EX-99.3 4 ex99-3.htm EX-99.3

 

Exhibit 99.3

 

TECHCREATE GROUP LTD

CONDENSED CONSOLIDATED BALANCE SHEETS

 

    As at December 31,     As at June 30,  
   2024   2025 (Unaudited)    2025 (Unaudited)  
   S$   S$   US$ 
ASSETS            
Current Assets               
Deferred Cost   576,562    312,458    244,911 
Contract Assets   145,383    65,680    51,481 
Accounts and Other Receivable    276,734     110,930    85,950 
Amount Due from Shareholders   4,900    4,900    3,841 
Amount Due from Related Party     11,772       -       -  
Cash and Cash Equivalents    1,205,951     1,305,991    1,023,664 
Deferred Offering Costs    457,718     711,848    557,962 
Total Current Assets    2,679,020     2,511,807    1,968,809 
                
Non-Current Assets               
Property, Plant and Equipment, net    7,929     6,438    5,046 
Right-of-Use Assets – Operating Leases    83,288     62,699    49,145 
Deferred Cost    57,400     96,014    75,258 
Total Non-Current Assets    148,617     165,151    129,449 
TOTAL ASSETS    2,827,637     2,676,958    2,098,258 
                
Commitments and Contingencies   -    -    - 
                
LIABILITIES               
Current Liabilities               
Contract Liabilities    981,651     660,699    517,870 
Account and Other Payables    100,653     363,183    284,672 
Amount Due to Directors    14,907     3,646    2,858 
Operating Lease Liability    39,815     37,890    29,699 
Income Tax Payables    277     260    204 
Working Capital Loans    151,714     156,155    122,398 
Total Current Liabilities    1,289,017     1,221,833    957,701 
                
Non-Current Liabilities:               
Operating Lease Liability    47,233     28,742    22,529 
Contract Liabilities    8,247      49,293     38,636 
Working Capital Loans    608,416     503,249    394,458 
Total Non-Current Liabilities    663,896      581,284     455,623 
TOTAL LIABILITIES    1,952,913      1,803,117     1,413,324 
                
SHAREHOLDERS’ EQUITY               
Class A Ordinary Shares, US$0.0002 par value, 225,000,000 shares authorized, 14,927,250 shares issued and outstanding as of December 31, 2024 and June 30, 2025 respectively.*   -    -    - 
Class B Ordinary Shares, US$0.0002 par value, 25,000,000 shares authorized, 2,572,750 share issued and outstanding as of December 31, 2024 and June 30, 2025 respectively.*   -    -    - 
Additional Paid-in Capital    1,351,540     1,351,540    1,059,367 
Accumulated Other Comprehensive Loss    (7,875 )   11,389    8,924 
Retained Earnings/ (Accumulated Losses)    (468,941 )    (489,088)   (383,357)
Total Shareholders’ Equity    874,724     873,841    684,934 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY    2,827,637      2,676,958     2,098,258 

 

 

 

 

TECHCREATE GROUP LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

   For the six months ended June 30, 
   2024   2025   2025 
   S$   S$   US$ 
Revenue   1,754,439    1,936,539    1,507,856 
Cost of revenue   (740,039)   (571,893)   (445,296)
Gross profit   1,014,400    1,364,646    1,062,560 
                
Selling and distribution expenses   (106,054)   (109,739)   (85,447)
Research and development expenses   (84,350)   -    - 
General and administrative expenses   (1,090,100)   (1,199,192)   (933,836)
Total operating expenses   (1,280,504)   (1,308,931)   (1,019,283)
                
Profit / (loss) from operations   (266,104)   55,715    43,277 
Other income (expenses)               
Other income   12,787    7,247    5,643 
Interest expense   (16,315)   (28,409)   (22,120)
Total other income (expenses)   (3,528)   (21,162)   (16,477)
Income/ (Loss) before income tax   (269,632)   34,533   26,800 
Income tax expense    (84,286 )    (54,699)   (42,591)
Net loss   (353,918)   (20,146)   (15,791)
                
Other comprehensive loss, net of tax               
Currency translation differences arising from consolidation   (2,539)   11,389    8,924 
Net comprehensive loss   (356,457)   (8,757)   (6,867)
                
Net loss per share attributable to ordinary shareholders               
Basic and diluted   (0.0200)   (0.0005)   (0.0004)
                
