Borqs technologies, inc. (BRQS)
Balance Sheet / TTM
Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15
Series A convertible redeemable preferred shares
Series B convertible redeemable preferred shares
Series C convertible redeemable preferred shares
Series D convertible redeemable preferred shares
Series E convertible redeemable preferred shares
ASSETS
Current assets:
Cash and cash equivalents

1,330

1,305

3,026

13,060

15,978

319

396

3,610

317

461

487

620

267

Restricted cash

706

766

21

3,459

3,419

-

-

1,153

-

-

-

-

-

Accounts receivable

29,887

33,279

39,856

65,720

36,263

-

-

28,257

-

-

-

-

-

Accounts receivable from related parties

-

-

-

-

704

-

-

490

-

-

-

-

-

Receivable from Mobile Virtual Network Operator ("MVNO") franchisees

3,310

3,437

3,646

3,514

4,455

-

-

4,319

-

-

-

-

-

Inventories

10,975

14,119

20,784

17,031

17,938

-

-

12,682

-

-

-

-

-

Deferred cost of revenues

1,361

730

751

507

453

-

-

969

-

-

-

-

-

Prepaid expenses and other current assets

35,157

35,161

22,846

16,240

13,056

29

48

6,599

61

86

124

106

-

Total current assets

82,726

88,797

90,930

119,531

92,266

349

445

58,079

379

548

611

727

-

Non-current assets:
Property and equipment, net

1,008

1,167

1,316

1,362

1,398

-

-

1,488

-

-

-

-

-

Intangible assets, net

20,373

20,542

20,588

20,004

19,835

-

-

15,498

-

-

-

-

-

Goodwill

699

727

765

736

725

-

-

693

-

-

-

-

-

Long-term investment

11,662

11,662

11,662

0

-

-

-

-

-

-

-

-

-

Deferred tax assets

-

1,201

1,566

-

1,102

-

-

1,054

-

-

-

-

-

Deferred tax assets

1,146

-

-

1,463

-

-

-

-

-

-

-

-

-

Deferred cost of revenues

4,610

3,875

3,666

2,642

1,521

-

-

689

-

-

-

-

-

Other non-current assets

5,580

5,656

5,883

2,994

3,028

-

-

529

-

-

-

-

-

Total non-current assets

45,078

44,830

45,446

29,201

27,609

-

-

19,951

-

-

-

-

-

Cash and marketable securities held in Trust Account

-

-

-

-

-

53,550

59,820

-

59,912

59,877

59,865

59,800

-

Deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

145

Total assets

127,804

133,627

136,376

148,732

119,875

53,899

60,265

78,030

60,291

60,425

60,477

60,527

412

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Current liabilities:
Accounts payable (including accounts payable of the Consolidated VIEs without recourse to the primary beneficiary of US$4,143 and US$2,650 as of December 31, 2017 and September 30, 2018, respectively)

11,988

11,658

16,671

49,690

18,250

-

-

22,691

-

-

-

-

-

Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiary of US$4,038 and US$5,088 as of December 31, 2017 and September 30, 2018, respectively)

18,475

19,007

16,425

12,163

10,801

265

199

7,634

126

180

107

-

-

Advances from customers (including advances from customers of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2017 and September 30, 2018, respectively)

5,877

6,307

6,519

3,623

1,284

-

-

0

-

-

-

-

-

Promissory note - related party

-

-

-

-

-

-

-

-

-

-

-

-

300

Amount due to related parties

-

-

-

-

12,127

286

229

-

121

90

-

-

90

Deferred revenues (including deferred revenues of the Consolidated VIEs without recourse to the primary beneficiary of US$5,904 and US$3,112 as of December 31, 2017 and September 30, 2018, respectively)

5,853

6,717

7,307

7,960

7,835

-

-

11,995

-

-

-

-

-

Other current liabilities (including other current liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of nil and US$52 as of December 31, 2016 and September 30, 2017, respectively)

-

-

-

-

52

-

-

-

-

-

-

-

-

Income tax payable (including income tax payable of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2017 and September 30, 2018, respectively)

645

361

1,860

1,232

1,790

-

-

216

-

-

-

-

-

Short-term bank and other borrowings (including short-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiary of nil and US$36 as of December 31, 2017 and September 30, 2018, respectively)

11,490

11,653

12,792

12,648

10,751

-

-

6,306

-

-

-

-

-

Long-term bank borrowings - current portion (including long-term bank borrowings - current portion of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2017 and September 30, 2018, respectively)

