Financial Performance - For the year ended June 30, 2024, the Group reported revenue of approximately S$18.4 million and a gross profit of approximately S$8.8 million, resulting in a loss before taxation of approximately S$12.5 million[6]. - The Group's revenue for the Review Year was approximately S$18.4 million, representing an increase of approximately S$5.0 million, or 37.1%, compared to approximately S$13.4 million for the year ended 30 June 2023[15]. - The Group's gross profit was approximately S$8.8 million for the Review Year, with a gross profit margin of approximately 47.9%, compared to 33.3% in 2023[35]. - The Group recorded a loss of approximately S$12.6 million for the Review Year, compared to a loss of approximately S$14.5 million for the year ended 30 June 2023[42]. - Total shareholders' funds amounted to approximately S$26.8 million as at 30 June 2024, compared to approximately S$30.1 million as at 30 June 2023[43]. - The Group's current assets were approximately S$49.9 million, up from S$27.5 million in 2023, while current liabilities increased to S$30.1 million from S$4.6 million, resulting in a current ratio of 1.7 compared to 6.0 in 2023[48][50]. - The Group's gearing ratio was 1.2% as of June 30, 2024, down from 1.9% in 2023, indicating a stable financial position[48][50]. - Cash and cash equivalents as of June 30, 2024, were approximately S$15.7 million, a decrease from S$19.2 million in 2023[48][51]. - The total staff costs for the Review Year amounted to approximately S$20.6 million, an increase from approximately S$16.9 million in 2023, reflecting the hiring of additional employees[66]. - The Group's capital expenditure for the Review Year totaled approximately S$1.1 million, significantly higher than S$0.4 million in 2023[55][56]. Market Expansion and Strategy - The Group aims to expand its market position in the medical and healthcare construction sectors in Singapore and diversify into financial technology (FinTech) areas[7]. - The Group is committed to strengthening its risk management to mitigate potential market and operational risks[8]. - The development of the FinTech service platform and potential acquisitions are seen as exciting opportunities to diversify the Group's revenue sources[10]. - The Group aims to strengthen its market position in the medical and healthcare construction sectors and continue developing its FinTech Platform Business[21]. - The Group is involved in planning a new hospital in the east of Singapore to address the growing healthcare needs[18]. - The Ministry of Health of Singapore plans to expand its network of polyclinics from 26 to 32 by 2030, indicating growth opportunities in the healthcare sector[6]. - The Singapore government plans to expand its network of polyclinics from 26 to 32 by 2030, driving demand for medical-related radiation shielding works[16]. FinTech Development - A competent FinTech team has been established to develop trading systems, custody infrastructure, cybersecurity, market data analytics, compliance, anti-money laundering, and risk management[7]. - The Group has applied for relevant regulatory licenses related to virtual asset trading platform operations in Hong Kong to capture growth opportunities in the FinTech sector[7]. - The Group is developing a user-centric FinTech trading service platform to empower global users to explore various asset classes, including virtual and Web3 assets[17]. - The Group is optimistic about acquiring the Virtual Asset Trading Platform Operators Licence regulated by The Securities and Futures Commission through its subsidiary, Hong Kong BGE Limited[17]. - The market is increasingly seeking multi-asset classes of FinTech trading platforms to navigate investment complexities and achieve financial goals[21]. - The Company plans to allocate approximately 80% of the 2023 Placing Net Proceeds to finance the FinTech Platform Business[83]. - Approximately 90% of the net proceeds from the 2024 Placing will be allocated to finance the FinTech Platform Business, while about 10% will be used for general working capital[88]. Corporate Governance - The Company is committed to achieving high standards of corporate governance to safeguard the interests of its shareholders[128]. - The Company adopted all mandatory disclosure requirements and code provisions in the Corporate Governance Code as its own code on corporate governance practices[129]. - The Board will continue to review the application of good corporate governance principles and ensure compliance with the Corporate Governance Code[130]. - The Company has complied with the code provisions set out in the Corporate Governance Code during the review year[130]. - The Board strives to promote a desired culture and is committed to sustainability and accountability through effective corporate governance[131]. - The Company has established an Audit Committee to oversee risk management and internal control systems, comprising three independent non-executive Directors[178]. - The Audit Committee reviewed the compliance with corporate governance policies and the effectiveness of internal controls during the review year[180]. - The Company has implemented training and continuous professional development for Directors and senior management to uphold good corporate governance practices[179]. Leadership and Management - Mr. Koh Lee Huat has over 20 years of experience in the construction industry, specializing in radiation shielding works, and has been with the Group since 1996[96]. - Mr. Zhou Peng, appointed as an executive director on August 1, 2024, has 20 years of experience in global mergers and acquisitions and capital markets[99]. - Mr. Cheng Yiu Mo brings extensive experience in Hong Kong law enforcement and international anti-money laundering, contributing to compliance matters for the Group[101]. - The Group's management team includes professionals with backgrounds in finance, law, and engineering, enhancing its strategic capabilities[104]. - The Group's executive directors are involved in formulating corporate and business strategies and making major operational decisions[96]. - The Company is focused on compliance and regulatory matters, particularly in the engineering and fintech sectors[101]. Employee and Workforce - The Group employed a total of 149 full-time employees as of June 30, 2024, compared to 139 employees in the previous year[66]. - The total employee costs for the review year amounted to approximately SGD 20.6 million, compared to SGD 16.9 million in 2023, reflecting an increase of about 22%[68]. - The Group has a total workforce of 149 employees, with 114 males and 35 females, indicating a gender diversity ratio of approximately 76% male to 24% female[195]. - The Group aims to enhance gender diversity in its workforce and maintains a consistent policy of hiring and promoting both genders based on qualifications and experience[196]. Risk Management - The Group manages foreign exchange risk by closely monitoring currency movements, as it retains proceeds from listings and placements in Hong Kong dollars[60][61]. - The Company has implemented a risk management and internal control system to manage operational and financial risks, ensuring compliance with relevant rules and regulations[198]. - An external internal control reviewer is engaged annually to assess and improve the risk management and internal control system, focusing on material deficiencies[199]. - The management regularly reviews the risk management and internal control system to identify and manage significant risks, ensuring continuous improvements[200]. - Any material non-compliance or internal control failures are reported to the Audit Committee for further action and improvement recommendations[200].

