Condensed Consolidated Statements of Cash Flows
|
4 Months Ended |
6 Months Ended |
7 Months Ended |
9 Months Ended |
12 Months Ended |
|
Sep. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2025
HKD ($)
|
Jun. 30, 2024
HKD ($)
|
Dec. 31, 2024
USD ($)
|
Sep. 30, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024
HKD ($)
|
Dec. 31, 2023
HKD ($)
|
| Cayson Acquisition Corp [Member] |
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
| Net income |
$ (91,197)
|
|
|
|
$ 475,489
|
$ 1,203,841
|
|
|
|
| Adjustment to reconcile net income to cash used in operating activities: |
|
|
|
|
|
|
|
|
|
| Interest earned on investments held in Trust Account |
(56,234)
|
|
|
|
(752,079)
|
(1,924,226)
|
$ (752,079)
|
|
|
| Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| Accrued offering costs |
65,000
|
|
|
|
65,000
|
10,000
|
|
|
|
| Accrued expenses |
29,250
|
|
|
|
38,025
|
266,179
|
|
|
|
| Change in prepaid expenses |
(205,421)
|
|
|
|
(195,653)
|
66,850
|
|
|
|
| Net cash provided by operating activities |
(258,602)
|
|
|
|
(369,218)
|
(377,356)
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
| Extension payments held in escrow account |
|
|
|
|
|
(600,000)
|
|
|
|
| Investment of cash in Trust Account |
(60,000,000)
|
|
|
|
|
|
|
|
|
| Net cash (used in) provided by investing activities |
(60,000,000)
|
|
|
|
(60,000,000)
|
(600,000)
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
| Proceeds from promissory note |
|
|
|
|
|
300,000
|
|
|
|
| Proceeds from promissory note - related party |
|
|
|
|
|
300,000
|
|
|
|
| Proceeds from issue of shares |
1,450
|
|
|
|
|
|
|
|
|
| Proceeds from initial public offering |
60,000,000
|
|
|
|
60,000,000
|
|
60,000,000
|
|
|
| Proceeds from private placement |
2,300,000
|
|
|
|
2,300,000
|
|
|
|
|
| Payment of underwriter’s discount |
(1,200,000)
|
|
|
|
(1,200,000)
|
|
|
|
|
| Borrowings from related party |
261,317
|
|
|
|
261,317
|
|
|
|
|
| Repayment of borrowings from related party |
(261,317)
|
|
|
|
(261,317)
|
|
|
|
|
| Payment of offering costs |
(266,978)
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) financing activities |
60,834,472
|
|
|
|
60,834,472
|
600,000
|
|
|
|
| Net change in cash, cash equivalents and restricted cash |
575,870
|
|
|
|
465,254
|
(377,356)
|
|
|
|
| Cash, cash equivalents and restricted cash at beginning of the year |
|
$ 465,254
|
|
|
|
465,254
|
|
|
|
| Cash, cash equivalents and restricted cash at end of the year |
575,870
|
|
|
|
465,254
|
87,898
|
465,254
|
|
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
465,254
|
87,898
|
465,254
|
|
|
| Supplementary cash flows information: |
|
|
|
|
|
|
|
|
|
| Issuance of founder shares in exchange for deferred offering costs |
25,000
|
|
|
|
25,000
|
|
|
|
|
| Fair value of EBC Founder Shares charged to deferred offering costs |
130,550
|
|
|
|
|
|
|
|
|
| Allocation of offering costs to ordinary shares subject to redemption |
3,974,257
|
|
|
|
3,974,257
|
|
|
|
|
| Allocation of offering costs to ordinary shares subject to possible redemption |
3,722,527
|
|
|
|
3,722,527
|
|
|
|
|
| Initial classification of ordinary shares subject to redemption to temporary equity |
59,280,000
|
|
|
|
59,280,000
|
|
|
|
|
| Accretion of additional paid in capital to accumulated deficit |
4,694,257
|
|
|
|
4,694,257
|
|
|
|
|
| Contribution of transaction cost |
|
|
|
|
|
280,725
|
|
|
|
| Subsequent measurement of ordinary shares subject to possible redemption |
