Company: SDAWW
Filing Date: 2025-02-04
Form Type: 6-K
Source: 0001213900-25-010076
Chunk: 41

Company: SunCar Technology Group Inc.
Filing Date: 2025-02-04
Form: 6-K
Chunk 41
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, can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. Therefore, our PRC subsidiaries are allowed to pay dividends in foreign currencies to us without prior SAFE approval by following certain routine procedural requirements. However, approval from or registration with competent government authorities is required where the RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may at its discretion restrict access to foreign currencies for current account transactions in the future. Operating Activities Net cash provided by operating activities for the nine months ended September 30, 2024 was US$1.2 million, as compared to net loss of US$61.6 million. The difference between net loss and net cash used in operating activities was primarily attributable to (i) an increase of accounts receivable of US$22.3 million due to the increase of sales, (ii) an increase of prepaid expenses and other current assets of US$10.1 million due to the increase of advances to suppliers for the expansion of business, offset by (i) a non-cash adjustment of share-based compensation of US$63.2 million, an increase of accounts payable of US$27.3 million, primarily due to the growth of our auto service business. Net cash used in operating activities for the nine months ended September 30, 2023 was US$31.1 million, as compared to net loss of US$4.7 million. The difference between net loss and net cash used in operating activities was primarily attributable to an increase of prepaid expenses and other current assets of US$62.3 million due to the increase of advances to suppliers, offset by (i) a decrease of accounts receivable of US$23.6 million due to the acceleration of collection of the accounts receivable post pandemic and (ii) an increase of accounts payable of US$7.1 million, primarily due to the growth of our auto service business. Investing Activities Net cash used in investing activities for the nine months ended September 30, 2024 was US$9.8 million, primarily consisting of US$9.3 million in non-current assets purchase related to the development of cloud infrastructure, and purchase of short-term investment of US$21.3 million, and offset by the proceeds from sale of short-term investment of US$21.3 million. Net cash provided by investing activities for the nine months ended September 30, 202