affected by a
decrease in bank deposits.
Interest Expenses
Our interest expenses increased from US$2 thousand in the six months
ended June 30, 2022 to US$50 thousand in the six months ended June 30, 2023. This was mainly due to a new US$1 million loan obtained in
the first half of 2023.
Foreign Exchange Gain/(Loss), net
We had a net total of US$665
thousand foreign exchange gain in the six months ended June 30, 2022, as compared to a net total of US$135 thousand foreign exchange loss
in the six months ended June 30, 2023.
Equity in Income on Equity Method Investments
Our gain on equity method investments was US$445 thousand and $1,000
for the six months ended June 30, 2022 and 2023, respectively.
Loss Before Income Tax
As a result of the foregoing,
we had a loss before income tax of US$332 thousand in the six months ended June 30, 2022, as compared to a net loss of US$1.1 million
in the six months ended June 30, 2023.
Net Loss
As a result of the foregoing,
we had a net loss of US$295 thousand in the six months ended June 30, 2022, as compared to a net loss of US$1.1 million in the six months
ended June 30, 2023.
Non-GAAP Financial Measures
To supplement our consolidated
financial statements which are presented in accordance with U.S. GAAP, we also use adjusted net income and adjusted EBITDA as additional
non-GAAP financial measures. We present these non-GAAP financial measures because they are used by our management to evaluate its operating
performance. We also believe that such non-GAAP financial measures provide useful information to investors and others in understanding
and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting
periods and to those of its peer companies.
Adjusted net income and adjusted
EBITDA should not be considered in isolation or construed as alternatives to net income/(loss) or any other measure of performance or
as indicators of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures with the most
directly comparable GAAP measures. Adjusted net income and adjusted EBITDA presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative
measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial
measure.
Adjusted net income represents
net income/(loss) before share-based compensation and offering expenses. The table below sets forth a reconciliation of our adjusted net
income for the periods indicated:
| |
For the Six Months Ended
June 30, | |
| |
2022 | | |
2023 | |
| |
US$ | | |
US$ | |
| |
(in thousands, except for percentages) | |
Net loss | |
| (295 | ) | |
| (1,115 | ) |
Add: | |
| | | |
| | |
Share-based compensation expenses | |
| 761 | | |
| 138 | |
Adjusted net loss | |
| 466 | | |
| (977 | ) |
In addition, adjusted EBITDA
represents the net income/(loss) before interest expenses, income tax expenses, depreciation and amortization, and excluding share-based
compensation expenses and offering expenses. The table below sets forth a reconciliation of our adjusted EBITDA for the periods indicated:
| |
For the Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
US$ | | |
US$ | |
| |
(in thousands, except for percentages) | |
Net loss | |
| (295 | ) | |
| (1,115 | ) |
Subtract: | |
| | | |
| | |
Net interest income/(loss) | |
| 14 | | |
| (49 | ) |
Add: | |
| | | |
| | |
Income tax expense | |
| - | | |
| - | |
Depreciation and amortization | |
| 2,490 | | |
| 1,674 | |
EBITDA | |
| 2,181 | | |
| 608 | |
Add: | |
| | | |
| | |
Share-based compensation expenses | |
| 761 | | |
| 138 | |
Adjusted EBITDA | |
| 2,942 | | |
| 746 | |
Taxation
Cayman Islands
We are incorporated in the
Cayman Islands. Under the current law of the Cayman Islands, we are not subject to income or capital gains tax. In addition, dividend
payments are not subject to withholding tax in the Cayman Islands.
British Virgin Islands
Under the current laws of
the British Virgin Islands, companies formed in the British Virgin Islands are not subject to tax on income or capital gains.
Delaware
The Delaware corporate tax
rate is 8.7%. This tax rate applies to limited liability companies that elect to be treated as corporations and report net taxable income.
Our subsidiary, Meten Block Chain LLC was formed in Delaware and elects to be treated as corporation.
Hong Kong
Our two wholly-owned subsidiaries
in Hong Kong, Meten Education (Hong Kong) Limited and Likeshuo Education (Hong Kong) Limited, are subject to an income tax rate of 16.5%
for taxable income earned in Hong Kong. No Hong Kong profit tax has been levied in our consolidated financial statements as Meten
Education (Hong Kong) Limited and Likeshuo Education (Hong Kong) Limited had no assessable income for the six months ended June 30, 2022
and 2023.
Critical Accounting Policies
We prepare our financial statements
in accordance with U.S. GAAP, which requires our management to make judgment, estimates and assumptions that affect our reporting
of, among other things, assets and liabilities, contingent assets and liabilities and revenue and expenses. We continually evaluate these
judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of relevant current business and
other conditions, our expectations regarding the future based on available information and various assumptions that we believe to be reasonable,
which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates
is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting
policies require a higher degree of judgment than others in their application.
The selection of critical
accounting policies, the judgments and other uncertainties affecting the application of those policies and the sensitivity of reported
results to changes in conditions and assumptions are factors that should be considered when reviewing our financial statements. We believe
the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements.
You should read the following description of critical accounting policies, judgments and estimates in conjunction with our consolidated
financial statements and other disclosures included herein.
Share-based compensation
Share-based compensation
costs are measured at the grant date. The compensation expense in connection with the shares awarded to employees is recognized using
the straight-line method over the requisite service period. Forfeitures are estimated at the time of grant, with such estimate updated
periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value
of the shares awarded to employees, the discounted cash flow pricing model has been applied.
Liquidity and Capital Resources
Our principal sources of liquidity
have been from cash generated from operating activities. As of June 30, 2022 and 2023, we had US$394,000 and US$215,000, respectively,
in cash and cash equivalents. Cash and cash equivalents consist of cash on hand placed with banks or other financial institutions and
highly liquid investment which are unrestricted as to withdrawal and use and have original maturities of three months or less when purchased.
We intend to finance future
working capital requirements and capital expenditures from cash generated from operating activities, and funds raised from financing activities,
including the net proceeds we received from the transactions. We believe that our current available cash and cash equivalents will be
sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.
However, we may require additional
cash resources due to the changing business conditions or other future developments, including any investment or acquisition we may decide
to selectively pursue. If our existing cash resources are insufficient to meet our requirements, we may seek to sell equity or equity-linked
securities, sell debt securities or borrow from banks. We cannot assure you that financing will be available in the amounts we need or
on terms acceptable to us, if at all. The sale of additional equity securities would result in additional dilution to our shareholders.
The incurrence of indebtedness and issuance of debt securities would result in debt service obligations and could result in operating
and financial covenants that restrict our ability to pay dividends to our shareholders.
The following table sets forth
a summary of our cash flows for the periods presented:
| |
For the Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
US$ | | |
US$ | |
| |
(in thousands, except for percentages) | |
Summary Consolidated Cash flow Data: | |
| | |
| |
Net cash generated from/ (used in) operating activities | |
| (20,185 | ) | |
| 2,411 | |
Net cash used in investing activities | |
| (485 | ) | |
| (1,827 | ) |
Net cash used in financing activities | |
| (1,843 | ) | |
| (417 | ) |
Net increase / (decrease) in cash and cash equivalents | |
| (22,513 | ) | |
| 167 | |
Cash and cash equivalents at the beginning of period | |
| 26,462 | | |
| 48 | |
Cash and cash equivalents at the end of period | |
| 3,949 | | |
| 215 | |
Operating Activities
Net cash used in operating
activities amounted to US$20.1 million for the six months ended June 30, 2022. The difference between our net loss of US$0.3 million and
the net cash used in operating activities was primarily due to (i) net cash flow used in operating activities from discontinued operation
of US$19.3 million; (ii)depreciation and amortization of US$0.7 million; (iii) share-based compensation expenses of US$0.8 million; and
(iv) decrease in prepayments and other current assets of US$0.4 million, partially offset by (i) change of digital assets of US$1.6 million.
Net cash used in operating
activities amounted to US$2.4 million for the six months ended June 30, 2023. The difference between our net loss of US$1.1 million and
the net cash used in operating activities was primarily due to (i) depreciation of US$1.7 million; (ii) share-based compensation
expenses of US$0.1 million; (iii) increase in accounts receivable of US$3.4 million; and (iv) decrease in prepayments and other current
assets of US$1.5 million; partially offset by (i) decrease in accounts payable of US$3.3 million.
Investing Activities
Net cash used in investing
activities amounted to US$0.5 million for the six months ended June 30, 2022. This was primarily attributable to net cash generated
from investing activities from discontinued operation of US$10.7 million; partially offset by (i) purchases of property and equipment
of US$9.3 million, and (ii) purchase of equity method investments of US$1.9 million.
Net cash used in investing
activities amounted to US$1.8 million for the six months ended June 30, 2023. This was primarily attributable to purchases of property
and equipment of US$1.8 million.
Financing Activities
Net cash used in financing
activities amounted to US1.8 million for the six months ended June 30, 2022. This was primarily attributable to net cash used in
financing activities from discontinued operation of US$3.7 million; partially offset by repayment of advances from related parties of
US$1.8 million.
Net cash used in financing
activities amounted to US0.4 million for the six months ended June 30, 2023. This was primarily attributable to repayment of short term
loans of US$0.4 million.
Capital Expenditures
Our capital expenditures amounted
to US$9.3 million and US$1.8 million in the six months ended June 30, 2022 and 2023, respectively. We will continue to make capital expenditures
to meet the expected growth of our business and expect that cash generated from our operating activities and financing activities will
meet our capital expenditure needs in the foreseeable future.
Trend Information
Other than as disclosed elsewhere
in this report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material
effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information
to be not necessarily indicative of future operating results or financial conditions.
7
Exhibit 99.2
TABLE OF CONTENTS
BTC DIGITAL LTD
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of US$, except share data and
per share data, or otherwise noted)
| |
Note | |
December 31,
2022 | | |
June 30,
2023 | |
| |
| |
US$’000 | | |
US$’000 | |
| |
| |
| | |
Unaudited | |
| |
| |
| | |
(Note 2(b)) | |
ASSETS | |
| |
| | |
| |
Current assets | |
| |
| | |
| |
Cash and cash equivalents | |
| | |
| 48 | | |
| 215 | |
Accounts receivable | |
| 5 | |
| 8,902 | | |
| 5,485 | |
Prepayments and other current assets | |
| 5 | |
| 5,015 | | |
| 3,484 | |
Digital assets | |
| 6 | |
| 91 | | |
| 74 | |
| |
| | |
| | | |
| | |
Total current assets | |
| | |
| 14,056 | | |
| 9,258 | |
| |
| | |
| | | |
| | |
Non-current assets | |
| | |
| | | |
| | |
Equity method investments | |
| 7 | |
| 2,885 | | |
| 2,886 | |
Property and equipment, net | |
| 8 | |
| 13,403 | | |
| 13,556 | |
Total non-current assets | |
| | |
| 16,288 | | |
| 16,442 | |
| |
| | |
| | | |
| | |
Total assets | |
| | |
| 30,344 | | |
| 25,700 | |
| |
| | |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | |
| | | |
| | |
Current liabilities | |
| | |
| | | |
| | |
Accounts payable | |
| | |
| 3,455 | | |
| 155 | |
Short term loan | |
| 10 | |
| 870 | | |
| 453 | |
Accrued expenses and other payables | |
| | |
| - | | |
| 50 | |
Total current liabilities | |
| | |
| 4,325 | | |
| 658 | |
Non-current liability | |
| | |
| | | |
| | |
Amounts due to related parties | |
| 14(b) | |
| 6,739 | | |
| 6,739 | |
Total non-current liability | |
| | |
| 6,739 | | |
| 6,739 | |
| |
| | |
| | | |
| - | |
Total liabilities | |
| | |
| 11,064 | | |
| 7,397 | |
BTC DIGITAL LTD
UNAUDITED CONSOLIDATED BALANCE SHEETS (Continued)
(In thousands of US$, except share data and
per share data, or otherwise noted)
| |
Note | |
December 31,
2022 | | |
June 30,
2023 | |
| |
| |
US$’000 | | |
US$’000 | |
| |
| |
| | |
Unaudited | |
| |
| |
| | |
(Note 2(b)) | |
Shareholders’ equity | |
| |
| | |
| |
Ordinary shares (US$0.06 par value; 25,000,000 shares authorized; 1,044,009 and 1,301,629 shares issued outstanding as of December 31, 2022 and June 30, 2023) * | |
13 | |
| 63 | | |
| 78 | |
Additional paid-in capital | |
| |
| 202,992 | | |
| 203,115 | |
Accumulated deficit | |
| |
| (183,775 | ) | |
| (184,890 | ) |
| |
| |
| | | |
| | |
Total equity attributable to shareholders of the Company | |
| |
| 19,280 | | |
| 18,303 | |
| |
| |
| | | |
| | |
Total shareholders’ equity | |
| |
| 19,280 | | |
| 18,303 | |
| |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| |
| 30,344 | | |
| 25,700 | |
BTC DIGITAL LTD
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands of US$,
except share data and per share data, or otherwise noted)
| |
| | |
For the Six Months Ended June 30, | |
| |
Note | | |
2022 | | |
2023 | |
| |
| | |
US$’000 | | |
US$’000 | |
| |
| | |
| | |
Unaudited | |
| |
| | |
| | |
(Note 2(b)) | |
Revenues | |
| | | |
| 1,630 | | |
| 7,284 | |
Cost of revenues | |
| | | |
| (1,849 | ) | |
| (7,394 | ) |
Gross loss | |
| | | |
| (219 | ) | |
| (110 | ) |
Operating expenses: | |
| | | |
| | | |
| | |
Selling and marketing expenses | |
| | | |
| - | | |
| (198 | ) |
General and administrative expenses | |
| | | |
| (1,349 | ) | |
| (656 | ) |
Loss from operations | |
| | | |
| (1,568 | ) | |
| (964 | ) |
Other income (expenses): | |
| | | |
| | | |
| | |
Realized gain on exchange of digital assets | |
| | | |
| - | | |
| 34 | |
Interest income | |
| | | |
| 1 | | |
| 1 | |
Interest expenses | |
| | | |
| - | | |
| (50 | ) |
Foreign currency exchange loss, net | |
| | | |
| (218 | ) | |
| (135 | ) |
Equity in income on equity method investments | |
| 7 | | |
| 10 | | |
| 1 | |
Others, net | |
| | | |
| (4 | ) | |
| (2 | ) |
Loss before income tax from continuing operations | |
| | | |
| (1,779 | ) | |
| (1,115 | ) |
Income tax expense | |
| 9 | | |
| - | | |
| - | |
Net loss from continuing operations | |
| | | |
| (1,779 | ) | |
| (1,115 | ) |
Income from discontinued operations, net of income taxes | |
| | | |
| 1,484 | | |
| - | |
Net loss | |
| | | |
| (295 | ) | |
| (1,115 | ) |
Net gain from discontinued operations attributable to noncontrolling interest | |
| | | |
| 789 | | |
| - | |
Less: Net gain attributable to the non-controlling interest | |
| | | |
| 789 | | |
| - | |
Net income/(loss) attributable to shareholders of the Company | |
| | | |
| (1,084 | ) | |
| (1,115 | ) |
Net loss | |
| | | |
| (295 | ) | |
| (1,115 | ) |
Comprehensive loss | |
| | | |
| (295 | ) | |
| (1,115 | ) |
Net loss per share-Basic and diluted | |
| 11 | | |
| | | |
| | |
- From continuing operation | |
| | | |
| (2.61 | ) | |
| (0.91 | ) |
- From discontinued operation | |
| | | |
| 1.02 | | |
| - | |
Weighted average shares used in calculating net loss per share | |
| | | |
| | | |
| | |
- Basic | |
| | | |
| 682,160 | | |
| 1,229,652 | |
- Diluted | |
| | | |
| 682,160 | | |
| 1,229,652 | |
BTC DIGITAL LTD
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS’ EQUITY
(In thousands of US$,
except share data and per share data, or otherwise noted)
| |
Note | |
Ordinary shares | | |
Additional paid-in capital | | |
Accumulated deficit | | |
Total (deficit)/
equity attributable to shareholders of the Company | | |
Non-
controlling interests | | |
Total (deficit)/
equity | |
| |
| |
Number of shares*1 | | |
US$’000 | | |
US$’000 | | |
US$’000 | | |
US$’000 | | |
US$’000 | | |
US$’000 | |
Balances as of December 31, 2021 | |
| |
| 568,572 | | |
| 34 | | |
| 210,710 | | |
| (207,222 | ) | |
| 3,522 | | |
| 2,218 | | |
| 5,740 | |
Net loss for the period | |
| |
| - | | |
| - | | |
| - | | |
| (1,084 | ) | |
| (1,084 | ) | |
| 789 | | |
| (295 | ) |
Issuance of ordinary shares | |
| |
| 1,645 | | |
| | *2 | |
| - | | |
| - | | |
| - | | |
| - | | |
| | |
Share-based compensation | |
| |
| - | | |
| - | | |
| 761 | | |
| - | | |
| 761 | | |
| - | | |
| 761 | |
Balances as of June 30, 2022 | |
| |
| 570,217 | | |
| 34 | | |
| 211,471 | | |
| (208,306 | ) | |
| 3,199 | | |
| 3,007 | | |
| 6,206 | |
|
|
Note | |
Ordinary
shares | | |
Additional
paid-in capital | | |
Accumulated
deficit | | |
Total
equity
attributable to
shareholders
of the Company | | |
Total
equity | |
|
|
| |
Number of
shares*1 | | |
US$’000 | | |
US$’000 | | |
US$’000 | | |
US$’000 | | |
US$’000 | |
Balances as of December
31, 2022 |
|
| |
| 1,044,009 | | |
| 63 | | |
| 202,992 | | |
| (183,775 | ) | |
| 19,280 | | |
| 19,280 | |
Net loss for the period |
|
| |
| - | | |
| - | | |
| - | | |
| (1,115 | ) | |
| (1,115 | ) | |
| (1,115 | ) |
Issuance of ordinary shares |
|
| |
| 257,620 | | |
| 15 | | |
| (15 | ) | |
| - | | |
| - | | |
| - | |
Share-based compensation |
|
| |
| - | | |
| - | | |
| 138 | | |
| - | | |
| 138 | | |
| 138 | |
Balances as of June 30, 2023 |
|
| |
| 1,301,629 | | |
| 78 | | |
| 203,115 | | |
| (184,890 | ) | |
| 18,303 | | |
| 18,303 | |
BTC DIGITAL LTD
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US$,
except share data and per share data, or otherwise noted)
| |
| |
For
the Six Months Ended
June 30, | |
| |
Note | |
2022 | | |
2023 | |
| |
| |
US$’000 | | |
US$’000 | |
| |
| |
| | |
Unaudited | |
| |
| |
| | |
(Note 2(b)) | |
Cash flows from operating activities: | |
| |
| | |
| |
Continuing operation | |
| |
| | |
| |
Net loss | |
| |
| (1,779 | ) | |
| (1,115 | ) |
Adjustments to reconcile net income/(loss) to net cash generated from operating activities: | |
| |
| | | |
| | |
Depreciation | |
| |
| 650 | | |
| 1,674 | |
Impairment losses on digital assets | |
| |
| 730 | | |
| - | |
Equity income on equity method investments | |
| |
| (10 | ) | |
| (1 | ) |
Share-based compensation expenses | |
12 | |
| 761 | | |
| 138 | |
Changes in operating assets and liabilities: | |
| |
| | | |
| | |
Increase in accounts receivable | |
| |
| - | | |
| 3,417 | |
Decrease in prepayments and other current assets | |
| |
| 420 | | |
| 1,531 | |
Change of digital assets | |
| |
| (1,630 | ) | |
| 17 | |
Decrease in accrued expenses and other payables | |
| |
| - | | |
| 50 | |
Decrease in accounts payable | |
| |
| - | | |
| (3,300 | ) |
Net cash flow used in operating activities from discontinued operation | |
| |
| (19,327 | ) | |
| - | |
Net cash flow generated from/(used in) operating activities | |
| |
| (20,185 | ) | |
| 2,411 | |
Cash flows from investing activities: | |
| |
| | | |
| | |
Continuing operation | |
| |
| | | |
| | |
Purchases of property and equipment | |
| |
| (9,293 | ) | |
| (1,827 | ) |
Purchase of short-term investments | |
| |
| (1,895 | ) | |
| - | |
Net cash generated from investing activities from discontinued operation | |
| |
| 10,703 | | |
| - | |
Net cash used in investing activities | |
| |
| (485 | ) | |
| (1,827 | ) |
Cash flows from financing activities: | |
| |
| | | |
| | |
Continuing operation | |
| |
| | | |
| | |
Repayment of advances from related parties | |
| |
| 1,818 | | |
| - | |
Repayment of Short term loans | |
| |
| - | | |
| (417 | ) |
Net cash used in financing activities from discontinued operation | |
| |
| (3,661 | ) | |
| - | |
Net cash generated from/(used in) financing activities | |
| |
| (1,843 | ) | |
| (417 | ) |
Net increase/(decrease) in cash and cash equivalents from continuing operation | |
| |
| (10,228 | ) | |
| 167 | |
Net decrease in cash and cash equivalents and restricted cash from discontinued operation | |
| |
| (12,285 | ) | |
| - | |
Cash and cash equivalents and restricted cash at the beginning of the period for continuing operation | |
| |
| 10,622 | | |
| 48 | |
Cash and cash equivalents and restricted cash at the beginning of the period- for discontinued operation | |
| |
| 15,840 | | |
| - | |
Cash and cash equivalents and restricted cash at the end of the period for continuing operation | |
| |
| 394 | | |
| 215 | |
Cash and cash equivalents and restricted cash at the end of the period for discontinued operation | |
| |
| 3,555 | | |
| - | |
Supplemental disclosure of cash flow information: | |
| |
| | | |
| | |
Continuing operation | |
| |
| | | |
| | |
Interest paid | |
| |
| - | | |
| 50 | |
Discontinued operation | |
| |
| | | |
| | |
Interest paid | |
| |
| 3 | | |
| - | |
Income tax paid | |
| |
| 95 | | |
| - | |
Supplemental disclosure of cash and cash equivalents and restricted cash: | |
| |
| | | |
| | |
Cash and cash equivalents | |
| |
| 1,988 | | |
| 215 | |
Restricted cash | |
| |
| 1,961 | | |
| - | |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | |
| |
| 3,949 | | |
| 215 | |
BTC DIGITAL LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In
thousands of RMB, except share data and per share data, or otherwise noted)
1. | Organization and Principal Activities |
Meten EdtechX Education Group Ltd (the “Company”)
was incorporated on September 27, 2019 under the law of Cayman Islands as an exempted company with limited liability. Meten EdtechX Education
Group Ltd changed its name to “Meten Holding Group Ltd.” on August 11, 2021. On August 11, 2023, the Company changed its
name to “BTC Digital Ltd.”. The Company is primarily engaged in the bitcoin mining business, and also generates revenue through
mining machines resale and rental business operations.
