$WOK

WORK Medical Technology Group LTD

CIK:0001929783|SEC Filings

Consolidated Statements of (Loss) Income and Comprehensive Loss - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Gross profit	$ 2,344,854	$ 2,868,386	$ 4,142,984
Operating expenses:
Selling expenses	(2,078,251)	(2,053,019)	(1,567,385)
General and administrative expenses	(2,327,352)	(4,558,041)	(1,861,728)
Research and development expenses	(435,311)	(302,511)	(301,644)
Total operating expenses	(4,840,914)	(6,913,571)	(3,730,757)
Other income (loss):
Interest expense	(503,519)	(557,571)	(392,741)
Interest income	181,682	11,727	25,417
Government subsidies	1,600,527	346,571	74,232
Other income (expenses), net	135,400	578,758	(8,746)
Total other income (loss)	1,414,090	379,485	(301,838)
(Loss) income before income tax expense	(1,081,970)	(3,665,700)	110,389
Income tax (expense) benefit	(119,053)	125,291	(47,006)
Net (loss) income	(1,201,023)	(3,540,409)	63,383
Net loss attributable to non-controlling interest	(128,356)	(48,091)	(48,647)
Net (loss) income attributable to ordinary shareholders	(1,072,667)	(3,492,318)	112,030
Other comprehensive loss:
Foreign currency translation adjustment	(130,447)	453,181	(268,068)
Total comprehensive loss	(1,331,470)	(3,087,228)	(204,685)
Total comprehensive (loss) income attributable to non-controlling interests	(58,688)	136,727	(80,165)
Total comprehensive loss attributable to shareholders	$ (1,272,782)	$ (3,223,955)	$ (124,520)
Weighted average number of ordinary shares
Basic (in Shares)	28,983,269	12,705,011	12,500,000
Diluted (in Shares)	28,983,269	12,705,011	12,500,000
Basic (loss) earnings per ordinary share (in Dollars per share)	$ (0.04)	$ (0.27)	$ 0.01
Diluted (loss) earnings per ordinary share (in Dollars per share)	$ (0.04)	$ (0.27)	$ 0.01
Third Party
Net revenue	$ 9,813,820	$ 10,929,070	$ 12,501,615
Cost of revenues	(7,482,224)	(8,346,419)	(8,596,872)
Related Party
Net revenue	34,895	577,370	1,064,336
Cost of revenues	$ (21,637)	$ (291,635)	$ (826,095)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (1,201,023)	$ (3,540,409)	$ 63,383
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	923,108	1,410,452	1,603,129
Inventories write-down	105,599	762	18,320
Loss on disposal of equipment	178,381	42,504	8,089
Allowance for credit loss	(184,977)	12,157	149,503
Allowance for advances to suppliers	15,468
Allowance for advances to suppliers for equipment	13,865
Deferred tax expense (benefits)	111,151	(46,044)	(94,533)
Loss on disposal of subsidiaries	126
Interest income of loan to third parties	(158,428)
Changes in assets and liabilities:
Accounts receivable – third parties	1,022,554	1,815,361	(131,950)
Advance to suppliers	6,036,907	(1,061,321)	977,318
Amount due (from) to related parties	(1,377,588)	1,775,923	(3,964,077)
Inventories	568,669	1,576,799	(400,544)
Operating lease liabilities	(5,838)	(2,029)	(51,755)
Prepaid expenses and other current assets	194,515	293,683	1,291,145
Accounts payable	245,499	(2,553,902)	864,585
Income taxes payable		(250,423)	136,508
Deferred revenue	(211,238)	(176,969)	52,245
Accrued expenses and other liabilities	(32,465)	(1,524,631)	1,688,370
Net cash provided by (used in) operating activities	6,244,285	(2,228,087)	2,209,736
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of intangible assets		(33,313)	(127,913)
Purchase of property and equipment	(1,332,507)	(9,225,094)	(455,391)
Proceed from disposal of property and equipment	472,929	194,328
Loans to third parties	(6,123,175)
Repayment from loans to third parties	6,099,169
Loan to related parties	(2,657,124)
Repayment from related parties	5,128,096
Acquisition consideration of a subsidiary	(85,012)
Refundable advance deposit	(9,110,000)
Net cash outflow from disposal of a subsidiary	(95)
Net cash used in investing activities	(7,607,719)	(9,064,079)	(583,304)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from public offering and registered direct offering	6,900,912	7,373,839
Cash deposited in escrow account		(400,000)
Return of cash deposited in escrow account	400,000
Contributions from non-controlling interest		2,767,032
Proceeds from short-term borrowings	17,954,939	13,394,778	9,107,082
Repayments of short-term borrowings	(24,610,052)	(9,369,404)	(6,000,791)
Loan from related party	860,780
Repayment to related party	(2,028,623)
Loans to related parties		(4,574,088)	(5,669,834)
Repayment from related parties		5,477,054	5,891,373
Loans to third parties		(1,133,656)	(2,723,935)
Repayment from loans to third parties		2,734,478	23,562
Payment of offering cost	(376,168)	(613,009)	(1,356,176)
Net cash (used in) provided by financing activities	(898,212)	15,657,024	(728,719)
Effect of exchange rate changes	(207,360)	555,464	(33,852)
Net increase (decrease) in cash and restricted cash	(2,469,006)	4,920,322	863,861
Cash, cash equivalents, and restricted cash, at beginning of year	6,557,605	1,637,283	773,422
Cash, cash equivalents and restricted cash, at end of year	4,088,599	6,557,605	1,637,283
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	4,088,599	6,557,605	1,596,096
Restricted cash			41,187
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	4,088,599	6,557,605	1,637,283
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Income taxes paid	8,103	9,973	160,162
Interest paid	$ 508,519	$ 543,753	$ 312,035

Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Sep. 30, 2024
Current assets:
Cash and cash equivalents	$ 4,088,599	$ 6,557,605
Cash deposited in escrow account		400,000
Accounts receivable, net	615,838	1,648,797
Inventories, net	2,455,477	3,183,951
Advance to suppliers	1,228,095	4,697,029
Prepaid expenses and other current assets, net	1,280,790	1,632,702
Total current assets	20,455,133	20,827,220
Property, plant and equipment, net	10,587,852	11,372,485
Intangible assets, net	959,116	1,044,062
Right-of-use assets, net	26,060
Deferred tax assets, net		112,916
Advance to suppliers for equipment	1,128,095	2,893,880
Total non-current assets	12,701,123	15,423,343
TOTAL ASSETS	33,156,256	36,250,563
Current liabilities:
Short-term bank borrowings	6,391,347	13,323,643
Accounts payable	1,724,551	1,497,152
Deferred revenue	402,407	625,326
Accrued expenses and other liabilities	2,932,166	3,007,901
Lease liabilities, current	6,743
Income tax payable	501,480	508,726
Total current liabilities	11,971,466	20,180,190
Non-Current liabilities:
Deferred tax liabilities	1,303
Lease liabilities, non-current	18,756
Total non-current liabilities	20,059
TOTAL LIABILITIES	11,991,525	20,180,190
Commitments and contingencies (Note 15)
Shareholders’ equity
Ordinary Shares, Value		7,296
Subscription receivable	(6,250)	(6,250)
Additional paid-in capital	13,043,402	6,617,596
Statutory reserve	899,731	899,731
Retained earnings	4,958,991	6,076,018
Accumulated other comprehensive loss	(608,729)	(408,465)
Total shareholders’ equity	18,338,941	13,185,926
Non-controlling interests	2,825,790	2,884,447
Total equity	21,164,731	16,070,373
TOTAL LIABILITIES AND EQUITY	33,156,256	36,250,563
Class A ordinary shares
Shareholders’ equity
Ordinary Shares, Value	48,000
Class B ordinary shares
Shareholders’ equity
Ordinary Shares, Value	3,796
Related Parties
Current assets:
Amounts due from related parties	10,786,334	2,707,136
Current liabilities:
Amount due to related parties	$ 12,772	$ 1,217,442