SCHEDULE 1 - PARENT ONLY FINANCIAL INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Summary of Condensed Balance Sheet |
Condensed Balance Sheet (in thousands USD)
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|
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December 31,
2022 |
|
December 31,
2021 |
| Assets |
|
|
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| Non-current assets |
|
|
|
| Investment in subsidiaries |
$ |
192,549 |
|
|
$ |
256,725 |
|
| Total non-current assets |
192,549 |
|
|
256,725 |
|
| Total assets |
$ |
192,549
|
|
|
$ |
256,725
|
|
| Liabilities and stockholders’ equity |
|
|
|
| Long-term liabilities |
|
|
|
| Warrant liability |
33 |
|
|
286 |
|
| Total liabilities |
$ |
33
|
|
|
$ |
286
|
|
| Stockholders’ equity |
|
|
|
Common stock, voting; par value $0.0001 per share; 315,000,000 shares authorized, 76,292,241 and 72,027,743 shares issued and outstanding at December 31, 2022, and December 31, 2021 |
8 |
|
|
7 |
|
| Additional paid-in capital |
435,293 |
|
|
401,690 |
|
| Accumulated other comprehensive loss |
(6,390) |
|
|
(3,463) |
|
| Accumulated deficit |
(236,394) |
|
|
(141,795) |
|
| Total stockholders’ equity |
$ |
192,517
|
|
|
$ |
256,439
|
|
| Total liabilities and stockholders’ equity |
$ |
192,550
|
|
|
$ |
256,725
|
|
|
| Summary of Condensed Statements of Loss and Comprehensive Loss |
Condensed Statements of Loss and Comprehensive Loss (in thousands USD)
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|
|
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| For the years ended |
December 31,
2022 |
|
December 31,
2021 |
| Equity in net loss of unconsolidated subsidiaries |
$ |
(94,759) |
|
|
$ |
(29,892) |
|
| Change in fair value of warrant liability |
(254) |
|
|
(5,267) |
|
| Loss before income taxes |
(94,505) |
|
|
(24,625) |
|
| Net loss |
$ |
(94,505) |
|
|
$ |
(24,625) |
|
| Other comprehensive loss: |
|
|
|
| Foreign currency translation adjustment |
(2,927) |
|
|
(1,987) |
|
| Comprehensive loss |
$ |
(97,432) |
|
|
$ |
(26,612) |
|
|
| Summary of Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows (in thousands USD)
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| For the years ended |
December 31,
2022 |
|
December 31,
2021 |
| Cash flows from operating activities |
|
|
|
| Net loss |
$ |
(94,505) |
|
|
$ |
(24,625) |
|
| Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
| Equity in net loss of unconsolidated subsidiaries |
94,759 |
|
|
29,892 |
|
| Change in fair value of warrant liability |
(254) |
|
|
(5,267) |
|
| Cash provided by operating activities |
$ |
—
|
|
|
$ |
—
|
|
| Cash flows from investing activities |
|
|
|
| Distribution from subsidiary |
— |
|
|
5,947 |
|
| Cash provided by investing activities |
$ |
—
|
|
|
$ |
5,947
|
|
| Issuance of common stock, net of transaction costs |
— |
|
|
223,968 |
|
| Settlement of preferred stock |
— |
|
|
(229,915) |
|
| Cash used in financing activities |
$ |
—
|
|
|
$ |
(5,947) |
|
| Effect of exchange rate change on cash and restricted |
— |
|
|
— |
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| Change in cash and restricted cash |
— |
|
|
— |
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| Cash and restricted cash, beginning of year |
—
|
|
|
—
|
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| Cash and restricted cash, end of year |
$ |
—
|
|
|
$ |
—
|
|
| Non-cash investing and financing activities: |
|
|
|
| Fair value of KORE common stock issued pursuant to acquisition |
$ |
23,295 |
|
|
$ |
— |
|
| Share-based payment awards issued to employees of subsidiaries |
10,296 |
|
|
1,839 |
|
|