# EDGAR Filing Document

**Accession Number:** 0001946703
**File Stem:** 0001213900-26-049395
**Filing Date:** 2026-4
**Character Count:** 546291
**Document Hash:** 02b521519bb3d572e08763de49632892
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-049395.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001213900-26-049395

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 109

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEBUY GLOBAL LTD
- **CENTRAL INDEX KEY:** 0001946703
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41840
- **FILM NUMBER:** 26917911

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CRICKET SQUARE, HUTCHINS DRIVE
- **STREET 2:** P.O. BOX 2681
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **BUSINESS PHONE:** 65 9069 7836

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CRICKET SQUARE, HUTCHINS DRIVE
- **STREET 2:** P.O. BOX 2681
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 20-F**

**(Mark One)**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

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

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report: _____________

**For the transition period from ______ to ________**

**Commission file number: 001-41840**

**WEBUY GLOBAL LTD**

(Exact name of Registrant as specified in its charter)

**Cayman Islands**

(Jurisdiction of incorporation or organization)

**35 Tampines Street 92** 

**Singapore 528880** (Address of principal executive offices)

**Bin Xue, *Chief Executive Officer***

**+65 8859 9762**

**vincent@webuy.global**

**35 Tampines Street 92** 

**Singapore 528880**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A ordinary shares, par value $0.0000462 per share | WBUY | The Nasdaq Stock Market LLC (Nasdaq Capital Market) |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 2,258,611 Class A ordinary shares and 178,296 Class B ordinary shares issued and outstanding as of December 31, 2025, and 5,202,808 Class A ordinary shares and 278,296 Class B ordinary shares as of the date of this report.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes ☐ No

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

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ <br> Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued Other ☐ <br> by the International Accounting Standards Board ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

☐ Yes ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

☐ Yes ☐ No

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**PART I**](#a_001) |  | 1 |
| &nbsp;&nbsp;&nbsp;Item 1. | [Identity of Directors, Senior Management and Advisers](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;Item 2. | [Offer Statistics and Expected Timetable](#a_003) | 1 |
| &nbsp;&nbsp;&nbsp;Item 3. | [Key Information](#a_004) | 1 |
| &nbsp;&nbsp;&nbsp;Item 4. | [Information on the Company](#a_005) | 18 |
| &nbsp;&nbsp;&nbsp;Item 4A. | [Unresolved Staff Comments](#a_006) | 36 |
| &nbsp;&nbsp;&nbsp;Item 5. | [Operating and Financial Review and Prospects](#a_007) | 36 |
| &nbsp;&nbsp;&nbsp;Item 6. | [Directors, Senior Management and Employees](#a_008) | 48 |
| &nbsp;&nbsp;&nbsp;Item 7. | [Major Shareholders and Related Party Transactions](#a_009) | 59 |
| &nbsp;&nbsp;&nbsp;Item 8. | [Financial Information](#a_010) | 59 |
| &nbsp;&nbsp;&nbsp;Item 9. | [The Offer and Listing](#a_011) | 60 |
| &nbsp;&nbsp;&nbsp;Item 10. | [Additional Information](#a_012) | 61 |
| &nbsp;&nbsp;&nbsp;Item 11. | [Quantitative and Qualitative Disclosures About Market Risk](#a_013) | 78 |
| &nbsp;&nbsp;&nbsp;Item 12. | [Description of Securities Other than Equity Securities](#a_014) | 78 |
| [**PART II**](#a_015) |  | 79 |
| &nbsp;&nbsp;&nbsp;Item 13. | [Defaults, Dividend Arrearages and Delinquencies](#a_016) | 79 |
| &nbsp;&nbsp;&nbsp;Item 14. | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#a_017) | 79 |
| &nbsp;&nbsp;&nbsp;Item 15. | [Controls and Procedures](#a_018) | 80 |
| &nbsp;&nbsp;&nbsp;Item 16. | [\[Reserved\]](#a_019) | 81 |
| &nbsp;&nbsp;&nbsp;Item 16A. | [Audit Committee Financial Expert](#a_020) | 81 |
| &nbsp;&nbsp;&nbsp;Item 16B. | [Code of Ethics](#a_021) | 81 |
| &nbsp;&nbsp;&nbsp;Item 16C. | [Principal Accountant Fees and Services](#a_022) | 81 |
| &nbsp;&nbsp;&nbsp;Item 16D. | [Exemptions from the Listing Standards for Audit Committees](#a_023) | 81 |
| &nbsp;&nbsp;&nbsp;Item 16E. | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#a_024) | 81 |
| &nbsp;&nbsp;&nbsp;Item 16F. | [Change in Registrant's Certifying Accountant](#a_025) | 82 |
| &nbsp;&nbsp;&nbsp;Item 16G. | [Corporate Governance](#a_026) | 82 |
| &nbsp;&nbsp;&nbsp;Item 16H. | [Mine Safety Disclosure](#a_027) | 82 |
| &nbsp;&nbsp;&nbsp;Item 16I. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](#a_028) | 82 |
| &nbsp;&nbsp;&nbsp;Item 16J. | [Insider Trading Policies](#a_029) | 82 |
| &nbsp;&nbsp;&nbsp;Item 16K. | [Cybersecurity](#a_030) | 82 |
| [**PART III**](#a_031) |  | 83 |
| &nbsp;&nbsp;&nbsp;Item 17. | [Financial Statements](#a_032) | 83 |
| &nbsp;&nbsp;&nbsp;Item 18. | [Financial Statements](#a_033) | 83 |
| &nbsp;&nbsp;&nbsp;Item 19. | [Exhibits](#a_034) | 83 |

