EX-99.1 2 ea021236201ex99-1_senmia.htm UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF SENMIAO TECHNOLOGY LIMITED AS OF AND FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND FOR THE YEAR ENDED MARCH 31, 2024

Exhibit 99.1 

 

SENMIAO TECHNOLOGY LIMITED

Unaudited Pro Forma Condensed Combined Balance Sheet

(Expressed in U.S. dollar, except for the number of shares)

As of June 30, 2024

 

   June 30, 2024   Pro Forma adjustments   June 30, 2024 
   Consolidated   disposal of
XXTX		   Pro Forma Consolidated 
   (Unaudited)   (Unaudited)   (Unaudited) 
       (a)     
ASSETS            
Current assets            
Cash and cash equivalents  $748,869   $(34,588)  $714,281 
Restricted cash   2,588    -    2,588 
Accounts receivable, net   20,156    (8,103)   12,053 
Accounts receivable, a related party   1,878    -    1,878 
Finance lease receivables, current   179,356    -    179,356 
Prepayments, other receivables and other current assets, net   1,001,171    (275,894)   725,277 
Due from related parties, net, current   319,679    (3,986)   315,693 
Total current assets   2,273,697    (322,571)   1,951,126 
                
Property and equipment, net   2,341,445    (892)   2,340,553 
                
Other assets               
Operating lease right-of-use assets, net   51,489    -    51,489 
Operating lease right-of-use assets, net, a related party   37,060    -    37,060 
Financing lease right-of-use assets, net   294,241    -    294,241 
Intangible assets, net   548,671    (117,421)   431,250 
Finance lease receivable, non-current   102,192    -    102,192 
Due from a related party, net, non-current   2,922,894    -    2,922,894 
Other non-current assets   635,733    -    635,733 
Total other assets   4,592,280    (117,421)   4,474,859 
                
Total assets  $9,207,422   $(440,884)  $8,766,538 
                
LIABILITIES, MEZZANNIE EQUITY AND EQUITY               
Current liabilities               
Borrowings from a financial institution, current  $141,536   $(141,536)  $- 
Accounts payable   152,784    (45,125)   107,659 
Advances from customers   123,350    -    123,350 
Income tax payable   19,889    -    19,889 
Accrued expenses and other liabilities   3,803,459    (231,897)   3,571,562 
Due to related parties   194,707    -    194,707 
Operating lease liabilities, current   14,104    -    14,104 
Operating lease liabilities -a related party   51,993    -    51,993 
Financing lease liabilities, current   331,462    -    331,462 
Derivative liabilities   297,120    -    297,120 
Current liabilities - discontinued operations   461,005    -    461,005 
Total current liabilities   5,591,409    (418,558)   5,172,851 
                
Other liabilities               
Borrowings from a financial institution, non-current   35,384    (35,384)   - 
Operating lease liabilities, non-current   15,334    -    15,334 
Financing lease liabilities, non-current   63,368    -    63,368 
Deferred tax liability   9,413    (9,413)   - 
Total other liabilities   123,499    (44,797)   78,702 
                
Total liabilities   5,714,908    (463,355)   5,251,553 
                
Commitments and contingencies               
                
Mezzanine Equity               
Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 991 shares  issued and outstanding at June 30, 2024)   234,364    -    234,364 
                
Stockholders’ equity               
Common stock (par value $0.0001 per share, 500,000,000 shares authorized; 10,518,040  shares issued and outstanding at June 30, 2024 )   1,051    -    1,051 
Additional paid-in capital   43,950,123    -    43,950,123 
Accumulated deficit   (42,057,688)   393,980    (41,663,708)
Accumulated other comprehensive loss   (1,734,325)   (371,509)   (2,105,834)
Total Senmiao Technology Limited stockholders’ equity   159,161    22,471    181,632 
                
Non-controlling interests   3,098,989    -    3,098,989 
                
Total equity   3,258,150    22,471    3,280,621 
                
Total liabilities, mezzanine equity and equity  $9,207,422   $(440,884)  $8,766,538 

 

The Unaudited Pro Forma Financial Information include the following pro forma adjustments to give effect to the disposal of XXTX:

 

(a)To eliminate assets and liabilities of XXTX and its subsidiaries as of June 30, 2024.

