Platinum Analytics revenue falls 91% in six months
PLTS shares were suspended from Nasdaq trading after a panel denied continued listing; the company requested review.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Platinum Analytics Cayman Ltd (PLTS) reported US$112,399 in revenue for the six months ended March 31, 2026, down 91% from US$1,212,264 a year earlier. Gross profit was US$43,278, compared with US$638,457. The company attributed the revenue decline to completion of contracted projects; potential projects remained under negotiation, and no new contracts had been signed.
Operating expenses were US$4,023,898, compared with US$551,836. PLTS reported a net loss of US$3,786,858, versus net income of US$3,157, and net cash used in operating activities of US$1,861,327. Cash was US$249,983 and working capital was US$1,941,713 as of March 31, 2026. Management said the US$14,551,660 accumulated deficit and the six-month loss raised substantial doubt about the company’s ability to continue as a going concern for at least twelve months after issuance.
The Nasdaq Hearings Panel denied continued listing on September 21, 2026, and trading in PLTS shares was suspended effective September 23. The company requested review, which does not stay the suspension.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Major pointUS$3,786,858 net loss accompanied management’s substantial-doubt conclusion for at least twelve months.
- Major pointPLTS trading was suspended September 23, 2026 after the Panel denied continued listing.
- Moderate pointRevenue fell 91% to US$112,399 for the six months ended March 31, 2026.
- Moderate pointNet cash used in operating activities was US$1,861,327, compared with US$342,563 in 2025.
Filing Explained
As of
Key Figures
Key Terms
going concern financial
performance obligation financial
contract liability financial
current expected credit loss financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did PLTS report for the six months ended March 31, 2026?
Why did PLTS report substantial doubt about its ability to continue as a going concern?
Why was PLTS trading suspended on Nasdaq?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number: 001-42853
60 Anson Road, 17-01,
Mapletree, Singapore 079914
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Exhibit Index
| 99.1 | Press Release — Platinum Analytics Cayman Limited Reports Unaudited Interim Financial Results ended March 31, 2026 | |
| 99.2 | Unaudited Condensed Consolidated Financial Statements and Related Notes as of March 31, 2026 and September 30, 2025 and for the Six Months Ended March 31, 2026 and 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Platinum Analytics Cayman Limited | ||
| By: | /s/ Huiyi Zheng | |
| Name: | Huiyi Zheng | |
| Title: | Chief Executive Officer | |
Date: September 30, 2026
Exhibit 99.1
Platinum Analytics Cayman Limited Reports Unaudited Interim Financial Results ended March 31, 2026
New York, September 30, 2026 (GLOBE NEWSWIRE) — Platinum Analytic Cayman Limited (the “Company”, “we”, “our”, or “us”) (Nasdaq: PLTS), a software developer specializing in the provision of FX trading software development solutions, data analytics solutions and technology development solutions to financial institutions with a strategic focus on serving Asia and other emergent markets, today announced its unaudited financial results for the six months ended March 31, 2026.
Financial Results for Six Months Ended March 31, 2026
Revenues
Our revenues consist of (i) revenue from software development services, and (ii) revenue from maintenance and other similar services.
Our total revenues decreased by US$1.1 million, or 91% from US$1.2 million for the six months ended March 31, 2025 to US$0.1 million for the six months ended March 31, 2026, primarily attributable to the completion of all previously contracted projects. Other potential projects are still under negotiation, and no new contracts have been signed yet.
Cost of revenues
Cost of revenues consists primarily of compensation benefit expenses for our professionals, and outsourcing professional costs directly related to the software projects.
Our cost of revenues decreased by US$0.5 million, or 88% from US$0.6 million for the six months ended March 31, 2025 to US$0.1 million for the six months ended March 31, 2026, which was primarily attributable to a significant reduction in direct project costs, including subcontracting fees, project personnel costs and third-party service procurement, as all previously contracted projects had been completed and no new project had commenced during the period. As the remaining potential projects were still under negotiation and no contracts had been signed, no corresponding project delivery costs were incurred.
Gross profit and gross profit margin
Gross profit represents our revenues less cost of revenues. Gross profit margin represents our gross profit as a percentage of our revenues.
Gross profit decreased by US$0.6 million, or 93% from US$0.6 million for the six months ended March 31, 2025 to US$ 0.04 million for the six months ended March 31, 2026, and gross profit margin decreased from 52.7% for the six months ended March 31, 2025 to 38.5% for the same period of 2026, primarily due to (i) the substantial decline in revenue, as all contracted projects had been completed and no new projects were signed during the period, and (ii) a lower gross margin, as certain fixed cost components could not be reduced in proportion to the revenue decrease.
