# EDGAR Filing Document

**Accession Number:** 0000787496
**File Stem:** 0001829126-25-005768
**Filing Date:** 2025-8
**Character Count:** 53800
**Document Hash:** 81faecd4a9d04067ec8de2c9b92c6c59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-005768.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001829126-25-005768

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20241130

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBUYHOLDINGS INC
- **CENTRAL INDEX KEY:** 0000787496
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 870435741
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-02533-LA
- **FILM NUMBER:** 251183140

**BUSINESS ADDRESS:**
- **STREET 1:** 2855 UNIVERSITY DR
- **STREET 2:** STE 200
- **CITY:** CORAL SPRINGS
- **STATE:** FL
- **ZIP:** 33065
- **BUSINESS PHONE:** 9545757296

**MAIL ADDRESS:**
- **STREET 1:** 2855 UNIVERSITY DRIVE
- **STREET 2:** SUITE 200
- **CITY:** CORAL SPRINGS
- **STATE:** FL
- **ZIP:** 33065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** E PAWN COM INC
- **DATE OF NAME CHANGE:** 20000419

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WASATCH INTERNATIONAL CORP
- **DATE OF NAME CHANGE:** 19951221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAVA INC
- **DATE OF NAME CHANGE:** 19951221

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the quarterly period ended November 30, 2024**

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

**Commission file number 33-2533-LA**

**UBUYHOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **87-0435741** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **300 Mamaroneck Ave. Apt. 201 White Plains, New York** | **10605** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **<u>(646) 768-8417</u>**

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☒ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) ☒ Yes ☐ No

The number of shares outstanding of the registrant's common stock as of August 4, 2025 was 284,367,820 shares.

DOCUMENTS INCORPORATED BY REFERENCE — NONE

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **[Part I – FINANCIAL INFORMATION](#a_001)** | **[Part I – FINANCIAL INFORMATION](#a_001)** |  |
| [Item 1.](#a_002) | [Financial Statements (unaudited)](#a_002) | 2 |
| [Item 2.](#a_003) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_003) | 11 |
| [Item 3.](#a_004) | [Quantitative and Qualitative Disclosures about Market Risk](#a_004) | 13 |
| [Item 4.](#a_005) | [Controls and Procedures](#a_005) | 13 |
| **[Part II – OTHER INFORMATION](#a_006)** | **[Part II – OTHER INFORMATION](#a_006)** |  |
| [Item 1.](#a_007) | [Legal Proceedings](#a_007) | 15 |
| [Item 1A.](#a_008) | [Risk Factors](#a_008) | 15 |
| [Item 2.](#a_009) | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_009) | 15 |
| [Item 3.](#a_010) | [Defaults Upon Senior Securities](#a_010) | 15 |
| [Item 4.](#a_011) | [Mine Safety Disclosures](#a_011) | 15 |
| [Item 5.](#a_012) | [Other Information](#a_012) | 15 |
| [Item 6.](#a_013) | [Exhibits](#a_013) | 16 |
| **[SIGNATURES](#a_014)** | **[SIGNATURES](#a_014)** | 17 |

---

i

**PART I FINANCIAL INFORMATION**

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Information contained in this quarterly report on Form 10-Q contains "forward-looking statements." These forward-looking statements are contained principally in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," and are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. The forward-looking statements herein represent our expectations, beliefs, plans, intentions or strategies concerning future events, including, but not limited to: our ability to consummate the Merger, as such term is defined below; our future financial performance; the continuation of historical trends; the sufficiency of our resources in funding our operations; our intention to engage in mergers and acquisitions; and our liquidity and capital needs. Our forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that any projections or other expectations included in any forward-looking statements will come to pass. Moreover, our forward-looking statements are subject to various known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. These risks, uncertainties and other factors include but are not limited to: the risks of limited management, labor and financial resources; our ability to establish and maintain adequate internal controls; our ability to develop and maintain a market in our securities; and our ability obtain financing, if and when needed, on terms that are acceptable. Except as required by applicable laws, we undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

As used in this quarterly report on Form 10-Q, "we", "our", "us" and the "Company" refer to UbuyHoldings, Inc. a Nevada corporation unless the context requires otherwise.

