# EDGAR Filing Document

**Accession Number:** 0001467761
**File Stem:** 0001829126-26-000703
**Filing Date:** 2026-1
**Character Count:** 93518
**Document Hash:** bf949520ad61e7229dcfab2b9b2c9f4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-000703.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001829126-26-000703

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251127

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FiEE, Inc.
- **CENTRAL INDEX KEY:** 0001467761
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE & TELEGRAPH APPARATUS [3661]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 042621506
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37649
- **FILM NUMBER:** 26572971

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FLAT A1, 29/F, BLOCK A
- **STREET 2:** TML TOWER, 3 HOI SHING ROAD
- **CITY:** TSUEN WAN
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-28166813

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FLAT A1, 29/F, BLOCK A
- **STREET 2:** TML TOWER, 3 HOI SHING ROAD
- **CITY:** TSUEN WAN
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MINIM, INC.
- **DATE OF NAME CHANGE:** 20210609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Zoom Telephonics, Inc.
- **DATE OF NAME CHANGE:** 20090707

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 27, 2025

**FiEE, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37649** | **04-2621506** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

Flat A1, 29/F, Block A, TML Tower, 3 Hoi Shing Road, Tsuen Wan, N.T., Hong Kong

(Address of principal executive offices, including zip code)

852-28166813

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17-CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value FIEE | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Explanatory Note**

On December 2, 2025, FiEE, Inc. (the "Company) filed a Current Report on Form 8-K (the "Initial Form 8-K") with the U.S. Securities and Exchange Commission (the "SEC") to report that it had completed the acquisition of (i) all of the outstanding equity interests of Houren-Geiju Kabushikikaisha, a company organized under the laws of Japan ("Houren-Geiju"), pursuant to the Share Purchase Agreement, dated November 27, 2025, by and among the Company, Yang Zhiqin, and Lin Lin and (ii) all of the assets owned by Houren-Geiju, pursuant to a Technology Transfer Agreement, dated November 27, 2025, by and between the Company and Lin Lin (collectively, the Transactions").

The pro forma financial information included in this Amendment No. 1 to the Initial Form 8-K (this "Amendment No. 1") has been filed with the SEC to amend and supplement the Initial Form 8-K, the purpose of which is to provide the financial statements and pro forma financial information required by Item 9.01, which are filed as exhibits hereto and are incorporated herein by reference. It does not purport to represent the actual results of operations that the Company and Houren-Geiju would have achieved had the companies been combined during the periods presented in the pro forma financial information and is not intended to project the future results of operations that the combined company may achieve after completion of the Transactions. Except as described above, this Amendment No. 1 does not otherwise amend, modify, or update the disclosures contained in the Initial Form 8-K.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

*(a)* *Financial Statements of Businesses or Funds Acquired* 

The audited financial statements of Houren-Geiju as of December 31, 2024 and for the period from October 25, 2024 (inception) to December 31, 2024 and the related notes thereto, together with the report of WWC, P.C., Houren-Geiju's independent auditor, concerning those financial statements and related notes, and the unaudited interim condensed financial statements as of and for the nine months ended September 30, 2025 and the related notes thereto are filed as Exhibit 99.1 to this Amendment No. 1 and are incorporated herein by reference.

*(b)* *Pro Forma Financial Information* 

The unaudited pro forma condensed combined balance sheet of the Company and Houren-Geiju as of September 30, 2025, and the unaudited pro forma condensed combined statements of operations of the Company and Houren-Geiju for the nine months ended September 30, 2025 and for the period from October 25, 2024 (inception) to December 31, 2024, including the related notes thereto, giving effect to the Transactions, are filed as Exhibit 99.2 to this Amendment No. 1 and are incorporated herein by reference.

*(d)* *Exhibits* 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 23.1 | [Consent of WWC, P.C.](fiee_ex23-1.htm) |
| 99.1 | [Audited Financial Statements of Houren-Geiju as of December 31, 2024 and for the period from October 25, 2024 (inception) to December 31, 2024 and the Unaudited Interim Condensed Financial Statements of Houren-Geiju as of and for the nine months ended September 30, 2025.](fiee_ex99-1.htm) |
| 99.2 | [Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2025 and the Unaudited Pro Forma Condensed Combined Statements of Operations for the nine months ended September 30, 2025 and for the period from October 25, 2024 (inception) to December 31, 2024.](fiee_ex99-2.htm) |
| 104 | Cover Page Interactive Data (embedded within Inline XBRL document). |

---

<u>**SIGNATURES**</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **FIEE, INC.** | **FIEE, INC.** |
| Date: January 28, 2026 | By: | */s/ Li Wai Chung* |
|  |  | Li Wai Chung |
|  |  | Chief Executive Officer and President |

---

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the registration statements (Nos. 333-292413, 333-261700, 333-261110, 333-237698, 333-209807, 333-173143) on Form S-8 of FIEE, Inc. f/k/a Minim, Inc. of our report dated December 19, 2025, with respect to the financial statements of Houren-Geiju Kabushikikaisha as of December 31, 2024 and for the period from October 25, 2024 to December 31, 2024, which report appears in this Current Report on Form 8-K/A (No. 001-37649) of FIEE, Inc., dated January 28, 2026.

---

| |
|:---|
| /s/ WWC, P.C. |
| WWC, P.C. |
| Certified Public Accountants |
| PCAOB ID No.1171 |

---

San Mateo, California

January 28, 2026

## Exhibit 99.1

**Exhibit 99.1**

HOUREN-GEIJU KABUSHIKIKAISHA

FINANCIAL STATEMENTS

FOR THE PERIOD FROM OCTOBER 25, 2024 (THE "DATE OF INCORPORATION") TO

DECEMBER 31, 2024, AND FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

**HOUREN-GEIJU KABUSHIKIKAISHA**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **Financial Statements** |  |
| [Report of Independent Auditor](#a_001) | F-2 |
| [Balance Sheet as of December 31, 2024](#a_002) | F-3 |
| [Statement of Comprehensive Loss for the period from October 25, 2024 to December 31, 2024](#a_003) | F-4 |
| [Statement of Changes in Shareholders' Deficit for the period from October 25, 2024 to December 31, 2024](#a_004) | F-5 |
| [Statement of Cash Flows for the period from October 25, 2024 to December 31, 2024](#a_005) | F-6 |
| [Notes to the Financial Statements](#a_006) | F-7 |
| [Unaudited Interim Condensed Balance Sheet as of September 30, 2025](#a_007) | F-15 |
| [Unaudited Interim Condensed Statement of Comprehensive Income for the Nine Months Period Ended September 30, 2025](#a_008) | F-16 |
| [Unaudited Interim Condensed Statement of Changes in Shareholders' Equity for the Nine Months Period Ended September 30, 2025](#a_009) | F-17 |
| [Unaudited Interim Condensed Statement of Cash Flows for the Nine Months Period Ended September 30, 2025](#a_010) | F-18 |
| [Notes to Unaudited Interim Condensed Financial Statements](#a_011) | F-19 |

---

![](ex99-1_001.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of<br> HOUREN-GEIJU KABUSHIKIKAISHA

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of HOUREN-GEIJU KABUSHIKIKAISHA (the Company) as of December 31, 2024, and the related statements of comprehensive loss, shareholder's deficit, and cash flows for period from October 25, 2024 (the "Date of incorporation") to December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows in the period from October 25, 2024 to December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits 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 audits 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 audits provide a reasonable basis for our opinion.

