EX-99.1 2 ex99-1.htm EX-99.1

Exhibit 99.1

Unaudited Condensed Consolidated Financial Statements as of April 30, 2025 and for the Four Months Ended April 30, 2025 and 2024

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED BALANCE SHEETS

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		April 30, 2025				December 31, 2024
ASSETS:
Current assets:
Cash and cash equivalents			25,541,395				23,915,856
Security deposit			93,475				93,475
Short-term investments			1,908,124				957,729
Accounts receivable			50,000				—
Interest receivable			74,857				3,825
Prepaid expenses and other current assets, net			4,942,867				5,053,824
Total current assets		$	32,610,718			$	30,024,709
Non-current assets:
Operating right-of-use assets, net			132,406				238,330
Property and equipment, net			2,089,060				2,257,794
Intangible assets, net			1,901,586				3,139,896
Security deposit							—
Prepayments for long-term asset							—
Long term equity investments							—
Deferred tax assets			30,584				30,584
Total non-current assets		$	4,153,636			$	5,666,604
TOTAL ASSETS		$	36,764,354			$	35,691,313
LIABILITIES AND SHAREHOLDER’S EQUITY:
Current liabilities:
Convertible Note			3,500,000				7,500,000
Interest payable			96,925				419,005
Accrued expenses and other current liabilities			1,523,154				2,466,436
Amounts due to related parties			910,509				909,575
Operating lease liabilities			157,945				282,279
Total current liabilities		$	6,188,533			$	11,577,295

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED BALANCE SHEETS (CONTINUED)

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		April 30, 2025				December 31, 2024
LIABILITIES AND SHAREHOLDER’S EQUITY (CONTINUED):
Non-current liabilities:
Operating lease liabilities			—				—
Deferred tax liabilities			25,200				25,200
Total non-current liabilities		$	25,200			$	25,200
TOTAL LIABILITIES		$	6,213,733			$	11,602,495
Shareholders’ equity:
Ordinary shares ($0.004 par value, 1,000,000,000 shares authorized as of December 31, 2024 and April 30, 2025; and 62,299,897 and 63,686,563 shares issued and outstanding as of December 31, 2024 and April 30, 2025, respectively)			254,765				249,218
Additional paid-in capital			711,252,377				703,098,695
Accumulated deficit			(682,143,714	)			(680,448,810	)
Accumulated other comprehensive income			1,187,193				1,189,715
Total shareholders’ equity		$	30,550,620			$	24,088,818
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	36,764,354			$	35,691,313

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		For the four months ended April 30,
		2025				2024
Revenue:
Business consultation services			50,000				55,000
Distributed storage and computing services			146,743				193,206
Other services			15,000				10,000
Total Revenue		$	211,743			$	258,206
Cost of Revenue:
Business consultation services			(89,458	)			(90,247	)
Distributed storage and computing services			(330,919	)			(432,407	)
Total Cost of Revenue		$	(420,377	)		$	(522,654	)
Gross loss		$	(208,634	)		$	(264,448	)
Operating expenses:
Sales and marketing			(38,754	)			(22,918	)
General and administrative			(996,421	)			(756,032	)
Provision for doubtful accounts			—				(9,451	)
Loss on market price of crypto assets			(539,858	)			(89,566	)
Total operating expenses		$	(1,575,033	)		$	(877,967	)
Operating loss from continuing operations		$	(1,783,667	)		$	(1,142,415	)
Interest income/(expenses), net			85,408				46,333
Other (expenses)/income, net			61				(352	)
Gain/(loss) from market price of short-term investment			3,294				216,536
Gain/(loss) from selling short-term investments			—				35,771
Loss from disposal of subsidiaries			—
Loss before provision for income taxes		$	(1,694,904	)		$	(844,127	)
Income tax (expenses)/benefits			—				(325,306	)
Net loss		$	(1,694,904	)		$	(1,169,433	)
Net loss attributable to holders of ordinary shares of Mercurity Fintech Holding Inc.		$	(1,694,904	)		$	(1,169,433	)

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		For the four months ended April 30,
		2025				2024
Numerator
Net loss attributable to holders of ordinary shares of Mercurity Fintech Holding Inc.		$	(1,694,904	)		$	(1,169,433	)
Denominator
Weighted average shares used in calculating basic net loss per ordinary share			62,057,028				60,819,897
Weighted average shares used in calculating diluted net loss per ordinary share			62,057,028				60,819,897
Net Loss per ordinary share
Basic			(0.03	)			(0.02	)
Diluted			(0.03	)			(0.02	)
Net Loss per ordinary share from continuing operation
Basic			(0.03	)			(0.02	)
Diluted			(0.03	)			(0.02	)
Net Loss per ordinary share from discontinued operation
Basic			—				—
Diluted			—				—

