Company: IDVV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008369
Chunk: 17

Company: ModuLink Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part II, Item 8
Chunk 17
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 support, along with the continued forbearance of Zenith (Hong Kong) Engineering
Limited (“Zenith (HK)”) as discussed below, we believe our existing cash position and other sources of liquidity are sufficient
to fund our operations for at least the next 12 months. To implement our business plan, we estimate that we will require approximately
$6.5 million over the next 12 months and a total of $11.5 million over the next 24 months. We are actively evaluating various financing
alternatives to meet these capital requirements.

We are indebted to Zenith
(HK) in the approximate amount of $129,629 as of September 30, 2025. Pursuant to the Stock Purchase Agreement dated January 22, 2025,
the two convertible promissory notes were purchased and assigned to Zenith (HK) on January 30, 2025. On February 28, 2025, Zenith (HK)
waived all rights to convert the outstanding principal amount and any accrued but unpaid interest under the two convertible promissory
notes into equity securities of the Company. We owe approximately $129,629 pursuant to such notes. Both notes have already become due
and payable. However, Zenith (HK) has indicated a willingness to work with the Company regarding repayment of such loans. We do not expect
to generate sufficient cash flow to repay these notes within the next twenty-four months. There is no assurance that we can generate sufficient
cash flow to repay these notes after such twenty-four-month period, if ever. If we are required to repay these notes prior to achieving
profitability, our ability to implement our business plan or to expand our business may be significantly delayed.

 3 

Recent Change in Control

 On January 22, 2025,
Raymond Valdez, the sole executive officer and director entered into the Stock Purchase Agreement, pursuant to which Mr. Valdez agreed
to sell (the “Sale”) to ModuLink Inc., a British Virgin Islands corporation (“ModuLink BVI”), and Zenith (Hong
Kong) Engineering Limited, a Hong Kong corporation (“Zenith (HK)”), 200,000 shares of Preferred A shares, representing all
of the issued and outstanding shares of Preferred A, and the transfer of certain promissory notes of the Company held by third parties,
in an aggregate consideration of Two Hundred Eighty Thousand Dollars ($280,000). Each holder of Preferred A shares is entitled to