AGHMEDIUM SIGNALMANAGEMENT10-K

AGH experienced significant leadership changes with both the CEO and Executive Chairman transitioning from active roles to "former" positions while the company reduced its debt burden substantially.

The departure of key executives including the CEO and Executive Chairman represents a meaningful management transition that could impact strategic direction and operational continuity. The leadership change coincides with what appears to be a period of business consolidation, as evidenced by declining revenues and reduced operational scale.

Comparing 2026-03-31 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

AGH's financial profile shows signs of deleveraging and operational contraction, with revenue declining modestly to $3.0M while the company meaningfully reduced its debt burden from $785K to $192K. Current liabilities dropped substantially from $3.4M to $1.3M, and interest expense fell dramatically from $26K to $4K, suggesting successful debt reduction efforts. The overall picture indicates a company in a consolidation phase, improving its balance sheet strength while managing through a period of reduced business activity.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-82.4%
$26K→$4K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Debt
Balance Sheet
-75.5%
$785K→$192K

Debt reduced 75.5% — deleveraging strengthens balance sheet and reduces financial risk.

Current Liabilities
Balance Sheet
-62%
$3.4M→$1.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-50.8%
$4.1M→$2.0M

Liabilities reduced 50.8% — deleveraging improves balance sheet strength and financial flexibility.

Inventory
Balance Sheet
-38.3%
$56K→$34K

Inventory drawn down 38.3% — strong sell-through or deliberate destocking; watch for supply constraints.

Revenue
P&L
-10.1%
$3.3M→$3.0M

Revenue softened 10.1% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-28
ADDED
As of December 31, 2025, the last business day of the registrant s most recently completed fourth fiscal quarter, the aggregate market value of the common stock outstanding held by non-affiliates of the registrant, computed by reference to the closing sales price for the common stock of $3.15, as reported on the Nasdaq Capital Market, was approximately $ 26.7 million.
As of March 31, 2026 there were 20,254,682 of the registrant s shares of common stock issued and outstanding.
ChiPing Cheung, our former executive director, Chief Executive Officer and the brother of Mr.
Stephen Ching Ping Cheung, our former designated executive director, Executive Chairman and the brother of Mr.
1 While open to the public daily, Kissimmee Bay is also intertwined with the local community through our membership in the Association and maintains 100 members as of December 31, 2025.
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REMOVED
As of June 30, 2024, the last business day of the registrant s most recently completed second quarter, there was no established public trading market for the registrant s equity securities as the registrant was not a public company and therefore cannot calculate the aggregate market value of its voting and non-voting equity held by non-affiliates as of such date.
The registrant s common stock began trading on the Nasdaq Capital Market on February 12, 2025.
As of March 28, 2025 there were 13,880,000 of the registrant s shares of common stock issued and outstanding.
ChiPing Cheung, our executive director, Chief Executive Officer and stockholder indirectly holding 31.4% of our listed common stock and 40% of our class A preferred stock and the brother of Mr.
Stephen Ching Ping Cheung, our designated executive director, Executive Chairman and stockholder indirectly holding 38.1% of our issued common stock and 50% of our class A preferred stock and the brother of Mr.
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