Winning Catering Group, Inc. (formerly LiquidValue Development Inc.) became a shell company on August 18, 2025, after distributing its real estate assets (Alset Real Estate Holdings Inc.) to shareholders. The distribution of Alset Real Estate Holdings Inc. had an aggregate carrying value of approximately $34.8 million as of August 15, 2025, constituting substantially all of the company's net asset value. Revenue plummeted from $16,767,986 in 2024 to $21,290 in 2025, primarily due to the sale of all remaining land development lots in 2024. The company reported a net loss of $981,966 in 2025, a significant decline from a net income of $6,673,727 in 2024. Total assets decreased from $38,792,674 in 2024 to $5,912 in 2025, and cash from $2,762,935 to $5,912. The company is pursuing a merger with Winning Catering Management Limited (Wing Nin, a Hong Kong food and beverage brand) to acquire new business operations. Post-merger, Winning Holdings will own approximately 80% of the company, existing stockholders 15%, and Pure Talent Group Limited 5%. The company has no full-time employees as of December 31, 2025, down from six in 2024. Management identified a material weakness in internal control over financial reporting due to limited staff and lack of segregation of duties. The company's ability to continue as a going concern is in substantial doubt due to lack of material operations and revenue, and reliance on the merger.