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Form 10-Q SOCIETY PASS INCORPORATE For: Jun 30

August 17, 2022 8:43 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2022

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-41037

SOCIETY PASS INCORPORATED

(Exact name of registrant as specified in its charter)

 

Nevada 83-1019155
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

701 S. Carson Street, Suite 200 Carson City, Nevada 89701

(Address of principal executive offices)

 

(+65) 6518-9382

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class   Trading Symbol   Name of each exchange on which registered
Common Stock, par value $0.0001 per share   SOPA   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company, in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer Smaller reporting company
Emerging Growth Co  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).

Yes ☐ No

As of August 17, 2022, there were 25,375,174 shares of the registrant’s common stock, $0.0001 par value, outstanding

 1 

 

Table of Contents

    Page
PART I FINANCIAL INFORMATION  
Item 1. Financial Statements (Unaudited) 3
  Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 3
  Condensed Consolidated Statements of Operations and Other Comprehensive Loss for the Three And Six Months ended June 30, 2022 And 2021 4
  Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months ended June 30, 2022 and 2021 5
  Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2022 And 2021 6
  Notes to Condensed Consolidated Financial Statements 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 59
Item 3. Quantitative and Qualitative Disclosures About Market Risk 79
Item 4. Controls and Procedures 79
PART II OTHER INFORMATION 80
Item 1. Legal Proceedings 80
Item 1A. Risk Factors 80
Item 2. Unregistered sales of Equity Securities and Use of Proceeds 80
Item 3. Defaults Upon Senior Securities 80
Item 4. Mining Safety Disclosure 80
Item 5. Other Information 80
Item 6. Exhibits 81
SIGNATURES 82

 2 

 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

SOCIETY PASS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Currency expressed in United States Dollars (“US$”)) 

 

           
   June 30, 2022 (Unaudited)  December 31, 2021
ASSETS          
Current assets:          
Cash and cash equivalents  $28,012,846   $23,264,777 
Accounts receivable, net   51,891    52,588 
Inventories, net   336,476    221,068 
Deposits, prepayments and other receivables   4,549,753    6,094,254 
Total current assets   32,950,966    29,632,687 
Non-current assets:          
Deposits, prepayments and other receivables        858,667 
Intangible assets, net   3,284,230    4,000,000 
Goodwill   454,519      
Property, plant and equipment, net   96,713    57,035 
Right of use assets, net   710,586    627,968 
Total non-current assets   4,546,048    5,543,670 
TOTAL ASSETS  $37,497,014   $35,176,357 
           
LIABILITIES AND EQUITY          
Current liabilities:          
Accounts payables  $903,715   $261,907 
Contract liabilities   4,618    25,229 
Accrued liabilities and other payables   1,271,656    813,598 
Due to related parties   22,822    524,763 
Operating lease liabilities   292,968    218,077 
Due to first insurance funding   148,137    596,047 
Loan   63,460      
Total current liabilities   2,707,376    2,439,621 
Non-current liabilities          
Operating lease liabilities   426,650    411,053 
TOTAL LIABILITIES   3,134,026    2,850,674 
           
COMMITMENTS AND CONTINGENCIES           
Convertible preferred shares; $0.0001 par value, 5,000,000 shares authorized, 4,916,500 and 4,916,500 shares undesignated as of June 30, 2022 and December 31, 2021, respectively          
Series A shares: 10,000 shares designated; 0 and 0 Series A shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively          
Series B shares: 10,000 shares designated; 0 and 0 Series B shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively          
Series B-1 shares: 15,000 shares designated; 0 and 0 Series B-1 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively          
Series C shares: 15,000 shares designated; 0 and 0 Series C shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively, net of issuance cost          
Series C-1 shares: 30,000 shares designated; 0 and 0 Series C-1 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively, net of issuance cost          
           
EQUITY (DEFICIT)          
Series X Super Voting Preferred Stock, $0.0001 par value, 3,500 shares designated; 3,500 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively          
Common shares; $0.0001 par value, 95,000,000 shares authorized; 24,544,443 and 19,732,406 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively   2,454    1,973 
Additional paid-in capital   96,026,414    79,833,290 
Accumulated other comprehensive loss   (35,997)   (54,340)
Accumulated deficit   (61,405,158)   (47,352,456)
Total equity attributable to Society Pass Incorporated   34,587,713    32,428,467 
Non-controlling interest   (224,725)   (102,784)
TOTAL EQUITY   34,362,988    32,325,683 
TOTAL LIABILITIES AND EQUITY  $37,497,014   $35,176,357 

See accompanying notes to unaudited condensed consolidated financial statements.

