EX-99.3
Published on December 29, 2025
Exhibit 99.3
TECHCREATE GROUP LTD
CONDENSED CONSOLIDATED BALANCE SHEETS
| As at December 31, | As at June 30, | |||||||||||
| 2024 | 2025 (Unaudited) | 2025 (Unaudited) | ||||||||||
| S$ | S$ | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current Assets | ||||||||||||
| Deferred Cost | 576,562 | 312,458 | 244,911 | |||||||||
| Contract Assets | 145,383 | 65,680 | 51,481 | |||||||||
| Accounts and Other Receivable | 276,734 | 110,930 | 85,950 | |||||||||
| Amount Due from Shareholders | 4,900 | 4,900 | 3,841 | |||||||||
| Amount Due from Related Party | 11,772 | - | - | |||||||||
| Cash and Cash Equivalents | 1,205,951 | 1,305,991 | 1,023,664 | |||||||||
| Deferred Offering Costs | 457,718 | 711,848 | 557,962 | |||||||||
| Total Current Assets | 2,679,020 | 2,511,807 | 1,968,809 | |||||||||
| Non-Current Assets | ||||||||||||
| Property, Plant and Equipment, net | 7,929 | 6,438 | 5,046 | |||||||||
| Right-of-Use Assets – Operating Leases | 83,288 | 62,699 | 49,145 | |||||||||
| Deferred Cost | 57,400 | 96,014 | 75,258 | |||||||||
| Total Non-Current Assets | 148,617 | 165,151 | 129,449 | |||||||||
| TOTAL ASSETS | 2,827,637 | 2,676,958 | 2,098,258 | |||||||||
| Commitments and Contingencies | - | - | - | |||||||||
| LIABILITIES | ||||||||||||
| Current Liabilities | ||||||||||||
| Contract Liabilities | 981,651 | 660,699 | 517,870 | |||||||||
| Account and Other Payables | 100,653 | 363,183 | 284,672 | |||||||||
| Amount Due to Directors | 14,907 | 3,646 | 2,858 | |||||||||
| Operating Lease Liability | 39,815 | 37,890 | 29,699 | |||||||||
| Income Tax Payables | 277 | 260 | 204 | |||||||||
| Working Capital Loans | 151,714 | 156,155 | 122,398 | |||||||||
| Total Current Liabilities | 1,289,017 | 1,221,833 | 957,701 | |||||||||
| Non-Current Liabilities: | ||||||||||||
| Operating Lease Liability | 47,233 | 28,742 | 22,529 | |||||||||
| Contract Liabilities | 8,247 | 49,293 | 38,636 | |||||||||
| Working Capital Loans | 608,416 | 503,249 | 394,458 | |||||||||
| Total Non-Current Liabilities | 663,896 | 581,284 | 455,623 | |||||||||
| TOTAL LIABILITIES | 1,952,913 | 1,803,117 | 1,413,324 | |||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||
| Class A Ordinary Shares, US$0.0002 par value, 225,000,000 shares authorized, 14,927,250 shares issued and outstanding as of December 31, 2024 and June 30, 2025 respectively.* | - | - | - | |||||||||
| Class B Ordinary Shares, US$0.0002 par value, 25,000,000 shares authorized, 2,572,750 share issued and outstanding as of December 31, 2024 and June 30, 2025 respectively.* | - | - | - | |||||||||
| Additional Paid-in Capital | 1,351,540 | 1,351,540 | 1,059,367 | |||||||||
| Accumulated Other Comprehensive Loss | (7,875 | ) | 11,389 | 8,924 | ||||||||
| Retained Earnings/ (Accumulated Losses) | (468,941 | ) | (489,088 | ) | (383,357 | ) | ||||||
| Total Shareholders’ Equity | 874,724 | 873,841 | 684,934 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,827,637 | 2,676,958 | 2,098,258 | |||||||||
TECHCREATE GROUP LTD
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| For the six months ended June 30, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
| S$ | S$ | US$ | ||||||||||
| Revenue | 1,754,439 | 1,936,539 | 1,507,856 | |||||||||
| Cost of revenue | (740,039 | ) | (571,893 | ) | (445,296 | ) | ||||||
| Gross profit | 1,014,400 | 1,364,646 | 1,062,560 | |||||||||
| Selling and distribution expenses | (106,054 | ) | (109,739 | ) | (85,447 | ) | ||||||
| Research and development expenses | (84,350 | ) | - | - | ||||||||
| General and administrative expenses | (1,090,100 | ) | (1,199,192 | ) | (933,836 | ) | ||||||
| Total operating expenses | (1,280,504 | ) | (1,308,931 | ) | (1,019,283 | ) | ||||||
| Profit / (loss) from operations | (266,104 | ) | 55,715 | 43,277 | ||||||||
| Other income (expenses) | ||||||||||||
| Other income | 12,787 | 7,247 | 5,643 | |||||||||
| Interest expense | (16,315 | ) | (28,409 | ) | (22,120 | ) | ||||||
| Total other income (expenses) | (3,528 | ) | (21,162 | ) | (16,477 | ) | ||||||
| Income/ (Loss) before income tax | (269,632 | ) | 34,533 | 26,800 | ||||||||
| Income tax expense | (84,286 | ) | (54,699 | ) | (42,591 | ) | ||||||
| Net loss | (353,918 | ) | (20,146 | ) | (15,791 | ) | ||||||
| Other comprehensive loss, net of tax | ||||||||||||
| Currency translation differences arising from consolidation | (2,539 | ) | 11,389 | 8,924 | ||||||||
| Net comprehensive loss | (356,457 | ) | (8,757 | ) | (6,867 | ) | ||||||
| Net loss per share attributable to ordinary shareholders | ||||||||||||
| Basic and diluted | (0.0200 | ) | (0.0005 | ) | (0.0004 | ) | ||||||
| Weighted average number of ordinary shares used in computing net loss per share | ||||||||||||
