$AXG
Solowin Holdings, Ltd.
CIK:0001959224|SEC Filings
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Cash flows from operating activities | |||
| Net loss | $ (13,288,000) | $ (8,538,000) | $ (4,556,000) |
| Adjustment to reconcile net loss to cash used in operating activities: | |||
| Amortization of intangible assets | 7,000 | 18,000 | 7,000 |
| Depreciation of property and equipment | 131,000 | 81,000 | 23,000 |
| Allowance for (reversal of) credit losses | 453,000 | (502,000) | 854,000 |
| Loss on disposal of intangible assets | 12,000 | ||
| Share-based compensations | 3,221,000 | 3,312,000 | 3,810,000 |
| Share of results of an associate | (30,000) | 54,000 | 3,000 |
| Loss on disposal of an associate | 100,000 | ||
| Impairment loss of long-term investments | 290,000 | ||
| Interest income from loan receivable | (26,000) | (26,000) | |
| Loss on fair value change of convertible notes | 232,000 | ||
| Change in operating assets and liabilities: | |||
| Change in receivables from customers | (11,762,000) | 2,770,000 | (2,038,000) |
| Change in receivables from brokers-dealers and clearing organizations | (716,000) | 660,000 | (376,000) |
| Change in refundable deposits | (89,000) | (399,000) | (462,000) |
| Change in prepaid expenses and other current assets | (1,842,000) | 999,000 | (1,656,000) |
| Change in amount due from a director | 28,000 | ||
| Change in amounts with related parties | 2,188,000 | ||
| Change in payables to AI cloud service providers | 10,449,000 | ||
| Change in payables to customers | (2,185,000) | (89,000) | (1,235,000) |
| Change in contract liabilities | (120,000) | ||
| Change in accruals and other current liabilities | 1,872,000 | 292,000 | 69,000 |
| Change in right to receive cryptocurrencies | (4,014,000) | ||
| Change in income taxes payable | (55,000) | 55,000 | |
| Change in operating lease liabilities | 26,000 | (24,000) | 13,000 |
| Cash used in operating activities | (15,335,000) | (1,057,000) | (5,607,000) |
| Cash flows from investing activities | |||
| Purchase of intangible assets | (540,000) | (27,000) | (20,000) |
| Purchase of property and equipment | (186,000) | (88,000) | (141,000) |
| Purchase of long-term investments, net | (126,000) | (658,000) | |
| Acquisition of an associate | (257,000) | ||
| Proceeds from disposal of an associate | 50,000 | ||
| Acquisition of subsidiaries under common control | 5,304,000 | ||
| Repayment of loan to a third party | 1,010,000 | ||
| Loan to a third party | (958,000) | ||
| Cash provided by (used in) investing activities | 4,452,000 | 287,000 | (1,376,000) |
| Cash flows from financing activities | |||
| Proceeds from shareholders’ contribution | 1,000,000 | ||
| Proceeds from capital injection from investors | 16,878,000 | ||
| Net proceeds from initial public offering (“IPO”) | 7,065,000 | ||
| Proceeds from other borrowings | 420,000 | ||
| Payment for IPO costs | (409,000) | ||
| Advance to related parties | 14,000 | 61,000 | |
| Proceeds from issuance of convertible notes | 5,000,000 | ||
| Advance from directors | 942,000 | 3,000 | |
| Repayments to directors | (804,000) | ||
| Cash provided by financing activities | 21,074,000 | 2,376,000 | 6,720,000 |
| Net change in cash, cash equivalents and cash segregated for regulatory purpose | 10,191,000 | 1,606,000 | (263,000) |
| Cash, cash equivalents and cash segregated for regulatory purpose at beginning of the year | 8,857,000 | 7,251,000 | 7,514,000 |