Financial Performance - Revenue for the year ended June 30, 2024, was SGD 18,433,408, representing a 37.3% increase from SGD 13,442,516 in the previous year[1] - Gross profit for the same period was SGD 8,837,272, up from SGD 4,482,189, indicating a significant improvement in profitability[1] - The total comprehensive loss for the year was SGD 12,705,936, a decrease from SGD 14,991,827 in the prior year, reflecting a 15.3% improvement[2] - Basic and diluted loss per share for the year was SGD (1.20), compared to SGD (1.47) in the previous year, showing a reduction in loss per share[2] - The company reported a pre-tax consolidated loss of SGD 12,502,231 for the year, compared to a loss of SGD 14,292,979 in the previous year, indicating an improvement in financial performance[11][19] - The group recorded a loss of approximately SGD 12.6 million for the review year, compared to a loss of approximately SGD 14.5 million for the year ended June 30, 2023[41] Assets and Liabilities - Non-current assets totaled SGD 7,268,607, slightly down from SGD 7,305,211 in the previous year[3] - Current assets increased significantly to SGD 49,945,991 from SGD 27,456,140, indicating strong liquidity[3] - Total liabilities increased to SGD 30,053,022 from SGD 4,550,845, primarily due to a rise in trade and other payables[3] - The company's equity decreased to SGD 26,827,500 from SGD 30,054,911, reflecting the overall loss incurred during the year[4] - Trade receivables decreased to SGD 3,440,873 in 2024 from SGD 3,744,126 in 2023, showing a decline of approximately 8.1%[24] - Trade payables increased significantly to SGD 27,759,145 in 2024 from SGD 2,014,095 in 2023, indicating a substantial rise in liabilities[25] Revenue Sources - For the fiscal year ending June 30, 2024, total external customer revenue reached SGD 18,433,408, a significant increase from SGD 13,442,516 in the previous year, representing a growth of approximately 37%[11] - The Engineering Business segment generated SGD 17,149,296 in external customer revenue, while the Financial Technology Platform Business and Trading and Asset Management Business segments contributed SGD 313,111 and SGD 971,001, respectively[11] - Revenue from Singapore accounted for 93% of total revenue, down from 96% in the previous year, indicating a slight diversification in revenue sources[15] - Revenue from integrated design and construction services was SGD 16,131,316, up from SGD 12,115,502 in the previous year[34] - The company reported revenue from derivative trading and asset management services of SGD 971,001, which was not present in the previous year[34] Operational Developments - The company continues to focus on expanding its engineering and fintech platform businesses in Singapore, aiming for future growth[6] - The company expanded its operations by acquiring 100% of the shares of Da Sheng Asset Management Limited and Quality Union Limited on August 24, 2023, enhancing its consulting and asset management services[10] - The company is actively participating in the planning of a new hospital in eastern Singapore, responding to the growing demand for healthcare services due to the aging population[30] - The company is developing a fintech trading service platform aimed at providing global users with access to various asset classes, including virtual assets and Web3 assets[31] - The company plans to expand its market position in the healthcare engineering sector in Singapore and other markets, capitalizing on rapid growth opportunities[33] Income and Expenses - Interest income increased to SGD 344,856 in 2024 from SGD 203,135 in 2023, reflecting a growth of approximately 70%[18] - The company reported a total of SGD 568,927 in other income for the year, up from SGD 503,643 in the previous year, driven by government grants and rental income[18] - Administrative expenses increased by approximately SGD 3.3 million or 17.0% to SGD 22.5 million, accounting for 121.9% of revenue, primarily due to increased employee costs[40] - The company recorded a total tax expense of SGD 146,920 for 2024, a decrease from SGD 242,014 in 2023, representing a reduction of about 39.2%[21] Corporate Governance and Future Plans - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[57] - The company did not purchase, sell, or redeem any of its listed securities during the review year[59] - The audit committee reviewed the group's financial performance and confirmed that the results were prepared in accordance with applicable accounting standards[61] - The board of directors has decided not to declare a final dividend for the review year (2023: none)[63] - The annual general meeting is scheduled to be held on November 27, 2024[62] - The annual report containing all required information will be distributed to shareholders and published on the company's website[64]

Financial Performance - For the six months ended December 31, 2023, total revenue from external customers was S$8,276,252, with contributions from the Engineering Business (S$7,593,283), FinTech Platform Business (S$306,107), and Trading and Asset Management Business (S$376,862) [8] - The consolidated loss after tax for the same period was S$6,812,255, with a consolidated loss before tax of S$6,760,605 [8] - The consolidated loss after tax for the six months ended 31 December 2023 was S$7,411,142, compared to a loss of S$7,294,021 in the previous period [21] - The loss before taxation for the six months ended December 31, 2023, was S$1,879,439, a decrease from S$2,180,575 in the same period of 2022, indicating a reduction of approximately 13.8% [171] - The company reported a loss attributable to owners of S$6,811,489 for the six months ended December 31, 2023, compared to a loss of S$7,410,525 in the same period of 2022, representing a decrease of approximately 8.1% [49] Revenue and Income - Total revenue for the six months ended 31 December 2023 was S$8,276,252, an increase from S$6,586,372 in the same period of 2022, representing a growth of approximately 25.7% [21] - Revenue from Singapore accounted for 92% of total revenue, down from 98% in 2022, indicating a diversification in geographical revenue sources [17] - Major customers included Customer A with revenue of S$985,238 and Customer B with S$3,259,910, contributing significantly to total revenue [14] - Other income increased to S$320,257 in 2023 from S$211,702 in 2022, primarily driven by interest income and government grants [26] Segment Performance - Segment results showed a loss of S$7,080,862, with the Engineering Business generating a profit of S$239,244, while the FinTech Platform Business incurred a loss of S$5,558,195 [8] - Segment assets totaled S$34,520,579, with the Engineering Business holding S$13,192,008, FinTech Platform Business S$4,892,577, and Trading and Asset Management Business S$4,714,186 [8] - Revenue from contracts with customers under IFRS 15 for integrated design and building services was S$7,114,902, showing a significant increase from S$6,087,677 in 2022 [21] Assets and Liabilities - The Group's total liabilities and equity as of 31 December 2023 are not explicitly stated but