ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 2,060 | 3,731 | PDF p. 108 |
| Cost of sales$'000 | (1,200) | (2,220) | PDF p. 108 |
| Gross profit$'000 | 860 | 1,511 | PDF p. 108 |
| Other operating income$'000 | 65 | 58 | PDF p. 108 |
| Other gains/(losses), net$'000 | 2,086 | 4,409 | PDF p. 108 |
| Expenses | |||
| - Selling and distribution$'000 | (863) | (1,239) | PDF p. 108 |
| - General and administrative$'000 | (5,198) | (9,514) | PDF p. 108 |
| Income statement | |||
| Loss from operating activities$'000 | (3,050) | (4,775) | PDF p. 108 |
| Finance cost$'000 | (20) | (37) | PDF p. 108 |
| Finance income$'000 | 1 | 46 | PDF p. 108 |
| Loss before income tax$'000 | (3,069) | (4,766) | PDF p. 108 |
| Income tax credit$'000 | 94 | 95 | PDF p. 108 |
| Net loss$'000 | (2,975) | (4,671) | PDF p. 108 |
| Other comprehensive (loss)/income, net of tax: Currency translation differences arising from consolidation | |||
| - (loss)/gain$'000 | (80) | 28 | PDF p. 108 |
| Comprehensive income | |||
| Total comprehensive income for the year, attributable to equity owners of the Company$'000 | (3,055) | (4,643) | PDF p. 108 |
| Loss per share attributable to equity owners of the Company | |||
| - Basic and diluted (in cents)cents per share | (3.21) | (5.36) | PDF p. 108 |
Original report: PDF p. 108 ↗
For the financial year ended 31 March 2025. No separate Company income statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$'000 | 679 | 1,124 | – | – | PDF p. 109 |
| Intangible assets$'000 | 3,948 | 4,365 | – | – | PDF p. 109 |
| Derivative instrument$'000 | 10,362 | 7,870 | 10,362 | 7,870 | PDF p. 109 |
| Investments in subsidiary corporations$'000 | – | – | 1 | 1 | PDF p. 109 |
| Deposits$'000 | 6,144 | 5,089 | 5,000 | 5,000 | PDF p. 109 |
| Other receivables$'000 | 1,492 | 2,341 | – | – | PDF p. 109 |
| Subtotal$'000 | 22,625 | 20,789 | 15,363 | 12,871 | PDF p. 109 |
| Current assets | |||||
| Inventories$'000 | 5,769 | 6,428 | – | – | PDF p. 109 |
| Trade receivables$'000 | 306 | 1,814 | – | – | PDF p. 109 |
| Prepayments and deposits$'000 | 2,429 | 3,144 | 24 | 31 | PDF p. 109 |
| Other receivables$'000 | 1,502 | 947 | – | 200 | PDF p. 109 |
| Amounts due from subsidiary corporations$'000 | – | – | 21,230 | 18,714 | PDF p. 109 |
| Cash and cash equivalents$'000 | 1,219 | 1,301 | 94 | 698 | PDF p. 109 |
| Subtotal$'000 | 11,225 | 13,634 | 21,348 | 19,643 | PDF p. 109 |
| Assets | |||||
| Total assets$'000 | 33,850 | 34,423 | 36,711 | 32,514 | PDF p. 109 |
| Current liabilities | |||||
| Trade payables$'000 | 639 | 1,421 | – | – | PDF p. 109 |
| Other payables$'000 | 1,468 | 1,313 | 904 | 552 | PDF p. 109 |
| Borrowings$'000 | 968 | 392 | – | – | PDF p. 109 |
| Current income tax liabilities$'000 | 50 | 50 | 50 | 50 | PDF p. 109 |
| Subtotal$'000 | 3,125 | 3,176 | 954 | 602 | PDF p. 109 |
| Non-current liabilities | |||||
| Borrowings$'000 | 203 | 361 | – | – | PDF p. 109 |
| Deferred income tax liabilities$'000 | 560 | 656 | – | – | PDF p. 109 |
| Subtotal$'000 | 763 | 1,017 | – | – | PDF p. 109 |
| Liabilities | |||||
| Total liabilities$'000 | 3,888 | 4,193 | 954 | 602 | PDF p. 109 |
| NET ASSETS$'000 | 29,962 | 30,230 | 35,757 | 31,912 | PDF p. 109 |
| Equity | |||||
| Share capital$'000 | 70,966 | 68,600 | 70,966 | 68,600 | PDF p. 109 |
| Treasury shares$'000 | – | (3,315) | – | (3,315) | PDF p. 109 |
| Foreign currency translation reserve$'000 | (27) | 53 | – | – | PDF p. 109 |
| Accumulated losses$'000 | (40,977) | (35,108) | (35,209) | (33,373) | PDF p. 109 |
| Total equity$'000 | 29,962 | 30,230 | 35,757 | 31,912 | PDF p. 109 |
Original report: PDF p. 109 ↗
As at 31 March 2025. Equity section heading: Capital and reserve attributable to equity owners of the Company.
