Accounts receivable, net (net of allowance of $nil and $56 as of December 31, 2024 and 2025, respectively)
Accounts receivable from related parties
Receivable from Mobile Virtual Network Operator ("MVNO") franchisees
Inventories, net
Deferred cost of revenues - current
Prepaid expenses and other current assets, net
Prepaid expenses and other current assets, net (net of allowance of $392 and $1,214 as of December 31, 2024 and 2025, respectively)
Amounts due from related parties
Current assets held for sale
Total current assets
Non-current assets:
Property and equipment, net
Construction in progress
Intangible assets, net
Right of use asset
Contract assets
Other non-current assets
Goodwill
Long-term investment
Deferred tax assets
Non-current assets held for sale
Total non-current assets
Total assets
Current liabilities:
Accrued Expenses
Accounts payable
Accrued expenses and other payables
Advances from customers
Contract liabilities
Lease liabilities - current
Amount due to related parties-current
Deferred revenues
Deferred revenues - current
Lease liabilities – current
Amount due to related parties
Related Party
Total amount due to related parties
Long-term bank borrowings - current portion
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)
Short-term bank and other borrowings
Contingent consideration –current
Convertible notes
Promissory note - related party
Income tax payable
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)
Long-term bank borrowings
Deferred government grants
Deferred tax liabilities
Lease liabilities – non-current
Current liabilities held for sale
Total current liabilities
Non-current liabilities:
Unrecognized tax benefits
Deferred tax liabilities
Deferred revenues - non-current
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)
Lease liabilities – non-current
Deferred government grants
Non-current liabilities held for sale (including non-current liability of the Consolidated VIEs without recourse to the primary beneficiary of $1,750 and $nil as of December 31, 2019 and 2020, respectively)
Contingent consideration – non-current
Other non-current liabilities
Non-current liabilities held for sale
Total non-current liabilities
Total liabilities
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
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
Mezzanine equity
Series A Preferred Stock
Series B Preferred Stock
Series C Preferred Stock
Series D Preferred Stock
Total mezzanine equity
Shareholders’ (deficit) equity:
Ordinary shares (no par value; unlimited shares authorized; 28,970,077 shares and 45,470,079 shares issued and outstanding as of December 31, 2024 and 2025, respectively)
Additional paid-in capital
Subscriptions receivable
Statutory reserve
Accumulated deficit
Accumulated other comprehensive loss
Total Borqs Technologies, Inc. shareholders’ (deficit) equity
Noncontrolling interest
Total shareholders’ (deficit) equity
Total liabilities, noncontrolling interest and shareholders’ equity
