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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 20, 2024
| SENMIAO TECHNOLOGY LIMITED |
| (Exact name of registrant as specified in its charter) |
| Nevada | 001-38426 | 35-2600898 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 16F, Shihao Square, Middle Jiannan Blvd. High-Tech Zone, Chengdu Sichuan, People’s Republic of China |
610000 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: +86 28 61554399
| Not Applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.0001 per share | AIHS | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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. ☐
Item 2.01. Completion of Acquisition or Disposition of Assets
On August 20, 2024, Sichuan Senmiao Zecheng Business Consulting Co., Ltd. (the “Transferor”), a wholly-owned subsidiary of Senmiao Technology Limited (the “Company”), consummated the previously announced transaction (the “Acquisition”) contemplated by the Acquisition Agreement with Debt Assumption Takeover (the “Acquisition Agreement”) with Jiangsu Yuelaiyuexing Technology Co., Ltd. (the “Purchaser”), and other parties thereto, including the acquisition by the Purchaser of 100% of the Transferor’s equity interest in Hunan Xixingtianxia Technology Co., Ltd. (the “Target”), a wholly-owned subsidiary of the Transferor.
The pro forma financial information required to be filed by Item 9.01(b) of Form 8-K is filed as Exhibit 99.1 to this Current Report.
Item 9.01. Financial Statements and Exhibits.
(b) Pro Forma Financial Information
The unaudited pro forma condensed consolidated financial statements of the Company have been derived from the Company’s historical consolidated financial statements and are being presented to give effect to the Acquisition. The pro forma financial statements and the related notes thereto are filed as Exhibit 99.1 to this Current Report on Form 8-K.
(d) The following exhibits are being filed herewith.
| Exhibit No. | Description of Exhibit | |
| 99.1 | 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 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SENMIAO TECHNOLOGY LIMITED | ||
| Date: August 26, 2024 | By: | /s/ Xiaoyuan Zhang |
| Name: | Xiaoyuan Zhang | |
| Title: | Chief Financial Officer | |
2
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. |
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. |
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