v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:            
Consolidated net (loss) income $ 29,146 $ (50,448) $ (52,864) $ (53,433) $ 15,693 $ (13,191)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:            
Depreciation and amortization 4,683 4,824 5,254 5,192 2,349 1,509
Amortization of right-of-use asset 264 525 1,521 1,570 1,801 476
Gain on disposal of property, plant and equipment           (130)
Impairment on short-term investment       13,588    
Impairment on real estate properties under development       22,437    
Impairment on right of use assets       8,656    
Impairment on real estate properties held for sale     29,533      
Impairment on property, plant and equipment 3,404          
Gain on lease termination (2,360)   (5,053)      
Share-based compensation expenses 6,241 21,517 5,375 391 809 539
Unrealized exchange (gain) loss (263) 40 (205) 240 (85) 516
Deferred income taxes (1,611) (1,235) (2,212) 14,513 6,784 (2,011)
Interest paid (5,197) (4,200) (5,892) (4,306)    
Changes in current assets and liabilities:            
Increase in accounts receivable (164) (112) (462) (1,356) (2,933) (806)
(Increase) decrease in prepaid expenses and other receivables 4,719 (4,607) (2,982) (6,272) 2,197 (1,454)
(Increase) decrease in rental deposits paid out as leasee 87 19 184 153 (200) (88)
(Increase) decrease in real estate properties under development (59) 67,941 34,073 (32,432) (161,818) (132,077)
Increase (decrease) in accrued expenses and other payables (170,281) 156,175 9,524 35,394 512 1,785
Increase (decrease) in accounts payable (1,346) (16,376) (24,028) (68,378) 2,261  
Decrease in lease liabilities (194) (405) (532) (1,476) (1,305) (406)
Increase (decrease) in advance from customers 10,428 (1,355) (456) (62,313) 2,080 67,387
Increase in rental deposits from customers 194 98 95 2,105 1,277 192
Increase (decrease) in contract liabilities 5,747 (52,237) (5,457) 59,503    
Increase (decrease) in amount due to shareholders and other related companies 1,677 (152,461) 2,447 393 161  
Total adjustments (144,031) 18,151 40,727 (12,398) (146,110) (64,568)
Net cash used in operating activities (114,885) (32,297) (12,137) (65,831) (130,417) (77,759)
Cash flows from investing activities:            
Purchase of property, plant and equipment       (575) (449) (864)
Proceeds from disposal of property, plant and equipment and other assets           181
Redemption of marketable securities           7,580
Maturities of fixed deposits over three months         2,166 39,322
(Increase) decrease in short term investment 30,796 1,610   104,156 (150,150)  
Net cash provided by (used in) investing activities 30,796 1,610   103,581 (148,433) 46,219
Cash flows from financing activities:            
Repayment of bank and other loans (32,723) (15,572) (4,964) (30,905) (54,869) (193)
Proceeds from bank and other loans 24,744 6,274   89,140 72,337 97,980
Proceeds from shareholder loans     18,750      
Debt issuance cost           (487)
Increase (decrease) in finance lease payable (2) (2) (9) (2) 6  
Proceeds from shares issued on private placement   21,283        
Proceeds from shares issued on exercise of options       1,412 3,793 2,635
Amounts due to a shareholder and an investor         170,690  
Net cash (used in) provided by financing activities (7,981) 11,983 13,777 59,645 191,957 99,935
Net (decrease) increase in cash and cash equivalents and restricted cash (92,070) (18,704) 1,640 97,395 (86,893) 68,395
Cash and cash equivalents and restricted cash at beginning of year 113,791 137,957 169,160 63,045 130,218 62,919
Effect of exchange rate changes on cash and cash equivalents 11,554 (5,462) (32,843) 8,720 19,720 (1,096)
Cash and cash equivalents and restricted cash at end of year 33,275 113,791 137,957 169,160 63,045 130,218
Supplemental schedule of cash flow information:            
Cash paid for amounts included in the measurement of lease liabilities (194) (405) (532) (1,476) (1,305) (406)
Non-cash investing activities:            
Increase (decrease) in construction in progress funded through accounts payable (20) (1,504) (19,339) 16,177 26,470 1,279
Interest paid (9,685) (8,252) (8,788) (5,847) (321) (67)
Share-based compensation expenses $ 6,241 $ 21,517 $ 5,375 $ 391 $ 809 $ 539