| Basic and diluted* | 17,500,000 | 17,500,000 | 17,500,000 | |||||||||
TECHCREATE GROUP LTD
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
For the six months ended June 30, 2024
Class A Ordinary Shares | Class B Ordinary Shares | Additional | Retained earnings/ | Accumulated other | ||||||||||||||||||||||||||||
Number of shares* | Amount | Number of shares* | Amount | paid-in capital | (Accumulated |
loss | Total equity | |||||||||||||||||||||||||
| S$ | S$ | S$ | S$ | S$ | S$ | |||||||||||||||||||||||||||
| Balance as at December 31, 2023 | 14,927,250 | - | 2,572,750 | - | 109,800 | 543,885 | (2,157 | ) | 651,528 | |||||||||||||||||||||||
| Net loss | - | - | - | - | - | (353,918 | ) | - | (353,918 | ) | ||||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | - | (382 | ) | (382 | ) | ||||||||||||||||||||||
| Balance as at June 30, 2024 | 14,927,250 | - | 2,572,750 | - | 109,800 | 189,967 | (2,539 | ) | 297,228 | |||||||||||||||||||||||
For the six months ended June 30, 2025
Class A Ordinary Shares | Class B Ordinary Shares | Additional | Retained earnings/ | Accumulated other | ||||||||||||||||||||||||||||
Number of shares* | Amount | Number of shares* |
| Amount |
paid-in capital | (Accumulated |
| Total equity | ||||||||||||||||||||||||
| S$ | S$ | S$ | S$ | S$ | S$ | |||||||||||||||||||||||||||
| Balance as at December 31, 2024 | 14,927,250 | - | 2,572,750 | - | 1,351,540 | (468,941 | ) | (7,875 | ) | 874,724 | ||||||||||||||||||||||
| Net loss | - | - | - | - | - | (20,147 | ) | - | (20,147 | ) | ||||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | - | 19,264 | 19,264 | ||||||||||||||||||||||||
| Balance as at June 30, 2025 | 14,927,250 | - | 2,572,750 | - | 1,351,540 | (489,088 | ) | 11,389 | 873,841 | |||||||||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||||||||||||||
| Balance as at June 30, 2025 | 14,927,250 | - | 2,2572,750 | - | 1,059,367 | (383,357 | ) | 8,924 | 684,934 | |||||||||||||||||||||||
TECHCREATE GROUP LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the six months ended June 30, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
| S$ | S$ | US$ | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Net loss | (353,919 | ) | (20,146 | ) | (15,791 | ) | ||||||
| Adjustments to reconcile net loss to net cash provided by operating activities | ||||||||||||
| Depreciation | 4,577 | 3,993 | 3,130 | |||||||||
| Operating lease expenses | 9,617 | 20,976 | 16,441 | |||||||||
| Working capital loan interest | 16,315 | 28,409 | 22,268 | |||||||||
| Changes in operating assets and liabilities | ||||||||||||
| Deferred cost | 161,345 | 225,490 | 176,744 | |||||||||
| Contract assets | 44,050 | 79,703 | 62,473 | |||||||||
| Trade and other receivables | (240,353 | ) | 165,804 | 129,960 | ||||||||
| Amount due from directors | - | - | - | |||||||||
| Amount due from related parties | 56,887 | 11,772 | 9,227 | |||||||||
| Contract liabilities | (598,163 | ) | (279,907 | ) | (219,397 | ) | ||||||
| Trade and other payables | (59,865 | ) | 262,530 | 205,777 | ||||||||
| Lease liabilities | (68,032 | ) | (20,803 | ) | (16,306 | ) | ||||||
| Income tax payable | (75 | ) | (17 | ) | (13 | ) | ||||||
| Net cash generated from/ (used in) operating activities | (1,027,616 | ) | 477,804 | (374,512 | ) | |||||||
| Cash flow from investing activities: | ||||||||||||
| Acquisition of property, plant and equipment | (2,473 | ) | (2,502 | ) | (1,961 | ) | ||||||
| Net cash used in investing activities | (2,473 | ) | (2,502 | ) | (1,961 | ) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Dividend paid to equity holders | - | - | - | |||||||||
| Amount due to shareholders | 8,666 | (11,261 | ) | (8,827 | ) | |||||||
| Repayment of working capital loans | (30,482 | ) | (129,135 | ) | (101,219 | ) | ||||||
| Proceeds from working capital loans | 850,000 | - | - | |||||||||
| Proceeds from issuance of shares | - | - | - | |||||||||
| Deferred offering costs | - | (254,130 | ) | (199,193 | ) | |||||||
| Net cash (used in)/ generated from financing activities | 828,185 | (394,526 | ) | (309,239 | ) | |||||||
| Effects of changes in foreign exchange of cash | (382 | ) | 19,264 | 15,100 | ||||||||
| Net (decrease)/ increase in cash and cash equivalents | (201,904 | ) | 80,776 | 63,313 | ||||||||
| Cash and cash equivalents at beginning of financial year | 997,845 | 1,205,951 | 945,251 | |||||||||
| Cash and cash equivalents at June 30, 2024 | 795,559 | 1,301,991 | 1,023,664 | |||||||||
| Supplemental cash flow information | ||||||||||||
| Income taxes paid | (25,360 | ) | - | (18,826 | ) | |||||||
| Withholding taxes paid | (59,001 | ) | (54,441 | ) | - | |||||||
| Cash paid for interest | (16,315 | ) | (28,409 | ) | (22,268 | ) | ||||||
| Capital contribution subscription receivable from shareholder | 4,900 | 4,900 | 3,841 | |||||||||