**Item 1. Financial Statements.**

**Index to Financial Statements**

---

| | |
|:---|:---|
|  | **Page** |
| **FINANCIAL STATEMENTS:** |  |
| **[Balance Sheets, November 30, 2024 (unaudited), and May 31, 2024](#b_001)** | 3 |
| **[Unaudited Statements of Operations, for the Six Months Ended November 30, 2024, and November 30, 2023](#b_002)** | 4 |
| **[Unaudited Statements of Changes in Stockholders' (Deficit), for the Six Months Ended November 30, 2024, and November 30, 2023](#b_003)** | 5 |
| **[Unaudited Statements of Cash Flows, for the Six Months Ended November 30, 2024 and November 30, 2023](#b_004)** | 6 |
| **[Notes to the Unaudited Interim Financial Statements](#b_005)** | 7 |

---

**UbuyHoldings, Inc**

 **Balance Sheets**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br>**2024** | **May 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $- | $- |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable related parties | - | 45102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities |  | 45102 |
| Commitments and contingencies |  |  |
| Stockholders' Deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock, Class A $0.10 par value -0- shares authorized, -0- and -0- shares issued and outstanding respectively, as of November 30, 2024 and May 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock, Class A-1 $0.001 par value 10,000,000 shares authorized, 10,000,000 and 10,000,000 shares issued and outstanding respectively as of November 30, 2024 and May 31, 2024 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 500,000,000 shares authorized, 284,367,820 and 179,367,820 shares issued and outstanding respectively as of November 30, 2024 and May 31, 2024 | 284368 | 284368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 13919192 | 13874090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (14213560) | (14213560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' deficit | - | (45102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and deficit | $- | $- |

---

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

**UbuyHoldings, Inc**

 **Statements of Operations**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**November 30,**<br>**2024** | **Three Months Ended**<br>**November 30,**<br>**2023** | **Six Months Ended**<br>**November 30,**<br>**2024** | **Six Months Ended**<br>**November 30,**<br>**2023** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | $- | $5262 | $- | $23623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | - | 5262 | - | 23623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | - | (5262) | - | (23623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes |  | (5262) |  | (23623) |
| Provision for income taxes (benefit) | - | - | - | - |
| Net loss | $- | $(5262) | $- | $(23623) |
| Basic (loss) per common share | $- | $(0.00) | $- | $(0.00) |
| Diluted earnings per common share | $- | $(0.00) | $- | $(0.00) |
| Weighted - weighted average number of shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 284367820 | 179367820 | 284367820 | 179367820 |
| &nbsp;&nbsp;&nbsp;Diluted | 284367820 | 179367820 | 284367820 | 179367820 |

---

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

**UbuyHoldings Inc.**

**Statements of Changes in Stockholders' Deficit**

(Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Preferred Stock<br> Series A-1** | **Preferred Stock<br> Series A-1** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Value** | **Shares** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Deficit** |
| Balance, May 31, 2023 | 50000000 | $5000000 |  | $- | 179367820 | $179368 | $8735090 | $(13929458) | $(15000) |
| Net (loss) |  | -- |  | - |  | - | - | (18361) | (18361) |
| Balance, August 31, 2023 | 50000000 | $5000000 |  | $- | 179367820 | $179368 | $8735090 | $(13947819) | $(33361) |
| Net (loss) |  | - |  | - |  | - | - | (7433) | (7433) |
| Balance, November 30, 2023 | 50000000 | $5000000 |  | $- | 179367820 | $179368 | $8735090 | $(13955252) | $(40794) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Preferred Stock <br> Series A-1** | **Preferred Stock <br> Series A-1** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Value** | **Shares** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Deficit** |
| Balance, May 31, 2024 |  | $- | 10000000 | $10000 | 284367820 | $284368 | $13874090 | $(14213560) | $(45102) |
| Forgiveness of debt by related party |  |  |  |  |  |  | 45102 |  | 45102 |
| Net (loss) |  | - |  | - |  | - | - | - | - |
| Balance, August 31, 2024 |  | $- | 10000000 | $10000 | 284367820 | $284368 | $13919192 | $(14213560) | $- |
| Net (loss) |  | - |  | - |  | - | - | - | - |
| Balance, November 30, 2024 |  | $- | 10000000 | $10000 | 284367820 | $284368 | $13919192 | $(14213560) | $- |

