Overview
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- TickerOFAL on Nasdaq1
- IndustryServices-Engineering Services1
- HeadquartersRolling Hills, California1
- Incorporated inCayman Islands3
- Business address609 Deep Valley Drive,, Suite 200,, Rolling Hills, Ca 902743
- Filer category, Emerging growth company3
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Co-Development Agreement was further amended by an Assignment Agreement (as described below).5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Design and Fit-out Services brought in 85% of the revenue OFA Group broke down this way in fiscal 2026.
Products and services by year
| Products and services | 2025 | 2026 |
|---|---|---|
| Design and Fit-out Services | $97.4K | $609.5K |
| Others | $104.6K | $107.4K |
Where the money goes
Where each dollar of revenue went, fiscal 2026
- Cost of revenue28¢$553.0K
- Selling, general and admin72¢$1.4M
- Income tax0¢$66
Out of $716.9K in revenue.2 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2026-03-31 | 2025-03-31 |
|---|---|---|
| Project income | $716.9K | $202.0K |
| Cost of revenue | $553.0K | $113.4K |
| Gross profit | $163.8K | $88.6K |
| Depreciation and amortization | $1.6M | |
| Selling, general and administrative | $1.4M | $370.0K |
| Professional services | $2.7M | $113.7K |
| Advertising and marketing | $530.5K | $20.6K |
| Salaries and wages | $1.9M | $271.6K |
| Total operating expenses | $8.2M | $775.8K |
| Loss from operations | -$8.0M | -$687.2K |
| Government subsidies | $9.0K | $20.0K |
| Interest expense | -$13.7K | -$48.5K |
| Interest income | $464 | $968 |
| Total other expense | -$4.2K | -$27.5K |
| Loss from operations before income taxes | -$8.0M | -$714.7K |
| Provision for income taxes | -$66 | |
| Net Loss | -$8.0M | -$714.7K |
| Dividends and accretion to redeemable preferred equity | -$714.4K | |
| Net Loss attributable to common shareholders | -$8.7M | -$714.7K |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2026-03-31 | 2025-11-30 | 2025-03-31 | 2024-03-31 |
|---|---|---|---|---|
| Cash | $1.0M | $31.9K | ||
| Restricted cash-held by affiliate | $1.7M | |||
| Prepaid expense | $59.5K | |||
| Contract assets | $3.1K | $8.5K | ||
| Account receivables, net | $3.7K | $7.5K | ||
| Deferred offering costs | $1.1M | $266.0K | ||
| Total current assets | $3.9M | $313.9K | ||
| Rent deposit | $122.9K | $16.0K | ||
| Right-of-use asset - operating lease | $635.6K | $38.0K | ||
| Property, plant and equipment, net | $897.0K | |||
| Intangible assets, net | $16.1M | |||
| Total non-current assets | $17.7M | $54.0K | ||
| Total assets | $21.6M | $367.9K | ||
| Account payable | $516.0K | |||
| Accrued liabilities | $6.0M | $2.2K | ||
| Contract liabilities | $62.2K | $131.6K | $101.7K | |
| Current maturities of loan payable | $22.2K | $378 | ||
| Due to related parties | $286.2K | $48.5K | ||
| Operating lease liabilities | $164.4K | $38.1K | ||
| Commitment fee payable | $897.2K | |||
| Total current liabilities | $8.0M | $220.7K | ||
| Loan payable, net of current | $448.1K | $473.2K | ||
| Operating lease liabilities | $454.4K | |||
| Total non-current liabilities | $902.5K | $473.2K | ||
| Total liabilities | $8.9M | $693.9K | ||
| Additional paid-in capital | $19.5M | $641.8K | ||
| Share payable | $535.5K | |||
| Accumulated deficit | -$9.1M | -$1.0M | ||
| Accumulated other comprehensive income | $64.0K | $49.7K | ||
| Total shareholders equity (deficit) | $11.0M | -$326.0K | -$268.2K | |
| Total liabilities, Mezzanine Equity and shareholders equity | $21.6M | $367.9K | ||
| Ordinary shares, par value | $0.00 | $0.00 |
| Period ending | 2026-03-31 | 2025-11-30 | 2025-03-31 | 2024-03-31 |
|---|---|---|---|---|