can be inferred to have increased alongside the growth in trade receivables and costs [106] - As of December 31, 2023, trade receivables increased to S$5,281,514 from S$3,744,126 as of 30 June 2023, representing a growth of approximately 41.2% [106] - The current portion of amounts due from brokers is S$4,046,815, significantly higher than S$472,056 in the previous period [128] - Trade payables increased to S$1,107,900 from S$585,428, indicating a rise in outstanding obligations [146] Depreciation and Expenses - Depreciation for property, plant, and equipment amounted to S$161,818, while depreciation for right-of-use assets was S$307,629 [8] - Depreciation for property, plant, and equipment was S$210,473, while right-of-use assets depreciation was S$287,887 for the reporting period [21] - The total staff costs increased to S$10,077,833 for the six months ended December 31, 2023, up from S$8,228,488 in 2022, reflecting a rise of about 22.5% [33] Acquisitions and Investments - The Group acquired 100% equity interests in Monmonkey Group Asset Management Limited and Quality Union Limited on August 24, 2023, expanding its operational segments [5] - The Group recognized goodwill of S$32,066 from the acquisition of Monmonkey Group Asset Management Limited on 22 December 2023, marking a new strategic investment in advisory and asset management services [110] - A gain on the disposal of a subsidiary was reported at S$253,476, with the disposal completed on December 22, 2023 [34] Share Capital and Management Compensation - The company issued 90,000,000 ordinary shares at a placing price of HK$1.05 per share on February 22, 2023, raising HK$900,000 (equivalent to S$154,444) for share capital and HK$92,655,000 (equivalent to S$15,899,947) for share premium [156] - Total compensation for key management personnel during the period was S$1,027,887, an increase of approximately 44.4% compared to S$712,076 in 2022 [172] - The company’s short-term benefits for key management increased to S$922,567 from S$605,948, reflecting a growth of approximately 52.2% [172] Financial Reporting and Standards - The Group is currently evaluating the impact of new and revised International Financial Reporting Standards that will come into effect after July 1, 2023 [1] - The company did not report any material inter-segment sales during the period [5] - The company has no intersegment sales for the reporting period, indicating a focus on external customer revenue generation [22] Other Financial Metrics - The company reported a fair value loss on cryptocurrencies of S$571 and an impairment loss of S$147 during the period [21] - The company recorded a fair value gain on cryptocurrencies of S$104,071 for the six months ended December 31, 2023, compared to a loss of S$571 in the same period of 2022 [33] - The company experienced foreign exchange losses of S$222,671 for the six months ended December 31, 2023, compared to gains of S$54,039 in the same period of 2022 [33]

Revenue Performance - Total revenue for the six months ended December 31, 2023, was SGD 8,276,252, an increase of 25.7% compared to SGD 6,586,372 for the same period in 2022[28]. - Revenue from comprehensive design and construction services reached SGD 7,114,902, up from SGD 6,087,677, representing a growth of 16.9%[8]. - Revenue from virtual asset custody solutions increased to SGD 306,107, a significant rise of 193% from SGD 104,330 in the previous year[29]. - For the six months ended December 31, 2023, the revenue from integrated design and construction services was approximately SGD 7.1 million, an increase of about SGD 1.0 million or 17% compared to SGD 6.1 million for the same period in 2022[56]. - Revenue from Singapore accounted for 92% of total revenue, down from 98% in 2022, indicating a diversification in revenue sources[98]. - Revenue from trading and asset management business was approximately SGD 0.4 million for the six months ended December 31, 2023, compared to zero for the same period in 2022[166]. Financial Position - The group's asset-liability ratio as of December 31, 2023, was 2.2%, up from 1.9% as of June 30, 2023[32]. - The company’s trade receivables as of December 31, 2023, totaled SGD 5,281,514, reflecting an increase from SGD 3,744,126 as of June 30, 2023[17]. - As of December 31, 2023, total non-current assets amounted to SGD 7,214,049, a decrease from SGD 7,305,211 as of June 30, 2023, reflecting a decline of approximately 1.25%[84]. - Current assets totaled SGD 27,306,530, slightly down from SGD 27,456,140, indicating a decrease of about 0.55%[84]. - Total assets amounted to SGD 34,520,579, while total liabilities were SGD 10,989,933, indicating a healthy asset-to-liability ratio[96]. - The total equity attributable to shareholders as of December 31, 2023, was approximately SGD 23.5 million, down from approximately SGD 30.1 million as of June 30, 2023[169]. Profitability and Loss - The group recorded a loss of approximately SGD 6.8 million for the six months ended December 31, 2023, compared to a loss of approximately SGD 7.4 million for the same period in 2022[59]. - The group reported a gross profit of SGD 3,932,617, compared to SGD 2,147,140 in the previous year, reflecting a significant improvement in profitability[99]. - The group experienced a comprehensive loss after tax of SGD 6,812,255, a slight improvement from SGD 7,411,142 in the prior year[99]. - The group reported a pre-tax loss of SGD 6,760,605, which is an improvement from a loss of SGD 7,294,021 in the same period last year[99]. - The company recorded a total comprehensive loss of SGD 7,910,871 for the period, which includes a loss of SGD 7,410,525[87]. Cost Management - The company’s financial expenses decreased to SGD 307,629 from SGD 287,887, indicating improved cost management[12]. - The total employee costs for the six months ended December 31, 2023, were approximately SGD 10.1 million, compared to SGD 8.3 million for the same period in 2022[65]. - Administrative expenses increased by approximately SGD 1.5 million or 16% to about SGD 11.1 million, accounting for 134.7% of revenue for the six months ended December 31, 2023[191]. - The group has implemented better cost control measures, contributing to the increase in gross profit margin[136]. Investments and Acquisitions - The group acquired 100% equity of Da Sheng Asset Management Limited and Quality Union Limited on August 24, 2023, expanding into consulting, asset management, and derivative trading services[95]. - The group completed the acquisition of two subsidiaries for a total consideration of HKD 2,300,001, which are involved in providing consulting and asset management services[173]. - The company completed the sale of 100% equity in BG Technologies Limited for a total consideration of HKD 1,500,000 on December 22, 2023[197]. Future Outlook and Strategy - The company aims to become a regulated and transparent market leader in the virtual asset industry, responding swiftly to regulatory changes[26]. - The group aims to enhance its market position in the healthcare engineering sector in Singapore and other markets while continuing to develop