 

 

 

 

SENMIAO TECHNOLOGY LIMITED

Unaudited Pro Forma Condensed Combined Balance Sheet

(Expressed in U.S. dollar, except for the number of shares)

As of March 31, 2024

 

   3/31/2024   Pro Forma adjustments   3/31/2024 
   Consolidated   disposal of XXTX   Pro Forma Consolidated 
   (Audited)   (Unaudited)   (Unaudited) 
       a     
ASSETS            
Current assets            
Cash and cash equivalents  $792,299   $(54,580)  $737,719 
Restricted cash   2,337    -    2,337 
Accounts receivable, net   34,013    (14,130)   19,883 
Finance lease receivables, current   144,166    -    144,166 
Prepayments, other receivables and other current assets, net   1,022,813    (344,444)   678,369 
Due from related parties, net, current   655,532    (6,368)   649,164 
Total current assets   2,651,160    (419,522)   2,231,638 
                
Property and equipment, net   2,676,524    (1,266)   2,675,258 
                
Other assets               
Operating lease right-of-use assets, net   60,862    -    60,862 
Operating lease right-of-use assets, net, a related party   47,128    -    47,128 
Financing lease right-of-use assets, net   355,383    -    355,383 
Intangible assets, net   590,727    (140,698)   450,029 
Finance lease receivable, non-current   92,524    -    92,524 
Due from a related party, net, non-current   2,747,313    -    2,747,313 
Other non-current assets   639,863    -    639,863 
Total other assets   4,533,800    (140,698)   4,393,102 
                
Total assets  $9,861,484   $(561,486)  $9,299,998 
                
LIABILITIES, MEZZANNIE EQUITY AND EQUITY               
Current liabilities               
Borrowings from a financial institution, current  $142,456   $(142,456)  $- 
Accounts payable   140,532    (44,129)   96,403 
Advances from customers   122,461    -    122,461 
Income tax payable   20,019    -    20,019 
Accrued expenses and other liabilities   3,648,407    (366,405)   3,282,002 
Due to related parties   170,986    -    170,986 
Operating lease liabilities, current   14,007    -    14,007 
Operating lease liabilities -a related party   51,741    -    51,741 
Financing lease liabilities, current   279,768    -    279,768 
Derivative liabilities   288,833    -    288,833 
Current liabilities - discontinued operations   464,000    -    464,000 
Total current liabilities   5,343,210    (552,990)   4,790,220 
                
Other liabilities               
Borrowings from a financial institution, non-current   71,228    (71,228)   - 
Operating lease liabilities, non-current   20,430    -    20,430 
Financing lease liabilities, non-current   126,637    -    126,637 
Deferred tax liability   11,611    (11,611)   - 
Total other liabilities   229,906    (82,839)   147,067 
                
Total liabilities   5,573,116    (635,829)   4,937,287 
                
Commitments and contingencies               
                
Mezzanine Equity               
Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 991 shares  issued and outstanding at March 31, 2024)   234,364    -    234,364 
                
                
Stockholders’ equity               
                
Common stock (par value $0.0001 per share, 500,000,000 shares authorized; 10,518,040  shares   issued and outstanding at March 31, 2024 )*   1,051    -    1,051 
Additional paid-in capital   43,950,123    -    43,950,123 
Accumulated deficit   (41,384,268)   443,712    (40,940,556)
Accumulated other comprehensive loss   (1,672,005)   (369,369)   (2,041,374)
Total Senmiao Technology Limited stockholders’ equity   894,901    74,343    969,244 
                
Non-controlling interests   3,159,103    -    3,159,103 
                
Total equity   4,054,004    74,343    4,128,347 
                
Total liabilities, mezzanine equity and equity  $9,861,484   $(561,486)  $9,299,998 

 

The Unaudited Pro Forma Financial Information include the following pro forma adjustments to give effect to the disposal of XXTX:

 

(a)To eliminate assets and liabilities of XXTX and its subsidiaries as of March 31, 2024.

 

2

 

 

SENMIAO TECHNOLOGY LIMITED

Unaudited Pro Forma Condensed Combined Statement of Operations

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended June 30, 2024

 

   Consolidated   Pro Forma adjustments   Pro Forma Adjustment   Pro Forma Consolidated 
   (Unaudited)   disposal of XXTX   Reverse elimination related to XXTX   (Unaudited) 
       (a)   (b)     
Revenues                
Revenues  $1,117,157   $(243,391)  $678   $874,444 
Revenues, a related party   5,243    -    -    5,243 
Total revenues   1,122,400    (243,391)   678    879,687 
                     
Cost of revenues                    
Cost of revenues   (800,238)   175,826    -    (624,412)
Cost of revenues, a related party   (1,627)   -    -    (1,627)
Total cost of revenues   (801,865)   175,826    -    (626,039)
                     
Gross profit   320,535    (67,565)   678    253,648 
                     
Operating expenses                    
Selling, general and administrative expenses   (940,268)   87,448    (678)   (853,498)
Provision for credit losses   (173,441)   -    -    (173,441)
Total operating expenses   (1,113,709)   87,448    (678)   (1,026,939)
                     
Loss from operations   (793,174)   19,883    -    (773,291)
                     
Other income (expense)                    
Other income, net   47,656    3,803    -    51,459 
Interest expense   (5,860)   5,860    -    - 
Interest expense on finance leases   (5,088)   -    -    (5,088)
Change in fair value of derivative liabilities   (8,287)   -    -    (8,287)
Total other income, net   28,421    9,663    -    38,084 
                     
