Infobird Co., Ltd, a Cayman Islands-based holding company, announced significant changes in its corporate structure and financial results for the year ended December 31, 2023. The company completed the sale of its SaaS services in Mainland China on August 11, 2023, discontinuing its operations there. This strategic shift resulted in the reporting of the Mainland SaaS services business as discontinued operations. Subsequently, Infobird Co., Ltd focused on expanding its business in Hong Kong and other Southeast Asian and European markets through its wholly-owned subsidiary, Inforbird Technologies Limited. The financial statements for 2023 reflect a net loss from continuing operations of approximately $21.4 million, primarily due to an impairment of due from discontinued operations amounting to $17.6 million. However, the company reported a net income from...Show More

Infobird Co., Ltd, a Cayman Islands-based holding company, announced significant changes in its corporate structure and financial results for the year ended December 31, 2023. The company completed the sale of its SaaS services in Mainland China on August 11, 2023, discontinuing its operations there. This strategic shift resulted in the reporting of the Mainland SaaS services business as discontinued operations. Subsequently, Infobird Co., Ltd focused on expanding its business in Hong Kong and other Southeast Asian and European markets through its wholly-owned subsidiary, Inforbird Technologies Limited. The financial statements for 2023 reflect a net loss from continuing operations of approximately $21.4 million, primarily due to an impairment of due from discontinued operations amounting to $17.6 million. However, the company reported a net income from discontinued operations of approximately $18.6 million, mainly due to the proceeds from the sale of discontinued operations. Overall, Infobird Co., Ltd experienced a net loss of approximately $2.9 million for the year. The company's total assets as of December 31, 2023, were approximately $57.7 million, with liabilities totaling approximately $63,000. The company's equity underwent several consolidations and a capital reduction, resulting in an authorized share capital of $50,000,000 divided into 5,000,000,000,000 ordinary shares. Infobird Co., Ltd plans to use its cash reserves for global business expansion and general corporate purposes.