Company: SDAWW
Filing Date: 2025-05-21
Form Type: 6-K
Source: 0001213900-25-046449
Chunk: 51

Company: SunCar Technology Group Inc.
Filing Date: 2025-05-21
Form: 6-K
Chunk 51
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 to the completion of the repayment. In January 2025, we negotiated with Shengda Group and consented to have an extension of payment to extend the repayment date to December 31, 2028. In 2023, we repaid the debt owed to Shengda Group of US$10 million. In the first three quarters of 2024, we repaid the debt owed to Shengda Group through transfer of shares of SunCar Online at an aggregate amount of US$6.2 million. The non-cash gains from the difference of repurchase price and transfer price of US$4.5 million were charged to additional-paid-in capital. In the first quarter of 2025, we repaid the debt owed to Shengda Group of $5.0 million through entering into debt offset agreement with a third party. As of March 31, 2025, the payables due to the transfer of SunCar Online was US$17.9 million, and other payables were US$5.9 million to Shengda Group and US$0.4 million to Mr. Lei Zhunfu for the ordinary course of operation, which were interest free, unsecure and could be settled on demand. B. Liquidity and Capital Resources Please see “Operating Results-Liquidity and Capital Resources” above. C. Research and Development, Patents and Licenses, etc. For the three months ended March 31, 2024 and 2025, our research and development expenses were US$0.6 million, and US$0.9 million, respectively. Research and development expenses consist primarily of payroll and employee benefits for research and development, employees, rental expense, utilities, and other related expenses related to designing, developing, and maintaining the technology service platform to support its internal and external customers. We expect spending in research and development to continue to be significant over time as SunCar plans to continue to invest in its technology and innovation to enhance customer experience and provide value to its business partners. D. Trend Information Other than as disclosed in this Report, SunCar is not aware of any trends, uncertainties, demands, commitments or events as of March 31, 2025 that are reasonably likely to have a material and adverse effect on its net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial conditions. E. Critical Accounting Estimates Please see “Operating Results-Critical Accounting Estimates