v3.26.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2025
HKD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
HKD ($)
Dec. 31, 2023
HKD ($)
Cash flows from operating activities        
Profit/(Loss) before income tax $ (23,496,020) $ (3,018,773) $ (18,074,094) $ 7,079,243
Adjustments for:        
Depreciation of property, plant and equipment 3,578,225 459,731 4,444,914 5,015,875
Allowance for expected credit losses – trade receivables 1,631,086 209,562 488,640 914,788
Bad debt write-off 40,382 77,249
Issuance of shares as compensation for advisory fee 117,000 15,032
Change in fair value of contingent consideration (717,606) (92,199)
Impairment of goodwill 11,773,403 1,512,649
Interest expense - bank borrowings 101,108 12,990 154,980 179,866
Interest expense - lease liabilities 268,999 34,562 211,258 370,848
Interest expense - convertible promissory notes 322,787 41,472 1,648,858
Change in fair value of embedded derivative liability (1,452,727) (186,647) (1,623,695)
Interest income (96,179) (12,357) (286,321) (48,233)
Issuance of ordinary shares for commitment fee 1,560,000
Gain arising from the drawdown of the SEPA (1,033,094) (132,733)
Unrealized foreign exchange difference, net 22,358
Operating cash flows before working capital changes (9,003,018) (1,156,711) (11,412,720) 13,589,636
Changes in working capital:        
Trade and other receivables 2,400,252 308,385 (4,077,972) (5,651,207)
Trade and other payables (2,645,702) (339,920) 4,293,607 957,115
Contract liabilities 498,969 64,108 (214,326) (1,782,857)
Net cash generated from/(used in) operating activities (8,749,499) (1,124,138) (11,411,411) 7,112,687
Cash flows from investing activities        
Interest income 96,179 12,357 286,321 48,233
Acquisition of a subsidiary (28,078,241) (3,607,498)
Purchase of property, plant and equipment (20,998) (2,698) (1,490,361) (287,307)
Net cash used in investing activities (28,003,060) (3,597,839) (1,204,040) (239,074)
Cash flows from financing activities        
Advance from ultimate beneficial shareholder (15,939)
Interest paid (101,108) (12,990) (154,980) (179,866)
Repayment of bank borrowings (3,845,863) (494,117) (921,966) (706,871)
Repayment of lease liabilities (3,230,591) (415,067) (3,693,784) (3,706,727)
Proceeds from issuance of ordinary shares, net of offering expenses 32,243,314
Proceeds from underwriters’ exercise of over-allotment option 3,112,668
Proceeds from issuance of convertible promissory notes, net of transaction costs 20,592,000
Proceeds from issuance of shares pursuant to the SEPA, net of transaction costs 5,423,085 696,759
Proceeds from private placement 3,144,960 404,065
Net cash (used in)/generated from financing activities 1,390,483 178,650 51,177,252 (4,609,403)
Net change in cash and bank balances (35,362,076) (4,543,327) 38,561,801 2,264,210
Cash and bank balances at beginning of year 42,222,014 5,424,693 3,660,213 1,396,003
Cash and bank balances at end of year $ 6,859,938 $ 881,366 $ 42,222,014 $ 3,660,213