Company: QSJC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006089
Chunk: 33

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2025 and 2024 (UNAUDITED)

    1.
    DESCRIPTION OF BUSINESS

TANCHENG GROUP CO., LTD. (“Company”),
formerly named Bigeon Corp. (“Bigeon”) was incorporated on June 19, 2018 under the laws of Nevada.

Qiansui International Group Limited (“Qiansui
International”) was incorporated in the Cayman Islands on June 7, 2022. Qiansui (Hong Kong) Holdings Limited (“Qiansui HK”)
was incorporated on July 21, 2022 in the Hong Kong SAR. Qiansui HK wholly owns Shanxi Qiansui Tancheng Culture Consulting Co., Ltd. (“Qiansui
Consulting”) which was established on December 12, 2022 in the People’s Republic of China (the “PRC”). Qiansui
Consulting is a wholly owned foreign entity under PRC law. Qiansui Consulting wholly owns Shanxi Qiansui Tancheng Culture Media Co., Ltd.
(“Qiansui Media”), which was established on June 14, 2017 in the PRC. Qiansui Consulting acquired Qiansui Media on December
28, 2022. Qiansui HK and Qiansui Consulting are intermediary holding companies. Qiansui International conducts its operations through
Qiansui Media.

The Company operates through its wholly-owned
PRC subsidiary Qiansui Media and the principal activity is the sale of self-designed ornament and adornment products in the PRC. 

    2.
    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation and Going Concern

The accompanying condensed consolidated financial
statements include the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the
U.S. Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S.
(“US GAAP”).

The accompanying condensed consolidated financial
statements are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business.

The Company incurred net loss of $207,364 and
had net cash used in operating activities of $276,693 for the six months ended June 30, 2025. As of June 30, 2025, the Company had net
current liability of