Company: MKDWW
Filing Date: 2025-03-13
Form Type: 424B4
Source: 0001493152-25-010187
Chunk: 184

Company: MKDWELL Tech Inc.
Filing Date: 2025-03-13
Form: 424B4
Chunk 184
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 consolidated financial statements.</div>

| F-22 |

<div align='center'>MKDWELL TECH INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, except share and per share data)</div>

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

MKDWELL TECH INC. (“MKD BVI”) was incorporated in the British Virgin Islands on July 25, 2023 as a nonoperating shell company. MKD Technology Inc. (“MKD Taiwan”) was incorporated in Taiwan on September 26, 2006. MKD BVI, through its subsidiary MKD Taiwan and MKD Taiwan’s subsidiaries (collectively, the “Company”), primarily engages in designing and manufacturing industrial embedded system and automotive electronics in Taiwan and mainland China.

On June 20, 2023, MKD BVI and MKD Taiwan entered into a business combination agreement with Cetus Capital Acquisition Corp., and in connection therewith, MKD BVI commenced a reorganization by way of share acquisition, in which MKD BVI, a shell company newly incorporated and solely owned by our director and chief executive officer, Mr. Ming-Chia Huang, acquiring shares of MKD Taiwan directly from MKD Taiwan shareholders, in exchange for proportionate shares of MKD BVI which are issued to MKD Taiwan shareholders (the “Taiwan Reorganization”). MKD BVI is meant to be a redomestication platform for MKD Taiwan shareholders to exchange their MKD Taiwan shares for MKD BVI shares. Each MKD Taiwan shareholder who accepted the offer received one MKD BVI share for each MKD Taiwan share they held. As of August 2023, the closing date of the Taiwan Reorganization, MKD BVI had acquired 62.36% of the issued and outstanding shares of MKD Taiwan. The Taiwan Reorganization would be accounted for as a recapitalization transaction. This determination was primarily based on the transaction which essentially results in the formation of a holding company, and no goodwill or other intangible assets would be recorded.

As of December 31, 2023, the Company and its major subsidiaries were as follows:

SCHEDULE OF COMPANY AND ITS MAJOR SUBSIDIARIES

| Subsidiaries                                                      
 MKD BVI                                                           |     | Date of incorporation 
 March 30, 2023        |     | Place of incorporation 
 British Virgin Islands |     | Percentage of ownership | 100.00 | % |