Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 167

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 18
Chunk 167
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 conditions of vendor agreements.

The primary procedures we performed to address
this critical audit matter included:

  Testing vendor incentive receivables, including      

  Confirming a sample of vendor incentive receivables with  

  Recalculating the vendor incentive receivables in accordance            

  Evaluating                  

  Obtaining                                                                                                                     

  Evaluating                                                   

(SignedBDO USA, P. C. )

We have served as the Company’s auditor since
2019.

Los Angeles, California

April 28, 2025

F-2

NEWEGG COMMERCE, INC.

Consolidated Balance Sheets

December 31, 2024 and 2023

(In thousands, except par value)

                                                                                                                                                                                  2024                     2023                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                                                                        
  Current assets:                                                                                                                                                                                                               
  Cash and cash equivalents                                                                                                                                                       $            96,255      $           102,512  
  Restricted cash                                                                                                                                                                               3,487                    3,962  
  Accounts receivable, net                                                                                                                                                                     64,363                   80,383  
  Inventories, net                                                                                                                                                                             98,537                  136,164  
  Income taxes receivable                                                                                                                                                                       2,452                    3,226  
  Prepaid expenses                                                                                                                                                                             14,222                   13,424  
  Other current assets                                                                                                                                                                          4,329                    4,780  
  Total current assets                                                                                                                                                                        283,645                  344,451  
  Property and equipment, net                                                                                                                                                                  51,175                   61,479  
  Deferred tax assets, net                                                                                                                                                                        914                    1,607  
  Investment at cost                                                                                                                                                                                —                    2,250  
  Right of use assets, net                                                                                                                                                                     60,636                   77,150  
  Other noncurrent assets                                                                                                                                                                      10,951                   12,110  
  Total assets                                                                                                                                                                    $           407,321      $           499,047  
  Liabilities and Stockholders’ Equity                                                                                                                                                                                          
  Current liabilities:                                                                                                                                                                                                          
  Accounts payable                                                                                                                                                                $           148,279      $           206,588  
  Accrued liabilities                                                                                                                                                                          48,629                   43,014  
  Deferred revenue                                                                                                                                                                             26,988                   25,614  
  Line of