Exhibit 99.3

 

ADDENTAX GROUP CORP.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF COMPREHENSIVE LOSS

FOR THE YEAR ENDED MARCH 31, 2025

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

   Historical         
  

Addentax

Group Corp.

  

Keemo

Fashion

Group

Limited

  

Pro Forma

Adjustments

  

Pro Forma

Combined

 
                 
REVENUES  $4,180,914   $24,988   $-   $4,205,902 
                     
COST OF REVENUES   (3,546,657)   (12,567)   -    (3,559,225)
                     
GROSS PROFIT  $634,257   $12,421   $-   $646,678 
                     
OPERATING EXPENSES                    
Selling and marketing   (393,226)   -         (393,226)
General and administrative   (2,058,001)   (42,562)   -    (2,100,563)
                     
LOSS FROM OPERATION BEFORE INCOME TAX   (1,816,970)   (30,141)   -    (1,847,112)
                     

Change in fair value of warrants and embedded conversion feature

   (2,339,448)   -    -    (2,339,448)
                     
INTEREST INCOME   1,321    -    -    1,321 
                     
INTEREST EXPENSES   (1,146,843)   -    -    (1,146,843)
                     
OTHER INCOME   212,391    -    -    212,391 
                     
LOSS BEFORE INCOME TAX EXPENSE  $(5,089,549)  $(30,141)  $-   $(5,119,691)
                     
INCOME TAX EXPENSES   (4,649)   -    -    (4,649)
                     
Profit or loss from discontinued operation   -    -    -    - 
                     
NET LOSS  $(5,094,198)  $(30,141)  $-   $(5,124,340)
Less: Net loss attribute to Non-control Interest (37.82%)   -    -    

(11,399

)   (11,399)
Net loss attribute to Parent   (5,094,198)   (30,141)   

11,399

    (5,112,940)
                     
FOREIGN CURRENCY TRANSLATION GAIN   48,133    -    -    48,133 
                     
TOTAL COMPREHENSIVE LOSS   (5,046,065)   (30,141)   -    (5,076,206)
Total comprehensive loss attribute to Non-control Interest(37.82%)   -    -    

(11,399

)   (11,399)
Total comprehensive loss attribute to Parent   (5,046,065)   (30,141)   

11,399

    (5,064,807)
                     
NET LOSS PER SHARE, BASIC AND DILUTED   (0.84)   (0.00)   (0.00)   (0.84)
                     
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED   5,993,132    -    -    5,993,139 

 

F-1

 

 

ADDENTAX GROUP CORP

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF March 31, 2025

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

   Historical         
  

Addentax

Group Corp

  

Keemo

Fashion

Group

Limited

  

Pro Forma

Adjustments

  

Pro Forma

Combined

 
                 
ASSETS                    
Current assets                    
Cash and cash equivalents  $324,953   $23,329   $-   $348,282 
Restricted cash   2,750,000    

-

    

-

    2,750,000 
Account receivable   929,817    

-

    -    929,817 
Debt Securities held-to-maturity   17,500,000    -    (5,500,000)   12,000,000 
Inventories   166,874    -    

-

    166,874 
Other Receivable   3,638,347    1,836    -    3,640,183 
Advance to suppliers   198,494    

-

    -    198,494 
Amounts due from related parties   4,283,129    -    

-

    4,283,129 
Inter-company balances   -    -    -    - 
Total current assets  $29,791,614   $25,165   $-   $24,316,779 
                     
Non-current Asset                    
Plant and equipment, net   387,997    -    

-

    387,997 
Operating lease right of use asset   18,722,277    -    -    18,722,277 
Long-term prepayment   265,449    -    -    265,449 
Long-term receivables   -    -    -    - 
Goodwill   -    -    5,522,455    5,522,455 
Total non-current asset  $19,375,723   $-   $    $24,898,178
                     
TOTAL ASSETS  $49,167,337   $25,165   $-   $49,214,957 
                     
LIABILITIES AND EQUITY                    
Current liabilities                    
Short-term loan  $640,878   $-   $-   $640,878 
Accounts payable   53,199    -    -    53,199 
Amount due to related parties   161,594    91,119    -    252,713 
Advance from customers   332,492    -    -    332,492 
Accrued expeneses and other payables   1,858,198    300    -    1,858,498 
Lease liabilities, current portion   905,958    -    

-

    905,958 
Income tax payable   -    -    

-

    - 
Total current liabilities  $3,952,319   $91,419   $

-

   $4,043,738 
Non-current liabilities                    
Convertible debts   2,900,160    -    -    2,900,160 
Derivative liabilities   2,772,350    -    -    2,772,350 
Lease liabilities, net of current portion   17,810,700    -    -    17,810,700 
Total non-current liabilities   23,483,210    -    -    23,483,210 
                     
