The company's financial position appears fragile, characterized by an accumulated deficit of $116.6 million and a reliance on a thin $6.6 million cash balance to support operations.
| Total Current Assets | 26.63M | 14.48M | 8.1M | 23M | 29.63M | 569.1K | 661.6K | 938.57K |
| Cash & Short-Term Investments | 6.6M | 7.63M | 3.63M | 18.93M | 23.26M | 506.67K | 606.49K | 938.57K |
| Cash Only | 6.6M | 7.63M | 3.63M | 18.93M | 23.26M | 506.67K | 606.49K | 938.57K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.18M | 3.25M | 2.18M | 1.33M | 151.07K | 1.9K | 54.98K | 0 |
| Days Sales Outstanding | 142.94 | 166.97 | 97.47 | 86.08 | 106.06 | 13.2 | 1.93K | - |
| Inventory | 82.13K | 157.73K | 431.48K | 310.93K | 221.07K | 1 | 133 | 0 |
| Days Inventory Outstanding | 12.35 | 10.98 | 27.62 | 24.31 | 113.54 | 0 | 62.96 | - |
| Other Current Assets | 8.35M | 53.9K | 245.17K | 72.35K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 6.68M | 6.8M | 8.26M | 9.7M | 5.54M | 7.3M | 8.08M | 8M |
| Property, Plant & Equipment | 1.18M | 1.16M | 2.09M | 2.24M | 685K | 97.18K | 77.02K | 0 |
| Fixed Asset Turnover | 6.13x | 6.13x | 3.90x | 2.51x | 0.76x | 0.54x | 0.14x | - |
| Goodwill | 81.85K | 81.85K | 88.2K | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.03M | 5.5M | 6.08M | 7.46M | 4M | 7.2M | 8M | 8M |
| Long-Term Investments | 381.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 858.67K | 0 | -8.08M | 0 |
| Total Assets | 33.32M | 21.28M | 16.36M | 32.7M | 35.18M | 7.87M | 8.74M | 8.94M |
| Asset Turnover | 0.27x | 0.33x | 0.50x | 0.17x | 0.01x | 0.01x | 0.00x | - |
| Asset Growth % | 323.01% | 30.05% | -49.96% | -7.04% | 347.18% | -10% | -2.22% | - |
| Total Current Liabilities | 18.96M | 23.23M | 10.49M | 11.61M | 2.44M | 2.99M | 2.31M | 425.83K |
| Accounts Payable | 3.4M | 3M | 1.69M | 1.3M | 261.91K | 54.26K | 50.78K | 0 |
| Days Payables Outstanding | 479.22 | 208.73 | 108.23 | 101.37 | 134.51 | 223.35 | 24.04K | - |
| Short-Term Debt | 398.93K | 113.04K | 21.31K | 28.16K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 33.07M | 11.6M | 0 | 2.56M | 25.23K | 18.65K | 19.84K | 0 |
| Other Current Liabilities | 12.99M | 111.52K | 6.86M | 69K | 1.78M | 2.2M | 2.13M | 0 |
| Current Ratio | 1.40x | 0.62x | 0.77x | 1.98x | 12.15x | 0.19x | 0.29x | 2.20x |
| Quick Ratio | 1.40x | 0.62x | 0.73x | 1.95x | 12.06x | 0.19x | 0.29x | 2.20x |
| Cash Conversion Cycle | -323.93 | -30.78 | 16.86 | 9.02 | 85.09 | -210.15 | -22.05K | - |
| Total Non-Current Liabilities | 643.5K | 461.75K | 847.95K | 1.07M | 411.05K | 15.29M | 13.48M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.77M | 392.75K | 847.95K | 1.07M | 411.05K | 46.45K | 0 | 0 |
| Deferred Tax Liabilities | 276K | 69K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 15.24M | 0 | 0 |
| Total Liabilities | 19.6M | 23.69M | 11.33M | 12.69M | 2.85M | 18.28M | 15.79M | 425.83K |
| Total Debt | 973.43K | 866.42K | 1.43M | 1.57M | 629.13K | 83.2K | 53.44K | 0 |
| Net Debt | -5.63M | -6.76M | -2.2M | -17.36M | -22.64M | -423.46K | -553.05K | -938.57K |
| Debt / Equity | 0.07x | - | 0.28x | 0.08x | 0.02x | - | - | - |
| Debt / EBITDA | -0.10x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.58x | - | - | - | - | - | - | -0.64x |
| Interest Coverage | -92.89x | -65.76x | -76907.94x | -1353.77x | -838.56x | -76.97x | -896.83x | - |
| Total Equity | 13.71M | -2.41M | 5.03M | 20.01M | 32.33M | -10.41M | -7.05M | 8.51M |
| Equity Growth % | 2109.61% | -147.97% | -74.87% | -38.09% | 410.38% | -47.73% | -182.81% | - |
| Book Value per Share | 2.39 | -0.81 | 2.60 | 12.29 | 51.34 | -22.35 | -17.38 | 26.43 |
