$TROO

SGOCO Group, Ltd.

CIK:0001412095|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
REVENUES	$ 17,096	$ 10,073	$ 3,569
COST OF REVENUES	(15,532)	(8,132)	(2,793)
GROSS PROFIT	1,564	1,941	776
OPERATING EXPENSES:
Selling expenses	(317)
General and administrative expenses	(17,932)	(3,956)	(2,754)
Reversal of impairment loss (impairment loss) of trade receivables	241	(243)
Reversal of impairment loss (impairment loss) of loan and interest receivables	453	(3,468)	49
(Impairment loss) reversal of impairment loss of other receivables, prepayments and deposits	(99)	(2)	127
Impairment loss of property, plant and equipment	(13,444)
Total operating expenses	(31,098)	(7,669)	(2,578)
OPERATING LOSS	(29,534)	(5,728)	(1,802)
OTHER INCOME (EXPENSES):
Interest income	62	10	14
Interest expense			(62)
Other income (expense), net	65	22	(9)
Loss on change in fair value of convertible note		(7,690)
Total other income (expenses), net	127	(7,658)	(57)
LOSS BEFORE PROVISION FOR INCOME TAXES	(29,407)	(13,386)	(1,859)
INCOME TAX BENEFIT (EXPENSE)	1,502	(27)	140
NET LOSS	(27,905)	(13,413)	(1,719)
OTHER COMPREHENSIVE LOSS:
Foreign currency translation adjustment	(5)	(8)
COMPREHENSIVE LOSS	$ (27,910)	$ (13,421)	$ (1,719)
LOSS PER SHARE:
Basic	$ (0.23)	$ (0.13)	$ (0.02)
Diluted	$ (0.23)	$ (0.13)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES:
Basic	120,705,660	102,240,818	101,597,998
Diluted	120,705,660	102,240,818	101,597,998

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (27,905,000)	$ (13,413,000)	$ (1,719,000)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	2,294,000	2,205,000	2,116,000
Bad debt written-off	184,000	0	0
Impairment loss of property, plant and equipment	13,444,000
Deferred income taxes	(1,574,000)	(261,000)	(250,000)
(Reversal of impairment loss) impairment loss of trade receivables	(241,000)	243,000
(Reversal of impairment loss) impairment loss of loan and interest receivables	(453,000)	3,468,000	(49,000)
Impairment loss (reversal of impairment loss) of other receivables, prepayments and deposits	99,000	2,000	(131,000)
Loss on change in fair value of convertible notes		7,690,000
Change in operating assets and liabilities
Trade receivables	737,000	(501,000)	(2,000)
Loan receivables	6,349,000	2,622,000	(7,080,000)
Other receivables and prepayments	(3,685,000)	4,000	(113,000)
Interest receivables	(685,000)	(121,000)	(37,000)
Accounts payable	(408,000)	278,000
Customer deposits			(83,000)
Other payables and accrued liabilities	13,035,000	(616,000)	1,018,000
Deferred Revenue		87,000
Taxes payable	(384,000)	268,000	(208,000)
Net cash provided by (used in) operating activities	807,000	1,955,000	(6,538,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(117,000)	(251,000)	(221,000)
Proceeds from acquisition of subsidiaries, net of cash acquired		743,000
Payment on long-term investments	(8,990,000)
Proceeds from refund of deposit for acquisition of a subsidiary			5,000,000
Net cash (used in) provided by investing activities	(9,107,000)	492,000	4,779,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loan			1,282,000
Repayment of short-term loan			(1,282,000)
Proceeds from loan due to a shareholder		385,000	1,923,000
Repayment of loan due to a shareholder	(1,538,000)	(769,000)
Proceeds from shares issuance	12,645,000
Payments on repurchase of shares	(3,960,000)
Net cash provided by (used in) financing activities	7,147,000	(384,000)	1,923,000
EFFECT OF EXCHANGE RATE ON CASH	(1,000)	(3,000)	(1,000)
(DECREASE) INCREASE IN CASH	(1,154,000)	2,060,000	163,000
Cash and cash equivalent, beginning of year	5,173,000	3,113,000	2,950,000
Cash and cash equivalent, end of year	4,019,000	5,173,000	3,113,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest			62,000
Cash paid for income taxes	$ 94,000	35,000	$ 318,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Convertible note issued for acquisition of subsidiaries		$ 13,400,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash	$ 4,019	$ 5,173
Trade receivables, net	456	1,136
Loan receivables, net	5,897	12,612
Interest receivables	847	162
Other receivables, prepayments and deposits, net	4,057	471
Total current assets	15,276	19,554
NON-CURRENT ASSETS
Property, plant and equipment, net	29,409	44,913
Operating lease right-of-use assets, net	4	26
Intangible assets, net	1,243	1,367
Long-term loan receivables, net	1,796	977
Long-term investments, net	8,990
Goodwill	12,348	12,348
Total non-current assets	53,790	59,631
Total assets	$ 69,066	79,185
CURRENT LIABILITIES
Amount due to a shareholder		$ 1,538
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Accounts payable	$ 1,225	$ 1,633
Other payables and accrued liabilities	14,982	1,863
Deferred Revenue	0	87
Operating lease liability, current	4	22
Customer deposits	5	5
Taxes payable	385	769
Total current liabilities	16,601	5,917
LONG-TERM LIABILITIES
Operating lease liability, non-current		4
Non-current Deferred tax liabilities	3,441	5,015
Total non-current liabilities	3,441	5,019
Total liabilities	20,042	10,936
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, $0.001 par value, 10,000,000 shares authorized, nil and nil issued and outstanding as of December 31, 2025 and 2024, respectively
Ordinary shares, $0.004 par value, 500,000,000 shares authorized, 122,160,166 and 112,510,166 issued and outstanding as of December 31, 2025 and 2024, respectively	488	450
Additional paid-in-capital	165,462	156,815
Accumulated deficit	(116,916)	(89,011)
Accumulated other comprehensive loss	(10)	(5)
Total shareholders' equity	49,024	68,249
Total liabilities and shareholders' equity	$ 69,066	$ 79,185