INCOME TAX (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| North Water Investment Group Holdings Limited [Member] |
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
| SCHEDULE OF INCOME TAX EXPENSE |
|
The following table sets forth current
and deferred portion of income tax expenses:
SCHEDULE OF INCOME TAX EXPENSE
| | |
2023 | | |
2024 | |
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | |
| | |
HK$ | | |
HK$ | |
| | |
| | | |
| | |
| Current tax expense | |
| - | | |
| - | |
| Deferred tax expense | |
| - | | |
| - | |
| Income tax expenses | |
| - | | |
| - | |
|
| SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES |
|
The following table provides the reconciliation
of the differences between the statutory and effective tax expenses:
SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES
| | |
2023 | | |
2024 | |
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | |
| | |
HK$ | | |
HK$ | |
| | |
| | |
| |
| | |
| | | |
| | |
| Tax at Hong Kong statutory tax rate of 16.5% | |
| (177,341 | ) | |
| 552,300 | |
| Tax effect of tax-exempt entity | |
| - | | |
| 3,743 | |
| Tax effect of non-deductible expenses | |
| 222 | | |
| 2,526 | |
| Tax effect of non-taxable income | |
| (120,507 | ) | |
| (62,993 | ) |
| Tax effect of unrecognized temporary differences | |
| (802 | ) | |
| 17,712 | |
Changes in valuation allowance | |
| 298,428 | | |
| (513,288 | ) |
| Statutory and effective tax expenses | |
| - | | |
| - | |
|
| SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS |
|
The following table sets forth the significant
components of the deferred tax assets of the Group:
SCHEDULE OF COMPONENTS OF DEFERRED
TAX ASSETS
| | |
2023 | | |
2024 | |
| | |
As of December 31, | |
| | |
2023 | | |
2024 | |
| | |
HK$ | | |
HK$ | |
| | |
| | |
| |
| Net operating loss carryforwards | |
| 6,616,606 | | |
| 6,103,318 | |
| Less: valuation allowance | |
| (6,616,606 | ) | |
| (6,103,318 | ) |
| Deferred tax assets | |
| - | | |
| - | |
|
| SCHEDULE OF VALUATION ALLOWANCE OF DEFERRED TAX ASSETS |
|
The
following table sets forth the movements of valuation allowance of deferred tax assets:
SCHEDULE
OF VALUATION ALLOWANCE OF DEFERRED TAX ASSETS
| | |
2023 | | |
2024 | |
| | |
For
the years ended December
31, | |
| | |
2023 | | |
2024 | |
| | |
HK$ | | |
HK$ | |
| | |
| | |
| |
| Balance at beginning of the year | |
| 6,318,178 | | |
| 6,616,606 | |
| Additions | |
| 298,428 | | |
| - | |
| Reversals | |
| - | | |
| (513,288 | ) |
| Balance at end of the year | |
| 6,616,606 | | |
| 6,103,318 | |
|
| SCHEDULE OF RELATED PARTIES |
|
Nature of relationships with related
party
SCHEDULE
OF RELATED PARTIES
| Name |
|
Relationship with the Company |
| |
|
|
|
|
|
|
| Cheung Kam Fai (“Mr. Cheung”) |
|
Shareholder and director of the Company |
Related party transactions
| Name | |
Nature | |
For the years ended December 31, | |
| | |
| |
2023 | | |
2024 | |
| | |
| |
HK$ | | |
HK$ | |
| | |
| |
| | |
| |
| Mr. Cheung | |
Reinstatement costs (1) | |
| - | | |
| 63,000 | |
| Mr. Cheung | |
Handling fee income | |
| - | | |
| 53 | |
| (1) | | The
tenancy agreement between the Group and its director, which was rent-free during the years
ended December 31, 2023 and 2024, was terminated during the year, and the related rental
deposit paid was applied to reinstate the leased property as contractually required. |
Balance with related party
| Name | |
Nature | |
As of December 31, | |
| | |
| |
2023 | | |
2024 | |
| | |
| |
HK$ | | |
HK$ | |
| | |
| |
| | |
| |
| Mr. Cheung | |
Loan to a shareholder (1) | |
| - | | |
| - | |
| Mr. Cheung | |
Amount due to a director (2) | |
| - | | |
| 9,783 | |
| Mr. Cheung | |
Payables to customers (3) | |
| - | | |
| 98,605 | |
| (1) | | On 3 April 2024, a loan of HK$3,000,000 was advanced to Mr. Cheung. The loan was unsecured,
interest-free, and was fully repaid on 21 May 2024. |
| (2) | | The amount was unsecured, interest-free and repayable on demand. |
| (3) | | The amount was repayable on demand except where certain balance represents trades pending
settlement or margin deposits and cash collateral received for trading activities under the normal course of business. |