 3 

 

SOCIETY PASS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

OTHER COMPREHENSIVE LOSS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

 

             
   Three months ended June 30, 2022  Three months ended June 30, 2021  Six months ended June 30, 2022  Six months ended June 30, 2021
Revenue, net                    
Sales – online ordering  $482,410   $    $916,551   $  
Sales – data   5,642         5,642      
Software sales   10,941    7,714    21,890    16,954 
Hardware sales   69    69    69    335 
Total revenue   499,062    7,783    944,152    17,289 
                     
Cost of sales:                    
Cost of online ordering   (456,968)        (852,858)     
Cost of data   (975)   —     (975)   —  
Software sales   (41,212)   (86,498)   (105,205)   (104,692)
Hardware sales   (45)   (64)   (45)   (165)
Total cost of revenue   (499,200)   (86,562)   (959,083)   (104,857)
                     
Gross loss   (138)   (78,779)   (14,931)   (87,568)
                     
Operating expenses:                    
Sales and marketing expenses   (253,290)   (41,284)   (449,392)   (42,184)
Software development costs   (17,320)   (36,828)   (36,868)   (66,989)
Impairment loss             (528,583)   (200,000)
General and administrative expenses   (7,345,364)   (4,167,802)   (13,186,062)   (6,121,899)
Total operating expenses   (7,615,974)   (4,245,914)   (14,200,905)   (6,431,072)
                     
Loss from operations   (7,616,112)   (4,324,693)   (14,215,836)   (6,518,640)
                     
Other income (expense):                    
Interest income   6,027    10    6,072    16 
Interest expense   (384)   (12,157)   (4,429)   (24,214)
Loss on settlement of litigation                  (550,000)
Other income   24,672    992    38,293    1,747 
Total other expense   30,315    (11,155)   39,936    (572,451)
                     
Loss before income taxes   (7,585,797)   (4,335,848)   (14,175,900)   (7,091,091)
                     
Income taxes   (797)   (6,903)   (2,099)   (8,640)
                     
NET LOSS   (7,586,594)   (4,342,751)   (14,177,999)   (7,099,731)
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST   (82,270)        (125,297)     
                     
NET LOSS ATTRIBUTABLE TO SOCIETY PASS INCORPORATED  $(7,504,324)  $(4,342,751)  $(14,052,702)  $(7,099,731)
                     
Other comprehensive income (loss):                    
Net loss   (7,586,594)   (4,342,751)   (14,177,999)   (7,099,731)
Foreign currency translation adjustment   66,875    (6,583)   21,699    26,899 
COMPREHENSIVE LOSS  $(7,519,719)  $(4,349,334)  $ (14,156,300)  $(7,072,832)
                     
Net loss attributable to non-controlling interest   (82,270)        (125,297)     
Foreign currency translation adjustment attributable to non-controlling interest   6,371         3,356      
Comprehensive loss attributable to Society Pass Incorporated  $(7,443,820)  $(4,349,334)   $(14,034,359)  $(7,072,832)
                     
Net loss per share attributable to Society Pass Incorporated :                    
– Basic  $(0.31)  $(0.59)   $(0.61)  $(0.96)
– Diluted  $(0.31)  $(0.59)   $(0.61)  $(0.96)
Weighted average common shares outstanding:                    
– Basic   24,347,607    7,413,600    23,126,643    7,413,600 
– Diluted   24,347,607    7,413,600    23,126,643    7,413,600 

See accompanying notes to unaudited condensed consolidated financial statements.