---

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

**UbuyHoldings, Inc**

**Statements of Cash Flows**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**November 30,**<br>**2024** | **Six Months Ended**<br>**November 30,**<br>**2023** |
| Cash flows from operating activities of continuing operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) | $- | $(23623) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) operating activities |  | (23623) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Notes payable related parties | - | 23623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities |  | 23623 |
| Net increase in cash and cash equivalents | $- | $- |
| Cash and cash equivalents at beginning of period | - | - |
| Cash and cash equivalents at end of period | $- | $- |
| Significant Non-Cash Transactions |  |  |
| Sale of Series A-1 Preferred Stock as forgiveness of notes payable-related party debt | $45102 | $- |

---

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

**NOTES TO UNAUDITED FINANCIALS STATEMENTS FOR THE**

**PERIOD ENDED NOVEMBER 30, 2024 AND NOVEMBER 30, 2023**

**NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS**

UbuyHoldings, Inc. ("we, "us", the "Company", "UBUY"), f/k/a E-Pawn.Com, Inc. was incorporated in 1985 in the state of Nevada as Java, Inc. The Company changed its name to Wasatch International Corporation in 1995. It acquired E- Pawn, Inc. in February 2000, and the Company changed its name to E-Pawn.Com, Inc. Its wholly-owned subsidiary E-Pawn, Inc., began operations in 1999 to operate an Internet auction site and to acquire and operate complementary electronic commerce (e-commerce) businesses under its UBUYNETWORK.COM umbrella.

The Company filed its Form 10-K/A for the period ended May 31, 2000 on November 19, 2001 and has been dormant since that time. On July 26, 2023 as a result of a custodianship in Clark County, Nevada, Case Number: A-23-871247-B, Custodian Ventures LLC ("Custodian"), managed by David Lazar was appointed custodian of the Company. On the same date, Custodian appointed David Lazar as the Company's Chief Executive Officer, President, Secretary, Chief Financial Officer, and Chairman of the Board of Directors.

On June 20, 2024 (the "Closing Date"), and effective on June 24, 2024 (the "Effective Date"), David Lazar (the "Seller") and AEI Capital Ltd. (the "Purchaser") entered into a Stock Purchase Agreement (the "SPA") dated May 16, 2024. Pursuant to the SPA, among other provisions, the Seller agreed to sell to the Purchaser, and the Purchaser agreed to purchase from the Seller a total of 10,000,000 shares of Series A-1 Preferred Stock of the Company held in the name of the Seller (the "Purchased Shares"). The Purchased Shares represented 100% of the Company's issued and outstanding Series A-1 Preferred Stock and 95% of the total voting power of issued and outstanding Preferred and Common stock of the Company. In connection with the transaction contemplated by the SPA and subsequent amendments, all previous officers of the Company resigned from their positions, and new officers designated by the Purchaser assumed their roles on June 24, 2024, with immediate effect.

Pursuant to the SPA and subsequent amendments, the Board of Directors ("Board") appointed John Tan Honjian to fill a vacancy on the Company's Board of Directors caused by the resignation of the Company's sole Board Member, Mr. David Lazar. Such appointments and resignations became effective on June 24, 2024. Also, on the Effective Date, the Board appointed Mr. Honjian as President/CEO, CFO, and Secretary. As of the date of this Report, the Board and the Company's officers consist of John Tan Honjian the CEO, and Mohd Azham bin Azudin the CFO.

The Company's fiscal year end is May 31.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*<u>Basis of Presentation</u>*

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

*<u>Going Concern</u>*

As of November 30, 2024 the Company had $-0- in cash and cash equivalents. The Company had net loss of $-0- for the six months ended November 30, 2024, had no working capital and an accumulated deficit of $14,213,560 on November 30, 2024. Historically, the Company's principal sources of liquidity have been cash provided by operating activities, as well as financial support from related parties. The Company currently is custodianship and expects its Custodian, who has a demonstrated track record of funding custodianships he has undertaken, to provide financing for the next twelve months. The Company's operating results for future periods are subject to numerous uncertainties. These factors raise substantial doubt about the Company's ability to continue as a going concern.

