marketcaparena

TOP

TOP Financial Group Ltd

Company overview

Market capitalization
—
Employees
18
Latest publication
2026-09-29
About TOP Financial Group Ltd

TOP Financial Group Limited, through its subsidiaries, operates as an online brokerage company in Hong Kong. The company is involved in the trading of equities, futures, and options products; and the provision of brokerage and value-added services, including trade order placement and execution, account management, and customer support services. It also provides a range of futures products, such as index, forex, agricultural product, energy, and precious metal futures; and operates as an escrow agent in transactions relating to securities sales and transfers. In addition, the company offers stock and options brokerage, structured note subscriber, consulting, currency exchange, margin financing, OTC derivative trading, and loan services. The company was formerly known as Zhong Yang Financial Group Limited and changed its name to TOP Financial Group Limited in July 2022. The company was founded in 2015 and is headquartered in Singapore. TOP Financial Group Limited is a subsidiary of Zhong Yang Holdings (BVI) Limited.

Company website

Financial statements

Income Quarterly

Exact reported values; units shown beside each amount. Missing values are —.
MetricQ1 20262026-06-30 · USDQ3 20262025-12-31 · USDQ3 20252024-12-31 · USDQ1 20252024-06-30 · USDQ2 20242023-09-30 · USDQ1 20242023-06-30 · USDQ4 20232023-03-31 · USDQ3 20232022-12-31 · USD
Total Revenue1,076,700USD2,868,935USD1,843,105USD887,786USD7,149,320USD3,574,660USD4,537,994USD2,268,997USD
Total Operating Expenses1,463,654USD1,761,747USD1,262,789USD2,310,886USD1,959,588USD1,778,804USD1,337,183USD1,473,457USD
Operating Income-386,954USD190,540USD580,316USD-1,423,100USD3,591,710USD1,795,856USD3,200,811USD795,540USD
Total Other Income Expense Net0USD—-1,030,737USD-1,180,764USD804,252USD—-1,609,731USD—
Communications And Information Technology80,651USD———————
Income Before Tax-386,954USD190,540USD-450,421USD-2,603,864USD3,591,711USD1,795,856USD1,591,080USD795,540USD
Income Tax Expense-273,229USD——11,730USD-75,422USD37,711USD31,520USD15,760USD
Net Income-113,725USD190,540USD-450,421USD-2,615,594USD3,667,133USD1,833,567USD1,559,560USD779,780USD
Minority Interest-292USD———————
Net Income Applicable To Common Shares-113,433USD———————
Cost Of Revenue—916,647USD659,757USD1,741,504USD1,598,022USD—1,144,534USD—
Gross Profit—1,952,287USD1,183,348USD-853,718USD5,551,298USD3,574,660USD4,537,994USD2,268,997USD
Unclassified Operating Expenses—1,761,747USD——1,172,387USD———
Ebit—190,540USD1,160,632USD-5,207,728USD3,591,711USD1,871,278USD1,591,080USD—
Ebitda—198,680USD1,177,656USD-5,139,311USD3,667,791USD75,422USD1,655,006USD—
Depreciation And Amortization—8,140USD17,024USD68,417USD76,080USD-1,795,856USD63,926USD-795,540USD
Selling General Administrative——333,571USD1,339,050USD440,482USD440,482USD752,366USD376,183USD
Selling And Marketing Expenses——929,218USD971,836USD346,719USD346,719USD584,817USD292,408USD
SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

