Financial Performance - Total revenue for the six months ended June 30, 2024, was S$4,376, a decrease of 16.4% compared to S$5,232 for the same period in 2023[6] - Net loss attributable to Ryde Group Ltd for the six months ended June 30, 2024, was S$13,530, compared to a net loss of S$3,969 for the same period in 2023, representing an increase in loss of 240.5%[6] - The company reported operational loss of S$3,735 for the six months ended June 30, 2024, compared to S$3,335 for the same period in 2023, indicating a 12.0% increase in operational loss[6] - The basic and diluted net loss per share for the six months ended June 30, 2024, was S$0.81, compared to S$0.34 for the same period in 2023, indicating a decline in share value[6] - For the six months ended June 30, 2024, the net cash used in operating activities was S$9,522,000 (US$7,025,000), compared to S$2,521,000 for the same period in 2023[24] - The company reported a net loss of S$13,542,000 for the six months ended June 30, 2024, compared to a net loss of S$3,999,000 for the same period in 2023[24] - The company recognized employee benefits expense of S$99,000 (US$74,000) for the six months ended June 30, 2024, compared to S$104,000 for the same period in 2023[65] - The company reported share-based compensation of S$9,807,000 for the six months ended June 30, 2024[24] - The total other expenses increased from S$3,751,000 in 2023 to S$4,755,000 in 2024[118] Assets and Liabilities - Total current assets increased to S$7,284 as of June 30, 2024, from S$4,463 as of December 31, 2023, reflecting a growth of 63.5%[2] - Total liabilities decreased to S$4,914 as of June 30, 2024, from S$12,619 as of December 31, 2023, a reduction of 61.0%[2] - Cash and cash equivalents increased to S$2,976 as of June 30, 2024, from S$1,694 as of December 31, 2023, an increase of 75.6%[2] - The company has a positive working capital of S$2,402,000 (US$1,773,000) as of June 30, 2024[24] - As of June 30, 2024, the company had cash and cash equivalents of S$2,976,000 (US$2,196,000), which is unrestricted for withdrawal and use[24] - The company has tax losses carry forwards of S$2,079,000 as of June 30, 2024, with a valuation allowance of the same amount[112][113] Shareholder Information - The number of Class A Ordinary Shares outstanding increased to 17,339,871 as of June 30, 2024, from 12,571,044 as of June 30, 2023[3] - Additional paid-in capital rose to S$42,708 as of June 30, 2024, from S$18,663 as of January 1, 2024, reflecting a significant increase of 128.7%[3] - The company issued 1,155,350 Class A Ordinary Shares in September 2023, representing 7.14% of total Class A Ordinary Shares post-conversion[100] - On September 12, 2024, the company issued 107,555 Class A Ordinary Shares to Maxim Partners LLC as part of a cashless exercise of warrants[124] - The fair value of the Class A Ordinary Shares issued to consultants was based on a closing market share price of US$4.84 per share[121] Revenue Recognition - The company recognizes revenue from mobility and quick commerce transactions upon completion of each transaction, acting as an agent and reporting revenue on a net basis[47][51] - Revenue from advertising services is recognized when the services are provided, with revenue recognized at the expected amount net of discounts or refunds[59] - Membership revenue is recognized over the subscription period, with relevant costs recognized as expenses[61] - Revenue for the six months ended June 30, 2024, was S$4,376,000, a decrease from S$5,232,000 in the same period of 2023, with mobility revenue at S$2,783,000[116] Expenses and Costs - The company recognized an increase in legal and professional fees from S$1,148,000 in 2023 to S$2,313,000 in 2024[118] - Marketing and advertising expenses decreased from S$1,919,000 in 2023 to S$1,374,000 in 2024[118] - Amortization expenses for the six months ended June 30, 2024, were S$218,000 (US$161,000), compared to S$150,000 in the same period of 2023[86] Corporate Actions - The company completed an internal reorganization on May 5, 2023, resulting in Ryde Technologies Pte. Ltd. becoming a 99.26% subsidiary of Ryde Group (BVI) Ltd[17] - The company incorporated a new subsidiary, RGTC Pte Ltd, in Singapore on August 2, 2024[123] - The acquisition of Meili Technologies Pte. Ltd. was completed on February 20, 2023, with a purchase consideration of S$600,000 recognized as fair value[89] - The total identifiable assets acquired by Ryde Technologies Pte. Ltd. amounted to S$151,000, with net liabilities acquired of S$64,000 and goodwill recorded at S$664,000[91] - A goodwill impairment charge of S$664,000 was recorded for the Meili Group due to its carrying value exceeding fair value, determined using a discount rate of 6.12% and a growth rate of 5% to 10%[92] Financing Activities - The company plans to raise additional debt and equity to support its operating activities, although there is no certainty that these financings will be available on acceptable terms[27] - The convertible loan from noteholders amounted to S$368,000 as of December 31, 2023, with a total of S$1.95 million convertible loan issued to third parties[96][98] - The company has a current portion of operating lease obligations of S$25,000 as of June 30, 2024, down from S$49,000 as of December 31, 2023[105] - The total deferred tax liabilities as of June 30, 2024, were S$32,000, unchanged from December 31, 2023[112] - Government grants received amounted to S$28,000 for the six months ended June 30, 2024, compared to S$35,000 in 2023[13] - The company has established a valuation allowance for deferred tax assets when necessary, to reduce net deferred tax assets to the amount expected to be realized[69]
Ryde(RYDE) - 2024 Q2 - Quarterly Report