Winning Catering Group, Inc. (formerly LiquidValue Development Inc.) reported significant financial challenges in its latest 10-Q filing for the third quarter of 2025. The company generated revenue of $3,479 for the three months ended September 30, 2025, a stark decline from $3,827,902 during the same period in 2024. For the nine months ending September 30, 2025, revenue totaled $21,290, down from $8,886,207 in the prior year. This decrease is attributed to the completion of property sales from the Lakes at Black Oak and Alset Villas projects in 2024, which had previously contributed significantly to the company's revenue.
The company's operating expenses also saw a notable shift, with total operating expenses for the three months ending September 30, 2025, amounting to $213,532, compared to $2,047,582 in the same quarter of 2024. The reduction in expenses was primarily due to the special distribution of shares in August 2025, which led to a decrease in general and administrative costs. However, the company still reported a net loss of $23,004 for the third quarter of 2025, contrasting sharply with a net income of $2,030,756 in the same quarter of the previous year. For the nine-month period, the net loss was $1,006,245, compared to a net income of $2,835,450 in 2024.
In terms of strategic developments, Winning Catering Group executed a special distribution of substantially all its assets to shareholders in August 2025, valued at approximately $34.8 million. This distribution included shares of its subsidiary, Alset Real Estate Holdings Inc. Following this transaction, the company has been classified as a shell company, with no material operations or revenue sources. The company is actively pursuing a merger with Winning Catering Management Limited, which is expected to provide a new business operation and address concerns regarding its ability to continue as a going concern.
As of September 30, 2025, Winning Catering Group reported total assets of $5,912, a significant decrease from $38,792,674 at the end of 2024. The company’s cash reserves dwindled to $5,912 from $2,762,935, raising concerns about its liquidity. The company has no commitments for additional financing and will require either new capital or a strategic transaction to sustain its operations. The management has expressed substantial doubt about the company's ability to continue as a going concern, emphasizing the need for the planned merger to secure future operations.
Looking ahead, the company’s management is focused on completing the merger with Winning Catering Management Limited, which is anticipated to provide a pathway for revitalizing operations. However, as of the report's issuance, the merger had not yet been finalized, leaving the company in a precarious financial position. The management's strategy aims to address the significant operational challenges and financial uncertainties that have emerged following the asset distribution and the decline in revenue.
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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