As of June 30, 2023, the details of the Company’s
subsidiaries were as follows:
Entity | |
Date of incorporation | |
Place of incorporation | |
Percentage of direct or
indirect
economic
ownership | | |
Principal activities |
Major subsidiaries: | |
| |
| |
| | | |
|
Meten International Education
Group | |
July 10, 2018 | |
Cayman Islands | |
| 100% | | |
Investment holding |
Meten Education Investment Limited (“Meten
BVI”) | |
July 18, 2018 | |
British Virgin Islands (“BVI”) | |
| 100% | | |
Investment holding |
Likeshuo Education Investment Limited (“Likeshuo
BVI”) | |
July 18, 2018 | |
BVI | |
| 100% | | |
Investment holding |
Meten Education (Hong Kong) Limited (“Meten
HK”) | |
August 22, 2018 | |
Hong Kong | |
| 100% | | |
Investment holding |
Likeshuo Education (Hong Kong) Limited (“Likeshuo
HK”) | |
August 22, 2018 | |
Hong Kong | |
| 100% | | |
Investment holding |
Meta Path investing holding company | |
December 3, 2021 | |
Cayman Islands | |
| 100% | | |
Investment holding |
Met Chain investing holding company Ltd | |
January 5, 2022 | |
BVI | |
| 100% | | |
Investment holding |
METEN BLOCK CHAIN LLC | |
March 8, 2022 | |
United States | |
| 100% | | |
Investment holding |
(b) | History of the Group and reorganization |
Organization and General
The Company is authorized to issue 25,000,000
ordinary shares with a par value of $0.06 per share. On September 27, 2019, the Company issued one ordinary share to its sole director
Richard Fear for a purchase price of $0.0001. On the same day, the one ordinary share owned by Richard Fear was transferred to Guo Yupeng.
Reverse recapitalization
On December 12, 2019, the Company entered into
an Agreement and Plan of Reorganization (the “Merger Agreement”) by and among the Company, EdtechX Holdings Acquisition Corp.,
a Delaware corporation (“EdtechX”), Meten Education Inc., a Delaware corporation and wholly owned subsidiary of the Company
(“EdtechX Merger Sub”), Meten Education Group Ltd.(“Meten International”), a Cayman Islands exempted company
which incorporated on July 10, 2018 and wholly owned subsidiary of the Company (“Meten Merger Sub”, and together with EdtechX
Merger Sub, the “Merger Subs”). EdtechX was a blank check company incorporated in Delaware on May 15, 2018 for the purpose
of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses or entities.
On March 30, 2020, the Company consummated its
acquisition of Meten International and EdtechX, pursuant to the Merger Agreement, where the Company acquired 100% of the issued and outstanding
ordinary shares of Meten International and EdtechX, i.e., 318,601,222 ordinary shares of Meten International and 1,971,505 ordinary shares
of EdtechX for 1,613,054 and 65,717 ordinary shares of the Company, respectively (the “SPAC Transaction”).
Meten International was determined to be the
accounting acquirer given the controller of Meten International effectively controlled the combined entity Meten EdtechX Education Group
Ltd after the SPAC Transaction.
The transaction is not a business combination
because EdtechX was not a business. The transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance
of shares by Meten International for the net monetary assets of EdtechX, accompanied by a recapitalization. Meten International is determined
as the predecessor and the historical financial statements of Meten International became the Company’s historical financial statements,
with retrospective adjustments to give effect of the reverse recapitalization. The equity is restated using the exchange ratio of 0.1519
established in the reverse recapitalization transaction, which is 48,391,607 divided by 318,601,222, to reflect the equity structure
of the Company. Loss (income) per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding
multiplied by the exchange ratio. The share and per share data is retrospectively restated using the exchange ratio in the share-based
compensation footnote, see Note 12.
Immediately prior to the merger transaction,
Azimut Enterprises Holdings S.r.l. invested $20,000 in EdtechX to purchase 2,000,000 units of EdtechX, which were converted into same
number of units of the Company upon closing of the merger transaction.
In connection with merger
transaction, on February 28, 2020, March 19, 2020 and March 26, 2020, three unrelated investors agreed to invest USD 6,000, USD
4,000 and USD 6,000 to purchase shares of the Company. The financing of the USD 12,000 was completed on March 30, 2020, and the
USD 4,000 financing was terminated on April 14, 2020 as the investor failed to pay the purchase price by the agreed deadline.
Reorganization of Meten International
Prior to the SPAC Transaction, Meten International
undertook a series of steps to restructure its business.
Meten International’s history began in
April 2006 with the commencement of operations of Shenzhen Meten International Education Co., Ltd. (“Shenzhen Meten”), a
limited liability company incorporated in the PRC by Mr. Jishuang Zhao, Mr. Siguang Peng and Mr. Yupeng Guo (collectively, the “Founders”).
On December 18, 2017, Shenzhen Meten was converted into a joint stock limited liability company and 30,000,000 shares of RMB1 each were
issued.
From March 2012 to August 2018, Mr. Yun Feng,
Shenzhen Daoge Growth No.3 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.5 Investment Fund Partnership
(Limited Partnership), Shenzhen Daoge Growth No.6 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.11 Investment
Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.21 Investment Fund Partnership (Limited Partnership), Zhihan (Shanghai)
Investment Center (Limited Partnership), Hangzhou Muhua Equity Investment Fund Partnership (Limited Partnership) (collectively known
as the “Pre-listing Investors”) each acquired certain equity interests in Shenzhen Meten.
In preparation of the listing in capital markets
of Shenzhen Meten’s general adult English training, overseas training services, online English training and other English language-related
services businesses (the “Business”), Shenzhen Meten underwent a series of reorganization transactions (“Reorganization”)
in 2018. The main purpose of the Reorganization is to establish a Cayman Islands holding company for the Business in preparation for
its overseas listing.
The Reorganization was executed in the following
steps:
| 1) | Meten International was incorporated
as an exempted company with limited liability in the Cayman Islands on September 27, 2019
and as offshore holding company of the Group. In July and August 2018, the Founders and Pre-listing
Investors subscribed for ordinary shares of Meten International at par value, all in the
same proportions as the percentage of the then equity interest they held in Shenzhen Meten.
Upon the issuance of ordinary shares to the Founders and Pre-listing Investors, the equity
structure of the Meten International is identical to that of Shenzhen Meten. |
| 2) | In July 2018, Meten International further
established two wholly-owned subsidiaries in the British Virgin Islands, Meten BVI and Likeshuo
BVI. |
| 3) | In August 2018, Meten BVI and Likeshuo
BVI established two wholly-owned subsidiaries in Hong Kong, Meten HK and Likeshuo HK, respectively. |
| 4) | In September 2018, Meten HK and Likeshuo
HK established two wholly-owned subsidiaries in China, named Zhuhai Meizhilian Education
Technology Co., Ltd.(“Zhuhai Meizhilian”) and Zhuhai Likeshuo Education Technology
Co., Ltd. (“Zhuhai Likeshuo”), respectively. |
| 5) | In October 2018, Shenzhen Meten was split
into three separate legal entities, namely Shenzhen Meten, Shenzhen Likeshuo Education Co.,
Ltd. (“Shenzhen Likeshuo”) and Shenzhen Yilian Education Investment Co. Ltd.
(“Shenzhen Yilian Investment”). |
| 6) | In November 2018, Zhuhai Meten and Zhuhai
Likeshuo (collectively the “WFOEs”) entered into a series of contractual arrangements,
including a business cooperation agreement, exclusive technical service and management consultancy
agreement, exclusive call option agreement, equity pledge agreement and shareholders’
rights entrustment agreement (collectively referred to as the “Contractual Arrangements”
as further described below) with Shenzhen Meten, Shenzhen Likeshuo and their shareholders,
respectively. Consequently, Shenzhen Meten and Shenzhen Likeshuo became consolidated VIEs
of Meten International upon the completion of the relevant reorganization steps. |
| 7) | As part of the Reorganization, Shenzhen Meten transferred its equity interests in certain operations that are not a part of the Business to Shenzhen Yilian Investment and made a net cash distribution of approximately RMB148,270. Such net payment is recorded as distributions in connection with Reorganization in the accompanying consolidated statements of changes in shareholders’ deficit for the year ended December 31, 2018. |
The Reorganization involved the restructuring
of the legal structure of the Business, which was under common control and did not result in any changes in the economic substance of
the ownership and the Business. The accompanying consolidated financial statements have been prepared as if the VIE structure had been
in existence throughout the periods presented and prior to the VIE structure was unwound.
Upon completion of the Reorganization, Meten
International’s shares and per share information including the basic and diluted income/(loss) per share have been presented retrospectively
as if the number of ordinary shares outstanding immediately after the completion of the Reorganization had been outstanding from the
beginning of the earliest period presented, except for the ordinary shares issued in connection with the exchange of Redeemable Owner’s
Investment held by the Pre-listing investors during the Reorganization have been weighted for the portion of the period that they were
outstanding.
(c) | Unwinding of the VIE Structure |
The Company has previously conducted the ELT
services in China through a series of contractual arrangements with Shenzhen Meten and Shenzhen Likeshuo and their respective subsidiaries,
and consolidated the financial results of Shenzhen Meten and Shenzhen Likeshuo and their subsidiaries in the Company’s consolidated
financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”).
On October 22, 2022, the Company announced the
decision to dispose of the VIE structures in China, and on November 22, 2022 the Company has terminated all of the VIE structures with
the ELT services. From November 23, 2022, the Company no longer retained any financial interest over the ELT services related VIEs and
accordingly deconsolidated the ELT services related VIEs’ financial statements from the Company’s consolidated financial
statements. The disposal of ELT services related VIEs represented a strategic shift and has a major effect on the Company’s result
of operations. Accordingly, assets, liabilities, and results of operations related to ELT services related VIEs have been reported as
discontinued operations for all periods presented.
The accompanying consolidated financial statements have been prepared
in accordance with GAAP.
The consolidated financial statements are presented in Renminbi (“RMB”),
rounded to the nearest thousands except share data and per share data, or otherwise noted.
(e) | Principles of consolidation |
The consolidated financial statements of the
Group include the financial statements of the Company, its subsidiaries, and the VIEs before the VIE structure was unwound, in which
it had a controlling financial interest. The results of the subsidiaries and the VIEs are consolidated from the date on which the Group
obtained control and continue to be consolidated until the date that such control ceases. A controlling financial interest is typically
determined when a company holds a majority of the voting equity interest in an entity. All significant intercompany balances and transactions
among the Company, its subsidiaries and the VIEs have been eliminated on consolidation.
2. | Summary of significant accounting policies |
The preparation of the Company’s consolidated
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items
subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting
in multiple elements arrangements, estimate of breakage, the fair value of identifiable assets acquired, liabilities assumed and non-controlling
interests in business combinations, the useful lives of long-lived assets including intangible assets, the fair value of the reporting
unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other receivables, the realization of deferred
tax assets, the fair value of share-based compensation awards, lease liabilities, right-of-use assets and the recoverability of long-lived
assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such,
differences may be material to the consolidated financial statements.
The Company use United States dollar (“US$”)
as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of the PRC is United States
dollar (“US$”).
(c) | Convenience translation |
Translations of balances in the consolidated balance
sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for
the six months ended June 30, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.2513,
representing the index rates stipulated by the Federal Reserve Bank of New York on June 30, 2023. No representation is made that the RMB
amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2023, or at any other rate. The
US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated
financial statements are unaudited.
(d) | Cash and cash equivalents |
Cash and cash equivalents represent cash on hand
and time deposits, which have original maturities of three months or less when purchased and which are unrestricted as to withdrawal and
use. In addition, highly liquid investments which have original maturities of three months or less when purchased are classified as cash
equivalents.
Accounts receivable are presented net of allowance
for doubtful accounts. The Company uses specific identification in providing for bad debts when facts and circumstances indicate that
collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its franchisee were to deteriorate,
resulting in an impairment of their ability to make payments, additional allowance may be required.
The Group maintains an allowance for doubtful
accounts for estimated losses resulting from the inability of its customers to make required payments. In establishing the required allowance,
management considers historical losses adjusted to take into account current market conditions and customers’ financial condition,
the amount of receivables in dispute, and the current receivables aging and current payment patterns. Accounts receivable are charged
off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Digital asset (including bitcoin) is included
in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded
to the Company through its mining activities are accounted for in connection with the Company’s revenue recognition policy disclosed
below.
Digital assets held are accounted for as intangible
assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually,
or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived
asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the
digital assets at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a
qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more
likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is
required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost
basis of the asset. Subsequent reversal of impairment losses is not permitted.
Purchases of digital assets by the Company, if
any, will be included within investing activities in the accompanying consolidated statements of cash flows, while digital assets awarded
to the Company through its mining activities are included within operating activities on the accompanying consolidated statements of cash
flows. The sales of digital assets are included within investing activities in the accompanying consolidated statements of cash flows
and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the
consolidated statements of operations and comprehensive income (loss). The Company accounts for its gains or losses in accordance with
the first-in first-out method of accounting.
(g) | Equity method investments |
Investee companies over which the Group has the
ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance
common shares, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an
ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s
board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method
of accounting is appropriate.
Under the equity method, the Group initially records
its investment at cost and subsequently recognizes the Group’s proportionate share of each equity investee’s net income or
loss after the date of investment into earnings and accordingly adjusts the carrying amount of the investment. The Group reviews its equity
method investments for impairment whenever an event or circumstance indicates that an other-than-temporary impairment has occurred. The
Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An
impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be
other-than-temporary.
(h) | Property and equipment, net |
Property and equipment are stated at cost less
accumulated depreciation and any recorded impairment.
Gains or losses arising from the disposal of an
item of property and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item
and are recognized in profit or loss on the date of disposal.
The estimated useful lives are presented below.
Depreciation on property and equipment is calculated
on the straight-line method over the estimated useful lives of the assets.
The Group capitalizes costs associated with the
acquisition of major software for internal use in other assets in the consolidated balance sheets and amortizes the assets over the expected
life of the software, generally between five and ten years.
(i) | Impairment of long-lived assets |
Long-lived assets, such as property and equipment,
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
If circumstances require a long-lived asset or asset group be tested for possible impairment, the Group first compares undiscounted cash
flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or
asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount
exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market
values and third-party independent appraisals, as considered necessary. No impairment losses were recorded for the six months ended June
30, 2022 and 2023.
Loans comprise short-term loans and long term
loans. Loans are recognized initially at fair value, net of transaction costs incurred. Loans are subsequently stated at amortized cost;
any difference between the proceeds net of transaction costs and the redemption value is recognized in profit or loss over the period
of the borrowings using the effective interest method.
Accounts payable represent liabilities for goods
provided to the Company prior to the end of the financial year which are unpaid. They are classified as current liabilities if payment
is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current
liabilities. Accounts payable are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest
method.
The Company adopted ASC 606, “Revenue from
Contracts with Customers” for all periods presented. Consistent with the criteria of ASC 606, the Company follows five steps for
its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii)
determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize
revenue when (or as) the entity satisfies a performance obligation.
The primary sources of the Group’s revenue is
as follows:
The Company has
entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining
pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when
the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to
a fractional share of the fixed digital assets award the mining pool operator receives, for successfully adding a block to the blockchain.
The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator
to the total computing power contributed by all mining pool participants in solving the current algorithm.
Providing computing
power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of such
computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration
the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially
different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is
all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained
until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation
of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.
Fair value of the
digital assets award received is determined using the quoted price of the related digital assets at the time of receipt. There is currently
no specific definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue
or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative
guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s
consolidated financial position and results from operations.
Income taxes are accounted for under the asset
and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary
differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well
as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect
on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive
income in the period the change in tax rates or tax laws is enacted.
The Group reduces the carrying amounts of deferred
tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such
assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting
period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters,
the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward
periods, and the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring.
The Group recognizes in its financial statements
the impact of a tax position if that position is “more-likely-than-not” to prevail based on the facts and technical
merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured
at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Changes in recognition
or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties recognized related to unrecognized
tax benefits are classified as income tax expense in the consolidated statements of comprehensive income.
(n) | Share based compensation |
Share-based awards granted to the employees in
the form of share options are subject to service and non-market performance conditions. They are measured at the grant date fair value
of the awards. The compensation expense in connection with the shares awarded to employees is recognized using the straight-line method
over the requisite service period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual
forfeitures recognized currently to the extent they differ from the estimate.
In determining the fair value of the shares awarded
to employees, the discounted cash flow pricing model has been applied.
Estimation of the fair value involves significant
assumptions that might not be observable in the market, and a number of complex and subjective variables, including the expected share
price volatility (approximated by the volatility of comparable companies), discount rate, risk-free interest rate and subjective judgments
regarding the Company’s projected financial and operating results, its unique business risks and its operating history and prospects
at the time the grants are made.
In accordance with the Company Laws of the PRC,
the former VIEs registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP
to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory
surplus fund must be at least 10% of the after-tax profits as determined in accordance with the legal requirements in the PRC. Appropriation
is not required if the surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary
surplus fund is made at the discretion of the respective company.
The use of the statutory reserves are restricted
to the off-setting of losses or increasing capital of the respective company. All these reserves are not allowed to be transferred to
their investors in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.
In the normal course of business, the Group is
subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including,
among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized
when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss
contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability,
together with an estimate of the range of possible loss if determinable and material, is disclosed.
(ac) | Fair value measurements |
The Group applies ASC 820, Fair Value measurements
and Disclosures, for fair value measurements financial assets and financial liabilities and for fair value measurements of non-financial
items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines
fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to
be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions
that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value
and expands disclosures about fair value measurements.
ASC 820 establishes a fair value hierarchy that
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC
820 establishes three levels of inputs that may be used to measure fair value.
The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
| ● | Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date. |
| ● | Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
| ● | Level 3 inputs are unobservable inputs for the
asset or liability. |
The level in the fair value hierarchy within which
a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in
its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair
value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset
or liability. Those judgments are developed by management based on the best information available in the circumstances.
The carrying amounts of cash and cash equivalents,
accounts receivable, amounts due from related parties, accounts payable, amounts due to related parties, income taxes payable, accrued
expenses and other payables as of December 31, 2022 and June 30, 2023 approximate their fair values because of short maturity of these
instruments.
(ad) | Net income/(loss) per share |
Basic net income/(loss) per share is computed
by dividing net income/(loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding
during the year. Diluted net income/(loss) per share reflects the potential dilution that could occur if securities or other contracts
to issue ordinary shares were exercised into ordinary shares. Ordinary share equivalents are excluded from the computation of the diluted
net income/(loss) per share in years when their effect would be anti-dilutive. The Group has non-vested shares which could potentially
dilute basic income/(loss) per share in the future. To calculate the number of shares for diluted net income/(loss) per share, the effect
of the non-vested shares is computed using the treasury stock method.
(ae) | Recently issued accounting pronouncements |
The Company considers the applicability
and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are
issued and has evaluated all other pronouncements.
