SunCar Technology Group Files 6-K for June 2024 Period

TL;DR

SUNC files 6-K for June 30, 2024, confirming foreign private issuer status and Shanghai HQ.

AI Summary

SunCar Technology Group Inc. filed a Form 6-K on September 13, 2024, reporting information for the period ending June 30, 2024. The filing indicates the company is a foreign private issuer and will file annual reports under Form 20-F. The principal executive office is located in Shanghai, China.

Why It Matters

This filing provides updated information for investors regarding SunCar Technology Group's reporting status and operational base in China.

Risk Assessment

Risk Level: low — This is a routine filing providing updated corporate information and does not indicate any immediate material changes or risks.

Key Players & Entities

• SunCar Technology Group Inc. (company) — Registrant
• September 13, 2024 (date) — Filing Date
• June 30, 2024 (date) — Reporting Period End Date
• Shanghai (location) — Principal Executive Office Location
• Form 20-F (document) — Annual Report Filing Type
• Form 6-K (document) — Current Filing Type

FAQ

Filing Documents

• ea0214381-6k_suncartech.htm (6-K) — 950KB
• 0001213900-24-078283.txt ( ) — 6340KB
• cik0001936804-20240630.xsd (EX-101.SCH) — 77KB
• cik0001936804-20240630_cal.xml (EX-101.CAL) — 66KB
• cik0001936804-20240630_def.xml (EX-101.DEF) — 317KB
• cik0001936804-20240630_lab.xml (EX-101.LAB) — 619KB
• cik0001936804-20240630_pre.xml (EX-101.PRE) — 333KB
• ea0214381-6k_suncartech_htm.xml (XML) — 800KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of September 2024 Commission File Number: 001-41247 SunCar Technology Group Inc. (Translation of registrant's name into English) c/o Shanghai Feiyou Trading Co., Ltd. Suite 209, No. 656 Lingshi Road Jing'an District, Shanghai, 200072 People's Republic of China Tel: (86) 138-1779-6110 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F SunCar Technology Group Inc. (the "Company") furnishes under the cover of Form 6-K the following: SUNCAR TECHNOLOGY GROUP INC INDEX TO CONSOLIDATED FINANCIAL STATEMENTS CONTENTS PAGE(S) CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2023 AND JUNE 30, 2024 (UNAUDITED) F-2 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2024 F-3 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2024 F-4 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2024 F-5 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS F-6 F-1 SUNCAR TECHNOLOGY GROUP INC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In U.S. Dollar thousands, except for share and per share data, or otherwise noted) As of December 31, As of June 30, 2023 2024 ASSETS Current assets Cash $ 30,854 $ 20,886 Restricted cash 2,741 2,843 Short-term investments 21,596 20,913 Accounts receivable, net 56,043 76,630 Prepaid expenses and other current assets, net 63,963 69,564 Total current assets 175,197 190,836 Non-current assets Long-term investment 282 275 Software and equipment, net 22,466 19,977 Deferred tax assets, net 11,998 12,467 Other non-current assets 12,012 19,403 Right-of-use assets 1,280 978 Total non-current assets 48,038 53,100 TOTAL ASSETS $ 223,235 $ 243,936 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term loan $ 83,029 $ 81,324 Accounts payable 26,641 52,115 Deferred revenue 3,050 1,959 Tax payable 1,364 1,695 Accrued expenses and other current liabilities 4,809 2,262 Amount due to a related party-current 4,751 4,557 Operating lease liabilities-current 748 765 Total current liabilities 124,392 144,677 Non-current liabilities Operating lease liabilities-non-current 504 154 Amount due to a related party, non-current 29,688 29,004 Warrant liabilities 661 661 Total non-current liabilities 30,853 29,819 Total liabilities $ 155,245 $ 174,496 Commitments and contingencies (Note 16) Shareholders' equity Class A Ordinary shares* (par value of US$ 0.0001 per share; 400,000,000 Class A Ordinary shares authorized as of December 31, 2023 and June 30, 2024, respectively; 39,876,493 and 48,876,493 Class A Ordinary shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively) $ 4 $ 5 Class B Ordinary shares* (par value of US$ 0.0001 per share; 100,000,000 Class B Ordinary shares authorized as of December 31, 2023 and June 30, 2024, respectively; 49,628,565 and 49,628,565 Class B Ordinary shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively) 5 5 Additional paid in capital 144,160 206,199 Accumulated deficit ( 126,724 ) ( 189,307 ) Accumulated other comprehensive loss ( 1,367 ) ( 1,283 ) Total SUNCAR TECHNOLOGY GROUP INC's shareholders' equity 16,078 15,619 Non-controlling interests 51,912 53,821 Total shareholders' equity 67,990 69,440 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 223,235 $ 243,936 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-2 SUNCAR TECHNOLOGY GROUP INC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In U.S. Dollar thousands, except for share and per share data, or otherwise noted) For the six months ended June 30, 2023 2024 Revenues Auto service $ 98,813 $ 107,451 Auto eInsurance service 47,710 73,747 Technology service 12,855 21,888 Total revenues 159,378 203,086 Operating cost and expenses Integrated service cost ( 87,854 ) ( 107,621 ) Promotional service expenses ( 49,563 ) ( 71,135 ) Selling expenses ( 12,793 ) ( 10,199 ) General and administrative expenses ( 4,020 ) ( 40,537 ) Research and development expenses ( 4,020 ) ( 32,205 ) Total operating costs and expenses ( 158,250 ) ( 261,697 ) Operating profit/(loss) 1,128 ( 58,611 ) Other income/(expenses) Financial expenses, net ( 1,915 ) ( 2,302 ) Investment in

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View this 6-K filing on SEC EDGAR