Selling expenses
Selling expenses primarily consisted of marketing expenses and business development and marketing advisory fees.
Our selling expenses increased by US$1.4 million, or 40,030% from US$3.6 thousand for the six months ended March 31, 2025 to US$1.4 million for the six months ended March 31, 2026, which was primarily attributable to increased marketing and business development service fees, of which approximately US$1.1 million represented the amortization of prepaid service fees, together with advertising expenses, membership fees and other miscellaneous marketing expenses.
General and administrative expenses
General and administrative expenses primarily consist of advisory fees, salary and compensation expenses relating to our accounting, human resources and executive office personnel, and included rental expenses, depreciation and amortization expenses, office overhead, professional service fees and travel and transportation costs.
Our general and administrative expenses increased by US$0.2 million, or 45% from US$0.5 million for the six months ended March 31, 2025 to US$0.7 million for the six months ended March 31, 2026, which was primarily attributable to an increase in professional service fees, including legal and consulting expenses incurred during the period.
Research and development expenses
Research and development (“R&D”) expenses primarily consisted of compensation and benefit expenses relating to our R&D personnel, outsourcing manpower services relating to our R&D activities and contracted third-party development services.
Our research and development expenses increased by US$1.8 million, or 3,598% from US$0.1 million for the six months ended March 31, 2025 to US$1.9 million for the six months ended March 31, 2026, which was primarily attributable to an expansion in our research and development activities, which included entering into a new software R&D service agreement with Platinum Analytics Hongkong Limited, a related party, to support technical preparations and the development of new projects.
Other (loss)/income, net
Other (loss)/income, net consists of government subsidies, foreign currency exchange gain or loss, and others.
Our other income, net increased by US$0.3 million, or 332% from US$83.5 thousand for the six months ended March 31, 2025 to US$0.2 million for the six months ended March 31, 2026, which was primarily attributable to the reversal of previously accrued compensation expenses that were determined to no longer be payable.
Net Income (loss)
As a result of the foregoing, our net income swung to a net loss of approximately US$3.8 million for the six months ended March 31, 2026, compared to a net income of US$3.2 thousand for the six months ended March 31, 2025, representing a total decrease of approximately US$3.8 million. The decrease of net income is attributed to approximately US$0.6 million decrease in gross profit and US$3.5 million increase in operating expenses.
Going Concern
The Company’s unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. The Company incurred net loss of US$3,786,858 for the six months ended March 31, 2026. As of March 31, 2026, the Company’s accumulated deficits were US$14,551,660, with a positive working capital of US$1,941,713. The Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses for the foreseeable future. Management has concluded that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for at least twelve months after the issuance date of these condensed consolidated financial statements.
The Company has historically depended on financing from related parties and third-party investors to support its operations. The Company’s future operations are dependent upon equity or debt financing and its ability to generate profits through operations at an indeterminate time in the future. The Company cannot assure that it will be successful in completing an equity or debt financing or in achieving or maintaining profitability in the near term. The Company’s condensed consolidated financial statements do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary should the Company be unable to continue as a going concern. Notwithstanding the existence of this going concern uncertainty, the unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.
Subsequent events
On July 7, 2026, the Company received a Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) under Nasdaq Listing Rule IM-5101-4, which the Company disclosed on Form 6-K on July 10, 2026. The Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”), which was held on August 18, 2026. On September 21, 2026, the Panel denied the Company’s request for continued listing, and trading in the Company’s shares on Nasdaq was suspended effective September 23, 2026. The Company may request a review of the decision by the Nasdaq Listing and Hearing Review Council within 15 days of the decision. A request for review does not stay the suspension. The Company has requested such review. There can be no assurance that any review will be successful.
Except as disclosed above, the Company has evaluated subsequent events through September 30, 2026, the date the condensed consolidated financial statements were issued, and identified no other events that would have required adjustment to or disclosure in the condensed consolidated financial statements.
Exchange Rate
This press release contains translations of Singapore dollar (“S$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. The following table outlines the currency exchange rates that were used in preparing the unaudited condensed consolidated financial statements, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System:
| March 31, 2026 | September 30, 2025 | March 31, 2025 | ||||||||||
Six months-ended spot rate |
Average rate | Year-end spot rate |
Average rate | Six months-ended spot rate |
Average rate | |||||||
| US$ against S$ | US$1=S$1.2893 | US$1= S$1.2857 | US$1= S$1.2903 | US$1= S$1.3156 | US$1= S$1.3445 | US$1= S$1.3399 | ||||||
About Platinum Analytics Cayman Limited
Established in 2017 in Singapore, Platinum Analytics Cayman Limited, through its wholly-owned Singapore subsidiary, Platinum Analytics Singapore Pte. Ltd., develops FX trading software, data analytics, and technology solutions for financial institutions, focusing on Asia and other emergent markets. Supported by the Monetary Authority of Singapore (MAS), it addresses rapid growth in currency trade volumes, complex cross-border transactions, and emerging market volatility.