5,659

6,532

4,479

5,432

3,667

-

-

1,381

-

-

-

-

-

Deferred government grants (including deferred government grants of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2016 and 2017, respectively)

-

-

-

-

0

-

-

264

-

-

-

-

-

Total current liabilities

59,987

62,235

66,053

92,748

66,557

-

-

50,487

-

-

-

-

-

Non-current liabilities:
Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2017 and September 30, 2018, respectively)

3,168

3,091

3,091

2,121

1,350

-

-

1,755

-

-

-

-

-

Warrant liabilities (including warrant liabilities grants of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2016 and 2017, respectively)

-

-

-

-

0

-

-

1,344

-

-

-

-

-

Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiary of US$1,500 and US$1,324 as of December 31, 2017 and September 30, 2018, respectively)

3,970

4,050

3,796

3,555

1,509

-

-

2,170

-

-

-

-

-

Deferred revenues (including deferred revenues of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2017 and September 30, 2018, respectively)

3,940

4,277

2,693

1,346

2,449

-

-

2,428

-

-

-

-

-

Other non-current liabilities (including other non-other current liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of nil and US$89 as of December 31, 2016 and September 30, 2017, respectively)

-

-

-

-

89

-

-

-

-

-

-

-

-

Long-term payable (including long-term payable of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2017 and September 30, 2018, respectively)

5,563

5,563

5,531

0

0

-

-

4,491

-

-

-

-

-

Deferred government grants (including deferred government grants of the Consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2017 and September 30, 2018, respectively)

1,859

1,933

2,034

1,957

1,927

-

-

1,844

-

-

-

-

-

Total non-current liabilities

18,500

18,603

17,145

8,979

7,324

-

-

14,032

-

-

-

-

-

Convertible promissory note - related party

-

-

-

-

-

500

500

-

-

0

-

-

-

Promissory note - related party

-

-

-

-

-

459

-

-

-

0

-

-

-

Accrued Expenses

-

-

-

-

-

-

-

-

-

-

-

44

-

Total liabilities

78,487

80,838

83,198

101,727

73,881

1,511

928

64,519

248

270

107

44

390

Commitments and contingencies

0

0

0

0

0

0

0

0

0

0

0

0

0

Mezzanine equity:
Total mezzanine equity

-

-

-

-

0

-

-

68,862

-

-

-

-

-

Shareholders' equity:
Ordinary shares subject to possible redemption, 4,509,633 and 5,296,589 shares at redemption value as of June 30, 2017 and 2016, respectively

-

-

-

-

-

47,388

54,337

-

-

55,155

-

-

-

Ordinary shares subject to possible redemption, 5,282,690 and 5,296,589 shares at redemption value as of September 30, 2016 and June 30, 2016, respectively

-

-

-

-

-

-

-

-

55,043

-

55,370

55,482

-

Preferred shares, no par value; unlimited shares authorized, none issued and outstanding

-

-

-

-

-

0

0

-

0

0

0

0

0

Ordinary shares (no par value; unlimited shares authorized; 30,804,635 and 31,307,522 shares issued; 30,804,635 and 31,303,350 shares outstanding as of December 31, 2017 and September 30, 2018, respectively)

0

0

0

0

0

7,157

6,874

0

5,504

5,392

5,177

5,065

25

Additional paid-in capital

124,679

124,058

124,058

120,642

120,479

-

-

1,178

-

-

-

-

-

Statutory reserve

2,233

2,156

2,074

1,898

1,898

-

-

1,898

-

-

-

-

-

Accumulated deficit

-74,067

-71,482

-73,230

-74,231

-74,543

-2,157

-1,874

-54,706

-504

-392

-177

-65

-2

Accumulated other comprehensive loss

-3,319

-1,494

825

-507

-1,178

-

-

-2,626

-

-

-

-

-

Total Borqs Technologies, Inc. shareholders' equity

49,526

52,789

53,178

47,802

45,994

5,000

5,000

-55,351

5,000

5,000

5,000

5,000

22

Non-controlling interest

-209

-449

-549

-797

-662

-

-

-1,095

-

-

-

-

-

Total shareholders' equity

49,317

53,238

53,727

47,005

46,656

-

-

-54,256

-

-

-

-

-

Total liabilities and shareholders' equity

127,804

133,627

136,376

148,732

119,875

53,899

60,265

78,030

60,291

60,425

60,477

60,527

412