EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

GIBO HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in U.S. Dollars, except for number of shares)

 

   As of 
  

June 30,

2025

  

December 31,

2024

 
         
ASSETS          
Current assets          
Cash  $254,907   $86,750 
Deposit   25,992    25,992 
Prepaid expenses and other current assets   56,755    60,135 
Deferred offering costs   -    1,609,714 
Total current assets   337,654    1,782,591 
           
Non-current assets          
Property and equipment, net   104,886,383    110,641,098 
Intangible assets, net   233,337    333,336 
Right-of-use asset   -    38,563 
Total non-current assets   105,119,720    111,012,997 
           
Total assets   105,457,374    112,795,588 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Current liabilities          
Due to related parties   -    24,136,661 
Accrued expenses and other current liabilities   488,900    2,290,206 
Operating lease liability, current   -    38,563 
Total current liabilities   488,900    26,465,430 
           
Non-current liabilities          
Other payables   

49,769,320

    - 
Due to related parties   26,093,146    - 
Loan from related parties   3,822,187    1,063,906 
Loan from third parties   280,408    105,252 
Total non-current liabilities   79,965,061    1,169,158 
           
Total liabilities   80,453,961    27,634,588 
           
Shareholders’ equity          
Ordinary Shares, $1 par value, 50,000 shares authorized, 1 shares issued and outstanding as of December 31, 2024*   -    1 
Ordinary shares, $0.0002 par value, 250,000,000 shares authorized, 3,626,840 share issued and outstanding as of June 30, 2025, including*:          
Class A Ordinary shares, $0.0002 par value, 225,000,000 shares authorized, 2,652,024 shares issued and outstanding   530    - 

Class B Ordinary shares, $0.0002 par value, 25,000,000 shares authorized, 974,816 shares issued and outstanding

   195    - 
Additional paid-in capital   132,900,424    134,386,835 
Other reserve   64,020    64,020 
Accumulated deficit   (107,961,756)   (49,289,856)
Total shareholders’ equity   25,003,413    85,161,000 
           
Total liabilities and shareholders’ equity  $105,457,374   $112,795,588 

 

* Retrospectively restated for the 200-for-1 share consolidation on August 6, 2025.

 

 

 

 

GIBO HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in U.S. Dollars, except for number of shares)

 

   For the six months ended June 30, 
   2025   2024 
         
Operating costs          
General and administrative expenses  $2,837,095   $382,162 
Depreciation and amortization   5,854,715    631,382 
Research and development expenses   48,000,000    47,032,968 
Total operating costs   56,691,810    48,046,512 
           
Loss from operations   (56,691,810)   (48,046,512)
           
Other income          
Interest income   -    343 
Foreign exchange translation gain   -    84 
Total other income   -    427 
           
Loss before income tax expense   (56,691,810)   (48,046,085)
           
Income tax expense   -    - 
           
Net loss  $(56,691,810)  $(48,046,085)
           
Loss per share          
Basic and diluted  $(31)  $(48,046,085)
           
Weighted average number of ordinary shares outstanding*          
Basic and diluted   1,813,421    1 

 

* Retrospectively restated for the 200-for-1 share consolidation on August 6, 2025.