/s/ WWC, P.C.

WWC, P.C.

Certified Public Accountants

PCAOB ID No.1171

We have served as the Company's auditor since 2025

San Mateo, California

December 19, 2025

**HOUREN-GEIJU KABUSHIKIKAISHA**

**BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

(Amounts expressed in US$, except for share, unless otherwise stated)

---

| | |
|:---|:---|
|  | **As of<br> December 31,** |
|  | **2024** |
|  | **US$** |
| **ASSETS** |  |
| **Current assets:** |  |
| &nbsp;&nbsp;&nbsp;Prepayment | 18549 |
| **Total current assets** | **18549** |
| **Non-current assets:** |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 2600 |
| **Total non-current assets** | **2600** |
| **TOTAL ASSETS** | **21149** |
| **LIABILITIES** |  |
| **Current liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 30257 |
| &nbsp;&nbsp;&nbsp;Other payables | 1351 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 1462 |
| &nbsp;&nbsp;&nbsp;Amounts due to related party | 9213 |
| &nbsp;&nbsp;&nbsp;Income tax payables | 263 |
| **Total current liabilities** | **42546** |
| **Non-current liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current portion | 1138 |
| **Total non-current liabilities** | **1138** |
| **TOTAL LIABILITIES** | **43684** |
| **Commitments and contingencies** | **-** |
| **SHAREHOLDERS' DEFICIT:** |  |
| &nbsp;&nbsp;&nbsp;Share capital (JPY 50,000 par value, 1,000 shares authorized, 401 shares issued and outstanding as of December 31, 2024) | 130796 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (130796) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (22893) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 358 |
| **Total shareholder's deficit of the Company** | **(22535)** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT** | **21149** |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**STATEMENT OF COMPREHENSIVE LOSS**

**FOR THE PERIOD FROM OCTOBER 25, 2024 TO DECEMBER 31, 2024**

(Amounts expressed in US$ unless otherwise stated)

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> October 25 to<br> December 31,** |
|  | **2024** |
|  | **US$** |
| &nbsp;&nbsp;&nbsp;Net revenue |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue |  |
| **Gross profit** | **-** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (22365) |
| **Operating loss** | **(22365)** |
| **Other expense** |  |
| &nbsp;&nbsp;&nbsp;Financial expense | (261) |
| **Loss before income tax** | **(22626)** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (267) |
| **Net loss** | **(22893)** |
| &nbsp;&nbsp;&nbsp;Other comprehensive income | 358 |
| **Total comprehensive loss** | **(22535)** |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT**

**FOR THE PERIOD FROM OCTOBER 25, 2024 TO DECEMBER 31, 2024**

(Amounts expressed in US$, except for share, unless otherwise stated)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | | | | |
|  | | | **Subscription**<br>**receivable** | **Accumulated**<br>**deficit** | **Accumulated other comprehensive**<br>**income** | **Total<br> shareholders'**<br>**deficit** |
|  | **Number of**<br>**Shares** |<br>**Amount** | **Amount** | **Amount** | **Amount** | **Amount** |
|  | | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance as of October 25, 2024** | **401** | **130796** | **(130796)** | **-** | **-** | **-** |
| Net loss |  |  |  | (22893) |  | (22893) |
| Foreign currency translation adjustment | - | - | - | - | 358 | 358 |
| **Balance as of December 31, 2024** | **401** | **130796** | **(130796)** | **(22893)** | **358** | **(22535)** |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**STATEMENT OF CASH FLOWS**

**FOR THE PERIOD FROM OCTOBER 25, 2024 TO DECEMBER 31, 2024**

(Amounts expressed in US$, except for share, unless otherwise stated)

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> October 25 to<br> December 31,** |
|  | **2024** |
|  | **US$** |
| **Cash flows from operating activities:** |  |
| Net loss | (22893) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 362 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Prepayment | (18844) |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | (3003) |
| &nbsp;&nbsp;&nbsp;Amounts due to related party | 9359 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 30739 |
| &nbsp;&nbsp;&nbsp;Other payables | 1372 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 2641 |
| &nbsp;&nbsp;&nbsp;Income tax payables | 267 |
| **Net cash used in operating activities** | **-** |
| **Cash flows from investing activities:** |  |
| **Net cash used in investing activities** | **-** |
| **Cash flows from financing activities:** |  |
| **Net cash used in financing activities** | **-** |
| Effect of exchange rate changes on cash |  |
| **Net increase in cash** | **-** |
| **Cash, beginning on October 25, 2024** | **-** |
| **Cash, end on December 31, 2024** | **-** |
| **Supplemental cash flow information:** |  |
| Right-of-use assets obtained in exchange for operating lease liabilities | 2998 |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

**1. ORGANIZATION AND NATURE OF OPERATIONS**

 ***(a) Principal Activities and Organization***

HOUREN-GEIJU KABUSHIKIKAISHA (the "Company") was incorporated in Kyoto, Japan, as an exempted company primarily engaged in the authentication of antiques and classical artworks with limited liability on October 25, 2024 (the "Date of incorporation").

 ***(b) Going Concern***

The Company's financial statements have been prepared on a going concern basis.

As of December 31, 2024, the Company has operational losses since inception, which have resulted in an accumulated deficit of $22,893. However, the company managed to turn losses into profits during 2025 which could be found in Unaudited Interim Condensed Balance Sheet as of September 30, 2025. Therefore, the Company's ability to continue as a going concern is largely dependent on the successful implementation of management's business plan to mitigate these adverse conditions, which includes growing the Company's revenue by authentication services which the company is expected to increase its revenue, maintaining a reasonable working capital turnover rate by managing collection of receivables and settlement of payables, and raising funds from banks under available credit quotas and other sources when needed. Management has prepared a cash flows forecast covering the twelve months from the date of issuance of the financial statements after giving consideration to its business plan as noted above and the evaluation of the probability of the successful implementation of such business plan. Management has concluded it is probable that the business plan will be effectively implemented, and the Company's available cash, cash generated from operating activities and funds from available credit quotas and other sources will be sufficient to support its continuous operations and necessary capital expenditures, and to meet its payment obligations when liabilities fall due within the twelve months from the date of issuance of the financial statements.

**2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES**

***(a) Basis of presentation***

The accompanying financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S. GAAP").

***(b) Use of estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in the Company's financial statements include, but are not limited to, the useful lives of operating lease right-of-use assets and deferred taxes. On an ongoing basis, management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Company to revise its estimates. Actual results could materially differ from those estimates.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

***(c) Functional currency and foreign currency translation***

The Company uses United States Dollar ("US$") as its reporting currency. The Japanese Yen ("JPY") is the functional currency of the Company.

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in other than the functional currencies are translated at the balance sheet date exchange rate. The resulting exchange differences are recorded in the statements of comprehensive loss as a component of other expense.

The financial statements of the Company are translated from the functional currency to the reporting currency, US$. Assets and liabilities of the subsidiaries are translated into US$ using the exchange rate in effect at the balance sheet date. Income and expenses are translated at the average exchange rates prevailing during the period from October 25, 2024 to December 31, 2024. Foreign currency translation adjustments arising from these are reflected in the accumulated other comprehensive income.

***(d) Other comprehensive income***

Comprehensive income is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Accumulated other comprehensive income of the Company includes foreign currency translation adjustments.

