Operating loss of $4.8 million compared to $215 million in 2022 Revenues declined from $260.0 million to $92.4 million driven by a decline in commodity revenues due to slowdown in China economic activity. Crypto-Mining revenue up over 50X Cash and cash equivalents of approximately $280 million NEW YORK, May 15, 2024 /PRNewswire/ -- SOS Limited ("SOS" or the "Company") (NYSE:SOS) today reported its full year financial results for the twelve-months ended December 31, 2023. Results of operations Revenue  The company reported a notable decline in revenue from 2022 to 2023, with revenues dropping from $260.0 million to $92.4 million. This downturn was driven by the recession in the Chinese economy, which led to weakened demand in domestic markets. FY 2023 FY 2022 Amount Percentage Amount Percentage Commodity trading 68,456 74 % 255,668 98.4 % Cryptocurrency mining 18,898 20 % 329 0.1 % Hosting service 2,365 2.6 % - - Other 2,746 3 % 4,113 1.5 % Total 92,465 100 % 260,110 100 % As of December 31, 2023, SOS has centered its operations around four primary product lines and services: commodity trading, cryptocurrency mining, hosting services and others. These product lines constitute 74.1%, 20.4%, 2.6%, and 3.0% of the total revenue, respectively. The "others" category encompasses the legacy business of SaaS, call centers, and insurance marketing services for uncompleted contracts. Commodity trading experienced a significant slowdown in 2023, from $255.7 million in 2022 to $68.5 million. This decline can be attributed to mainland China's ongoing sluggish demand in both the food processing and individual consumer markets. The Company commenced generating revenue from cryptocurrency mining in February 2021. As of December 31, 2023, it had successfully mined an aggregate of 675.65 units of BTC and 2,949.79 units of ETH from its mining pools. Revenue from cryptocurrency mining experienced a significant surge, soaring from $0.33 million in 2022 to $18.9 million in 2023. This surge can be attributed to the substantial increase in the price of BTC, which rose from $16,477.60 per coin on January 1, 2023, to $44,786.80 per coin on December 31, 2023, over the course of the year. The Company benefited greatly from this price increase, leading to incremental profitability. The Company had suspended most of its ETH production by December 31, 2022, but has since maintained operation of a few ETH machines. Costs of revenue Revenue costs decreased from $270.60 million in 2022 to $78.2 million in 2023, constituting a reduction of $192.4 million. This includes the cost of goods sold for commodity trading, data acquisition costs for the power supply, salaries & benefits for on-site staff, software amortization & hardware depreciation for cryptocurrency mining rigs & hosting PP&E. Operating expenses The following table presents our operating expense by source and proportion for the periods indicated (in thousands, except percentages): FY 2023 FY 2022 Selling 672 4 % 8,556 4 % General and administrative 11,058 58 % 180,704 89 % Share-based compensation 7,264 38 % 14,714 7 % 18,994 203,974 Operating expenses decreased from $204.0 million in 2022 to $18.9 million in 2023, representing a year-on-year reduction of $185.0 million. Selling expenses decreased from $8.6 million in 2022 to $0.7 million in 2023, representing a decrease of $7.9 million mainly attributable to decrease in customs duties, service fee of customs clearance and warehouse rental as the Company bough less goods & service as a result of decrease in sales & revenue. General and administrative expenses decreased from $180.7 million in 2022 to $11.1 million in 2023, or 87.9% ($158.9M) attributable to the decrease of crypto mining rigs impairment loss, miner-related inventory write-down, bad debt provision for other receivables & prepayment; this write-down was $3.97 million in total in 2023. Initially the Company's accounting policy is to amortize mining property, plant and equipment (PP&E) over its useful life of five years, then the PP&E and related inventory is required to be written down to align with its peers in block-chain industry, to conform with the common practice of amortizing the PP&E over its useful life of 2-3 years. Share-based compensation expenses also decreased from $14.7 million in 2022 to $7.3 million in 2023. GAAP Operating Loss and EPS The Company had operating loss of $4.8 million for the year of 2023, compared to an operating loss of $214.5 million for the year of 2022; the Company has far less G&A expenses e.g. write-down for inventory, impairment loss for miners and bad debt provision for other receivables and prepayments. GAAP EPS Basic (Diluted EPS is the same as EPS Basic）was $(0.0005) per share for the period ended December 31, 2023, as compared to $(0.07) per share for the period ended December 31, ...