---

i

**Conventions Used in this Annual Report**

Except where the context otherwise requires and for purposes of this annual report only, references to:

● "ATPL" are to Altitude Travel Pte. Ltd., formerly known as Bear Bear Pte. Ltd., a wholly owned subsidiary of WeBuy;

● "AMPL" are to Altitude MICE Pte. Ltd., formerly known as Webuy Advisory Pte. Ltd., a wholly owned subsidiary of WeBuy;

● "Class A Ordinary Shares" are to Class A ordinary shares of WeBuy, par value $0.0000462 per share;

● "Class B Ordinary Shares" are to Class B ordinary shares of WeBuy, par value $0.0000462 per share;

● "New Retail" are to New Retail International Pte Ltd., a wholly owned subsidiary of WeBuy;

● "PTBK" are to PT Buah Kita Retail, a wholly owned subsidiary of PTWB;

● "PTWB" are to PT Webuy Social Indonesia a 95% owned subsidiary of New Retail;

● "PTWT" are to PT Webuy Travel Indonesia, a 70% owned subsidiary of PTWB;

● "Subsidiaries" are to New Retail International Pte Ltd., The Shopaholic Bear Pte Ltd., Altitude Travel Pte. Ltd., and PT Webuy Social Indonesia, PT Buah Kita Retail, PT Webuy Travel Indonesia, Webuy Travel Pte. Ltd., Altitude MICE Pte. Ltd., Webuy Prime Indonesia, and PT Travel With Webuy;

● "TSB" are to The Shopaholic Bear Pte Ltd., a wholly owned subsidiary of New Retail;

● "WTPL" are to Webuy Travel Pte. Ltd., a wholly owned subsidiary of New Retail.

● "WPI" are to Webuy Prime Indonesia, a 99% owned subsidiary of New Retail;

● "TWW" are to PT Travel With Webuy, a 99% owned subsidiary of WTPL;

● "We", "us", "our", the "Company", and "our company" are to WeBuy and its Subsidiaries; and

● "WeBuy" are to WEBUY GLOBAL LTD, an exempted company with limited liability incorporated under the laws of the Cayman Islands.

This annual report contains translations of the foreign currency amounts into US dollar amounts at specified rates solely for the convenience of the reader. All references to "US dollars", "USD", "US$" or "$" are to United States dollars. The relevant exchange rates for our major businesses are listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2023** |
| **Period Ended USD: Singapore Dollar ("SGD") exchange rate** | 1.2867 | 1.3669 | 1.3207 |
| **Period Average USD:SGD exchange rate** | 1.3062 | 1.3362 | 1.3426 |
| **Period Ended USD: Indonesian Rupiah ("IDR") exchange rate** | 16694.49 | 16268.10 | 15389.35 |
| **Period Average USD:IDR exchange rate** | 16471.75 | 15860.43 | 15233.65 |

---

We obtained the industry and market data used in this annual report or any document incorporated by reference from industry publications, research, surveys and studies conducted by third parties and our own internal estimates based on our management's knowledge and experience in the markets in which we operate. We did not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated in this annual report other than to the extent specifically cited in this annual report. We have sought to provide current information in this annual report and believe that the statistics provided in this annual report remain up-to-date and reliable, and these materials are not incorporated in this annual report other than to the extent specifically cited in this annual report.

ii

**SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS**

Certain matters discussed in this report may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate," and similar expressions are intended to identify such forward-looking statements. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation, those discussed under "Item 3. Key Information-Risk Factors," "Item 4. Information on the Company," "Item 5. Operating and Financial Review and Prospects," and elsewhere in this report, as well as factors which may be identified from time to time in our other filings with the Securities and Exchange Commission (the "SEC") or in the documents where such forward-looking statements appear. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements.

The forward-looking statements contained in this report reflect our views and assumptions only as of the date this report is signed. Except as required by law, we assume no responsibility for updating any forward-looking statements.

iii

**PART I**

**Item 1. Identity of Directors, Senior Management and Advisers**

Not applicable for annual reports on Form 20-F.

**Item 2. Offer Statistics and Expected Timetable**

Not applicable for annual reports on Form 20-F.

**Item 3. Key Information**

**Overview**

Investing in our securities involves a high degree of risk. Please carefully consider the risks discussed under "Item 3. Key Information - D. Risk Factors" in this annual report beginning on page 2. We provide the following disclosure to help investors better understand our operations in Singapore and the associated risks.

WEBUY GLOBAL LTD, or WEBUY, is a holding company incorporated in the Cayman Islands. As a holding company with no material operations, WEBUY conducts a substantial majority of its operations through its subsidiaries established in Singapore or Indonesia. However, neither the holding company nor any of the Company's subsidiaries conduct any operations through contractual arrangements with a variable interest entity. Investors in our Class A Ordinary Shares should be aware that they may never directly hold equity interests in the Singapore or Indonesia operating entities, but rather purchasing equity solely in WEBUY GLOBAL LTD, a holding company incorporated in the Cayman Islands. Furthermore, shareholders may face difficulties enforcing their legal rights under United States securities laws against our directors and officers who are located outside of the United States.