Income Yearly

Exact reported values; units shown beside each amount. Missing values are —.
MetricFY 20262026-03-31 · USDFY 20252025-03-31 · USDFY 20242024-03-31 · USDFY 20232023-03-31 · USDFY 20222022-03-31 · USDFY 20212021-03-31 · USDFY 20202020-03-31 · USDFY 20192019-03-31 · USD
Total Revenue4,723,765USD3,329,256USD8,037,105USD9,695,402USD7,820,395USD16,906,372USD16,500,225USD10,784,823USD
Total Operating Expenses5,901,085USD5,813,051USD3,363,654USD2,437,555USD949,757USD836,719USD771,428USD9,258,678USD
Operating Income-1,177,320USD-5,566,824USD987,847USD3,429,263USD3,579,952USD5,115,435USD2,597,519USD1,526,145USD
Total Other Income Expense Net0USD-256,420USD-3,163,970USD-7USD2USD5USD-1USD-8,263,387USD
Communications And Information Technology451,623USD———————
Professional Fees703,458USD———————
Income Before Tax-1,177,320USD-5,823,244USD987,847USD3,429,263USD3,579,952USD5,115,435USD2,597,519USD1,526,145USD
Income Tax Expense-1,781USD146,104USD-63,692USD31,520USD88,647USD70,765USD58,443USD241,249USD
Net Income-1,175,539USD-5,969,348USD1,051,539USD3,397,743USD3,491,305USD5,044,670USD2,539,076USD1,284,896USD
Minority Interest-4,716USD———————
Cost Of Revenue—3,083,029USD3,685,604USD3,828,584USD3,290,686USD10,954,218USD13,131,278USD—
Gross Profit—246,227USD4,351,501USD5,866,818USD4,529,709USD5,952,154USD3,368,947USD10,784,823USD
Selling General Administrative—3,076,087USD2,220,014USD2,248,592USD949,757USD836,719USD771,428USD166,367USD
Unclassified Operating Expenses—2,736,964USD—————8,263,387USD
Tax Provision—146,104USD-63,692USD31,520USD88,647USD70,765USD58,443USD—
Net Income From Continuing Ops—-5,969,348USD1,051,539USD3,397,743USD3,491,305USD5,044,670USD2,539,076USD—
Ebit—-5,566,824USD987,847USD3,429,263USD3,579,952USD5,115,435USD2,597,519USD19,579,064USD
Ebitda—-5,390,934USD1,132,344USD3,550,208USD3,644,529USD5,128,723USD2,615,384USD18,052,919USD
Depreciation And Amortization—175,890USD144,497USD120,945USD64,577USD13,288USD17,865USD-1,526,145USD
Reconciled Depreciation—175,890USD144,497USD120,945USD64,577USD13,288USD17,865USD—
Selling And Marketing Expenses——852,883USD188,963USD53,337USD16,880USD52,167USD828,924USD
Interest Expense————0USD0USD0USD0USD
Net Income Applicable To Common Shares————3,491,305USD5,044,670USD2,539,076USD1,284,896USD
SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

