$MFI
mF International Ltd
CIK:0001940941|SEC Filings
Consolidated Statements of Cash Flows |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
HKD ($)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
HKD ($)
|
Dec. 31, 2023
HKD ($)
|
|
| Cash flows from operating activities: | ||||
| Net income (loss) | $ 78,744,704 | $ 10,117,135 | $ (20,210,992) | $ 6,628,881 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Depreciation of property and equipment | 268,028 | 34,436 | 96,880 | 134,951 |
| Amortization of intangible assets | 6,813,062 | 875,344 | 4,516,459 | 5,514,165 |
| Amortization of right-of-use assets and interest of lease liabilities | 2,233,308 | 286,936 | 1,494,383 | 1,633,106 |
| Realized loss on disposal of financial assets at fair value | 0 | 0 | 0 | 7,874 |
| Change in fair value on financial assets at fair value | 0 | 0 | 0 | 2,091 |
| Allowance (recovery) for credit losses | (21,567) | (2,771) | 893,175 | 998,020 |
| Impairment loss of intangible assets | 14,242,561 | 1,829,887 | 0 | 0 |
| Option premium income | (4,407,000) | (566,212) | 0 | 0 |
| Realized gain on disposal of digital assets | (873,409) | (112,216) | 0 | 0 |
| Investment income from stable coins and digital assets | (1,680,869) | (215,958) | 0 | 0 |
| Change in fair value of derivative liabilities | 2,795,520 | 359,169 | 0 | 0 |
| Change in fair value of stable coins, digital assets and digital assets – restricted | (121,190,685) | (15,570,604) | 0 | 0 |
| Others | 1,344,004 | 172,678 | 0 | 0 |
| Deferred tax expense (benefit) | (3,046,757) | (391,448) | 781,759 | 154,186 |
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | 917,734 | 117,911 | 668,920 | (2,444,125) |
| Prepaid expenses | 8,230,370 | 1,057,440 | (13,373,781) | (38,978) |
| Deposits | (474,748) | (60,996) | (13,300) | 47,104 |
| Accrued expenses and other current liabilities | 2,474,880 | 317,972 | 738,576 | (61,981) |
| Contract liabilities | (13,088) | (1,680) | 4,154,472 | 420,517 |
| Tax payable | 6,348 | 816 | (124,069) | (11,877) |
| Net cash provided by (used in) operating activities | (15,870,912) | (2,039,097) | (21,877,518) | 11,324,808 |
| Cash flows from investing activities: | ||||
| Purchase of property and equipment | (151,646) | (19,484) | (463,476) | (48,157) |
| Costs to obtain and develop software | (2,321,836) | (298,310) | (7,967,033) | (7,270,898) |
| Proceeds from call options | 3,841,500 | 493,557 | 0 | 0 |
| Disposals of investment at fair value | 0 | 0 | 0 | 1,633,315 |
| Net cash (used in) provided by investing activities | 1,368,018 | 175,763 | (8,430,509) | (5,685,740) |
| Cash flows from financing activities: | ||||
| Proceeds from pre-funded warrants | 76,440,000 | 9,821,027 | 0 | 0 |
| Proceeds from PIPE, net of offering costs | 144,857,724 | 18,611,350 | 0 | 0 |
| Dividend paid | 0 | 0 | 0 | (5,329,213) |
| Deferred IPO costs | 0 | 0 | (9,139,510) | (1,864,434) |
| Proceeds from initial public offering | 0 | 0 | 58,500,012 | 0 |
| Repayment of bank borrowings | (4,614,703) | (592,898) | (3,867,070) | (3,693,642) |
| Proceeds from a related party loan | 7,800,000 | 1,002,146 | 0 | 0 |
| Repayment to related parties | (8,106,110) | (1,041,475) | 0 | 0 |
| Net cash (used in) provided by financing activities | 216,376,911 | 27,800,150 | 45,493,432 | (10,887,289) |
| Effect of exchange rate changes on cash | (465,751) | (59,840) | 3,964 | (5,092) |
| Net (decrease) increase in cash | 201,408,266 | 25,876,976 | 15,189,369 | (5,253,313) |
| Cash, beginning of year | 21,999,787 | 2,826,537 | 6,810,418 | 12,063,731 |
| Cash, end of year | 223,408,053 | 28,703,513 | 21,999,787 | 6,810,418 |
| Supplemental disclosure information: | ||||
| Cash paid for income tax | 0 | 0 | 124,069 | 0 |
| Cash paid for interest | 287,825 | 36,980 | 325,084 | 483,623 |
| Supplemental non-cash in investing and financing activities: | ||||
| Operating lease right-of-use assets, obtained in exchange for operating lease obligations | 5,032,766 | 646,611 | 2,835,821 | 2,824,383 |