*<u>Use of Estimates</u>*

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements. The most significant estimates relate to liabilities. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

*<u>Cash and cash equivalents</u>*

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less cash equivalents. As of November 30, 2024 the Company had no cash on hand.

*<u>Revenue Recognition</u>*

Effective June 1, 2018, the Company adopted Accounting Standards Codification ("A.S.C.") Topic 606, Revenue from Contracts with Customers ("ASC 606"). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the six months ended November 30, 2024, the financial statements were not impacted by the application of Topic 606 because the Company had no revenues.

*<u>Management</u><u>'</u><u>s Representation of Interim Consolidated Financial Statements</u>*

The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary for a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full six months. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements at and as of November 30, 2024 and May 31, 2024. The Company had no cash on hand.

*<u>Net Loss per Share</u>*

The Company reports loss per share under A.S.C. Topic 260, "Earnings Per Share," which establishes standard for computing and presenting earnings per share. The basic loss per share calculation divides the net loss allocable to common stockholders by the weighted-average shares of common stock outstanding during the period without considering common stock equivalents. The diluted loss per share is calculated by adjusting the weighted-average shares of common stock outstanding for the dilutive effect of common stock equivalents, including stock options and warrants, outstanding for the period as determined using the treasury stock method. For the diluted net loss per share calculation, common stock equivalents are excluded from the calculation because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same for periods with a net loss.

*<u>Stock-Based Compensation</u>*

The Company accounts for stock compensation with persons classified as employees for accounting purposes under ASC 718 "Compensation-Stock Compensation," which recognizes awards at fair value on the date of grant and recognizes compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common stock issued for services is determined based on the Company's stock price on the issuance date.

The expansion of Topic 718 fell under A.S.U. 2018-07 to include share-based payment transactions for acquiring goods and services from non-employees. The measurement date for equity-classified non-employee share-based payment awards is no longer at the earlier date at which a commitment for performance by the counterparty is reached or the date at which the counterparty's performance is complete. Instead, the grant date is now considered the measurement date. Under today's guidance, the measurement of non-employee share-based payment awards with performance conditions is at the lowest aggregate fair value, often resulting in a zero value. The new A.S.U. aligns the accounting for non-employee share-based payment awards with performance conditions with accounting for employee share-based payment awards under Topic 718 by requiring entities to consider the probability of satisfying performance conditions. Current guidance requires entities to use the contractual term for the measurement of the non-employee share-based payment awards. The new A.S.U. allows entities to make an award-by-award election to use either the expected duration (consistent with employee share-based payment awards) or the contractual term for non-employee awards.

*<u>Recent Accounting Pronouncements</u>*

Other recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the S.E.C., did not or are not believed by management to have a material impact on the Company's present or future financial statements.

**NOTE 3 – RELATED PARTY DEBT**

As of November 30, 2024, Custodian Ventures, the Company had no related party debt outstanding. See Note 4. "Capital Stock" with respect to the forgiveness of $45,102 by David Lazar of related party debt.

**NOTE 4 – CAPITAL STOCK**

*<u>Common stock</u>*

As of November 30, 2024 and May 31, 2024, the Company had 500,000,000 common shares with a par value of $0.001 authorized, with 284,367,829 and 179,367,820 shares issued and outstanding, respectively.

*<u>Preferred stock</u>*

As of November 30, 2024 and May 31, 2024, the Company had -0- shares of Class A Preferred Stock authorized with a par value of $0.10 authorized, with -0-and -0- shares of Class A Preferred Stock issued and outstanding as of November 30, 2024 and May 31, 2024. Each share of Class A Preferred Stock was convertible to one share of common stock.

As of November 30, 2024 and May 31, 2024, the Company had 10,000,000 shares of Class A-1 Preferred Stock authorized with a par value of $0.001 authorized, with 10,000,000 and 10,000,000 shares of Class A-1 Preferred Stock issued and outstanding as of November 30, 2024 and May 31, 2024. The 10,000,000 shares of Class A-1 Preferred is convertible to a number of shares equal to 95% of the post conversion of the total number of issued and outstanding shares of common stock.