| Cash | $1.0M | $31.9K | ||
| Restricted cash-held by affiliate | $1.7M | |||
| Prepaid expense | $59.5K | |||
| Contract assets | $3.1K | $8.5K | ||
| Account receivables, net | $3.7K | $7.5K | ||
| Deferred offering costs | $1.1M | $266.0K | ||
| Total current assets | $3.9M | $313.9K | ||
| Rent deposit | $122.9K | $16.0K | ||
| Right-of-use asset - operating lease | $635.6K | $38.0K | ||
| Property, plant and equipment, net | $897.0K | |||
| Intangible assets, net | $16.1M | |||
| Total non-current assets | $17.7M | $54.0K | ||
| Total assets | $21.6M | $367.9K | ||
| Account payable | $516.0K | |||
| Accrued liabilities | $6.0M | $2.2K | ||
| Contract liabilities | $62.2K | $131.6K | $101.7K | |
| Current maturities of loan payable | $22.2K | $378 | ||
| Due to related parties | $286.2K | $48.5K | ||
| Operating lease liabilities | $164.4K | $38.1K | ||
| Commitment fee payable | $897.2K | |||
| Total current liabilities | $8.0M | $220.7K | ||
| Loan payable, net of current | $448.1K | $473.2K | ||
| Operating lease liabilities | $454.4K | |||
| Total non-current liabilities | $902.5K | $473.2K | ||
| Total liabilities | $8.9M | $693.9K | ||
| Additional paid-in capital | $19.5M | $641.8K | ||
| Share payable | $535.5K | |||
| Accumulated deficit | -$9.1M | -$1.0M | ||
| Accumulated other comprehensive income | $64.0K | $49.7K | ||
| Total shareholders equity (deficit) | $11.0M | -$326.0K | -$268.2K | |
| Total liabilities, Mezzanine Equity and shareholders equity | $21.6M | $367.9K | ||
| Ordinary shares, par value | $0.00 | $0.00 |
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2026-03-31 | 2025-03-31 |
|---|---|---|
| Net Loss | -$8.0M | -$714.7K |
| Bad debt expenses | $17.7K | |
| Depreciation and amortization | $1.6M | |
| Share-based compensation expense | $555.5K | |
| Shares issued for professional services | $1.0M | |
| Interest forgiven | $32.2K | |
| Shareholder investment | $79.8K | |
| Due to related party | $284.5K | $48.4K |
| Contract assets | $5.4K | $37.2K |
| Account receivables | $3.7K | -$25.2K |
| Prepaid expenses | -$59.5K | |
| Rent deposit | -$106.9K | -$8.2K |
| Right-of-use asset | $64.6K | $77.1K |
| Deferred offering costs | -$100.0K | $340.3K |
| Right-of-use liabilities | -$81.5K | -$77.3K |
| Contract liabilities | -$68.7K | $29.2K |
| Account payable | $447.2K | -$15.1K |
| Accrued expenses | $199.8K | $2.2K |
| Net cash used in operating activities | -$4.2M | -$256.2K |
| Purchases of property and equipment | -$591.2K | |
| Purchases of intellectual property | -$12.1M | |
| Net cash used in investing activities | -$12.7M | |
| Proceeds from issuance of Class A Ordinary Shares upon initial public offering, net of underwriting discounts, commissions and other offering costs | $15.3M | |
| Proceeds from the issuance of Class B shares | $20.0K | |
| Proceeds from the issuance of Series A Preferred Shares, net | $4.2M | |
| Payment of loans | -$3.3K | -$1.5K |
| Net cash provided by (used in) financing activities | $19.6M | -$1.5K |
| Net change in cash | $2.7M | -$257.7K |
| Effect of currency translation on cash and cash equivalents | $9.7K | $21.5K |
| Cash paid for interest | $1.1K | $16.3K |
| Establishment of ROU assets and liabilities | $662.4K | $82.4K |
| Accretion to redeemable preferred equity | $637.9K | |
| Dividends on Series A Preferred Shares | $49.1K | |
| Shareholder distribution | $600.0K | |
| Debt conversion | $600.0K | |
| Stock Issued for services | $85.8K | |
| Deferred IPO costs reclassified to APIC | $266.0K | |
| Ordinary Shares issued for conversion of Series A Preferred Shares | $3.2M | |
| Issuance of 250,000 shares of Ordinary Shares as commitment shares | $1.0M |
No quarter-by-quarter statement was filed.