| Class A common stock exchanged for digital assets | 3,637,881,000 | 467,395,706 | 0 | 0 |
| Pre-funded warrants exchanged for digital assets | 39,000,000 | 5,010,728 | 0 | 0 |
| Related party | ||||
| Changes in operating assets and liabilities: | ||||
| Operating lease liabilities | (792,642) | (101,839) | 0 | 0 |
| Nonrelated party | ||||
| Changes in operating assets and liabilities: | ||||
| Operating lease liabilities | $ (1,440,666) | $ (185,097) | $ (1,500,000) | $ (1,659,126) |
Consolidated Balance Sheets |
Dec. 31, 2025
HKD ($)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
HKD ($)
|
||
|---|---|---|---|---|---|
| Current assets | |||||
| Cash | $ 223,408,053 | $ 28,703,513 | $ 19,659,787 | ||
| Restricted cash | 0 | 0 | 2,340,000 | ||
| Accounts receivable, net | 224,396 | 28,830 | 1,120,562 | ||
| Prepaid expenses, deposits and other current assets, net | 6,441,665 | 827,626 | 10,540,963 | ||
| Digital assets - restricted | 140,283,000 | 18,023,589 | 0 | ||
| Investment at fair value | 0 | 0 | 343,862 | ||
| Total current assets | 4,033,764,685 | 518,258,923 | 34,005,174 | ||
| Non-current assets | |||||
| Property and equipment, net | 286,725 | 36,838 | 403,107 | ||
| Intangible assets, net | 53,381 | 6,858 | 18,787,163 | ||
| Operating lease right-of-use assets | 4,363,374 | 560,607 | 1,563,916 | ||
| Prepaid expenses and deposits, non-current, net | 233,588 | 30,011 | 3,546,051 | ||
| Total non-current assets | 4,937,068 | 634,314 | 24,300,237 | ||
| Total assets | 4,038,701,753 | 518,893,237 | 58,305,411 | ||
| Current liabilities | |||||
| Accrued expenses and other current liabilities | 4,997,339 | 642,059 | 2,520,843 | ||
| Amounts due to a related party, current | 0 | 0 | 306,110 | ||
| Bank borrowings, current | 1,444,983 | 185,652 | 4,012,047 | ||
| Contract liabilities, current | 8,761,074 | 1,125,625 | 8,669,448 | ||
| Derivative liabilities | 6,637,020 | 852,726 | 0 | ||
| Tax payable | 99,757 | 12,817 | 93,409 | ||
| Total current liabilities | 24,547,837 | 3,153,912 | 17,042,523 | ||
| Non-current liabilities | |||||
| Contract liabilities, non-current | 0 | 0 | 104,714 | ||
| Bank borrowings, non-current | 0 | 0 | 2,047,639 | ||
| Deferred tax liabilities | 27,957 | 3,592 | 3,074,714 | ||
| Total non-current liabilities | 1,783,667 | 229,166 | 5,350,316 | ||
| Total liabilities | 26,331,504 | 3,383,078 | 22,392,839 | ||
| COMMITMENTS AND CONTINGENCIES | |||||
| Shareholders’ equity | |||||
| Ordinary shares, authorized to issue an unlimited number of Ordinary Shares of no par value, 1,656,459 (Class A , 525,623, and Class B, 1,130,862) and 50,176,485 (Class A , 49,045,623, and Class B, 1,130,862) shares issued and outstanding as of December 31, 2024 and 2025 | [1] | 3,900 | 500 | 3,900 | |
| Additional paid-in capital | 3,944,597,271 | 506,802,677 | 46,418,547 | ||
| (Accumulated deficit) retained earnings | 68,312,257 | 8,776,772 | (10,432,447) | ||
| Accumulated other comprehensive loss | (543,179) | (69,790) | (77,428) | ||
| Total shareholders’ equity | 4,012,370,249 | 515,510,159 | 35,912,572 | ||
| Total liabilities and shareholders’ equity | 4,038,701,753 | 518,893,237 | 58,305,411 | ||
| Stable coins | |||||
| Current assets | |||||
| Digital assets unrestricted | 254,646,365 | 32,717,018 | 0 | ||
| Digital assets | |||||
| Current assets | |||||
| Digital assets unrestricted | 3,408,761,206 | 437,958,347 | 0 | ||
| Digital assets - restricted | 140,283,000 | 18,023,589 | |||
| Nonrelated party | |||||
| Current liabilities | |||||
| Operating lease liabilities, current | 123,249 | 15,835 | 1,440,666 | ||
| Non-current liabilities | |||||
| Operating lease liabilities, non-current | 0 | 0 | 123,249 | ||
| Related party | |||||
| Current liabilities | |||||
| Operating lease liabilities, current | 2,484,415 | 319,198 | 0 | ||
| Non-current liabilities | |||||
| Operating lease liabilities, non-current | $ 1,755,710 | $ 225,574 | $ 0 | ||
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