$SORA
AsiaStrategy
CIK:0002033515|SEC Filings
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities: | |||
| Net income (loss) | $ 12,293,649 | $ (42,219) | $ 196,727 |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
| Depreciation | 1,552 | 1,210 | 1,712 |
| Amortization of operating lease right-of-use asset | 96,208 | ||
| Allowance (recovery) of expected credit losses | 90,705 | (5,433) | (753) |
| Change in cash surrender value of investments in life insurance policies | (16,206) | ||
| Unrealized losses on digital assets, net | 796,529 | ||
| Unrealized gains on investment in equity securities, net | (15,143,639) | ||
| Deferred tax expenses (benefits) | 159,132 | (8,615) | (3,074) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (42,945) | 148,038 | 172,065 |
| Inventories | (4,954,762) | (161,881) | 1,153,028 |
| Prepaid expenses | (758,509) | (65,632) | 820 |
| Deposits and other current assets | 377,979 | (16,650) | (206,049) |
| Operating lease assets | (924,905) | ||
| Accounts payable | 3,419,299 | (216,270) | 33,919 |
| Contract liabilities | 24,623 | (14,530) | (93,097) |
| Accrued expenses and other current liabilities | 243,017 | (61,013) | 52,191 |
| Income tax payables | (20,000) | 68,497 | |
| Net cash (used in) provided by operating activities | (4,322,067) | (462,995) | 1,359,780 |
| Cash flows from investing activities: | |||
| Purchase of property and equipment | (4,798) | ||
| Purchase of digital assets | (3,499,472) | ||
| Advances of loans receivable | (5,539,546) | ||
| Investment in equity securities | (5,954,182) | ||
| Net cash used in investing activities | (14,997,998) | ||
| Cash flows from financing activities: | |||
| Proceeds from issuance of ordinary shares pursuant to Initial Public Offering (“IPO”), net of issuance cost | 9,298,294 | ||
| Proceeds from issuance of ordinary shares | 2,000,000 | ||
| Payments of offering costs related to Initial Public Offering (“IPO”) | (514,913) | (639,587) | |
| Proceeds from bank borrowings | 6,508,298 | 7,491,926 | 10,933,910 |
| Repayments of bank borrowings | (7,514,093) | (8,115,481) | (11,010,720) |
| Proceeds from issuance of convertible debts | 10,000,000 | ||
| Repayments to a related party | (968,862) | ||
| Repayments from related parties | 7,890 | 1,229,454 | |
| Net cash provided by (used in) financing activities | 17,785,476 | 1,966,312 | (1,045,672) |
| Effect of exchange rate changes on cash and restricted cash | (21,713) | 19,472 | (689) |
| Net (decrease) increase in cash and restricted cash | (1,556,302) | 1,522,789 | 313,419 |
| Cash and restricted cash, beginning of the year | 3,020,683 | 1,497,894 | 1,184,475 |
| Cash and restricted cash, end of the year | 1,464,381 | 3,020,683 | 1,497,894 |
| Reconciliation of cash and restricted cash to the consolidated balance sheets | |||
| Cash | 1,464,381 | 2,640,484 | 1,120,122 |
| Restricted cash | 380,199 | 377,772 | |
| Total cash and restricted cash | 1,464,381 | 3,020,683 | 1,497,894 |
| Supplemental disclosures of cash flow information: | |||
| Income tax paid (refund) | 38,119 | 38,806 | (49,300) |
| Interest paid | 231,259 | 283,024 | 336,817 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Deferred IPO cost charged to additional paid-in capital | 2,512,206 | ||
| Settlement of the sale proceeds of life insurance policies with amount due to a related party | 817,470 | ||
| Settlement of dividend distribution with amount due from a related party | $ 255,410 | ||
Consolidated Balance Sheets - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Current Assets | ||||
| Cash and cash equivalents | $ 1,464,381 | $ 2,640,484 | ||
| Restricted cash | 380,199 | |||
| Accounts receivable, net | 42,945 | |||
| Inventories, net | 7,126,014 | 2,171,252 | ||
| Investment in equity securities, current | 17,619,921 | |||
| Loans receivable, net | 5,448,697 | |||
| Prepaid expenses, current | 271,127 | 75,118 | ||
| Deposits and other current assets, net | 172,380 | 550,359 | ||
| Total current assets | 32,147,575 | 5,827,412 | ||
| Property and equipment, net | 4,273 | 1,025 | ||
| Digital assets | 2,702,943 | |||
| Investment in equity securities, non-current | 3,477,900 | |||
| Operating lease right-of-use asset, net | 828,697 | |||
| Deferred initial public offering (“IPO”) costs | 639,587 | |||
| Prepaid expenses, non-current | 562,500 | |||
| Deferred tax assets, net | 159,704 | |||
| Total assets | 39,723,888 | 6,627,728 | ||
| Current liabilities | ||||
| Accounts payable | 3,481,090 | 61,791 | ||
| Bank borrowings, current | 1,173,306 | 1,952,104 | ||
| Contract liabilities | 24,623 | |||
| Accrued expenses and other current liabilities | 257,672 | 14,655 | ||
| Total current liabilities | 4,936,691 | 2,028,550 | ||
| Bank borrowings, non-current | 2,986,935 | 3,225,899 | ||
| Convertible debts | 10,000,000 | |||
| Total liabilities | 17,923,626 | 5,254,449 | ||
| Commitments and contingencies | ||||
| Shareholders’ equity | ||||
| Ordinary shares ($0.0005 par value, 100,000,000 shares authorized; 24,864,000 and 22,200,000 shares issued and outstanding as of December 31, 2025 and 2024) | [1] | 12,432 | 11,100 | |
| Additional paid-in capital | 10,142,644 | 2,000,182 | ||
| Retained earnings (accumulated deficit) | 11,655,269 | (638,380) | ||
| Accumulated other comprehensive (loss) income | (10,083) | 377 | ||
| Total shareholders’ equity | 21,800,262 | 1,373,279 | ||
| Total liabilities and shareholders’ equity | 39,723,888 | 6,627,728 | ||
| Related Party | ||||
| Current Assets | ||||
| Amount due from a related party | $ 2,110 | $ 10,000 | ||
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