Pro forma statements for True Labs Limited, a Hong Kong company, prepared on the recognition and measurement principles of HKFRS, which is converged with IFRS. The balance sheet is dated 10 October 2026. The income statement is the closed month of September 2026, with the full year to December on the operating plan. Unaudited and management-prepared.
True Labs Limited is incorporated in Hong Kong, registration 78786155. Hong Kong companies report under HKFRS, which is word for word converged with IFRS, so these statements are directly comparable with any IFRS filer and the differences from US GAAP are noted where they matter.
These are pro forma statements. There are no audited accounts and no auditor has been engaged on these figures. Revenue, growth spend and the cost base are measured from the production fee ledger, the public payout wallet and the vendor registry. Four items are management estimates and are identified in the notes: the split of personnel cost between cost of revenue, development and administration; the capitalised development cost and its five-year life; the rebate and partner split of growth spend; and the receivables, prepayment and payable balances.
| As at 10 October 2026 | Note | US$ 000 |
|---|---|---|
| Non-current assets | ||
| Intangible assets — capitalised platform development | 1 | 2,576 |
| Property and equipment | 20 | |
| Total non-current assets | 2,596 | |
| Current assets | ||
| Cash and cash equivalents | 2 | 3,000 |
| Digital assets — venue market-making collateral | 3 | 120 |
| Trade and other receivables | 4 | 60 |
| Prepayments | 40 | |
| Total current assets | 3,220 | |
| TOTAL ASSETS | 5,816 | |
| Current liabilities | ||
| Trade and other payables | 55 | |
| Accrued trader rebates and partner revenue share | 5 | 12 |
| Total current liabilities | 67 | |
| Non-current liabilities | ||
| Borrowings | 6 | — |
| Lease liabilities | 6 | — |
| Deferred tax | 7 | — |
| Total non-current liabilities | — | |
| TOTAL LIABILITIES | 67 | |
| Equity | ||
| Share capital | 8 | 8,500 |
| Accumulated deficit | (2,751) | |
| TOTAL EQUITY | 5,749 | |
There is no debt, no lease, no deferred revenue and no deferred consideration. Total liabilities are $67k against $5,816k of assets, of which $55k is vendor payables on thirty-day terms. The company has never borrowed. The asset side is funded entirely by equity, and $3,000k of it is cash.
| Month ended 30 September 2026 | Note | US$ |
|---|---|---|
| Gross trading fees | 9 | 620,000 |
| Trader rebates and customer make-goods | 10 | (318,750) |
| Revenue | 301,250 | |
| Cost of revenue | ||
| Blockchain, cloud and model compute | 11 | (50,000) |
| Platform operations personnel | 12 | (10,150) |
| Cost of revenue, excluding amortisation | (60,150) | |
| Gross profit, excluding amortisation | 241,100 | |
| — as a percentage of revenue | 80.0% | |
| — as a percentage of gross trading fees | 90.3% | |
| Amortisation of capitalised platform development | 1 | (47,117) |
| Gross profit | 193,983 | |
| — as a percentage of revenue | 64.4% | |
| Operating expenses | ||
| Research and development | 12 | (11,600) |
| Sales and marketing | 13 | (56,250) |
| General and administrative | (13,250) | |
| Total operating expenses | (81,100) | |
| OPERATING PROFIT | 112,883 | |
| Add back amortisation | 47,117 | |
| EBITDA | 160,000 | |
Revenue of $301,250 is gross trading fees after deducting the rebates paid to the traders who generated them. Gross profit before amortisation of $241,100 is 80.0% of revenue and 90.3% of gross fees.
Gross margin is 90.3% of gross trading fees and 80.0% of revenue before amortisation, and 64.4% of revenue after it. The table below sets out which costs sit above the gross profit line and which sit below, and on what basis.
| Item | Where it sits | Why |
|---|---|---|
| Trader rebates and make-goods | Deducted from revenue | Consideration payable to a customer. IFRS 15.70 and ASC 606-10-32-25 both require it to reduce the transaction price, because the trader receives it and gives no distinct service in return. |
| Blockchain, cloud and model compute | Cost of revenue | Consumed per trade and per AI request. Without it the service does not render, so it is a direct cost of delivery. |
| zk proving | Cost of revenue | A proof is generated for the trades themselves. Variable with volume. |
| Platform operations personnel | Cost of revenue | The share of engineering time that runs the live venue rather than building new product. |
| Amortisation of capitalised development | Cost of revenue | The asset being consumed is the platform that produces the revenue. Shown as a separate line so the margin can be read with and without it, which is what Regulation S-X 5-03 permits. |
| Engineering on new product | Research and development | Below gross profit. Not attributable to delivering this month's trades. |
| Partner revenue share | Sales and marketing | Paid to introducing partners, who are not the customer and do provide a distinct service, so it is an expense and not a deduction from revenue. It is a selling cost, so it sits below gross profit. |
| Legal, audit, insurance, corporate software | General and administrative | Below gross profit. |
| Founder salary | — | Nil. Not drawn. |
Trader rebates are consideration payable to a customer, so they reduce revenue rather than appearing as a cost. This is the treatment both frameworks require and the basis on which exchanges and brokers present rebates. Partner revenue share is paid to a party who is not the customer and who provides a distinct service, so it is a selling expense recognised below gross profit.
| Year ending 31 December 2026 | US$ 000 |
|---|---|
| Gross trading fees | 4,482 |
| Trader rebates and customer make-goods | (2,165) |
| Revenue | 2,317 |
| Operating costs expensed, after amounts capitalised | (1,771) |
| Partner revenue share | (382) |
| Amortisation of capitalised platform development | (377) |
| OPERATING LOSS | (213) |
| Add back amortisation | 377 |
| EBITDA | 164 |
The year comprises nine months of actuals, including a first half that was pre-revenue or close to it, and a three-month plan. EBITDA is $164k and the operating loss after amortisation is $213k. The December plan is a $1.2M month against a cost base below $100k.
Trading fees land in two public Solana wallets, listed with their addresses at ai.truefinance.ai/verify, and can be reconstructed from the chain independently. Growth spend leaves a third public wallet to named recipients and can be traced the same way.
The following are available under NDA: the capitalised development cost and its supporting workings, the personnel allocation between cost of revenue and development, wallet-level revenue concentration, the loss distribution and inventory limits on the venue market-making book, a transaction-level reconciliation, and the house wallet list.
The company has no audited accounts.