Exhibit 99.1
SOCIETY PASS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Currency expressed in United States Dollars (“US$”))
| June 30, 2025 | August | |||||||
| (Unaudited) | (Proforma)(1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 8,218,805 | $ | 21,009,098 | ||||
| Restricted cash | 50,000 | 50,000 | ||||||
| Accounts receivable, net | 1,064,164 | 708,315 | ||||||
| Inventories | 127,843 | 127,843 | ||||||
| Contract assets | 327,267 | 327,267 | ||||||
| Deposits, prepayments and other receivables | 12,796,555 | 6,533,361 | ||||||
| Total current assets | 22,584,634 | 28,755,884 | ||||||
| Non-current assets: | ||||||||
| Intangible assets, net | 5,311,177 | 5,311,177 | ||||||
| Goodwill | 81,849 | 81,849 | ||||||
| Plant and equipment, net | 347,106 | 347,106 | ||||||
| Right of use assets, net | 809,329 | 809,329 | ||||||
| Deferred tax assets | 58,350 | 58,350 | ||||||
| Total non-current assets | 6,607,811 | 6,607,811 | ||||||
| TOTAL ASSETS | $ | 29,192,445 | $ | 35,363,695 | ||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payables | $ | 9,581,836 | $ | 2,821,419 | ||||
| Contract liabilities | 951,228 | 951,228 | ||||||
| Accrued liabilities and other payables | 15,492,850 | 15,492,850 | ||||||
| Due to related parties | 12,739 | 12,739 | ||||||
| Operating lease liabilities | 432,842 | 432,842 | ||||||
| Loan | 24,270 | 24,270 | ||||||
| Total current liabilities | 26,495,765 | 19,735,348 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities | 377,776 | 377,776 | ||||||
| Deferred tax liabilities | 69,000 | 69,000 | ||||||
| Total non-current liabilities | 446,776 | 446,776 | ||||||
| TOTAL LIABILITIES | 26,942,541 | 20,182,124 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| Convertible preferred shares; $0.0001 par value, 5,000,000 shares authorized, 4,766,500 and 4,766,500 shares undesignated as of March 31, 2025 and December 31, 2024, respectively | ||||||||
| Series A shares: 10,000 shares designated; 0 and 0 Series A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | — | — | ||||||
| Series B shares: 10,000 shares designated; 0 and 0 Series B shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | — | — | ||||||
| Series B-1 shares: 15,000 shares designated; 0 and 0 Series B-1 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | — | — | ||||||
| Series C shares: 15,000 shares designated; 0 and 0 Series C shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively, net of issuance cost | — | — | ||||||
| Series C-1 shares: 30,000 shares designated; 0 and 0 Series C-1 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively, net of issuance cost | — | — | ||||||
| SHAREHOLDERS’ EQUITY (DEFICIT) SURPLUS | ||||||||
| Series X Super Voting Preferred Stock, $0.0001 par value, 153,500 shares designated; 153,500 and 153,500 Series X shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 15 | 15 | ||||||
| Common shares; $0.0001 par value, 50,000,000 shares authorized; 5,011,061 and 5,311,061 shares issued and outstanding as of May 31, 2025 and June 30, 2025, respectively | 531 | 536 | ||||||
| Subscription receivable | (381,111 | ) | (381,111 | ) | ||||
| Additional paid-in capital | 114,698,365 | 128,248,848 | ||||||
| Less: Preferred stock held in treasury, at cost; 150,000 and 150,000 shares at May 31, 2025 and June 30, 2025, respectively | (15 | ) | (15 | ) | ||||
| Less: Common shares held in treasury, at cost; 51,902 and 51,902 shares May 31, 2025 and June 30,2025, respectively | — | — | ||||||
| Accumulated other comprehensive loss | (380,449 | ) | (380,449 | ) | ||||
| Accumulated deficit | (111,488,907 | ) | (112,091,618 | ) | ||||
| Total (deficit) surplus attributable to Society Pass Incorporated | 2,448,429 | 15,396,206 | ||||||
| Non-controlling interest | (198,525 | ) | (214,635 | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) SURPLUS | 2,249,904 | 15,181,571 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 29,192,445 | $ | 35,363,695 | ||||
| (1) | Proforma
as adjusted additional paid in capital reflects the net proceeds we expect to receive, after
deducting underwriting fee, underwriter expense allowance and other expenses |