Financial Performance - Revenues for the three months ended December 31, 2024, were $301.9 million, a significant increase from $6.7 million in the same period of 2023[16]. - Gross profit for the six months ended December 31, 2024, was $396.1 million, compared to $508.2 million for the same period in 2023[16]. - Net loss for the three months ended December 31, 2024, was $232.3 million, compared to a net loss of $1.2 billion in the same period of 2023[16]. - Net loss for the six months ended December 31, 2024, was $1,183,039 compared to a loss of $3,331,226 for the same period in 2023, representing a 64.5% improvement[20]. - The company reported a gross profit margin of approximately 74.2% for the three months ended December 31, 2024[16]. - The company experienced an unrealized holding gain on marketable securities of $460.2 million for the three months ended December 31, 2024[16]. - The Company reported a recurring loss from operations of approximately $1.3 million for the six months ended December 31, 2024, and an accumulated deficit of approximately $39.0 million as of the same date[30]. - The Company incurred a loss before income tax of $222,892 for the three months ended December 31, 2024, compared to a loss of $1,193,508 for the same period in 2023[187]. Assets and Equity - Total assets increased to $19.1 billion as of December 31, 2024, compared to $4.3 billion as of June 30, 2024[14]. - Total stockholders' equity reached $18.4 billion as of December 31, 2024, up from $3.4 billion as of June 30, 2024[14]. - Total stockholders' equity as of December 31, 2024, was $18,402,141, an increase from $3,686,710 as of December 31, 2023[18]. - Cash and cash equivalents increased to $258.6 million as of December 31, 2024, from $200.0 million as of June 30, 2024[13]. - Total intangible assets, net as of December 31, 2024, were $14,239,294, a significant increase from $3,130,936 as of June 30, 2024, reflecting a growth of approximately 353%[125]. Cash Flow and Expenses - Cash used in operating activities for the six months ended December 31, 2024, was $1,582,518, a decrease from $3,089,366 in the prior year[20]. - Research and development expenses for the six months ended December 31, 2024, totaled $80.3 million, down from $220.6 million in the same period of 2023[16]. - Research and development expenses for the three months ended December 31, 2024, were $33,136, down from $138,236 in the same period of 2023[85]. - Advertising costs for the three months ended December 31, 2024, were $29,167, significantly lower than $393,306 in the same period of 2023[83][84]. - The company incurred stock-based compensation expenses of $140,000 for the six months ended December 31, 2024[20]. - The Company recognized $70,000 and $140,000 in stock-based compensation expense for the three and six months ended December 31, 2024, respectively[186]. Revenue Recognition - The company recognized revenue from product sales on a gross basis, as it is primarily responsible for fulfilling the promise to provide specified goods[70]. - The company adopted ASU 2014-09 for revenue recognition, which requires identifying performance obligations and determining when revenue should be recognized[67]. - E-voucher revenue for the three months ended December 31, 2024, was $13,510, compared to $6,031,180 for the same period in 2023, indicating a decline[80]. - Health care products, computer products, and food and beverage products revenue for the three months ended December 31, 2024, was $244,903, down from $421,935 in 2023[80]. - Member subscription revenue for the three months ended December 31, 2024, was $5,161, a decrease from $148,205 in the same period of 2023[80]. Stock and Financing Activities - The company raised $2,457,390 from the issuance of common stock in a market offering during the six months ended December 31, 2024[20]. - The Company issued 15,440,299 shares of common stock for software development, valued at $10,800,000[20]. - The Company issued 3,566,668 shares of common stock to investors for an aggregate amount of $1,177,000 at a negotiated purchase price of $0.33 per share[35]. - The Company received aggregated net proceeds of approximately $3.5 million from the November 2023 Offering, which included 371,628 shares of common stock and 14,000,000 pre-funded warrants[31]. - The Company executed a 1-for-70 reverse stock split on February 27, 2024, affecting all shares and per share amounts retroactively[150]. Risks and Concerns - The Company has significant doubt about its ability to continue as a going concern due to recurring losses and insufficient funds to meet working capital requirements[36]. - The Company has cumulative net operating losses of $9,679,252 in the United States, which can offset future taxable income[188]. - The Company has cumulative net operating losses in Malaysia amounted to $22,190,004, which can be carried forward for up to ten years to offset future taxable income[191]. - The company did not incur any interest and penalties related to uncertain tax positions for the six months ended December 31, 2024[193]. Customer and Vendor Concentration - For the three months ended December 31, 2024, one customer accounted for approximately 74.9% of total revenues, a significant increase from the previous year where no customer exceeded 10%[194]. - For the six months ended December 31, 2024, one customer represented about 44.4% of total revenues, compared to no customer exceeding 10% in the same period of the previous year[195]. - Two vendors accounted for approximately 69.5% and 25.5% of total purchases for the three months ended December 31, 2024, indicating a concentration in supplier relationships[196]. - As of December 31, 2024, three vendors accounted for approximately 46.7%, 20.9%, and 15.1% of total accounts payable, highlighting vendor concentration risks[198].

