SEATech Ventures Corp. reported a challenging fiscal year for 2024, with total revenue dropping to $0 from $328,340 in 2023. The decline in revenue was attributed to a lack of deal flow in the business mentoring and incubation services sector, which the company primarily operates in. The cost of revenue also fell to $0 from $251,700, reflecting the absence of income-generating activities. Consequently, the company recorded a net loss of $156,926, a decrease from the previous year's loss of $302,829, primarily due to reduced general and administrative expenses.
In terms of operational changes, SEATech Ventures has been focusing on strategic expansion and recruitment. The company plans to hire 15 to 20 new employees in Malaysia, including accountants and ICT business consultants, to strengthen its operational capabilities. Additionally, SEATech aims to recruit managing partners in various Asian countries to enhance its advisory services and market presence. The company is also committed to funding its ICT Incubator Program, which is expected to require significant investment in research and development.
Despite the setbacks in revenue, SEATech Ventures is actively exploring new business opportunities and expanding its service offerings. The company has established a partnership with Greenpro Capital Corp. to act as a listing sponsor for potential token issuers on Green-X, a Shariah-compliant digital asset exchange. This initiative is part of a broader strategy to tap into the growing asset tokenization market, which is projected to expand significantly in the coming years.
As of December 31, 2024, SEATech Ventures had cash and cash equivalents of $12,330, indicating a need for improved liquidity and capital resources. The company is relying on operating activities to meet its working capital requirements and anticipates that increased operational levels will lead to better cash flow in the future. The management has acknowledged the importance of enhancing internal controls, particularly in light of identified weaknesses in risk assessment and segregation of duties.
Looking ahead, SEATech Ventures remains focused on its mission to support ICT entrepreneurs in Asia through mentorship and advisory services. The company is optimistic about future growth opportunities, particularly in the rapidly evolving ICT sector across the region. However, it recognizes the challenges posed by market conditions and competition, which will require strategic adjustments and continued investment in its operational framework.
About SEATech Ventures Corp.
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