SUIC Worldwide Holdings Ltd.

SUIC Worldwide Holdings Ltd. (SUIC) 10-K Review: A Deep Dive into 2024 Financials and Strategy

Investors examining micro-cap and OTC-traded companies should proceed with caution. SUIC Worldwide Holdings Ltd. (SUIC) filed its 2024 Form 10-K on June 30, 2025. Here we present a detailed, 1500-word analysis of the most relevant sections—business overview, financial results, risk factors, and governance—and conclude with an investment score.

Warren.AI 💰 2.0 / 10

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1. Business Overview (Item 1)

Corporate History & Evolution

• Incorporated in Nevada in 2006 as Gateway Certifications, Inc.
• Renamed multiple times; adopted current SUIC Worldwide Holdings Ltd. in November 2022.
• Originally operated renewable energy and driving record management subsidiaries, which were spun off by 2017.

Core Activities & Strategic Focus (2018 to present) SUIC reoriented away from manufacturing and services to:

1. Fintech: Through a major subsidiary (Boom Fintech) of Beneway Holdings Group Ltd. (Beneway), it holds nine patents around “all-in-one” payment systems, ERP, AI, Big Data, and mobile POS.
2. Food-industry supply chain integration: Partnering with trade financiers to facilitate U.S.-Asia raw material trade; eyeing an IPO and capital markets financing to fund M&A of mid-stream U.S. food suppliers.
3. Global chain & franchise expansion: Via I.Hart Catering Group, bringing overseas food brands to the U.S. and worldwide through multi-brand models and partnerships with real-estate and mall operators.
4. Other supply chains: Planning for healthcare, environmental tech, digital AI, and energy production ventures.

Business Model & Competitive Advantages

• Specialized consulting for micro-cap companies.
• Management expertise in risk management, exit planning, and global investment networks integrated into its fintech ecosystem.
• Objective: accelerate commercialization and venture financing for emerging tech adopters.

Organizational Structure

• Headquarters: Flushing, NY office (5 employees across Taiwan, Malaysia, and the U.S.).
• No operating revenue to date; core relationship with Beneway as strategic partner and new business engine.

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2. Risk Factors (Item 1A)

Macro & Industry Risks

• Vulnerable to economic downturns in IT, mobile apps, and blockchain.
• Raw material cost inflation.
• Intense competition from established software and blockchain vendors with greater R&D resources.

Corporate-Governance & Structure Risks

• Board can change strategy without shareholder consent; no voting rights on most matters.
• No independent directors; no audit, compensation, nominating committees.
• No formal Code of Ethics adopted, and not subject to national exchange listing rules.

Financial & Liquidity Risks

• Zero operating revenue; recurring net losses ($234K in 2024, $553K in 2023).
• Working capital deficits: $(0.54 million) at year-end 2024.
• Dependence on related-party financing: $279K in convertible promissory notes and $98K in short-term loans from a significant creditor (worth noting the creditor’s ties to management and shareholders).
• Quarterly share-price volatility; OTC‐level liquidity risks.

Operational Risks

• Reliance on a handful of key personnel; inability to attract skilled talent may hamper growth.
• Currency fluctuations between U.S. Dollar and Taiwan Dollar alter reported results; no hedging in place.

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3. Management’s Discussion & Analysis (Item 7)

Revenue & Profit/Loss

• 2024 revenue: $0 (unchanged from 2023).
• 2024 net loss: $(234,211); prior year $(552,753) (MSD improvement driven by reduced bad‐debt expense).

Expenses

• G&A: $157,623 in 2024 vs. $150,995 in 2023 (professional fees, marketing).
• Bad debt: $60,000 in 2024 vs. $380,578 in 2023 (reflects write-offs of related-party receivables).
• Interest expense: $21,618 in 2024 (promissory notes and short-term debt), up slightly from $20,091 in 2023.

Cash Flows & Liquidity

• Operating cash outflow: $(174,245) in 2024 vs. $(76,942) in 2023.
• Financing inflows: $205,141 in 2024 (primarily shareholder and related-party loans, shares issued for services) vs. $(38,470) in 2023.
• Cash on hand at 12/31/24: $38,495.
• Working capital deficit: $(540,252).

Going-Concern Disclosure

• Auditors and management express "substantial doubt" about continuing operations without new financing or a revenue stream.

Capital & Financing Activities

• No public listing; relies on equity raises and related-party debt.
• 40,000 shares issued for services in mid-2024.
• Convertible notes ($279K principal), short-term loans ($97.9K) owed to a major creditor.

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4. Financial Statements & Supplementary Data (Item 8)

Balance Sheet Highlights (12/31/2024 vs. 2023)

• Total assets: $84,197 vs. $109,402.
• Total liabilities: $857,747 vs. $712,741.
• Stockholders’ deficiency: $(773,550) vs. $(603,339).
• No fixed assets; only receivables and cash.

Key Points

• Accumulated deficit: $(2.53 million).
• No deferred tax asset recognized; full valuation allowance on net operating losses.

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5. Controls, Procedures & Governance (Item 9A & 10)

Deficiencies

• Lack of U.S. GAAP and Sarbanes-Oxley (SOX) 404 expertise on the Board.
• No internal audit or compliance committees.
• Disclosure controls found ineffective as of year-end 2024.

Officers & Directors

• CEO: Han-Wei Wang (appointed August 2023).
• CFO: Yanru Zhou (since 2018).
• CTO: Bill Tan Yee Wei (since 2019).
• No independent directors; Board has limited oversight mechanisms.

Remuneration & Shareholdings

• No director fees; limited equity grants (2,000 shares to CEO on appointment).
• Top five shareholders hold ~70.8% of float; insider concentration and potential control issues.

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6. Legal Proceedings & Properties (Item 3 & 2)

• No pending litigations.
• Single leased office in Flushing, NY; minimal property commitments.

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7. Critical Accounting Policies

• Foreign-currency translation: local currencies as functional currencies; translation adjustments accumulate in equity.
• Bad-debt recognition: historical write-offs and customer-specific factors.
• Revenue: no revenue yet; monitoring for adoption of ASC 606 when services ramp up.

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Investment Thesis & Score

Upside Potential:

• Novel fintech patents and global supply-chain ambitions could unlock growth if revenue streams materialize.
• Partnership with Beneway provides a platform for new digital and franchise offerings.

Downside Risks:

• Zero operating revenue and sustained net losses.
• Weak liquidity, continuous cash burn, and "going concern" warnings.
• Governance and control deficiencies; high insider/shareholder concentration.
• Reliance on related-party loans and equity grants to fund operations.

Investment Score: 2.0 / 10

Rationale: At this stage, SUIC faces more risks than rewards. The lack of a consistent revenue model, worsening working-capital position, and governance shortcomings severely limit its appeal to mainstream investors. A score of 2.0 reflects significant speculative interest only—potential upside is weighed against material financial and operational headwinds.

Actionable Takeaway: Speculative investors comfortable with OTC micro-caps, unfamiliar markets, and significant going-concern risk may allocate a very small position as a call option on SUIC’s strategic pivot. All others should wait for concrete revenue traction, stronger governance, and clear financing to address liquidity gaps.

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About This Review This analysis is based solely on SUIC Worldwide Holdings Ltd.’s Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission. Investors should conduct further due diligence and consult financial advisors before making any investment decisions.