The Company operates the Platinum ECN spot FX trading platform for institutional and enterprise clients. Its products – Platinum AI, Platinum ECN, and Platinum Smart Trade – deliver scalable, flexible, AI-driven, low-latency trading and analytics.
For further information, please contact:
Underwriters
Kingswood Capital Partners, LLC
+1 (561) 961 0505
lciervo@kingswoodus.com
Investor Relations
WFS Investor Relations Inc.
Connie Kang
Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
PLATINUM ANALYTICS CAYMAN LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data, or otherwise noted)
| As of | ||||||||
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 249,983 | $ | 2,610,933 | ||||
| Accounts receivable, net | 500 | 156,614 | ||||||
| Prepayments | 1,880,833 | 3,678,951 | ||||||
| Total current assets | 2,131,316 | 6,446,498 | ||||||
| Non-current assets: | ||||||||
| Intangible assets | 35,324 | 39,124 | ||||||
| Other non-current assets | 4,080 | 4,077 | ||||||
| Total non-current assets | 39,404 | 43,201 | ||||||
| TOTAL ASSETS | 2,170,720 | 6,489,699 | ||||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 26,997 | 12,804 | ||||||
| Accrued expenses and other liabilities | 122,582 | 209,300 | ||||||
| Due to related parties, current | 40,024 | 683,987 | ||||||
| Total current liabilities | 189,603 | 906,091 | ||||||
| Non-current liability: | ||||||||
| Due to related parties, non-current | 370,000 | 177,734 | ||||||
| Total non-current liability | 370,000 | 177,734 | ||||||
| TOTAL LIABILITIES | 559,603 | 1,083,825 | ||||||
| COMMITMENTS AND CONTINGENCIES | — | — | ||||||
| EQUITY | ||||||||
| Class A shares (100,000,000 shares authorized, $0.0004 par value per share, 11,205,435 and 11,205,435 shares issued and outstanding as of March 31, 2026 and September 30, 2025) | 4,482 | 4,482 | ||||||
| Class B shares (25,000,000 shares authorized, $0.0004 par value per share, 6,853,674 and 6,853,674 shares issued and outstanding as of March 31, 2026 and September 30, 2025) | 2,741 | 2,741 | ||||||
| Additional paid in capital | 16,159,051 | 16,159,051 | ||||||
| Accumulated deficit | (14,551,660 | ) | (10,764,802 | ) | ||||
| Accumulated other comprehensive loss (income) | (3,497 | ) | 4,402 | |||||
| Total shareholders’ equity | 1,611,117 | 5,405,874 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 2,170,720 | $ | 6,489,699 | ||||
PLATINUM ANALYTICS CAYMAN LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In U.S. dollars, except for share and per share data, or otherwise noted)
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | $ | 112,399 | $ | 1,212,264 | ||||
| Revenue- third parties | 112,399 | 1,212,264 | ||||||
| Cost of revenues | (69,121 | ) | (573,807 | ) | ||||
| Cost of revenues- third parties | — | (110,369 | ) | |||||
| Cost of revenues- related parties | (69,121 | ) | (463,438 | ) | ||||
| Gross profit | 43,278 | 638,457 | ||||||
| Operating expenses: | ||||||||
| Selling expenses | (1,425,833 | ) | (3,553 | ) | ||||
| General and administrative expenses | (721,494 | ) | (497,544 | ) | ||||
| Research and development expenses | (1,876,571 | ) | (50,739 | ) | ||||
| Research and development expenses- third parties | (885,000 | ) | (50,739 | ) | ||||
| Research and development expenses- related party | (991,571 | ) | — | |||||
| Total operating expenses | (4,023,898 | ) | (551,836 | ) | ||||
| (Loss) income from operations | (3,980,620 | ) | 86,621 | |||||
| Other income/(loss): | ||||||||
| Foreign exchange gain/(loss) | 9,056 | (25,486 | ) | |||||
| Other income/(expense), net | 184,706 | (57,978 | ) | |||||
| Total other income/(loss) | 193,762 | (83,464 | ) | |||||
| (Loss)/income before income tax expense | (3,786,858 | ) | 3,157 | |||||
| Income tax expense | — | — | ||||||
| Net (loss)/income | $ | (3,786,858 | ) | $ | 3,157 | |||
| Other comprehensive loss | ||||||||
| Foreign currency translation adjustment | (7,899 | ) | (76,902 | ) | ||||
| Total comprehensive loss | $ | (3,794,757 | ) | $ | (73,745 | ) | ||
| Weighted average shares outstanding used in calculating basic and diluted loss per share - basic and diluted* | 18,059,109 | 15,759,109 | ||||||
| (Loss)/income per share - basic and diluted* | $ | (0.2097 | ) | $ | 0.0002 | |||
| * | The Company effected a 1:25 forward stock split on March 31, 2025 and a surrender of 45 out of every 100 shares on June 6, 2025, as a result, the shares issued and outstanding and additional paid in capital presented here are adjusted retroactively. |
Exhibit 99.2
PLATINUM ANALYTICS CAYMAN LIMITED
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| Financial Statements | Page | |
| Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025 | F-2 | |