Our equity structure is a direct holding structure. Below is a chart illustrating our corporate structure:

![](ea028649801_img1.jpg)

**3. A. [Reserved]**

**3. B. Capitalization and Indebtedness**

Not applicable for annual reports on Form 20-F.

**3. C. Reasons for the Offer and Use of Proceeds**

Not applicable for annual reports on Form 20-F.

**3. D. Risk Factors**

**Summary of Risk Factors**

Investing in our Class A Ordinary Shares involves significant risks. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully under "*Item 3. Key Information-D. Risk Factors*" beginning on page 2 of this annual report.

*Risks Related to Our Business and Industry*

● We have a limited operating history in the travel services industry, and our historical results of operations may not be indicative of our future performance. (page 4)

● Our business transition from community e-commerce to travel services may not succeed, and we may not achieve the margin profiles, cash flow characteristics, or operating efficiencies that we anticipate. (page 4)

● We face intense competition in the travel services industry, and we may not be able to compete effectively against established industry participants. (page 4)

● Our revenue growth rates may not be sustainable and may not be indicative of future performance. (page 4)

● Our AI-based tools and technology products, including our AI Tour Guide Device, are at various stages of development, and there can be no assurance that they will function as intended or achieve commercial success. (page 4)

● We rely on third-party AI software tools for a substantial portion of our internal operations, and any disruption to our access to or use of such tools could adversely affect our business. (page 5)

● Our multi-brand strategy is untested and may not result in broader market penetration or improved financial performance. (page 5)

● Our Golden Circle loyalty and engagement program is in an early stage of development and may not achieve its intended objectives. (page 5)

● Our ability to expand into new markets, including the China inbound travel corridor, is subject to significant risks and uncertainties. (page 5)

● We rely on digital marketing, social commerce, and community-based engagement methods for customer acquisition, and these methods may become less effective or more costly over time. (page 5)

● We depend on strategic partnerships for certain aspects of our travel services, and the loss of or deterioration in any key partnership could adversely affect our business. (page 6)

● Our operations in multiple jurisdictions in Southeast Asia subject us to complex and evolving regulatory requirements. (page 6)

● We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements. (page 6)

● We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us. (page 6)

● As a result of being a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our ordinary shares. (page 7)

● We have granted and may continue to grant options and other types of awards under our share incentive plan, which may result in increased share-based compensation expenses. (page 7)

● Fluctuations in exchange rates between and among the Singapore dollar, the Australian dollar, the Euro, as well as other currencies in which we do business, may adversely affect our operating results. (page 8)

● Our continued international expansion exposes us to significant operational, regulatory, commercial and economic risks that could increase our costs, limit our growth and materially and adversely affect our business, financial condition and results of operations. (page 8)

● If our senior management is unable to work together effectively or efficiently, or if we lose their service, our business may be severely disrupted. (page 9)

● We rely on our ability to attract, train and retain qualified personnel to operate and grow our travel services business, and any failure to do so, or any significant increase in labor costs, could materially and adversely affect our business, financial condition and results of operations. (page 9)

● The reliability, performance and security of our technology-enabled travel platforms are critical to our business, and any disruption or failure of our systems could materially and adversely affect our business, financial condition and results of operations. (page 10)

● Our operations depend on internet infrastructure and third-party telecommunications and hosting services across multiple jurisdictions, and disruptions in these services could impair our ability to deliver travel services. (page 10)

● If we fail to adapt our technology platforms to evolving industry standards, customer preferences or emerging technologies, our ability to compete effectively may be materially and adversely affected. (page 10)

● Our growth depends in part on continued customer use of mobile devices and on mobile operating systems and distribution channels that we do not control. (page 11)

● Our acceptance of multiple payment methods exposes us to payment processing risks, including service disruptions, fraud, regulatory compliance obligations and increased transaction costs. (page 11)

● Our insurance coverage may be insufficient to protect us against certain business risks, which could result in significant financial losses and operational disruption. (page 11)

● Adverse publicity, including on social media or through regulatory complaints, could harm our reputation and negatively affect our business and the market price of our securities. (page 11)

● We may be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes, which could subject U.S. investors in our ordinary shares to adverse tax consequences. (page 11)

● We operate across multiple tax jurisdictions and may be subject to uncertain tax positions or disputes with tax authorities that could adversely affect our results of operations. (page 11)

● You may face difficulties protecting your interests, and your ability to enforce civil liabilities against us or our directors and executive officers may be limited because we are incorporated outside the United States and a substantial portion of our assets and management are located outside the United States. (page 12)

● Our indebtedness could have important consequences to you. (page 12)

● Global economic conditions could materially adversely impact demand for our products and services. (page 12)

● A severe or prolonged downturn in the Chinese or global economy could materially and adversely affect our business and financial condition. (page 13)

*Risks Related to Our Securities*

● We do not intend to pay dividends for the foreseeable future (page 13).

● We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies. (page 15).

● The laws of the Cayman Islands may not provide our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States (page 15).

● We are not in compliance with Nasdaq's minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market, and we cannot assure you that we will regain compliance or maintain our Nasdaq listing (page 16).

*Risks Related to Countries Where We Operate*

● Developments in the social, political, regulatory and economic environment in the countries where we operate, may have a material and adverse impact on us (page 17).

● Disruptions in the international trading environment may seriously decrease our international sales (page 17).

● Natural events, wars, terrorist attacks and other acts of violence involving any of the countries in which we or our clients have operations could adversely affect our operations and client confidence (page 18).