its fintech platform and asset management services[53]. - The group plans to expand its financial technology service platform to include a wider range of asset classes, including virtual assets and listed securities[160]. - The group is actively developing a fintech trading service platform aimed at enabling global users to explore and monetize various asset classes, including virtual assets and Web3 assets[162]. - The company expects increased demand for medical-related radiation protection engineering due to the Singapore government's plans to enhance medical facilities[131]. Regulatory and Compliance - The group has been actively cooperating with regulatory authorities to obtain a license for a virtual asset trading platform[52]. - The government is strongly supporting Hong Kong's development as an international financial center for virtual assets, which the group believes will continue to drive growth in its fintech platform business[188]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were SGD 11,708,603, compared to SGD 10,278,213 at the end of the same period in 2022, reflecting an increase of approximately 14%[107]. - Net cash generated from investing activities was SGD 5,046,495, a significant increase from SGD 1,236,549 in the previous period[107]. - The company recorded a net cash outflow from financing activities of SGD 305,879, down from SGD 376,271 in the previous period, indicating improved cash management[107]. Dividends - The company has not declared any interim dividends for the six months ended December 31, 2023, consistent with the previous year[75]. - The group does not recommend the payment of an interim dividend for the six months ended December 31, 2023[151].

Employment and Staff Costs - As of June 30, 2023, the Group employed 139 full-time employees, a decrease from 146 employees as of June 30, 2022[2] - Total staff costs for the Review Year amounted to approximately S$16.9 million, up from approximately S$12.2 million in 2022, reflecting a significant increase in personnel expenses[2] - The Group is committed to providing adequate job training and performance reviews to retain valuable employees[2] - The performance of the Group's employees is reviewed annually to ensure alignment with market conditions and individual contributions[2] Financial Performance - The Group's revenue for the review year was approximately S$13.4 million, with a gross profit of approximately S$4.5 million and a loss before taxation of approximately S$14.3 million[76] - The Group's revenue for the Review Year was approximately SGD 13.4 million, an increase of about SGD 3.4 million or 33.8% compared to approximately SGD 10.0 million for the year ended June 30, 2022[134] - For the review year, the Group's revenue was approximately S$13.4 million, representing an increase of approximately S$3.4 million, or 33.8%, compared to approximately S$10.0 million for the year ended 30 June 2022[167] Strategic Initiatives and Future Plans - The net proceeds from the Listing were approximately HK$74.0 million, intended for various applications including property acquisition, manpower strengthening, and marketing efforts[5] - The Group plans to use the Listing Net Proceeds for acquiring additional properties, recruiting more staff, and increasing marketing efforts, among other uses[6] - The Group aims to enhance its reserve for financing performance guarantees for customers as part of its strategic initiatives[5] - The Group's future plans include financing the acquisition of additional motor vehicles and machinery to support operational growth[5] - The Group aims to strengthen its market position in the medical and healthcare construction sectors in Singapore and diversify into financial technology (FinTech) areas[77] - The Group is well-positioned to face future challenges and competition, aiming to deliver satisfactory returns to shareholders[162] Corporate Governance - The company has adopted all mandatory disclosure requirements and code provisions of the Corporate Governance Code as its own corporate governance practices[48] - The Board is committed to achieving high standards in sustainability and accountability through effective corporate governance[51] - The company will continue to comply with the Corporate Governance Code to protect the best interests of the Group and its shareholders[49] - The Board will continuously review and improve corporate governance practices to ensure proper regulation of business activities and decision-making processes[52] - The company has a commitment to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[48] - Any deviation from the Corporate Governance Code will be carefully considered and disclosed in interim and annual reports[49] Board Structure and Committees - The Board consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[91] - The Board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, all chaired by independent non-executive directors[125] - The Company established the Nomination Committee, which comprises three Independent Non-Executive Directors (INEDs) and is chaired by Prof. Pong Kam Keung[131] - The Remuneration Committee reviewed and made recommendations on the Company's remuneration policy and structure, including the remuneration packages of Directors and senior management[132] - The Nomination Committee reviews the structure, size, and composition of the Board, assessing the skills and experience of its members[172] Audit and Compliance - During the Review Year, the Audit Committee reviewed the Group's accounting principles and practices, including the audited financial statements and compliance with the Corporate Governance Code[190] - The remuneration paid to the auditor for the annual audit fee was approximately S$226,063, with no fees for non-audit services during the Review Year[197] - The Company confirmed that there are no significant uncertainties regarding its ability to continue as a going concern[199] - The Company appointed Zhonghui Anda CPA Limited as its auditor effective from July 31, 2023, following the resignation of the previous auditor[199] Marketing and Business Development - The Group's marketing efforts are set to increase as part of its strategy to expand market presence[6] - The Company has established a comprehensive fintech service platform for various asset classes, including virtual assets and listed securities, since May 2021[100] - A competent FinTech team has been established to develop and manage trading systems, custody infrastructure, cybersecurity, market data analytics, compliance, anti-money laundering, and risk management[78] - The Group has applied for relevant regulatory licenses for virtual asset trading platform operations in Hong Kong to capture fast-growing FinTech business opportunities[78] Healthcare Sector Insights - The Minister of Health of Singapore announced plans to expand the network of polyclinics from 23 to 32 by 2030[76] - The Singapore government plans to expand its network to 32 polyclinics by 2030, increasing from the current 23, which is expected to drive demand for medical-related radiation shielding works[168] - The average waiting time for MRI scans in public hospitals is currently 3 months, indicating high demand for diagnostic imaging machines[168] - The Directors believe that the increasing demand for healthcare and elderly care services in Singapore will continue due to the aging population[168] - The Group's Engineering Business primarily focuses on integrated designs and building services for hospitals and clinics in Singapore[166]