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		For the four months ended April 30,
		2025				2024
Net loss		$	(1,694,904	)		$	(1,169,433	)
Change in cumulative foreign currency transaction adjustment			(2,522	)			11,147
Comprehensive loss		$	(1,697,426	)		$	(1,158,286	)

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In U.S. dollars, except for number of shares and per share (or ADS) data)

																						Total
																						Mercurity
																		Accumulated				Fintech
		Ordinary shares								Additional								Other				Holding Inc				Total
		Number of								paid-in				Accumulated				comprehensive				shareholders’				Shareholders’
		Shares				Amount				Capital				deficit				loss				equity				equity
Balance as of January 1, 2025			62,299,897				249,218				703,098,695				(680,448,810	)			1,189,715				24,088,818				24,088,818
Share-based compensation			16,666				67				117,262												117,329				117,329
Issuance of shares in the private placement			1,370,000				5,480				8,036,420												8,041,900				8,041,900
Net loss															(1,694,904	)							(1,694,904	)			(1,694,904	)
Foreign currency translation																			(2,522	)			(2,522	)			(2,522	)
Balance as of April 30, 2025			63,686,563				254,765				711,252,377				(682,143,714	)			1,187,193				30,550,621				30,550,621

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In U.S. dollars, except for number of shares and per share (or ADS) data)

																						Total
																						Mercurity
																		Accumulated				Fintech
		Ordinary shares								Additional								Other				Holding Inc.				Total
		Number of								paid-in				Accumulated				comprehensive				shareholders’				Shareholders’
		Shares				Amount				Capital				deficit				loss				equity				equity
Balance as of January 1, 2024			60,819,897				243,298				693,093,915				(676,677,485	)			1,173,039				17,832,767				17,832,767
Net loss															(1,169,433	)							(1,169,433	)			(1,169,433	)
Foreign currency translation																			11,147				11,147				11,147
Cumulative effect upon adoption of ASU 2023-08															763,072								763,072				763,072
Balance as of April 30, 2024			60,819,897				243,298				693,093,915				(677,083,846	)			1,184,186				17,437,553				17,437,553

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		For the four months ended April 30,
		2025				2024
Cash flows from operating activities:
Net loss			(1,694,904	)			(1,169,433	)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts			—				9,452
Depreciation of property and equipment			168,734				281,721
(Gain)/Loss from selling short-term investments			—				(35,771	)
Exchange gains and losses			8,927				6,304
Loss on market price of short-term investment			(3,294	)			(216,536	)
Loss on market price of crypto assets			539,858				89,566
Interest income from short-term investment and providing loans			(74,699	)			(40,966	)
Interest cost of convertible note and borrowing Filecoins			90,532				130,890
Stock-based compensation			117,329				—
Changes in operating assets and liabilities, net of effect of acquisitions:
Digital assets generated from mining business			(146,752	)			(171,479	)
Digital assets used to pay expenses			19,102				—
Prepaid expenses and other current assets			(16,690	)			12,284
Right-of-use assets			105,925				105,925
Deferred tax assets							325,306
Accounts payable							48,589
Advance from customers							95,000
Accrued expenses and other current liabilities			(37,680	)			(216,586	)
Lease liabilities			(124,334	)			(114,864	)
Net cash used in operating activities		$	(1,097,946	)		$	(860,598	)

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		For the four months ended April 30,
		2025				2024
Cash flows from investing activities:
Cash from selling short-term investments			—				1,939,850
Cash from receiving short-term investment interests and dividends			256				40,901
Payments for purchasing property and equipment			—				(2,611	)
Cash paid for short-term investments			(943,690	)			(1,264,531	)
Net cash (used in)/provided by investing activities		$	(943,434	)		$	713,609

MERCURITY FINTECH HOLDING INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In U.S. dollars, except for number of shares and per share (or ADS) data)

		For the four months ended April 30,
		2025				2024
Cash flows from financing activities:
Issuance of common stock			8,041,900				—
Convertible notes			(4,000,000	)			(1,500,000	)
Financing costs			(375,000	)			(450,000	)
Net cash provided by financing activities		$	3,666,900			$	(1,950,000	)
Effect of exchange rate changes		$	19			$	(18	)
Increase in cash and cash equivalents		$	1,625,539			$	(2,097,007	)
Cash and cash equivalents, beginning balance		$	24,009,331			$	16,208,949
Cash and cash equivalents, ending balance		$	25,634,870			$	14,111,942