NusaTrip Incorporated is a Jakarta-based online travel agency that spent less than a year as a Nasdaq name and then lost the listing, the parent, and the reporting calendar that made the listing usable. Society Pass Incorporated still holds voting control through super-voting preferred stock, and that parent filed for bankruptcy protection in May. The equity debate is no longer whether Southeast Asian air inventory can scale. It is whether a controlled residual still belongs to public holders after the parent estate, two auditor changes, and a Commission trading suspension over social-media promotion.
Nine-month revenue more than doubled on net ticketing commissions and a burst of advertising, which is the print bulls still cite. That growth sat beside a general-and-administrative bill that jumped by an order of magnitude in the third quarter and an operating cash outflow that consumed most of the offering proceeds. Related-party receivables and prepaid deposits absorbed the cash that the offering was supposed to leave in the till. The last recorded print of $9 is a halt price from October, not a live market.
The latest complete quarterly package still ends in September of last year. The annual report for fiscal 2025 remains unfiled. The first-quarter package for 2026 is likewise missing, and Nasdaq used those delinquencies plus the parent bankruptcy and the earlier trading suspension as independent grounds to drop the name. Management declined to appeal and said it intends to seek an over-the-counter quotation. Whether Barton CPA can finish the missing audit, and whether the bankruptcy court leaves the operating company outside a forced sale of the control block, is the only pair of questions that still move the residual.