Balance sheet Quarterly

Exact reported values; units shown beside each amount. Missing values are —.
MetricQ1 20262026-06-30 · USDQ4 20262026-03-31 · USDQ3 20262025-12-31 · USDQ2 20262025-09-30 · USDQ4 20252025-03-31 · USDQ3 20252024-12-31 · USDQ2 20252024-09-30 · USDQ1 20252024-06-30 · USD
Total Assets158,407,198USD86,056,943USD64,068,336USD64,068,336USD46,799,758USD60,096,745USD60,096,745USD57,642,843USD
Cash And Equivalents10,407,367USD12,989,922USD——————
Long Term Investments3,147,784USD3,147,784USD—6,148,062USD5,647,371USD—4,918,741USD—
Total Liabilities121,408,566USD51,811,799USD——————
Other Non Current Liabilities64,983,160USD———————
Total Stockholder Equity36,697,571USD33,943,714USD34,953,734USD34,953,734USD34,885,304USD39,916,513USD39,916,513USD40,530,905USD
Total Equity Including Noncontrolling Interest36,998,632USD34,245,144USD——————
Property Plant Equipment Net2,445,828USD2,671,979USD472,987USD217,192USD288,745USD707,063USD291,554USD518,192USD
Goodwill26,187USD26,187USD——————
Intangible Assets63,759USD63,776USD64,260USD64,260USD—64,356USD—63,890USD
Short Term Debt1,415,554USD————263,546USD—64,825USD
Retained Earnings4,460,209USD4,573,642USD5,935,005USD5,935,005USD5,744,465USD11,263,392USD11,263,392USD11,713,813USD
Accumulated Other Comprehensive Income208,978USD296,688USD-9,662USD——-317,789USD—-123,875USD
Other Current Assets——-57,251,637USD——-32,119,622USD—12,777,148USD
Total Liab——29,114,602USD29,114,602USD11,914,454USD20,180,232USD20,180,232USD17,111,938USD
Other Current Liab——460,491USD——-19,046,526USD—651,663USD
Common Stock——37,070USD——37,028USD—37,017USD
Good Will——26,187USD26,187USD————
Other Assets——64,068,336USD————26,571,106USD
Cash——23,572,475USD14,785,446USD12,227,380USD12,708,722USD12,708,722USD25,919,945USD
Cash And Short Term Investments——24,558,764USD——12,708,722USD—25,919,945USD
Total Current Assets——57,251,637USD56,265,348USD40,001,649USD12,708,722USD53,781,091USD52,491,051USD
Total Current Liabilities——28,891,830USD28,891,830USD11,643,588USD566,853USD19,916,686USD10,907,933USD
Net Debt——-23,126,931USD——-12,708,722USD—-25,855,119USD
Short Long Term Debt Total——445,544USD——263,546USD—64,826USD
Short Term Investments——986,289USD——998,266USD—991,862USD
Net Receivables——32,692,873USD21,819,081USD12,869,336USD32,119,622USD18,661,810USD13,793,958USD
Accounts Payable——28,431,339USD28,431,339USD10,977,549USD19,349,833USD19,349,833USD10,256,270USD
Common Stock Shares Outstanding——37,061,964shares37,068,205shares37,044,475shares37,023,752shares37,027,141shares36,239,745shares
Non Current Assets Total——6,816,699USD7,802,988USD6,798,109USD47,388,023USD6,315,654USD5,151,792USD
Non Current Liabilities Total——29,114,602USD222,772USD270,866USD19,613,379USD263,546USD6,204,005USD
Non Currrent Assets Other——1,091,492USD1,091,492USD382,782USD42,423,306USD352,670USD1,618,887USD
Unclassified Non Current Assets——-58,906,563USD——4,193,298USD—-23,620,283USD
Unclassified Non Current Liabilities——29,114,602USD——19,613,379USD—6,204,005USD
Unclassified Equity——28,991,321USD28,981,659USD29,103,793USD28,933,882USD28,616,093USD28,903,950USD
Capital Stock———37,070USD37,046USD—37,028USD—
Property Plant Equipment Gross———281,028USD405,994USD—394,651USD—
Net Working Capital———27,373,518USD28,358,061USD—33,864,405USD—
Unclassified Current Assets———19,660,821USD14,904,933USD-33,117,888USD22,410,559USD-67,251,923USD
Unclassified Current Liabilities—————-19,046,526USD——
Current Deferred Revenue———————-64,825USD
Inventory———————66,260,061USD
SourceDisclosureDeterministicFinalDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

