AGM

Cash and equivalents were 0.3 million dollars at year‑end 2025 against 5.1 million dollars of total liabilities, including 1.8 million dollars of convertible bonds. Accounts receivable of 25.1 million dollars and the disclosure that amounts due from the disposed Nanjing Lucun subsidiary remained outstanding indicate working‑capital strain.

The company relies on external capital (registered offerings, convertible notes, and a 25 million dollar equity line) and executed a 50‑for‑1 share consolidation. While the balance sheet is small, liquidity is thin and negative operating cash flow elevates risk in a downturn.