**Risks Related to our Business and Industry**

***We have a limited operating history in the travel services industry, and our historical results of operations may not be indicative of our future performance.***

We transitioned our primary business focus from community e-commerce to travel services beginning in the third quarter of 2025. As a result, we have a limited operating history in the travel services industry upon which you can evaluate our business and prospects. Our prior financial results were generated primarily from our community e-commerce retail operations focused on grocery and daily essentials, and our future results of operations in the travel business may not be comparable to our historical results. Our limited operating history in travel services makes it difficult to evaluate our current business, predict our future performance, or assess whether we will be able to achieve profitability or sustain revenue growth in this segment.

***Our business transition from community e-commerce to travel services may not succeed, and we may not achieve the margin profiles, cash flow characteristics, or operating efficiencies that we anticipate.***

Our decision to transition from community e-commerce to travel services reflects our assessment that the travel business has different margin and cash flow characteristics compared to our prior grocery business. However, there can be no assurance that we will achieve the gross margin improvements, operating efficiencies, or cash flow dynamics that we anticipate from our travel operations. The travel industry is subject to significant seasonality, macroeconomic sensitivity, and external disruptions, including geopolitical events, public health emergencies, natural disasters, and changes in consumer spending patterns. If our travel business does not achieve the financial profile we expect, or if the assumptions underlying our business transition prove to be incorrect, our business, financial condition, and results of operations could be materially and adversely affected. In addition, our transition has required, and will continue to require, the reallocation of management attention, personnel, and capital resources away from our prior e-commerce operations, which may result in operational disruption or reduced performance during the transition period.

***We face intense competition in the travel services industry, and we may not be able to compete effectively against established industry participants.***

The travel services industry in Southeast Asia and the China inbound travel market are highly competitive. We compete with established online travel agencies, traditional travel service providers, and other technology-enabled platforms, many of which have significantly greater financial, technical, marketing, and other resources than we do, as well as larger customer bases, more established brand recognition, and longer operating histories in the travel industry. Our competitors may be able to offer lower prices, more comprehensive product offerings, or superior technology and customer experience. If we are unable to compete effectively, we may not be able to attract or retain customers, and our business, financial condition, and results of operations could be materially and adversely affected.

***Our revenue growth rates may not be sustainable and may not be indicative of future performance.***

While we have experienced growth in our travel booking revenue since transitioning our business focus in the third quarter of 2025, our growth rates reflect in part the relatively small revenue base from which we are growing. As our revenue base increases, our growth rates may decline. In addition, our revenue growth has been achieved over a limited period and may have been influenced by factors that may not recur, including initial market entry dynamics, promotional activity, and the early-stage adoption of our platform. There can be no assurance that we will be able to sustain our recent growth rates, and our historical growth rates should not be relied upon as indicative of future performance.

***Our AI-based tools and technology products, including our AI Tour Guide Device, are at various stages of development, and there can be no assurance that they will function as intended or achieve commercial success.***

We are developing and deploying AI-based tools across multiple areas of our operations, including customer acquisition, itinerary generation, product recommendation, and sales conversion. We are also developing an AI Tour Guide Device intended to provide on-trip communication assistance. These tools and products are at various stages of development and deployment. Technology development involves significant uncertainty, and there can be no assurance that our AI-based tools will function as intended, achieve the efficiencies or operational improvements we anticipate, or be accepted by customers. AI technologies are also subject to evolving regulatory frameworks in the jurisdictions in which we operate, and changes in laws or regulations applicable to AI could require us to modify or discontinue certain tools or features, increase our compliance costs, or expose us to legal liability. In addition, the development of our AI Tour Guide Device and other technology products requires ongoing investment of capital and resources, and there can be no assurance that these products will be completed on schedule, within budget, or at all.

In addition, a substantial portion of the AI tools used in our internal operations consist of commercially available third-party software solutions. Our use of such third-party AI tools is subject to the terms and conditions of the relevant providers, which may change, or such tools may be discontinued or subject to pricing changes. We may have limited ability to influence the development, functionality, or availability of these third-party tools, and any disruption to our access to such tools could adversely affect our internal operations.

***We rely on third-party AI software tools for a substantial portion of our internal operations, and any disruption to our access to or use of such tools could adversely affect our business.***

 ****

The majority of the AI tools we currently use in our internal operations, including customer inquiry handling, travel itinerary drafting, marketing content generation, and sales workflow automation, which consist of commercially available, off-the-shelf software solutions provided by third parties. We do not control the development, maintenance, pricing, or availability of these tools. Third-party providers may modify, restrict, discontinue, or increase the cost of their AI products, and we may not be able to find adequate substitutes on a timely or cost-effective basis. In addition, the use of third-party AI tools may expose us to risks relating to data privacy, data security, intellectual property ownership, and regulatory compliance, particularly as laws and regulations governing the use of AI continue to evolve across the jurisdictions in which we operate. Any failure, disruption, or adverse change in our access to these tools could impair our operational efficiency and adversely affect our business and results of operations.

***Our multi-brand strategy is untested and may not result in broader market penetration or improved financial performance.***

We operate our travel business through three brands: WeTrip, which serves the broader travel market; Webuy Travel, which focuses on providing affordable yet high-quality travel experiences to destinations worldwide; and Altitude, which is designed to serve the premium travel segment. We have limited operating history with this multi-brand approach. Managing multiple brands requires allocation of resources, including marketing spend, personnel, and technology investment, across different customer segments and service models. There can be no assurance that our multi-brand strategy will be effective in addressing different customer segments, that we will be able to differentiate our brands adequately, or that the costs of maintaining multiple brands will be justified by the revenues generated. If our multi-brand approach does not achieve its intended objectives, our business and results of operations could be adversely affected.