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| Metric / unit | 2025Group, FY ended 31 March 2025 | 2024Group, FY ended 31 March 2024 | Source |
|---|---|---|---|
| Profit or loss | |||
| Net loss$'000 | (2,975) | (4,671) | PDF p. 108 |
| Other comprehensive (loss)/income, net of tax: Currency translation differences arising from consolidation | |||
| - (loss)/gain$'000 | (80) | 28 | PDF p. 108 |
| Total comprehensive income | |||
| Total comprehensive income for the year, attributable to equity owners of the Company$'000 | (3,055) | (4,643) | PDF p. 108 |
| Loss per share attributable to equity owners of the Company | |||
| - Basic and diluted (in cents)cents | (3.21) | (5.36) | PDF p. 108 |
Original report: PDF p. 108 ↗
Items that may be reclassified subsequently to profit or loss. The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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| Metric / unit | 2025Group, FY ended 31 March 2025 | 2024Group, FY ended 31 March 2024 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss before income tax$'000 | (3,069) | (4,766) | PDF p. 112 |
| Adjustments for | |||
| - Depreciation of property, plant and equipment$'000 | 509 | 660 | PDF p. 112 |
| - Amortisation of intangible assets$'000 | 417 | 485 | PDF p. 112 |
| - Property, plant and equipment written off$'000 | 10 | – | PDF p. 112 |
| - Impairment loss on property, plant and equipment$'000 | – | 61 | PDF p. 112 |
| - Impairment loss on intangible asset$'000 | – | 494 | PDF p. 112 |
| - Impairment loss on goodwill$'000 | – | 6,831 | PDF p. 112 |
| - Gain on derecognition of contingent consideration$'000 | – | (4,576) | PDF p. 112 |
| - Fair value gain on derivative instrument at fair value through profit or loss (“FVPL”)$'000 | (2,492) | (7,219) | PDF p. 112 |
| - Interest expense$'000 | 20 | 37 | PDF p. 112 |
| - Interest income$'000 | (1) | (46) | PDF p. 112 |
| - Expected credit losses on trade receivables$'000 | 3 | 2,402 | PDF p. 112 |
| - Prepayment written off$'000 | 397 | – | PDF p. 112 |
| - Loss on lease modification$'000 | 9 | 3 | PDF p. 112 |
| - Foreign currency translation adjustments$'000 | (53) | (28) | PDF p. 112 |
| Cash flows from operating activities | |||
| Operating cash flows before changes in working capital$'000 | (4,250) | (5,662) | PDF p. 112 |
| Changes in working capital | |||
| - Trade and other receivables$'000 | 1,796 | (1,465) | PDF p. 112 |
| - Prepaid and deposit$'000 | (747) | (874) | PDF p. 112 |
| - Trade and other payables$'000 | (622) | 1,193 | PDF p. 112 |
| - Inventories$'000 | 659 | 495 | PDF p. 112 |
| Cash flows from operating activities | |||
| Cash flows used in operations$'000 | (3,164) | (6,313) | PDF p. 112 |
| Interest paid$'000 | (20) | (37) | PDF p. 112 |
| Income tax (paid)/refunded$'000 | (2) | 27 | PDF p. 112 |
| Interest received$'000 | 1 | 46 | PDF p. 112 |
| Net cash used in operating activities$'000 | (3,185) | (6,277) | PDF p. 112 |
| Cash flow from investing activities | |||
| Additions to property, plant and equipment$'000 | – | (26) | PDF p. 112 |
| Net cash used in investing activities$'000 | – | (26) | PDF p. 112 |
| Cash flows from financing activities | |||
| Repayment of principal portion of lease liabilities$'000 | (383) | (477) | PDF p. 112 |
| Proceeds from issuance of placement shares$'000 | 2,438 | – | PDF p. 112 |
| Share issuance expenses$'000 | (72) | – | PDF p. 112 |
| Proceeds from sale of treasury shares$'000 | 421 | – | PDF p. 112 |
| Proceeds from borrowings$'000 | 704 | – | PDF p. 112 |
| Net cash generated from/(used in) financing activities$'000 | 3,108 | (477) | PDF p. 112 |
| Net change in cash | |||
| Net decrease in cash and cash equivalents$'000 | (77) | (6,780) | PDF p. 112 |
| Effect of exchange rate changes on cash and cash equivalents$'000 | (5) | 3 | PDF p. 112 |
| Cash and cash equivalents at beginning of the financial year$'000 | 1,301 | 8,078 | PDF p. 112 |
| Cash and cash equivalents at end of the financial year$'000 | 1,219 | 1,301 | PDF p. 112 |
Original report: PDF p. 112 ↗
The accompanying notes form an integral part of these financial statements. No separate Company cash flow statement is presented.