In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion
and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for
Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). The amendments in ASU 2020-06 simplify the accounting
for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives
scope exception for contracts in an entity’s own equity, and simplify the related diluted net income per share calculation for Subtopic
470-20 and Subtopic 815-40. ASU 2020-06 will be effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2023, for smaller reporting companies, as defined by the SEC. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020, including interim periods within those fiscal years. The Company is evaluating the impact of this ASU
on its consolidated financial statements and disclosures.
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit
Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings (TDRs) accounting
model for creditors that have already adopted Topic 326, which is commonly referred to as the current expected credit loss (CECL) model.
For entities that have adopted Topic 326, the amendments in this Update are effective for fiscal years beginning after December 15, 2022,
including interim periods within those fiscal years. The FASB’s decision to eliminate the TDR accounting model is in response to
feedback that the allowance under CECL already incorporates credit losses from loans modified as TDRs and, consequently, the related accounting
and disclosures – which preparers often find onerous to apply – no longer provide the same level of benefit to users. The
Company is currently evaluating the impact of the new guidance on our consolidated financial statements.
Other accounting standards that have been issued by the FASB or other
standards-setting bodies are not expected to have a material effect on the Company’s financial position, result of operations, or
cash flows.
3. | Risks and Concentration |
Credit and concentration risk
Assets that potentially subject the Group to significant
concentration of credit risk primarily consist of cash and cash equivalents and restricted cash. As of June 30, 2023, substantially all
of the Group’s cash and cash equivalents were deposited in financial institutions located in the PRC, Hong Kong and United States,
which management believes are of high credit quality.
4. | Discontinued operations |
Disposition
of the VIEs and the VIEs’ subsidiaries
On
November 22, 2022, the Group terminated all of its English language training (ELT) business-related VIE contracts for nil consideration
and disposed of its Chinese lottery-related business.
From
November 23, 2022, the Group no longer retained any financial interest over ELT business related VIEs and accordingly deconsolidated
ELT business related VIEs’ financial statements from the Group’s consolidated financial statements. The disposal of ELT business
related VIEs represented a strategic shift and has a major effect on the Group’s result of operations. Accordingly, assets, liabilities,
revenues, expenses and cash flows related to ELT business related VIEs have been reclassified in the consolidated financial statements
as discontinued operations for the years ended December 31, 2020, 2021 and 2022.
In November
22, 2022, the Group calculated a loss resulting from such disposition as follows:
| |
As of
November 22,
2022 | |
| |
RMB’000 | |
Consideration | |
| - | |
| |
| | |
Cash and cash equivalents | |
| 5,376 | |
Contract assets | |
| 3,845 | |
Accounts receivable | |
| 42,716 | |
Other contract costs, Current | |
| 8,221 | |
Prepayments and other current assets | |
| 47,961 | |
Amounts due from related parties | |
| 5,560 | |
Prepaid income tax | |
| 14,243 | |
Restricted cash | |
| 12,100 | |
Other contract costs, non-current | |
| 16,388 | |
Equity method investments | |
| 27,564 | |
Property and equipment, net | |
| 11,051 | |
Intangible assets, net | |
| 11,598 | |
Deferred tax assets | |
| 42,449 | |
Goodwill | |
| 192,962 | |
Right-of-use assets | |
| 43,353 | |
Other non-current assets | |
| 16,050 | |
Accounts payable | |
| (15,019 | ) |
Deferred revenue, current | |
| (130,704 | ) |
Salary and welfare payable | |
| (9,408 | ) |
Financial liabilities from contracts with customers | |
| (267,796 | ) |
Accrued expenses and other payables | |
| (49,525 | ) |
Income taxes payable | |
| (135 | ) |
Current lease liabilities | |
| (17,902 | ) |
Amounts due to related parties | |
| (22,232 | ) |
Deferred revenue, non-current | |
| (30,852 | ) |
Deferred tax liabilities | |
| (858 | ) |
Non-current tax payable | |
| (34,265 | ) |
Lease liabilities | |
| (15,504 | ) |
| |
| | |
Net assets of ELT business related VIEs* | |
| (92,763 | ) |
Non-controlling interest of ELT business related VIEs | |
| 18,035 | |
Less: Net assets of ELT business related VIEs contributable to the Company | |
| (74,728 | ) |
Loss on disposal of ELT business related VIEs | |
| 74,728 | |
The assets and liabilities for discontinued operations
of ELT business related VIEs comprised the following items as of December 31, 2021:
| |
As of
December 31,
2021 | |
| |
RMB’000 | |
Current assets for discontinued operations | |
| - | |
Contract assets | |
| 5,323 | |
Accounts receivable | |
| 44,291 | |
Other contract costs, Current | |
| 32,241 | |
Prepayments and other current assets | |
| 38,600 | |
Amounts due from related parties | |
| 7,265 | |
Prepaid income tax | |
| 14,479 | |
Total | |
| 142,199 | |
| |
| | |
Non-current assets for discontinued operations | |
| | |
Other contract costs, non-current | |
| 11,149 | |
Equity method investments | |
| 24,403 | |
Property and equipment, net | |
| 85,803 | |
Intangible assets, net | |
| 14,675 | |
Deferred tax assets | |
| 25,991 | |
Goodwill | |
| 192,962 | |
Right-of-use assets | |
| 105,551 | |
Other non-current assets | |
| 26,254 | |
Total | |
| 486,788 | |
| |
| | |
Current liabilities for discontinued operations | |
| | |
Accounts payable | |
| 16,164 | |
Bank loans | |
| 6,000 | |
Deferred revenue, current | |
| 213,006 | |
Salary and welfare payable | |
| 27,404 | |
Financial liabilities from contracts with customers | |
| 337,932 | |
Accrued expenses and other payables | |
| 36,575 | |
Income taxes payable | |
| 195 | |
Current lease liabilites | |
| 35,817 | |
Amounts due to related parties | |
| 11,256 | |
Total | |
| 684,349 | |
| |
| | |
Non-current liabilities for discontinued operations | |
| | |
Deferred revenue, non-current | |
| 35,546 | |
Deferred tax liabilities | |
| 4,433 | |
Non current tax payable | |
| 34,137 | |
Lease liabilities | |
| 59,824 | |
Total | |
| 133,940 | |
The condensed cash flows of all the VIEs and their
subsidiaries were as follows for the years ended December 31, 2020, 2021 and 2022:
| |
Years ended December 31, | |
| |
2020 | | |
2021 | | |
2022 | |
| |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
Net cash used in operating activities | |
| (164,268 | ) | |
| (375,922 | ) | |
| (254,847 | ) |
Net cash used in investing activities | |
| (54 | ) | |
| (2,685 | ) | |
| 57,751 | |
Net cash generated/(used in) from financing activities | |
| 91,241 | | |
| 371,637 | | |
| (13,059 | ) |
The operating results included in the Group’s
consolidated statements of comprehensive loss were as follows for the years ended December 31, 2020, 2021 and 2022.
| |
Years ended December 31, | |
| |
2020 | | |
2021 | | |
2022 | |
| |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
Major classes of line items constituting pre-tax profit of discontinued operations | |
| | |
| | |
| |
Revenue | |
| 897,035 | | |
| 728,996 | | |
| 317,844 | |
Cost of sales | |
| (607,077 | ) | |
| (483,701 | ) | |
| (191,735 | ) |
Sales and marketing | |
| (310,433 | ) | |
| (250,850 | ) | |
| (78,839 | ) |
General and administrative | |
| (340,277 | ) | |
| (334,693 | ) | |
| (93,124 | ) |
Research and development expenses | |
| (31,878 | ) | |
| (18,413 | ) | |
| (6,817 | ) |
Other income that are not major | |
| (2,558 | ) | |
| (35,773 | ) | |
| 10,968 | |
Loss, before income tax | |
| (395,188 | ) | |
| (394,434 | ) | |
| (41,703 | ) |
Income tax expense/(benefit) | |
| (5,803 | ) | |
| 20,239 | | |
| (817 | ) |
Loss, net of income tax | |
| (400,991 | ) | |
| (374,195 | ) | |
| (42,520 | ) |
Loss on deconsolidation of the subsidiary, net of income tax | |
| - | | |
| - | | |
| 74,728 | |
Net income/(loss), net of income tax | |
| (400,991 | ) | |
| (374,195 | ) | |
| 32,208 | |
The following table provides information about
contract assets, accounts receivable, deferred revenue and financial liabilities from contracts with customers.
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | | |
| | |
Accounts receivable | |
| 8,902 | | |
| 5,485 | |
Prepayments and other assets
The prepayments and other assets consist of the following:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Prepayments and other current assets | |
| | |
| |
Prepayment for equipment and related-services | |
| 3,237 | | |
| 1,705 | |
Others | |
| 1,778 | | |
| 1,779 | |
Total | |
| 5,015 | | |
| 3,484 | |
The others mainly include deposits, prepaid consulting service fees
and other sundry receivables.
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
| US$’000 | | |
| US$’000 | |
| |
| | | |
| | |
BTC | |
| 91 | | |
| 74 | |
| |
| | | |
| | |
Total | |
| 91 | | |
| 74 | |
Additional information about bitcoin:
For the six months ended June 30, 2023,
the Company generated bitcoins primarily through mining services. The following table presents additional information about bitcoins for
the year ended December 31, 2022 and the six months ended June 30, 2023, respectively:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Opening balance | |
| - | | |
| 91 | |
Receipt of bitcoins from mining services | |
| 2,392 | | |
| 1,342 | |
Receipt of bitcoins from hash power rental | |
| 131 | | |
| - | |
Exchange of BTC into USDT | |
| (2,429 | ) | |
| (1,359 | ) |
Impairment of bitcoins | |
| (3 | ) | |
| - | |
Ending balance | |
| 91 | | |
| 74 | |
For the ended June 30, 2023, the Company recognized impairment of Nil,
and for the ended December 31, 2022, the Company recognized impairment of US$ 3 against bitcoins.
7. | Equity method investments |
In December 2021, the Company had entered into
an agreement with industry experts to establish a joint venture, Met Chain Co Limited under the laws of Hong Kong (the “2021 Joint
Venture”), specializing in the research and development (“R&D”), production, and sales of cryptocurrency mining
equipment. Upon the formation of the 2021 joint venture, the Company held 21% of the equity interests in the 2021 joint venture, with
the option to acquire the equity interests held by the other parties to the Joint Venture Agreement under certain conditions as set forth
in the Joint Venture Agreement. In November 2022, the Company had entered into an equity transfer agreement with each of the four other
equity holders of Met Chain Co Limited to acquire a total of 3.3% of the equity interests in Met Chain Co Limited from the four equity
holders, in consideration for such number of ordinary shares of the Company, par value $0.003 per share, valued at RMB7,120,478. As of
December 31,2022 and June 30, 2023, the company held 24.3% of the equity interests in Met Chain Co Limited.
The Company recognized gain on equity method
investments of $1,000 and $10,000 for the six months ended June 30, 2023 and 2022, respectively.
8. | Property and equipment, net |
Property and equipment consists of the following:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Cost: | |
| | |
| |
Miners for Bitcoin | |
| 15,219 | | |
| 17,046 | |
Total cost | |
| 15,219 | | |
| 17,046 | |
| |
| | | |
| | |
Less: Accumulated depreciation | |
| 1,816 | | |
| 3,490 | |
| |
| | | |
| | |
Property and equipment, net | |
| 13,403 | | |
| 13,556 | |
Depreciation expense
recognized for the six months ended June 30, 2023 and 2022 was US$1,674 and US$650, respectively.
Under the current tax laws of Cayman Islands,
the Company is not subject to tax on income, corporation or capital gain, and no withholding tax is imposed upon the payment of dividends
to shareholders.
Under the current tax laws of the BVI, the Company’s
BVI subsidiaries are not subject to any income taxes in the BVI.
Under the current Hong Kong Inland Revenue Ordinance,
the Company’s Hong Kong subsidiaries are subject to Hong Kong profits tax on its taxable income generated from the operations in
Hong Kong. A Two-tiered Profits Tax rates regime was introduced since year 2018 where the first HK$2,000 of assessable profits earned
by a company will be taxed at half the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There
is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive
rates. Payments of dividends by the subsidiaries to the Company are not subject to withholding tax in Hong Kong.
On October 1, 2022, the Group entered into a loan
agreement with JM Digital., INC., with a maturity date of October 1, 2023. The Group had drawn down USDT $1,000 under the agreement, which
is subject to a fixed interest rate of 12% and an origination fee rate of 2%. The loan was guaranteed by 147 units of Ant Miner (S19 series
machines) that are hosted at Exponential Digital, LLC’s facilities as collateral.
11. | Earnings (Loss) per share |
Basic and diluted net loss per share for each of the periods presented
are calculated as follow:
| |
For the Six Months Ended
June 30, | |
| |
2022 | | |
2023 | |
| |
(in thousands of US$,
except
share data and per share data) | |
Numerator: | |
| | |
| |
Net loss available to shareholders of the Company - basic and diluted | |
| (1,779 | ) | |
| (1,115 | ) |
Denominator | |
| | | |
| | |
Weighted average number of ordinary shares - basic | |
| 682,160 | | |
| 1,229,652 | |
Effect of dilutive securities | |
| - | | |
| - | |
Dilutive effect of non-vested shares | |
| 682,160 | | |
| 1,229,652 | |
Denominator for diluted net (loss)/income per share | |
| | | |
| | |
Net loss - basic | |
| (2.61 | ) | |
| (0.91 | ) |
Net loss - diluted | |
| (2.61 | ) | |
| (0.91 | ) |
12. | Share-based compensation |
Compensation expense recognized for share-based
awards was as follow:
| |
For the Six Months Ended
June 30, | |
| |
2022 | | |
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | | |
| | |
Share options | |
| 761 | | |
| 138 | |
These options were granted with exercise prices
denominated in US$. The grantees can exercise vested options after the commencement date of exercise and before the end of its contractual
term (i.e., 3 years after the commencement date of exercise).
All share-based payments to employees are measured
based on their grant-date fair values. Compensation expense is recognized using the straight-line method over the requisite service period.
Ordinary shares
On September 27, 2019, the Company was authorized
to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holder of the Company’s ordinary shares are entitled
to one vote for each share.
On July 10, 2018, Meten International was incorporated
as limited liability company with authorized share capital of 380,000 Hong Kong dollar (“HK$”) divided into 38,000,000 shares
with par value HK $0.01 each. After the incorporation of Meten International, the Founders and Pre-listing Investors subscribed 47,035
ordinary shares of Meten International at par value of HK $0.01 per share.
In December 2018, Meten International increased
its authorized share capital by creation of 500,000,000 shares with par value of US$0.0001 and issued 318,601,222 ordinary shares of US$0.0001
each, and repurchased the 47,035 existing issued ordinary shares of HK $0.01 par value each and decreased the authorized share capital
by cancellation of all unissued shares of HK$0.01 each.
On March 30, 2020, the Company consummated its
acquisition of Meten International and EdtechX, pursuant to the Merger Agreement. A total of 318,601,222 ordinary shares of Meten International
were converted to 48,391,607 ordinary shares of the Company. A total of 1,971,505 ordinary share of EdtechX were converted to the equal
shares of the Company.
Immediately prior to the Business Combination,
Azimut Enterprises Holdings S.r.l. invested $20,000 in EdtechX to purchase 2,000,000 units of EdtechX, which were converted into same
number of units of the Company upon closing of the Business Combination.
In connection with the Business Combination, on
February 28, 2020, March 19, 2020 and March 26, 2020, three unrelated investors agreed to invest US$6,000, US$4,000 and US$6,000, respectively,
to purchase shares of the Company. The two $6,000 financings were completed on March 30, 2020, and the US$4,000 financing was terminated
on April 14, 2020 as the investor failed to pay the purchase price by the agreed deadline.
In connection with the Business Combination, the
Company adopted a new incentive plan to replace the 2018 Plan. The Company rolled over awards granted under the 2013 Plan and 2018 Plan
with the same amount and terms. As a result, options to purchase 3,050,701 of the Company’s ordinary shares were issued and outstanding
on March 30, 2020. Additionally, the Company reserved for issuance pursuant to the plan one percent (1%) of the total issued and outstanding
ordinary shares on the closing date (being 531,005 ordinary shares), and will reserve an additional 1% of then-outstanding shares each
year for a period of four years following the first anniversary of the closing date of the Business Combination.
On January 4, 2021, the Company issued 1,327,514
Ordinary Shares under the Company’s 2020 share incentive plan to Pan Yanqiong, the Chief Marketing Officer of Likshuo.
The Company offered 40,000,000 ordinary shares,
par value US$0.0001 per share, pursuant to the prospectus supplement and the accompanying prospectus, at a purchase price of US$1.00 per
share on May 21, 2021.
On September 1, 2021, the Company offered 22,500,000
ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share.
On November 9, 2021, the Company entered into
a securities purchase agreement with certain investors, to sell an aggregate of 33,333,334 ordinary shares, par value $0.0001 per share,
of the Company, at an offering price of $0.60 per share.
On May 4, 2022, the Company completed a thirty
for one share consolidation (the “2022 Share Consolidation”) of its issued and outstanding ordinary shares, par value $0.003
per share.
On June 29, 2022, the Company approved the proposal
to increase their authorized share capital from US$50,000 divided into 16,666,667 ordinary shares of par value of US$0.003 each to US$1,500,000
divided into 500,000,000 ordinary shares of par value of US$0.003 each.
On August 4, 2022, the Company offered 1,470,475
ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share.
On November 10, 2022, the Company issued 3,532,841
ordinary shares of the Company, par value $0.003 per share, valued at RMB7,120,478, to the four equity holders to acquire 3.3% of the
equity interests in the Joint Venture.
On August 23, 2023, the Company completed a twenty
for one share consolidation (the “2023 Share Consolidation”, together with the 2022 Share Consolidation, the “Share
Consolidations”) of its issued and outstanding ordinary shares, par value $0.06 per share.
As of December 31, 2022 and June 30, 2023, there
were 1,044,009 and 1,301,629 ordinary shares issued and outstanding, respectively.
From the legal perspective, the Share Consolidations
applied to the issued shares of the Company on the date of the Share Consolidations and do not have any retroactive effect on the Company’s
shares prior that date. However, for accounting purposes only, references to the Company’s ordinary shares in this report are stated
as having been retroactively adjusted and restated to give effect to the Share Consolidations, as if the Share Consolidations had occurred
by the relevant earlier date.
Warrants
As of December 31, 2020, there were 12,705,000
warrants outstanding. the warrants have been trading on the Nasdaq Market under the symbol “METXW” since May 27, 2020.
On January 8, 2021, the Company successfully completed
a tender offer for its warrants to purchase ordinary shares at a reduced exercise price of $1.40. The offer expired at 11:59 p.m. Eastern
time on January 5, 2021.
The Company raised $6,192,286.80 in gross proceeds
from the cash exercise of 4,423,062 warrants of the Company as part of the tender offer. In addition, 2,629,812 warrants to purchase ordinary
shares of the Company were validly tendered for cashless exercise, resulting in the issuance of 1,364,512 ordinary shares of the Company.
The Company offered its existing loyal warrant
holders the opportunity to exercise their warrants at $1.40 from the initial warrant exercise price at $11.50. Approximately 55.5% of
the Company’s outstanding warrants were exercised in the tender offer.
Net proceeds are anticipated to be approximately
$5,730,000 after deducting information agent fees, placement agent fees and other offering expenses and are expected to primarily be used
for potential acquisitions and working capital and for general corporate purposes.
On February 19, 2021, 336,001 warrants to purchase
ordinary shares were validly tendered for cashless exercise, resulting in the issuance of 336,001 ordinary shares. The exercise price
of the warrants was $2.50 per share.
The Company offered 40,000,000 ordinary shares,
par value US$0.0001 per share, pursuant to the prospectus supplement and the accompanying prospectus, at a purchase price of US$1.00 per
share on May 21, 2021. Since the offering price per share of this offering was $1.00 per share, which was lower than $2.50 per share,
the exercise price for outstanding warrants was reduced to $1.00 upon closing of the offering on May 21, 2021.
On September 1, 2021, the Company offered 22,500,000
ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share. The Company also offered 177,500,000 pre-funded
warrants to purchase 177,500,000 ordinary shares, exercisable at an exercise price of $0.0001 per share (the “Pre-funded Warrants”,
each a “Pre-funded Warrant”), to those purchasers whose purchase of ordinary shares in the offering would otherwise result
in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of
the holder, 9.99%) of the Company’s outstanding ordinary shares immediately following the consummation of the offering. The purchase
price of each Pre-funded Warrant is $0.2999, which equals the price per ordinary share being sold to the public in that offering, minus
$0.0001. The Pre-funded Warrants became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-funded
Warrants are exercised in full.
Upon effectiveness of the Reverse Split, each
outstanding warrant of the Company became exercisable for 1/30 ordinary share of the Company, and the exercise price of Company’s
outstanding warrants was increased to US$9.00, adjusted from $0.30 prior to the Reverse Split and representing the temporarily reduced
price based on the Company’s Tender Offer Statement on Schedule TO, as amended and supplemented, originally filed by the Company
with the U.S. Securities and Exchange Commission on December 7, 2020 (the “Tender Offer”). Based on the terms of the Tender
Offer, following the date on which the closing price of the Company’s ordinary shares has been equal to or greater than $90.00 per
share for at least twenty (20) trading days during the preceding thirty (30) trading day period, the exercise price of the Company’s
outstanding warrants would be increased to US$345.00.
