v3.26.1
ACQUISITION OF ASA ROBOTICS LIMITED
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITION OF ASA ROBOTICS LIMITED

NOTE 24 ACQUISITION OF ASA ROBOTICS LIMITED

 

On April 23, 2026, the Company completed the acquisition of a 60% equity interest in ASA Robotics Limited, a Hong Kong company engaged in robotics and intelligent automation solutions. The acquisition was undertaken to expand the Company’s capabilities in robotics and artificial intelligence and to support the Company’s growth strategy. The transaction was accounted for as a business combination under ASC 805, Business Combinations, using the acquisition method of accounting.

 

As consideration for the acquisition, the Company issued 6,500 shares of its preferred stock at approximately US$98.62 per share, representing an aggregate stated value of approximately HKD 5,000,000 (approximately US$641,026) payable to the selling shareholder. For accounting purposes, the fair value of the consideration transferred in the form of the Company’s preferred stock was determined to be approximately US$91,000, based on the fair value of the Company’s common stock as of the acquisition date.

 

Following completion of the transaction, ASA Robotics became a majority-owned subsidiary of the Company, and the Company obtained control of ASA Robotics.

 

The following table summarizes the preliminary purchase price allocation of the consideration transferred to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of April 23, 2026:

   
Cash and cash equivalents  $22,886 
Accounts receivable   21,923 
Other current assets   166,057 
Equipment   816 
Total identifiable assets acquired  $211,682 
      
Accounts payable and accrued liabilities  $(12,554)
Total liabilities assumed  $(12,554)
      
Identifiable net assets acquired  $199,128 
Less: Noncontrolling interest   (79,651)
Less: Fair value of consideration transferred   (91,000)
Gain on bargain purchase  $28,477