***Our Golden Circle loyalty and engagement program is in an early stage of development and may not achieve its intended objectives.***

We are developing the Golden Circle initiative, a loyalty and engagement program designed to support recurring customer interaction and retention. This program is in an early stage of development, and there can be no assurance that it will be successfully launched, attract meaningful participation, or result in improved customer retention or repeat purchase behavior. Loyalty programs require ongoing investment and management attention, and if the Golden Circle initiative does not achieve its intended objectives, we may not realize the anticipated benefits and the costs incurred may not be recoverable.

***Our ability to expand into new markets, including the China inbound travel corridor, is subject to significant risks and uncertainties.***

We seek to expand our operations across Southeast Asia and to participate in the China inbound travel market through our WeTrip platform and strategic partnerships. Expansion into new markets and geographies involves significant risks, including unfamiliarity with local market conditions, regulatory requirements, consumer preferences, and competitive dynamics. In particular, the China inbound travel market is subject to Chinese government policies regarding tourism, visa requirements, and cross-border travel, which may change without notice. We may also face challenges in establishing and maintaining strategic partnerships necessary to serve the China inbound travel market. There can be no assurance that our expansion efforts will be successful, and failure to successfully expand could limit our growth and adversely affect our business and results of operations.

***We rely on digital marketing, social commerce, and community-based engagement methods for customer acquisition, and these methods may become less effective or more costly over time.***

Our customer acquisition approach relies significantly on digital marketing, social commerce channels, and community-based engagement, including the use of community leaders and group-based social referral. Changes in the algorithms, policies, or terms of service of social media platforms or digital advertising channels could reduce the effectiveness or increase the cost of our customer acquisition efforts. In addition, our community-based engagement model depends on the continued participation and effectiveness of community leaders and social networks, which we do not control. If our customer acquisition methods become less effective or more costly, or if we are unable to maintain our community engagement networks, our ability to attract new customers and grow our business could be materially and adversely affected.

***We depend on strategic partnerships for certain aspects of our travel services, and the loss of or deterioration in any key partnership could adversely affect our business.***

We rely on strategic partnerships for certain aspects of our travel business, including inbound China travel services through our WeTrip platform. These partnerships may be subject to termination, non-renewal, or renegotiation on terms less favorable to us. We may also be unable to establish new partnerships necessary to support our business expansion. The loss of, or a significant deterioration in, any of our key strategic partnerships could reduce our service offerings, adversely affect our competitive position, and materially harm our business and results of operations.

***Our operations in multiple jurisdictions in Southeast Asia subject us to complex and evolving regulatory requirements.***

We operate in Singapore, Indonesia, and Malaysia, and we seek to serve inbound travel demand to China. Each of these jurisdictions has its own regulatory framework applicable to travel services, e-commerce, data privacy, consumer protection, artificial intelligence, and cross-border business activities. These regulatory frameworks are subject to change, and new laws or regulations, or new interpretations of existing laws or regulations, could increase our compliance costs, require modifications to our business practices, or restrict our ability to offer certain services. Failure to comply with applicable laws and regulations in any jurisdiction in which we operate could result in fines, penalties, restrictions on our operations, or reputational harm.

***We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.***

We are an "emerging growth company", as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. Pursuant to the JOBS Act, we have elected to take advantage of the benefits of this extended transition period for complying with new or revised accounting standards as required when they are adopted for public companies. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC, which may adversely affect our financial condition and results of operations.

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***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.***

As discussed above, we are a foreign private issuer under the Exchange Act, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2026. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our Directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the Nasdaq. As a U.S.-listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

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***As a result of being a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our ordinary shares.***

We are required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. In addition, our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting. We are required to disclose changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting on an annual basis.

We have commenced the costly and challenging process of compiling the system and processing documentation necessary to perform the evaluation needed to comply with Section 404, and we may not be able to complete our evaluation, testing, and any required remediation in a timely fashion. Our compliance with Section 404 will require that we incur substantial accounting expense and expend significant management efforts. In addition, as our business continues to grow in size and complexity, we are improving our processes and infrastructure to help ensure we can prepare financial reporting and disclosures within the timeline required for a public company. We may need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge to compile the system and process documentation necessary to perform the evaluation needed to comply with Section 404. In addition, prior to completing our internal control assessment under Section 404, we may become aware of and disclose material weaknesses that will require timely remediation. Due to our significant growth, we face challenges in timely and appropriately designing controls in response to evolving risks of material misstatement. During the evaluation and testing process of our internal controls, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective.

We cannot assure you that there will not be material weaknesses in our internal control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or operating results. If we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our ordinary shares could decline, and we could be subject to sanctions or investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain these and other effective control systems required of public companies, could also restrict our future access to the capital markets.

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***We have granted and may continue to grant options and other types of awards under our share incentive plan, which may result in increased share-based compensation expenses.***

We have granted and may continue to grant options and other types of awards to key employees, directors and consultants to incentivize their performance and align their interests with ours, which may result in increased share-based compensation expenses.

