MDJM Ltd
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMDJM LTD is a Cayman Islands holding company with UK hospitality operations (Mansions) and a Japanese subsidiary, whose Nasdaq listing was suspended in March 2026 and now trades on the OTC market as UOKAF.
What they do
MDJM LTD operates through subsidiaries in the UK, Germany, Japan, and Hong Kong. Its primary operating entity is Mansions Catering and Hotel LTD in the UK, which provides catering and hotel services. The company has dissolved its former PRC subsidiary (Mingda Beijing) and no longer operates its former real estate agency business in China.
Revenue drivers
- Mansions Catering and Hotel LTD (UK) — 100%-owned UK hospitality operation; primary source of revenue in 2025.
- MD Lokal Global GmbH (Germany) — Wholly owned German subsidiary; contribution to revenue not specified in provided excerpts.
- Mingda Jiahe Development Investment Co., Ltd (Japan) — Wholly owned Japanese subsidiary; contribution to revenue not specified in provided excerpts.
Recent performance
In fiscal 2025, MDJM reported annual revenue of $89,664, a significant decline from $4.5M in 2021 and $450,634 in 2022. Net income for 2025 was a loss of $41,321, improving from a $3.2M loss in 2024. Diluted EPS was -$1.36 for 2025, compared to -$189.97 in 2024. Operating cash flow was negative $1.1M in 2025, consistent with 2024. As of December 31, 2025, the company had cash and equivalents of $700,479 and total shareholder equity of $4.3M.
Strategy
The company has transitioned away from its former PRC real estate agency business, having dissolved its former WFOE (Mingda Beijing) on August 25, 2025. Its current strategy appears focused on hospitality operations in the UK and potential expansion through its German and Japanese subsidiaries. The company completed a 35-for-1 share consolidation effective March 16, 2026, which may be part of a broader effort to restructure its capital base. Management has not provided specific strategic initiatives in the excerpts provided.
Risks
- Delisting and OTC trading — Nasdaq suspended trading of the Class A Ordinary Shares on March 20, 2026, and the company expects a Form 25 to be filed, removing its securities from Nasdaq listing and registration.
- Severe revenue contraction — Annual revenue has fallen from $4.5M in 2021 to $89,664 in 2025, a decline of over 98%, indicating a collapse in core operations.
- Sustained operating losses — The company has posted net losses every year from 2021 to 2025, with cumulative losses exceeding $8.8M over that period.
- Negative operating cash flow — Operating cash flow was negative in all five reported years, including -$1.1M in 2025, suggesting ongoing cash burn with limited revenue to offset it.
Outlook
Management does not provide explicit forward guidance in the excerpts provided. The company's primary focus is on its UK hospitality operations (Mansions) and maintaining compliance with SEC reporting obligations despite the Nasdaq delisting. The share consolidation and OTC listing indicate a continuation of existing business activities rather than a planned strategic shift.