Balance sheet Yearly

Exact reported values; units shown beside each amount. Missing values are —.
MetricFY 20262026-03-31 · USDFY 20252025-03-31 · USDFY 20242024-03-31 · USDFY 20232023-03-31 · USDFY 20222022-03-31 · USDFY 20212021-03-31 · USDFY 20202020-03-31 · USDFY 20192019-03-31 · USD
Total Assets86,056,943USD46,799,758USD57,642,843USD40,283,896USD13,880,816USD10,264,563USD13,286,928USD13,044,636USD
Cash And Equivalents12,989,922USD———————
Long Term Investments3,147,784USD5,647,371USD3,942,685USD4,197,598USD1,288,747USD481,897USD134,785USD—
Total Liabilities51,811,799USD———————
Total Stockholder Equity33,943,714USD34,885,304USD40,530,905USD35,951,323USD10,195,102USD6,754,187USD6,429,379USD4,508,248USD
Total Equity Including Noncontrolling Interest34,245,144USD———————
Property Plant Equipment Net2,671,979USD288,745USD518,192USD638,786USD250,060USD18,241USD17,254USD34,827USD
Goodwill26,187USD———————
Intangible Assets63,776USD64,268USD63,890USD63,695USD63,837USD64,311USD64,505USD63,696USD
Retained Earnings4,573,642USD5,744,465USD11,713,813USD10,662,274USD7,264,531USD3,773,226USD3,428,173USD1,579,926USD
Accumulated Other Comprehensive Income296,688USD127,649USD-123,875USD81,477USD-34,024USD16,366USD36,611USD-36,273USD
Other Current Assets—2,947,556USD12,777,148USD1,879,472USD1,757,546USD1,977,424USD1,224,144USD6,710,429USD
Total Liab—11,914,454USD17,111,938USD4,332,573USD3,685,714USD3,510,376USD6,857,549USD167,921USD
Other Current Liab—598,264USD651,663USD688,617USD-3,309,536USD-3,392,048USD663,422USD167,921USD
Common Stock—37,046USD37,017USD35,005USD30,000USD30,000USD30,000USD50,000USD
Capital Stock—37,046USD37,017USD35,005USD30,000USD30,000USD30,000USD—
Cash—12,227,380USD25,919,945USD15,966,421USD6,199,213USD4,858,052USD3,640,353USD2,085,694USD
Cash And Short Term Investments—12,227,380USD25,919,945USD15,966,421USD6,199,213USD4,858,052USD3,640,353USD2,085,694USD
Total Current Assets—40,001,649USD52,491,051USD35,225,517USD11,567,750USD9,544,468USD12,879,563USD2,085,694USD
Total Current Liabilities—11,643,588USD10,907,933USD4,232,434USD3,440,853USD3,510,376USD6,857,549USD167,921USD
Net Debt—-11,956,514USD-25,855,119USD-15,816,282USD-5,954,352USD-4,858,052USD-3,640,353USD-2,085,694USD
Short Long Term Debt Total—270,866USD64,826USD150,139USD244,861USD———
Net Receivables—24,826,713USD13,793,958USD17,379,624USD3,610,991USD2,708,992USD8,015,066USD3,954,869USD
Accounts Payable—10,977,549USD10,256,270USD3,543,817USD3,309,536USD3,262,724USD6,135,191USD8,065,543USD
Property Plant Equipment Gross—405,994USD202,684USD638,786USD304,276USD62,070USD174,955USD—
Common Stock Shares Outstanding—37,023,752shares32,278,485shares35,004,635shares35,750,000shares35,750,000shares35,750,000shares50,000,000shares
Non Current Assets Total—6,798,109USD5,151,792USD5,058,379USD2,313,066USD720,095USD407,365USD10,958,942USD
Non Current Liabilities Total—270,866USD6,204,005USD100,139USD244,861USD3,510,376USD6,857,549USD—
Non Currrent Assets Other—797,725USD1,618,887USD158,300USD296,532USD155,645USD190,821USD10,860,419USD
Net Working Capital—28,358,061USD41,583,118USD30,993,083USD8,126,897USD6,034,092USD6,022,014USD—
Unclassified Equity—28,939,098USD28,866,933USD25,137,562USD2,904,595USD2,904,595USD2,904,595USD2,914,595USD
Other Assets——26,571,106USD—296,532USD155,645USD190,821USD195,121USD
Current Deferred Revenue——-64,825USD-150,139USD-244,861USD———
Short Term Debt——64,825USD150,139USD244,861USD———
Short Term Investments——991,862USD1,000,000USD————
Inventory——66,260,061USD38,104,989USD13,325,296USD11,521,892USD14,103,707USD—
Unclassified Current Assets——-67,251,923USD-39,104,989USD-13,325,296USD-11,521,892USD-14,103,707USD-10,665,298USD
Unclassified Non Current Assets——-27,562,968USD—————
Unclassified Non Current Liabilities——6,204,005USD——3,510,376USD6,857,549USD—
Non Current Liabilities Other———-50,000USD————
Good Will————0USD0USD0USD—
Net Tangible Assets————10,131,265USD6,689,875USD6,364,874USD4,444,552USD
Unclassified Current Liabilities———————-8,065,543USD
SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