On December 6, 2023 the Company awarded Custodian Ventures 55,000,000 shares of Class A Preferred Stock, and 10,000,000 shares of newly designated Class A-1 Preferred Stock with a par value of $0.001. These shares were awarded for services performed and to cancel all advances made by the Custodian to the Company to enable the Company to pay for its operating expenses. Under the terms of the Certificate of Designation for the Class A-1 Preferred Stock, the 10,000,000 preferred shares are convertible to a number of common shares equal to 95% of the post conversion of the total number of issued and outstanding shares of common stock. Since the Company's common shares were not quoted on any stock exchanges, the fair market value of the conversion feature of the Preferred A-1 shares was determined based upon comparable sales of shell companies recently made by the Custodian; less notes payable of $58,802 due to the Custodian. As a result the Company valued 95% of the shell at $261,250 less $58,802, or $202,448 as stock based compensation to the Custodian on its Statement of Operations for the six months ended November 30, 2024.

On January 5, 2024, Custodian Ventures converted its 55,000,000 Class A shares to 55,000,000 common shares. Simultaneously the holder of 50,000,000 Class A Preferred shares also converted their shares to 50,000,000 shares of common stock. Once these conversions occurred the Class A Preferred Stock was cancelled and no longer authorized.

On June 20, 2024 (the "Closing Date"), and effective on June 24, 2024 (the "Effective Date"), David Lazar (the "Seller") and AEI Capital Ltd. (the "Purchaser") entered into a Stock Purchase Agreement (the "SPA") dated May 16, 2024. Pursuant to the SPA, among other provisions, the Seller agreed to sell to the Purchaser, and the Purchaser agreed to purchase from the Seller a total of 10,000,000 shares of Series A-1 Preferred Stock of the Company held in the name of the Seller (the "Purchased Shares"). The Purchased Shares represented 100% of the Company's issued and outstanding Series A-1 Preferred Stock and 95% of the total voting power of issued and outstanding Preferred and Common stock of the Company.

In connection with the transaction and subsequent amendments to the SPA, all previous officers of the Company resigned from their positions, and new officers designated by the Purchaser assumed their roles on June 24, 2024, with immediate effect. Pursuant to the SPA and subsequent amendments, the Board of Directors ("Board") appointed Mr. John Tan Honjian to fill a vacancy on the Company's Board of Directors caused by the resignation of the Company's sole Board Member, Mr. David Lazar. Such appointments and resignations became effective on June 24, 2024. Mr. John Tan Honjian was also appointed CEO, President, CFO, and Secretary of the Company. Additionally, $45,102 in related party debt due to Mr. David Lazar was forgiven.

**NOTE 5 – SUBSEQUENT EVENTS**

In accordance with ASC 855-10, Company has performed an evaluation of subsequent events from November 30, 2024, through August 1, 2025, the date the financial statements were issued. Based on the evaluation, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

**Organizational History of the Company and Overview**

**No Current Operations**

The Company has no operations at this time and currently does not have any principal products or services, customers, or intellectual property. As the Company has no current operations, it also currently is not subject to any competitive business conditions. Further, the Company is not subject to any government approvals at this time applicable to it as a "shell company," as such term is defined in Rule 12b-2 under the Exchange Act.

**Plan of Operation**

The Company has no operations from a continuing business other than the expenditures related to running the Company and has no revenue from continuing operations as of the date of this Report.

Management intends to explore and identify business opportunities within the U.S., including a potential acquisition of an operating entity through a reverse merger, asset purchase, or similar transaction. Our Chief Executive Officer has experience in business consulting, although no assurances can be given that he can identify and implement a viable business strategy or that any such strategy will result in profits. Our ability to effectively identify, develop and implement a viable plan for our business may be hindered by risks and uncertainties which are beyond our control, including without limitation, the continued negative effects of the coronavirus pandemic on the U.S. and global economies. For more information about the risk of coronavirus on our business, see Item 1A "Risk Factors.

