Exhibit 99.1

 

SOCIETY PASS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”))

 

   May 31,
2025
   June 30,
2025
 
   (Unaudited)   (Proforma)(1) 
         
ASSETS        
Current assets:        
Cash and cash equivalents  $8,837,496   $12,137,496 
Restricted cash   50,000    50,000 
Accounts receivable, net   1,068,109    1,518,109 
Inventories   147,773    147,773 
Contract assets   350,292    350,292 
Deposits, prepayments and other receivables   6,604,932    6,604,932 
Total current assets   17,058,602    20,808,602 
           
Non-current assets:          
Intangible assets, net   5,328,047    5,328,047 
Goodwill   81,849    81,849 
Plant and equipment, net   333,569    333,569 
Right of use assets, net   773,103    773,103 
Deferred tax assets   56,468    56,468 
Total non-current assets   6,573,036    6,573,036 
           
TOTAL ASSETS  $23,631,638   $27,381,638 
           
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
Current liabilities:          
Accounts payables  $4,990,451   $4,990,451 
Contract liabilities   1,189,020    1,189,020 
Accrued liabilities and other payables   17,439,632    17,976,132 
Due to related parties   21,306    21,306 
Operating lease liabilities   344,997    344,997 
Loan   39,986    39,986 
Total current liabilities   24,025,392    24,561,892 
           
Non-current liabilities          
Operating lease liabilities   421,557    421,557 
Deferred tax liabilities   69,000    69,000 
Total non-current liabilities   490,557    490,557 
           
TOTAL LIABILITIES   24,515,949    25,052,449 
           
COMMITMENTS AND CONTINGENCIES          
Convertible preferred shares; $0.0001 par value, 5,000,000 shares authorized, 4,766,500 and 4,766,500 shares undesignated as of March 31, 2025 and December 31, 2024, respectively          
Series A shares: 10,000 shares designated; 0 and 0 Series A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively        
Series B shares: 10,000 shares designated; 0 and 0 Series B shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively        
Series B-1 shares: 15,000 shares designated; 0 and 0 Series B-1 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively        
Series C shares: 15,000 shares designated; 0 and 0 Series C shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively, net of issuance cost        
Series C-1 shares: 30,000 shares designated; 0 and 0 Series C-1 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively, net of issuance cost        
           
SHAREHOLDERS’ EQUITY (DEFICIT) SURPLUS          
Series X Super Voting Preferred Stock, $0.0001 par value, 153,500 shares designated; 153,500 and 153,500 Series X shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   15    15 
Common shares; $0.0001 par value, 6,333,333 shares authorized; 5,011,061 and 5,311,061 shares issued and outstanding as of May 31, 2025 and June 30, 2025, respectively   501    531 
Subscription receivable   (636,338)   (636,338)
Additional paid-in capital   111,984,873    114,984,843 
Less: Preferred stock held in treasury, at cost; 150,000 and 150,000 shares at May 31, 2025 and June 30, 2025, respectively   (15)   (15)
Less: Common shares held in treasury, at cost; 51,902 and 51,902 shares May 31, 2025 and June 30,2025, respectively   149,604    149,604 
Accumulated other comprehensive loss   (342,132)   (342,132)
Accumulated deficit   (111,785,302)   (111,571,802)
Total (deficit) surplus attributable to Society Pass Incorporated   (628,794)   2,584,706 
Non-controlling interest   (255,517)   (255,517)
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) SURPLUS   (884,311)   2,329,189 
TOTAL LIABILITIES AND EQUITY  $23,631,638   $27,381,638 

 

(1)Pro forma as adjusted total surplus attributable to Society Pass Incorporated reflects the result of operations during the period from April 1, 2025 to June 30, 2025, and the closing of the convertible notes and private placement as disclosed in the notes below.

 

(2)Pro forma as adjusted additional paid in capital reflects the net proceeds of $2,700,000 the Company received from the convertible notes offering completed by Thoughtful Media Group Incorporated, a wholly owned subsidiary of Society Pass Incorporated (“TMG”). TMG closed its convertible notes offerings pursuant to a securities purchase agreement dated July 17, 2024 entered with Creative Vision Digital Limited, a securities purchase agreement dated August 12, 2024 entered with GRIT Multi-Strategies Investment Company Limited and a securities purchase agreement dated July 17, 2024 entered with G Bridge Global Investment Limited. G Bridge Global Investment Limited fully converted the convertible notes on June 24, 2025. Creative Vision Digital Limited fully converted the convertible notes on June 27, 2025. GRIT Multi-Strategies Investment Company Limited fully converted the convertible notes on June 27, 2025.

 

(3)Pro forma as adjusted additional paid in capital reflects the net proceeds of $300,000 the Company received from a private placement transaction completed by a share purchase agreement dated June 23, 2025, entered by and between the Company and Jeremy Ong Shu Jin.