| Unaudited Condensed Consolidated Statements of Operations for the Six Months Ended March 31, 2026 and 2025 | F-3 | |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity for the Six Months Ended March 31, 2026 and 2025 | F-4 | |
| Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2026 and 2025 | F-5 | |
| Notes to Unaudited Condensed Consolidated Financial Statements | F-6 |
| F-1 |
PLATINUM ANALYTICS CAYMAN LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data, or otherwise noted)
| March 31, 2026 | September 30, 2025 | |||||||
| As of | ||||||||
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Accounts receivable, net | ||||||||
| Prepayments | ||||||||
| Total current assets | ||||||||
| Non-current assets: | ||||||||
| Intangible assets | ||||||||
| Other non-current assets | ||||||||
| Total non-current assets | ||||||||
| TOTAL ASSETS | ||||||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | ||||||||
| Accrued expenses and other liabilities | ||||||||
| Due to related parties, current | ||||||||
| Total current liabilities | ||||||||
| Non-current liability | ||||||||
| Due to related parties, non-current | ||||||||
| Total non-current liability | ||||||||
| TOTAL LIABILITIES | ||||||||
| COMMITMENTS AND CONTINGENCIES (NOTE 12) | — | — | ||||||
| EQUITY | ||||||||
| Class A shares ( | ||||||||
| Class B shares ( | ||||||||
| Ordinary shares | ||||||||
| Additional paid in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Accumulated other comprehensive loss (income) | ( | ) | ||||||
| Total shareholders’ equity | ||||||||
| TOTAL LIABILITIES AND EQUITY | $ | $ | ||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-2 |
PLATINUM ANALYTICS CAYMAN LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In U.S. dollars, except for share and per share data, or otherwise noted)
| 2026 | 2025 | |||||||
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | $ | $ | ||||||
| Revenue- third parties | ||||||||
| Revenues | $ | $ | ||||||
| Cost of revenues | ( | ) | ( | ) | ||||
| Cost of revenues- third parties | — | ( | ) | |||||
| Cost of revenues- related parties | ( | ) | ( | ) | ||||
| Cost of revenues | ( | ) | ( | ) | ||||
| Gross profit | ||||||||
| Operating expenses: | ||||||||
| Selling expenses | ( | ) | ( | ) | ||||
| General and administrative expenses | ( | ) | ( | ) | ||||
| Research and development expenses | ( | ) | ( | ) | ||||
| Research and development expenses- third parties | ( | ) | ( | ) | ||||
| Research and development expenses- related party | ( | ) | — | |||||
| Research and development expenses | ( | ) | ( | ) | ||||
| Total operating expenses | ( | ) | ( | ) | ||||
| (Loss) income from operations | ( | ) | ||||||
| Other income/(loss): | ||||||||
| Foreign exchange gain/(loss) | ( | ) | ||||||
| Other income/(expense), net | ( | ) | ||||||
| Total other income/(loss) | ( | ) | ||||||
| (Loss)/income before income tax expense | ( | ) | ||||||
| Income tax expense | — | — | ||||||
| Net (loss)/income | $ | ( | ) | $ | ||||
| Other comprehensive loss | ||||||||
| Foreign currency translation adjustment | ( | ) | ( | ) | ||||
| Total comprehensive loss | $ | ( | ) | $ | ( | ) | ||
| Weighted average shares outstanding used in calculating basic and diluted loss per share - basic and diluted* | ||||||||
| (Loss)/income per share - basic and diluted* | $ | ( | ) | $ | ||||
| * |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-3 |
PLATINUM ANALYTICS CAYMAN LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN (DEFICIT)/EQUITY
(Expressed in U.S. dollar, except for the number of shares)
| * | * | Accumulated | ||||||||||||||||||||||||||||||
| Ordinary Shares | Additional | Accumulated | Other | Total | ||||||||||||||||||||||||||||
| Class A * | Class B * | Paid-in | (Deficit)/ | Comprehensive | (Deficit)/ | |||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Capital * | Equity | Income/(Loss) | Equity | |||||||||||||||||||||||||
| Balance at September 30, 2024 (Audited) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Net income | - | - | - | - | - | - | ||||||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | - | - | ( | ) | ( | ) | ||||||||||||||||||||||
| Balance at March 31, 2025 (Unaudited) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Balance at September 30, 2025 (Audited) | ( | ) | ||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | ( | ) | - | ( | ) | ||||||||||||||||||||||
| Net income (loss) | - | - | - | - | - | ( | ) | - | ( | ) | ||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | - | - | ( | ) | ( | ) | ||||||||||||||||||||||
| Balance at March 31, 2026 (Unaudited) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| * |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-4 |