***(e) Income tax***

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The Company evaluates its uncertain tax positions using the provisions of ASC 740-10, Income Taxes, which prescribes a recognition threshold that a tax position is required to meet before being recognized in financial statements. The Company recognizes in the financial statements the benefit of a tax position which is ''more likely than not'' to be sustained under examination based solely on the technical merits of the position, assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Company's policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. No significant penalties or interest relating to income taxes were incurred during the period from October 25, 2024 to December 31, 2024. The Company does not believe there was any uncertain tax provisions as of December 31, 2024.

***(f) Leases***

Leases are classified at the inception date as either a capital lease or an operating lease. The Company assesses a lease to be a capital lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property's estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. The Company had no capital leases for the period from October 25, 2024 to December 31, 2024.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. Payments made under operating leases, net of any incentives received by the Company from the lessor, are charged to the statements of comprehensive loss on a straight-line basis over the lease periods. For the period from October 25, 2024 to December 31, 2024, operating lease expenses recorded in the statements of comprehensive loss amounted to US$392.

***(g) Recent accounting pronouncements***

In November 2023, the FASB issued ASU 2023-07. The amendments improve reportable segment disclosure requirements. Main provisions include: (1) significant segment expenses-public entities are required to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss; (2) other segment items-public entities are required to disclose other segment items by reportable segment. Such a disclosure would constitute the difference between reported segment revenues less the significant segment expenses (disclosed) less reported segment profit or loss; (3) multiple measures of a segment's profit or loss public entities may disclose more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles: (4) CODM-related disclosures-disclosure of the CODM's title and position is required on an annual basis, as well as an explanation of how the CODM uses the reponed measures and other disclosures. (5) entities with single reportable segment-public entities must apply all of the ASU's disclosure requirements, as well as all existing segment disclosure and reconciliation requirements in ASC 280: (6) recasting of prior-period segment information to conform to current-period segment information-recasting is required if segment information regularly provided to the CODM is changed in a manner that causes the identification of significant segment expenses to change. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023. Early adoption is permitted. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company adopted the new guidance on its financial statement, and did not have a material impact to the Company's financial statements.

In December 2023. the FASB issued ASU 2023-09. which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (l) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity's worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The other amendments in this Update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense(or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application-General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. The Company is in the process of evaluating the impact of the new guidance on its financial statement and expects to adopt them for the year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its financial statements.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's balance sheets, statements of operations and statements of cash flows.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

**3. PREPAYMENT**

Prepayment consisted of the following:

---

| | |
|:---|:---|
|  | **As of<br> December 31,** |
|  | **2024** |
|  | **US$** |
| Prepayment for Alibaba Cloud Services | 18549 |
| **Prepayment** | **18549** |

---

**4. OTHER PAYABLES**

Other payables consisted of the following:

---

| | |
|:---|:---|
|  | **As of<br> December 31,** |
|  | **2024** |
|  | **US$** |
| Salary and welfare payables | 965 |
| Outstanding rent payables | 386 |
| **Other payables** | **1351** |

---

**5. LEASE**

US GAAP requires that the Company's lease be evaluated and classified as operating or capital lease for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset.

The Company's operating lease primarily represents office. The operating lease is for term 2 years, although terms and conditions can vary from lease to lease. The Company has assessed the specific terms and conditions of the operating lease to determine the amount of the lease payments and the length of the lease terms. The lease agreement generally does not contain options to extend or terminate the lease. None of the amounts disclosed below for the lease contains variable payments, residual value guarantees or options that were recognized as part of the right-of-use asset and lease liabilities. As the Company's lease did not provide an implicit discount rate, the Company adopted the two years loan prime rate of the Mitsui Bank as an incremental long-term borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The balances for the operating leases where the Company is the lessee are presented as follows:

---

| | |
|:---|:---|
|  | **As of<br> December 31,** |
|  | **2024** |
|  | **US$** |
| **Operating leases:** |  |
| Operating lease liabilities-current | 1462 |
| Operating lease liabilities-non-current | 1138 |
| **Total operating lease liabilities** | **2600** |
| **Operating lease right-of-use assets, net** | **2600** |

---

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

(a) The components of lease expenses were as follows:

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> October 25 to<br> December 31,** |
|  | **2024** |
|  | **US$** |
| **Lease expenses:** |  |
| Amortization of right-of-use assets | 362 |
| Interest of lease liabilities | 30 |
| **Total lease expenses** | **392** |

---

(b) Supplemental balance sheet information related to leases was as follows:

---

| | |
|:---|:---|
| **Operating leases:** | **As of<br> December 31,** |
|  | **2024** |
|  | **US$** |
| **Weighted-average remaining lease term** | 1.75 years |
| **Weighted-average discount rate** | 4.20% |

---

(c) Maturities of lease liabilities were as follows:

---

| | |
|:---|:---|
| **Operating leases：** | **As of<br> December 31,** |
|  | **2024** |
|  | **US$** |
| Year ended December 31, |  |
| 2025 | 1544 |
| 2026 | 1158 |
| **Total undiscounted lease payments** | **2702** |
| Less: imputed interest | (102) |
| **Total operating lease liabilities** | **2600** |

---

**6. TAXATION**

*Japan*

The Company is in Japan and is subject to Japanese national and local income taxes, and enterprise tax. During the period from October 25, 2024 to December 31, 2024, all taxable income of the Company was generated in Japan. As a result of its business activities, the Company files tax returns that are subject to examination by the local tax authority. Income taxes in Japan applicable to the Company are imposed by the national, prefectural, and municipal governments.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

For the period from October 25, 2024 to December 31, 2024, the Company's income tax expense was as follows:

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> October 25 to<br> December 31,** |
|  | **2024** |
|  | **US$** |
| Current tax expense | 267 |
| **Income tax expense** | **267** |

---

Reconciliation between the statutory and effective tax expenses is as follows:

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> October 25 to<br> December 31,** |
|  | **2024** |
|  | **US$** |
| Loss before income tax expense | (22626) |
| Income tax benefits at Japanese statutory tax rate | (5523) |
| Valuation allowance | 5790 |
| **Income tax expense** | **267** |

---

*Deferred tax assets*

Deferred taxes were measured using the enacted tax rates for the periods in which the temporary differences are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2024, are as follows:

---

| | |
|:---|:---|
|  | **As of<br> December 31,** |
|  | **2024** |
|  | **US$** |
| **Deferred tax assets:** |  |
| Net operating loss carry forward | 5790 |
| Less: valuation allowance | (5790) |
| **Total deferred tax assets, net** | **-** |

---

Movement of the valuation allowance is as follows:

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> October 25 to<br> December 31,** |
|  | **2024** |
|  | **US$** |
| **Balance as of October 25, 2024** |  |
| Addition | 5790 |
| **Balance as of December 31, 2024** | **5790** |

---

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. In making such determination, the Company evaluates a variety of positive and negative factors including the Company's operating history, accumulated deficit, the existence of taxable temporary differences and reversal periods.

The Company has incurred net accumulated operating losses for income tax purposes since its inception. The Company believes that it is more likely than not that these net accumulated operating losses will not be utilized in the foreseeable future. Therefore, the Company has provided full valuation allowances for the deferred tax assets as of December 31, 2024.

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024, the Company did not have any significant unrecognized uncertain tax positions.