Corporate structure
OFA Group sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of OFA Group
- Greentree Financial Group, Inc Filed SCHEDULE 13G on OFA Group, latest Feb 27, 2026
- CP Cowork Ltd Filed SCHEDULE 13G on OFA Group, latest Aug 13, 2025
- FNHK Inc. Filed SCHEDULE 13G on OFA Group, latest Aug 13, 2025
- R-OPUS Inc. Filed SCHEDULE 13G on OFA Group, latest Aug 13, 2025
- OFA Group Rolling Hills, California
- Republic of Subsidiary · China
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What OFA Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $99.9K2 Mar 31, 2026 | ||
| Property and equipment, net | $897.0K2 Mar 31, 2026 | ||
| Operating-lease assets (leased space) | $635.6K2 Mar 31, 2026 | $38.0K2 Mar 31, 2025 | +1572.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $2.7M2 Mar 31, 2026 | $31.9K2 Mar 31, 2025 | +8392.9% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $16.1M2 Mar 31, 2026 | ||
| Finite-lived intangibles, gross | $17.6M2 Mar 31, 2026 | ||
| Accumulated amortization | -$1.5M2 Mar 31, 2026 | ||
| Finite-lived intangibles, net | $16.1M2 Mar 31, 2026 |
Properties, in its own words
Our principal executive offices and North American headquarters are located in Rolling Hills, California, while our primary administrative, technical, and architectural operations continue to be conducted from our offices in Hong Kong.
The following table sets forth certain information relating to the primary leased offices as of the date of this annual report.
The rest of Item 2
Lessor · Lessee · Location · Area (Square Meter) · Annual Rent · Term · Use
WellMake Investments Limited · Office for Fine Architecture Limited · Unit. B, 16th Floor Easy Tower No. 609 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong · 81.3 square meters · $180,390 in HKD · 2 years (from August 16, 2025 to August 15, 2027) · Industrial / office (non-domestic use)
Regus Management Group, LLC · Office for Fine Architecture Limited · 609 Deep Valley Drive, Suite 200, Rolling Hills, California 90274 · 41.81 square meters · Rent negotiated monthly in the range of $1,923.70 to $3,318.40 · Month to month · Office
Strand Property Management, LLC · OFA Group · 3720 Skypark Drive, Torrance, California · 4,658 square meters · $117,381.60 · 5 years and 1 month from March 15, 2026 to April 14, 2031 · Office
Guangzhou Tiande Commercial Operations Management Co., Ltd. · Guangzhou Zhiyi Consulting Services Co., Ltd. · Room 2101, Sub-room No. 19, Linjiang Avenue No. 395, Guangzhou City, Guangdong Province, China · 10 seats · $26,090.74 · 1 year from December 26, 2025 to December 25, 2026. · Office
Item 2 of the 10-K filed Jul 14, 2026.5
Leadership
Who has led OFA Group, and when. Pick a name to see everywhere that person has worked.
Chief executive
- Chief executive officerLi Hsien Wong Apr 1, 2026 to now8
Board members and other officers (5)
- Chief Operations OfficerThomas Michael Gaffney Apr 1, 2026 to now9
- Chief Technology OfficerWai Wong Chong Apr 1, 2026 to now10
- Board memberJohn Chiang Mar 18, 2026 to now11
- Board memberLi Hsien Wong Apr 1, 2026 to now8
- Board memberWai Wong Chong Apr 1, 2026 to now10
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Republic of China (“PRC”)4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 9, 20268-K Shareholder vote12
- Oct 5, 20268-K Executive or director change13
- Aug 13, 20268-K Executive or director change14
- Jul 27, 20268-K Regulation FD disclosure15
- Jun 23, 20268-K Unregistered sale of shares16
- Jun 12, 20268-K Listing notice or transfer; Other events17
- Jun 8, 20268-K Unregistered sale of shares18
- May 26, 20268-K Executive or director change; Shareholder vote19
- May 14, 20268-K Entered a material agreement; Other events20
- Apr 22, 20268-K Entered a material agreement; Regulation FD disclosure21
- Apr 8, 20268-K Executive or director change22
- Apr 6, 20268-K Entered a material agreement; Regulation FD disclosure23
- Apr 1, 2026New chief executive Li Hsien Wong becomes CEO8
Filings
92 filings to the SEC since October 2021: 2 annual reports, 1 quarterly reports, 13 major events, 6 insider forms, 4 large holders, 66 other. The latest 20:
- Oct 9, 20263 EDGAR
- Oct 9, 20268-K EDGAR
- Oct 5, 20268-K EDGAR
- Sep 25, 2026DEF 14A EDGAR
- Sep 15, 2026PRE 14A EDGAR
- Aug 14, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Jul 27, 20268-K EDGAR
- Jul 14, 202610-K EDGAR