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| Metric / unit | 2025Group, Share capital | 2025Group, Treasury shares | 2025Group, Foreign currency translation reserve | 2025Group, Accumulated losses | 2025Group, Total equity | Source |
|---|---|---|---|---|---|---|
| Group 2025 | ||||||
| Beginning of the financial year$'000 | 68,600 | (3,315) | 53 | (35,108) | 30,230 | PDF p. 110 |
| Loss for the financial year$'000 | – | – | – | (2,975) | (2,975) | PDF p. 110 |
| Other comprehensive loss for the financial year$'000 | – | – | (80) | – | (80) | PDF p. 110 |
| Total comprehensive loss for the financial year$'000 | – | – | (80) | (2,975) | (3,055) | PDF p. 110 |
| Issuance of new shares pursuant to the share placement$'000 | 2,438 | – | – | – | 2,438 | PDF p. 110 |
| Share issuance expenses$'000 | (72) | – | – | – | (72) | PDF p. 110 |
| Treasury shares re-issued$'000 | – | 3,315 | – | (2,894) | 421 | PDF p. 110 |
| End of the financial year$'000 | 70,966 | – | (27) | (40,977) | 29,962 | PDF p. 110 |
Original report: PDF p. 110 ↗
Attributable to equity owners of the Company. No non-controlling interests presented. Beginning-of-year row label wraps ('Beginning of the financial / year').
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| Metric / unit | 2024Group, Share capital | 2024Group, Treasury shares | 2024Group, Foreign currency translation reserve | 2024Group, Accumulated losses | 2024Group, Total equity | Source |
|---|---|---|---|---|---|---|
| Group 2024 | ||||||
| Beginning of the financial year$'000 | 68,600 | (3,315) | 25 | (30,437) | 34,873 | PDF p. 110 |
| Loss for the financial year$'000 | – | – | – | (4,671) | (4,671) | PDF p. 110 |
| Other comprehensive income for the financial year$'000 | – | – | 28 | – | 28 | PDF p. 110 |
| Total comprehensive loss for the financial year$'000 | – | – | 28 | (4,671) | (4,643) | PDF p. 110 |
| End of the financial year$'000 | 68,600 | (3,315) | 53 | (35,108) | 30,230 | PDF p. 110 |
Original report: PDF p. 110 ↗
Attributable to equity owners of the Company.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital | 2025Company, Treasury shares | 2025Company, Accumulated losses | 2025Company, Total equity | Source |
|---|---|---|---|---|---|
| Company 2025 | |||||
| Beginning of the financial year$'000 | 68,600 | (3,315) | (33,373) | 31,912 | PDF p. 111 |
| Profit for the financial year$'000 | – | – | 1,058 | 1,058 | PDF p. 111 |
| Issuance of new shares pursuant to the share placement$'000 | 2,438 | – | – | 2,438 | PDF p. 111 |
| Share issuance expenses$'000 | (72) | – | – | (72) | PDF p. 111 |
| Treasury shares re-issued$'000 | – | 3,315 | (2,894) | 421 | PDF p. 111 |
| End of the financial year$'000 | 70,966 | – | (35,209) | 35,757 | PDF p. 111 |
Original report: PDF p. 111 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company, Share capital | 2024Company, Treasury shares | 2024Company, Accumulated losses | 2024Company, Total equity | Source |
|---|---|---|---|---|---|
| Company 2024 | |||||
| Beginning of the financial year$'000 | 68,600 | (3,315) | (22,680) | 42,605 | PDF p. 111 |
| Loss for the financial year$'000 | – | – | (10,693) | (10,693) | PDF p. 111 |
| End of the financial year$'000 | 68,600 | (3,315) | (33,373) | 31,912 | PDF p. 111 |
Original report: PDF p. 111 ↗
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| Metric / unit | 2025Group, FY ended 31 March 2025 | 2024Group, FY ended 31 March 2024 | Source |
|---|---|---|---|
| Loss per share | |||
| Net loss attributable to equity owners of the Company (S$’000)S$'000 | (2,975) | (4,671) | PDF p. 137 |
| Weighted average number of ordinary shares outstanding for basic loss per share computation (‘000)'000 shares | 92,547 | 87,072 | PDF p. 137 |
| Basic and diluted loss per share (cents per share)cents per share | (3.21) | (5.36) | PDF p. 137 |
Original report: PDF p. 137 ↗
There are no potential dilutive ordinary shares during the financial years ended 31 March 2025 and 2024 respectively.