**7. RELATED PARTY TRANSACTIONS**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities.

The following individual is considered to be a related party to the Company:

---

| | |
|:---|:---|
| **Name of related party** | **Relationship with the Company** |
| Zhiqin Yang | Shareholder of the Company |

---

 ***(a) Related party balances***

***Amounts due to related party***

Amounts due to related party consisted of the following for the period indicated：

---

| | | |
|:---|:---|:---|
| **Name of related party** | **Nature** | **As of<br> December 31,** |
|  |  | **2024** |
|  |  | **US$** |
| Zhiqin Yang | Expenses paid by Zhiqin Yang on behalf of the Company (i) | 9213 |
| **Amounts due to related party** |  | **9213** |

---

 ***(b) Related party transactions***

The Company had the following transactions with the related party:

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> October 25 to<br> December 31,** |
|  | **2024** |
| **Nature** | **US$** |
| Expenses paid by Zhiqin Yang on behalf of the Company<sup>(i)</sup> | 9359 |

---

(i) This amount represents operational expenses due to third parties incurred by the Company, which were paid by Zhiqin Yang on behalf of the Company from October 25, 2024 to December 31, 2024. The Company repaid the expenses fully in April 2025.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO THE FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

**8. COMMITMENTS AND CONTINGENCIES**

*Operating lease commitments*

Future minimum payments under non-cancelable operating leases with initial terms in excess of one year could be referred to note 5

Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The Company's lease arrangements have no renewal options, rent escalation clauses, restrictions or contingent rents and are all executed with third parties. For the period from October 25, 2024 to December 31, 2024, total rental related expenses for all operating leases amounted to US$392.

*Contingencies*

The Company is currently not involved in any legal or administrative proceedings that may have a material adverse impact on the Company's business, financial position or results of operations.

**9. FINANCIAL RISKS**

This note explains the Company's exposure to financial risks and how these risks could affect the Company's future financial performance.

<u>Foreign currency risk</u>

Foreign currency risk is the risk that the holding of foreign currency assets and liabilities will affect the Company's financial position as a result of a change in foreign currency exchange rates.

The Company's monetary assets and liabilities are mainly denominated in JPY. The main commercial transactions recognized not denominated in JPY are the prepayment in USD and accounts payable in RMB. In the opinion of the directors of the Company, the foreign currency risk is considered insignificant. The Company currently does not have a foreign currency hedging policy to eliminate the currency exposures. However, the directors monitor the related foreign currency exposure closely and will consider hedging significant foreign currency exposures should the need arise.

**10. SUBSEQUENT EVENTS**

On November 27, 2025, all two shareholders of the Company, Ms. Yang Zhiqin and Mr. Lin Lin, entered into a Share Purchase Agreement with FiEE, Inc., a Delaware corporation and listed on NASDAQ (NASDAQ: FIEE), to sell 100% of the outstanding equity interests of the Company for an aggregate purchase price of $500,000, and Mr. Lin Lin entered into a Technology Transfer Agreement to sell all of the assets owned by the Company for an aggregate purchase price of $3 million (collectively, the "Transactions").

The Transaction closed on November 30, 2025.

No other subsequent event which had a material impact on the Company was identified through the date of issuance of the financial statements, which is December 19, 2025, unless as disclosed below.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**UNAUDITED INTERIM CONDENSED BALANCE SHEET**

**AS OF SEPTEMBER 30, 2025**

(Amounts expressed in US$, except for share, unless otherwise stated)

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31,** | **As of<br> September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  | 18309 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net |  | 554200 |
| &nbsp;&nbsp;&nbsp;Prepayment and other current assets, net | 18549 | 140912 |
| **Total current assets** | **18549** | **713421** |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 2600 | 1580 |
| &nbsp;&nbsp;&nbsp;Property, net | - | 1237 |
| **Total non-current assets** | **2600** | **2817** |
| **TOTAL ASSETS** | **21149** | **716238** |
| **LIABILITIES** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 30257 | 105087 |
| &nbsp;&nbsp;&nbsp;Accruals and other payables | 1351 | 4202 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 1462 | 1580 |
| &nbsp;&nbsp;&nbsp;Amounts due to related party | 9213 |  |
| &nbsp;&nbsp;&nbsp;Income tax payables | 263 | 136762 |
| **Total current liabilities** | **42546** | **247631** |
| **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current portion | 1138 | - |
| **Total non-current liabilities** | **1138** | **-** |
| **TOTAL LIABILITIES** | **43684** | **247631** |
| **Commitments and contingencies** | **-** | **-** |
| **SHAREHOLDERS' (DEFICIT)/EQUITY:** |  |  |
| &nbsp;&nbsp;&nbsp;Share Capital (JPY 50,000 par value, 1,000 shares authorized,401 shares issued and outstanding as of December 31, 2024, and September 30, 2025, respectively) | 130796 | 130796 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (130796) |  |
| &nbsp;&nbsp;&nbsp;(Accumulated deficits)/Retained earnings | (22893) | 337306 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 358 | 505 |
| **Total shareholders' (deficit)/equity** | **(22535)** | **468607** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT)/EQUITY** | **21149** | **716238** |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**UNAUDITED INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME**

**FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025**

(Amounts expressed in US$ unless otherwise stated)

---

| | |
|:---|:---|
|  | **For the<br> Nine Months<br> Period Ended<br> September 30,** |
|  | **2025** |
|  | **US$** |
| &nbsp;&nbsp;&nbsp;Net revenue | 560322 |
| &nbsp;&nbsp;&nbsp;Cost of revenue | (48384) |
| **Gross profit** | **511938** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (6497) |
| &nbsp;&nbsp;&nbsp;Selling expenses | (6627) |
| **Operating income** | **498814** |
| **Other expense** |  |
| &nbsp;&nbsp;&nbsp;Financial expense | (968) |
| **Income before income tax** | **497846** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (137647) |
| **Net income** | **360199** |
| &nbsp;&nbsp;&nbsp;Other comprehensive income | 147 |
| **Total comprehensive income** | **360346** |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**UNAUDITED INTERIM CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY**

**FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025**

(Amounts expressed in US$, except for share, unless otherwise stated)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | | | | |
|  | | | **Subscription**<br>**receivable** | **(Accumulated<br> deficit)/Retained**<br>**earnings** | **Accumulated <br> other <br> comprehensive**<br>**income** | **Total <br> shareholders'**<br>**(deficit)/equity** |
|  | **Number of**<br>**Shares** |<br>**Amount** | **Amount** | **Amount** | **Amount** | **Amount** |
|  | | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance as of October 25, 2024** | **401** | **130796** | **(130796)** | **-** | **-** | **-** |
| Net loss |  |  |  | (22893) |  | (22893) |
| Foreign currency translation adjustment | - | - | - | - | 358 | 358 |
| **Balance as of December 31, 2024** | **401** | **130796** | **(130796)** | **(22893)** | **358** | **(22535)** |
| Net income |  |  |  | 360199 |  | 360199 |
| Proceeds from subscription receivable |  |  | 130796 |  |  | 130796 |
| Foreign currency translation adjustment | - | - | - | - | 147 | 147 |
| **Unaudited balance as of September 30, 2025** | **401** | **130796** | **-** | **337306** | **505** | **468607** |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**UNAUDITED INTERIM CONDENSED STATEMENT OF CASH FLOWS**

**FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025**

(Amounts expressed in US$, except for share, unless otherwise stated)

