Exhibit 99.1
NFT LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Stated in U.S. Dollars except Number of Shares)
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
| Prepayment and other current assets, net | ||||||||
| Loan receivables | ||||||||
| Total current assets | ||||||||
| Non-current assets | ||||||||
| Non-marketable investment, net | ||||||||
| Total non-current assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Accrued expenses and other payables | $ | $ | ||||||
| Advance from customers | ||||||||
| Warrant liabilities | ||||||||
| Tax payables | ||||||||
| Total current liabilities | ||||||||
| Total liabilities | ||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| *Common stock ( | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Accumulated other comprehensive loss | ||||||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
| * |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
1
NFT LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Stated in U.S. Dollars except Number of Shares)
| For the Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenue | ||||||||
| Commission-continuing operations | $ | $ | ||||||
| Commission-discontinued operations | $ | $ | ||||||
| Revenue-continuing operations | ||||||||
| Revenue-discontinued operations | ||||||||
| Cost of revenue-continuing operations | ( | ) | ( | ) | ||||
| Cost of revenue-discontinued operations | ||||||||
| Gross profit-continuing operations | ||||||||
| Gross profit-discontinued operations | ||||||||
| Operating expenses: | ||||||||
| General and administrative expenses-continuing operations | ( | ) | ( | ) | ||||
| General and administrative expenses-discontinued operations | ( | ) | ||||||
| Gain on disposal of subsidiaries | ||||||||
| Total operating expenses - continuing operations | ( | ) | ( | ) | ||||
| Total operating expenses - discontinued operations | ||||||||
| Loss from continuing operations | ( | ) | ( | ) | ||||
| Other income and expenses: | ||||||||
| Interest Income | ||||||||
| Gain on change of fair value of warrant liability | - | |||||||
| Total other income (expenses) | ||||||||
| Profit/(Loss) before income taxes-continuing operations | ( | ) | ||||||
| Income tax expenses-continuing operations | ||||||||
| Net loss from continuing operations | ( | ) | ||||||
| Loss before income tax-discontinued operations: | ||||||||
| Gain on disposal of subsidiaries | ||||||||
| Loss from discontinued operations | ( | ) | ||||||
| Income tax expenses-discontinued operations | ||||||||
| Tax expense | ||||||||
| Net profit from discontinued operations | ||||||||
| Net profit | $ | $ | ||||||
| Foreign currency translation adjustment | ( | ) | ||||||
| Comprehensive income | $ | $ | ||||||
| Profit/(Loss) from continuing operations per common share - basic | $ | $ | ( | ) | ||||
| Profit/(Loss) from continuing operations per common share -diluted | $ | $ | ( | ) | ||||
| Profit/(Loss) from discontinued operations per common share - basic | $ | $ | ||||||
| Profit/(Loss) from discontinued operations per common share - diluted | $ | $ | ||||||
| Weighted average number of common shares outstanding-basic | ||||||||
| Weighted average number of common shares outstanding-diluted | ||||||||
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
2
NFT LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Stated in U.S. Dollars except Number of Shares)
| Number of shares | Common Stock | Additional Paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Total | |||||||||||||||||||
| Balance, December 31, 2022 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| Net loss from continuing operations | - | ( | ) | ( | ) | |||||||||||||||||||
| Net loss from discontinued operations | - | ( | ) | ( | ) | |||||||||||||||||||
| Disposal of subsidiaries | - | |||||||||||||||||||||||
| Foreign currency translation adjustment | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance, June 30, 2023 | $ | $ | $ | ( | ) | $ | - | $ | ||||||||||||||||
| Balance, December 31, 2023 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||
| *Correction of par value misstatement | - | ( | ) | |||||||||||||||||||||
| Effect of rounding fractional shares into whole shares upon reverse stock split | ( | ) | - | |||||||||||||||||||||
| Private placement | ||||||||||||||||||||||||
| Issuance of common stock warrants | - | - | ( | ) | ( | ) | ||||||||||||||||||
| Cashless exercise of common stock warrants | ||||||||||||||||||||||||
| Net profit from continuing operations | - | |||||||||||||||||||||||
| Balance, June 30, 2024 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||
| * |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
3
NFT LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in U.S. Dollars)
| Six Months Ended | ||||||||
| June 30, | June 30, | |||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| $ | $ | ( | ) | |||||
| Net loss from discontinued operations | - | 6,847,863 | ||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Fair value gain on warrant liabilities | ( | ) | ||||||
| Changes in operating assets and liabilities(decrease)increase in: | ||||||||
| Prepayment and other current assets | ( | ) | ||||||
| Customer deposits | ||||||||
| Accrued expenses and other payables | ( | ) | ||||||
| Net cash (used in)/provided by operating activities - continuing operations | ( | ) | ||||||
| Net cash used in operating activities - discontinued operations | ( | ) | ||||||
| Net cash provided by operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Net cash provided by investing activities-discontinued operations | ||||||||
| Net cash provided by investing activities | ||||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from a short-term borrowing from a third party | ||||||||
| Proceeds from a private placement | ||||||||
| Net cash provided by financing activities-continuing operations | ||||||||
| Net cash provided by financing activities-discontinued operations | ||||||||
| Net cash provided by financing activities | ||||||||
| Effect of exchange rate change on cash, cash equivalents and restricted cash from continuing operations | ||||||||
| Effect of exchange rate change on cash, cash equivalents and restricted cash from discontinued operations | ( | ) | ||||||
| Net change in cash and cash equivalents, and restricted cash from continuing operations | ||||||||
| Net change in cash and cash equivalents, and restricted cash from discontinued operations | ( | ) | ||||||
| Cash, cash equivalents and restricted cash, beginning balance | ||||||||
| Cash and cash equivalents, and restricted cash beginning balance from discontinued operations | ||||||||
| Cash and cash equivalents, and restricted cash beginning balance | ||||||||
| Cash and cash equivalents, and restricted cash ending balance from continuing operations | $ | $ | ||||||
| Cash and cash equivalents and restricted cash ending balance from discontinued operations | ||||||||
| Cash and cash equivalents and restricted cash ending balance | $ | $ | ||||||
| Cash and cash equivalents-continuing operations | $ | $ | ||||||
| Restricted cash as of June 30, 2024 and 2023, respectively | ||||||||
| Total cash, cash equivalents and restricted cash-continuing operations | $ | $ | ||||||
| Cash and cash equivalents-discontinued operations | $ | $ | ||||||
| Restricted cash - discontinued operations | ||||||||
| Total cash, cash equivalents and restricted cash-discontinued operations | $ | $ | ||||||
| Supplemental cash flows information: | ||||||||
| Cash paid for interest-continuing operations | $ | $ | ||||||
| Cash paid for interest-discontinued operations | $ | $ | ||||||
| Cash paid for income taxes-continuing operations | $ | $ | ||||||
| Cash paid for income taxes-discontinued operations | $ | $ | ||||||
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