Loss before income taxes   (764,753)   29,546    -    (735,207)
                     
Income tax benefit   1,935    (1,935)   -    - 
                     
Net Loss   (762,818)   27,611    -    (735,207)
                     
Net loss attributable to non-controlling interests from operations   89,398    -    -    89,398 
                     
Net loss attributable to the Company’s stockholders  $(673,420)  $27,611   $-   $(645,809)
                     
Net loss  $(762,818)  $27,611   $-   $(735,207)
                     
Other comprehensive loss                    
Foreign currency translation adjustment   (33,036)   2,140    -    (30,896)
                     
Comprehensive loss   (795,854)   29,751    -    (766,103)
                     
less: Total comprehensive loss attributable to noncontrolling interests   (60,114)   -    -    (60,114)
                     
Total comprehensive loss attributable to stockholders  $(735,740)  $29,751   $-   $(705,989)
                     
Weighted average number of common stock                    
Basic and diluted   10,518,040    10,518,040    10,518,040    10,518,040 
Net loss per share - basic and diluted  $(0.06)  $0.00   $-   $(0.07)

 

The Unaudited Pro Forma Financial Information include the following pro forma adjustments to give effect to the disposal of XXTX:

 

(a)To eliminate revenue, costs of revenue, operating and other expenses of XXTX and its subsidiaries for the three months ended June 30, 2024.

(b)Reflect the reversal of intercompany transaction between XXTX and other entities in Senmiao Group for the three months ended June 30, 2024 as a result of deposal of XXTX.

 

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SENMIAO TECHNOLOGY LIMITED

Unaudited Pro Forma Condensed Combined Statement of Operations

(Expressed in U.S. dollar, except for the number of shares)

For the Year Ended March 31, 2024

 

   Consolidated   Pro Forma adjustments   Pro Forma Adjustment   Pro Forma Consolidated 
   (Audited)   Disposal of XXTX   Reverse elimination related to XXTX   (Unaudited) 
       (a)   (b)     
Revenues                
Revenues  $6,779,686   $(2,494,397)  $68,362   $4,353,651 
Revenues, a related party   34,742    -    -    34,742 
Total revenues   6,814,428    (2,494,397)   68,362    4,388,393 
                     
Cost of revenues                    
Cost of revenues   (4,781,009)   1,858,557    -    (2,922,452)
Cost of revenues, a related party   (472,848)   -    -    (472,848)
Total cost of revenues   (5,253,857)   1,858,557    -    (3,395,300)
                     
Gross profit   1,560,571    (635,840)   68,362    993,093 
                     
Operating expenses                    
Selling, general and administrative expenses   (4,115,436)   1,053,585    (68,362)   (3,130,213)
Provision for credit losses   (1,725,746)   -    -    (1,725,746)
Stock-based compensation   (444,300)   -    -    (444,300)
Total operating expenses   (6,285,482)   1,053,585    (68,362)   (5,300,259)
                     
Loss from operations   (4,724,911)   417,745    -    (4,307,166)
                     
Other income (expense)                    
Other income, net   315,450    42,742    -    358,192 
Interest expense   (17,630)   17,116    -    (514)
Interest expense on finance leases   (29,088)   -    -    (29,088)
Change in fair value of derivative liabilities   212,949    -    -    212,949 
Total other income, net   481,681    59,858    -    541,539 
                     
Loss before income taxes   (4,243,230)   477,603    -    (3,765,627)
                     
Income tax benefit (expense)   9,016    (29,222)        (20,206)
                     
Net Loss   (4,234,214)   448,381    -    (3,785,833)
                     
Net loss attributable to non-controlling interests from operations   565,240    -    -    565,240 
                     
Net loss attributable to the Company’s stockholders  $(3,668,974)  $448,381   $-   $(3,220,593)
                     
Net loss  $(4,234,214)  $448,381   $-   $(3,785,833)
                     
Other comprehensive loss                    
Foreign currency translation adjustment   (418,784)   1,203    -    (417,581)
                     
Comprehensive loss   (4,652,998)   449,584    -    (4,203,414)
                     
less: Total comprehensive loss attributable to noncontrolling interests   (527,591)   -    -    (527,591)
                     
Total comprehensive loss attributable to stockholders  $(4,125,407)  $449,584   $-   $(3,675,823)
                     
Weighted average number of common stock                    
Basic and diluted   8,863,190    8,863,190    8,863,190    8,863,190 
Net loss per share - basic and diluted  $(0.41)  $0.05   $-   $(0.43)

 

The Unaudited Pro Forma Financial Information include the following pro forma adjustments to give effect to the disposal of XXTX:

 

(a)To eliminate revenue, costs of revenue, operating and other expenses of XXTX and its subsidiaries for the year ended March 31, 2024.

(b)Reflect the reversal of intercompany transaction between XXTX and other entities in Senmiao Group for the year ended March 31, 2024 as a result of deposal of XXTX.

 

 

4