On August 4, 2022, the Company offered 22,899,047
ordinary shares, par value US$0.003 per share, consisting of (a) 1,470,475 ordinary shares issuable upon the exercise of pre-funded warrants
(the “Pre-Funded Warrants”) and (b) 21,428,572 ordinary shares issuable upon the exercise of investor warrants (the “Investor
Warrants”). Each Pre-Funded Warrant is exercisable for $0.001 per ordinary share and may be exercised at any time until all the
Pre-Funded Warrants are exercised in full; and each Investor Warrant has an exercise price of $0.70 per share, is exercisable on or after
August 8, 2022 and will expire on August 9, 2027.
As a result of the August 2022 offering,
the exercise price of the Company’s public warrants was reduced to $0.70 per warrant. The exercise price of the Company’s
outstanding warrants will be reset to $345.00 per share on the date following which the closing price of its ordinary shares has been
equal to or greater than $90.00 per share for at least twenty (20) trading days during the preceding thirty (30) trading day period,
and such exercise price will no longer be subject to the “full-ratchet” anti-dilution protection.
14. | Related party transactions |
In addition to the related party information disclosed elsewhere in
the consolidated financial statements, the Group entered into the following material related party transactions.
Name
of party |
|
Relationship |
|
|
|
Mr.
Zhao Jishuang |
|
A director of the Company |
Mr.
Guo Yupeng |
|
A director of the Company |
Mr.
Peng Siguang |
|
CEO and director of the Company |
Met
Chain Co., Limited |
|
An associate company of the Company |
|
(a) | Major transactions with related parties |
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Advances from related parties | |
| | | |
| | |
- Mr. Guo Yupeng | |
| 290 | | |
| - | |
- Mr. Zhao Jishuang | |
| 1,469 | | |
| - | |
- Met Chain Co.,Limited | |
| 2,042 | | |
| - | |
Total | |
| 3,801 | | |
| - | |
| |
| | | |
| | |
Repayment of advances from
related parties | |
| | | |
| | |
- Mr. Zhao Jishuang | |
| 1,485 | | |
| - | |
Total | |
| 1,485 | | |
| - | |
|
(b) | Balances with related parties |
(c) | |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
Amounts due to related parties | |
| | |
| |
Current | |
| | | |
| | |
- Mr. Guo Yupeng | |
| 290 | | |
| 290 | |
- Mr. Zhao Jishuang | |
| 4,407 | | |
| 4,407 | |
- Met Chain Co.,Limited | |
| 2,042 | | |
| 2,042 | |
Total | |
| 6,739 | | |
| 6,739 | |
| (i) | Advances from/to these related parties are unsecured, interest free and repayable on demand. |
There is no other restriction on use of proceeds
generated by the Group’s subsidiaries to satisfy any obligations of the Company.
Purchase of 200 Units of Antminer S19j Pro
Bitcoin Mining Machines
On July 14,2023, the Company has entered into
an asset purchase agreement with two unaffiliated third parties to acquire 200 units of Antminer S19j Pro (110 TH/s), Bitcoin mining machines,
and has agreed to issue to the sellers 227,456 ordinary shares of the Company valued at $880,000.
Entry into Share Subscription Agreements
On August 7, 2023 the Company announced that it
has entered into subscription agreements with two foreign investors, including an institutional investor, Future Satoshi Ltd, and an individual
investor, for the issue and sale of 200,000 ordinary shares of the Company, par value US$0.06 per share, for total gross proceeds of $1,000,000,
or US$5.0 per share.
Name Change to BTC Digital Ltd.
On August 11, 2023, the Company changed its name
to “BTC Digital Ltd.”.
Share Consolidation
On August 23, 2023, the Company announced a 1-for-20
share consolidation of its ordinary shares, which began to trade on Nasdaq on August 24, 2023 on a split adjusted basis. The authorized
share capital of the company is now US$1,500,000 divided into 25,000,000 ordinary shares of a nominal or par value of US$0.06 each. As
of August 23, 2023 and immediately prior to the effective date, there were 35,312,478 ordinary shares outstanding. As a result of the
Share Consolidation, there are 1,822,426 ordinary shares outstanding.
Purchase of 220 Units of Antminer S19j Pro
Bitcoin Mining Machines
On November 3, 2023, the Company announced that
it has entered into an asset purchase agreement with two unaffiliated third parties to acquire 220 units of Antminer S19j Pro (110 TH/s)
Bitcoin mining machines, and has issued to the sellers 276,572 ordinary shares of the Company valued at $968,800.
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Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
|
Cash and cash equivalents |
|
$ 215
|
$ 48
|
Accounts receivable |
|
5,485
|
8,902
|
Prepayments and other current assets |
|
3,484
|
5,015
|
Digital assets |
|
74
|
91
|
Total current assets |
|
9,258
|
14,056
|
Non-current assets |
|
|
|
Equity method investments |
|
2,886
|
2,885
|
Property and equipment, net |
|
13,556
|
13,403
|
Total non-current assets |
|
16,442
|
16,288
|
Total assets |
|
25,700
|
30,344
|
Current liabilities |
|
|
|
Accounts payable |
|
155
|
3,455
|
Short term loan |
|
453
|
870
|
Accrued expenses and other payables |
|
50
|
|
Total current liabilities |
|
658
|
4,325
|
Non-current liability |
|
|
|
Total non-current liability |
|
6,739
|
6,739
|
Total liabilities |
|
7,397
|
11,064
|
Shareholders’ equity |
|
|
|
Ordinary shares (US$0.06 par value; 25,000,000 shares authorized; 1,044,009 and 1,301,629 shares issued outstanding as of December 31, 2022 and June 30, 2023) |
[1] |
78
|
63
|
Additional paid-in capital |
|
203,115
|
202,992
|
Accumulated deficit |
|
(184,890)
|
(183,775)
|
Total equity attributable to shareholders of the Company |
|
18,303
|
19,280
|
Total shareholders’ equity |
|
18,303
|
19,280
|
Total liabilities and shareholders’ equity |
|
25,700
|
30,344
|
Related party |
|
|
|
Non-current liability |
|
|
|
Amounts due to related parties |
|
$ 6,739
|
$ 6,739
|
|
|
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v3.23.3
Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Ordinary shares, par value (in Dollars per share) |
$ 0.06
|
$ 0.06
|
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25,000,000
|
25,000,000
|
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1,301,629
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v3.23.3
Unaudited Consolidated Statements of Operations and Comprehensive Loss ¥ in Thousands, $ in Thousands |
6 Months Ended |
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
$ / shares
shares
|
Income Statement [Abstract] |
|
|
Revenues |
$ 7,284
|
$ 1,630
|
Cost of revenues |
(7,394)
|
(1,849)
|
Gross loss |
(110)
|
(219)
|
Operating expenses: |
|
|
Selling and marketing expenses |
(198)
|
|
General and administrative expenses |
(656)
|
(1,349)
|
Loss from operations |
(964)
|
(1,568)
|
Other income (expenses): |
|
|
Realized gain on exchange of digital assets |
34
|
|
Interest income |
1
|
1
|
Interest expenses |
(50)
|
|
Foreign currency exchange loss, net |
(135)
|
(218)
|
Equity in income on equity method investments |
1
|
10
|
Others, net |
(2)
|
(4)
|
Loss before income tax from continuing operations |
(1,115)
|
(1,779)
|
Income tax expense |
|
|
Net loss from continuing operations |
(1,115)
|
(1,779)
|
Income from discontinued operations, net of income taxes |
|
1,484
|
Net loss |
(1,115)
|
(295)
|
Net gain from discontinued operations attributable to noncontrolling interest |
|
789
|
Less: Net gain attributable to the non-controlling interest |
|
789
|
Net income/(loss) attributable to shareholders of the Company |
(1,115)
|
(1,084)
|
Comprehensive loss |
$ (1,115)
|
$ (295)
|
Net loss per share-Basic and diluted |
|
|
From continuing operation (in Dollars per share) | $ / shares |
$ (0.91)
|
$ (2.61)
|
From discontinued operation (in Dollars per share) | $ / shares |
|
$ 1.02
|
Weighted average shares used in calculating net loss per share |
|
|
Basic (in Shares) | shares |
1,229,652
|
682,160
|
Diluted (in Shares) | shares |
1,229,652
|
682,160
|
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v3.23.3
Unaudited Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands |
Ordinary shares |
Accumulated deficit |
Parent [Member] |
Non- controlling interests |
Additional paid-in capital |
Total |
Balance at Dec. 31, 2021 |
|
$ 34
|
|
$ (207,222)
|
$ 3,522
|
$ 2,218
|
|
$ 5,740
|
Balance (in Shares) at Dec. 31, 2021 |
[1] |
568,572
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
(1,084)
|
(1,084)
|
789
|
|
(295)
|
Issuance of ordinary shares |
|
|
[2] |
|
|
|
|
|
Issuance of ordinary shares (in Shares) |
[1] |
1,645
|
|
|
|
|
|
|
Share-based compensation |
|
|
|
|
761
|
|
|
761
|
Balance at Jun. 30, 2022 |
|
$ 34
|
|
(208,306)
|
3,199
|
$ 3,007
|
|
6,206
|
Balance (in Shares) at Jun. 30, 2022 |
[1] |
570,217
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 63
|
|
(183,775)
|
19,280
|
|
$ 202,992
|
19,280
|
Balance (in Shares) at Dec. 31, 2022 |
[1] |
1,044,009
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
(1,115)
|
(1,115)
|
|
|
(1,115)
|
Issuance of ordinary shares |
|
$ 15
|
|
|
|
|
(15)
|
|
Issuance of ordinary shares (in Shares) |
[1] |
257,620
|
|
|
|
|
|
|
Share-based compensation |
|
|
|
|
138
|
|
138
|
138
|
Balance at Jun. 30, 2023 |
|
$ 78
|
|
$ (184,890)
|
$ 18,303
|
|
$ 203,115
|
$ 18,303
|
Balance (in Shares) at Jun. 30, 2023 |
[1] |
1,301,629
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
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v3.23.3
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Continuing operation |
|
|
|
Net loss |
$ (1,115)
|
$ (1,779)
|
|
Adjustments to reconcile net income/(loss) to net cash generated from operating activities: |
|
|
|
Depreciation |
1,674
|
650
|
|
Impairment losses on digital assets |
|
730
|
|
Equity income on equity method investments |
(1)
|
(10)
|
|
Share-based compensation expenses |
138
|
761
|
|
Changes in operating assets and liabilities: |
|
|
|
Increase in accounts receivable |
3,417
|
|
|
Decrease in prepayments and other current assets |
1,531
|
420
|
|
Change of digital assets |
17
|
(1,630)
|
|
Decrease in accrued expenses and other payables |
50
|
|
|
Decrease in accounts payable |
(3,300)
|
|
|
Net cash flow used in operating activities from discontinued operation |
|
(19,327)
|
|
Net cash flow generated from/(used in) operating activities |
2,411
|
(20,185)
|
|
Continuing operation |
|
|
|
Purchases of property and equipment |
(1,827)
|
(9,293)
|
|
Purchase of short-term investments |
|
(1,895)
|
|
Net cash generated from investing activities from discontinued operation |
|
10,703
|
|
Net cash used in investing activities |
(1,827)
|
(485)
|
|
Continuing operation |
|
|
|
Repayment of advances from related parties |
|
1,818
|
|
Repayment of Short term loans |
(417)
|
|
|
Net cash used in financing activities from discontinued operation |
|
(3,661)
|
|
Net cash generated from/(used in) financing activities |
(417)
|
(1,843)
|
|
Net increase/(decrease) in cash and cash equivalents from continuing operation |
167
|
(10,228)
|
|
Net decrease in cash and cash equivalents and restricted cash from discontinued operation |
|
(12,285)
|
|
Cash and cash equivalents and restricted cash at the beginning of the period for continuing operation |
48
|
10,622
|
$ 10,622
|
Cash and cash equivalents and restricted cash at the beginning of the period- for discontinued operation |
|
15,840
|
15,840
|
Cash and cash equivalents and restricted cash at the end of the period for continuing operation |
215
|
394
|
48
|
Cash and cash equivalents and restricted cash at the end of the period for discontinued operation |
|
3,555
|
|
Continuing operation |
|
|
|
Interest paid |
50
|
|
|
Discontinued operation |
|
|
|
Interest paid |
|
3
|
|
Income tax paid |
|
95
|
|
Supplemental disclosure of cash and cash equivalents and restricted cash: |
|
|
|
Cash and cash equivalents |
215
|
1,988
|
|
Restricted cash |
|
1,961
|
|
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows |
$ 215
|
$ 3,949
|
|
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v3.23.3
Organization and Principal Activities
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Principal Activities |
1. | Organization and Principal Activities |
Meten EdtechX Education Group Ltd (the “Company”)
was incorporated on September 27, 2019 under the law of Cayman Islands as an exempted company with limited liability. Meten EdtechX Education
Group Ltd changed its name to “Meten Holding Group Ltd.” on August 11, 2021. On August 11, 2023, the Company changed its
name to “BTC Digital Ltd.”. The Company is primarily engaged in the bitcoin mining business, and also generates revenue through
mining machines resale and rental business operations.
As of June 30, 2023, the details of the Company’s
subsidiaries were as follows:
Entity | |
Date of incorporation | |
Place of incorporation | |
Percentage of direct or
indirect
economic
ownership | | |
Principal activities |
Major subsidiaries: | |
| |
| |
| | | |
|
Meten International Education
Group | |
July 10, 2018 | |
Cayman Islands | |
| 100% | | |
Investment holding |
Meten Education Investment Limited (“Meten
BVI”) | |
July 18, 2018 | |
British Virgin Islands (“BVI”) | |
| 100% | | |
Investment holding |
Likeshuo Education Investment Limited (“Likeshuo
BVI”) | |
July 18, 2018 | |
BVI | |
| 100% | | |
Investment holding |
Meten Education (Hong Kong) Limited (“Meten
HK”) | |
August 22, 2018 | |
Hong Kong | |
| 100% | | |
Investment holding |
Likeshuo Education (Hong Kong) Limited (“Likeshuo
HK”) | |
August 22, 2018 | |
Hong Kong | |
| 100% | | |
Investment holding |
Meta Path investing holding company | |
December 3, 2021 | |
Cayman Islands | |
| 100% | | |
Investment holding |
Met Chain investing holding company Ltd | |
January 5, 2022 | |
BVI | |
| 100% | | |
Investment holding |
METEN BLOCK CHAIN LLC | |
March 8, 2022 | |
United States | |
| 100% | | |
Investment holding |
(b) | History of the Group and reorganization |
Organization and General
The Company is authorized to issue 25,000,000
ordinary shares with a par value of $0.06 per share. On September 27, 2019, the Company issued one ordinary share to its sole director
Richard Fear for a purchase price of $0.0001. On the same day, the one ordinary share owned by Richard Fear was transferred to Guo Yupeng. Reverse recapitalization
On December 12, 2019, the Company entered into
an Agreement and Plan of Reorganization (the “Merger Agreement”) by and among the Company, EdtechX Holdings Acquisition Corp.,
a Delaware corporation (“EdtechX”), Meten Education Inc., a Delaware corporation and wholly owned subsidiary of the Company
(“EdtechX Merger Sub”), Meten Education Group Ltd.(“Meten International”), a Cayman Islands exempted company
which incorporated on July 10, 2018 and wholly owned subsidiary of the Company (“Meten Merger Sub”, and together with EdtechX
Merger Sub, the “Merger Subs”). EdtechX was a blank check company incorporated in Delaware on May 15, 2018 for the purpose
of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses or entities.
On March 30, 2020, the Company consummated its
acquisition of Meten International and EdtechX, pursuant to the Merger Agreement, where the Company acquired 100% of the issued and outstanding
ordinary shares of Meten International and EdtechX, i.e., 318,601,222 ordinary shares of Meten International and 1,971,505 ordinary shares
of EdtechX for 1,613,054 and 65,717 ordinary shares of the Company, respectively (the “SPAC Transaction”).
Meten International was determined to be the
accounting acquirer given the controller of Meten International effectively controlled the combined entity Meten EdtechX Education Group
Ltd after the SPAC Transaction.
The transaction is not a business combination
because EdtechX was not a business. The transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance
of shares by Meten International for the net monetary assets of EdtechX, accompanied by a recapitalization. Meten International is determined
as the predecessor and the historical financial statements of Meten International became the Company’s historical financial statements,
with retrospective adjustments to give effect of the reverse recapitalization. The equity is restated using the exchange ratio of 0.1519
established in the reverse recapitalization transaction, which is 48,391,607 divided by 318,601,222, to reflect the equity structure
of the Company. Loss (income) per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding
multiplied by the exchange ratio. The share and per share data is retrospectively restated using the exchange ratio in the share-based
compensation footnote, see Note 12.
Immediately prior to the merger transaction,
Azimut Enterprises Holdings S.r.l. invested $20,000 in EdtechX to purchase 2,000,000 units of EdtechX, which were converted into same
number of units of the Company upon closing of the merger transaction.
In connection with merger
transaction, on February 28, 2020, March 19, 2020 and March 26, 2020, three unrelated investors agreed to invest USD 6,000, USD
4,000 and USD 6,000 to purchase shares of the Company. The financing of the USD 12,000 was completed on March 30, 2020, and the
USD 4,000 financing was terminated on April 14, 2020 as the investor failed to pay the purchase price by the agreed deadline.
Reorganization of Meten International
Prior to the SPAC Transaction, Meten International
undertook a series of steps to restructure its business.
Meten International’s history began in
April 2006 with the commencement of operations of Shenzhen Meten International Education Co., Ltd. (“Shenzhen Meten”), a
limited liability company incorporated in the PRC by Mr. Jishuang Zhao, Mr. Siguang Peng and Mr. Yupeng Guo (collectively, the “Founders”).
On December 18, 2017, Shenzhen Meten was converted into a joint stock limited liability company and 30,000,000 shares of RMB1 each were
issued. From March 2012 to August 2018, Mr. Yun Feng,
Shenzhen Daoge Growth No.3 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.5 Investment Fund Partnership
(Limited Partnership), Shenzhen Daoge Growth No.6 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.11 Investment
Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.21 Investment Fund Partnership (Limited Partnership), Zhihan (Shanghai)
Investment Center (Limited Partnership), Hangzhou Muhua Equity Investment Fund Partnership (Limited Partnership) (collectively known
as the “Pre-listing Investors”) each acquired certain equity interests in Shenzhen Meten.
In preparation of the listing in capital markets
of Shenzhen Meten’s general adult English training, overseas training services, online English training and other English language-related
services businesses (the “Business”), Shenzhen Meten underwent a series of reorganization transactions (“Reorganization”)
in 2018. The main purpose of the Reorganization is to establish a Cayman Islands holding company for the Business in preparation for
its overseas listing.
The Reorganization was executed in the following
steps:
| 1) | Meten International was incorporated
as an exempted company with limited liability in the Cayman Islands on September 27, 2019
and as offshore holding company of the Group. In July and August 2018, the Founders and Pre-listing
Investors subscribed for ordinary shares of Meten International at par value, all in the
same proportions as the percentage of the then equity interest they held in Shenzhen Meten.
Upon the issuance of ordinary shares to the Founders and Pre-listing Investors, the equity
structure of the Meten International is identical to that of Shenzhen Meten. |
| 2) | In July 2018, Meten International further
established two wholly-owned subsidiaries in the British Virgin Islands, Meten BVI and Likeshuo
BVI. |
| 3) | In August 2018, Meten BVI and Likeshuo
BVI established two wholly-owned subsidiaries in Hong Kong, Meten HK and Likeshuo HK, respectively. |
| 4) | In September 2018, Meten HK and Likeshuo
HK established two wholly-owned subsidiaries in China, named Zhuhai Meizhilian Education
Technology Co., Ltd.(“Zhuhai Meizhilian”) and Zhuhai Likeshuo Education Technology
Co., Ltd. (“Zhuhai Likeshuo”), respectively. |
| 5) | In October 2018, Shenzhen Meten was split
into three separate legal entities, namely Shenzhen Meten, Shenzhen Likeshuo Education Co.,
Ltd. (“Shenzhen Likeshuo”) and Shenzhen Yilian Education Investment Co. Ltd.
