Company: SUIC
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001554795-25-000172
Chunk: 1

Company: SUIC Worldwide Holdings Ltd.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 8
Chunk 1
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Financial Statements

The full text of our audited consolidated financial
statements as of December 31, 2024 and 2023 begins on page F-1 of this Report.

  ITEM 9.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.  
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There were no recent changes in auditor appointment
and engagement.

  ITEM 9A.      CONTROLS AND PROCEDURES.  
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Evaluation of disclosure controls and procedures.

The Company maintains a set of disclosure controls
and procedures designed to ensure that information required to be disclosed by the Company in the reports filed under the Securities Exchange
Act, is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms. Disclosure controls
are also designed with the objective of ensuring that this information is accumulated and communicated to the Company's management, including
the Company's chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

During the course of internal evaluation, following
control weaknesses are noted for the fiscal year ended December 31, 2024 that required correction:

  no independent director exists in the Board of Directors, and the directors have little understanding about U. S. GAAP and Sarbanes-Oxley Act 404 requirements in 2024.  

Based upon their evaluation as of the end of the period
covered by this annual report, the Company's chief executive officer and chief financial officer concluded that, due to the significant
deficiencies in internal control over financial reporting described below, the Company's disclosure controls and procedures are not effective
as of December 31, 2024.

  15  

Changes in internal controls.

The term “internal control over financial reporting”
(defined in SEC Rule 13a-15(f)) refers to the process of a company that is designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. The Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated
any changes in the Company’s internal control over financial reporting that occurred during the fourth quarter of the year covered
by this annual report, and they have concluded that there was no change to the Company’s internal control over financial reporting
that has materially affected,