Company: QSJC
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001683168-25-001892
Chunk: 126

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 126
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 opinion.

Our audit
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.

Critical
Audit Matter

Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

Emphasis
of Matter

The Company
has significant transactions with a director, which are described in Note 7 to the financial statements. Transactions involving related
party cannot be presumed to be carried out on an arm’s length basis, as the requisite conditions of competitive, free market dealings
may not exist.

/s/
Onestop Assurance PAC

PCAOB ID
number: 6732

We have
served as the Company’s auditor since 2022.

Singapore

March
26, 2025

 F-1 

TANCHENG GROUP CO., LTD.

CONSOLIDATED BALANCE SHEETS

(In U.S. Dollars, except share data or otherwise
stated)

AS OF DECEMBER 31, 2024 AND 2023

    As of December 31, 

    2024  
    2023 
  
    ASSETS 

    Current assets: 

    Cash and cash equivalents 
    $100,653  
    $412,154 
  
    Other receivables 
     253  
     731 
  
    Inventories 
     1,303,273  
     1,252,150 
  
    Advance to suppliers 
     74,958  
     16,200 
  
    Amounts due from a related party 
     –  
     1,695,750 
  
    Total current assets 
     1,479,137  
     3,376,985 

    Non-current assets: 

    Motor vehicle 
     94,766