EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

SOCIETY PASS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”))

 

   June 30, 2025   August 15, 2025 
   (Unaudited)   (Proforma)(1) 
         
ASSETS          
Current assets:          
Cash and cash equivalents  $8,218,805   $21,009,098 
Restricted cash   50,000    50,000 
Accounts receivable, net   1,064,164    708,315 
Inventories   127,843    127,843 
Contract assets   327,267    327,267 
Deposits, prepayments and other receivables   12,796,555    6,533,361 
Total current assets   22,584,634    28,755,884 
           
Non-current assets:          
Intangible assets, net   5,311,177    5,311,177 
Goodwill   81,849    81,849 
Plant and equipment, net   347,106    347,106 
Right of use assets, net   809,329    809,329 
Deferred tax assets   58,350    58,350 
Total non-current assets   6,607,811    6,607,811 
           
TOTAL ASSETS  $29,192,445   $35,363,695 
           
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
Current liabilities:          
Accounts payables  $9,581,836   $2,821,419 
Contract liabilities   951,228    951,228 
Accrued liabilities and other payables   15,492,850    15,492,850 
Due to related parties   12,739    12,739 
Operating lease liabilities   432,842    432,842 
Loan   24,270    24,270 
Total current liabilities   26,495,765    19,735,348 
           
Non-current liabilities          
Operating lease liabilities   377,776    377,776 
Deferred tax liabilities   69,000    69,000 
Total non-current liabilities   446,776    446,776 
           
TOTAL LIABILITIES   26,942,541    20,182,124 
           
COMMITMENTS AND CONTINGENCIES          
Convertible preferred shares; $0.0001 par value, 5,000,000 shares authorized, 4,766,500 and 4,766,500 shares undesignated as of March 31, 2025 and December 31, 2024, respectively          
Series A shares: 10,000 shares designated; 0 and 0 Series A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively        
Series B shares: 10,000 shares designated; 0 and 0 Series B shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively        
Series B-1 shares: 15,000 shares designated; 0 and 0 Series B-1 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively        
Series C shares: 15,000 shares designated; 0 and 0 Series C shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively, net of issuance cost        
Series C-1 shares: 30,000 shares designated; 0 and 0 Series C-1 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively, net of issuance cost        
           
SHAREHOLDERS’ EQUITY (DEFICIT) SURPLUS          
Series X Super Voting Preferred Stock, $0.0001 par value, 153,500 shares designated; 153,500 and 153,500 Series X shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   15    15 
Common shares; $0.0001 par value, 50,000,000 shares authorized; 5,011,061 and 5,311,061 shares issued and outstanding as of May 31, 2025 and June 30, 2025, respectively   531    536 
Subscription receivable   (381,111)   (381,111)
Additional paid-in capital   114,698,365    128,248,848 
Less: Preferred stock held in treasury, at cost; 150,000 and 150,000 shares at May 31, 2025 and June 30, 2025, respectively   (15)   (15)
Less: Common shares held in treasury, at cost; 51,902 and 51,902 shares May 31, 2025 and June 30,2025, respectively        
Accumulated other comprehensive loss   (380,449)   (380,449)
Accumulated deficit   (111,488,907)   (112,091,618)
Total (deficit) surplus attributable to Society Pass Incorporated   2,448,429    15,396,206 
Non-controlling interest   (198,525)   (214,635)
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) SURPLUS   2,249,904    15,181,571 
TOTAL LIABILITIES AND EQUITY  $29,192,445   $35,363,695 

 

(1)Proforma as adjusted additional paid in capital reflects the net proceeds we expect to receive, after deducting underwriting fee, underwriter expense allowance and other expenses from the initial public offering (the “IPO”) of NusaTrip Incorporated, a subsidiary of the Company (“NusaTrip”). We received net proceeds of approximately $13,500,000 (gross offering proceeds of $15,000,000, less underwriting discounts of $1,050,000, non-accountable expense of 150,000 and offering expenses of $300,000, of which $263,194 have paid) from the IPO. The shares of common stock reflect the issuance and sale of 3,750,000 shares of common stock of NusaTrip at an initial public offering price of $4.00 per share after deducting underwriting discounts, underwriter expense allowance and other expenses.