Core Insights - Treasure Global Inc. has acquired a 51% controlling stake in Tien Ming Distribution, marking a strategic expansion into Malaysia's fast-growing FMCG and e-commerce markets [2][3][5] - The acquisition is expected to generate USD116 million in revenue over the next three years by leveraging Tien Ming Distribution's partnership with Fraser & Neave Holdings Bhd (F&N) [6][8] - Malaysia's FMCG market is projected to grow at a CAGR of 7.95% from 2023 to 2027, reaching approximately USD159 billion by 2033 [4] Company Overview - Treasure Global is a technology-driven digital commerce and fintech solution provider, focusing on innovative technology platforms that drive digital transformation [11] - The company’s flagship product, the ZCITY Super App, integrates e-payment solutions with customer rewards, attracting over 2.9 million registered users as of November 2024 [11] Market Dynamics - F&N is one of Malaysia's largest food and beverage conglomerates, with reported revenues of RM5.25 billion (approximately USD1.16 billion) for fiscal 2024 [10] - Tien Ming Distribution specializes in logistics and e-commerce, serving as the strategic fulfillment partner for F&N, and operates TM Grocer, an online grocery platform [9] Strategic Benefits - The acquisition allows Treasure Global to capture 10% of F&N's annual sales, enhancing its operational efficiency and competitive edge in the FMCG and e-commerce sectors [3][5] - By integrating advanced digital commerce technology with F&N's distribution network, the company aims to drive substantial revenue growth [3][5] Financial Projections - The anticipated revenue growth of USD116 million will be driven by the distribution of leading household brands such as 100PLUS, F&N SEASONS, and Magnolia [6] - The company plans to invest an initial RM500,000 (approximately USD110,000) with potential additional investments of up to RM3,000,000 (approximately USD660,000) based on future performance [7]