---

| | |
|:---|:---|
|  | **For the <br> Nine Months <br> Period Ended <br> September 30,** |
|  | **2025** |
|  | **US$** |
| **Cash flows from operating activities:** |  |
| Net income | 360199 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property | 164 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 1152 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (558911) |
| &nbsp;&nbsp;&nbsp;Prepayment and other current assets, net | (122520) |
| &nbsp;&nbsp;&nbsp;Amounts due to related party | (9730) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 74024 |
| &nbsp;&nbsp;&nbsp;Accruals and other payables | 2811 |
| &nbsp;&nbsp;&nbsp;Income tax payables | 137647 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | (1152) |
| **Net cash used in operating activities** | **(116316)** |
| **Cash flows from investing activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchase of property | (1405) |
| **Net cash used in investing activities:** | **(1405)** |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from subscription receivable | 130796 |
| **Net cash provided by financing activities:** | **130796** |
| Effect of exchange rate changes on cash | 5234 |
| **Net increase in cash** | **18309** |
| **Cash, beginning on December 31, 2024** | **-** |
| **Cash, end on September 30, 2025** | **18309** |

---

The accompanying notes are an integral part of these financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

**1. ORGANIZATION AND NATURE OF OPERATIONS**

 ***(a) Principal Activities and Organization***

HOUREN-GEIJU KABUSHIKIKAISHA (the "Company") was incorporated in Kyoto, Japan, as an exempted company primarily engaged in the authentication of antiques and classical artworks with limited liability on October 25, 2024 (the "Date of incorporation").

**2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES**

 ***(a) Basis of presentation***

The accompanying financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S. GAAP").

 ***(b) Use of estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in the Company's financial statements include, but are not limited to, the useful lives of property operating lease right-of-use assets, deferred taxes and allowance for doubtful accounts. On an ongoing basis, management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Company to revise its estimates. Actual results could materially differ from those estimates.

 ***(c) Functional currency and foreign currency translation***

The Company uses United States Dollar ("US$") as its reporting currency. The Japanese Yen ("JPY") is the functional currency of the Company.

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in other than the functional currencies are translated at the balance sheet date exchange rate. The resulting exchange differences are recorded in the statements of comprehensive income as a component of other expense.

The financial statements of the Company are translated from the functional currency to the reporting currency, US$. Assets and liabilities of the subsidiaries are translated into US$ using the exchange rate in effect at the balance sheet date. Income and expenses are translated at the average exchange rates prevailing during the nine months period of September 30, 2025. Foreign currency translation adjustments arising from these are reflected in the accumulated other comprehensive income.

 ***(d) Cash***

Cash represents cash on hand and deposits placed within banks.

 ***(e) Accounts receivable, net***

Accounts receivable, net includes trade accounts due from customers. Management reviews its receivables on a regular basis to determine if the allowance for expected credit losses is adequate, and makes allowance when necessary. The allowance is based on management's best estimates of specific losses on individual customer exposures, historical collection trends, augmented by forward-looking expected factors derived from macroeconomic forecasts. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

 ***(f) Allowance for expected credit losses***

In 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASC Topic 326"), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses.

The Company's accounts receivable and other current assets are within the scope of ASC Topic 326. The allowance is management's estimate of expected credit losses on receivables. The Company estimated the allowance by segmenting receivables into groups based on certain credit risk characteristics, including geographic region and industry.

The Company determined an expected loss rate for each group based on the historical credit loss experience, current and future economic conditions, and lifetime for debt recovery. As the Company's major clients maintain long-term relationships with strong repayment willingness and are all within the Company's credit period. There was nil provision for expected credit losses as of September 30, 2025.

***(g) Property, net***

Property is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the asset as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated Useful Life** |
| Office equipment | 3 years |

---

The gain or loss on disposal of property, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets and is recognized in the statement of comprehensive income upon disposal.

***(h) Revenue recognition***

The Company recognizes revenues in accordance with ASC 606, "Revenue from Contracts with Customers" ("ASC 606"). The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Under ASC 606, the Company determined revenue recognition through the following steps:

Step l: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

The Company primary source of revenue is the authentication of artwork. Service is provided under fixed-price contracts with no variable consideration and typically exclude post-delivery support. Contracts are generally non-refundable and non-cancellable and become binding upon execution. The contract stipulates that the service period is typically within 30 days. The Company's performance obligations are considered completed when the artwork's authentication report is delivered electronically. Revenue is recognized when the Company satisfies its performance obligations as mentioned above (i.e. point of time).

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

***(i) Income tax***

The Company accounts for income taxes under the liability method. Under the liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and income tax bases of assets and liabilities and are measured using the tax income rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that some portion or all of the deferred income tax assets will not be utilized in the foreseeable future.

The Company evaluates its uncertain tax positions using the provisions of ASC 740-10, Income Taxes, which prescribes a recognition threshold that a tax position is required to meet before being recognized in financial statements. The Company recognizes in the financial statements the benefit of a tax position which is ''more likely than not'' to be sustained under examination based solely on the technical merits of the position, assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Company's policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.

***(j) Leases***

Leases are classified at the inception date as either a capital lease or an operating lease. The Company assesses a lease to be a capital lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property's estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. The Company had no capital leases for the nine months period ended September 30, 2025.

All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. Payments made under operating leases, net of any incentives received by the Company from the lessor, are charged to the statements of comprehensive loss on a straight-line basis over the lease periods. For the nine months period ended September 30, 2025, operating lease expenses recorded in the statements of comprehensive income amounted to US$1,222

***(k) Other comprehensive income***

Other comprehensive income is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Accumulated other comprehensive income of the Company includes foreign currency translation adjustments.

***(l) Recent accounting pronouncements***

In November 2023, the FASB issued ASU 2023-07. The amendments improve reportable segment disclosure requirements. Main provisions include: (1) significant segment expenses-public entities are required to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss; (2) other segment items-public entities are required to disclose other segment items by reportable segment. Such a disclosure would constitute the difference between reported segment revenues less the significant segment expenses (disclosed) less reported segment profit or loss; (3) multiple measures of a segment's profit or loss public entities may disclose more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles: (4) CODM-related disclosures-disclosure of the CODM's title and position is required on an annual basis, as well as an explanation of how the CODM uses the reponed measures and other disclosures. (5) entities with single reportable segment-public entities must apply all of the ASU's disclosure requirements, as well as all existing segment disclosure and reconciliation requirements in ASC 280: (6) recasting of prior-period segment information to conform to current-period segment information-recasting is required if segment information regularly provided to the CODM is changed in a manner that causes the identification of significant segment expenses to change. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023. Early adoption is permitted. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company adopted the new guidance on its financial statement, and did not have a material impact to the Company's financial statements.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

In December 2023. the FASB issued ASU 2023-09. which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (l) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity's worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The other amendments in this Update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense(or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application-General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. The Company is in the process of evaluating the impact of the new guidance on its financial statement and expects to adopt them for the year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its financial statements.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's balance sheets, statements of operations and statements of cash flows.