We do not currently engage in any business activities that provide revenue or cash flow. During the next 12-month period, we anticipate incurring costs in connection with investigating, evaluating, and negotiating potential business combinations, filing SEC reports, and consummating an acquisition of an operating business.

Given our limited capital resources, we may consider a business combination with an entity which has recently commenced operations, is a developing company or is otherwise in need of additional funds for the development of new products or services or expansion into new markets or is an established business experiencing financial or operating difficulties and is in need of additional capital. Alternatively, a business combination may involve the acquisition of, or a merger with, an entity which desires access to the U.S. capital markets.

As of the date of this Report, our management has not had any discussions with any representative of any other entity regarding a potential business combination. Any target business that is selected may be financially unstable or in the early stages of development. In such event, we expect to be subject to numerous risks inherent in the business and operations of a financially unstable or early-stage entity. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk or in which our management has limited experience, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.

Our management anticipates that we will likely only be able to effect one business combination due to our limited capital. This lack of diversification will likely pose a substantial risk in investing in the Company for the indefinite future because it will not permit us to offset potential losses from one venture or operating territory against gains from another. The risks we face will likely be heightened to the extent we acquire a business operating in a single industry or geographical region.

We anticipate that the selection of a business combination will be a complex and risk-prone process. Because of general economic conditions, including unfavorable conditions caused by the coronavirus pandemic, rapid technological advances being made in some industries and shortages of available capital, management believes that there are a number of firms seeking business opportunities at this time at discounted rates with which we will compete. We expect that any potentially available business combinations may appear in a variety of different industries or regions and at various stages of development, all of which will likely render the task of comparative investigation and analysis of such business opportunities extremely difficult and complicated. Once we have developed and begun to implement our business plan, management intends to fund our working capital requirements through a combination of our existing funds and future issuances of debt or equity securities. Our working capital requirements are expected to increase in line with the implementation of a business plan and commencement of operations.

Based upon our current operations, we do not have sufficient working capital to fund our operations over the next 12 months. If we are able to close a reverse merger, it is likely we will need capital as a condition of closing that acquisition. Because of the uncertainties, we cannot be certain as to how much capital we need to raise or the type of securities we will be required to issue. In connection with a reverse merger, we will be required to issue a controlling block of our securities to the target's shareholders which will be very dilutive.

Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences, or privileges senior to our Common Stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

We anticipate that we will incur operating losses in the next 12 months, principally costs related to our being obligated to file reports with the SEC. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development. Such risks for us include, but are not limited to, an evolving and unpredictable business model, recognition of revenue sources, and the management of growth. To address these risks, we must, among other things, develop, implement, and successfully execute our business and marketing strategy, respond to competitive developments, and attract, retain, and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so could have a material adverse effect on our business prospects, financial condition, and results of operations.

**Critical Accounting Policies and Estimates**

Our management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or "U.S. GAAP." The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with U.S. GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Our significant accounting policies are fully described in **Note 2** to our financial statements appearing elsewhere in this Quarterly Report, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements.

**Off-Balance Sheet Arrangements**

None.

**Item 3. Quantitative And Qualitative Disclosures About Market Risk.**

As a smaller reporting company, we are not required to provide the information called for by this Item.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures.**

Our management is responsible for establishing and maintaining a system of "disclosure controls and procedures" (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and the principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Management has determined that their disclosure controls and procedures were not effective as of November 30, 2024.

**Management's Report on Internal Control over Financial Reporting**.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:

● pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.

Our management assessed the effectiveness of our internal control over financial reporting based on the parameters set forth above and has concluded that as of November 30, 2024, our internal control over financial reporting was not effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles as a result of the following material weaknesses:

● The Company does not have sufficient segregation of duties within accounting functions due to only having one officer and limited resources.

● The Company does not have an independent board of directors or an audit committee.

● The Company does not have written documentation of our internal control policies and procedures.

● All of the Company's financial reporting is carried out by a financial consultant.

We plan to rectify these weaknesses by implementing an independent board of directors, establishing written policies and procedures for our internal control of financial reporting, and hiring additional accounting personnel at such time as we complete a reverse merger or similar business acquisition.