56,234
|
|
|
|
|
1,924,226
|
|
|
|
| Extension funds attributable to ordinary shares subject to redemption |
|
|
|
|
|
600,000
|
|
|
|
| Investment of cash in Trust Account |
|
|
|
|
(60,000,000)
|
|
|
|
|
| Proceeds from issuance of EBC Founders Share |
|
|
|
|
1,450
|
|
|
|
|
| Payment of offering costs |
|
|
|
|
(266,978)
|
|
|
|
|
| Fair value of EBC Founder Shares charged to deferred offering costs |
|
|
|
|
130,550
|
|
|
|
|
| Forfeiture of ordinary shares |
|
|
|
|
23
|
|
|
|
|
| Accretion of subsequent measurement of ordinary shares subject to possible redemption |
|
|
|
|
752,079
|
|
|
|
|
| North Water Investment Group Holdings Limited [Member] |
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
| Net income |
|
|
|
|
|
|
432,828
|
$ 3,347,275
|
$ (1,074,799)
|
| Adjustment to reconcile net income to cash used in operating activities: |
|
|
|
|
|
|
|
|
|
| Deprecation of plant and equipment |
|
|
|
|
|
|
923
|
7,141
|
1,678
|
| Allowance for expected credit losses |
|
|
|
|
|
|
8,698
|
67,263
|
|
| Unrealized fair value change of financial instruments held, at fair value |
|
|
|
|
|
|
28
|
217
|
(787)
|
| Interest income |
|
|
|
|
|
|
(1,345)
|
(10,405)
|
(309,016)
|
| Dividend income |
|
|
|
|
|
|
|
|
(52)
|
| Plant and equipment written off |
|
|
|
|
|
|
7,306
|
56,500
|
|
| Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| Change in receivables from customers |
|
|
|
|
|
|
(28,504)
|
(220,433)
|
(53,101)
|
| Change in deposits and other receivables |
|
|
|
|
|
|
48,782
|
377,258
|
52,616
|
| Change in operating lease right-of-use assets |
|
|
|
|
|
|
(450,838)
|
(3,486,556)
|
|
| Change in other non-current assets |
|
|
|
|
|
|
(81,627)
|
(631,260)
|
|
| Change in payables to customers |
|
|
|
|
|
|
18,729
|
144,842
|
(1,375,656)
|
| Change in accruals and other current liabilities |
|
|
|
|
|
|
4,070
|
31,477
|
(4,918)
|
| Change in contract liabilities |
|
|
|
|
|
|
3,879
|
30,000
|
|
| Change in operating lease liabilities |
|
|
|
|
|
|
450,095
|
3,480,807
|
|
| Change in amount due to a director |
|
|
|
|
|
|
1,265
|
9,783
|
|
| Change in prepaid expenses |
|
|
|
|
|
|
(29,600)
|
(228,912)
|
6,216
|
| Net cash provided by operating activities |
|
|
|
|
|
|
384,689
|
2,974,997
|
(2,757,819)
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
| Purchases of plant and equipment |
|
|
|
|
|
|
(16,293)
|
(126,004)
|
|
| Advance to a shareholder |
|
|
|
|
|
|
(387,923)
|
(3,000,000)
|
|
| Repayment from a shareholder |
|
|
|
|
|
|
387,923
|
3,000,000
|
|
| (Placement) withdrawal of term deposits |
|
|
|
|
|
|
1,939,613
|
15,000,000
|
(15,000,000)
|
| Net cash (used in) provided by investing activities |
|
|
|
|
|
|
1,923,320
|
14,873,996
|
(15,000,000)
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
| Proceeds from issue of shares |
|
|
|
|
|
|
|
|
30,000,000
|
| Payment for reduction of shares |
|
|
|
|
|
|
(3,879,227)
|
(30,000,001)
|
|
| Net cash provided by (used in) financing activities |
|
|
|
|
|
|
(3,879,227)
|
(30,000,001)
|
30,000,000
|
| Net change in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(1,571,218)
|
(12,151,008)
|
12,242,181
|
| Cash, cash equivalents and restricted cash at beginning of the year |
|
1,312,219
|
$ 10,148,046
|
$ 22,299,054
|
|
1,312,219
|
2,883,437
|
22,299,054
|
10,056,873
|
| Cash, cash equivalents and restricted cash at end of the year |
|
|
|
|
1,312,219
|
|
1,312,219
|
10,148,046