Financial Performance - Total revenue for 2023 was SGD 13,442,516, an increase of 33.8% from SGD 10,048,393 in 2022[2] - The company reported a gross profit of SGD 4,482,189 for 2023, up from SGD 3,028,972 in 2022, reflecting a gross margin improvement[15] - The net loss attributable to the company's owners for 2023 was SGD 14,533,043, compared to a net loss of SGD 11,266,538 in 2022, indicating a 29.8% increase in losses[12] - The total comprehensive loss for the year was SGD 14,991,827, compared to SGD 10,780,691 in 2022, representing a 38.5% increase[21] - The company reported a net loss before tax of SGD 14,292,979 for 2023, compared to a loss of SGD 10,885,365 in 2022, indicating a 31.5% increase in pre-tax losses[15] - The group reported a comprehensive loss after tax of SGD 11,267,424 for the year ended June 30, 2023[44] - The company recorded a loss of approximately SGD 14.5 million for the fiscal year, compared to a loss of about SGD 11.3 million for the fiscal year ending June 30, 2022[126] Revenue Breakdown - Revenue from Singapore accounted for 96% of total revenue in the year ended June 30, 2023, down from 100% in 2022[47] - The engineering business generated external customer revenue of SGD 10,048,393, while the fintech platform business reported a loss of SGD 10,342,238[44] - Revenue from virtual asset custody solution services was approximately SGD 0.6 million for the fiscal year, compared to none in the previous year[124] - Revenue from maintenance and other services was approximately 0.7 million Singapore dollars, an increase from 0.4 million Singapore dollars in 2022[158] Expenses and Liabilities - The company’s administrative expenses increased to SGD 19,208,340 in 2023 from SGD 13,956,781 in 2022, reflecting a 37.5% rise[15] - The total trade and other payables increased to SGD 2,014,095 in 2023 from SGD 1,684,929 in 2022[99] - The company’s liabilities increased slightly, with current liabilities totaling SGD 4,550,845 in 2023 compared to SGD 4,502,464 in 2022, reflecting a marginal increase of about 1.1%[37] Assets and Equity - The company’s total assets increased to SGD 30,054,911 in 2023 from SGD 28,442,483 in 2022, showing a growth of 5.7%[18] - As of June 30, 2023, total shareholders' equity was approximately SGD 30.1 million, up from SGD 28.4 million as of June 30, 2022[127] - The total assets decreased from SGD 34,761,351 in 2022 to SGD 30,210,506 in 2023, reflecting a reduction of approximately 13.1%[37] - Current assets increased from SGD 25,258,383 in 2022 to SGD 27,456,140 in 2023, marking a growth of about 8.7%[37] Business Strategy and Developments - The company has restructured its business segments, now focusing on Engineering, FinTech Platform, and Investment Holding, to align with its strategic objectives[40] - The group plans to expand its healthcare engineering business in Singapore and other markets, capitalizing on the growing demand for medical services[61] - The group aims to enhance its fintech platform business and explore opportunities in the blockchain and Web3 sectors in Hong Kong[62] - The company is developing a fintech trading service platform aimed at providing users with access to various asset classes, including traditional financial markets and digital assets[120] Financial Management and Governance - The company has maintained a prudent financial management approach, ensuring a robust financial position throughout the review year[142] - The company has adhered to all mandatory disclosure requirements and corporate governance codes as per the listing rules[136] - The company has not yet applied new or revised international financial reporting standards that became effective on July 1, 2022, but is currently assessing their potential impact on its financial performance[39] Shareholder Information - The company did not recommend a dividend for the year ended June 30, 2023, consistent with the previous year[5] - The board of directors has resolved not to declare a final dividend for the review year, consistent with the previous year[139] - The annual general meeting is scheduled for November 28, 2023, with a suspension of share transfer registration from November 23 to November 28, 2023[92][93] Capital and Funding - The net proceeds from the 2023 placement amounted to approximately HKD 93.56 million, with plans to allocate about 80% for fintech platform funding and 10% for engineering business funding[76] - The group has utilized 90% of the net proceeds from the 2021 placement for fintech platform operations, with the remaining 10% for general working capital[76] - The group plans to use approximately HKD 29.623 million from the net proceeds for additional properties for factory and office use, with a remaining balance of HKD 4.377 million[87] - The group has allocated HKD 1.443 million for increased marketing efforts from the net proceeds, with a remaining balance of HKD 857,000[87] - The group intends to recruit more employees using HKD 21.5 million from the net proceeds, which has been fully utilized[87] Audit and Compliance - The company has appointed Zhonghui Anda CPA Limited as its auditor effective July 31, 2023, following the resignation of Roshan Mehta[148] - The company has no future plans for significant investments or capital assets as of June 30, 2023[146] - The group has submitted an application for a virtual asset trading platform operator license to the Securities and Futures Commission through its wholly-owned subsidiary, Hong Kong BGE Limited[157]

Revenue Performance - The Group's revenue for the six months ended December 31, 2022, was approximately S$6.6 million, representing an increase of approximately S$1.6 million, or 32.5%, compared to S$5.0 million for the same period in 2021[3]. - Revenue from integrated design and building services was S$6.1 million for the six months ended December 31, 2022, compared to S$4.8 million in the previous year, indicating a significant growth[20]. - The digital assets custodian solution business generated revenue of S$104,330 during the reporting period, marking its first contribution to the Group's earnings[20]. - The Group reported total revenue of S$6,586,372 for the six months ended December 31, 2022, an increase from S$4,970,978 in the same period of 2021, representing a growth of approximately 32.4%[78]. - The engineering segment generated revenue of S$6,482,042, while the FinTech platform segment contributed S$104,330, indicating a significant reliance on the engineering segment for revenue[73]. Financial Losses - The Group recorded a consolidated loss after tax of S$1.78 million for the six months ended December 31, 2022[9]. - For the six months ended December 31, 