| Cash, cash equivalents and cash segregated for regulatory purpose at the end of the year | 19,048,000 | 8,857,000 | 7,251,000 |
| Supplementary cash flows information | |||
| Cash received from interest | 7,000 | 46,000 | 29,000 |
| Cash paid for income taxes | 74,000 | 101,000 | |
| Supplemental schedule of non-cash investing and financing activities | |||
| Repayment of loans through issuance of shares | 424,000 | ||
| Acquisition of an associate through issuance of Class A Ordinary Shares | 7,500,000 | ||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 1,034,000 | 273,000 | 1,044,000 |
| Reconciliation to amounts on consolidated balance sheets: | |||
| Cash and cash equivalents | 16,804,000 | 3,838,000 | 2,140,000 |
| Cash segregated for regulatory purpose | 2,244,000 | 5,019,000 | 5,111,000 |
| Total cash, cash equivalents and cash segregated for regulatory purpose | $ 19,048,000 | $ 8,857,000 | $ 7,251,000 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 16,804 | $ 3,838 | ||
| Cash segregated for regulatory purpose | 2,244 | 5,019 | ||
| Prepaid expenses and other current assets, net | 2,323 | 577 | ||
| Right to receive cryptocurrencies, net of allowance for credit losses of $74,000 and nil as of March 31, 2026 and 2025, respectively | 3,940 | |||
| Total current assets | 37,659 | 9,657 | ||
| Non-current assets: | ||||
| Investment in an associate | 7,530 | |||
| Long-term investments, net | 494 | 368 | ||
| Property and equipment, net | 319 | 157 | ||
| Operating right-of-use assets, net | 2,418 | 671 | ||
| Intangible assets, net | 607 | 86 | ||
| Refundable deposits | 1,129 | 1,017 | ||
| Prepaid expenses, net | 503 | 352 | ||
| Goodwill, net | 47 | |||
| Total non-current assets | 13,047 | 2,651 | ||
| TOTAL ASSETS | 50,706 | 12,308 | ||
| Current liabilities: | ||||
| Other borrowings | 420 | |||
| Payables to customers | 2,837 | 5,022 | ||
| Accruals and other current liabilities | 2,403 | 524 | ||
| Payables to AI cloud service providers | 10,449 | |||
| Convertible notes | 5,232 | |||
| Operating lease liabilities - current | 1,222 | 577 | ||
| Amount due to directors | 198 | 951 | ||
| Total current liabilities | 24,363 | 7,494 | ||
| Non-current liabilities: | ||||
| Operating lease liabilities - non-current | 1,232 | 83 | ||
| Total non-current liabilities | 1,232 | 83 | ||
| TOTAL LIABILITIES | 25,595 | 7,577 | ||
| COMMITMENTS AND CONTINGENCIES | ||||
| Shareholders’ equity | ||||
| Additional paid-in capital | 52,830 | 19,219 | ||
| Accumulated losses | (27,696) | (14,522) | ||
| Accumulated other comprehensive income | 21 | 32 | ||
| Total shareholders’ equity | 25,174 | 4,731 | ||
| Non-controlling interests | (63) | |||
| TOTAL EQUITY | 25,111 | 4,731 | ||
| TOTAL LIABILITIES AND EQUITY | 50,706 | 12,308 | ||
| Class A Ordinary Shares | ||||
| Shareholders’ equity | ||||
| Ordinary shares, value | [1] | 16 | 1 | |
| Class B Ordinary Shares | ||||
| Shareholders’ equity | ||||
| Ordinary shares, value | [1] | 3 | 1 | |
| Customers | ||||
| Current assets: | ||||
| Receivables | 11,257 | 146 | ||
| Related Party | ||||
| Current assets: | ||||
| Receivables | 339 | 46 | ||
| Amount due from related parties | 38 | 12 | ||
| Current liabilities: | ||||
| Amount due to related parties | 2,022 | |||
| Brokers-dealers and clearing organizations | ||||
| Current assets: | ||||
| Receivables | $ 714 | $ 19 | ||
| ||||