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:        
Net income (loss) $ 78,744,704 $ 10,117,135 $ (20,210,992) $ 6,628,881
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation of property and equipment 268,028 34,436 96,880 134,951
Amortization of intangible assets 6,813,062 875,344 4,516,459 5,514,165
Amortization of right-of-use assets and interest of lease liabilities 2,233,308 286,936 1,494,383 1,633,106
Realized loss on disposal of financial assets at fair value 0 0 0 7,874
Change in fair value on financial assets at fair value 0 0 0 2,091
Allowance (recovery) for credit losses (21,567) (2,771) 893,175 998,020
Impairment loss of intangible assets 14,242,561 1,829,887 0 0
Option premium income (4,407,000) (566,212) 0 0
Realized gain on disposal of digital assets (873,409) (112,216) 0 0
Investment income from stable coins and digital assets (1,680,869) (215,958) 0 0
Change in fair value of derivative liabilities 2,795,520 359,169 0 0
Change in fair value of stable coins, digital assets and digital assets – restricted (121,190,685) (15,570,604) 0 0
Others 1,344,004 172,678 0 0
Deferred tax expense (benefit) (3,046,757) (391,448) 781,759 154,186
Changes in operating assets and liabilities:        
Accounts receivable 917,734 117,911 668,920 (2,444,125)
Prepaid expenses 8,230,370 1,057,440 (13,373,781) (38,978)
Deposits (474,748) (60,996) (13,300) 47,104
Accrued expenses and other current liabilities 2,474,880 317,972 738,576 (61,981)
Contract liabilities (13,088) (1,680) 4,154,472 420,517
Tax payable 6,348 816 (124,069) (11,877)
Net cash provided by (used in) operating activities (15,870,912) (2,039,097) (21,877,518) 11,324,808
Cash flows from investing activities:        
Purchase of property and equipment (151,646) (19,484) (463,476) (48,157)
Costs to obtain and develop software (2,321,836) (298,310) (7,967,033) (7,270,898)
Proceeds from call options 3,841,500 493,557 0 0
Disposals of investment at fair value 0 0 0 1,633,315
Net cash (used in) provided by investing activities 1,368,018 175,763 (8,430,509) (5,685,740)
Cash flows from financing activities:        
Proceeds from pre-funded warrants 76,440,000 9,821,027 0 0
Proceeds from PIPE, net of offering costs 144,857,724 18,611,350 0 0
Dividend paid 0 0 0 (5,329,213)
Deferred IPO costs 0 0 (9,139,510) (1,864,434)
Proceeds from initial public offering 0 0 58,500,012 0
Repayment of bank borrowings (4,614,703) (592,898) (3,867,070) (3,693,642)
Proceeds from a related party loan 7,800,000 1,002,146 0 0
Repayment to related parties (8,106,110) (1,041,475) 0 0
Net cash (used in) provided by financing activities 216,376,911 27,800,150 45,493,432 (10,887,289)
Effect of exchange rate changes on cash (465,751) (59,840) 3,964 (5,092)
Net (decrease) increase in cash 201,408,266 25,876,976 15,189,369 (5,253,313)
Cash, beginning of year 21,999,787 2,826,537 6,810,418 12,063,731
Cash, end of year 223,408,053 28,703,513 21,999,787 6,810,418
Supplemental disclosure information:        
Cash paid for income tax 0 0 124,069 0
Cash paid for interest 287,825 36,980 325,084 483,623
Supplemental non-cash in investing and financing activities:        
Operating lease right-of-use assets, obtained in exchange for operating lease obligations 5,032,766 646,611 2,835,821 2,824,383
Class A common stock exchanged for digital assets 3,637,881,000 467,395,706 0 0
Pre-funded warrants exchanged for digital assets 39,000,000 5,010,728 0 0
Related party        
Changes in operating assets and liabilities:        
Operating lease liabilities (792,642) (101,839) 0 0
Nonrelated party        
Changes in operating assets and liabilities:        
Operating lease liabilities $ (1,440,666) $ (185,097) $ (1,500,000) $ (1,659,126)