Cash flow Quarterly

Exact reported values; units shown beside each amount. Missing values are —.
MetricQ1 20262026-06-30 · USDQ3 20262025-12-31 · USDQ3 20252024-12-31 · USDQ1 20252024-06-30 · USDQ2 20242023-09-30 · USDQ1 20242023-06-30 · USDQ4 20232023-03-31 · USDQ3 20232022-12-31 · USD
Depreciation57,646USD8,140USD17,024USD68,417USD76,080USD38,040USD63,926USD31,963USD
Operating Cash Flow6,034,786USD———————
Capital Expenditures-3,112USD-699USD0USD-3,086USD-2,974USD-1,487USD-86,443USD-43,222USD
Net Investments-188,000USD———————
Unclassified Investing Cash Flow8,008,181USD———————
Investing Cash Flow7,817,069USD———————
Effect Of Forex Changes On Cash-289,880USD———————
Change In Cash13,561,975USD8,397,539USD21,661,469USD13,512,034USD7,338,488USD3,669,244USD-25,673,313USD-3,913,711USD
End Cash Flow45,267,394USD———————
Net Income—190,540USD-450,421USD-2,615,594USD3,667,134USD1,833,567USD1,559,560USD779,780USD
Other Non Cash Items—7,092,489USD-7,758,039USD12,610,298USD-359,654USD-179,827USD-182,613USD-91,306USD
Total Cash From Operating Activities—7,291,169USD-8,161,492USD15,278,530USD2,479,914USD1,239,957USD-1,310,374USD-655,187USD
Free Cash Flow—7,290,470USD-8,161,492USD15,275,440USD2,476,940USD1,238,470USD-1,396,817USD-698,409USD
Total Cashflows From Investing Activities—1,200,642USD-8,548,758USD-6,081,094USD4,800,230USD—-6,342,863USD—
Begin Period Cash Flow—15,174,936USD13,512,034USD25,184,381USD17,845,893USD17,845,893USD25,673,313USD25,673,313USD
End Period Cash Flow—23,572,475USD21,661,469USD13,512,034USD7,338,488USD3,669,244USD17,845,893USD21,759,602USD
Other Cashflows From Investing Activities—1,481,396USD-8,548,758USD-6,078,004USD5,303,204USD2,651,602USD-6,256,420USD—
Stock Based Compensation——29,944USD36,856USD11,748USD5,874USD50,137USD25,069USD
Change To Account Receivables———850,000USD1,802,084USD901,042USD433,765USD216,882USD
Change In Working Capital———5,178,553USD-915,394USD-457,697USD-2,801,384USD-1,400,693USD
Total Cash From Financing Activities———4,389,992USD——-150,158USD24,921USD
Other Cashflows From Financing Activities———4,389,992USD2,323,570USD2,400,115USD-150,000USD25,000USD
Change To Inventory——————25,624USD—
Change To Liabilities——————0USD0USD
Dividends Paid——————-52,638USD—
Sale Purchase Of Stock——————-158USD-79USD
SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

