Lucide Ledger

A filing-first public record from Lucide House.

Issue 006 | U.S. Pilot | US

WCT

Wellchange Holdings Co Ltd

Screen state: Passing Source state: Verified 20-F | 2026-05-14 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 55.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
5,762,306USD
Total Liabilities
2,466,582USD
NCAV
3,295,724USD
Cash
2,805,408USD
NCAV per share
0.06USD/share
Evidence
2 annual | 3 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
1
Requires inspection Negative OCF -6,317,821
Latest
-6,317,8212025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-055994

Supporting observation Share Count Reduced 1,546,889
Latest
1,546,8892025-12-31
Comparison
20,304,7542024-12-31
Change
-92.4%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-055994; REPORTED_FILING 20-F 2024-12-31

Supporting observation Low Debt 0.07
Latest
0.072025-12-31
Comparison
0.2
Change
n/a

Basis: (short-term debt + long-term debt) / ordinary equity < 20%

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-055994

Supporting observation Current Ratio > 1.5 4.59
Latest
4.592025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-055994

1 unavailable checks — inspect missing inputs
High NCAV Burn since the previous filing NCAV burn since previous filing >= 10%; previous NCAV must be positive

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 3 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
USD
2024-12-31
20-F
USD
Revenue 1,348,084 2,309,218
Operating Income -6,323,966 -456,630
Net Income -7,322,805 -431,544
Cash From Operations -6,317,821 -316,126
Capex n/a n/a
Free Cash Flow n/a n/a
Cash And Equivalents 2,805,408 250,312
Accounts Receivable 805,966 452,823
Inventory n/a n/a
Total Current Assets 5,762,306 1,578,958
Total Assets 13,617,752 6,695,351
Total Current Liabilities 1,255,767 1,512,748
Total Liabilities 2,466,582 1,782,600
Shareholders Equity 11,151,170 4,912,751
Shares Outstanding n/a 46,265,000
Shares Outstanding Diluted n/a n/a
Weighted Avg Shares Diluted 1,546,889 20,304,754
Weighted Avg Shares Basic 1,546,889 20,304,754
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 3 quarterly periods available from Data Vault for this company.

Metric
2025-06-30
6-K/A
USD
2024-12-31
6-K/A
USD
2024-06-30
6-K/A
USD
Revenue 1,197,566 2,309,218 1,061,080
Operating Income -3,257,920 -456,630 463,090
Net Income -2,965,109 -431,544 381,153
Cash From Operations -8,855,965 -316,126 416,439
Capex n/a n/a n/a
Free Cash Flow n/a n/a n/a
Cash And Equivalents 71,538 250,312 n/a
Total Current Assets 4,121,444 1,578,958 n/a
Total Liabilities 988,381 1,782,600 n/a
Shares Outstanding 51,265,000 21,625,000 n/a
Shares Outstanding Diluted n/a n/a n/a
Weighted Avg Shares Diluted 44,237,222 20,304,754 20,000,000
Weighted Avg Shares Basic 44,237,222 20,304,754 20,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 4,121,444USD us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Total Liabilities 988,381USD us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Cash 71,538USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Shares Outstanding 51,265,000 us-gaap:CommonStockSharesOutstanding 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
NCAV 3,133,063USD derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 0.06USD derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 55.7% derived 2025-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001990251
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001990251/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
3
Imported At
2026-08-15T12:53:02+00:00
Rendered At
2026-08-16T03:30:06+00:00

Run Audit

Mary Run
63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of
2026-08-15
Accession
0001213900-26-055994
CIK
0001990251
Mary Filing Date
2026-05-14
Filing Currency
USD
Internal Discount
55.7%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-05-14; mary_accession=0001213900-26-055994; mary_cik=0001990251; gnni_supporting_filing_date=2026-05-14; internal_discount=0.557391; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

Back to Register Report a correction Archive