**3. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,** | **As of <br> September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| Accounts receivable |  | 554200 |
| **Accounts receivable, net** |  | **554200** |

---

**4. PREPAYMENT AND OTHER CURRENT ASSETS, NET**

Prepayment and other current assets, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,** | **As of <br> September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| Advances on Behalf<sup>(i)</sup> |  | 97018 |
| Prepayment for Alibaba Cloud Services | 18549 | 43831 |
| Deductible Consumption Tax | - | 63 |
| **Prepayment and other current assets, net** | **18549** | **140912** |

---

(i) In March 2025, the Company made advance payments on behalf
of the third parties for expenses of US$97,018, which is expected to be repaid by March 2026.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

**5. ACCRUALS AND OTHER PAYABLES**

Accruals and other payables consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,** | **As of <br> September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| Salary and welfare payables | 965 | 4041 |
| Outstanding rent payables | 386 | 135 |
| Accrued operational expenses |  | 23 |
| Others | - | 3 |
| **Accruals and other payables** | **1351** | **4202** |

---

**6. LEASE**

US GAAP requires that the Company's lease be evaluated and classified as operating or capital lease for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset.

The Company's operating lease primarily represents office. The operating lease is for term 2 years, although terms and conditions can vary from lease to lease. The Company has assessed the specific terms and conditions of the operating lease to determine the amount of the lease payments and the length of the lease terms. The lease agreement generally does not contain options to extend or terminate the lease. None of the amounts disclosed below for the lease contains variable payments, residual value guarantees or options that were recognized as part of the right-of-use asset and lease liabilities. As the Company's lease did not provide an implicit discount rate, the Company adopted the two years loan prime rate of the Mitsui Bank as an incremental long-term borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The balances for the operating leases where the Company is the lessee are presented as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,** | **As of <br> September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| **Operating leases:** |  |  |
| Operating lease liabilities-current | 1462 | 1580 |
| Operating lease liabilities-non-current | 1138 | - |
| **Total operating lease liabilities** | **2600** | **1580** |
| **Operating lease right-of-use assets, net** | **2600** | **1580** |

---

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

(a) The components of lease expenses were as follows:

---

| | |
|:---|:---|
|  | **For the<br> Nine Months <br> Period Ended <br> September 30,** |
|  | **2025** |
|  | **US$** |
| **Lease expenses:** |  |
| Amortization of right-of-use assets | 1152 |
| Interest of lease liabilities | 70 |
| **Total lease expenses** | **1222** |

---

(b) Supplemental balance sheet information related to leases was
as follows:

---

| | |
|:---|:---|
| **Operating leases:** | **As of <br> September 30,** |
|  | **2025** |
|  | **US$** |
| **Weighted-average remaining lease term** | 1 years |
| **Weighted-average discount rate** | 4.20% |

---

(c) Maturities of lease liabilities were as follows:

---

| | |
|:---|:---|
| **Operating leases:** | **As of <br> September 30,** |
|  | **2025** |
|  | **US$** |
| Year ended September 30, 2026 | 1616 |
| **Total undiscounted lease payments** | **1616** |
| Less: imputed interest | (36) |
| **Total operating lease liabilities** | **1580** |

---

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

**7. TAXATION**

*Japan*

The Company is in Japan and is subject to Japanese national and local income taxes, and enterprise tax. As a result of its business activities, the Company files tax returns that are subject to examination by the local tax authority. Income taxes in Japan applicable to the Company are imposed by the national, prefectural, and municipal governments.

For the nine months period ended September 30, 2025, the Company's income tax expense was as follows:

---

| | |
|:---|:---|
|  | **For the<br> Nine Months <br> Period Ended <br> September 30,** |
|  | **2025** |
|  | **US$** |
| Current tax expense | 137647 |
| **Income tax expense** | **137647** |

---

Reconciliation between the statutory and effective tax expenses is as follows:

---

| | |
|:---|:---|
|  | **For the <br> Nine Months <br> Period Ended <br> September 30,** |
|  | **2025** |
|  | **US$** |
| Income before income tax expense | 497846 |
| Income tax expenses at Japanese statutory tax rate | 137647 |
| Valuation allowance | - |
| **Income tax expense** | **137647** |

---

*Deferred tax assets*

Deferred taxes were measured using the enacted tax rates for the periods in which the temporary differences are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax balances as of September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,** | **As of <br> September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| **Deferred tax assets:** |  |  |
| Net operating loss carry forward | 5790 | 5790 |
| Less: valuation allowance | (5790) | (5790) |
| **Total deferred tax assets, net** | **-** | **-** |

---

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

Movement of the valuation allowance is as follows:

---

| | |
|:---|:---|
|  | **For the <br> Nine Months <br> Period Ended <br> September 30,** |
|  | **2025** |
|  | **US$** |
| **Balance as of December 31, 2024** | **5790** |
| Addition | - |
| **Balance as of September 30, 2025** | **5790** |

---

A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the cumulative earnings and projected future taxable income in making this assessment. Recovery of substantially all of the Company's deferred tax assets is dependent upon the generation of future income, exclusive of reversing taxable temporary differences. The Company has provided full valuation allowances for the deferred tax assets as of September 30, 2025.

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of September 30, 2025, the Company did not have any significant unrecognized uncertain tax positions.

**8. RELATED PARTY TRANSACTIONS**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities.

The following individual is considered to be a related party to the Company:

---

| | |
|:---|:---|
| **Name of related party** | **Relationship with the Company** |
| Zhiqin Yang | Shareholder of the Company |

---

***(a) Related party balances***

***Amounts due to related party***

Amounts due to related party consisted of the following for the periods indicated：

---

| | | | |
|:---|:---|:---|:---|
| **Name of related party** | **Nature** | **As of <br> December 31,** | **As of <br> September 30,** |
|  |  | **2024** | **2025** |
|  |  | **US$** | **US$** |
| Zhiqin Yang | Expenses paid by Zhiqin Yang on behalf of the Company (i) | 9213 |  |
| **Amounts due to related party** |  | **9213** |  |

---

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

***(b) Related party transactions***

The Company had the following transactions with the related parties:

---

| | |
|:---|:---|
|  | **For the <br> Nine Months <br> Period Ended <br> September 30,** |
|  | **2025** |
|  | **US$** |
| Expenses paid by Zhiqin Yang on behalf of the Company<sup>(i)</sup> | 8530 |
| Repayment of Expenses paid by Zhiqin Yang on behalf of the Company | 18260 |

---

(i) This amount represents operational expenses due to the third
parties incurred by the company from January to April 2025, which were paid on behalf by the shareholder. The Company repaid the
expenses fully in April 2025.

Movement of Amounts due to related party is as follows:

---

| | |
|:---|:---|
|  | **For the <br> Nine Months <br> Period Ended <br> September 30,** |
|  | **2025** |
|  | **US$** |
| **Balance as of December 31, 2024** | **9213** |
| Expenses paid by Zhiqin Yang on behalf of the Company | 8530 |
| Repayment of Expenses paid by Zhiqin Yang on behalf of the Company | (18260) |
| Foreign currency translation adjustments | 517 |
| **Balance as of September 30, 2025** | **-** |

---

**9. COMMITMENTS AND CONTINGENCIES**

*Operating lease commitments*

Future minimum payments under non-cancelable operating leases with initial terms in excess of one year could be referred to note 6

Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The Company's lease arrangements have no renewal options, rent escalation clauses, restrictions or contingent rents and are all executed with third parties. For the nine months ended September 30, 2025, total rental related expenses for all operating leases amounted to US$1,222.

*Contingencies*

The Company is currently not involved in any legal or administrative proceedings that may have a material adverse impact on the Company's business, financial position or results of operations.