(“Shenzhen Yilian Investment”). |
| 6) | In November 2018, Zhuhai Meten and Zhuhai
Likeshuo (collectively the “WFOEs”) entered into a series of contractual arrangements,
including a business cooperation agreement, exclusive technical service and management consultancy
agreement, exclusive call option agreement, equity pledge agreement and shareholders’
rights entrustment agreement (collectively referred to as the “Contractual Arrangements”
as further described below) with Shenzhen Meten, Shenzhen Likeshuo and their shareholders,
respectively. Consequently, Shenzhen Meten and Shenzhen Likeshuo became consolidated VIEs
of Meten International upon the completion of the relevant reorganization steps. |
| 7) | As part of the Reorganization, Shenzhen Meten transferred its equity interests in certain operations that are not a part of the Business to Shenzhen Yilian Investment and made a net cash distribution of approximately RMB148,270. Such net payment is recorded as distributions in connection with Reorganization in the accompanying consolidated statements of changes in shareholders’ deficit for the year ended December 31, 2018. |
The Reorganization involved the restructuring
of the legal structure of the Business, which was under common control and did not result in any changes in the economic substance of
the ownership and the Business. The accompanying consolidated financial statements have been prepared as if the VIE structure had been
in existence throughout the periods presented and prior to the VIE structure was unwound.
Upon completion of the Reorganization, Meten
International’s shares and per share information including the basic and diluted income/(loss) per share have been presented retrospectively
as if the number of ordinary shares outstanding immediately after the completion of the Reorganization had been outstanding from the
beginning of the earliest period presented, except for the ordinary shares issued in connection with the exchange of Redeemable Owner’s
Investment held by the Pre-listing investors during the Reorganization have been weighted for the portion of the period that they were
outstanding.
(c) | Unwinding of the VIE Structure |
The Company has previously conducted the ELT
services in China through a series of contractual arrangements with Shenzhen Meten and Shenzhen Likeshuo and their respective subsidiaries,
and consolidated the financial results of Shenzhen Meten and Shenzhen Likeshuo and their subsidiaries in the Company’s consolidated
financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”).
On October 22, 2022, the Company announced the
decision to dispose of the VIE structures in China, and on November 22, 2022 the Company has terminated all of the VIE structures with
the ELT services. From November 23, 2022, the Company no longer retained any financial interest over the ELT services related VIEs and
accordingly deconsolidated the ELT services related VIEs’ financial statements from the Company’s consolidated financial
statements. The disposal of ELT services related VIEs represented a strategic shift and has a major effect on the Company’s result
of operations. Accordingly, assets, liabilities, and results of operations related to ELT services related VIEs have been reported as
discontinued operations for all periods presented.
The accompanying consolidated financial statements have been prepared
in accordance with GAAP.
The consolidated financial statements are presented in Renminbi (“RMB”),
rounded to the nearest thousands except share data and per share data, or otherwise noted.
(e) | Principles of consolidation |
The consolidated financial statements of the
Group include the financial statements of the Company, its subsidiaries, and the VIEs before the VIE structure was unwound, in which
it had a controlling financial interest. The results of the subsidiaries and the VIEs are consolidated from the date on which the Group
obtained control and continue to be consolidated until the date that such control ceases. A controlling financial interest is typically
determined when a company holds a majority of the voting equity interest in an entity. All significant intercompany balances and transactions
among the Company, its subsidiaries and the VIEs have been eliminated on consolidation.
|
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.23.3
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of significant accounting policies |
2. | Summary of significant accounting policies |
The preparation of the Company’s consolidated
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items
subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting
in multiple elements arrangements, estimate of breakage, the fair value of identifiable assets acquired, liabilities assumed and non-controlling
interests in business combinations, the useful lives of long-lived assets including intangible assets, the fair value of the reporting
unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other receivables, the realization of deferred
tax assets, the fair value of share-based compensation awards, lease liabilities, right-of-use assets and the recoverability of long-lived
assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such,
differences may be material to the consolidated financial statements.
The Company use United States dollar (“US$”)
as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of the PRC is United States
dollar (“US$”).
(c) | Convenience translation |
Translations of balances in the consolidated balance
sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for
the six months ended June 30, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.2513,
representing the index rates stipulated by the Federal Reserve Bank of New York on June 30, 2023. No representation is made that the RMB
amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2023, or at any other rate. The
US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated
financial statements are unaudited.
(d) | Cash and cash equivalents |
Cash and cash equivalents represent cash on hand
and time deposits, which have original maturities of three months or less when purchased and which are unrestricted as to withdrawal and
use. In addition, highly liquid investments which have original maturities of three months or less when purchased are classified as cash
equivalents.
Accounts receivable are presented net of allowance
for doubtful accounts. The Company uses specific identification in providing for bad debts when facts and circumstances indicate that
collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its franchisee were to deteriorate,
resulting in an impairment of their ability to make payments, additional allowance may be required.
The Group maintains an allowance for doubtful
accounts for estimated losses resulting from the inability of its customers to make required payments. In establishing the required allowance,
management considers historical losses adjusted to take into account current market conditions and customers’ financial condition,
the amount of receivables in dispute, and the current receivables aging and current payment patterns. Accounts receivable are charged
off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Digital asset (including bitcoin) is included
in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded
to the Company through its mining activities are accounted for in connection with the Company’s revenue recognition policy disclosed
below.
Digital assets held are accounted for as intangible
assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually,
or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived
asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the
digital assets at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a
qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more
likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is
required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost
basis of the asset. Subsequent reversal of impairment losses is not permitted.
Purchases of digital assets by the Company, if
any, will be included within investing activities in the accompanying consolidated statements of cash flows, while digital assets awarded
to the Company through its mining activities are included within operating activities on the accompanying consolidated statements of cash
flows. The sales of digital assets are included within investing activities in the accompanying consolidated statements of cash flows
and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the
consolidated statements of operations and comprehensive income (loss). The Company accounts for its gains or losses in accordance with
the first-in first-out method of accounting.
(g) | Equity method investments |
Investee companies over which the Group has the
ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance
common shares, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an
ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s
board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method
of accounting is appropriate.
Under the equity method, the Group initially records
its investment at cost and subsequently recognizes the Group’s proportionate share of each equity investee’s net income or
loss after the date of investment into earnings and accordingly adjusts the carrying amount of the investment. The Group reviews its equity
method investments for impairment whenever an event or circumstance indicates that an other-than-temporary impairment has occurred. The
Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An
impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be
other-than-temporary.
(h) | Property and equipment, net |
Property and equipment are stated at cost less
accumulated depreciation and any recorded impairment.
Gains or losses arising from the disposal of an
item of property and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item
and are recognized in profit or loss on the date of disposal.
The estimated useful lives are presented below.
Depreciation on property and equipment is calculated
on the straight-line method over the estimated useful lives of the assets.
The Group capitalizes costs associated with the
acquisition of major software for internal use in other assets in the consolidated balance sheets and amortizes the assets over the expected
life of the software, generally between five and ten years.
(i) | Impairment of long-lived assets |
Long-lived assets, such as property and equipment,
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
If circumstances require a long-lived asset or asset group be tested for possible impairment, the Group first compares undiscounted cash
flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or
asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount
exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market
values and third-party independent appraisals, as considered necessary. No impairment losses were recorded for the six months ended June
30, 2022 and 2023.
Loans comprise short-term loans and long term
loans. Loans are recognized initially at fair value, net of transaction costs incurred. Loans are subsequently stated at amortized cost;
any difference between the proceeds net of transaction costs and the redemption value is recognized in profit or loss over the period
of the borrowings using the effective interest method.
Accounts payable represent liabilities for goods
provided to the Company prior to the end of the financial year which are unpaid. They are classified as current liabilities if payment
is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current
liabilities. Accounts payable are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest
method.
The Company adopted ASC 606, “Revenue from
Contracts with Customers” for all periods presented. Consistent with the criteria of ASC 606, the Company follows five steps for
its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii)
determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize
revenue when (or as) the entity satisfies a performance obligation. The primary sources of the Group’s revenue is
as follows:
The Company has
entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining
pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when
the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to
a fractional share of the fixed digital assets award the mining pool operator receives, for successfully adding a block to the blockchain.
The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator
to the total computing power contributed by all mining pool participants in solving the current algorithm.
Providing computing
power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of such
computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration
the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially
different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is
all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained
until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation
of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.
Fair value of the
digital assets award received is determined using the quoted price of the related digital assets at the time of receipt. There is currently
no specific definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue
or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative
guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s
consolidated financial position and results from operations.
Income taxes are accounted for under the asset
and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary
differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well
as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect
on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive
income in the period the change in tax rates or tax laws is enacted.
The Group reduces the carrying amounts of deferred
tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such
assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting
period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters,
the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward
periods, and the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring.
The Group recognizes in its financial statements
the impact of a tax position if that position is “more-likely-than-not” to prevail based on the facts and technical
merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured
at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Changes in recognition
or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties recognized related to unrecognized
tax benefits are classified as income tax expense in the consolidated statements of comprehensive income.
(n) | Share based compensation |
Share-based awards granted to the employees in
the form of share options are subject to service and non-market performance conditions. They are measured at the grant date fair value
of the awards. The compensation expense in connection with the shares awarded to employees is recognized using the straight-line method
over the requisite service period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual
forfeitures recognized currently to the extent they differ from the estimate.
In determining the fair value of the shares awarded
to employees, the discounted cash flow pricing model has been applied.
Estimation of the fair value involves significant
assumptions that might not be observable in the market, and a number of complex and subjective variables, including the expected share
price volatility (approximated by the volatility of comparable companies), discount rate, risk-free interest rate and subjective judgments
regarding the Company’s projected financial and operating results, its unique business risks and its operating history and prospects
at the time the grants are made.
In accordance with the Company Laws of the PRC,
the former VIEs registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP
to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory
surplus fund must be at least 10% of the after-tax profits as determined in accordance with the legal requirements in the PRC. Appropriation
is not required if the surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary
surplus fund is made at the discretion of the respective company.
The use of the statutory reserves are restricted
to the off-setting of losses or increasing capital of the respective company. All these reserves are not allowed to be transferred to
their investors in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.
In the normal course of business, the Group is
subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including,
among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized
when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss
contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability,
together with an estimate of the range of possible loss if determinable and material, is disclosed.
(ac) | Fair value measurements |
The Group applies ASC 820, Fair Value measurements
and Disclosures, for fair value measurements financial assets and financial liabilities and for fair value measurements of non-financial
items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines
fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to
be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions
that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value
and expands disclosures about fair value measurements.
ASC 820 establishes a fair value hierarchy that
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC
820 establishes three levels of inputs that may be used to measure fair value.
The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
| ● | Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date. |
| ● | Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
| ● | Level 3 inputs are unobservable inputs for the
asset or liability. |
The level in the fair value hierarchy within which
a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in
its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair
value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset
or liability. Those judgments are developed by management based on the best information available in the circumstances.
The carrying amounts of cash and cash equivalents,
accounts receivable, amounts due from related parties, accounts payable, amounts due to related parties, income taxes payable, accrued
expenses and other payables as of December 31, 2022 and June 30, 2023 approximate their fair values because of short maturity of these
instruments.
(ad) | Net income/(loss) per share |
Basic net income/(loss) per share is computed
by dividing net income/(loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding
during the year. Diluted net income/(loss) per share reflects the potential dilution that could occur if securities or other contracts
to issue ordinary shares were exercised into ordinary shares. Ordinary share equivalents are excluded from the computation of the diluted
net income/(loss) per share in years when their effect would be anti-dilutive. The Group has non-vested shares which could potentially
dilute basic income/(loss) per share in the future. To calculate the number of shares for diluted net income/(loss) per share, the effect
of the non-vested shares is computed using the treasury stock method.
(ae) | Recently issued accounting pronouncements |
The Company considers the applicability
and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are
issued and has evaluated all other pronouncements.
In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion
and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for
Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). The amendments in ASU 2020-06 simplify the accounting
for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives
scope exception for contracts in an entity’s own equity, and simplify the related diluted net income per share calculation for Subtopic
470-20 and Subtopic 815-40. ASU 2020-06 will be effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2023, for smaller reporting companies, as defined by the SEC. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020, including interim periods within those fiscal years. The Company is evaluating the impact of this ASU
on its consolidated financial statements and disclosures.
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit
Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings (TDRs) accounting
model for creditors that have already adopted Topic 326, which is commonly referred to as the current expected credit loss (CECL) model.
For entities that have adopted Topic 326, the amendments in this Update are effective for fiscal years beginning after December 15, 2022,
including interim periods within those fiscal years. The FASB’s decision to eliminate the TDR accounting model is in response to
feedback that the allowance under CECL already incorporates credit losses from loans modified as TDRs and, consequently, the related accounting
and disclosures – which preparers often find onerous to apply – no longer provide the same level of benefit to users. The
Company is currently evaluating the impact of the new guidance on our consolidated financial statements.
Other accounting standards that have been issued by the FASB or other
standards-setting bodies are not expected to have a material effect on the Company’s financial position, result of operations, or
cash flows.
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v3.23.3
Risks and Concentration
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Concentration [Abstract] |
|
Risks and Concentration |
3. | Risks and Concentration |
Credit and concentration risk
Assets that potentially subject the Group to significant
concentration of credit risk primarily consist of cash and cash equivalents and restricted cash. As of June 30, 2023, substantially all
of the Group’s cash and cash equivalents were deposited in financial institutions located in the PRC, Hong Kong and United States,
which management believes are of high credit quality.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.3
Discontinued Operations
|
6 Months Ended |
Jun. 30, 2023 |
Discontinued Operations [Abstract] |
|
Discontinued operations |
4. | Discontinued operations |
Disposition
of the VIEs and the VIEs’ subsidiaries
On
November 22, 2022, the Group terminated all of its English language training (ELT) business-related VIE contracts for nil consideration
and disposed of its Chinese lottery-related business.
From
November 23, 2022, the Group no longer retained any financial interest over ELT business related VIEs and accordingly deconsolidated
ELT business related VIEs’ financial statements from the Group’s consolidated financial statements. The disposal of ELT business
related VIEs represented a strategic shift and has a major effect on the Group’s result of operations. Accordingly, assets, liabilities,
revenues, expenses and cash flows related to ELT business related VIEs have been reclassified in the consolidated financial statements
as discontinued operations for the years ended December 31, 2020, 2021 and 2022.
In November
22, 2022, the Group calculated a loss resulting from such disposition as follows:
| |
As of
November 22,
2022 | |
| |
RMB’000 | |
Consideration | |
| - | |
| |
| | |
Cash and cash equivalents | |
| 5,376 | |
Contract assets | |
| 3,845 | |
Accounts receivable | |
| 42,716 | |
Other contract costs, Current | |
| 8,221 | |
Prepayments and other current assets | |
| 47,961 | |
Amounts due from related parties | |
| 5,560 | |
Prepaid income tax | |
| 14,243 | |
Restricted cash | |
| 12,100 | |
Other contract costs, non-current | |
| 16,388 | |
Equity method investments | |
| 27,564 | |
Property and equipment, net | |
| 11,051 | |
Intangible assets, net | |
| 11,598 | |
Deferred tax assets | |
| 42,449 | |
Goodwill | |
| 192,962 | |
Right-of-use assets | |
| 43,353 | |
Other non-current assets | |
| 16,050 | |
Accounts payable | |
| (15,019 | ) |
Deferred revenue, current | |
| (130,704 | ) |
Salary and welfare payable | |
| (9,408 | ) |
Financial liabilities from contracts with customers | |
| (267,796 | ) |
Accrued expenses and other payables | |
| (49,525 | ) |
Income taxes payable | |
| (135 | ) |
Current lease liabilities | |
| (17,902 | ) |
Amounts due to related parties | |
| (22,232 | ) |
Deferred revenue, non-current | |
| (30,852 | ) |
Deferred tax liabilities | |
| (858 | ) |
Non-current tax payable | |
| (34,265 | ) |
Lease liabilities | |
| (15,504 | ) |
| |
| | |
Net assets of ELT business related VIEs* | |
| (92,763 | ) |
Non-controlling interest of ELT business related VIEs | |
| 18,035 | |
Less: Net assets of ELT business related VIEs contributable to the Company | |
| (74,728 | ) |
Loss on disposal of ELT business related VIEs | |
| 74,728 | |
The assets and liabilities for discontinued operations
of ELT business related VIEs comprised the following items as of December 31, 2021:
| |
As of
December 31,
2021 | |
| |
RMB’000 | |
Current assets for discontinued operations | |
| - | |
Contract assets | |
| 5,323 | |
Accounts receivable | |
| 44,291 | |
Other contract costs, Current | |
| 32,241 | |
Prepayments and other current assets | |
| 38,600 | |
Amounts due from related parties | |
| 7,265 | |
Prepaid income tax | |
| 14,479 | |
Total | |
| 142,199 | |
| |
| | |
Non-current assets for discontinued operations | |
| | |
Other contract costs, non-current | |
| 11,149 | |
Equity method investments | |
| 24,403 | |
Property and equipment, net | |
| 85,803 | |
Intangible assets, net | |
| 14,675 | |
Deferred tax assets | |
| 25,991 | |
Goodwill | |
| 192,962 | |
Right-of-use assets | |
| 105,551 | |
Other non-current assets | |
| 26,254 | |
Total | |
| 486,788 | |
| |
| | |
Current liabilities for discontinued operations | |
| | |
Accounts payable | |
| 16,164 | |
Bank loans | |
| 6,000 | |
Deferred revenue, current | |
| 213,006 | |
Salary and welfare payable | |
| 27,404 | |
Financial liabilities from contracts with customers | |
| 337,932 | |
Accrued expenses and other payables | |
| 36,575 | |
Income taxes payable | |
| 195 | |
Current lease liabilites | |
| 35,817 | |
Amounts due to related parties | |
| 11,256 | |
Total | |
| 684,349 | |
| |
| | |
Non-current liabilities for discontinued operations | |
| | |
Deferred revenue, non-current | |
| 35,546 | |
Deferred tax liabilities | |
| 4,433 | |
Non current tax payable | |
| 34,137 | |
Lease liabilities | |
| 59,824 | |
Total | |
| 133,940 | |
The condensed cash flows of all the VIEs and their
subsidiaries were as follows for the years ended December 31, 2020, 2021 and 2022:
| |
Years ended December 31, | |
| |
2020 | | |
2021 | | |
2022 | |
| |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
Net cash used in operating activities | |
| (164,268 | ) | |
| (375,922 | ) | |
| (254,847 | ) |
Net cash used in investing activities | |
| (54 | ) | |
| (2,685 | ) | |
| 57,751 | |
Net cash generated/(used in) from financing activities | |
| 91,241 | | |
| 371,637 | | |
| (13,059 | ) |
The operating results included in the Group’s
consolidated statements of comprehensive loss were as follows for the years ended December 31, 2020, 2021 and 2022.
| |
Years ended December 31, | |
| |
2020 | | |
2021 | | |
2022 | |
| |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
Major classes of line items constituting pre-tax profit of discontinued operations | |
| | |
| | |
| |
Revenue | |
| 897,035 | | |
| 728,996 | | |
| 317,844 | |
Cost of sales | |
| (607,077 | ) | |
| (483,701 | ) | |
| (191,735 | ) |
Sales and marketing | |
| (310,433 | ) | |
| (250,850 | ) | |
| (78,839 | ) |
General and administrative | |
| (340,277 | ) | |
| (334,693 | ) | |
| (93,124 | ) |
Research and development expenses | |
| (31,878 | ) | |
| (18,413 | ) | |
| (6,817 | ) |
Other income that are not major | |
| (2,558 | ) | |
| (35,773 | ) | |
| 10,968 | |
Loss, before income tax | |
| (395,188 | ) | |
| (394,434 | ) | |
| (41,703 | ) |
Income tax expense/(benefit) | |
| (5,803 | ) | |
| 20,239 | | |
| (817 | ) |
Loss, net of income tax | |
| (400,991 | ) | |
| (374,195 | ) | |
| (42,520 | ) |
Loss on deconsolidation of the subsidiary, net of income tax | |
| - | | |
| - | | |
| 74,728 | |
Net income/(loss), net of income tax | |
| (400,991 | ) | |
| (374,195 | ) | |
| 32,208 | |
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.3
Accounts Receivables
|
6 Months Ended |
Jun. 30, 2023 |
Accounts Receivables [Abstract] |
|
Accounts receivables |
The following table provides information about
contract assets, accounts receivable, deferred revenue and financial liabilities from contracts with customers.
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | | |
| | |
Accounts receivable | |
| 8,902 | | |
| 5,485 | |
Prepayments and other assets
The prepayments and other assets consist of the following:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Prepayments and other current assets | |
| | |
| |
Prepayment for equipment and related-services | |
| 3,237 | | |
| 1,705 | |
Others | |
| 1,778 | | |
| 1,779 | |
Total | |
| 5,015 | | |
| 3,484 | |
The others mainly include deposits, prepaid consulting service fees
and other sundry receivables.