|
| Mango Financial Group Limited [Member] |
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
| SCHEDULE OF INCOME TAX EXPENSE |
The
following table sets forth current and deferred portion of income tax expenses:
SCHEDULE OF INCOME TAX EXPENSE
| | |
| 2024 | | |
| 2025 | |
| | |
| For
the six months ended June 30, | |
| | |
| 2024 | | |
| 2025 | |
| | |
| HK$ | | |
| HK$ | |
| | |
| (Unaudited) | | |
| (Unaudited) | |
| | |
| | | |
| | |
| Current tax expense | |
| - | | |
| - | |
| Deferred tax expense | |
| - | | |
| - | |
| Income tax expenses | |
| - | | |
| - | |
|
|
| SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES |
The
following table provides the reconciliation of the differences between the statutory and effective tax expenses:
SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES
| | |
2024 | | |
2025 | |
| | |
For the six months ended June 30, | |
| | |
2024 | | |
2025 | |
| | |
HK$ | | |
HK$ | |
| | |
(Unaudited) | | |
(Unaudited) | |
| | |
| | |
| |
| | |
| | | |
| | |
| Tax at Hong Kong statutory tax rate of 16.5% | |
| 743,802 | | |
| 642,314 | |
| Tax effect of tax-exempt entity | |
| - | | |
| 19,022 | |
| Tax effect of non-deductible expenses | |
| 42 | | |
| - | |
| Tax effect of non-taxable income | |
| (34,634 | ) | |
| (14,246 | ) |
| Tax effect of unrecognized temporary differences | |
| (350 | ) | |
| (7,216 | ) |
| Changes in valuation allowance | |
| (708,860 | ) | |
| (639,874 | ) |
| Statutory and effective tax expenses | |
| - | | |
| - | |
|
|
| SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS |
The
following table sets forth the significant components of the deferred tax assets of the Group:
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS
| | |
2024 | | |
2025 | |
| | |
As of | |
| | |
December 31, | | |
June 30, | |
| | |
2024 | | |
2025 | |
| | |
HK$ | | |
HK$ | |
| | |
| | |
(Unaudited) | |
| | |
| | |
| |
| Net operating loss carryforwards | |
| 6,103,318 | | |
| 5,463,444 | |
| Less: valuation allowance | |
| (6,103,318 | ) | |
| (5,463,444 | ) |
| Deferred tax assets | |
| - | | |
| - | |
|
|
| SCHEDULE OF VALUATION ALLOWANCE OF DEFERRED TAX ASSETS |
The
following table sets forth the movements of valuation allowance of deferred tax assets:
SCHEDULE OF VALUATION ALLOWANCE OF DEFERRED TAX ASSETS
| | |
2024 | | |
2025 | |
| | |
For the six months ended June 30, | |
| | |
2024 | | |
2025 | |
| | |
HK$ | | |
HK$ | |
| | |
(Unaudited) | | |
(Unaudited) | |
| | |
| | |
| |
| Balance at beginning of the year | |
| 6,616,606 | | |
| 6,103,318 | |
| Reversals | |
| (708,860 | ) | |
| (639,874 | ) |
| Balance at end of the year | |
| 5,907,746 | | |
| 5,463,444 | |
|
|
| SCHEDULE OF RELATED PARTIES |
Nature
of relationships with related parties
SCHEDULE
OF RELATED PARTIES
| Name | |
Relationship with the Company |
| | |
|
| Cheung Kam Fai (“Mr. Cheung”) | |
Shareholder and director of the Company |
Related
parties transactions
| | |
| |
For the six months ended June 30, | |
| | |
| |
2024 | | |
2025 | |
| Name | |
Nature | |
HK$ | | |
HK$ | |
| | |
| |
(Unaudited) | | |
(Unaudited) | |
| | |
| |
| | | |
| | |
| Mr. Cheung | |
Handling fee income | |
| 3 | | |
| - | |
Balance
with related parties
| | |
| |
As of | |
| | |
| |
December 31, | | |
June 30, | |
| | |
| |
2024 | | |
2025 | |
| Name | |
Nature | |
HK$ | | |
HK$ | |
| | |
| |
| | |
(Unaudited) | |
| | |
| |
| | |
| |
| Mr. Cheung | |
Loan to a shareholder
(1) | |
| - | | |
| - | |
| Mr. Cheung | |
Amount due
to a director (2) | |
| 9,783 | | |
| 19,783 | |
| Mr. Cheung | |
Payables
to customers (3) | |
| 98,605 | | |
| 40,008,605 | |
| (1) | | On 3 April 2024,
a loan of HK$3,000,000 was advanced to Mr. Cheung. The loan was unsecured, interest-free, and was fully repaid on 21 May 2024. |
| (2) | | The amount was
unsecured, interest-free and repayable on demand. |
| (3) | | The amount was
repayable on demand except where certain balance represents trades pending settlement or margin deposits and cash collateral received
for trading activities under the normal course of business. |
|
|