**HOUREN-GEIJU KABUSHIKIKAISHA**

**NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS**

(Amounts expressed in US$, except for share, unless otherwise stated)

**10. FINANCIAL RISKS**

This note explains the Company's exposure to financial risks and how these risks could affect the Company's future financial performance.

<u>Foreign currency risk</u>

Foreign currency risk is the risk that the holding of foreign currency assets and liabilities will affect the Company's financial position as a result of a change in foreign currency exchange rates.

The Company's monetary assets and liabilities are mainly denominated in JPY. The main commercial transactions recognized not denominated in JPY are the accounts receivable and prepayment in USD, and the accounts payable in RMB. In the opinion of the directors of the Company, the foreign currency risk is considered insignificant. The Company currently does not have a foreign currency hedging policy to eliminate the currency exposures. However, the directors monitor the related foreign currency exposure closely and will consider hedging significant foreign currency exposures should the need arise.

<u>Credit risk</u>

Financial instruments that potentially expose the Company to the credit risk consist primarily of cash and accounts receivable.

<u>Cash</u>

As of September 30, 2025, all of the cash was held in financial institutions in Japan. The credit risk on liquid funds is limited because the counterparties are financial institutions with high credit ratings assigned by international credit-rating agencies. The Company is exposed to credit risk on liquid funds, which are deposited with several banks with high credit ratings.

<u>Accounts receivable, net</u>

The Company policy is to extend credit to customers of good credit standing. Credit risk is managed on an ongoing basis, by experienced people within the Company. The Company's policy for the management of credit risk in relation to accounts receivable involves periodically assessing the financial reliability of customers, taking into account their financial position, past experience and other factors. The utilization of credit limits is regularly monitored. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset.

**11. SUBSEQUENT EVENTS**

On November 27, 2025, all two shareholders of the Company, Ms. Yang Zhiqin and Mr. Lin Lin, entered into a Share Purchase Agreement with FiEE, Inc., a Delaware corporation and listed on NASDAQ (NASDAQ: FIEE), to sell 100% of the outstanding equity interests of the Company for an aggregate purchase price of $500,000, and Mr. Lin Lin entered into a Technology Transfer Agreement to sell all of the assets owned by the Company for an aggregate purchase price of $3 million (collectively, the "Transactions").

The Transaction closed on November 30, 2025.

No other subsequent event which had a material impact on the Company was identified through the date of issuance of the financial statements, which is December 19, 2025, unless as disclosed below.

## Exhibit 99.2

**Exhibit 99.2**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Introduction**

On November 27, 2025, FiEE, Inc., a Delaware corporation (the "Company"), entered into (i) a Share Purchase Agreement with Yang Zhiqin and Lin Lin, pursuant to which the Company agreed to acquire 100% of the outstanding equity interests of Houren-Geiju Kabushikikaisha, a company organized under the laws of Japan ("Houren-Geiju"), for an aggregate purchase price of $500,000 and (ii) a Technology Transfer Agreement, with Lin Lin, pursuant to which the Company agreed to purchase all of the assets contributed by Lin Lin and owned by Houren-Geiju for an aggregate purchase price of $3 million (collectively, the "Acquisition"). The Acquisition closed on November 30, 2025. The following unaudited pro forma condensed combined statements of operations and related notes were prepared in accordance with the requirements of Article 11 of Regulation S-X.

The presentation of the unaudited pro forma condensed combined balance sheet as of September 30, 2025 gives effect to the Acquisition as if it had occurred on September 30, 2025. The presentation of the unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2025 and year ended December 31, 2024 reflects the combined results of operations as if the Acquisition had occurred on January 1, 2024. The unaudited pro forma condensed combined financials information include adjustments that reflect the accounting for the Acquisition in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

As of the date of this Current Report on Form 8-K/A, the Company has not yet completed the detailed valuation studies necessary to arrive at the final estimates of the fair values of the assets to be acquired and the liabilities to be assumed and the related allocation of the purchase price. Accounting for the Acquisition is dependent upon certain information, including valuation reports and other studies, that have not yet been finalized. The Company cannot finalize the accounting for the Acquisition until that information is available in final form. Therefore, the acquired assets and assumed liabilities have been measured based on various preliminary estimates using assumptions that the Company believes are reasonable, utilizing information that is currently available. Differences between these preliminary estimates and the final acquisition accounting could have a material impact on the accompanying pro forma financial statements and the combined company's future results of operations and financial position. The Company intends to finalize the acquisition accounting as soon as practicable within the required measurement period, but in no event later than one year following completion of the Acquisition, which is November 30, 2026. The Company is not required to, and therefore currently does not intend to, update these pro forma results as presented for any of these changes. Accordingly, the unaudited pro forma adjustments, including the allocations of the purchase price, are preliminary and have been made solely for the purpose of providing unaudited pro forma condensed combined financial information.

The unaudited pro forma financial statements and the related notes are based on, and should be read in conjunction with:

● The Company's audited consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024

● The Company's unaudited consolidated financial statements and related notes included in the Company's Quarterly Report on Form 10-Q for the nine months ended September 30, 2025

● Houren-Geiju's audited financial statements and related notes for the year ended December 31, 2024 and unaudited condensed financial statements and related notes for the nine months ended September 30, 2025 within this Current Report on From 8-K/A

● The notes to the unaudited pro forma condensed combined statements of operations

**Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FIEE** | **Houren-Geiju** | **Transaction**<br> **Accounting**<br> **Adjustments** | **Pro Forma**<br> **Combined**  |
| **ASSETS** | | | | |
| *Current assets* |  |  |  |  |
| Cash and cash equivalents | $5905372 | $18309 | $(3500000) a | $2423681 |
| Accounts receivable | 187347 | 554200 |  | 741547 |
| Other receivable | 430822 |  |  | 430822 |
| Prepaid expenses and other current assets | 205937 | 140912 | - | 346849 |
| &nbsp;&nbsp;&nbsp;Total current assets | 6729478 | 713421 | (3500000) | 3942899 |
| Property, equipment and software, net | 322803 | 1237 |  | 324040 |
| Operating lease right-of-use assets, net | 44811 | 1580 |  | 46391 |
| Intangible assets | 1171093 |  | 2391873 b | 3562966 |
| Deferred offering costs | 150000 |  |  | 150000 |
| Other assets | 89725 | - | - | 89725 |
| &nbsp;&nbsp;&nbsp;Total assets | $8507910 | $716238 | $(1108127) | $8116021 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |
| *Current liabilities* |  |  |  |  |
| Accounts payable | $146946 | $105087 | $- | $252033 |
| Contract liabilities | 2460483 |  |  | 2460483 |
| Other payables | 785457 |  |  | 785457 |
| Accrued expenses and other current liabilities | 855348 | 140964 |  | 996312 |
| Convertible note payable to related party | 308671 |  | **-** | 308671 |
| Current maturities of operating lease liabilities | 44193 | 1580 | - | 45773 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 4601098 | 247631 | - | 4848729 |
| **Commitments and Contingencies** |  |  |  |  |
| *Stockholders' equity* |  |  |  |  |
| Preferred Stock, authorized: 10,000,000 shares at $0.001 par value, including 3,000,000 shares designated as Series A Convertible Preferred Stock at $0.001 par value; 2,305,357 Series A shares issued and outstanding at September 30, 2025. | 1639779 |  |  | 1639779 |
| Common Stock, authorized: 60,000,000 shares at $0.01 par value; issued and outstanding: 6,295,961 shares at September 30, 2025. | 62960 | 130796 | (130796) c | 62960 |
| Additional paid-in capital | 100161708 |  |  | 100161708 |
| (Accumulated deficits)/Retained earnings | (97960588) | 337306 | (976826) c | (98600108) |
| Accumulated other comprehensive income | 2953 | 505 | (505) c | 2953 |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 3906812 | 468607 | (1108127) | 3267292 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $8507910 | $716238 | $(1108127) | $8116021 |