Basic loss per share is calculated by dividing the net loss attributable to equity owners of the Company by the weighted average number of ordinary shares outstanding during the financial year.
Diluted loss per share are calculated by dividing loss for the financial year, net of tax, attributable to equity owners of the Company by the weighted average number of ordinary shares outstanding during the financial year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
Where the money comes from
| Item / unit | 2025Beverage | 2024Beverage | 2025Chang chang Card | 2024Chang chang Card | 2025Others | 2024Others | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| External customers$'000 | 2,056 | 3,618 | 1 | 60 | 3 | 53 | 2,060 | 3,731 | PDF p. 155 |
| Results | |||||||||
| Segment result$'000 | (1,856) | (780) | (109) | (995) | – | – | (1,965) | (1,775) | PDF p. 155 |
| Depreciation and amortisation$'000 | (753) | (960) | (173) | (185) | – | – | (926) | (1,145) | PDF p. 155 |
| Directors’ fee and remuneration$'000 | (831) | (931) | – | – | – | – | (831) | (931) | PDF p. 155 |
| Finance income$'000 | 1 | 46 | – | – | – | – | 1 | 46 | PDF p. 155 |
| Finance cost$'000 | (20) | (37) | – | – | – | – | (20) | (37) | PDF p. 155 |
| Prepayment written off$'000 | (397) | – | – | – | – | – | (397) | – | PDF p. 155 |
Loss before income tax and Net loss are printed only in the Consolidated columns (2025, 2024); values listed correspond to Consolidated 2025 and 2024 only.
Other reconciling lines (ECL allowance, employee compensation, fair value adjustments, impairments, income tax) are printed on the page but omitted here.
| Item / unit | 2025Beverage | 2024Beverage | 2025Chang chang Card | 2024Chang chang Card | 2025Others | 2024Others | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Segment assets$'000 | 32,142 | 32,783 | 1,708 | 1,640 | – | – | 33,850 | 34,423 | PDF p. 156 |
| Liabilities | |||||||||
| Segment liabilities$'000 | 3,767 | 3,976 | 121 | 217 | – | – | 3,888 | 4,193 | PDF p. 156 |
| Other information | |||||||||
| Depreciation and amortisation$'000 | 753 | 899 | 173 | 246 | – | – | 926 | 1,145 | PDF p. 156 |
| Impairment loss$'000 | – | 7,328 | – | 58 | – | – | – | 7,386 | PDF p. 156 |
| Prepayment written off$'000 | 397 | – | – | – | – | – | 397 | – | PDF p. 156 |
Total assets and Total liabilities are printed only in Consolidated columns (2025, 2024).
Fair value adjustment on derivative and ECL allowance lines in Other information omitted.
| Item / unit | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|
| By location of assets | |||
| Singapore$'000 | 4,276 | 5,111 | PDF p. 157 |
| United States$'000 | 314 | 303 | PDF p. 157 |
| Hong Kong$'000 | 32 | 75 | PDF p. 157 |
| China$'000 | 5 | – | PDF p. 157 |
| Total$'000 | 4,627 | 5,489 | PDF p. 157 |
The non-current assets information above is based on the locations of assets and excludes derivative instrument, deposits and other receivables.