PLATINUM ANALYTICS CAYMAN LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollar, except for the number of shares)
| 2026 | 2025 | |||||||
For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | ( | ) | $ | ||||
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Loss on disposal of subsidiaries | — | |||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | ( | ) | ||||||
| Prepayments | ||||||||
| Other non-current assets | — | |||||||
| Accounts payable | ( | ) | ||||||
| Contract liabilities | — | ( | ) | |||||
| Accrued expenses and other liabilities | ( | ) | ( | ) | ||||
| Prepaid service fee to related parties | — | |||||||
| Due to related parties, current | — | |||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activity: | ||||||||
| Cash decreased due to disposal subsidiaries | — | ( | ) | |||||
| Net cash used in investing activity | — | ( | ) | |||||
| Cash flows from financing activities: | ||||||||
| Cash advanced from related parties | — | |||||||
| Prepaid of offering cost | — | ( | ) | |||||
| Repayments to related parties | ( | ) | — | |||||
| Net cash (used in)/provided by financing activities | ( | ) | ||||||
| Effect of exchange rates changes on cash | ( | ) | ( | ) | ||||
| Net decrease in cash | ( | ) | ( | ) | ||||
| Cash, beginning of the period | ||||||||
| Cash, end of the period | $ | $ | ||||||
| Supplemental cash flow disclosures: | ||||||||
| Cash paid for income tax | — | — | ||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-5 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES
Platinum Analytics Cayman Limited (“Platinum Cayman” or “Parent Company”) is a holding company that was incorporated under the laws of Cayman Islands on October 6, 2016. Platinum, through its wholly-owned subsidiaries (collectively, “the Company”) is engaged in offering software development services, software maintenance services and other software related services to customers.
As of March 31, 2026, the Company’s subsidiaries are as follows:
SCHEDULE OF COMPANY AND SUBSIDIARIES
| Subsidiaries | Date
of Incorporation |
Jurisdiction
of Formation |
Controlled by | Percentage
of direct/indirect Economic Ownership |
Principal
Activities | |||||
| Platinum Analytics Trading Technology Limited (“Platinum BVI”) | ||||||||||
| Platinum Analytics Singapore Pte. Ltd (“Platinum Singapore”) | ||||||||||
| Platinum Analytics Hong Kong Limited (“Platinum HK”) (disposed on January 10, 2025) | ||||||||||
| Platinum Analytics Ronghui Technology (Shanghai) Limited (“Platinum SH”) (disposed on January 10, 2025) |
NOTE 2 — GOING CONCERN
The
Company’s unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates
the realization of assets and liquidation of liabilities during the normal course of operations. The Company incurred net loss of US$
The Company has historically depended on financing from related parties and third-party investors to support its operations. The Company’s future operations are dependent upon equity or debt financing and its ability to generate profits through operations at an indeterminate time in the future. The Company cannot assure that it will be successful in completing an equity or debt financing or in achieving or maintaining profitability in the near term. The Company’s condensed consolidated financial statements do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary should the Company be unable to continue as a going concern. Notwithstanding the existence of this going concern uncertainty, the unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.
| F-6 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Certain information and footnote disclosures normally included in condensed consolidated financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 20-F for the year ended September 30, 2025.
In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended September 30, 2025. The results of operations for the six months ended March 31, 2026 are not necessarily indicative of the results for the full year.
Uses of estimates
In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the condensed consolidated financial statements and are adjusted to reflect actual experience when necessary. Significant estimates required to be made by management include, but not limited to valuation allowance of deferred tax assets. The Company evaluates its estimates and assumptions on an ongoing basis and its estimates on historical experience, current and expected future conditions and various other assumptions that management believes are reasonable under the circumstances based on the information available to management at the time these estimates and assumptions are made. Actual results and outcomes may differ significantly from these estimates and assumptions.