User Engagement and Growth - As of September 30, 2024, the company recorded 2,704,482 registered users and 25,216 active users on the ZCITY platform, reflecting a growth rate of approximately 2.0% in registered users but a decline of 38.3% in active users over the last five quarters [226]. - The company experienced a decrease in the number of new registered users, with only 3,293 new users in the quarter ending September 30, 2024, compared to 102,752 in the previous year [226]. - As of September 30, 2024, the total registered users on the ZCITY platform reached 2,704,482, with only 25,216 active users, resulting in an active user rate of 0.9% [230]. - The active user churn rate improved to 18.3% by September 30, 2024, while the retention rate increased to 81.7% [231]. Financial Performance - Total revenues for the three months ended September 30, 2024, decreased by approximately $13.3 million or 98.5% to $207,371 compared to $13,463,895 for the same period in 2023 [233]. - Product and loyalty program revenue dropped by approximately $13.1 million or 99.4% to $81,745 for the three months ended September 30, 2024, primarily due to a strategic decision to streamline the product line [235]. - Transaction revenue increased by 113.2% to approximately $43,080 for the three months ended September 30, 2024, driven by a partnership with Creditlab Sdn. Bhd. [236]. - Member subscription revenue decreased by 52.3% to approximately $82,546 for the three months ended September 30, 2024, attributed to a slowdown in acquiring new customers [237]. - Total cost of revenue decreased by approximately $13.3 million or 99.7% to $35,199 for the three months ended September 30, 2024, in line with the decrease in revenue [239]. - Gross profit for the three months ended September 30, 2024, amounted to approximately $172,172, reflecting an increase of approximately $9,538 or 5.9% compared to the same period in 2023 [240]. Expenses and Cash Flow - Selling expenses decreased by approximately $0.7 million or 89.8% to $78,000 for the three months ended September 30, 2024, due to reduced marketing and promotion expenses [244]. - General and administrative expenses decreased by approximately $0.4 million or 36.2% to $800,000 for the three months ended September 30, 2024, primarily due to lower salary and professional fee expenses [245]. - Other expense, net decreased by approximately $71,000 to $0.1 million for the three months ended September 30, 2024, primarily due to a decrease in amortization of debt discount [248]. - Provision for income taxes decreased to approximately $11,391 for the three months ended September 30, 2024, from $14,925 in 2023 [249]. - Net cash used in operating activities was approximately $976,319 for the three months ended September 30, 2024, compared to $1,916,603 in 2023 [258]. - Net cash used in investing activities was approximately $1.5 million for the three months ended September 30, 2024, primarily due to a collaboration deposit [263]. - Net cash provided by financing activities was approximately $2.5 million for the three months ended September 30, 2024, mainly from the issuance of common stock [264]. Strategic Initiatives - The company successfully launched the ZCITY App in Malaysia in June 2020, which aims to become the top rewards and loyalty platform in Malaysia and expand its reach in Southeast Asia and Japan [202]. - The company is integrating credit services into the ZCITY App through a partnership with Credilab Sdn Bhd, aiming to enhance user engagement and overall credit services offering [217]. - The company has partnered with Octagram Investment Limited to develop mini-game modules for the ZCITY App, enhancing interactive features and user engagement [218]. - The company is developing a Live Streaming Platform enhanced by AI Digital Human Solutions in partnership with V Gallant Sdn Bhd, scheduled for completion by December 31, 2025 [219]. - The company is developing a Smart Campus System at ELMU University, focusing on optimizing electricity usage, expected to be fully deployed within 12 months from the contract's commencement date [216]. Financial Health and Concerns - Management expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and insufficient funds to meet obligations [257]. - As of September 30, 2024, cash and cash equivalents were approximately $73,000, down from $0.2 million as of June 30, 2024 [253]. - The November 2023 Offering generated approximately $3.5 million in net proceeds after underwriting discounts [254]. - The company recorded a material weakness in internal control over financial reporting due to inadequate U.S. GAAP expertise among the current accounting staff [288]. - The company lacks a functional internal audit department, which is a material weakness in internal control over financial reporting [288]. - The company has not identified any changes in internal control over financial reporting that materially affected its internal control during the quarter ended September 30, 2024 [290]. Other Financial Metrics - The company recorded a provision for estimated credit losses of $243, down from $1,100 as of June 30, 2024 [269]. - For the three months ended September 30, 2024, the company recorded an unrealized holding loss on marketable securities of approximately $128,000, compared to an unrealized holding gain of approximately $60,000 for the same period in 2023 [275]. - Stock-based compensation for the three months ended September 30, 2024 amounted to $70,000, while there was no stock-based compensation incurred for the same period in 2023 [281]. - The estimated retail price per point for the loyalty program is based on actual historical retail prices, and changes in redemption rates affect the contract liability [278]. - The company issued 14,000,000 Pre-Funded Warrants in connection with the November 2023 Offering, with $1,398,600 allocated to the Pre-Funded Warrants recorded as additional paid-in capital [285]. - Deferred tax assets are recognized only if it is probable that taxable profit will be available against which deductible temporary differences can be utilized [279].

DENVER and PALM BEACH GARDENS, Fla., Oct. 09, 2024 (GLOBE NEWSWIRE) -- TGL presented by SoFi, the new, prime time team golf league backed by Tiger Woods and Rory McIlroy's TMRW Sports, announced ONEflight as its Official Private Aviation Partner. ONEflight will provide luxury private jet travel for TGL's players, ensuring a seamless travel schedule to support their tournament schedules. Today's announcement was made by Ferren Rajput, CEO and Founder, ONEflight International and Jason Langwell, Chief Revenue ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended June 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-41476 Treasure Global Inc (Exact name of registrant as specified in its charter) | --- | --- | |---------------------------- ...

Core Insights - Treasure Global Inc is launching the ZCITY Super App, which aims to revolutionize the e-payment experience through advanced AI-powered features and secure messaging solutions [1][10] - The initiative targets the Southeast Asian market, focusing on unbanked populations to enhance financial inclusion and secure communication [2][6] Company Overview - Treasure Global Inc is a leading technology solutions provider in Malaysia, known for developing innovative platforms like the ZCITY App and TAZTE, which streamline e-payment experiences and digital management for merchants [12] - As of May 5, 2024, the ZCITY App has over 2.69 million registered users, indicating a strong user base for the upcoming features [12] Strategic Collaboration - The rollout of the VCIG Secure Cogia Messenger, which integrates secure messaging with a cryptocurrency wallet, is a collaborative effort between Treasure Global, VCI Global, and Cogia AG [10][11] - The phased rollout strategy will begin with a limited group of ZCITY users, allowing for real-time feedback and continuous improvements [7] User Engagement and Growth Targets - The initiative aims to quickly achieve 1 million active users from the initial 3 million ZCITY users, addressing the needs of unbanked populations [6][10] - The integrated cryptocurrency wallet will enable users to send, receive, and store digital assets, enhancing both communication and financial functionalities [11]

WKW strategically partners with GolfNow LLC ("GolfNow"), a leading golf technology company and a subsidiary of NBC, a leading global media corporation and telecommunications company in the US. GolfNow has launched a dedicated stat tracking, social, and competitive golf app branded as "GolfNow Compete". WKW will provide a white-label site service embedded within the GolfNow Compete App, along with the development of additional functionality. The services will include GolfNow Sponsored Leagues, which WKW may ...

NEW YORK and KUALA LUMPUR, Malaysia, June 25, 2024 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ:TGL) ("Treasure Global" or the "Company"), a leading technology solutions provider, is pleased to announce the appointments of Mr. Henry Chai, as Chief Operating Officer (COO), and Ms. Sook Lee Chin, as Chief Financial Officer (CFO), marking a strategic move by the Company to usher in a new phase of growth and innovation. "With a focus on revitalizing the company's vision and strategy, this leadership team is ...

Leveraging its partnership with Cogia, the Company aims to integrate secured messaging and a digital asset wallet into its e-commerce platform, the ZCITY Super App. These features enhance user engagement and deliver a seamless, secure, and highly efficient user experience. Cogia is a Germany-based software company that offers AI-based, fully privacy-compliant solutions in the areas of secure communications, cybersecurity, Big Data Analytics, and web monitoring. This synergy is crucial as the global e-commer ...

Mr. Thow's business acumen extends beyond legal matters. He has a proven ability to identify opportunities for operational efficiency, streamline processes, and implement strategic initiatives to drive business performance. His expertise in mergers and acquisitions, capital markets, and corporate finance has been instrumental in shaping successful business strategies for various organizations. Now, as he takes on the role of Chief Executive Officer at Treasure Global, Mr. Thow's extensive business backgroun ...