Winning Catering Group, Inc., formerly known as LiquidValue Development Inc., reported a significant decline in financial performance for the fiscal year ending December 31, 2025. The company generated revenue of $21,290, a stark decrease from $16.8 million in 2024. This drop is attributed primarily to the completion of property sales from its Lakes at Black Oak and Alset Villas projects in 2024, which had previously contributed substantially to revenue. The company also recorded a net loss of $981,966 for 2025, compared to a net income of $6.7 million in the prior year.
The company's total assets plummeted to $5,912 by the end of 2025, down from approximately $38.8 million in 2024. This drastic reduction in assets is largely due to the distribution of shares of Alset Real Estate Holdings Inc. to shareholders, which represented a one-time special dividend valued at about $34.8 million. Following this distribution, Winning Catering Group is now classified as a "shell company," as it has no material operations or revenue sources. The company’s liabilities also decreased to zero from nearly $3 million in the previous year, reflecting the completion of various financial obligations.
Strategically, the company has undergone significant organizational changes, including the planned merger with Winning Catering Management Limited, which is expected to be finalized in the near future. This merger aims to revitalize the company’s operations and address concerns regarding its ability to continue as a going concern. Winning Catering Management operates the Wing Nin brand, a food and beverage business with a presence in Hong Kong. The merger is anticipated to provide a new operational framework and revenue stream for the company.
Operationally, the company has seen a complete turnover in its employee structure, with no full-time employees reported as of December 31, 2025, down from six in the previous year. The company has relied on contractors for project work, which has contributed to its reduced operational capacity. Additionally, the company has not engaged in any significant geographic expansion or product adoption initiatives during this period, focusing instead on the completion of prior projects.
Looking ahead, the company acknowledges substantial doubt regarding its ability to continue as a going concern, given its minimal cash reserves and lack of operational revenue. Management is actively pursuing the merger as a strategic move to secure new business operations and stabilize the company’s financial standing. However, as of the report's issuance, the merger had not yet been consummated, leaving the company in a precarious position as it navigates its future.
About LiquidValue Development Inc.
LiquidValue Development Inc. specializes in land development and real estate operations, including residential land subdivision, homebuilding, and rental properties. The company develops buildable lots, constructs homes, and manages rental communities across the U.S., leveraging strategic partnerships and government reimbursements. Its core value lies in creating sustainable, eco-friendly communities with energy-efficient technologies, focusing on long-term property value and diversified real estate services.
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