 4 

 

SOCIETY PASS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

 

                                              
   Three and Six months ended June 30, 2022
    Preferred Stock    Common stock                          
    Number of share     Amount    Number of
shares
    Amount    Additional paid-in
capital
    Accumulated other comprehensive (loss) income    Accumulated
deficits
    Non-controlling
interests
    
Total equity 
 
Balance as of January 1, 2022   3,500   $     19,732,406   $1,973   $79,833,290   $(54,340)  $(47,352,456)  $(102,784)  $32,325,683 
Shares issued for services   —          116,000    11    1,632,162                   1,632,173 
Shares issued for accrued salaries   —          25,444    3    86,466                   86,469 
Sale of units in public offering (net of expense)   —          3,484,845    348    10,402,543                   10,402,891 
Shares issued to for business acquisition of New Retail   —          226,629    23    799,977                   800,000 
Share issued upon the exercise of warrant   —          160,000    16    356,984                   357,000 
Share issued for accrued services   —          13,273    1    119,456                   119,457 
Fair value of stock option granted for director’s bonus   —          —          303,990                   303,990 
Shares issued to acquire non-controlling interest   —          2,497         22,470                   22,470 
Foreign currency translation adjustment   —          —               (42,161)        (3,015)   (45,176)
Net loss for the period   —          —                    (6,548,378)   (43,027)   (6,591,405)
Balance as of March 31, 2022   3,500   $     23,761,094   $2,375   $93,557,338   $(96,501)  $(53,900,834)  $(148,826)  $39,413,552 
Share issued upon the exercise of warrant   —          27,300    3    55,887                   55,890 
Shares issued for services   —          370,000    37    1,694,702                   1,694,739 
Shares issued for accrued salaries   —          29,353    3    61,747                   61,750 
Shares issued for director’s remuneration   —          316,092    32    899,964                   899,996 
Shares issued to for the business acquisition of Gorilla Group   —          40,604    4    83,236                   83,240 
Fair value of stock option granted for director’s bonus   —          —          (303,990)                  (303,990)
Shares issued to acquire non-controlling interest   —          —          (22,470)                  (22,470)
Net loss for the period   —          —                    (7,504,324)   (82,270)   (7,586,594)
Foreign currency translation adjustment   —          —               60,504         6,371    66,875 
Balance as of June 30, 2022   3,500   $     24,544,443    2,454    96,026,414    (35,997)   (61,405,158)   (224,725)   34,362,988 

 

                   Three and Six months ended June 30, 2021
                    Common stock            

             
                    No. of shares    Amount    Additional paid-in capital    Accumulated other comprehensive (loss) income    Accumulated deficit            Total stockholders’ deficit 
Balance as of January 1, 2021               18,534,000   $1,854   $2,225,921   $(55,236)  $(12,587,311)        $(10,414,772)
Imputed interest                   —          11,994                      11,994 
Net loss for the period                   —                    (2,756,980)           (2,756,980)
Foreign currency translation adjustment               —               33,482               33,482 
Balance as of March 31, 2021               18,534,000   $1,854   $2,237,915   $(21,754)  $(15,344,291)        $(13,126,276)
                                                       
Balance as of April 1, 2021               18,534,000   $1,854   $2,237,915   $(21,754)  $(15,344,291)          $(13,126,276)
Imputed interest                   —          12,126                      12,126 
Stock-based compensation                   —          2,894,075                      2,894,075 
Net loss for the period                   —                    (4,342,751)           (4,342,751)
Foreign currency translation adjustment               —               (6,583)              (6,583)
Balance as of June 30, 2021               18,534,000    1,854    5,144,116    (28,337)   (19,687,042)         (14,569,409)

See accompanying notes to unaudited condensed consolidated financial statements.

 5 

 

SOCIETY PASS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

 

           
   Six months ended June 30,
   2022  2021
Cash flows from operating activities:          
Net loss  $(14,177,999)  $(7,099,731)
Adjustments to reconcile net loss to net cash used in operating activities          
Depreciation and amortization   1,614,617    1,604,451 
Impairment loss   528,583    200,000 
Imputed interest        24,120 
Financing charges – first insurance funding   4,429      
Loss on settlement of litigation        550,000 
Stock based compensation for services   4,208,568