Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | BORQS TECHNOLOGIES, INC. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001650575 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 8,281 | $ 11,305 |
Restricted cash | 32 | 32 |
Time deposit | 1,436 | |
Accounts receivable | 1,001 | 3,482 |
Inventories - net | 5,515 | 4,235 |
Other receivables, net | 9,163 | 6,619 |
Prepaid expenses and other current assets, net | 687 | 882 |
Total current assets | 24,679 | 27,991 |
Non-current assets: | ||
Property and equipment, net | 846 | 1,024 |
Right of Use Asset | 399 | 704 |
Deferred tax assets | 427 | 424 |
Total non-current assets | 1,672 | 2,152 |
Total assets | 26,351 | 30,143 |
Current liabilities: | ||
Short-term borrowings | 415 | |
Accounts payable | 6,807 | 7,071 |
Accrued expenses and other payables | 20,099 | 21,581 |
Advances from customers | 2,631 | 3,942 |
Accrued payroll and related liabilities | 1,641 | 2,356 |
Lease Liabilities- current | 217 | 536 |
Deferred revenues | 8 | 9 |
Income tax payable | 177 | 7 |
Other liabilities | 1,346 | 1,691 |
Total current liabilities | 34,094 | 37,940 |
Non-current liabilities: | ||
Deferred tax liability | 916 | 909 |
Other long-term liabilities | 37 | 39 |
Long-term payable | 417 | |
Non-current liabilities | 1,918 | 1,990 |
Total non-current liabilities | 2,872 | 3,355 |
Total liabilities | 36,966 | 41,295 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Ordinary shares | ||
Additional paid-in capital | 337,296 | 310,267 |
Subscription receivables | (14,378) | (14,378) |
Statutory reserve | 1,901 | 1,901 |
Accumulated deficit | (333,874) | (305,073) |
Including :Minority interests | (357) | (357) |
Accumulated other comprehensive loss | (1,203) | (3,512) |
Total shareholders’ equity | (10,615) | (11,152) |
Total liabilities and shareholders’ equity | 26,351 | 30,143 |
Related Party | ||
Current liabilities: | ||
Amount due to related parties-current | $ 752 | $ 746 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statement of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net revenues: | ||
Software | $ 5,662 | $ 5,065 |
Hardware | 9,330 | 21,196 |
Total net revenues | 14,992 | 26,261 |
Cost of revenues | ||
Software | (3,915) | (4,453) |
Hardware | (8,165) | (19,530) |
Total cost of revenues | (12,080) | (23,983) |
Total gross (loss) profit | 2,912 | 2,279 |
Operating expenses: | ||
Sales and marketing expenses | (226) | (107) |
General and administrative expenses | (10,408) | (3,665) |
Research and development expenses | (1,362) | (1,953) |
Total operating expenses | (11,996) | (5,725) |
Operating income (loss) | (9,084) | (3,447) |
Interest income | 59 | 1 |
Interest expense | (3,571) | (788) |
Other income | 3 | 369 |
Other expense | (16,508) | (1,415) |
Foreign exchange income (loss) | 286 | 8 |
Government grant | 14 | |
Income (loss) from continuing operations, before income taxes | (28,801) | (5,272) |
Income tax expense | ||
Net income (loss) from continuing operations | $ (28,801) | $ (5,272) |