Cash flow Yearly

Exact reported values; units shown beside each amount. Missing values are —.
MetricFY 20262026-03-31 · USDFY 20252025-03-31 · USDFY 20242024-03-31 · USDFY 20232023-03-31 · USDFY 20222022-03-31 · USDFY 20212021-03-31 · USDFY 20202020-03-31 · USDFY 20192019-03-31 · USD
Net Income-1,175,539USD-5,969,348USD1,051,539USD3,397,743USD3,491,305USD5,044,670USD2,539,076USD1,284,896USD
Depreciation35,345USD175,890USD144,497USD120,945USD64,577USD13,288USD17,865USD43,942USD
Stock Based Compensation60,194USD72,223USD48,603USD50,137USD0USD0USD——
Deferred Income Tax-43,566USD———————
Other Non Cash Items400USD2,287,067USD-526,694USD8,838,589USD957,485USD469,213USD3,150,035USD4,217,027USD
Unclassified Operating Cash Flow15,764,462USD——-8,838,589USD——-3,150,035USD—
Change To Liabilities12,595USD——0USD71,370USD-2,872,467USD-1,930,352USD3,968,752USD
Change In Working Capital-619,500USD-11,037,053USD17,040,499USD-9,600,276USD-1,970,961USD-724,190USD-3,495,290USD-1,852,662USD
Operating Cash Flow14,021,796USD———————
Capital Expenditures-899,500USD-3,234USD-6,063USD-86,443USD-413,890USD-16,278USD-16,278USD-11,677USD
Net Investments1,118,968USD———————
Unclassified Investing Cash Flow1,061,637USD6,961,665USD—5,086,443USD————
Investing Cash Flow1,281,105USD———————
Net Debt Issuance640,713USD———————
Unclassified Financing Cash Flow350,075USD—1,280,863USD22,800,871USD——5,202,494USD5,202,494USD
Financing Cash Flow990,788USD———————
Effect Of Forex Changes On Cash236,794USD———————
Change In Cash16,293,689USD-23,522,157USD20,851,200USD9,877,543USD1,121,283USD1,970,979USD-1,445,439USD3,681,526USD
End Cash Flow31,705,419USD———————
Change To Account Receivables—-5,676,394USD4,354,276USD-4,933,299USD-899,701USD2,429,830USD-1,183,953USD-722,651USD
Total Cash From Operating Activities—-14,471,221USD17,758,444USD-6,031,451USD1,584,921USD4,333,768USD-938,349USD3,693,203USD
Free Cash Flow—-14,474,455USD17,752,381USD-6,117,894USD1,171,031USD4,317,490USD-938,349USD3,681,526USD
Investments—-9,361,665USD-1,280,863USD-6,542,863USD-413,890USD-16,278USD0USD—
Total Cashflows From Investing Activities—-9,361,665USD-1,280,863USD-6,542,863USD-413,890USD-16,278USD-16,278USD-11,677USD
Total Cash From Financing Activities—0USD4,389,992USD22,500,871USD0USD-2,326,250USD-581,954USD-581,954USD
Issuance Of Capital Stock—0USD4,389,992USD22,650,871USD0USD0USD——
Begin Period Cash Flow—38,697,093USD17,845,893USD7,956,759USD6,835,476USD4,864,497USD6,309,936USD2,628,410USD
End Period Cash Flow—15,174,936USD38,697,093USD17,834,302USD7,956,759USD6,835,476USD4,864,497USD6,309,936USD
Other Cashflows From Investing Activities—-6,958,431USD472,984USD-5,000,000USD————
Other Cashflows From Financing Activities——-1,280,863USD-150,000USD-413,890USD2,876,244USD-581,954USD-581,954USD
Dividends Paid———0USD0USD-5,202,494USD-5,202,494USD-5,202,494USD
Sale Purchase Of Stock———-150,000USD————
SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

Operating metrics

No operating metrics are currently published for this company.

Revenue breakdown

PeriodDimensionBusiness / regionRevenueCurrencySource
FY 2026Yearly · 2026-03-31ProductCommission On Futures Broking Earned From Hong Kong Exchange185,100USDDisclosure
FY 2026Yearly · 2026-03-31ProductCommission On Futures Broking From Overseas Exchanges1,648,971USDDisclosure
FY 2026Yearly · 2026-03-31ProductFutures Brokerage Commissions1,834,071USDDisclosure
FY 2026Yearly · 2026-03-31ProductOther Service Revenues415,486USDDisclosure
FY 2026Yearly · 2026-03-31ProductTrading Solution Service Revenues290,000USDDisclosure
FY 2026Yearly · 2026-03-31ProductVirtual Asset Commission388,884USDDisclosure
FY 2025Yearly · 2025-03-31ProductCommission On Futures Broking Earned From Hong Kong Exchange286,507USDDisclosure
FY 2025Yearly · 2025-03-31ProductCommission On Futures Broking From Overseas Exchanges1,543,734USDDisclosure
FY 2025Yearly · 2025-03-31ProductOther Service Revenues693,182USDDisclosure
FY 2025Yearly · 2025-03-31ProductTrading Solution Service Revenues805,833USDDisclosure

Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.