Company: SDAWW
Filing Date: 2025-02-04
Form Type: 6-K
Source: 0001213900-25-010076
Chunk: 40

Company: SunCar Technology Group Inc.
Filing Date: 2025-02-04
Form: 6-K
Chunk 40
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 thousands)            |         |   |     | 2024 |         |   |
|:----------------------------------------------------|:----|:--------------------------|--------:|:--|:----|:-----|--------:|:--|
| Net cash (used in)/provided by operating activities |     | $                         | (31,093 | ) |     | $    |   1,182 |   |
| Net cash used in investing activities               |     |                           |  (2,181 | ) |     |      |  (9,792 | ) |
| Net cash provided by/(used in) financing activities |     |                           |  34,069 |   |     |      |  (2,325 | ) |
| Effect of exchange rate changes                     |     |                           |    (741 | ) |     |      |     329 |   |
| Net increase (decrease) in cash and restricted cash |     | $                         |      54 |   |     | $    | (10,606 | ) |

Our principal sources of liquidity have been cash provided from bank borrowings, and revenue generated from its business operation. As of September 30, 2024, we had US$20.2 million in cash, and US$2.8 million restricted cash, of which almost all of the cash was denominated in Renminbi. Most of the cash and restricted cash were held at banks located in China. We believe that our current cash on hand, short-term investments and cash provided by equity security will be sufficient to meet the current and anticipated needs for general corporate purposes for at least the next 12 months. We may, however, need additional cash resources in the future if we experience changes in business conditions or other developments. We may also need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, capital expenditure or similar actions. If we determine that the cash requirements exceed the amount of cash on hand, we may seek to issue equity or equity linked securities or obtain debt financing. The issuance and sale of additional equity would result in further dilution to the shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We expect that substantially all of our future revenues will be denominated in RMB. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions