Financial Position - As of June 30, 2025, total accounts receivable amounted to US$108,999, a decrease of 1% from US$111,066 in 2024, with an allowance for expected credit loss of US$134,958[727] - Total inventories, net as of June 30, 2025, decreased by 36.6% to US$103,914 from US$163,993 in 2024, with a significant reversal of stock obsolescence allowance by US$21,172[728] - The Company reported a total of US$377,291 in other current assets as of June 30, 2025, an increase from US$222,737 in 2024, driven by a rise in other receivables to US$205,910[729] - Property and equipment net book value as of June 30, 2025, was US$138,421, down from US$216,047 in 2024, with depreciation expenses increasing to US$140,766 from US$96,963[732] - Intangible assets net book value as of June 30, 2025, was US$2,360,937, reflecting an addition of US$2,373,237 in development costs[733] - Total reportable assets as of June 30, 2025, were US$4,447,950, a decrease from US$7,950,615 in 2024, representing a decline of 44.4%[768] Liabilities and Equity - Accruals and other payables totaled US$563,530 as of June 30, 2025, a decrease from US$1,078,094 in 2024, primarily due to a reduction in staff salaries accruals[742] - As of June 30, 2025, the Company had lease liabilities of US$168,948, down from US$376,010 in 2024, reflecting a reduction in operating lease commitments[740] - The Company recognized operating lease costs of US$279,192 for the year ended June 30, 2025, compared to US$195,674 in 2024, with a weighted average remaining lease term of 0.55 years[741] - The Company issued a total of 24,900 Class A Ordinary Shares at US$94 per share, raising US$1,724,073 from August 2023 to January 2024[746] - The Company entered into a standby equity subscription agreement on February 14, 2025, allowing for the issuance of up to US$10 million in Class A Ordinary Shares over 36 months[755] - As of June 30, 2025, the Company had issued a total of 156,128 Class A Ordinary Shares, raising gross proceeds of US$984,053 through the Subscription Agreement[760] Revenue and Profitability - Total revenue for the year ended June 30, 2025, was US$7,646,739, a decrease of 45.1% from US$13,968,535 in 2024[766] - Telemedicine and other services generated revenue of US$6,800,287 in 2025, down from US$12,857,688 in 2024, representing a decline of 47.2%[768] - The net loss for the year ended June 30, 2025, was US$3,383,806, compared to a net loss of US$15,602,792 in 2024, indicating a reduction in losses by 78.3%[793] - Gross profit for the telemedicine segment was US$1,169,734 in 2025, down from US$2,369,921 in 2024, reflecting a decrease of 50.7%[768] - Employee welfare benefits expenses totaled US$1,569,769 in 2025, significantly lower than US$4,045,692 in 2024, marking a decrease of 61.1%[769] - The Company recognized share-based compensation of US$414,051 in 2025, a substantial decrease from US$9,119,764 in 2024[780] Shareholder Actions - On February 19, 2024, the Company completed a share subdivision, increasing the number of Class A Ordinary Shares from 78,687 to 491,794 and Class B Ordinary Shares from 48,313 to 301,956[748] - The initial public offering on April 12, 2024, resulted in the issuance of 64,688 Class A Ordinary Shares at a price of US$160.00 each[750] - On April 19, 2024, the Underwriter exercised warrants, resulting in the issuance of 3,855 Class A Ordinary Shares[751] - A share consolidation was approved on February 3, 2025, combining every eight existing Class A and Class B Ordinary Shares into one[752] - Following the share consolidation on February 28, 2025, the number of outstanding Class A Ordinary Shares was reduced from 22,816,212 to approximately 2,852,027[753] - The Company began trading on the Nasdaq under the symbol "MNDR" on March 10, 2025, after the share consolidation[754] Risk Management - The company has designed credit policies to minimize exposure to credit risk, with accounts receivable being short-term in nature[590] - The company’s operations are exposed to foreign exchange rate fluctuations, particularly between SGD and the U.S. dollar[595] - The company has not experienced any losses in its bank accounts and believes it is not exposed to significant risks related to cash held in banks[590] - As of June 30, 2025, no single customer represented more than 10% of the company's total accounts receivable, indicating a diversified customer base[591] Other Information - The estimated future amortization expenses for definite-lived intangible assets are projected to total US$2,360,937 over the next several years, with US$130,373 expected in 2026[735] - The effective tax rate for the Company remained at 0.0% for the years ended June 30, 2025, 2024, and 2023, due to continuous net operating losses[778] - The Company granted a total of 66,404 restricted shares in June 2025, with a fair value of US$6.10 per share[789] - The company has entered into lease agreements for office premises in Singapore and Vietnam, with a total monthly lease fee of approximately $21,000[794] - The company has a sales agreement allowing it to sell up to $300,000,000 of Class A ordinary shares through an agent, with a 3.0% compensation on gross proceeds[795] - The company issued 22,485 Class A ordinary shares for $200,000 and agreed to issue an additional 100,000 shares at $9.00 per share for $900,000 as part of an acquisition strategy[796] - A 1-for-5 reverse stock split was approved, resulting in the authorized share capital remaining at $50,000, divided into 312,500,000 ordinary shares[798] - The company has not disclosed any material subsequent events that require further disclosure in its consolidated financial statements[797]
Mobile-health Network Solutions(MNDR) - 2025 Q4 - Annual Report