**Changes in Internal Control over Financial Reporting.**

There has been no change in our internal control over financial reporting during the six months ended November 30, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II OTHER INFORMATION**

**Item 1. Legal Proceedings.**

The Company may be involved in certain legal proceedings that arise from time to time in the ordinary course of its business. Legal expenses associated with any contingency are expensed as incurred. The Company's officers and directors are not aware of any threatened or pending litigation to which the Company is a party or which any of its property is the subject and which would have any material, adverse effect on the Company.

**Item 1A. Risk Factors.**

Reference is made to the risks and uncertainties disclosed in Item 1A ("Risk Factors") of our Annual Report on Form 10-K for the period ended May 31, 2024, filed in 2025, which sections are incorporated by reference into this report, as the same may be updated from time to time.

As a smaller reporting company, the Company is not required to disclose material changes to the Risk Factors that were contained in the 2023 Form 10-K.

**Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds.**

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

None.

**Item 6. Exhibits.**

The exhibits listed on the Exhibit Index below are provided as part of this report.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 31.1\* | [Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.](ubuyholdings_ex31-1.htm) |
| 31.2\* | [Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.](ubuyholdings_ex31-2.htm) |
| 32.1\* | [Certification of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended](ubuyholdings_ex32-1.htm) |
| 32.2\* | [Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended](ubuyholdings_ex32-2.htm) |
| 101.INS\* | XBRL INSTANCE |
| 101.SCH\* | XBRL TAXONOMY EXTENSION SCHEMA |
| 101.CAL\* | XBRL TAXONOMY EXTENSION CALCULATION |
| 101.DEF\* | XBRL TAXONOMY EXTENSION DEFINITION |
| 101.LAB\* | XBRL TAXONOMY EXTENSION LABELS |
| 101.PRE\* | XBRL TAXONOMY EXTENSION PRESENTATION |

---

\* Filed herewith.

**SIGNATURES**

In accordance with the requirements of the Exchange Act, the Registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **UBUYHOLDINGS, INC.** | **UBUYHOLDINGS, INC.** |
| Dated: August 4, 2025 | By: | /s/ John Tan Honjian |
|  |  | John Tan Honjian |
|  |  | Chief Executive Officer<br> (Principal Executive Officer) |

---

---

| |
|:---|
| /s/ Mohd Azham bin Azudin |
| Mohd Azham bin Azudin |
| Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, John Tan Honjian, certify that:

1. I have reviewed UbuyHoldings Inc.'s Form 10-Q for the quarter ended November 30, 2024.

2. Based on my knowledge, this Report does not contain any untrue statement of material facts or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations, and cash flows of the Registrant as of, and for, the periods presented in this Report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this Report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: August 4, 2025 | By: | /s/ John Tan Honjian |
|  |  | John Tan Honjian |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF ACCOUNTING OFFICER** 

I, Mohd Azham bin Azudin certify that:

1. I have
 reviewed UbuyHoldings Inc.'s Form 10-Q for the quarter ended November 30, 2024.

2. Based
 on my knowledge, this Report does not contain any untrue statement of material facts or omit to state a material fact necessary to
 make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
 period covered by this Report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material
 respects the financial condition, results of operations, and cash flows of the Registrant as of, and for, the periods presented in
 this Report;

4. The Registrant's
 other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
 Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
 and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented in this Report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report, based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed
 in this Report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's
 most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's
 other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
 to the Registrant's auditors and the audit committee of the Registrant's Board of Directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) all significant
 deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
 likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud,
 whether or not material, that involves management or other employees who have a significant role in the Registrant's internal
 control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: August 4, 2025 | By: | /s/ Mohd Azham bin Azudin |
|  |  | Mohd Azham bin Azudin |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350<br>AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of UbuyHoldings Inc. (the "Company") on Form 10-Q for the quarter ended November 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John Tan Honjian, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Dated: August 4, 2025 | By: | /s/ John Tan Honjian |
|  |  | John Tan Honjian |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of UbuyHoldings Inc. (the "Company") on Form 10-Q for the quarter ended November 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mohd Azham bin Azudin, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Dated: August 4, 2025 | By: | /s/ Mohd Azham bin Azudin  |
|  |  | Mohd Azham bin Azudin |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---