- Jun 30, 2026NT 10-K EDGAR
- Jun 24, 2026EFFECT EDGAR
- Jun 23, 20268-K EDGAR
- Jun 22, 2026CORRESP EDGAR
- Jun 22, 2026UPLOAD EDGAR
- Jun 12, 20268-K EDGAR
- Jun 10, 2026S-1 EDGAR
- Jun 8, 20268-K EDGAR
- May 27, 2026144 EDGAR
- May 26, 20268-K EDGAR
- May 15, 2026144 EDGAR
The 92 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Greentree Financial Group, IncSCHEDULE 13G, 1 filing Feb 27, 202624
- CP Cowork LtdSCHEDULE 13G, 1 filing Aug 13, 202525
- FNHK Inc.SCHEDULE 13G, 1 filing Aug 13, 202526
- R-OPUS Inc.SCHEDULE 13G, 1 filing Aug 13, 202527
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2026 | Larry Wong(Chief Executive OfficerDirector) | $240.0K | $724.0K28 | |
| 2026 | Keith Chong(Chief Technology OfficerDirector) | $91.9K | $182.0K28 | |
| 2026 | Thomas Gaffney (Chief Operating Officer) | $180.0K28 | ||
| 2026 | Ernest Yeung (Chief Financial Officer) | $80.0K28 | ||
| 2025 | Thomas Gaffney (Chief Operating Officer) | $87.2K28 | ||
| 2025 | Ernest Yeung (Chief Financial Officer) | $40.2K28 | ||
| 2025 | Keith Chong(Chief Technology OfficerDirector) | $36.8K28 | ||
| 2025 | Larry Wong(Chief Executive OfficerDirector) | $36.8K28 |
SEC filer profile
How OFA Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAROFA Group1
- CIK0002036307
- Employer ID (EIN)00-00000005
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company5
- Incorporated inCayman Islands5
- Fiscal year endsMarch 311
- Industry code (SIC)8711 Services-Engineering Services1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address609 Deep Valley Drive,, Suite 200,, Rolling Hills, CA 902741
- Phone852213701221
- Shares outstanding26,370,521 shares as of Jul 13, 20265
- Public float$6.8M as of Sep 30, 20255
- AuditorM&K CPAS, PLLC, The Woodlands, Texas PCAOB ID 2738; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceSep 27, 20241
- Filings92 in all: CORRESP (15), 8-K (12), 6-K (10), UPLOAD (10), F-1/A (8), 3 (6), EFFECT (4), SCHEDULE 13G (4)1
All 24 form types
F-1 (3), 144 (2), DEF 14A (2), DRS/A (2), DRSLTR (2), PRE 14A (2), 10-K (1), 10-Q (1), 20-F (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), NT 10-K (1), S-1 (1)
- Latest filingsAnnual report (10-K) Jul 14, 2026
Quarterly report (10-Q) Aug 14, 2026
Proxy statement (DEF 14A) Sep 25, 2026
Latest 8-K (8-K) Oct 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Ordinary Shares, $0.001 par value per share | OFAL | Nasdaq |
From the cover page of the 10-K filed Jul 14, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks OFA Group names in Item 1A of its 10-K filed Jul 14, 2026: 64 risks under these headings, as written.5
- Risks Related to Our Business and Industry
- Our industry is highly competitive, and we may be unable to compete effectively, which could result in reduced revenue, profitability and market share.
- We may be adversely affected if we do not retain the continued services of our senior management and key technical personnel.
- Demand for our services is impacted by economic downturns, reductions in government or private spending and times of political uncertainty.
- Our operating history may not be indicative of our future growth or financial results, and we may not be able to sustain our historical growth rates.
- Our utilization of artificial intelligence and machine learning technologies may expose us to operational, legal, and financial risks that could materially impact our business operations and financial results.
- Risks Related to Our Co-Development Agreement for the OFA QikBIM System
- Risks Related to the Valuation of Noncash Consideration Received in the Form of PPDF
- We may encounter difficulties expanding into new businesses or industries, which may affect adversely our results of operations and financial condition.
- We may be subject to legal or other proceedings in the ordinary course of our business. If the outcome of these proceedings are adverse to us, they could have a material adverse effect on our business, financial condition and results of operations. In addition, we are subject to government regulations. If we fail to comply with the relevant requirements and obligations, our ability to conduct our business and our brand which may adversely affect our business, financial condition and results of operations.
- Continuing inflation, rising or continued high interest rates, and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts.