| Total Shareholders' Equity | 14.29M | -2.14M | 5.31M | 20.35M | 32.43M | -10.41M | -7.05M | 8.51M |
| Common Stock | 610 | 372 | 3.33K | 2.71K | 1.97K | 742 | 685 | 2 |
| Retained Earnings | -116.61M | -110.16M | -99.27M | -81.14M | -47.35M | -12.59M | -8.76M | -1.46M |
| Treasury Stock | -15 | -54.94K | -785.52K | 0 | 0 | 0 | -1.7M | 0 |
| Accumulated OCI | 16.64K | 272.92K | -242.13K | 56.53K | -54.34K | -55.24K | 3.99K | -2 |
| Minority Interest | -579.22K | -273.9K | -277.25K | -336.51K | -102.78K | 0 | 0 | 0 |
Insufficient Operational Runway
As reported in recent financial filings, Society Pass has seen its equity base fluctuate significantly, with a 2025Q3 equity position of $14.3 million following periods of negative equity, suggesting that the company's balance sheet trajectory remains highly unstable and dependent on external capital injections to survive.
The volatility in equity, swinging from negative territory in late 2024 to positive in 2025, implies that the company is likely relying on dilutive financing to offset persistent operational losses. This pattern suggests that the business model has yet to achieve the scale necessary to build intrinsic value on the balance sheet.
Based on the company's reported figures, the current ratio of 1.40 in 2025Q3 represents a marginal improvement from the 0.62 observed in 2024Q4, yet the absolute cash balance of $6.6 million remains insufficient to cover the ongoing operational burn rate observed in recent quarters.
While the current ratio suggests a temporary easing of immediate liquidity pressures, the underlying cash burn indicates that this buffer is likely fleeting. Investors should monitor whether this liquidity is being preserved through operational efficiency or merely through the deferral of necessary growth-related expenditures.
According to historical balance sheet data, the accumulated deficit has reached $116.6 million as of 2025Q3, which indicates that years of aggressive acquisition and operational spending have severely eroded the company's equity base and left it with a significant hole in retained earnings.
The persistent growth of the accumulated deficit suggests that the company's capital allocation strategy has been value-destructive to date. This trend implies that future equity raises may be required to simply maintain the current operational footprint, further diluting existing shareholders.
As indicated by the provided financial statements, the company's asset mix is heavily weighted toward cash and working capital rather than productive long-term assets, with net PPE of only $1.2 million, which suggests a lack of tangible infrastructure to support its e-commerce ecosystem.
The reliance on intangible-heavy acquisitions, despite the relatively low reported goodwill, warrants further investigation into whether the company's assets are truly capable of generating future cash flows. The absence of significant tangible assets may limit the company's ability to secure non-dilutive debt financing in the future.
Quick answers to the most common questions about buying SOPA stock.
As of 2024, Society Pass Incorporated (SOPA) had total assets of $21.3M including $14.5M in current assets.
Society Pass Incorporated (SOPA) carries total debt of $0.9M, offset by $7.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Society Pass Incorporated (SOPA) has total shareholders' equity (book value) of $-2.1M ($-0.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Society Pass Incorporated (SOPA) reported a current ratio of 0.62x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.