Company: SCTH
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001017386-25-000115
Chunk: 7

Company: Securetech Innovations, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 7
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 Kong use HKD. Financial statements are translated into USD with assets and liabilities at period-end rates, revenue and expenses at average rates, and shareholders’ equity at historical rates. Translation adjustments are shown as a separate item in accumulated other comprehensive loss under shareholders’ equity.
 
The following exchange rates are used for translation:

    For the six months ended June 30, 2025
  
    Currency Exchange 
    Period End 
    Average Rate

    USD to RMB 
     7.1586  
     7.1837 
  
    USD to HKD 
     7.8497  
     7.8006 

Fiscal Year
 
The Company elected December 31st for its fiscal year end.
 
Recent Accounting Pronouncements
 
There are various updates recently issued, most of which represent technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on the Company’s financial position, results of operations, or cash flows.

NOTE 2 – GOING CONCERN
 
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the ordinary course of business. As shown in the accompanying financial 
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statements during the fiscal period ended June 30, 2025, the Company has not established a source of revenues sufficient to cover its operating costs. As such, it has incurred an operating loss since its inception. Further, as of June 30, 2025, the Company had an accumulated deficit of $(1,902,821). These and other factors raise substantial doubt about the Company’s ability to continue as a going concern.
 
The Company’s existence depends on Management’s ability to develop profitable operations and obtain additional financing sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or resolve the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

NOTE 3 – GOODWILL
 
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. As of June 30, 2025, the Company’s goodwill balance was $8,450,439, all of which arose from the acquisition of Aiultraprod Group Limited and its subsidiaries (collectively, “AI UltraProd”) on June 23, 2025.
 
The goodwill is