- Project sites are inherently dangerous workplaces. Failure to maintain safe work sites by us, the owner or others working at the project site can lead to our employees, contractors or others becoming injured, disabled or even losing their lives, and exposes us to significant financial losses and reputational harm, as well as civil and criminal liabilities.
The other 55 risks
- The nature of our contracts, particularly any fixed-price contracts, subjects us to risks of cost overruns. We may experience reduced profits or losses if costs increase above budgets or estimates or the project experiences delays.
- Our failure to meet performance requirements or contractual schedules could adversely affect our business, financial condition and results of operations.
- The contracts in our backlog may be adjusted, canceled or suspended by our clients and, therefore, our backlog is not necessarily indicative of our future revenues or earnings.
- Our business and operating results could be adversely affected by losses under fixed-price contracts.
- Our services expose us to significant risks of liability and our insurance policies may not provide adequate coverage.
- In conducting our business, we depend on other contractors and subcontractors. If these parties fail to satisfy their obligations to us or other parties, or if we are unable to maintain these relationships, our revenue, profitability and growth prospects could be adversely affected.
- We depend on a few major customers with which we do not enter into long-term contracts, the loss of any of which could cause a significant decline in our revenues.
- Systems and information technology interruption could adversely impact our operations and financial results.
- Cybersecurity or privacy breaches, or systems and information technology interruption or failure could adversely impact our ability to operate or expose us to significant financial losses and reputational harm.
- We may need additional capital but may not be able to obtain it on favorable terms or at all.
- We have identified material weaknesses in our internal control over financial reporting. If we do not adequately remediate the material weaknesses, or if we experience additional material weakness in the future or otherwise fail to maintain effective internal controls, we may not be able to accurately or timely report our financial condition or results of operations, or comply with the accounting and reporting requirements applicable to public companies, which may adversely affect investor confidence in us and the market price of our Class A Ordinary Shares.
- Risks Related to Doing Business in Hong Kong
- A downturn in the Hong Kong or global economy, or a change in economic, social and/or political conditions in Hong Kong, could materially and adversely affect our Hong Kong operating subsidiary’s business and financial condition.
- Our Hong Kong operating subsidiary may be subject to restrictions on paying dividends or making other payments to us, which may restrict its ability to satisfy liquidity requirements, conduct business and pay dividends to holders of our Class A Ordinary Shares.
- We may be negatively affected by adverse political or geopolitical developments that affects the conducting of business in Hong Kong.
- Changes in international trade policies, trade disputes, barriers to trade or the emergence of a trade war may dampen growth in markets where the majority of our customers reside.
- Fluctuations in exchange rates could result in foreign currency exchange losses to us and could impact our gross profit and gross margin.
- If the pegging system collapses and the value of the Hong Kong dollars against the US dollar is affected, our sales in the US or other US currency based regions may be affected.
- The costs of doing business in Hong Kong is high as compared to its surrounding regions.
- The PCAOB determinations provides that if the PCAOB board is unable to inspect or investigate completely registered public accounting firms headquartered in China or Hong Kong, a Special Administrative Region, because of a position taken by one or more authorities in China or Hong Kong it could result in the prohibition of trading in our securities by not being allowed to list on a U.S. exchange, and as a result an exchange may determine to delist our securities, which would materially affect the interest of our investors.
- We may become subject to a variety of PRC laws and other regulations regarding data security or securities offerings that are conducted overseas and/or other foreign investment in China-based issuers, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.
- Our business concerning use of third party AI tools and our future plans concerning the development of proprietary AI tools may be materially and adversely affected by developments concerning AI regulations in Hong Kong.
- Failure to comply with Hong Kong Competition Law may result in material and adverse effect on our business, financial condition and results of operations.
- Failure to comply with PDPO may result in material and adverse effect on our business, financial condition and results of operations.
- Risks Related the Ownership of Class A Ordinary Shares
- Investors who buy Class A Ordinary Shares from our securityholders at different times will likely pay different prices.
- Sales of a substantial number of our Class A Ordinary Shares in the public market by our existing securityholders could cause the price of our ordinary share to fall.
- The trading market for our Class A Ordinary Shares is very new, and consistently robust and liquid trading market may not develop or be sustained over the long term.
- Nasdaq may apply additional and more stringent criteria for our continued listing because we plan to have a small public offering and insiders will hold a large portion of our listed securities.
- Our three main shareholders, including our Chief Executive Officer and our Chief Technology Officer, beneficially own an aggregate of 16,982,076 Class A Ordinary Shares and 20,000,000 Class B Ordinary Shares as of the date of this report, representing approximately 98.22% of the voting power of our outstanding share capital, and will have significant influence over all corporate matters for which shareholder approval is required.