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.3
Digital Assets
|
6 Months Ended |
Jun. 30, 2023 |
Digital Assets [Abstract] |
|
Digital assets |
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
| US$’000 | | |
| US$’000 | |
| |
| | | |
| | |
BTC | |
| 91 | | |
| 74 | |
| |
| | | |
| | |
Total | |
| 91 | | |
| 74 | |
Additional information about bitcoin:
For the six months ended June 30, 2023,
the Company generated bitcoins primarily through mining services. The following table presents additional information about bitcoins for
the year ended December 31, 2022 and the six months ended June 30, 2023, respectively:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Opening balance | |
| - | | |
| 91 | |
Receipt of bitcoins from mining services | |
| 2,392 | | |
| 1,342 | |
Receipt of bitcoins from hash power rental | |
| 131 | | |
| - | |
Exchange of BTC into USDT | |
| (2,429 | ) | |
| (1,359 | ) |
Impairment of bitcoins | |
| (3 | ) | |
| - | |
Ending balance | |
| 91 | | |
| 74 | |
For the ended June 30, 2023, the Company recognized impairment of Nil,
and for the ended December 31, 2022, the Company recognized impairment of US$ 3 against bitcoins.
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v3.23.3
Equity Method Investments
|
6 Months Ended |
Jun. 30, 2023 |
Equity Method Investments [Abstract] |
|
Equity method investments |
7. | Equity method investments |
In December 2021, the Company had entered into
an agreement with industry experts to establish a joint venture, Met Chain Co Limited under the laws of Hong Kong (the “2021 Joint
Venture”), specializing in the research and development (“R&D”), production, and sales of cryptocurrency mining
equipment. Upon the formation of the 2021 joint venture, the Company held 21% of the equity interests in the 2021 joint venture, with
the option to acquire the equity interests held by the other parties to the Joint Venture Agreement under certain conditions as set forth
in the Joint Venture Agreement. In November 2022, the Company had entered into an equity transfer agreement with each of the four other
equity holders of Met Chain Co Limited to acquire a total of 3.3% of the equity interests in Met Chain Co Limited from the four equity
holders, in consideration for such number of ordinary shares of the Company, par value $0.003 per share, valued at RMB7,120,478. As of
December 31,2022 and June 30, 2023, the company held 24.3% of the equity interests in Met Chain Co Limited.
The Company recognized gain on equity method
investments of $1,000 and $10,000 for the six months ended June 30, 2023 and 2022, respectively.
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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v3.23.3
Property and Equipment, Net
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment, Net [Abstract] |
|
Property and Equipment, net |
8. | Property and equipment, net |
Property and equipment consists of the following:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Cost: | |
| | |
| |
Miners for Bitcoin | |
| 15,219 | | |
| 17,046 | |
Total cost | |
| 15,219 | | |
| 17,046 | |
| |
| | | |
| | |
Less: Accumulated depreciation | |
| 1,816 | | |
| 3,490 | |
| |
| | | |
| | |
Property and equipment, net | |
| 13,403 | | |
| 13,556 | |
Depreciation expense
recognized for the six months ended June 30, 2023 and 2022 was US$1,674 and US$650, respectively.
|
X |
- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Income Tax
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income tax |
Under the current tax laws of Cayman Islands,
the Company is not subject to tax on income, corporation or capital gain, and no withholding tax is imposed upon the payment of dividends
to shareholders.
Under the current tax laws of the BVI, the Company’s
BVI subsidiaries are not subject to any income taxes in the BVI.
Under the current Hong Kong Inland Revenue Ordinance,
the Company’s Hong Kong subsidiaries are subject to Hong Kong profits tax on its taxable income generated from the operations in
Hong Kong. A Two-tiered Profits Tax rates regime was introduced since year 2018 where the first HK$2,000 of assessable profits earned
by a company will be taxed at half the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There
is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive
rates. Payments of dividends by the subsidiaries to the Company are not subject to withholding tax in Hong Kong.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Short Term Loans
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Short term loans |
On October 1, 2022, the Group entered into a loan
agreement with JM Digital., INC., with a maturity date of October 1, 2023. The Group had drawn down USDT $1,000 under the agreement, which
is subject to a fixed interest rate of 12% and an origination fee rate of 2%. The loan was guaranteed by 147 units of Ant Miner (S19 series
machines) that are hosted at Exponential Digital, LLC’s facilities as collateral.
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
Earnings (Loss) Per Share
|
6 Months Ended |
Jun. 30, 2023 |
Earnings (Loss) Per Share [Abstract] |
|
Earnings (Loss) Per Share |
11. | Earnings (Loss) per share |
Basic and diluted net loss per share for each of the periods presented
are calculated as follow:
| |
For the Six Months Ended
June 30, | |
| |
2022 | | |
2023 | |
| |
(in thousands of US$,
except
share data and per share data) | |
Numerator: | |
| | |
| |
Net loss available to shareholders of the Company - basic and diluted | |
| (1,779 | ) | |
| (1,115 | ) |
Denominator | |
| | | |
| | |
Weighted average number of ordinary shares - basic | |
| 682,160 | | |
| 1,229,652 | |
Effect of dilutive securities | |
| - | | |
| - | |
Dilutive effect of non-vested shares | |
| 682,160 | | |
| 1,229,652 | |
Denominator for diluted net (loss)/income per share | |
| | | |
| | |
Net loss - basic | |
| (2.61 | ) | |
| (0.91 | ) |
Net loss - diluted | |
| (2.61 | ) | |
| (0.91 | ) |
|
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- DefinitionThe entire disclosure for earnings per share.
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v3.23.3
Share-Based Compensation
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Compensation [Abstract] |
|
Share-based compensation |
12. | Share-based compensation |
Compensation expense recognized for share-based
awards was as follow:
| |
For the Six Months Ended
June 30, | |
| |
2022 | | |
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | | |
| | |
Share options | |
| 761 | | |
| 138 | |
These options were granted with exercise prices
denominated in US$. The grantees can exercise vested options after the commencement date of exercise and before the end of its contractual
term (i.e., 3 years after the commencement date of exercise).
All share-based payments to employees are measured
based on their grant-date fair values. Compensation expense is recognized using the straight-line method over the requisite service period.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Equity |
Ordinary shares
On September 27, 2019, the Company was authorized
to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holder of the Company’s ordinary shares are entitled
to one vote for each share.
On July 10, 2018, Meten International was incorporated
as limited liability company with authorized share capital of 380,000 Hong Kong dollar (“HK$”) divided into 38,000,000 shares
with par value HK $0.01 each. After the incorporation of Meten International, the Founders and Pre-listing Investors subscribed 47,035
ordinary shares of Meten International at par value of HK $0.01 per share.
In December 2018, Meten International increased
its authorized share capital by creation of 500,000,000 shares with par value of US$0.0001 and issued 318,601,222 ordinary shares of US$0.0001
each, and repurchased the 47,035 existing issued ordinary shares of HK $0.01 par value each and decreased the authorized share capital
by cancellation of all unissued shares of HK$0.01 each. On March 30, 2020, the Company consummated its
acquisition of Meten International and EdtechX, pursuant to the Merger Agreement. A total of 318,601,222 ordinary shares of Meten International
were converted to 48,391,607 ordinary shares of the Company. A total of 1,971,505 ordinary share of EdtechX were converted to the equal
shares of the Company.
Immediately prior to the Business Combination,
Azimut Enterprises Holdings S.r.l. invested $20,000 in EdtechX to purchase 2,000,000 units of EdtechX, which were converted into same
number of units of the Company upon closing of the Business Combination.
In connection with the Business Combination, on
February 28, 2020, March 19, 2020 and March 26, 2020, three unrelated investors agreed to invest US$6,000, US$4,000 and US$6,000, respectively,
to purchase shares of the Company. The two $6,000 financings were completed on March 30, 2020, and the US$4,000 financing was terminated
on April 14, 2020 as the investor failed to pay the purchase price by the agreed deadline.
In connection with the Business Combination, the
Company adopted a new incentive plan to replace the 2018 Plan. The Company rolled over awards granted under the 2013 Plan and 2018 Plan
with the same amount and terms. As a result, options to purchase 3,050,701 of the Company’s ordinary shares were issued and outstanding
on March 30, 2020. Additionally, the Company reserved for issuance pursuant to the plan one percent (1%) of the total issued and outstanding
ordinary shares on the closing date (being 531,005 ordinary shares), and will reserve an additional 1% of then-outstanding shares each
year for a period of four years following the first anniversary of the closing date of the Business Combination.
On January 4, 2021, the Company issued 1,327,514
Ordinary Shares under the Company’s 2020 share incentive plan to Pan Yanqiong, the Chief Marketing Officer of Likshuo.
The Company offered 40,000,000 ordinary shares,
par value US$0.0001 per share, pursuant to the prospectus supplement and the accompanying prospectus, at a purchase price of US$1.00 per
share on May 21, 2021.
On September 1, 2021, the Company offered 22,500,000
ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share.
On November 9, 2021, the Company entered into
a securities purchase agreement with certain investors, to sell an aggregate of 33,333,334 ordinary shares, par value $0.0001 per share,
of the Company, at an offering price of $0.60 per share.
On May 4, 2022, the Company completed a thirty
for one share consolidation (the “2022 Share Consolidation”) of its issued and outstanding ordinary shares, par value $0.003
per share.
On June 29, 2022, the Company approved the proposal
to increase their authorized share capital from US$50,000 divided into 16,666,667 ordinary shares of par value of US$0.003 each to US$1,500,000
divided into 500,000,000 ordinary shares of par value of US$0.003 each.
On August 4, 2022, the Company offered 1,470,475
ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share.
On November 10, 2022, the Company issued 3,532,841
ordinary shares of the Company, par value $0.003 per share, valued at RMB7,120,478, to the four equity holders to acquire 3.3% of the
equity interests in the Joint Venture.
On August 23, 2023, the Company completed a twenty
for one share consolidation (the “2023 Share Consolidation”, together with the 2022 Share Consolidation, the “Share
Consolidations”) of its issued and outstanding ordinary shares, par value $0.06 per share.
As of December 31, 2022 and June 30, 2023, there
were 1,044,009 and 1,301,629 ordinary shares issued and outstanding, respectively. From the legal perspective, the Share Consolidations
applied to the issued shares of the Company on the date of the Share Consolidations and do not have any retroactive effect on the Company’s
shares prior that date. However, for accounting purposes only, references to the Company’s ordinary shares in this report are stated
as having been retroactively adjusted and restated to give effect to the Share Consolidations, as if the Share Consolidations had occurred
by the relevant earlier date.
Warrants
As of December 31, 2020, there were 12,705,000
warrants outstanding. the warrants have been trading on the Nasdaq Market under the symbol “METXW” since May 27, 2020.
On January 8, 2021, the Company successfully completed
a tender offer for its warrants to purchase ordinary shares at a reduced exercise price of $1.40. The offer expired at 11:59 p.m. Eastern
time on January 5, 2021.
The Company raised $6,192,286.80 in gross proceeds
from the cash exercise of 4,423,062 warrants of the Company as part of the tender offer. In addition, 2,629,812 warrants to purchase ordinary
shares of the Company were validly tendered for cashless exercise, resulting in the issuance of 1,364,512 ordinary shares of the Company.
The Company offered its existing loyal warrant
holders the opportunity to exercise their warrants at $1.40 from the initial warrant exercise price at $11.50. Approximately 55.5% of
the Company’s outstanding warrants were exercised in the tender offer.
Net proceeds are anticipated to be approximately
$5,730,000 after deducting information agent fees, placement agent fees and other offering expenses and are expected to primarily be used
for potential acquisitions and working capital and for general corporate purposes.
On February 19, 2021, 336,001 warrants to purchase
ordinary shares were validly tendered for cashless exercise, resulting in the issuance of 336,001 ordinary shares. The exercise price
of the warrants was $2.50 per share.
The Company offered 40,000,000 ordinary shares,
par value US$0.0001 per share, pursuant to the prospectus supplement and the accompanying prospectus, at a purchase price of US$1.00 per
share on May 21, 2021. Since the offering price per share of this offering was $1.00 per share, which was lower than $2.50 per share,
the exercise price for outstanding warrants was reduced to $1.00 upon closing of the offering on May 21, 2021.
On September 1, 2021, the Company offered 22,500,000
ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share. The Company also offered 177,500,000 pre-funded
warrants to purchase 177,500,000 ordinary shares, exercisable at an exercise price of $0.0001 per share (the “Pre-funded Warrants”,
each a “Pre-funded Warrant”), to those purchasers whose purchase of ordinary shares in the offering would otherwise result
in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of
the holder, 9.99%) of the Company’s outstanding ordinary shares immediately following the consummation of the offering. The purchase
price of each Pre-funded Warrant is $0.2999, which equals the price per ordinary share being sold to the public in that offering, minus
$0.0001. The Pre-funded Warrants became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-funded
Warrants are exercised in full.
Upon effectiveness of the Reverse Split, each
outstanding warrant of the Company became exercisable for 1/30 ordinary share of the Company, and the exercise price of Company’s
outstanding warrants was increased to US$9.00, adjusted from $0.30 prior to the Reverse Split and representing the temporarily reduced
price based on the Company’s Tender Offer Statement on Schedule TO, as amended and supplemented, originally filed by the Company
with the U.S. Securities and Exchange Commission on December 7, 2020 (the “Tender Offer”). Based on the terms of the Tender
Offer, following the date on which the closing price of the Company’s ordinary shares has been equal to or greater than $90.00 per
share for at least twenty (20) trading days during the preceding thirty (30) trading day period, the exercise price of the Company’s
outstanding warrants would be increased to US$345.00.
On August 4, 2022, the Company offered 22,899,047
ordinary shares, par value US$0.003 per share, consisting of (a) 1,470,475 ordinary shares issuable upon the exercise of pre-funded warrants
(the “Pre-Funded Warrants”) and (b) 21,428,572 ordinary shares issuable upon the exercise of investor warrants (the “Investor
Warrants”). Each Pre-Funded Warrant is exercisable for $0.001 per ordinary share and may be exercised at any time until all the
Pre-Funded Warrants are exercised in full; and each Investor Warrant has an exercise price of $0.70 per share, is exercisable on or after
August 8, 2022 and will expire on August 9, 2027. As a result of the August 2022 offering,
the exercise price of the Company’s public warrants was reduced to $0.70 per warrant. The exercise price of the Company’s
outstanding warrants will be reset to $345.00 per share on the date following which the closing price of its ordinary shares has been
equal to or greater than $90.00 per share for at least twenty (20) trading days during the preceding thirty (30) trading day period,
and such exercise price will no longer be subject to the “full-ratchet” anti-dilution protection.
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- DefinitionThe entire disclosure for equity.
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v3.23.3
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related party transactions |
14. | Related party transactions |
In addition to the related party information disclosed elsewhere in
the consolidated financial statements, the Group entered into the following material related party transactions.
Name
of party |
|
Relationship |
|
|
|
Mr.
Zhao Jishuang |
|
A director of the Company |
Mr.
Guo Yupeng |
|
A director of the Company |
Mr.
Peng Siguang |
|
CEO and director of the Company |
Met
Chain Co., Limited |
|
An associate company of the Company |
|
(a) | Major transactions with related parties |
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Advances from related parties | |
| | | |
| | |
- Mr. Guo Yupeng | |
| 290 | | |
| - | |
- Mr. Zhao Jishuang | |
| 1,469 | | |
| - | |
- Met Chain Co.,Limited | |
| 2,042 | | |
| - | |
Total | |
| 3,801 | | |
| - | |
| |
| | | |
| | |
Repayment of advances from
related parties | |
| | | |
| | |
- Mr. Zhao Jishuang | |
| 1,485 | | |
| - | |
Total | |
| 1,485 | | |
| - | |
|
(b) | Balances with related parties |
(c) | |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
Amounts due to related parties | |
| | |
| |
Current | |
| | | |
| | |
- Mr. Guo Yupeng | |
| 290 | | |
| 290 | |
- Mr. Zhao Jishuang | |
| 4,407 | | |
| 4,407 | |
- Met Chain Co.,Limited | |
| 2,042 | | |
| 2,042 | |
Total | |
| 6,739 | | |
| 6,739 | |
| (i) | Advances from/to these related parties are unsecured, interest free and repayable on demand. |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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- DefinitionThe entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.
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v3.23.3
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent events |
Purchase of 200 Units of Antminer S19j Pro
Bitcoin Mining Machines
On July 14,2023, the Company has entered into
an asset purchase agreement with two unaffiliated third parties to acquire 200 units of Antminer S19j Pro (110 TH/s), Bitcoin mining machines,
and has agreed to issue to the sellers 227,456 ordinary shares of the Company valued at $880,000.
Entry into Share Subscription Agreements
On August 7, 2023 the Company announced that it
has entered into subscription agreements with two foreign investors, including an institutional investor, Future Satoshi Ltd, and an individual
investor, for the issue and sale of 200,000 ordinary shares of the Company, par value US$0.06 per share, for total gross proceeds of $1,000,000,
or US$5.0 per share.
Name Change to BTC Digital Ltd.
On August 11, 2023, the Company changed its name
to “BTC Digital Ltd.”.
Share Consolidation
On August 23, 2023, the Company announced a 1-for-20
share consolidation of its ordinary shares, which began to trade on Nasdaq on August 24, 2023 on a split adjusted basis. The authorized
share capital of the company is now US$1,500,000 divided into 25,000,000 ordinary shares of a nominal or par value of US$0.06 each. As
of August 23, 2023 and immediately prior to the effective date, there were 35,312,478 ordinary shares outstanding. As a result of the
Share Consolidation, there are 1,822,426 ordinary shares outstanding.
Purchase of 220 Units of Antminer S19j Pro
Bitcoin Mining Machines
On November 3, 2023, the Company announced that
it has entered into an asset purchase agreement with two unaffiliated third parties to acquire 220 units of Antminer S19j Pro (110 TH/s)
Bitcoin mining machines, and has issued to the sellers 276,572 ordinary shares of the Company valued at $968,800.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of estimates |
The preparation of the Company’s consolidated
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items
subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting
in multiple elements arrangements, estimate of breakage, the fair value of identifiable assets acquired, liabilities assumed and non-controlling
interests in business combinations, the useful lives of long-lived assets including intangible assets, the fair value of the reporting
unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other receivables, the realization of deferred
tax assets, the fair value of share-based compensation awards, lease liabilities, right-of-use assets and the recoverability of long-lived
assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such,
differences may be material to the consolidated financial statements.
|
Functional currency |
The Company use United States dollar (“US$”)
as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of the PRC is United States
dollar (“US$”).
|
Convenience translation |
(c) | Convenience translation |
Translations of balances in the consolidated balance
sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for
the six months ended June 30, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.2513,
representing the index rates stipulated by the Federal Reserve Bank of New York on June 30, 2023. No representation is made that the RMB
amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2023, or at any other rate. The
US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated
financial statements are unaudited.
|
Cash and cash equivalents |
(d) | Cash and cash equivalents |
Cash and cash equivalents represent cash on hand
and time deposits, which have original maturities of three months or less when purchased and which are unrestricted as to withdrawal and
use. In addition, highly liquid investments which have original maturities of three months or less when purchased are classified as cash
equivalents.
|
Accounts receivable |
Accounts receivable are presented net of allowance
for doubtful accounts. The Company uses specific identification in providing for bad debts when facts and circumstances indicate that
collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its franchisee were to deteriorate,
resulting in an impairment of their ability to make payments, additional allowance may be required. The Group maintains an allowance for doubtful
accounts for estimated losses resulting from the inability of its customers to make required payments. In establishing the required allowance,
management considers historical losses adjusted to take into account current market conditions and customers’ financial condition,
the amount of receivables in dispute, and the current receivables aging and current payment patterns. Accounts receivable are charged
off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
|
Digital assets |
Digital asset (including bitcoin) is included
in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded
to the Company through its mining activities are accounted for in connection with the Company’s revenue recognition policy disclosed
below. Digital assets held are accounted for as intangible
assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually,
or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived
asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the
digital assets at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a
qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more
likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is
required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost
basis of the asset. Subsequent reversal of impairment losses is not permitted. Purchases of digital assets by the Company, if
any, will be included within investing activities in the accompanying consolidated statements of cash flows, while digital assets awarded
to the Company through its mining activities are included within operating activities on the accompanying consolidated statements of cash
flows. The sales of digital assets are included within investing activities in the accompanying consolidated statements of cash flows
and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the
consolidated statements of operations and comprehensive income (loss). The Company accounts for its gains or losses in accordance with
the first-in first-out method of accounting.
|
Equity method investments |
(g) | Equity method investments |
Investee companies over which the Group has the
ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance
common shares, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an
ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s
board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method
of accounting is appropriate. Under the equity method, the Group initially records
its investment at cost and subsequently recognizes the Group’s proportionate share of each equity investee’s net income or
loss after the date of investment into earnings and accordingly adjusts the carrying amount of the investment. The Group reviews its equity
method investments for impairment whenever an event or circumstance indicates that an other-than-temporary impairment has occurred. The
Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An
impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be
other-than-temporary.
|
Property and equipment, net |
(h) | Property and equipment, net |
Property and equipment are stated at cost less
accumulated depreciation and any recorded impairment. Gains or losses arising from the disposal of an
item of property and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item
and are recognized in profit or loss on the date of disposal. The estimated useful lives are presented below. Depreciation on property and equipment is calculated
on the straight-line method over the estimated useful lives of the assets. The Group capitalizes costs associated with the
acquisition of major software for internal use in other assets in the consolidated balance sheets and amortizes the assets over the expected
life of the software, generally between five and ten years.
|
Impairment of long-lived assets |
(i) | Impairment of long-lived assets |
Long-lived assets, such as property and equipment,
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
If circumstances require a long-lived asset or asset group be tested for possible impairment, the Group first compares undiscounted cash
flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or
asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount
exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market
values and third-party independent appraisals, as considered necessary. No impairment losses were recorded for the six months ended June
30, 2022 and 2023.
|
Loans |
Loans comprise short-term loans and long term
loans. Loans are recognized initially at fair value, net of transaction costs incurred. Loans are subsequently stated at amortized cost;
any difference between the proceeds net of transaction costs and the redemption value is recognized in profit or loss over the period
of the borrowings using the effective interest method.
|
Accounts payable |
Accounts payable represent liabilities for goods
provided to the Company prior to the end of the financial year which are unpaid. They are classified as current liabilities if payment
is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current
liabilities. Accounts payable are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest
method.
|
Revenue recognition |
The Company adopted ASC 606, “Revenue from
Contracts with Customers” for all periods presented. Consistent with the criteria of ASC 606, the Company follows five steps for
its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii)
determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize
revenue when (or as) the entity satisfies a performance obligation. The primary sources of the Group’s revenue is
as follows: The Company has
entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining
pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when
the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to
a fractional share of the fixed digital assets award the mining pool operator receives, for successfully adding a block to the blockchain.