We recognize share-based compensation expenses in our consolidated financial statements in accordance with U.S. GAAP. On January 1, 2021, we granted 4,269,200 ordinary shares to our key employees with a vesting period of 20 months. As a result, we have incurred share-based compensation expenses in the year ended December 31, 2021 until the third quarter of 2022 in connection with these grants. We believe the granting of share-based compensation is of significant importance to our ability to attract and retain key personnel and employees, and we will continue to grant share-based compensation to employees in the future. However, as a result, our expenses associated with share-based compensation may increase, which may have an adverse effect on our results of operations. We may re-evaluate the vesting schedules, lock-up period, exercise price or other key terms applicable to the grants under our currently effective share incentive plans from time to time. If we choose to do so, we may experience substantial change in our share-based compensation expenses.

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On December 16, 2024, the Company adopted a 2024 equity incentive plan (the "2024 Plan") to motivate, attract and retain directors, consultants or key employees to exert their best efforts on behalf of the Company and link their personal interests to those of the Company's shareholders. The 2024 Plan has a maximum number of 4,200,000 Class A Ordinary Shares of the Company available for issuance pursuant to all awards under the 2024 Plan. On December 20, 2024, the Company issued 4,200,000 Class A Ordinary Shares under the 2024 Plan to certain employees of the Company as compensation for their continued service in the Company.

On December 31, 2025, the Company adopted a 2025 equity incentive plan (the "2025 Plan") to motivate, attract and retain directors, consultants or key employees to exert their best efforts on behalf of the Company and link their personal interests to those of the Company's shareholders. The 2025 Plan has a maximum number of 334,859 Class A ordinary shares of the Company available for issuance pursuant to all awards under the 2025 Plan. On January 30, 2026, the Company issued 334,859 Class A Ordinary Shares under the 2025 Plan to certain employees of the Company as compensation for their continued service in the Company.

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***Fluctuations in exchange rates between and among the Singapore dollar, the Australian dollar, the Euro, as well as other currencies in which we do business, may adversely affect our operating results.***

We operate in various countries in the Asia Pacific region, including Singapore and Indonesia, among other countries. We make inventory purchases primarily in SGD, IDR, RMB and U.S. dollars, incurs employee compensation expenses and administrative expenses primarily in Singapore dollars, and incur certain other expenses in various other currencies. We derive a significant portion of our revenue from sales denominated in Singapore dollars as well as in various local currencies other than the Singapore dollar.

Our margins may be affected and we may otherwise be affected by foreign exchange differences in connection with fluctuations in the value of currencies against the Singapore dollar and managing multiple currency exposures. For example, we must pay fees to convert proceeds in foreign currencies to Singapore dollars. In addition, foreign exchange controls may restrict us from repatriating income earned in certain foreign countries to Singapore. Any such delay in revenue repatriation may cause us to incur losses due to the volatility of these currencies compared to the Singapore dollar. Because we report our results in Singapore dollars, the difference in exchange rates in one period compared to another directly impacts period-to-period comparisons of our operating results. Because currency exchange rates have been especially volatile in the recent past, these currency fluctuations may make it difficult for us to predict our results. Our Indonesia subsidiary generates primarily all of its revenue in the Indonesian Rupiah, which is freely convertible and transferable, except that Indonesian banks may not transfer Indonesian Rupiah to persons outside of Indonesia and may not conduct certain transactions with non-residents. As a result, any restriction on currency exchange may limit the ability of our Indonesia subsidiary to use its Indonesian Rupiah revenues to pay dividends to us. Limitations on the ability of our subsidiaries to pay dividends or make any other payments to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

The value of these currencies is affected by, among other things, changes in political and economic conditions, and the foreign exchange policies in the respective countries. It is difficult to predict how market forces or government policies may impact the exchange rates between these currencies and the U.S. dollar in the future.

Significant revaluation of these currencies may have a material and adverse effect on your investment. Currently, we have not implemented any comprehensive strategy to mitigate risks related to the impact of fluctuations in currency exchange rates. Implementing hedging strategies can prove costly. Even if we were to implement hedging strategies, not every exposure is or can be hedged, and, where hedges are put in place based on expected foreign exchange exposure, they are based on forecasts which may vary or which may later prove to have been inaccurate. Failure to hedge successfully or anticipate fluctuations in the value of currencies and other currency risks accurately could adversely affect our operating results.

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***Our continued international expansion exposes us to significant operational, regulatory, commercial and economic risks that could increase our costs, limit our growth and materially and adversely affect our business, financial condition and results of operations.***

Our growth strategy includes expanding our travel services platforms and related operations across additional markets in the Asia-Pacific region and strengthening our presence in markets where we already operate. International expansion requires substantial management attention, financial resources and operational investment, and involves risks inherent in operating across multiple jurisdictions with differing languages, consumer preferences, legal systems and regulatory environments. Our ability to successfully enter new markets or scale operations in existing markets is uncertain and may depend on factors beyond our control.

As we expand, we may face challenges in localizing our service offerings and technology platforms, building brand recognition, establishing relationships with travel suppliers and distribution partners, and achieving sufficient customer adoption. We may also encounter increased competition from established local travel service providers with stronger brand recognition, deeper market knowledge or greater financial resources. In addition, recruiting, training and retaining qualified management and employees in new markets may be difficult and could increase our operating costs.