Weighted average number of ordinary shares used in computing net loss per share               
Basic and diluted*   17,500,000    17,500,000    17,500,000 

 

 

 

 

TECHCREATE GROUP LTD

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

For the six months ended June 30, 2024

 

  

Class A Ordinary

Shares

  

Class B Ordinary

Shares

   Additional   Retained earnings/   Accumulated other     
  

Number of

shares*

   Amount  

Number of

shares*

   Amount  

paid-in capital

  

(Accumulated
losses)

  


comprehensive

loss

  

Total

equity

 
       S$       S$   S$   S$   S$   S$ 
Balance as at December 31, 2023   14,927,250        -     2,572,750       -    109,800    543,885    (2,157)   651,528 
Net loss   -    -    -    -    -    (353,918)   -    (353,918)
Foreign currency translation   -    -    -    -    -    -    (382)   (382)
Balance as at June 30, 2024   14,927,250    -    2,572,750    -    109,800    189,967    (2,539)   297,228 

 

For the six months ended June 30, 2025

 

  

Class A Ordinary

Shares

  

Class B Ordinary

Shares

   Additional   Retained earnings/   Accumulated other     
  

Number of

shares*

   Amount  

Number of

shares*

 

 

  Amount  

paid-in capital

  

(Accumulated
losses)

  


comprehensive
loss

   Total
equity		 
       S$       S$   S$   S$   S$   S$ 
Balance as at December 31, 2024   14,927,250    -    2,572,750    -    1,351,540    (468,941)   (7,875)   874,724 
Net loss   -    -    -    -    -    (20,147)   -    (20,147)
Foreign currency translation   -    -    -    -    -    -    19,264    19,264 
Balance as at June 30, 2025   14,927,250    -    2,572,750    -    1,351,540    (489,088)   11,389    873,841 
                                         
         US$         US$    US$    US$    US$    US$ 
Balance as at June 30, 2025   14,927,250    -    2,2572,750    -    1,059,367    (383,357)   8,924    684,934 

 

 

 

 

TECHCREATE GROUP LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the six months ended June 30,  
   2024   2025   2025 
   S$   S$   US$ 
Cash flows from operating activities               
Net loss   (353,919)   (20,146)   (15,791)
                
Adjustments to reconcile net loss to net cash provided by operating activities               
Depreciation   4,577    3,993    3,130 
Operating lease expenses   9,617    20,976    16,441 
Working capital loan interest   16,315    28,409    22,268 
Changes in operating assets and liabilities               
Deferred cost   161,345    225,490    176,744 
Contract assets   44,050    79,703    62,473 
Trade and other receivables   (240,353)   165,804    129,960 
Amount due from directors   -    -    - 
Amount due from related parties   56,887    11,772    9,227 
Contract liabilities   (598,163)   (279,907)   (219,397)
Trade and other payables   (59,865)   262,530    205,777 
Lease liabilities   (68,032)   (20,803)   (16,306)
Income tax payable   (75)   (17)   (13)
Net cash generated from/ (used in) operating activities   (1,027,616)   477,804    (374,512)
                
Cash flow from investing activities:               
Acquisition of property, plant and equipment   (2,473)   (2,502)   (1,961)
Net cash used in investing activities   (2,473)   (2,502)   (1,961)
                
Cash flows from financing activities:               
Dividend paid to equity holders   -    -    - 
Amount due to shareholders   8,666    (11,261)   (8,827)
Repayment of working capital loans   (30,482)   (129,135)   (101,219)
Proceeds from working capital loans   850,000    -    - 
Proceeds from issuance of shares   -    -    - 
Deferred offering costs   -    (254,130)   (199,193)
Net cash (used in)/ generated from financing activities   828,185    (394,526)   (309,239)
Effects of changes in foreign exchange of cash   (382)   19,264    15,100 
Net (decrease)/ increase in cash and cash equivalents   (201,904)   80,776    63,313 
Cash and cash equivalents at beginning of financial year   997,845    1,205,951    945,251 
Cash and cash equivalents at June 30, 2024   795,559    1,301,991    1,023,664 
                
Supplemental cash flow information               
Income taxes paid    (25,360 )    -    (18,826)
Withholding taxes paid    (59,001 )     (54,441 )    - 
Cash paid for interest   (16,315)   (28,409)   (22,268)
Capital contribution subscription receivable from shareholder   4,900    4,900    3,841