The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator
to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing
power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of such
computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration
the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially
different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is
all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained
until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation
of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the
digital assets award received is determined using the quoted price of the related digital assets at the time of receipt. There is currently
no specific definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue
or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative
guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s
consolidated financial position and results from operations.
|
Income taxes |
Income taxes are accounted for under the asset
and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary
differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well
as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect
on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive
income in the period the change in tax rates or tax laws is enacted. The Group reduces the carrying amounts of deferred
tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such
assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting
period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters,
the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward
periods, and the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring. The Group recognizes in its financial statements
the impact of a tax position if that position is “more-likely-than-not” to prevail based on the facts and technical
merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured
at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Changes in recognition
or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties recognized related to unrecognized
tax benefits are classified as income tax expense in the consolidated statements of comprehensive income.
|
Share based compensation |
(n) | Share based compensation |
Share-based awards granted to the employees in
the form of share options are subject to service and non-market performance conditions. They are measured at the grant date fair value
of the awards. The compensation expense in connection with the shares awarded to employees is recognized using the straight-line method
over the requisite service period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual
forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value of the shares awarded
to employees, the discounted cash flow pricing model has been applied. Estimation of the fair value involves significant
assumptions that might not be observable in the market, and a number of complex and subjective variables, including the expected share
price volatility (approximated by the volatility of comparable companies), discount rate, risk-free interest rate and subjective judgments
regarding the Company’s projected financial and operating results, its unique business risks and its operating history and prospects
at the time the grants are made.
|
Statutory reserve |
In accordance with the Company Laws of the PRC,
the former VIEs registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP
to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory
surplus fund must be at least 10% of the after-tax profits as determined in accordance with the legal requirements in the PRC. Appropriation
is not required if the surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary
surplus fund is made at the discretion of the respective company. The use of the statutory reserves are restricted
to the off-setting of losses or increasing capital of the respective company. All these reserves are not allowed to be transferred to
their investors in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.
|
Contingencies |
In the normal course of business, the Group is
subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including,
among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized
when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss
contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability,
together with an estimate of the range of possible loss if determinable and material, is disclosed.
|
Fair value measurements |
(ac) | Fair value measurements |
The Group applies ASC 820, Fair Value measurements
and Disclosures, for fair value measurements financial assets and financial liabilities and for fair value measurements of non-financial
items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines
fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to
be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions
that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value
and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy that
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC
820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
| ● | Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date. |
| ● | Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
| ● | Level 3 inputs are unobservable inputs for the
asset or liability. |
The level in the fair value hierarchy within which
a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in
its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair
value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset
or liability. Those judgments are developed by management based on the best information available in the circumstances. The carrying amounts of cash and cash equivalents,
accounts receivable, amounts due from related parties, accounts payable, amounts due to related parties, income taxes payable, accrued
expenses and other payables as of December 31, 2022 and June 30, 2023 approximate their fair values because of short maturity of these
instruments.
|
Net income/(loss) per share |
(ad) | Net income/(loss) per share |
Basic net income/(loss) per share is computed
by dividing net income/(loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding
during the year. Diluted net income/(loss) per share reflects the potential dilution that could occur if securities or other contracts
to issue ordinary shares were exercised into ordinary shares. Ordinary share equivalents are excluded from the computation of the diluted
net income/(loss) per share in years when their effect would be anti-dilutive. The Group has non-vested shares which could potentially
dilute basic income/(loss) per share in the future. To calculate the number of shares for diluted net income/(loss) per share, the effect
of the non-vested shares is computed using the treasury stock method.
|
Recently issued accounting pronouncements |
(ae) | Recently issued accounting pronouncements |
The Company considers the applicability
and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are
issued and has evaluated all other pronouncements. In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion
and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for
Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). The amendments in ASU 2020-06 simplify the accounting
for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives
scope exception for contracts in an entity’s own equity, and simplify the related diluted net income per share calculation for Subtopic
470-20 and Subtopic 815-40. ASU 2020-06 will be effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2023, for smaller reporting companies, as defined by the SEC. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020, including interim periods within those fiscal years. The Company is evaluating the impact of this ASU
on its consolidated financial statements and disclosures. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit
Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings (TDRs) accounting
model for creditors that have already adopted Topic 326, which is commonly referred to as the current expected credit loss (CECL) model.
For entities that have adopted Topic 326, the amendments in this Update are effective for fiscal years beginning after December 15, 2022,
including interim periods within those fiscal years. The FASB’s decision to eliminate the TDR accounting model is in response to
feedback that the allowance under CECL already incorporates credit losses from loans modified as TDRs and, consequently, the related accounting
and disclosures – which preparers often find onerous to apply – no longer provide the same level of benefit to users. The
Company is currently evaluating the impact of the new guidance on our consolidated financial statements. Other accounting standards that have been issued by the FASB or other
standards-setting bodies are not expected to have a material effect on the Company’s financial position, result of operations, or
cash flows.
|
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v3.23.3
Organization and Principal Activities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Company's Subsidiaries |
As of June 30, 2023, the details of the Company’s
subsidiaries were as follows:
Entity | |
Date of incorporation | |
Place of incorporation | |
Percentage of direct or
indirect
economic
ownership | | |
Principal activities |
Major subsidiaries: | |
| |
| |
| | | |
|
Meten International Education
Group | |
July 10, 2018 | |
Cayman Islands | |
| 100% | | |
Investment holding |
Meten Education Investment Limited (“Meten
BVI”) | |
July 18, 2018 | |
British Virgin Islands (“BVI”) | |
| 100% | | |
Investment holding |
Likeshuo Education Investment Limited (“Likeshuo
BVI”) | |
July 18, 2018 | |
BVI | |
| 100% | | |
Investment holding |
Meten Education (Hong Kong) Limited (“Meten
HK”) | |
August 22, 2018 | |
Hong Kong | |
| 100% | | |
Investment holding |
Likeshuo Education (Hong Kong) Limited (“Likeshuo
HK”) | |
August 22, 2018 | |
Hong Kong | |
| 100% | | |
Investment holding |
Meta Path investing holding company | |
December 3, 2021 | |
Cayman Islands | |
| 100% | | |
Investment holding |
Met Chain investing holding company Ltd | |
January 5, 2022 | |
BVI | |
| 100% | | |
Investment holding |
METEN BLOCK CHAIN LLC | |
March 8, 2022 | |
United States | |
| 100% | | |
Investment holding |
|
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v3.23.3
Discontinued Operations (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Discontinued Operations [Abstract] |
|
Schedule of Loss Resulting from Disposition |
In November
22, 2022, the Group calculated a loss resulting from such disposition as follows:
| |
As of
November 22,
2022 | |
| |
RMB’000 | |
Consideration | |
| - | |
| |
| | |
Cash and cash equivalents | |
| 5,376 | |
Contract assets | |
| 3,845 | |
Accounts receivable | |
| 42,716 | |
Other contract costs, Current | |
| 8,221 | |
Prepayments and other current assets | |
| 47,961 | |
Amounts due from related parties | |
| 5,560 | |
Prepaid income tax | |
| 14,243 | |
Restricted cash | |
| 12,100 | |
Other contract costs, non-current | |
| 16,388 | |
Equity method investments | |
| 27,564 | |
Property and equipment, net | |
| 11,051 | |
Intangible assets, net | |
| 11,598 | |
Deferred tax assets | |
| 42,449 | |
Goodwill | |
| 192,962 | |
Right-of-use assets | |
| 43,353 | |
Other non-current assets | |
| 16,050 | |
Accounts payable | |
| (15,019 | ) |
Deferred revenue, current | |
| (130,704 | ) |
Salary and welfare payable | |
| (9,408 | ) |
Financial liabilities from contracts with customers | |
| (267,796 | ) |
Accrued expenses and other payables | |
| (49,525 | ) |
Income taxes payable | |
| (135 | ) |
Current lease liabilities | |
| (17,902 | ) |
Amounts due to related parties | |
| (22,232 | ) |
Deferred revenue, non-current | |
| (30,852 | ) |
Deferred tax liabilities | |
| (858 | ) |
Non-current tax payable | |
| (34,265 | ) |
Lease liabilities | |
| (15,504 | ) |
| |
| | |
Net assets of ELT business related VIEs* | |
| (92,763 | ) |
Non-controlling interest of ELT business related VIEs | |
| 18,035 | |
Less: Net assets of ELT business related VIEs contributable to the Company | |
| (74,728 | ) |
Loss on disposal of ELT business related VIEs | |
| 74,728 | |
The assets and liabilities for discontinued operations
of ELT business related VIEs comprised the following items as of December 31, 2021:
| |
As of
December 31,
2021 | |
| |
RMB’000 | |
Current assets for discontinued operations | |
| - | |
Contract assets | |
| 5,323 | |
Accounts receivable | |
| 44,291 | |
Other contract costs, Current | |
| 32,241 | |
Prepayments and other current assets | |
| 38,600 | |
Amounts due from related parties | |
| 7,265 | |
Prepaid income tax | |
| 14,479 | |
Total | |
| 142,199 | |
| |
| | |
Non-current assets for discontinued operations | |
| | |
Other contract costs, non-current | |
| 11,149 | |
Equity method investments | |
| 24,403 | |
Property and equipment, net | |
| 85,803 | |
Intangible assets, net | |
| 14,675 | |
Deferred tax assets | |
| 25,991 | |
Goodwill | |
| 192,962 | |
Right-of-use assets | |
| 105,551 | |
Other non-current assets | |
| 26,254 | |
Total | |
| 486,788 | |
| |
| | |
Current liabilities for discontinued operations | |
| | |
Accounts payable | |
| 16,164 | |
Bank loans | |
| 6,000 | |
Deferred revenue, current | |
| 213,006 | |
Salary and welfare payable | |
| 27,404 | |
Financial liabilities from contracts with customers | |
| 337,932 | |
Accrued expenses and other payables | |
| 36,575 | |
Income taxes payable | |
| 195 | |
Current lease liabilites | |
| 35,817 | |
Amounts due to related parties | |
| 11,256 | |
Total | |
| 684,349 | |
| |
| | |
Non-current liabilities for discontinued operations | |
| | |
Deferred revenue, non-current | |
| 35,546 | |
Deferred tax liabilities | |
| 4,433 | |
Non current tax payable | |
| 34,137 | |
Lease liabilities | |
| 59,824 | |
Total | |
| 133,940 | |
|
Schedule of Condensed Cash Flows |
The condensed cash flows of all the VIEs and their
subsidiaries were as follows for the years ended December 31, 2020, 2021 and 2022:
| |
Years ended December 31, | |
| |
2020 | | |
2021 | | |
2022 | |
| |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
Net cash used in operating activities | |
| (164,268 | ) | |
| (375,922 | ) | |
| (254,847 | ) |
Net cash used in investing activities | |
| (54 | ) | |
| (2,685 | ) | |
| 57,751 | |
Net cash generated/(used in) from financing activities | |
| 91,241 | | |
| 371,637 | | |
| (13,059 | ) |
|
Schedule of consolidated statements of comprehensive loss |
The operating results included in the Group’s
consolidated statements of comprehensive loss were as follows for the years ended December 31, 2020, 2021 and 2022.
| |
Years ended December 31, | |
| |
2020 | | |
2021 | | |
2022 | |
| |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
Major classes of line items constituting pre-tax profit of discontinued operations | |
| | |
| | |
| |
Revenue | |
| 897,035 | | |
| 728,996 | | |
| 317,844 | |
Cost of sales | |
| (607,077 | ) | |
| (483,701 | ) | |
| (191,735 | ) |
Sales and marketing | |
| (310,433 | ) | |
| (250,850 | ) | |
| (78,839 | ) |
General and administrative | |
| (340,277 | ) | |
| (334,693 | ) | |
| (93,124 | ) |
Research and development expenses | |
| (31,878 | ) | |
| (18,413 | ) | |
| (6,817 | ) |
Other income that are not major | |
| (2,558 | ) | |
| (35,773 | ) | |
| 10,968 | |
Loss, before income tax | |
| (395,188 | ) | |
| (394,434 | ) | |
| (41,703 | ) |
Income tax expense/(benefit) | |
| (5,803 | ) | |
| 20,239 | | |
| (817 | ) |
Loss, net of income tax | |
| (400,991 | ) | |
| (374,195 | ) | |
| (42,520 | ) |
Loss on deconsolidation of the subsidiary, net of income tax | |
| - | | |
| - | | |
| 74,728 | |
Net income/(loss), net of income tax | |
| (400,991 | ) | |
| (374,195 | ) | |
| 32,208 | |
|
X |
- DefinitionTabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations.
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v3.23.3
Accounts Receivables (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounts Receivables [Abstract] |
|
Schedule of Accounts Receivable |
The following table provides information about
contract assets, accounts receivable, deferred revenue and financial liabilities from contracts with customers.
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | | |
| | |
Accounts receivable | |
| 8,902 | | |
| 5,485 | |
|
Schedule of Prepayments and Other Assets |
The prepayments and other assets consist of the following:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Prepayments and other current assets | |
| | |
| |
Prepayment for equipment and related-services | |
| 3,237 | | |
| 1,705 | |
Others | |
| 1,778 | | |
| 1,779 | |
Total | |
| 5,015 | | |
| 3,484 | |
|
X |
- DefinitionTabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.
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v3.23.3
Digital Assets (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Digital Assets [Abstract] |
|
Schedule of Digital Assets |
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
| US$’000 | | |
| US$’000 | |
| |
| | | |
| | |
BTC | |
| 91 | | |
| 74 | |
| |
| | | |
| | |
Total | |
| 91 | | |
| 74 | |
|
Schedule of Company Generated Bitcoins Primarily through Mining Services |
The following table presents additional information about bitcoins for
the year ended December 31, 2022 and the six months ended June 30, 2023, respectively:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Opening balance | |
| - | | |
| 91 | |
Receipt of bitcoins from mining services | |
| 2,392 | | |
| 1,342 | |
Receipt of bitcoins from hash power rental | |
| 131 | | |
| - | |
Exchange of BTC into USDT | |
| (2,429 | ) | |
| (1,359 | ) |
Impairment of bitcoins | |
| (3 | ) | |
| - | |
Ending balance | |
| 91 | | |
| 74 | |
|
X |
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v3.23.3
Property and Equipment, Net (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment, Net [Abstract] |
|
Schedule of Property and Equipment |
Property and equipment consists of the following:
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Cost: | |
| | |
| |
Miners for Bitcoin | |
| 15,219 | | |
| 17,046 | |
Total cost | |
| 15,219 | | |
| 17,046 | |
| |
| | | |
| | |
Less: Accumulated depreciation | |
| 1,816 | | |
| 3,490 | |
| |
| | | |
| | |
Property and equipment, net | |
| 13,403 | | |
| 13,556 | |
|
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v3.23.3
Earnings (Loss) Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings (Loss) Per Share [Abstract] |
|
Schedule of Basic and Diluted Net Loss Per Share |
Basic and diluted net loss per share for each of the periods presented
are calculated as follow:
| |
For the Six Months Ended
June 30, | |
| |
2022 | | |
2023 | |
| |
(in thousands of US$,
except
share data and per share data) | |
Numerator: | |
| | |
| |
Net loss available to shareholders of the Company - basic and diluted | |
| (1,779 | ) | |
| (1,115 | ) |
Denominator | |
| | | |
| | |
Weighted average number of ordinary shares - basic | |
| 682,160 | | |
| 1,229,652 | |
Effect of dilutive securities | |
| - | | |
| - | |
Dilutive effect of non-vested shares | |
| 682,160 | | |
| 1,229,652 | |
Denominator for diluted net (loss)/income per share | |
| | | |
| | |
Net loss - basic | |
| (2.61 | ) | |
| (0.91 | ) |
Net loss - diluted | |
| (2.61 | ) | |
| (0.91 | ) |
|
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v3.23.3
Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Material Related Party Transactions |
In addition to the related party information disclosed elsewhere in
the consolidated financial statements, the Group entered into the following material related party transactions.
Name
of party |
|
Relationship |
|
|
|
Mr.
Zhao Jishuang |
|
A director of the Company |
Mr.
Guo Yupeng |
|
A director of the Company |
Mr.
Peng Siguang |
|
CEO and director of the Company |
Met
Chain Co., Limited |
|
An associate company of the Company |
|
Schedule of Major Transactions with Related Parties |
Major transactions with related parties
| |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
| |
| | |
| |
Advances from related parties | |
| | | |
| | |
- Mr. Guo Yupeng | |
| 290 | | |
| - | |
- Mr. Zhao Jishuang | |
| 1,469 | | |
| - | |
- Met Chain Co.,Limited | |
| 2,042 | | |
| - | |
Total | |
| 3,801 | | |
| - | |
| |
| | | |
| | |
Repayment of advances from
related parties | |
| | | |
| | |
- Mr. Zhao Jishuang | |
| 1,485 | | |
| - | |
Total | |
| 1,485 | | |
| - | |
|
Schedule of Balances with Related Parties |
Balances with related parties
(c) | |
December 31,
2022 | | |
June 30,
2023 | |
| |
US$’000 | | |
US$’000 | |
Amounts due to related parties | |
| | |
| |
Current | |
| | | |
| | |
- Mr. Guo Yupeng | |
| 290 | | |
| 290 | |
- Mr. Zhao Jishuang | |
| 4,407 | | |
| 4,407 | |
- Met Chain Co.,Limited | |
| 2,042 | | |
| 2,042 | |
Total | |
| 6,739 | | |
| 6,739 | |
|
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v3.23.3
Organization and Principal Activities (Details) $ / shares in Units, ¥ in Thousands |
|
6 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
Dec. 18, 2017
CNY (¥)
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
CNY (¥)
shares
|
Aug. 23, 2023
$ / shares
|
Dec. 31, 2022
$ / shares
shares
|
Aug. 31, 2022
$ / shares
|
Apr. 14, 2020
USD ($)
|
Mar. 30, 2020
USD ($)
|
Mar. 26, 2020
USD ($)
|
Mar. 19, 2020
USD ($)
|
Feb. 28, 2020
USD ($)
|
Sep. 27, 2019
$ / shares
|
Dec. 31, 2018
$ / shares
|
Jul. 10, 2018
$ / shares
|
Organization and Principal Activities [Line items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Odinary shares authorized (in Shares) | shares |
|
25,000,000
|
|
|
25,000,000
|
|
|
|
|
|
|
|
|
|
Ordinary shares, par value (in Dollars per share) | $ / shares |
|
$ 0.06
|
|
$ 0.06
|
$ 0.06
|
|
|
|
|
|
|
|
|
|
Purchase price (in Dollars per share) | (per share) |
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
$ 0.01
|
Business transaction description |
|
The transaction is not a business combination
because EdtechX was not a business. The transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance
of shares by Meten International for the net monetary assets of EdtechX, accompanied by a recapitalization. Meten International is determined
as the predecessor and the historical financial statements of Meten International became the Company’s historical financial statements,
with retrospective adjustments to give effect of the reverse recapitalization. The equity is restated using the exchange ratio of 0.1519
established in the reverse recapitalization transaction, which is 48,391,607 divided by 318,601,222, to reflect the equity structure
of the Company. Loss (income) per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding
multiplied by the exchange ratio. The share and per share data is retrospectively restated using the exchange ratio in the share-based
compensation footnote, see Note 12.
|
The transaction is not a business combination
because EdtechX was not a business. The transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance
of shares by Meten International for the net monetary assets of EdtechX, accompanied by a recapitalization. Meten International is determined
as the predecessor and the historical financial statements of Meten International became the Company’s historical financial statements,
with retrospective adjustments to give effect of the reverse recapitalization. The equity is restated using the exchange ratio of 0.1519
established in the reverse recapitalization transaction, which is 48,391,607 divided by 318,601,222, to reflect the equity structure
of the Company. Loss (income) per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding
multiplied by the exchange ratio. The share and per share data is retrospectively restated using the exchange ratio in the share-based
compensation footnote, see Note 12.
|
|
|
|
|
|
|
|
|
|
|
|
Unrelated investors | $ |
|
|
|
|
|
|
|
$ 12,000
|
$ 6,000
|
$ 4,000
|
$ 6,000
|
|
|
|
Investor failed | $ |
|
|
|
|
|
|
$ 4,000
|
|
|
|
|
|
|
|
Stock limited liability (in Shares) | shares |
30,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock of issued (in Yuan Renminbi) | ¥ |
¥ 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash distribution (in Yuan Renminbi) | ¥ |
|
|
¥ 148,270
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization and Principal Activities [Line items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, par value (in Dollars per share) | $ / shares |
|
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price (in Dollars per share) | $ / shares |
|
|
|
|
|
$ 90
|
|
|
|
|
|
|
$ 0.0001
|
|
Ordinary Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization and Principal Activities [Line items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Odinary shares authorized (in Shares) | shares |
|
25,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization and Principal Activities [Line items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.1000
|
|
|
Meten International [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization and Principal Activities [Line items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger agreement, description |
|
the Company consummated its
acquisition of Meten International and EdtechX, pursuant to the Merger Agreement, where the Company acquired 100% of the issued and outstanding
ordinary shares of Meten International and EdtechX, i.e., 318,601,222 ordinary shares of Meten International and 1,971,505 ordinary shares
of EdtechX for 1,613,054 and 65,717 ordinary shares of the Company, respectively (the “SPAC Transaction”).
|
the Company consummated its
acquisition of Meten International and EdtechX, pursuant to the Merger Agreement, where the Company acquired 100% of the issued and outstanding
ordinary shares of Meten International and EdtechX, i.e., 318,601,222 ordinary shares of Meten International and 1,971,505 ordinary shares
of EdtechX for 1,613,054 and 65,717 ordinary shares of the Company, respectively (the “SPAC Transaction”).