Operating in multiple jurisdictions may subject us to complex and evolving regulatory requirements, including those relating to travel services, data protection and cybersecurity, consumer protection, electronic payments, foreign investment, anti-money laundering and tax compliance. Failure to comply with applicable laws and regulations could result in fines, business restrictions or reputational harm. We may also face difficulties protecting and enforcing our intellectual property rights or extending our brand and technology into new markets.

International operations expose us to foreign exchange fluctuations, currency controls and challenges in repatriating funds, as well as increased complexity in maintaining effective internal controls and financial reporting processes. Political, economic or social instability, protectionist policies, public health events or disruptions affecting travel demand in any market in which we operate could adversely affect our performance. In addition, higher operating costs, including compliance, staffing and infrastructure expenses, may reduce the profitability of our international operations.

If we are unable to effectively manage the risks associated with international expansion, our growth prospects, operating efficiency and overall financial performance could be materially and adversely affected.

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***If our senior management is unable to work together effectively or efficiently, or if we lose their service, our business may be severely disrupted.***

Our success depends heavily upon the continued services of our management. In particular, we rely on the expertise and experience of Mr. Bin Xue, our Founder and Chief Executive Officer, and other executive officers. If our senior management cannot work together effectively or efficiently, our business may be severely disrupted. If one or more members of our senior management were unable or unwilling to serve in their current positions, we might not be able to locate an appropriate replacement, if at all, and our business, financial condition and results of operations may be materially and adversely affected. If any member of our senior management joins a competitor or forms a competing business, we may lose customers, suppliers, know-how and key professionals and staff. Our senior management has entered into employment agreements with us, which contain confidentiality and non-competition provisions. There can be no assurance that any such non-competition provision will be enforceable in the Singapore courts. In addition, under these agreements, members of our senior management team can resign by giving us prior notice or through forfeiture of compensation during the notice period in lieu of giving prior notice. We currently do not maintain any insurance coverage for loss of key management personnel. If any dispute arises between our senior management and us, especially one that results in any resignation, we may suffer negative publicity and erosion of investor confidence, and we may have to incur substantial costs and expenses in order to enforce such agreements, or we may be unable to enforce them at all.

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***We rely on our ability to attract, train and retain qualified personnel to operate and grow our travel services business, and any failure to do so, or any significant increase in labor costs, could materially and adversely affect our business, financial condition and results of operations.***

Our continued growth and successful execution of our business strategy depend on our ability to recruit, develop, motivate and retain experienced management, technology professionals, travel consultants and operational staff. In particular, our technology-enabled operating model, including the development and operation of our digital travel platforms, AI-assisted personalization tools and data-driven customer acquisition capabilities, requires personnel with specialized expertise in technology, digital marketing, travel operations and customer service.

We face intense competition for qualified talent in the travel services and technology sectors across the Asia-Pacific region. In addition, we are in the process of expanding our workforce, including hiring additional employees in our technology and finance functions, to support the growth of our travel business. We may not be able to attract or retain sufficient qualified personnel on commercially reasonable terms, or at all. If we fail to recruit and retain the personnel necessary to support our strategic objectives, our ability to enhance our platforms, maintain service quality, and execute our growth plans may be adversely affected.

Furthermore, we have experienced increasing labor costs in certain markets in which we operate as a result of economic development and tightening labor supply. Any significant increase in compensation or employee-related expenses could negatively impact our operating margins. Our ability to effectively train and integrate new employees into our operations may also be limited, particularly as we continue to scale our travel services business following our strategic transition from community e-commerce in the third quarter of 2025. Rapid expansion may strain our managerial, operational and technological resources and could impair our ability to maintain service standards and organizational cohesion.

In addition, some of our current and future employees may be located outside Singapore, including in other Southeast Asian markets and China. Managing geographically dispersed teams may increase operational complexity, reduce oversight and make it more difficult to foster a consistent corporate culture and operational discipline. Any disruption arising from workforce challenges could adversely affect our business operations, customer satisfaction and reputation.

***The reliability, performance and security of our technology-enabled travel platforms are critical to our business, and any disruption or failure of our systems could materially and adversely affect our business, financial condition and results of operations.***

Our travel services are delivered through technology-enabled platforms, including our WeTrip and Webuy Travel applications and related digital infrastructure used for itinerary personalization, customer engagement, booking coordination and service fulfillment. The satisfactory performance, reliability and availability of these platforms are essential to maintaining customer satisfaction, supporting supplier relationships and sustaining transaction volumes. Our systems may experience interruptions or performance degradation due to telecommunications failures, software defects, cloud infrastructure disruptions, cyber-attacks, data breaches or other security incidents. Such events could result in delayed or failed bookings, reduced transaction volumes, loss of customer data, reputational harm and potential regulatory exposure. We rely on third-party cloud computing providers and other technology vendors, and any failure of these providers to maintain adequate service levels could adversely affect our operations. Although we have implemented security and redundancy measures, our safeguards may not be sufficient to prevent all disruptions or unauthorized access. In addition, we must continuously enhance and upgrade our platforms to support evolving customer expectations, increased transaction volumes and new technological capabilities, including AI-assisted personalization tools. System upgrades and integrations may result in temporary service interruptions or may not be completed successfully or on schedule. If our technology platforms do not function properly or fail to scale with our business growth, our competitiveness, customer experience and operating results may be adversely affected.

***Our operations depend on internet infrastructure and third-party telecommunications and hosting services across multiple jurisdictions, and disruptions in these services could impair our ability to deliver travel services***.