TOTAL LIABILITIES  $27,435,529   $91,419   $-   $27,526,948 
                     
EQUITY                    

Common stock ($ 0.001 par value, 250,000,000 shares authorized, 6,043,769 shares issued and outstanding as of March 31, 2025)

  $6,044   $5,500   $(5,500)  $6,044 
Additional paid-in capital   35,240,981    26,600    (26,600)   35,240,981 
Statutory reserve    37,422    -    -    37,422 
Accumulated deficits   (13,663,790)   (98,354)   79,612    (13,682,532)
Accumulated other comprehensive income   111,151    -    -    111,151 
Non-controlling Interests of KMFG (37.82%)             (25,057)   (25,057)
TOTAL EQUITY  $21,731,808   $(66,254)  $-   $21,688,009 
                     
TOTAL LIABILITIES AND EQUITY  $49,167,337   $25,165   $-   $49,214,957 

 

F-2

 

 

ADDENTAX GROUP CORP.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF COMPREHENSIVE LOSS

FOR THE NINE MONTHS ENDED DECEMBER 31, 2025

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

   Historical         
  

Addentax

Group Corp.

  

Keemo

Fashion

Group

Limited

  

Pro Forma

Adjustments

  

Pro Forma

Combined

 
                 
REVENUE  $2,622,869   $-   $-   $2,622,869 
                     
COST OF REVENUE   (1,912,395)   (1)   -    (1,912,396)
                     
GROSS PROFIT  $710,474    (1)   -    710,473 
                     
OPERATING EXPENSES                    
Selling expenses   (20,413)             (20,413)
General and administrative   (1,563,577)   (38,279)   -    (1,601,856)
                     
LOSS FROM OPERATION BEFORE INCOME TAX   (873,516)   (38,280)   -    (911,796)
                     
Fair value gain or loss   (4,140,772)   -    -    (4,140,772)
                     
INTEREST INCOME   860    -    -    860 
                     
FINANCE COSTS   (605,662)   -    -    (605,662)
                     
OTHER INCOME   460,820    -    -    460,820 
                     
LOSS BEFORE INCOME TAX  $(5,158,270)   (38,280)   -    (5,196,550)
                     
INCOME TAX EXPENSES   (1,082)   -    -    (1,082)
                     
Profit or loss from discontinued operation   467,855    -    -    467,855 
                     
NET LOSS  $(4,691,497)   (38,280)   -    (4,729,777)
Less: Net loss attribute to Non-control Interest(37.82%)   -    -    

(14,477

)   (14,477)
Net loss attribute to Parent   (4,691,497)   (38,280)   

14,477

    (4,715,300)
                     
FOREIGN CURRENCY TRANSLATION LOSS   (122,603)   -    -    (122,603)
                     
TOTAL COMPREHENSIVE LOSS   (4,814,100)   (38,280)   -    (4,852,380)
Total comprehensive loss attribute to Non-control Interest(37.82%)        -    

(14,477

)   (14,477)
Total comprehensive loss attribute to Parent   (4,814,100)   (38,280)   

14,477

    (4,837,903)
                     
NET LOSS PER SHARE, BASIC AND DILUTED   (0.55)   -    -    - 
                     
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED   9,298,652    -    -    9,298,652

 

F-3

 

 

ADDENTAX GROUP CORP

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

FOR THE NINE MONTHS ENDED DECEMBER 31, 2025

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

   Historical         
   Addentax  

Keemo

Fashion

Group

Limited

  

Pro Forma

Adjustments

  

Pro Forma

Combined

 
                 
ASSETS                    
Current assets                    
Cash and cash equivalents  $238,466   $23,842   $-   $262,308 
Restricted Cash   10,756    -         10,756 
Account Receivable   890,809    40         890,849 
Debt Securities   17,500,000    -    (5,500,000)   12,000,000 
Inventories   178,014    -         178,014 
Other Receivable   3,482,884    7,493         3,490,377 
Advance to suppliers   249,400    -         249,400 
Amounts due from related parties   5,323,739    -         5,323,739 
Inter-company balances   -    -    -    - 
Total current assets  $27,874,068   $31,375   $-   $22,405,443 
                     
Non-current Asset                    
Plant and equipment   355,714    -         355,714 
Intangible assets   -    -         - 
Long-term prepayment   20,039    -         20,039 
Long-term receivables   -    -         - 
Long-term investment   -    -           
Goodwill   -    293,499    5,522,455    5,815,954 
Total non-current asset  $375,753   $293,499   $   $6,191,707 
                     
