Beverly JCG Ltd. Receives Auditor's Disclaimer of Opinion on FY2024 Financial Statements
Summary: Beverly JCG Ltd.'s independent auditor, UHY Lee Seng Chan & Co, issued a disclaimer of opinion on the company's FY2024 financial statements due to significant uncertainties regarding the Group's and Company's ability to continue as going concerns. As of December 31, 2024, the Group reported a net loss of S$5.8 million and a capital deficiency of S$5.3 million, with current liabilities exceeding current assets by S$5.8 million. To address these issues, the company has undertaken measures including raising S$900,000 through share subscriptions, capitalizing S$608,000 in debts, securing a S$500,000 subscription agreement with a substantial shareholder, and receiving a financial support undertaking from its controlling shareholder to provide cash flow support for the next 18 months. The Board believes these actions support the appropriateness of preparing the financial statements on a going concern basis.