|
22,299,054
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
819,961
|
|
819,961
|
6,341,165
|
18,644,879
|
| Cash-segregated for regulatory purpose |
|
|
|
|
492,258
|
|
492,258
|
3,806,881
|
3,654,175
|
| Supplementary cash flows information: |
|
|
|
|
|
|
|
|
|
| Cash received from interest |
|
|
|
|
|
|
87,980
|
680,391
|
420,541
|
| Cash paid for income taxes |
|
|
|
|
|
|
|
|
|
| Mango Financial Group Limited [Member] |
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
| Net income |
|
497,800
|
3,892,810
|
4,507,888
|
|
|
|
|
|
| Adjustment to reconcile net income to cash used in operating activities: |
|
|
|
|
|
|
|
|
|
| Deprecation of plant and equipment |
|
1,754
|
13,720
|
839
|
|
|
|
7,141
|
|
| Allowance for expected credit losses |
|
|
|
|
|
|
|
|
|
| Unrealized fair value change of financial instruments held, at fair value |
|
(7)
|
(58)
|
254
|
|
|
|
|
|
| Deposit written off |
|
4,604
|
36,000
|
|
|
|
|
|
|
| Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| Change in receivables from customers |
|
(139,336)
|
(1,089,611)
|
(20,255)
|
|
|
|
|
|
| Change in deposits and other receivables |
|
(3,109)
|
(24,314)
|
309,000
|
|
|
|
|
|
| Change in operating lease right-of-use assets |
|
117,137
|
916,009
|
|
|
|
|
|
|
| Change in payables to customers |
|
6,607,874
|
51,673,575
|
166,025
|
|
|
|
|
|
| Change in accruals and other current liabilities |
|
155,752
|
1,217,979
|
(37,168)
|
|
|
|
|
|
| Change in contract liabilities |
|
816,357
|
6,383,915
|
210,000
|
|
|
|
|
|
| Change in operating lease liabilities |
|
(119,601)
|
(935,280)
|
|
|
|
|
|
|
| Change in amount due to a director |
|
1,279
|
10,000
|
|
|
|
|
|
|
| Change in prepaid expenses |
|
(752,793)
|
(5,886,842)
|
2,763
|
|
|
|
|
|
| Net cash provided by operating activities |
|
7,187,711
|
56,207,903
|
5,139,346
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
| Purchases of plant and equipment |
|
(5,083)
|
(39,749)
|
|
|
|
|
|
|
| Advance to a shareholder |
|
|
|
(3,000,000)
|
|
|
|
|
|
| Repayment from a shareholder |
|
|
|
3,000,000
|
|
|
|
|
|
| (Placement) withdrawal of term deposits |
|
|
|
15,000,000
|
|
|
|
|
|
| Net cash (used in) provided by investing activities |
|
(5,083)
|
(39,749)
|
15,000,000
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
| Proceeds from issue of shares |
|
1,278,772
|
10,000,000
|
|
|
|
|
|
|
| Payment for reduction of shares |
|
|
|
(23,000,000)
|
|
|
|
|
|
| Payment of deferred offering costs |
|
(406,093)
|
(3,175,646)
|
|
|
|
|
|
|
| Net cash provided by (used in) financing activities |
|
872,679
|
6,824,354
|
(23,000,000)
|
|
|
|
|
|
| Net change in cash, cash equivalents and restricted cash |
|
8,055,307
|
62,992,508
|
(2,860,654)
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash at beginning of the year |
|
1,297,705
|
10,148,046
|
22,299,054
|
|
$ 1,297,705
|
|
22,299,054
|
|
| Cash, cash equivalents and restricted cash at end of the year |
|
9,353,012
|
73,140,554
|
19,438,400
|
$ 1,297,705
|
|
$ 1,297,705
|
10,148,046
|
$ 22,299,054
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
2,259,198
|
17,666,926
|
15,623,276
|
|
|
|
6,341,165
|
|
| Cash-segregated for regulatory purpose |
|
7,093,814
|
55,473,628
|
3,815,124
|
|
|
|
$ 3,806,881
|
|
| Supplementary cash flows information: |
|
|
|
|
|
|
|
|
|
| Cash received from interest |
|
11,091
|
86,734
|
209,905
|
|
|
|
|
|
| Cash paid for income taxes |
|
|
|
|
|
|
|
|
|