TOTAL ASSETS  $28,249,821   $324,874   $-   $28,597,150 
                     
LIABILITIES AND EQUITY                    
Current liabilities                    
Short-term loan  $717,849   $-   $-   $717,849 
Accounts payable   49,370    -         49,370 
Amount due to related parties   216,508    544,317         760,825 
Advance from customers   21,966    45,248         67,215 
Accrued expeneses and other payables   280,814    5,705         286,518 
Lease liabilities, current portion   -    -         - 
Income tax payable   -    -         - 
Total current liabilities  $1,286,507   $595,270   $   $1,881,777 
Non-current liabilities                    
Convertible debts   -    -         - 
Derivative liabilities   5,332,415    -         5,332,415 
Lease liabilities, net of current portion   -    -         - 
Total non-current liabilities   5,332,415    595,270         5,332,415 
                     
TOTAL LIABILITIES  $6,618,922   $595,270   $-   $7,214,192 
                     
STOCKHOLDERS’ DEFICIT                    
Common stock ($0.001 par value, 250,000,000 shares authorized, 11,715,348 shares issued and outstanding at December 31, 2025)  $11,715   $5,500   $(5,500)  $11,715 
Additional paid-in capital   39,948,903    25,317    (26,115)   39,948,105 
Statutory reserve    37,020    -    -    37,020 

Accumulated deficits

   (18,355,288)   (289,410)   151,869    (18,492,829)
Accumulated other comprehensive loss   (11,452)   (11,803)   4,465    (18,789)
Non-controlling Interest of KMFG(37.82%)             (102,264)   (102,264)
TOTAL STOCKHOLDERS’ DEFICIT  $21,630,899   $(270,396)  $-   $21,382,958 
                     
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $28,249,821   $324,874   $-   $28,597,150 

 

F-4

 

 

1. Basis of Presentation

 

The accompanying unaudited pro forma condensed combined financial statements give effect to the Company’s acquisition of a 62.18% controlling interest in Keemo Fashion Group Limited (“Target”) (the “Acquisition”). The Acquisition was signed on February 17, 2026, and consummated on March 30, 2026.

 

The unaudited pro forma condensed combined statements of comprehensive loss are presented to illustrate the effect of the Acquisition as if it had been completed on April 1, 2024, the beginning of the earliest period presented:

 

  ● For the year ended March 31, 2025
     
  ● For the nine months ended December 31, 2025

 

The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that would have actually occurred had the Acquisition been completed at the beginning of the periods presented, nor is it necessarily indicative of future consolidated results of operations.

 

2. Principles of Consolidation and Noncontrolling Interest

 

The Company consolidates Target in the pro forma financial statements because the Acquisition results in the Company holding a 62.18% controlling voting interest in Target. Accordingly, the Company reflects 100% of Target’s assets, liabilities, revenues, and expenses in the pro forma combined financial statements.

 

The 37.82% noncontrolling interest (“NCI”) in Target held by third parties is presented in the equity section of the pro forma condensed combined balance sheet. Net income and total comprehensive income are allocated between the controlling interest and NCI based on their respective ownership percentages: 62.18% to the Company and 37.82% to NCI.

 

3. Significant Pro Forma Adjustments

 

The material pro forma adjustments included in the accompanying condensed combined financial statements are as follows:

 

(a) To record the total purchase consideration of $5,500,000 transferred to acquire the 62.18% controlling interest in Target, and to record preliminary fair value adjustments to identifiable assets acquired and liabilities assumed, with the excess recorded as goodwill.

 

F-5

 

 

(b) To record the noncontrolling interest of 37.82% in Target at fair value in accordance with ASC 805, Business Combinations.

 

(c) To eliminate intercompany balances and transactions between the Company and Target.

 

(d) To recognize income tax effects associated with the pro forma adjustments, based on enacted statutory tax rates.

 

(e) No pro forma adjustments were made for new or refinanced indebtedness, as no new debt was incurred in connection with the Acquisition.

 

4. Allocation of Net Income and Comprehensive Income

 

Consolidated net income reflects the total results of the combined group. Net income attributable to the noncontrolling interest (37.82%) is deducted from consolidated net income to arrive at net income attributable to the Company’s stockholders.

 

Similarly, total comprehensive income is presented for the consolidated group, and comprehensive income attributable to noncontrolling interest (37.82%) is separately disclosed to derive total comprehensive income attributable to the Company’s stockholders.

 

5. Limitations of Pro Forma Information

 

The pro forma financial information does not reflect:

 

  ● any expected operating synergies, cost savings, or revenue enhancements;
     
  ● any one-time transaction, integration, or restructuring costs;
     
  ● any changes in operations, capital expenditures, or other anticipated events.

 

Accordingly, the pro forma condensed combined financial information is not intended to represent or be indicative of the actual results of operations or financial condition that would have been achieved, nor are they indicative of future results.

 

F-6