2022, the company reported a loss before taxation of S$7,294,021, compared to a loss of S$1,640,786 in the same period of 2021, indicating a significant increase in losses[61]. - The consolidated loss after tax for the period was S$7,411,142, compared to a loss of S$1,778,880 in the previous year, reflecting a substantial increase in losses[79]. - The total comprehensive loss for the period amounted to S$7,911,488, compared to S$1,763,920 in the same period of 2021, highlighting a worsening financial position[79]. - Loss attributable to owners of the Company for the six months ended 31 December 2022 was S$7,410,525, compared to S$1,778,880 for the same period in 2021, representing an increase of 317%[132]. Cash Flow and Assets - The operating cash flows before working capital changes were negative at S$6,547,703, compared to a negative S$1,377,405 in the previous year, reflecting worsening cash flow conditions[61]. - Net cash used in operating activities for the six months was S$7,498,804, a substantial increase from S$643,010 in the prior year, highlighting ongoing operational challenges[61]. - Total current assets decreased to S$18,962,911 as of December 31, 2022, from S$25,455,985 on June 30, 2022[46]. - Total non-current assets decreased to S$7,152,438 as of December 31, 2022, from S$7,989,090 on June 30, 2022[46]. - Cash and cash equivalents at the end of the period were S$10,278,213, down from S$20,234,375 at the end of the previous period[88]. Operational Challenges - The Group's ongoing projects were gradually restarted post-pandemic, contributing to the increase in revenue[3]. - The company is focusing on enhancing its operational strategies to address the increased losses and improve cash flow management moving forward[61]. - Administrative expenses surged to S$9,650,470, up from S$2,891,412 in the prior year, indicating increased operational costs[78]. - Total staff costs for the six months ended 31 December 2022 amounted to S$8,228,488, significantly higher than S$2,700,356 in the same period of 2021, marking an increase of approximately 204%[151]. Market and Future Outlook - The Group has obtained a market data supplier license from the Hong Kong Stock Exchange, aiming to develop market data services and risk management systems[1]. - The digital assets custodian solution business is expected to continue its organic growth, aligning with future market needs[1]. - Future outlook includes potential market expansion and new product development initiatives to drive revenue growth[61]. - The Group is developing a fintech platform aimed at enabling global users to explore and monetize various asset classes, including traditional financial markets and digital assets[185]. - The Group is optimistic about acquiring the Virtual Asset Trading Platform Operators Licence and has submitted the application to the Securities and Futures Commission (SFC)[183]. Shareholder Information - The Group's total equity decreased to S$20,803,558 from S$28,442,483, indicating a decline in shareholder value[82]. - The basic and diluted loss per share for the six months ended 31 December 2022 was 0.82 Singapore cents, up from 0.21 Singapore cents in 2021, indicating a significant increase in loss per share[132]. - The weighted average number of ordinary shares for calculating basic and diluted loss per share increased to 898,630,137 in 2022 from 838,260,870 in 2021, reflecting a growth of approximately 7.2%[132]. - The board does not recommend the payment of an interim dividend for the six months ended December 31, 2022, consistent with 2021[109]. Cryptocurrency and Digital Assets - As of December 31, 2022, the fair value of cryptocurrencies held by the Group is S$10,947, down from S$12,266 on June 30, 2022[25]. - The fair value of cryptocurrencies received from customers is S$4,080,225 as of December 31, 2022, compared to S$40,786 on June 30, 2022[25]. - The impairment loss on cryptocurrencies was S$147, showing the impact of market volatility on the company's digital asset holdings[61]. - The Group applies IAS 2 guidance for measuring virtual assets at fair value less costs to sell[25]. - The Group has no significant costs to sell virtual assets as per its assessment[25].

Financial Performance - For the financial year ended June 30, 2022, the Group reported revenue of approximately S$10.0 million, a gross profit of approximately S$3.0 million, and a loss before taxation of approximately S$10.9 million[14]. - The Group's revenue for the Review Year was approximately S$10.0 million, representing a slight decrease of approximately S$0.3 million, or 2.3%, compared to approximately S$10.3 million for the year ended 30 June 2021[22]. - Revenue from integrated design and building services was approximately S$9.6 million, a decrease of approximately S$0.3 million, or 2.8%, compared to approximately S$9.9 million for the year ended 30 June 2021[29]. - The Group's gross profit was approximately S$3.0 million for the Review Year, with a gross profit margin of approximately 30%, an increase from 25.0% in the previous year[33]. - Other income for the Review Year was approximately S$0.3 million, or 2.6% of revenue, down from approximately S$0.6 million, or 6.2% of revenue for the year ended 30 June 2021[34]. - The Group recorded a loss of approximately S$11.3 million for the Review Year, compared to a net profit of approximately S$0.25 million for the year ended 30 June 2021[36]. Shareholder Equity and Financial Position - Total shareholders' funds amounted to approximately S$28.4 million as at 30 June 2022, compared to approximately S$27.8 million as at 30 June 2021[42]. - As of June 30, 2022, total shareholders' equity was approximately S$28.4 million, up from S$27.8 million as of June 30, 2021[43]. - Current assets were approximately S$25.5 million as of June 30, 2022, down from S$29.6 million in 2021, with cash and cash equivalents at approximately S$18.9 million compared to S$23.6 million in 2021[43]. - The current ratio decreased to 5.7 as of June 30, 2022, from 12.6 in 2021, indicating a decline in liquidity[43]. - The gearing ratio was 4.1% as of June 30, 2022, significantly up from 0.01% in the previous year, reflecting increased leverage[43]. Business Strategy and Expansion - The Group aims to expand its market position in the medical and healthcare construction sectors in Singapore and diversify into financial technology (FinTech) areas[16]. - A competent FinTech team has been established to develop and manage trading systems, custody infrastructure, and risk management, with relevant regulatory licenses applied for virtual asset trading[16]. - The Group is focused on establishing a foothold in the global digital assets custodian market as part of its corporate strategy[16]. - The Board believes that developing the FinTech business and potential acquisitions represent exciting opportunities to diversify the Group's revenue sources[17]. - The Group is optimistic about the prospects of its New Business, which involves providing FinTech platform services[21]. Operational Performance and Workforce - Administrative expenses increased by approximately