ModuLink Inc.

What they do

ModuLink Inc. (formerly International Endeavors Corporation) is a Nevada parent with operating subsidiaries in Hong Kong, plus a joint venture in Australia. Zenith Integrated Modular Limited provides design, engineering and project management; ModuLink InnoTech Limited develops air-to-water (A2W) and building management technology; ModuLink Australia Pty. Ltd. facilitates projects in Australia, and ModuLink Innotech Pty. Limited provides AI healthcare and smart living solutions in Australia. The company describes its focus as building smart, energy-efficient communities across Australia, Europe, America and Asia, but it has not undertaken any MiC projects since 2024.

Revenue drivers

• Property development and MiC design/engineering services — Design, engineering and holistic project management services provided through Zenith Integrated Modular Limited in Hong Kong. This is the business around which the company is organized, but no MiC projects have been undertaken since 2024.
• Hong Kong customer revenue (two customers) — The 10-K risk factors state the company derived all of its 2025 revenues from two Hong Kong-based customers, which accounted for 82% and 17% of fiscal 2025 revenues.
• Air-to-water (AWG/A2W) technology products — A developing business line through ModuLink InnoTech Limited; the 10-Q states the company plans to deploy existing AWG products in Australia, particularly in remote and underserved areas, but no revenue figures are given for this line.
• AI healthcare and smart living solutions in Australia — Provided through ModuLink Innotech Pty. Limited, an Australian company in which ModuLink InnoTech Limited holds 80% equity. The filings provide no separate revenue for this segment.

Recent performance

Annual revenue was $1.3 million in 2025, up from $409,342 in 2024, while net loss was $1.3 million in 2025 versus a $283,378 loss in 2024. Diluted EPS was -$0.000159 in 2025 and -$0.000036 in 2024, and operating cash flow was -$1.2 million in 2025 and -$345,193 in 2024. Quarterly revenue was $385,045 for the quarter ended 2025-09-30, $141,521 for 2025-12-31, $151,840 for 2026-03-31, and $359,954 for 2026-06-30. At 2026-06-30, total assets were $915,833, total liabilities were $775,735, shareholder equity was $140,098, and cash and equivalents were $113,845.

Strategy

The company says it is focused on preparatory activities for MiC projects, including regulatory planning, site identification, feasibility assessments and capital planning, and subject to obtaining necessary funding it intends to commence one to two MiC projects within the next twelve months. It is pursuing Vancouver residential projects applying its Smart Home AI system, which it views as pilot and demonstration opportunities, and is seeking strategic investors and partners for pilot modular townhouse projects in Vancouver. It also plans to deploy existing AWG products in Australia and is exploring opportunities in Australia, North America, Canada, Hong Kong and selected parts of Europe. The 10-Q notes that future value creation depends on market conditions, financing availability, regulatory developments, customer adoption and execution.

Risks

• Going concern and insider dependence — The 10-K states the financial statements were prepared assuming the company continues as a going concern and that continuation depends on improving profitability and continued financial support from stockholders, including its majority shareholders.
• Customer concentration — All of fiscal 2025 revenue came from two Hong Kong customers, representing 82% and 17% of revenues, per the 10-K risk factors.
• Limited recent project activity — The company has not undertaken any MiC projects since 2024 and has instead focused on preparatory work, so its construction business has no recent project execution record.
• PRC/Hong Kong regulatory and holding company structure risk — The 10-K states investors may never directly hold equity in the operating Hong Kong subsidiaries, and that changes in PRC/Hong Kong rules or government actions could materially change operations or cause the value of the securities to significantly decline or become worthless.

Outlook

Management states that, subject to obtaining necessary funding, it intends to commence one to two MiC projects within the next twelve months and is evaluating cost-effective locations and feasibility with local partners and landowners in Canada, Australia and Hong Kong. The company is also pursuing Vancouver pilot and demonstration projects for its Smart Home AI system and modular townhouses, and plans to deploy AWG products in Australia. Management cautions that contribution from these initiatives depends on market conditions, financing availability, regulatory developments, customer adoption and execution.