OFA Group

OFA Group

Company and structure

• Domicile: Cayman Islands (exempted company) with principal operating subsidiary in Hong Kong.
• Operating subsidiary: Office for Fine Architecture Limited (Hong Kong) — provides architectural design and fit-out services.
• Related entities and activities: OFA Financial, Inc. (Delaware); Office for Fine Architecture, Inc. (California); OFA Financial HK Limited; Guangzhou Zhiyi Consulting Services Co., Ltd.; OFA Asset Management, Inc.; Hearth Labs, Inc. (digital-asset infrastructure); and multiple real-world-asset/tokenization initiatives (Hearth RWA platform).
• Corporate developments: a Co-Development Agreement (May 23, 2025) and subsequent IP acquisition arrangements related to the QikBIM system culminated in a 50% co-ownership in QikBIM IP acquired March 31, 2026, with the Company retaining operational control.
• As of March 31, 2026 the company expanded into digital-asset/tokenization activities and cryptocurrency treasury management (BTC and SOL).

Core business and services

• Primary focus: comprehensive architectural services for commercial and residential properties, including design and fit-out.
• Design services: conceptual design, layout plans, detailed design drawings, budget guidance, space optimization, materials and fittings selection, furniture, and quoted designs.
• Fit-out services: installation of protective materials, partition walls, windows/window frames, decorative fittings, plumbing, electrical wiring and related works.
• Additional services: project management, application services for regulatory approvals and compliance, and design-only services including 3D modeling and visualization.
• Revenue mix (fiscal years ended March 31):
  • Design and fit-out: 2026 revenue = $643,140 (85.45%); 2025 revenue = $80,464 (39.84%).
  • Project management: 2026 revenue = $5,766 (0.77%); 2025 revenue = $64,684 (32.02%).
  • Application services: 2026 revenue = $101,633 (13.50%); 2025 revenue = $39,883 (19.74%).
  • Design-only: 2026 revenue = $2,091 (0.28%); 2025 revenue = $16,976 (8.40%).
  • Fixed-price revenue examples: 2026 fixed-price revenue = $716,885; 2025 fixed-price revenue = $202,007.

Customers

• Customer base primarily Hong Kong–based.
• Customer counts: approximately 14 customers in 2026 and approximately 35 in 2025.
• Single-project concentration:
  • 2026: Dior Hong Kong Bespoke Lounge (design and fit-out) accounted for about 82.38% of the year’s revenue; Hong Kong Tramways Ltd. A&A Consultancy contributed about 12.34%.
  • 2025: Batard Pedder Building (project management) accounted for about 19.56%; Hang Cheong Factory Lobby Works (design and fit-out) about 16.80%.

Backlog and project duration

• Backlog: approximately $548,692 (2026) versus $491,279 (2025).
• Projects are typically long-duration with revenue recognized over time under cost-to-cost progress methods; backlog is not guaranteed to be realized as revenue.

Employees

• Total full-time employees: 11 as of March 31, 2026.
• Workforce distribution: total 11, with department counts of 1, 8, and 2 distributed across interior design, administrative, and architecture-related functions.

Intellectual property and technology

• OFA QikBIM system: an AI-powered BIM platform developed for automated architectural design and generation of structural and MEP drawings.
• Co-Development Agreement (May 23, 2025) with Alan to AI Consultancy Co. Limited; the contractor initially funded approximately $14.9935 million; OFA Group received a perpetual, irrevocable, worldwide, royalty-free license to use, modify, and distribute the system.
• On March 31, 2026 OFA exercised an option to acquire 50% undivided co-ownership in QikBIM IP for $17.5 million, with historical payments credited against the purchase price (approximately $11.9948 million credited). The Assignment Agreement documents 50/50 co-ownership while OFA retains sole authority over operational, technical, strategic, and commercial matters related to QikBIM and remains the sole operator of the QikBIM business.
• PlanAID: an AI-enabled building code compliance tool co-developed with the contractor, targeted for commercial launch in Q3 2026.
• Hearth RWA platform: a blockchain-based real-world asset tokenization platform designed to tokenize assets such as real estate and rental streams, serving as a launchpad for primary issuance and future secondary markets.
• Tokenization engagements:
  • LIC Project (Long Island City, NY) with MD Queens Development LLC for a platform technology fee of $15,000,000; first milestone achieved May 15, 2026.
  • Vero Project (Vero Beach, FL) with Vero 60 LLC for $7,500,000.
  • Initial milestone payment in PPDF tokens was recorded with zero carrying value for noncash consideration as of March 31, 2026.
• Hearth platform completed as of March 31, 2026, with planned custodial and regulatory-compliant secondary-market infrastructure.

