Luduson G Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsAphoenity International Holdings Inc. (LDSN) is a Delaware holding company with no reported revenue in its latest fiscal year, now operating consulting and technology businesses through Asia-based subsidiaries after disposing of its gaming technology subsidiary in 2023.
What they do
The company was incorporated in Delaware in 2014 as Jovanovic-Steele, renamed Baja Custom Designs in 2017 and Luduson G Inc. in 2020, and acquired and then disposed of Luduson Holding Company Limited in May 2023. In May 2023 it entered a share exchange to acquire Glamourous Group Holding Limited (GGHI), a UK-incorporated company, issuing 320,000,000 common shares. The 10-Q describes operations conducted through subsidiaries based in Asia, including Malaysia and Hong Kong, and refers to a consulting business sensitive to client spending and interest rates.
Revenue drivers
- Consulting services (Asia-based subsidiaries) — The 10-Q risk discussion refers to 'consulting firms like ours' and client consulting project engagements, indicating consulting is a current revenue line; no dollar breakdown by segment is provided in the excerpts.
- Legacy gaming technology (disposed) — The company entered the gaming technology business through the May 2020 acquisition of Luduson Holding Company Limited but disposed of LHCL on May 29, 2023 'due to a realignment of the Company's business direction,' so it is no longer a revenue source.
- Acquired GGHI business — The May 24, 2023 share exchange to acquire Glamourous Group Holding Limited was structured as 91.9% fully diluted ownership for GGHI's owner, Ms. Ho Chi Wan; the excerpts do not specify what GGHI sells.
Recent performance
Annual revenue was $1.4M in 2019, $5.9M in 2020 and $1.0M in 2021, then $0.00 in both 2023 and 2024. Net income swung from $839,276 in 2019 and $3.6M in 2020 to a $4.5M loss in 2021, a $2.6M loss in 2023 and an $810,887 loss in 2024. Operating cash flow was $97,331 in 2019, $422,904 in 2020, negative $4,982 in 2021, negative $15,394 in 2023 and $4,960 in 2024. Quarterly revenue was $1.5M for the quarter ended 2024-03-31 and $12.5M for the quarter ended 2024-06-30, then $0.00 for the quarters ended 2024-09-30 and 2025-03-31. At 2025-03-31 total assets were $12,055, total liabilities $104,382 and shareholder equity negative $92,327, with cash of $12,055.
Strategy
The company is refocusing after disposing of LHCL in May 2023 and acquiring GGHI in a share exchange that gave GGHI's owner 91.9% fully diluted ownership. The 10-Q says the company believes it can generate sufficient cash flow over the next 12 months but will need approximately $1.5 million to implement its revised business plan for the 12 months thereafter. Management says it is enhancing digital consulting capabilities, optimizing cost structures and diversifying service offerings, and describes strategic investments in technology and human capital. It monitors interest rate trends and their effect on client budgets and demand, and says it continues to adopt proactive measures to mitigate those risks.
Risks
- Zero recent revenue — Reported revenue was $0.00 in fiscal 2023 and 2024 and in the quarters ended 2024-09-30 and 2025-03-31, while quarterly revenue had been $12.5M in the June 2024 quarter.
- Negative equity and thin cash — At 2025-03-31 shareholder equity was negative $92,327, cash and total assets were $12,055, and total liabilities were $104,382.
- Interest rate and client spending pressure — The company states rising interest rates across Southeast Asia may raise borrowing costs and cause delays, deferrals or reductions in client consulting engagements.
- Post-acquisition structural and regulatory risk — Investors hold a Delaware holding company that does not directly own the Malaysia and Hong Kong subsidiaries, and the 10-K cites risks including limited operating history, quarterly fluctuations, government regulation, technological change and competition.
Outlook
Management states it believes the company can generate sufficient cash flow over the next 12 months to implement its revised business plan, but that it will need approximately $1.5 million to implement that plan for the 12 months thereafter. It expects to keep adapting to post-pandemic shifts by improving digital consulting capabilities, cutting costs and diversifying services. The filings warn that uncertainties persist and that interest rate volatility may remain material to the business over the next twelve months.