EX-99.2 3 ea026966401ex99-2_etoiles.htm UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 AND FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

Exhibit 99.2

 

ETOLIES CAPITAL GROUP CO., LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2025 and DECEMBER 31, 2024
(Currency expressed in United States Dollars (“US$ or $”), except for number of shares)

 

   2025
(Unaudited)		   2024
(Audited)		 
ASSETS        
Current assets:        
Cash and cash equivalents  $1,454,136    1,441,024 
Accounts receivable, net   309,558    7,152 
Deposits and other current assets, net   289,914    11,249 
Amount due from a director   -    309,507 
Total current assets   2,053,608    1,768,932 
           
Non-current assets:          
Property and equipment, net   91,520    41,932 
Deposits and other current assets, net   55,092    18,593 
Operating lease right-of-use assets, net   274,738    53,418 
Deferred tax assets   -    4,539 
Deferred initial public offering costs   785,089    181,688 
Total non-current assets   1,206,439    300,170 
TOTAL ASSETS  $3,260,047    2,069,102 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Contract liabilities  $1,203,833    958,314 
Operating lease liabilities, current   174,803    48,841 
Accrued liabilities   33,526    16,812 
Amount due to a director   -    - 
Income tax payable   244,957    152,364 
Total current liabilities   1,657,119    1,176,331 
           
Non-current liabilities:          
Deferred tax liability   761    - 
Operating lease liabilities, non-current   99,935    4,577 
Total non-current liabilities   100,696    4,577 
TOTAL LIABILITIES   1,757,815    1,180,908 
           
SHAREHOLDERS’ EQUITY          
Ordinary shares, 450,000,000 shares authorized, par value US$0.0001 each, 13,500,000 Class A ordinary shares issued and outstanding as of June 30, 2025 and December 31, 2024*   1,350    1,350 
Ordinary shares, 50,000,000 shares authorized, par value US$0.0001 each, 5,000,000 Class B ordinary shares issued and outstanding as of June 30, 2025 and December 31, 2024*   500    500 
Additional paid in capital   500    500 
Retained earnings   1,509,751    881,721 
Accumulated other comprehensive (loss)/income   (9,869)   4,123 
Total shareholders’ equity   1,502,232    888,194 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $3,260,047    2,069,102 

 

 

*Retrospectively restated for effect of share reorganization

 

 

 

 

ETOLIES CAPITAL GROUP CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/LOSS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 and 2024
(Currency expressed in United States Dollars (“US$ OR $”), except for number of shares)

 

   2025   2024 
REVENUE  $1,800,576    607,115 
           
OPERATING EXPENSES          
Cost of revenue   (250,909)   (226,239)
Selling expenses   (80,223)   (55,416)
General and administrative expenses   (736,522)   (331,555)
Total operating expenses   (1,067,654)   (613,210)
           
INCOME / (LOSS) FROM OPERATIONS   732,922    (6,095)
           
OTHER INCOME (EXPENSE)          
Other income, net   11    38 
Interest expense   (5,938)   (1,976)
Total other income (expense), net   (5,927)   (1,938)
           
INCOME / (LOSS) BEFORE INCOME TAXES   726,995    (8,033)
Income tax (expenses) / credit   (98,965)   1,219 
NET INCOME / (LOSS)  $628,030    (6,814)
           
Other comprehensive income          
Foreign currency translation adjustment   (13,992)   4 
Comprehensive income / (loss)  $614,038    (6,810)
           
Earnings / (loss) per share – basic and diluted  $0.0332    (0.0004)
Basic and diluted weighted average shares outstanding*   18,500,000    18,500,000 

 

 

*Retrospectively restated for effect of share reorganization

 

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ETOLIES CAPITAL GROUP CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2025 and 2024
(Currency expressed in United States Dollars (“US$ or $”), except for number of shares)

 

2025

 

   Class A
Ordinary Shares		   Class B
Ordinary Shares		   Total Share Capital   Additional   Accumulated
Other		   (Accumulated     
   No. of
Shares		   Amount   No. of
Shares		   Amount   No. of
Shares		   Amount   paid in
capital		   Comprehensive
Income		   losses)/Retained
Earnings		   Total 
Balance as of December 31, 2024   13,500,000   $1,350    5,000,000   $500    18,500,000   $1,850   $500   $4,123   $881,721   $888,194 
Net income   -    -    -    -    -    -    -    -    628,030    628,030 
Foreign currency translation adjustment   -    -    -    -    -    -    -    (13,992)   -    (13,992)
Balance as of June 30, 2025   13,500,000   $1,350    5,000,000   $500    18,500,000   $1,850   $500   $(9,869)  $1,509,751   $1,502,232 

 

 

*Retrospectively restated for effect of share reorganization

 

2024

 

   Class A
Ordinary Shares		   Class B
Ordinary Shares		   Total Share Capital   Additional   Accumulated
Other		   (Accumulated     
   No. of
Shares		   Amount   No. of
Shares		   Amount   No. of
Shares		   Amount   paid in
capital		   Comprehensive
Income		   losses)/Retained
Earnings		   Total 
Balance as of December 31, 2023   13,500,000   $1,350    5,000,000   $500    18,500,000   $1,850   $500   $70   $29,222   $31,642 
Net loss   -    -    -    -    -    -    -    -    (6,814)   (6,814)
Foreign currency translation adjustment   -    -    -    -    -    -    -    4    -    4 
Balance as of June 30, 2024   13,500,000   $1,350    5,000,000   $500    18,500,000   $1,850   $500   $74   $22,408   $24,832 

 

 

*Retrospectively restated for effect of share reorganization

 

3

 

 

ETOLIES CAPITAL GROUP CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 and 2024
(Currency expressed in United States Dollars (“US$ or $”))

 

   2025   2024 
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income / (loss)  $628,030   $(6,814)
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation of property and equipment   22,605    14,922 
Amortization of operating lease right-of-use assets   55,482    16,293 
Changes in assets and liabilities:          
Accounts receivable   (302,406)   (124,249)
Deposits and other current assets   (315,164)   (76,560)
Accrued liabilities   16,714    325,324 
Contract liabilities   245,519    396,128 
Amount due from (to) a director   309,507    (270,495)
Deferred tax assets   5,300    (1,621)
Income tax recoverable   92,587    401 
Operating lease liabilities   (58,397)   (16,374)
Net cash provided by operating activities   699,777    256,955 
           
CASH FLOWS FROM INVESTING ACTIVITY          
Purchase of property and equipment   (73,008)   (73,847)
Net cash used in investing activity   (73,008)   (73,847)
           
CASH FLOWS FROM FINANCING ACTIVITY          
Deferred IPO costs   (603,401)   - 
Net cash used in financing activity   (603,401)   - 
           
Net increase in cash and cash equivalents   23,368    183,108 
Effect of foreign currency translation on cash and cash equivalents   (10,256)   2 
Cash and cash equivalents, beginning of year   1,441,024    70,476 
Cash and cash equivalents, end of year  $1,454,136   $253,586 
           
Supplemental Disclosure of Cash Flow Information          
           
Non-Cash Transactions:          
Right-of-use assets obtained in exchange for new operating lease obligations   279,018    94,978 

 

There were no significant non-cash investing or financing transactions during the six months ended June 30, 2025 and 2024.

 

Supplementary cash flow information:        
Interest received  $11   $38 

 

 

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