---

**Unaudited Pro Forma Condensed Combined Statement of Operations for the Nine months ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FIEE** | **Houren-Geiju** | **Transaction**<br> **Accounting**<br> **Adjustments** | **Pro Forma**<br> **Combined**  |
| Net sales | $1984660 | $560322 | $- | $2544982 |
| Cost of sales | 336419 | 48384 | 597968 d | 982771 |
| Gross profit | 1648241 | 511938 | (597968) | 1562211 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing | 49160 | 6627 |  | 55787 |
| &nbsp;&nbsp;&nbsp;General and administrative | 2660300 | 6497 |  | 2666797 |
| &nbsp;&nbsp;&nbsp;Research and development | 47419 | - | - | 47419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2756879 | 13124 | - | 2770003 |
| Operating (loss)/income | (1108638) | 498814 | (597968) | (1207792) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (8673) | (968) |  | (9641) |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange loss | (9079) | - | - | (9079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (17752) | (968) | - | (18720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss)/income before income taxes | (1126390) | 497846 | (597968) | (1226512) |
| Income tax expense | 140185 | 137647 | - | 277832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss)/income | $(1266575) | $360199 | $(597968) | $(1504344) |
| Other comprehensive income | - | 147 | - | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income | $(1266575) | $360346 | $(597968) | $(1504197) |
| Net loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | (0.25) |  |  | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted weighted average common and common equivalent shares | 5037981 |  |  | 5037981 |

---

**Unaudited Pro Forma Condensed Combined Statement of Operations year ended December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FIEE** | **Houren-Geiju**<br> **(from the inception dated October 25,<br> 2024)** | **Transaction**<br> **Accounting**<br> **Adjustments** | **Pro Forma**<br> **Combined** |
| Net sales | $639893 | $- | $- | $639893 |
| Cost of sales | 432634 | - | 132882 d | 565516 |
| Gross profit | 207259 |  | (132882) | 74377 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing | 66171 |  |  | 66171 |
| &nbsp;&nbsp;&nbsp;General and administrative | 2062441 | 22365 |  | 2084806 |
| &nbsp;&nbsp;&nbsp;Research and development | 113294 |  |  | 113294 |
| &nbsp;&nbsp;&nbsp;Vendor liability forgiveness, net of asset transfers | 2200929 | - | - | 2200929 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 4442835 | 22365 | - | 4465200 |
| Operating loss | (4235576) | (22365) | (132882) | (4390823) |
| &nbsp;&nbsp;&nbsp;Interest income/(expense), net | 82 | (261) |  | (179) |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange loss | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income/(expense) | 82 | (261) | - | (179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (4235494) | (22626) | (132882) | (4391002) |
| Income tax benefit/(expense) | 11216 | (267) | - | 10949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(4224278) | $(22893) | $(132882) | $(4380053) |
| Other comprehensive income | - | 358 | - | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income | $(4224278) | $(22535) | $(132882) | $(4379695) |
| Net loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | (1.34) |  |  | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted weighted average common and common equivalent shares | 3159061 |  |  | 3159061 |

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**NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AND STATEMENTS OF OPERATIONS**

**1.** **Basis of presentation** 

The unaudited pro forma condensed combined financial information has been prepared with the expectation that the Acquisition will be treated as an asset acquisition, with the Company being the accounting acquirer. The pro forma statements of operations may differ from the Company's final acquisition accounting for a number of reasons, including the fact that the estimates of fair values of assets acquired and liabilities assumed as of the Acquisition Date are preliminary and therefore subject to change within the measurement period (no longer than one year from the Acquisition Date), at which time the valuation analysis and other analyses are finalized. The preliminary purchase price allocation is discussed in Note 2.

The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2025, and the year ended December 31, 2024, are presented as if the Acquisition occurred on January 1, 2024. However, since Houren-Geiju was incorporated on October 25, 2024 and did not have operations prior to that date, the pro forma statements include Houren-Geiju's historical results only for the period from its inception through the applicable period end. The historical consolidated financial information has been adjusted on a pro forma basis for transaction accounting adjustments as defined within Article 11 of Regulation S-X.

The unaudited pro forma condensed combined financial information is provided for illustrative purposes only, and do not purport to represent what the actual consolidated results of the companies would have been had the Acquisition occurred on January 1, 2024, nor are they necessarily indicative of future consolidated results of operations of the Company. The pro forma condensed combined statement of operations neither reflect the costs of any integration activities nor the synergies and benefits that may result from realization of any operational efficiencies expected to result from the Acquisition of Houren-Geiju.

The unaudited pro forma condensed combined balance sheet is presented as if the Acquisition occurred on September 30, 2025. The historical consolidated financial information has been adjusted on a pro forma basis for transaction accounting adjustments as defined within Article 11 of Regulation S-X.

The unaudited pro forma balance sheet is provided for illustrative purposes only and does not purport to represent what the actual consolidated results of the companies would have been had the Acquisition occurred on September 30, 2025.

**2.** **Preliminary Purchase Price Allocation** 

The Acquisition was accounted for as an asset acquisition. The preliminary purchase price allocation is based on estimates, assumptions, valuations and other analysis which have not yet been finalized. The Company is finalizing its valuation of intangible assets, tangible assets and liabilities and anticipates finalizing the valuation of assets acquired and liabilities assumed as the information necessary to complete the analysis is obtained, but no later than one year after the Acquisition Date.

The following table set forth the preliminary allocation of the total consideration to the assets acquired and the liabilities assumed based on their relative estimated fair values on November 30, 2025, the Acquisition date.

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| | |
|:---|:---|
| Closing cash payment | $3500000 |
| **Total purchase consideration** | **3500000** |
| Cash and cash equivalents | $35603 |
| Accounts receivable | 1485947 |
| Prepaid expenses and other current assets | 110382 |
| Property, equipment and software, net | 1105 |
| Operating lease right-of-use assets, net | 1255 |
| Intangible assets | 2391873 |
| Accounts payable | $(149865) |
| Accrued expenses and other current liabilities | (4479) |
| Income tax payables | (370566) |
| Current maturities of operating lease liabilities | (1255) |
| **Net assets acquired** | **3500000** |

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**3.** **Proforma Adjustments** 

The pro forma adjustments are based on the Company's preliminary estimates and assumptions that are subject to change. The following adjustments have been reflected in the unaudited pro forma financial statements:

a. To reflect the cash consideration paid for the Acquisition.

b. To reflect the preliminary estimated fair value of the intangible assets identified and acquired in connection with the Acquisition, as if they were acquired on September 30, 2025. Intangibles assets acquired mainly include customer relationship, software copyright and patents.

c. To eliminate the net assets of Huren-Geiju as of September 30, 2025, including an adjustment for the estimated changes of the net assets between the pro forma balance sheet date and the actual acquisition date.

d. To reflect the amortization of the intangible assets acquired from Huren-Geiju's.