Credit Losses
The Company used ASU 2016-13 Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including accounts receivable, deposits in prepayments and other assets. To estimate expected credit losses, the Company has identified the relevant risk characteristics of its customers and the related receivables and deposits in prepayments and other assets, which include size, types of the services or the products the Company provides, or a combination of these characteristics. The Company considers the historical credit loss experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Company’s customer collection trends in assessing the lifetime expected credit losses. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected. The allowance for credit losses and corresponding receivables were written off when they are determined to be uncollectible.
As of March 31, 2026 and September 30, 2025, the Company did not have any material amount of allowance for credit losses.
| F-7 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred offering cost
Deferred offering cost consist of underwriting, legal, consulting and other expenses incurred through the reporting date that are directly related to an anticipated offering and that will be charged as a reduction against additional paid-in capital upon the completion of the offering. Should the offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operating expenses
Cash
Cash comprise cash at banks and cash on hand, which includes deposits with original maturities of three months or less with commercial banks in Singapore and Cayman Island. Disaggregation of cash by currency denomination is set out below:
SCHEDULE OF CASH BY CURRENCY DENOMINATION
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Singapore dollar | $ | $ | ||||||
| US dollar | ||||||||
| Total | $ | $ | ||||||
| Cash | $ | $ | ||||||
Accounts Receivable, net
Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance for credit losses.
Property and equipment, net
Property and equipment, net are recorded at cost less accumulated depreciation. Depreciation is provided in the amounts sufficient to depreciate the cost of the related assets over their estimated useful lives using the straight-line method, as follows:
SCHEDULE OF ESTIMATED USEFUL LIFE
| Useful life | |||
| Electronic equipment |
We review the estimated useful lives of these assets regularly in order to determine the amount of depreciation expense to be recorded during any reporting periods. Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income or expenses.
Intangible assets, net
Intangible
assets, net principally comprising purchased IT system. Separately acquired IT system is shown at historical cost. They have a finite
useful life and are subsequently carried at cost less accumulated amortization and impairment losses. The IT system is amortized over
Impairment of long-lived assets
Long-lived
assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions
that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life
is shorter than the Company had originally estimated. When these events occur, the Company evaluates the impairment by comparing the
carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and
their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets,
the Company recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets.
| F-8 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fair Value of Financial Instruments
ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standard, ASC Topic 820, Fair Value Measurements (“ASC Topic 820”) establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measurements. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
●Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
●Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.
●Level 3 — inputs to the valuation methodology are unobservable.
Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, amount due from a related party, accounts payable, amount due to related parties, accrued expenses and other liabilities, approximates their recorded values due to their short-term maturities.
Revenue recognition
The Company adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”) on October 1, 2019 using the modified retrospective approach. Revenues were presented under ASC 606 and all subsequent ASUs that modified ASC 606. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the Company applies the following steps:
Step 1: Identify the contract (s) with a customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
The Company derives its revenues from two sources: (1) revenue from software development service, and (2) revenue from maintenance services or other similar services. All of the Company’s contracts with customer do not contain cancelable and refund-type provisions.
| F-9 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue recognition (continued)
| (1) | Revenue from software development service |
The Company’s software development service contracts are primarily on a fixed-price basis with no variable consideration, which require the Company to perform services including designing the software as agreed upon, delivering programming source code and other documents to customer. Upon delivery of the services, customer acceptance is generally required.
There are a list of specification or function modules defined in the contract. Each specification or module are considered related each other because none of them can be delivered to customers separately. In addition, source code and documentation to be delivered to customers is a package of final deliverables, because if the delivery without a source code, the documentation is worthless to customer. Therefore, the obligations are highly interrelated to the final outcomes of the deliverables as a customer requires. As a result, the Company identified that software development service contract contains a single performance obligation, which is to conduct a full package of software development service for the customer as agreed in contracts.