Total row has no printed label.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Geographical information | |||
| Singapore$'000 | 943 | 1,357 | PDF p. 132 |
| Middle East$'000 | 415 | – | PDF p. 132 |
| United States$'000 | 106 | 16 | PDF p. 132 |
| Hong Kong$'000 | 39 | 699 | PDF p. 132 |
| Cambodia$'000 | – | 656 | PDF p. 132 |
| Korea$'000 | 29 | 293 | PDF p. 132 |
| Malaysia$'000 | 395 | 276 | PDF p. 132 |
| Taiwan$'000 | – | 123 | PDF p. 132 |
| Vietnam$'000 | 9 | 109 | PDF p. 132 |
| Other countries$'000 | 124 | 202 | PDF p. 132 |
Printed total revenue 2,060 (2025) and 3,731 (2024); Note 33(b) refers to Note 4 for geographical revenue.
Debt
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current | |||
| Loan from third party$'000 | 704 | – | PDF p. 149 |
| Lease liabilities$'000 | 264 | 392 | PDF p. 149 |
| Total current$'000 | 968 | 392 | PDF p. 149 |
| Non-current | |||
| Lease liabilities$'000 | 203 | 361 | PDF p. 149 |
The loan from third party pertains to a non-interest bearing and unsecured loan granted from Dong Ying Quan Li Quan Wai International Trading Co Ltd (“QLQW”) amounted to RMB3,800,000 (approximately to $704,000) to the Company’s wholly owned subsidiary corporation, Ascent Bridge (Hainan) Co., Ltd. (“ABL Hainan”) during the financial year. The loan is repayable within 6 months from the date of disbursement.
Subsequently, QLQW agreed not to demand for repayment of the loan prior to the injection of additional funds in ABL Hainan and will consider converting the loan into part of the capital injection of ABL Hainan. As it is uncertain whether the loan would be converted into QLQW’s investment in ABL Hainan and the timing for the conversion is not fixed, the loan is classified as current as at 31 March 2025.
Total current row has no printed label; total non-current not printed separately.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends | The Company does not have a policy on payment of dividend. The Board will consider the Group’s operating and financial results, its level of cash and retained earnings and projected capital expenditure and investments when deciding whether to propose the payment of a dividend. | Company/Group, FY2025 | PDF p. 90 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | CLA Global TS Public Accounting Corporation | Group and Company, FY ended 31 March 2025 | PDF p. 107 |
| Engagement partner | Meriana Ang Mei Ling | Group and Company, FY ended 31 March 2025 | PDF p. 107 |
| Disclaimer of Opinion | We do not express an opinion on the accompanying financial statements of the Group as well as the statement of financial position and the statement of changes in equity of the Company. | Group and Company, FY ended 31 March 2025 | PDF p. 101 |
| Basis for Disclaimer of Opinion | we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements | Group and Company, FY ended 31 March 2025 | PDF p. 101 |
| Opening balances | we were unable to determine whether any adjustments might have been required to those financial statements or whether there were possible effects on the comparability of the current year’s figures with the corresponding figures | Group and Company, opening balances at 31 March 2024 | PDF p. 102 |
| Impairment assessments of the Group’s property, plant and equipment, right-of-use assets, intangible assets and derivative instruments | we were unable to determine the appropriateness of the carrying amounts of the Group’s property, plant and equipment, right-of use assets and intangible assets, as well as the fair value of the derivative put option as at 31 March 2025 | Group, as at 31 March 2025 · As at 2025-03-31 | PDF p. 103 |
| Expected credit losses on the Group’s amount due from a related party, deposits and prepayment | we were unable to determine whether the carrying values and classification of these receivable balances were appropriate as at 31 March 2025, and whether any adjustments might have been necessary | Group, as at 31 March 2025 · As at 2025-03-31 | PDF p. 103 |
| Expected credit losses on the Company’s amounts due from subsidiary corporations | we were unable to obtain sufficient appropriate audit evidence to determine the appropriateness of the carrying amount of the amounts due from subsidiary corporations as at 31 March 2025, and whether any adjustments might have been necessary | Company, as at 31 March 2025 · As at 2025-03-31 | PDF p. 104 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | These conditions indicate the existence of material uncertainties that may cast significant doubt on the Group’s and the Company’s ability to continue as going concerns. | Group and Company, FY ended 31 March 2025 | PDF p. 104 |
| 2.2 Going concern assumption | The Group incurred a net loss of $2,975,000 (2024: $4,671,000) and a net operating cash outflows of $3,185,000 (2024: $6,277,000) respectively for the financial year ended 31 March 2025. | Group, FY2025 with 2024 comparatives | PDF p. 113 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.