- The conversion of our Preferred Shares may result in substantial dilution to existing shareholders, and the number of Class A Ordinary Shares issuable upon conversion may increase if the market price of our Class A Ordinary Shares declines.
- The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.
- Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Ordinary Shares.
- The future sales of Class A Ordinary Shares by existing shareholders may adversely affect the market price of our ordinary share.
- If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.
- The sale or availability for sale of substantial amounts of our Class A Ordinary Shares could adversely affect their market price.
- Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for return on your investment.
- You must rely on the judgment of our management as to the use of the net proceeds from future financings, and such use may not produce income or increase our share price.
- If we are classified as a passive foreign investment company, United States taxpayers who own our Class A Ordinary Shares may have adverse United States federal income tax consequences.
- We may issue additional Ordinary Shares or preference shares in the future. Any such issuances would dilute the interest of our shareholders and likely present other risks.
- The Second M&A that we adopted contain anti-takeover provisions and the Class B Ordinary Shares we issued have anti-takeover effects that could have a material adverse effect on the rights of holders of our Class A Ordinary Shares.
- We are a “controlled company” within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.
- You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.
- You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.
- Certain judgments obtained against us by our shareholders may not be enforceable.
- We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
- We incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary Shares.
- Nasdaq may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
- Risks Related to Our Cryptocurrency Treasure Strategy
- We may use the net proceeds from any future offering to purchase cryptocurrency, the price of which has been, and will likely continue to be, highly volatile.
- Regulatory change reclassifying bitcoin as a security could lead to our classification as an “investment company” under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of bitcoin and the market price of our Class A Ordinary Shares.
- We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations.
- Our ability to execute our business plan depends on the successful development, deployment, and commercialization of blockchain-based infrastructure that supports the tokenization of real-world assets, on-chain trading systems, and treasury management, which may not materialize as expected.
- Changes in laws and regulations, including increased regulation of blockchain technologies and digital assets, may adversely affect our business, product development, and compliance obligations.
- Our ability to build and scale a community of clients and investor end-users for blockchain-enabled financial services and products is uncertain and depends on successful market adoption, product development, and execution of our business strategy.
- There are risks associated with the Solana network, SOL token and the blockchain sector.
- Our Solana digital asset staking strategy is subject to unique and substantial risks related to the Solana network’s technology, governance, and ecosystem, which could result in a complete or partial loss of our investment.
- A cyberattack or other malicious attack on the Solana blockchain could have a material impact on the value of SOL held by the Company.
- Covered Call Option Writing Risk
Legal proceedings
The Company is aware of a lawsuit filed in New York State Court asserting that approximately 70 different IPO issuers and underwriters violated Sections 11, 12 and 15 of the federal securities laws. The Company has not yet been served with the lawsuit, and although it appears to have been named as a defendant, there are no allegations specific to the company in the complaint. The Company denies any allegations of wrongdoing of the type alleged vaguely in the complaint. Because the allegations are vague and general, out of an abundance of caution the Company believes it is premature for to determine whether the lawsuit is material.
We are not currently a party to any material litigation or governmental or other proceeding. However, from time to time, we have been, are and will likely continue to be involved in legal proceedings, administrative proceedings and claims that arise in the ordinary course of business with customers, subcontractors, suppliers, regulatory bodies or others. In general, litigation claims or regulatory proceedings can be expensive and time consuming to bring or defend against, which may result in the diversion of management’s attention and resources from our business and business goals and could result in settlement or damages that could significantly affect financial results and the conduct of our business.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGAROFA Group filings on SEC EDGAR
- 2SEC EDGAROFA Group 10-K for fiscal 2026
- 3SEC EDGAROFA Group filings on SEC EDGAR
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- 6SEC EDGAROFA Group 10-K for fiscal 2023
- 7SEC EDGAROFA Group 10-Q for fiscal 2025
- 8
- 9
- 10
- 11SEC EDGARJohn Chiang, Board member
- 12SEC EDGARShareholder vote
- 13SEC EDGARExecutive or director change
- 14SEC EDGARExecutive or director change
- 15SEC EDGARRegulation FD disclosure
- 16SEC EDGARUnregistered sale of shares
- 17
- 18SEC EDGARUnregistered sale of shares
- 19
- 20
- 21
- 22SEC EDGARExecutive or director change
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- 24
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- 26SEC EDGARFNHK Inc. SCHEDULE 13G on OFA Group
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- 28