REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2025

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

2. REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Subsequent to the filing of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 with the United States Securities and Exchange Commission (the “SEC”), management of Moatable, Inc. (the “Company”) discovered that the sales tax liability was understated as of September 30, 2024 by $3,293, of which $2,358 is related to the prior years of 2021 through 2023, and $336 and $935 are related to the three months and nine months period ended September 30, 2024, respectively.

In accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the adjustments detailed above, and determined the related impact did not materially misstate its consolidated financial statements as of and for the year ended December 31, 2023 or its condensed consolidated financial statements for the periods ended March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024, June 30, 2024, and September 30, 2024.

Although the Company concluded that the misstatement was not material to its previously issued financial statements, the Company has determined it was appropriate to present the impacts to its consolidated financial statements for the year ended December 31, 2023 on a prospective basis to provide appropriate context to stakeholders. Revision to its consolidated financial statements as of and for the year ended December 31, 2023 was included within the comparative consolidated financial statements as of and for the year ended December 31, 2024 contained in the Annual Report on Form 10-K filed with the SEC on April 15, 2025. Revisions to the Company’s condensed consolidated financial statements for the periods ended September 30, 2024 are tabulated below.

As of September 30, 2024, the omission of accrual of US sales tax liabilities was totaled $3,293, which has impact for the three and nine months ended September 30, 2024 by increasing $336 and $935 for selling expenses and $2,358 for the opening of accumulated deficit.

The following are the relevant line items from the Company’s consolidated balance sheet as of September 30, 2024, condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2024, and condensed consolidated statements of cashflows for the nine months ended September 30, 2024, which illustrate the effect of the adjustments to the period presented:

Opening accumulated deficit as of January 1, 2024


		As
		reported		Adjustments		As adjusted
Accumulated deficit	$	(716,315)	$	(2,358)	$	(718,673)

Selected consolidated balance sheet information as of September 30, 2024


	As
	reported		Adjustments		As restated
Accrued expenses and other current liabilities	$	11,842	$	3,293	$	15,135
Total current liabilities		23,084		3,293		26,377
Total Liabilities		24,193		3,293		27,486
Accumulated deficit		(717,791)		(3,293)		(721,084)
Total Moatable, Inc. shareholders’ equity		62,589		(3,293)		59,296
Total equity		48,313		(3,293)		45,020

Selected consolidated statement of operations and comprehensive loss information for the three months ended September 30, 2024


	As
	reported		Adjustments		As restated
Selling and marketing	$	4,628	$	336	$	4,964
Total operating expenses		12,868		336		13,204
Loss from operations		(235)		(336)		(571)
Income before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		736		(336)		400
Income before income (loss) in equity method investments and non-controlling interest, net of tax		1,340		(336)		1,004
Net income		1,505		(336)		1,169
Net income attributable to Moatable, Inc.		1,500		(336)		1,164
Net loss		1,505		(336)		1,169
Comprehensive income		1,523		(336)		1,187
Comprehensive income attributable to Moatable Inc.		1,517		(336)		1,181
Net income per share attributable to Moatable Inc. shareholders:
Basic and Diluted		0.002		(0.001)		0.001
Diluted		0.002		(0.001)		0.001

Selected consolidated statement of operations and comprehensive loss information for the nine months ended September 30, 2024


	As
	reported		Adjustments		As restated
Selling and marketing	$	12,991	$	935	$	13,926
Total operating expenses		36,985		935		37,920
Loss from operations		(1,856)		(935)		(2,791)
Loss before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		(1,753)		(935)		(2,688)
Loss before income (loss) in equity method investments and non-controlling interest, net of tax		(1,385)		(935)		(2,320)
Net loss		(1,518)		(935)		(2,453)
Net loss attributable to Moatable, Inc.		(1,476)		(935)		(2,411)
Net loss		(1,518)		(935)		(2,453)
Comprehensive loss		(1,542)		(935)		(2,477)
Comprehensive loss attributable to Moatable Inc.		(1,617)		(935)		(2,552)
Net loss per share attributable to Moatable Inc. shareholders:
Basic and Diluted		(0.002)		(0.001)		(0.003)
Diluted		(0.002)		(0.001)		(0.003)

Selected consolidated statement of cash flows information for the nine months ended September 30, 2024


	As
	reported		Adjustments		As restated
Net loss	$	(1,518)	$	(935)	$	(2,453)
Accrued expenses and other current liabilities		1,787		935		2,722