| CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
22. CONDENSED FINANCIAL INFORMATION OF
THE PARENT COMPANY
The condensed financial statements of EPWK
Holdings Ltd. (“EPWK Cayman”, the “parent company”) have been prepared in accordance with accounting principles
generally accepted in the United States of America. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted
in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans, or advances. The following represents condensed financial
information of the parent company only:
Condensed Balance Sheets
| | |
As of | |
| | |
December 31,
2025 | | |
June 30,
2025 | |
| Assets | |
| | |
| |
| Cash and cash equivalents | |
$ | 59,675 | | |
$ | - | |
| Advance to suppliers | |
| - | | |
| 7,362,203 | |
| Receivables from subsidiaries | |
| 12,350,214 | | |
| - | |
| Prepaid expenses and other receivables, net | |
| 135,727 | | |
| 612,500 | |
| Total current assets | |
| 12,545,616 | | |
| 7,974,703 | |
| Deficits in subsidiaries and VIEs | |
| (8,836,057 | ) | |
| (8,078,359 | ) |
| Total non-current asset | |
| (8,836,057 | ) | |
| (8,078,359 | ) |
| Total assets | |
| 3,709,655 | | |
| (103,656 | ) |
| | |
| | | |
| | |
| Liability | |
| | | |
| | |
| Payable to a subsidiary | |
| - | | |
| 200 | |
| Other payables | |
| 6,485,850 | | |
| - | |
| Total current liability | |
| 6,485,850 | | |
| 200 | |
| Total liability | |
| 6,485,850 | | |
| 200 | |
| | |
| | | |
| | |
| Total Shareholders’ deficit | |
$ | (2,776,291 | ) | |
$ | (103,856 | ) |
| Total liabilities and shareholders’ deficit | |
$ | 3,709,655 | | |
$ | (103,656 | ) |
Condensed Statements of Operations and Comprehensive Loss
| | |
For the six-months ended | |
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| Revenues | |
$ | - | | |
$ | - | |
| Income/(loss) for equity method investment in subsidiaries and VIEs | |
| - | | |
| - | |
| Selling expenses | |
| (7,606,018 | ) | |
| - | |
| General & Administrative Expenses | |
| (1,258,732 | ) | |
| - | |
| Other income, net | |
| 13 | | |
| - | |
| Share of loss of subsidiaries, consolidated VIE and VIE’s subsidiaries | |
| (634,611 | ) | |
| (484,013 | ) |
| Net loss | |
$ | (9,499,348 | ) | |
$ | (484,013 | ) |
| Other comprehensive (loss)/ income | |
$ | (123,087 | ) | |
$ | 39,797 | |
| Total Comprehensive loss | |
$ | (9,622,435 | ) | |
$ | (444,216 | ) |
|