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Guo Yupeng [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization and Principal Activities [Line items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer of ordinary shares, description |
|
On the same day, the one ordinary share owned by Richard Fear was transferred to Guo Yupeng.
|
On the same day, the one ordinary share owned by Richard Fear was transferred to Guo Yupeng.
|
|
|
|
|
|
|
|
|
|
|
|
Azimut Enterprises Holdings S.r.l. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization and Principal Activities [Line items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger transaction investment | $ |
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchase (in Shares) | shares |
|
2,000,000
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
Discontinued Operations (Details) - Schedule of Loss Resulting from Disposition ¥ in Thousands, $ in Thousands |
6 Months Ended |
11 Months Ended |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Nov. 22, 2022
CNY (¥)
|
Dec. 31, 2021
CNY (¥)
|
Discontinued Operations (Details) - Schedule of Loss Resulting from Disposition [Line Items] |
|
|
|
|
Consideration |
|
|
|
|
Cash and cash equivalents |
|
|
5,376
|
|
Contract assets |
|
|
3,845
|
|
Accounts receivable |
|
|
42,716
|
|
Other contract costs, Current |
|
|
8,221
|
|
Prepayments and other current assets |
|
|
47,961
|
|
Amounts due from related parties |
|
|
5,560
|
|
Prepaid income tax |
|
|
14,243
|
|
Restricted cash |
|
|
12,100
|
|
Other contract costs, non-current |
|
|
16,388
|
|
Equity method investments |
|
|
27,564
|
|
Property and equipment, net |
|
|
11,051
|
|
Intangible assets, net |
|
|
11,598
|
|
Deferred tax assets |
|
|
42,449
|
|
Goodwill |
|
|
192,962
|
|
Right-of-use assets |
|
|
43,353
|
|
Other non-current assets |
|
|
16,050
|
|
Accounts payable |
|
|
(15,019)
|
|
Deferred revenue, current |
|
|
(130,704)
|
|
Salary and welfare payable |
|
|
(9,408)
|
|
Financial liabilities from contracts with customers |
|
|
(267,796)
|
|
Accrued expenses and other payables |
|
|
(49,525)
|
|
Income taxes payable |
|
|
(135)
|
|
Current lease liabilities |
|
|
(17,902)
|
|
Amounts due to related parties |
|
|
(22,232)
|
|
Deferred revenue, non-current |
|
|
(30,852)
|
|
Deferred tax liabilities |
|
|
(858)
|
|
Non-current tax payable |
|
|
(34,265)
|
|
Lease liabilities |
|
|
(15,504)
|
|
Net assets of ELT business related VIEs* |
|
|
(92,763)
|
|
Non-controlling interest of ELT business related VIEs |
|
$ 789
|
18,035
|
|
Less: Net assets of ELT business related VIEs contributable to the Company |
|
|
(74,728)
|
|
Gain on disposal of ELT business related VIEs |
|
|
¥ 74,728
|
|
Discontinued Operations [Member] |
|
|
|
|
Discontinued Operations (Details) - Schedule of Loss Resulting from Disposition [Line Items] |
|
|
|
|
Contract assets |
|
|
|
¥ 5,323
|
Accounts receivable |
|
|
|
44,291
|
Other contract costs, Current |
|
|
|
32,241
|
Prepayments and other current assets |
|
|
|
38,600
|
Amounts due from related parties |
|
|
|
7,265
|
Prepaid income tax |
|
|
|
14,479
|
Current assets for discontinued operations, Total |
|
|
|
142,199
|
Other contract costs, non-current |
|
|
|
11,149
|
Equity method investments |
|
|
|
24,403
|
Property and equipment, net |
|
|
|
85,803
|
Intangible assets, net |
|
|
|
14,675
|
Deferred tax assets |
|
|
|
25,991
|
Goodwill |
|
|
|
192,962
|
Right-of-use assets |
|
|
|
105,551
|
Other non-current assets |
|
|
|
26,254
|
Non-current assets for discontinued operations, Total |
|
|
|
486,788
|
Accounts payable |
|
|
|
16,164
|
Bank loans |
|
|
|
6,000
|
Deferred revenue, current |
|
|
|
213,006
|
Salary and welfare payable |
|
|
|
27,404
|
Financial liabilities from contracts with customers |
|
|
|
337,932
|
Accrued expenses and other payables |
|
|
|
36,575
|
Income taxes payable |
|
|
|
195
|
Current lease liabilites |
|
|
|
35,817
|
Amounts due to related parties |
|
|
|
11,256
|
Current liabilities for discontinued operations, Total |
|
|
|
684,349
|
Deferred revenue, non-current |
|
|
|
35,546
|
Deferred tax liabilities |
|
|
|
4,433
|
Non current tax payable |
|
|
|
34,137
|
Lease liabilities |
|
|
|
59,824
|
Non-current liabilities for discontinued operations, Total |
|
|
|
¥ 133,940
|
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v3.23.3
Discontinued Operations (Details) - Schedule of Condensed Cash Flows - VIEs [Member] - CNY (¥) ¥ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Condensed Cash Flow Statements, Captions [Line Items] |
|
|
|
Net cash used in operating activities |
¥ (254,847)
|
¥ (375,922)
|
¥ (164,268)
|
Net cash used in investing activities |
57,751
|
(2,685)
|
(54)
|
Net cash generated/(used in) from financing activities |
¥ (13,059)
|
¥ 371,637
|
¥ 91,241
|
X |
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v3.23.3
Discontinued Operations (Details) - Schedule of Consolidated Statements of comprehensive loss - Business Combinations [Member] - CNY (¥) ¥ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Major classes of line items constituting pre-tax profit of discontinued operations |
|
|
|
Revenue |
¥ 317,844
|
¥ 728,996
|
¥ 897,035
|
Cost of sales |
(191,735)
|
(483,701)
|
(607,077)
|
Sales and marketing |
(78,839)
|
(250,850)
|
(310,433)
|
General and administrative |
(93,124)
|
(334,693)
|
(340,277)
|
Research and development expenses |
(6,817)
|
(18,413)
|
(31,878)
|
Other income that are not major |
10,968
|
(35,773)
|
(2,558)
|
Loss , before income tax |
(41,703)
|
(394,434)
|
(395,188)
|
Income tax expense/(benefit) |
(817)
|
20,239
|
(5,803)
|
Loss , net of income tax |
(42,520)
|
(374,195)
|
(400,991)
|
Loss on deconsolidation of the subsidiary, net of income tax |
74,728
|
|
|
Net income/(loss) , net of income tax |
¥ 32,208
|
¥ (374,195)
|
¥ (400,991)
|
X |
- DefinitionAmount after tax of income (loss) from a disposal group, which is allocated to the operations of the closed block.
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v3.23.3
Equity Method Investments (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands |
1 Months Ended |
6 Months Ended |
|
|
|
Nov. 30, 2022
$ / shares
|
Nov. 30, 2022
CNY (¥)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022 |
Oct. 01, 2022 |
Dec. 31, 2021 |
Equity Method Investments (Details) [Line Items] |
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
24.30%
|
12.00%
|
21.00%
|
Ordinary per share (in Dollars per share) | $ / shares |
$ 0.003
|
|
|
|
|
|
|
Ordinary share amount (in Yuan Renminbi) | ¥ |
|
¥ 7,120,478
|
|
|
|
|
|
Recognized gain on equity method investments (in Dollars) | $ |
|
|
$ 1,000
|
$ 10,000
|
|
|
|
Met Chain Co Limited [Member] |
|
|
|
|
|
|
|
Equity Method Investments (Details) [Line Items] |
|
|
|
|
|
|
|
Equity interest percentage |
3.30%
|
3.30%
|
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v3.23.3
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Jun. 30, 2023 |
Dec. 31, 2022 |
Cost: |
|
|
Total cost |
$ 17,046
|
$ 15,219
|
Less: Accumulated depreciation |
3,490
|
1,816
|
Property and equipment, net |
13,556
|
13,403
|
Miners for Bitcoin [Member] |
|
|
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|
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|
$ 15,219
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v3.23.3
Earnings (Loss) Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Numerator: |
|
|
Net loss available to shareholders of the Company basic (in Dollars) |
$ (1,115)
|
$ (1,779)
|
Denominator |
|
|
Weighted average number of ordinary shares basic |
1,229,652
|
682,160
|
Effect of dilutive securities |
|
|
Dilutive effect of non-vested shares |
1,229,652
|
682,160
|
Net loss - basic (in Dollars per share) |
$ (0.91)
|
$ (2.61)
|
Net loss - diluted (in Dollars per share) |
$ (0.91)
|
$ (2.61)
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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|
v3.23.3
X |
- References
+ Details
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X |
- DefinitionNumber of options outstanding, including both vested and non-vested options.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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|
v3.23.3
Equity (Details)
|
|
|
|
|
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug. 31, 2022
USD ($)
$ / shares
|
Jun. 29, 2022
USD ($)
$ / shares
shares
|
Feb. 19, 2021
$ / shares
shares
|
Jan. 08, 2021
$ / shares
|
Mar. 30, 2020
USD ($)
shares
|
Jul. 10, 2018
HKD ($)
$ / shares
shares
|
Dec. 31, 2018
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Aug. 23, 2023
$ / shares
|
Nov. 10, 2022
$ / shares
|
Nov. 10, 2022
CNY (¥)
shares
|
Aug. 04, 2022
$ / shares
shares
|
May 04, 2022
$ / shares
|
Dec. 31, 2021
shares
|
Nov. 09, 2021
$ / shares
shares
|
Sep. 01, 2021
$ / shares
shares
|
May 21, 2021
$ / shares
shares
|
Jan. 04, 2021
shares
|
Dec. 31, 2020
shares
|
Apr. 14, 2020
USD ($)
|
Mar. 26, 2020
USD ($)
|
Mar. 19, 2020
USD ($)
|
Feb. 28, 2020
USD ($)
|
Sep. 27, 2019
$ / shares
shares
|
Dec. 31, 2018
$ / shares
shares
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares issued |
|
|
|
336,001
|
|
531,005
|
|
318,601,222
|
|
|
|
|
|
|
3,532,841
|
1,470,475
|
|
|
33,333,334
|
22,500,000
|
40,000,000
|
1,327,514
|
|
|
|
|
|
500,000,000
|
318,601,222
|
Share price | (per share) |
|
|
|
|
|
|
$ 0.01
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
Authorized share capital (in Dollars) |
|
|
|
|
|
|
$ 380,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided share capital |
|
|
|
|
|
|
38,000,000
|
500,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchased ordinary shares |
|
|
|
|
|
|
|
47,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,035
|
Price per share | (per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.3
|
|
|
$ 0.6
|
$ 0.3
|
$ 1
|
|
|
|
|
|
|
|
$ 0.01
|
Unissued shares |
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted ordinary shares |
|
|
|
|
|
48,391,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrelated investors (in Dollars) | $ |
|
|
|
|
|
$ 12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,000
|
$ 4,000
|
$ 6,000
|
|
|
Investor failed (in Dollars) | $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,000
|
|
|
|
|
|
Common stock issued |
|
|
|
|
|
3,050,701
|
|
|
1,044,009
|
|
|
1,044,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares outstanding |
|
|
|
|
|
3,050,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding ordinary shares percentage |
|
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional issued and outstanding ordinary shares percentage |
|
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share par value (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.003
|
|
$ 0.0001
|
$ 0.003
|
|
$ 0.0001
|
$ 0.0001
|
0.0001
|
|
|
|
|
|
|
|
|
Common Unit, Issuance Value (in Yuan Renminbi) | ¥ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ 7,120,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
$ 0.06
|
|
|
$ 0.06
|
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock outstanding |
|
|
|
|
|
|
|
|
1,301,629
|
|
|
1,301,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,705,000
|
|
|
|
|
|
|
Reduced exercise price (in Dollars per share) | $ / shares |
|
$ 0.7
|
|
|
$ 1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant description |
|
|
|
|
|
|
|
|
The Company raised $6,192,286.80 in gross proceeds
from the cash exercise of 4,423,062 warrants of the Company as part of the tender offer. In addition, 2,629,812 warrants to purchase ordinary
shares of the Company were validly tendered for cashless exercise, resulting in the issuance of 1,364,512 ordinary shares of the Company.The Company offered its existing loyal warrant
holders the opportunity to exercise their warrants at $1.40 from the initial warrant exercise price at $11.50. Approximately 55.5% of
the Company’s outstanding warrants were exercised in the tender offer.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds (in Dollars) | $ |
|
|
|
|
|
|
|
|
|
|
|
$ 5,730,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants |
|
|
|
336,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price (in Dollars per share) | $ / shares |
|
|
|
$ 2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
Reverse Split description |
|
|
|
|
|
|
|
|
the Company became exercisable for 1/30 ordinary share of the Company, and the exercise price of Company’s
outstanding warrants was increased to US$9.00, adjusted from $0.30 prior to the Reverse Split and representing the temporarily reduced
price based on the Company’s Tender Offer Statement on Schedule TO, as amended and supplemented, originally filed by the Company
with the U.S. Securities and Exchange Commission on December 7, 2020 (the “Tender Offer”). Based on the terms of the Tender
Offer, following the date on which the closing price of the Company’s ordinary shares has been equal to or greater than $90.00 per
share for at least twenty (20) trading days during the preceding thirty (30) trading day period, the exercise price of the Company’s
outstanding warrants would be increased to US$345.00.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares description |
|
|
|
|
|
|
|
|
the Company offered 22,899,047
ordinary shares, par value US$0.003 per share, consisting of (a) 1,470,475 ordinary shares issuable upon the exercise of pre-funded warrants
(the “Pre-Funded Warrants”) and (b) 21,428,572 ordinary shares issuable upon the exercise of investor warrants (the “Investor
Warrants”). Each Pre-Funded Warrant is exercisable for $0.001 per ordinary share and may be exercised at any time until all the
Pre-Funded Warrants are exercised in full; and each Investor Warrant has an exercise price of $0.70 per share, is exercisable on or after
August 8, 2022 and will expire on August 9, 2027.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding warrants (in Dollars) | $ |
|
$ 345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
$ 90
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized share capital (in Dollars) | $ |
|
|
|
|
|
|
|
|
$ 15,000
|
|
[1] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares outstanding |
[2] |
|
|
|
|
|
|
|
1,301,629
|
570,217
|
|
1,044,009
|
|
|
|
|
|
568,572
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided share capital |
|
|
16,666,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
Ordinary share par value (in Dollars per share) | $ / shares |
|
|
$ 0.003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital (in Dollars) | $ |
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided share capital |
|
|
500,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.5
|
|
|
|
|
|
|
|
|
Ordinary share par value (in Dollars per share) | $ / shares |
|
|
$ 0.003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital (in Dollars) | $ |
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,000,000
|
|
|
|
|
|
|
|
|
Price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1
|
|
|
|
|
|
|
|
|
Ordinary share par value (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
Warrant description |
|
|
|
|
|
|
|
|
the Company offered 22,500,000
ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share. The Company also offered 177,500,000 pre-funded
warrants to purchase 177,500,000 ordinary shares, exercisable at an exercise price of $0.0001 per share (the “Pre-funded Warrants”,
each a “Pre-funded Warrant”), to those purchasers whose purchase of ordinary shares in the offering would otherwise result
in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of
the holder, 9.99%) of the Company’s outstanding ordinary shares immediately following the consummation of the offering. The purchase
price of each Pre-funded Warrant is $0.2999, which equals the price per ordinary share being sold to the public in that offering, minus
$0.0001. The Pre-funded Warrants became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-funded
Warrants are exercised in full
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Combination [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor failed (in Dollars) | $ |
|
|
|
|
|
$ 6,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meten International [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Share price | $ / shares |
|
|
|
|
|
|
$ 0.01
|
|
|
|
|
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|
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|
|
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|
|
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|
|
|
|
Divided share capital |
|
|
|
|
|
|
47,035
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Merger agreement [Member] |
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|
Equity (Details) [Line Items] |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares issued |
|
|
|
|
|
318,601,222
|
|
|
|
|
|
|
|
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|
|
|
|
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EdtechX [Member] |
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|
Equity (Details) [Line Items] |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares issued |
|
|
|
|
|
1,971,505
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Investment cost (in Dollars) | $ |
|
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share purchase |
|
|
|
|
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
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v3.23.3
v3.23.3
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- DefinitionAmount due from parties in nontrade transactions, classified as other.
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v3.23.3
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
6 Months Ended |
|
Nov. 03, 2023 |
Aug. 23, 2023 |
Aug. 07, 2023 |
Jul. 14, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Purchase of units |
|
|
|
|
200
|
|
Shares authorized |
|
|
|
|
25,000,000
|
25,000,000
|
Ordinary shares par value (in Dollars per share) |
|
$ 0.06
|
|
|
$ 0.06
|
$ 0.06
|
Ordinary shares [Member] |
|
|
|
|
|
|
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Ordinary shares par value (in Dollars per share) |
|
|
|
|
$ 0.06
|
|
Forecast [Member] |
|
|
|
|
|
|
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Dividends into ordinary shares (in Dollars) |
|
$ 1,500,000
|
|
|
|
|
Shares authorized |
|
25,000,000
|
|
|
|
|
Ordinary shares par value (in Dollars per share) |
|
$ 0.06
|
|
|
|
|
Shares outstanding |
|
35,312,478
|
|
|
|
|
Forecast [Member] | Ordinary shares [Member] |
|
|
|
|
|
|
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Shares outstanding |
|
1,822,426
|
|
|
|
|
Individual Investor [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Ordinary shares issued |
|
|
200,000
|
|
|
|
Ordinary shares par value (in Dollars per share) |
|
|
$ 0.06
|
|
|
|
Total gross proceeds (in Dollars) |
|
|
$ 1,000,000
|
|
|
|
Gross proceeds price per share (in Dollars per share) |
|
|
$ 5
|
|
|
|
Antminer S19j Pro Bitcoin Mining Machines [Member] |
|
|
|
|
|
|
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Purchase of units |
|
|
|
|
220
|
|
Antminer S19j Pro Bitcoin Mining Machines [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Purchase of units |
|
|
|
200
|
|
|
Ordinary shares issued |
|
|
|
227,456
|
|
|
Ordinary shares value (in Dollars) |
|
|
|
$ 880,000
|
|
|
Antminer S19j Pro Bitcoin Mining Machines [Member] | Forecast [Member] |
|
|
|
|
|
|
Subsequent Events (Details) [Line Items] |
|
|
|
|
|
|
Purchase of units |
220
|
|
|
|
|
|
Ordinary shares issued |
276,572
|
|
|
|
|
|
Ordinary shares value (in Dollars) |
$ 968,800
|
|
|
|
|
|
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