Cryptocurrency treasury and related strategy

• Adopted a digital asset treasury strategy in July 2025 holding BTC and SOL; custody via Kraken (Payward, Inc.) with institutional controls.
• Ordinary receipts are converted to fiat; long-term assets are held in treasury accounts.
• Allocation policy: target 70–90% BTC and 10–30% SOL.
• Risk controls: minimum liquidity thresholds, stop-loss triggers, and no leverage or derivatives that increase counterparty risk.
• Covered-call program contemplated for up to 25% of digital assets to generate income while preserving most assets.
• Advisory and financing arrangements: Bitwise Asset Management engaged as non-discretionary strategic advisor; Atsion Equity Facility provides the right to sell up to $100 million (potentially $200 million) of Class A Ordinary Shares, with 80% of net proceeds designated for cryptocurrency purchases.

Revenue model and market position

• Provides end-to-end architectural services in Hong Kong and internationally, with expansion plans focused on the U.S. and Japan (U.S. subsidiary in planning; joint ventures in Japan for an entertainment/real-estate project).
• Competitive strengths include integration of AI tools (QikBIM, PlanAID), a broad service offering (design, fit-out, project management, regulatory applications), experienced leadership, and strategic partnerships.
• The company relies on a small number of major customers and operates in a competitive architectural services market in Hong Kong and globally.

Financial and regulatory context

• Accumulated deficit: $10,983,014 as of March 31, 2026.
• Net loss: $8,022,816 for 2026 and $714,680 for 2025.
• Revenue composition: a high proportion of fixed-price contracts (100% of revenue under fixed-price arrangements in the cited periods).
• Public listing and governance: Nasdaq-listed with a dual-class share structure (Class A and Class B Ordinary Shares); voting power concentrated among three main shareholders (approximately 98.68% of voting power).
• The company transitioned from a foreign private issuer to a Nasdaq domestic issuer effective April 1, 2026, triggering U.S. GAAP reporting and associated SEC filing requirements.
• Exposures include currency fluctuations (HKD/USD), Hong Kong regulatory developments, cybersecurity and data privacy risks, client concentration, and technology/IP development risks.

Risk disclosures

• High client concentration: a small number of clients account for large percentages of revenue in certain periods.
• Dependence on key personnel and the need to recruit and retain specialized staff.
• Risks related to AI and digital-asset initiatives, including regulatory changes, cybersecurity, and data privacy.
• Ongoing remediation of internal controls weaknesses and evolving regulatory regimes, including PRC data security and cross-border fundraising rules.

Summary

OFA Group is a Cayman Islands holding company with a Hong Kong operating subsidiary that delivers architectural design and interior fit-out services. The company is expanding its technology stack with AI-enabled design tools (QikBIM, PlanAID), developing a real-world asset tokenization platform (Hearth RWA), and maintaining a cryptocurrency treasury strategy. As of March 31, 2026, OFA employed 11 full-time staff, served about 14 customers in 2026 (versus approximately 35 in 2025), reported a net loss for the year, and carried an accumulated deficit. The business combines service revenue from architecture and fit-out work with capital- and IP-intensive development around QikBIM and tokenization initiatives.