When assessing whether the performance obligation is satisfied at a point in time or over time, following three factors are considered:
| (1) | When the Company provides the service, the customer does not receive the benefit simultaneously, because the software developed in progress could not be used by customer as a software for alternative development till it passes its test without a bug. |
| (2) | When the Company provides the service, it creates an asset. However, this asset is useful for the Company at any progress but worthless for customer, because even if the customer receives the source code from the Company, the customer is not able to modify it, utilize it, improve it or make it useful, if any bugs are detected. In addition, even if the source code is received, the customer is also not able to ask third party to modify it because the time cost to understand the programming logical is high. As a result, the customer is not able to create or enhance the asset created by the Company during the software developing progress. |
| (3) | The contract does not contain explicit contractual terms entitling the Company to invoice at any point throughout the contract period. In addition, according to attorney’s opinion, the Company may only retain the payment received from the customer and cannot claim service fee for the extra workload completed after last milestone payment. Furthermore, the last 3-4 milestones of most contracts are testing or warranty, which are considered as low workload, but the payment of the last 3-4 milestones takes 50% of total consideration. As a result, the Company considered that the cumulative amount of milestone payments paid by the customers is not expected, at all times throughout the contract, to at least correspond to the amount that would be necessary to compensate the Company for performance completed to date. Therefore, the Company concludes that the Company does not has an enforceable right to payment for performance completed to date. |
Because of the above three factors, the Company concludes that the service should be recognized in time upon completion of the performance obligation, when the software is delivered to the customer, and pass the customer’s test.
| F-10 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue recognition (continued)
| (2) | Revenue from maintenance services or other similar services |
The Company promised to provide maintenance services to customers during a period as defined in a contract. It is a distinct obligation as identified by the contract. When the Company provides the maintenance service, the customer received the benefit simultaneously. As a result, the revenue should be recognized over the period during which the Company provides the services to the customer. As the total price is fixed and the service is considered evenly distributed during the period, the revenue can be amortized on a straight line basis over the contract service period. No returns, refund and other similar obligations are incurred during each reporting period.
The following table disaggregates the Company’s revenue by major sources:
SCHEDULE OF REVENUES
| 2026 | 2025 | |||||||
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| By revenue type | ||||||||
| Software development services | $ | — | $ | |||||
| Maintenance and other similar services | ||||||||
| Total | $ | $ | ||||||
The following table summarizes the Company’s revenues recognized at a point in time or over time:
SCHEDULE OF REVENUE BY RECOGNITION
| 2026 | 2025 | |||||||
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Timing of revenue recognition | ||||||||
| At a point in time | $ | — | $ | |||||
| Over time | ||||||||
| Total | $ | $ | ||||||
Contract liability
The Company presents the consideration that a customer pays before the Company transfers a service to the customer as a contract liability when the payment is made. Unearned revenues consist of payments received related to unsatisfied performance obligation at the end of the period, included in advance from customers in the Company’s consolidated balance sheets with the balance of nil and nil as of March 31, 2026 and September 30, 2025, respectively.
Foreign currency translation
The following table outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements in this report:
SCHEDULE OF FOREIGN CURRENCY TRANSLATION
| March 31, 2026 | March 31, 2025 | |||||||
| RMB Balance sheet items, except for equity accounts | Not applicable | Not applicable | ||||||
| RMB Items in the statements of operations and cash flows | Not applicable | US$ | ||||||
| SGD Balance sheet items, except for equity accounts | US$ | US$ | ||||||
| SGD Items in the statements of operations and cash flows | US$ | US$ | ||||||
| F-11 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Segment reporting
In accordance with ASC Topic 280, Segment Reporting, the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The Company’s CODM reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only one reportable segment. The Group’s CODM uses consolidated net income (or loss) to evaluate performance against budgets and guide resource allocation decisions. As the Company’s long-lived assets are substantially located in the Singapore and substantially the Company’s revenues are derived from the Singapore, no geographical segments are presented. The Company operates and manages its business in software related services as a single segment.
NOTE 4 – ACCOUNTS RECEIVABLE, NET
SCHEDULE OF ACCOUNTS RECEIVABLE, NET
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Accounts receivable | $ | $ | ||||||
| Less: allowance for credit loss | — | — | ||||||
| Account receivable, net | $ | $ | ||||||
NOTE 5 — PREPAYMENTS
Prepayments consisted of the following:
SCHEDULE OF PREPAYMENTS
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Prepaid expenses(1) | $ | $ | ||||||
| Total | $ | $ | ||||||
| (1) |
| F-12 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 — INTANGIBLE ASSETS, NET
Intangible assets, net, consist of the following:
SCHEDULE OF INTANGIBLE ASSETS
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| IT system | $ | $ | ||||||
| Less: accumulated amortization | ( | ) | ( | ) | ||||
| Intangible assets, net | $ | $ | ||||||
Amortization
expense for the six months ended March 31, 2026 and 2025 amounted to $
NOTE 7 —OTHER NON-CURRENT ASSETS
SCHEDULE OF OTHER NON CURRENT ASSETS
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Security deposit | $ | $ | ||||||
NOTE 8 — RELATED PARTY BALANCES AND TRANSACTIONS
The Company records transactions with various related parties. These related party balances as of March 31, 2026 and September 30, 2025 and, and transactions for the six months ended March 31, 2026 and 2025 are identified as follows:
SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS
| (1) | Related party with transactions and related party relationships |
| Name of Related Party | Relationship to the Company | |
| Zheng, Huiyi | ||
| Bao, Qihong | ||
| Carrie Choy | ||
| Shanghai Borui Finance Information Limited |
| F-13 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8 — RELATED PARTY BALANCES AND TRANSACTIONS (continued)
| (2) | Significant Related Party Transactions |
SCHEDULE OF SIGNIFICANT RELATED PARTY TRANSACTIONS
Purchases from a related party
| 2026 | 2025 | |||||||
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Shanghai Borui Finance Information Limited - software development | $ | — | $ | |||||
| Shanghai Borui Finance Information Limited- research and development | — | |||||||
| Total | $ | $ | ||||||
| Purchases from a related party | $ | $ | ||||||
The related party provided IT professional outsourcing service to the Company for the Company’s software development purpose or research and development purpose.