S$11.3 million, or 425.2%, to approximately S$14.0 million, representing 138.9% of revenue for the Review Year[35]. - Total staff costs for the review year amounted to approximately S$12.2 million, up from approximately S$3.3 million in 2021, reflecting a significant increase in workforce and compensation[58]. - The Group employed a total of 146 full-time employees as of June 30, 2022, compared to 70 full-time employees in the previous year, indicating a growth in human resources[58]. Corporate Governance - The company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[103]. - The Board is responsible for day-to-day operations, overseeing business development, and evaluating financial performance[104]. - The Board currently comprises three executive directors, two non-executive directors, and three independent non-executive directors[108]. - The company has adopted all mandatory disclosure requirements and code provisions in the Corporate Governance Code[103]. - The company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, all chaired by Independent Non-Executive Directors (INEDs) to oversee their respective functions[120]. Risk Management and Compliance - The Company aims to develop a robust risk management and internal control system to manage operational and financial risks[150]. - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss, rather than absolute assurance[151]. - The Company adopted a whistleblowing policy and established anti-corruption policies to promote compliance with laws and regulations[157]. - During the Review Year, the effectiveness of the Group's risk management and internal control systems was reviewed and deemed effective and adequate[155]. Shareholder Communication - The Company has adopted a shareholders' communication policy to ensure timely access to transparent and accurate information for shareholders and the investment community[172]. - The Company aims to enhance communication with shareholders through various channels, including financial reports and general meetings[174]. - The Company is committed to understanding and soliciting the views of shareholders and stakeholders as part of its communication policy[173]. Future Plans and Projections - The company plans to allocate the net proceeds as follows: 34,000 for additional properties for factory and office use, 21,500 for recruiting additional staff, and 4,800 for issuing performance guarantees[66]. - The company plans to increase marketing efforts with an allocation of 2,300[66]. - The company has set a target to recruit additional staff by June 30, 2023, with a budget of 21,500[66]. - The company intends to use 6,300 as general working capital, which has already been fully allocated[68]. - The company aims to enhance its performance guarantees with a reserve of 4,800[66].

Financial Performance - Revenue for the six months ended December 31, 2021, was S$4,970,978, an increase from S$4,505,049 in the same period of 2020, representing a growth of approximately 10.3%[7] - Gross profit for the same period was S$1,189,135, compared to S$687,425 in 2020, indicating a significant increase of approximately 73.2%[7] - The company reported a loss before taxation of S$1,640,786 for the six months ended December 31, 2021, compared to a profit of S$82,605 in the prior year[7] - Total comprehensive loss for the period was S$1,763,920, compared to a loss of S$1,091,911 in the same period of 2020[7] - Basic and diluted loss per share was (0.21) cents, a decrease from earnings of 0.004 cents per share in the previous year[7] - Other income decreased significantly to S$61,645 from S$269,763 in the prior year, reflecting a decline of approximately 77.2%[7] - Administrative expenses increased to S$2,891,412 from S$869,746, marking an increase of approximately 232.5%[7] - The company experienced a net other comprehensive income of S$14,960, compared to a loss of S$1,123,140 in the previous year[7] - The segment results showed a consolidated loss before tax of S$1,640,786 and a consolidated loss after tax of S$1,778,880 for the period[31] - The Group recorded a loss of approximately S$1.8 million for the six months ended December 31, 2021, compared to a profit of approximately S$0.03 million for the same period in 2020[94] Assets and Liabilities - As of December 31, 2021, total non-current assets amounted to S$10,422,085, an increase from S$645,840 compared to June 30, 2021[9] - Total current assets reached S$31,720,071, up from S$29,579,836 as of June 30, 2021, indicating a growth of approximately 7.3%[9] - Total current liabilities increased to S$4,309,777 from S$2,355,288, reflecting a significant rise of approximately 83%[9] - The company's equity attributable to owners increased to S$37,146,372 from S$27,843,078, representing a growth of about 33%[10] - Trade receivables decreased to S$2,120,017 from S$2,979,067, indicating a reduction of approximately 29%[9] - The accumulated profits as of December 31, 2021, were S$8,787,677, down from S$10,566,557 as of June 30, 2021[10] - The Group's total shareholders' funds increased to approximately S$37.3 million as of December 31, 2021, up from S$27.8 million as of June 30, 2021[99] - Current assets amounted to approximately S$31.7 million, while current liabilities were S$4.3 million, resulting in a current ratio of 7.4 as of December 31, 2021[100] Cash Flow - Net cash used in operating activities was S$639,570 for the six months ended December 31, 2021, a decrease from S$800,580 in the prior year[12] - For the six months ended December 31, 2021, the net cash used in investing activities was S$13,633,455 compared to a net cash inflow of S$35,919 in the same period of 2020[14] - Cash and cash equivalents at the end of the period were S$20,234,375, down from S$23,305,860 at the end of the previous period[14] - The Group's bank and cash balances as of December 31, 2021, were S$25,422,987, compared to S$23,613,579 on June 30, 2021, marking an increase of 7.6%[64] Strategic Initiatives and Future Outlook - Future outlook and strategic initiatives were not explicitly detailed in the provided content, suggesting a focus on financial recovery and operational efficiency[6] - The Group is diversifying into a new business involving innovative software for trading, market data, and analytical services, including mobile apps and web portal applications[82] - The Singapore government’s initiative to increase medical-related facilities is expected to drive demand for medical-related radiation shielding works[84] - The Group plans to explore emerging building technologies to strengthen its market position in the medical and healthcare construction sectors in Singapore while expanding its presence in Hong Kong[121] - The Group aims to strengthen its capabilities in system development, compliance, and risk management while exploring opportunities in the FinTech sector, including trading and settlement systems[123] Shareholder Information - As of December 31, 2021, Mr. Lin Ho Man holds 584,000,000 shares, representing 60.83% of the issued share capital of the company[128] - Mr. Lin also owns 800,000 share options, which account for 0.08% of the issued share capital[128] - Mr. Tsang Wing Fung is a beneficial owner of 8,000,000 shares, representing 0.83% of the issued share capital, and also holds 8,000,000 share options[128] - Flourish Nation Enterprises Limited, owned 100% by Mr. Lin, holds 584,000,000 shares, equating to 60.83% of the company[131] - The company has adopted a share option scheme valid until March 15, 2028, aimed at incentivizing employees and attracting talent[140] Compliance and Governance - The Company has complied with the corporate governance code provisions since June 1, 2021, and will continue to do so[146] - All directors confirmed compliance with the Model Code regarding securities transactions throughout the six months ended December 31, 2021[139] - The audit committee reviewed the unaudited condensed consolidated results for the six months ended December 31, 2021, with no disagreements noted[153]

