CONDENSED COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2025

CONDENSED COMPANY FINANCIAL STATEMENTS [Abstract]

CONDENSED COMPANY FINANCIAL STATEMENTS

NOTE 24 – CONDENSED COMPANY FINANCIAL STATEMENTS

The condensed parent company financial statements are presented in accordance with Rule 12-04, Schedule I of Regulation S-X, as the net assets of the Company’s consolidated subsidiaries are restricted as to transfer to the parent company in an amount exceeding 25% of the consolidated net assets of the Company.

Basis of presentation

The condensed financial information of the Parent Company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements.

Investments in subsidiaries

The Parent Company and its subsidiaries were included in the consolidated financial statements where inter-company balances and transactions were eliminated upon consolidation. The results of operations of the Company’s subsidiaries include the impact of discontinued operations. Such amounts are reflected in “share of loss of subsidiaries” in the accompanying condensed parent company statements of operations.

Condensed Balance Sheets

	As of December 31,
	2025			2024
ASSETS
Cash and cash equivalents		64			26,960
Investment of subsidiaries		49,792,926			103,625,093
TOTAL ASSETS		49,792,990			103,652,053
LIABILITIES
Accounts payable		1,141,495			-
Accrued expenses and other current liabilities		66,200			269,847
Convertible promissory notes		3,955,897			9,952,000
Derivative liability - investor warrant		-			12,137,087
Derivative liability - placement agent warrant		3,457,055			3,455,829
Amount due to related parties		889,675		-
Total liabilities		9,510,322			25,814,763
Shareholders’ equity
Common stock (0.0001 par value;1,465,214  and 514,444 shares issued and outstanding as of December 31, 2025 and December 31, 2024)*		147			51
Additional paid-in capital		437,740,047			405,757,052
Accumulated deficit		(391,872,087	)		(318,890,314	)
Accumulated other comprehensive loss		(5,585,439	)		(9,029,499	)
Total shareholders’ equity		40,282,668			77,837,290
Total Liabilities and Equity		49,792,990			103,652,053

*On April 13, 2026, the Company effected a 1-for-60 reverse stock split of its issued and outstanding common stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every sixty (60) shares of the Company’s common stock were automatically combined into one (1) share of common stock, with any fractional shares rounded up to the nearest whole share.

All share and per share amounts presented in the accompanying consolidated financial statements have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented, unless otherwise indicated.

Condensed Statements of operations

	For the years ended December 31,
	2025			2024
Operating expense:
General and administrative expenses		(2,018,906	)		(558,035	)
Interest expense, net	(616,248)			(679,042)
Loss from Note Amendment		57,975,110			-
Loss on exercise of warrants	-			901
Change in fair value of convertible promissory notes and derivative liability		(68,205,966	)		7,193
Share of loss of subsidiaries		(60,168,683	)		(43,673,354	)
Loss before income tax expense	(73,034,693)			(44,902,337)
Income tax benefit		52,920			35,524
Net loss	(72,981,773)			(44,866,813)

Condensed Statement of Cash Flow

	For the years ended December 31,
	2025	2024
Net cash (used in) provided by operating activities	(866,896)	26,960
Net cash provided by investing activities	-	-
Net cash provided by financing activities	840,000	-
Net (decrease)/ increase in cash, cash equivalents and restricted cash:	(26,896)	26,960
Cash, cash equivalents and restricted cash at the beginning of year	26,960	-
Cash, cash equivalents and restricted cash at the end of year	64	26,960