Cash advanced from related parties
| 2026 | 2025 | |||||||
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Zheng, Huiyi | $ | — | $ | |||||
| Carrie Choy | — | |||||||
| Total | $ | — | $ | |||||
| Cash advanced from related parties | $ | — | $ | |||||
| F-14 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8 — RELATED PARTY BALANCES AND TRANSACTIONS (continued)
Repayments of amounts due to related parties
| 2026 | 2025 | |||||||
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Zheng, Huiyi | $ | $ | — | |||||
| Bao, Qihong | — | |||||||
| Carrie Choy | — | |||||||
| Total | $ | $ | — | |||||
| Repayments of amounts due to related parties | $ | $ | — | |||||
| (3) | Amounts due to related parties |
| March 31, 2026 | September 30, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Amounts due to related parties | ||||||||
| Zheng, Huiyi | $ | — | $ | |||||
| Bao, Qihong(1) | ||||||||
| Carrie Choy | — | |||||||
| Shanghai Borui Finance Information Limited (2) | — | |||||||
| Total | $ | $ | ||||||
| Amounts due to related parties | $ | $ | ||||||
| (1) | |
| (2) |
NOTE 9 — TAXES
| (a) | Corporate Income Taxes (“CIT”) |
Cayman Islands
The Company is incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.
| F-15 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9 — TAXES (continued)
Singapore
Under
Singapore tax laws, the corporate income tax rate varies from year to year. For the six months ended March 31, 2026, the corporate income
tax rate was
The
Company calculates the tax expense (benefit) for interim financial statement periods using an estimated annual effective tax rate. The
Company recorded no income tax expense for the six months ended March 31, 2025 and 2026 because the estimated annual efficient tax rate
were zero. As of March 31, 2026, the Company continues to maintain a valuation allowance against its net deferred tax assets. The Company
intends to maintain this valuation allowance until sufficient evidence exists to support the reversal of the valuation allowance. The
Company has recognized
Others
Subsidiaries incorporated in other countries are subject to the respective applicable corporate income tax rates of the countries where they are resident.
NOTE 10 — DISPOSAL OF SUBSIDIARIES
On
January 10, 2025, the Company sold 100% equity interest in Platinum HK, its wholly owned subsidiary, (together with Platinum SH, Platinum
HK’s wholly owned subsidiary) to Zheng, Huiyi, the CEO and Chairman of the Board of Directors of the Company with consideration
of HK$
NOTE 11 — ORDINARY SHARES
As
of March 31, 2026 and September 30, 2025, the Company had
| F-16 |
PLATINUM ANALYTICS CAYMAN LIMITED
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 12 — COMMITMENTS AND CONTINGENCIES
Commitments
As of March 31, 2026 and September 30, 2025, we did not have any other significant capital or other commitment.
Contingencies
From time to time, the Company is subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity. As of March 31, 2026, the Company has no significant outstanding litigation.
NOTE 13 — SUBSEQUENT EVENTS
On July 7, 2026, the Company received a Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) under Nasdaq Listing Rule IM-5101-4, which the Company disclosed on Form 6-K on July 10, 2026. The Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”), which was held on August 18, 2026. On September 21, 2026, the Panel denied the Company’s request for continued listing, and trading in the Company’s shares on Nasdaq was suspended effective September 23, 2026. The Company may request a review of the decision by the Nasdaq Listing and Hearing Review Council within 15 days of the decision. A request for review does not stay the suspension. The Company has requested such review. There can be no assurance that any review will be successful.
Except as disclosed above, the Company has evaluated subsequent events through September 30, 2026, the date the condensed consolidated financial statements were issued, and identified no other events that would have required adjustment to or disclosure in the condensed consolidated financial statements,
| F-17 |