Financial Performance - For the financial year ended June 30, 2021, the Group reported revenue of approximately S$10.3 million, a gross profit of approximately S$2.6 million, and a profit before taxation of approximately S$0.6 million[8]. - The Group's revenue for the Review Year was approximately S$10.3 million, representing an increase of approximately S$2.7 million, or 34.6%, compared to approximately S$7.6 million for the year ended 30 June 2020[19]. - Revenue from integrated design and building services was approximately S$9.9 million, an increase of approximately S$2.7 million, or 38.4%, compared to approximately S$7.2 million for the year ended 30 June 2020[20]. - The Group's gross profit was approximately S$2.6 million for the Review Year, with a gross profit margin of approximately 25.0%, up from 18.9% in 2020[23]. - Other income for the Review Year was approximately S$0.6 million, or 6.2% of revenue, compared to 7.6% of revenue in the previous year[25]. - Administrative expenses increased by approximately S$0.6 million or 27.6% to approximately S$2.7 million, representing 25.8% of revenue for the Review Year[27]. - The Group recorded a profit of approximately S$0.25 million for the Review Year, compared to a profit of approximately S$0.06 million for the year ended 30 June 2020[29]. - Total shareholders' funds amounted to approximately S$27.8 million as at 30 June 2021, down from approximately S$28.5 million as at 30 June 2020[30]. - The Group's gearing ratio was 0.01% as of June 30, 2021, compared to 0.2% on June 30, 2020[33]. - The Group's aggregate amount of reserves available for distribution to shareholders was approximately S$10.6 million as of June 30, 2021, compared to approximately S$10.3 million in 2020[173]. Business Development and Opportunities - The Singapore government's healthcare expenditure is projected to increase from S$21 billion in 2018 to S$59 billion by 2030, indicating potential growth opportunities for the Group in medical shielding construction[9]. - The Group plans to explore emerging building technologies to strengthen its market position in the medical and healthcare sectors in Singapore while also expanding its presence in Hong Kong and other areas[10]. - The Board is actively seeking new business opportunities and markets with growth potential to diversify the Group's business development[13]. - The Group is developing potential business opportunities in Asia, including software development related to market analytical data for capital markets and other asset classes[10]. Staffing and Expenses - Total staff costs for the Review Year amounted to approximately S$3.3 million, an increase from approximately S$2.8 million in 2020[43]. - The Group employed a total of 70 full-time employees as of June 30, 2021, up from 46 full-time employees as of June 30, 2020[43]. Corporate Governance - The company has adopted all code provisions in the Corporate Governance Code as its own governance practices[81]. - The company complied with the Corporate Governance Code provisions during the review year, except for code provision A.2.1[82]. - The Board is responsible for day-to-day operations, business development, project management, and financial performance evaluation[88]. - The Board currently consists of two executive directors, one non-executive director, and three independent non-executive directors[89]. - The company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[81]. - The Board regularly reviews the effectiveness of risk management and internal control systems[88]. - The Company aims to develop a robust risk management and internal control system to manage operational and financial risks[134]. - The Company does not currently have an internal audit function due to its simple corporate structure and operations in only one geographical location[142]. Shareholder Information - The Company has adopted a dividend policy that allows shareholders to participate in profits while retaining adequate reserves for future growth[181]. - The Board will consider various factors, including the financial condition of the Group and future cash requirements, when proposing dividends[182]. - Flourish Nation owns 73% of the Company, and is 100% owned by Mr. Lin[191]. - Mr. Lin holds a beneficial interest in 584,000,000 shares, representing 73% of the Company[194]. - As of June 30, 2021, no other Directors or chief executives had interests or short positions in the Company's shares or debentures[192]. - The Company was not involved in any arrangements to enable Directors to acquire benefits through shares or debentures during the Review Year[200]. Risk Management - The Group manages foreign exchange risk by closely monitoring currency rate movements, as it transacts mainly in Singapore dollars but holds balances in multiple currencies[39]. - The Company regularly assesses and reviews its risk management and internal control processes to identify and manage significant risks[137]. - The external internal control reviewer collaborates with the management team to improve any material deficiencies in control[141]. - The Audit Committee is responsible for reviewing risk management and internal control systems, financial policies, and compliance with corporate governance codes[128]. Investments and Acquisitions - The net proceeds from the Listing were approximately HK$74.0 million, intended for various applications including property acquisition and manpower strengthening[47]. - The Group utilized net proceeds of HKD 34 million for the acquisition of additional property for workshop and office use, expected to be completed on or before June 30, 2022[50]. - A total of HKD 21.5 million was allocated for recruiting additional staff, with HKD 9.446 million already spent as of June 30, 2021[50]. - The acquisition of additional motor vehicles and machinery accounted for HKD 5.1 million, with HKD 850 thousand spent to date[50]. Compliance and Regulations - The Company has maintained compliance with relevant laws and regulations during the Review Year[165]. - The Company ensures compliance with the Guidelines on Disclosure of Inside Information and regularly reminds Directors and employees about these policies[138].