Our platforms rely on the availability and reliability of internet connectivity, data transmission networks and cloud hosting services in the markets in which we operate, including Singapore, Indonesia, Malaysia and China. Service disruptions, insufficient bandwidth, infrastructure outages or termination of arrangements with telecommunications carriers or hosting providers could prevent customers from accessing our platforms or completing bookings. Frequent or prolonged service interruptions may reduce user engagement, damage our reputation and negatively affect our revenue and operating performance.

***If we fail to adapt our technology platforms to evolving industry standards, customer preferences or emerging technologies, our ability to compete effectively may be materially and adversely affected.***

The travel services industry is characterized by rapid technological change, including increased use of mobile applications, artificial intelligence, digital payment solutions and data-driven marketing tools. Our success depends in part on our ability to identify, develop, acquire or integrate technologies that enhance user experience, operational efficiency and service differentiation. The development and deployment of new technologies involve significant technical, operational and financial risks, and we may not be able to implement new solutions in a timely or cost-effective manner. Failure to keep pace with technological developments or changing customer expectations could result in reduced platform usage, loss of market share and diminished growth prospects.

***Our growth depends in part on continued customer use of mobile devices and on mobile operating systems and distribution channels that we do not control.***

A significant portion of customer engagement with our platforms occurs through mobile applications. Our ability to maintain and expand this engagement depends on compatibility with widely used mobile operating systems, application distribution channels and evolving device technologies. Changes to platform policies, technical standards, ranking algorithms, distribution fees or access requirements imposed by mobile operating system providers or application marketplaces could increase our costs, limit application functionality or reduce the visibility and accessibility of our platforms. Any deterioration in the mobile user experience or decline in customer adoption of our applications could adversely affect transaction volumes and customer growth.

***Our acceptance of multiple payment methods exposes us to payment processing risks, including service disruptions, fraud, regulatory compliance obligations and increased transaction costs.***

We rely on third-party payment processors and financial institutions to facilitate customer payments. Any failure or interruption in payment processing services, including network outages or cybersecurity incidents affecting payment providers, could delay or prevent bookings and negatively affect customer confidence. We are also subject to payment fraud risks and evolving regulatory requirements governing electronic payments and cross-border transactions. Increases in transaction fees or the loss of key payment processing relationships could adversely affect our margins and operational efficiency.

***Our insurance coverage may be insufficient to protect us against certain business risks, which could result in significant financial losses and operational disruption.***

Insurance markets in certain jurisdictions in which we operate may offer limited coverage for risks such as business interruption, cyber incidents, operational liability or loss of key personnel. As a result, we may bear substantial costs arising from events such as system failures, data breaches, natural disasters or operational disruptions. Even where insurance coverage is available, policy limits, deductibles and exclusions may not fully compensate us for losses incurred.

***Adverse publicity, including on social media or through regulatory complaints, could harm our reputation and negatively affect our business and the market price of our securities.***

Our reputation is critical to maintaining customer trust and supplier relationships. Negative statements, allegations or reviews, whether accurate or not, may be disseminated rapidly through online platforms and social media. Such publicity may lead to reduced customer engagement, regulatory scrutiny or loss of market share. We may incur significant costs and management attention in responding to such matters, and any resulting reputational damage could materially affect our financial performance.

***We may be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes, which could subject U.S. investors in our ordinary shares to adverse tax consequences.***

We will be classified as a PFIC for any taxable year in which either (i) at least 75% of our gross income is passive income or (ii) at least 50% of the average quarterly value of our assets produce or are held for the production of passive income. The determination of PFIC status is made annually and depends on the composition of our income and assets as well as the market value of our ordinary shares. Fluctuations in the trading price of our shares and the manner in which we deploy our cash and other assets could affect our PFIC status. If we are classified as a PFIC for any taxable year during which a U.S. investor holds our ordinary shares, such investor may be subject to increased U.S. income taxes on gains from the disposition of our shares and on certain distributions, as well as additional reporting requirements.

***We operate across multiple tax jurisdictions and may be subject to uncertain tax positions or disputes with tax authorities that could adversely affect our results of operations.***

Our subsidiaries operate in several jurisdictions with differing tax regimes and evolving tax laws. Changes in tax rules or interpretations by tax authorities, or reallocation of income among jurisdictions, could increase our tax liabilities or result in penalties or double taxation. We may also be subject to audits or inquiries relating to matters such as transfer pricing, withholding taxes or restructuring transactions. Any unfavorable tax determinations could require significant payments and adversely affect our financial condition and cash flows.

***You may face difficulties protecting your interests, and your ability to enforce civil liabilities against us or our directors and executive officers may be limited because we are incorporated outside the United States and a substantial portion of our assets and management are located outside the United States.***

We are incorporated in the Cayman Islands, and a number of our directors and executive officers reside outside the United States. In addition, a substantial portion of our assets is located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments based on the civil liability provisions of U.S. securities laws. Consequently, investors may have more difficulty protecting their interests than would shareholders of a corporation incorporated in the United States.

***Our indebtedness could have important consequences to you.***

Our indebtedness could have important consequences to you. For example, it could:

● limit our ability to obtain additional financing for working capital, capital expenditures, acquisitions and other general corporate requirements;

● require us to dedicate a portion of our cash flow from operations to payments on our debt, thereby reducing the availability of our cash flow for operations and other purposes;

● limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and

● place us at a competitive disadvantage compared to competitors that may have proportionately less debt and greater financial resources.

If we were to default on our obligations, we could be required to dispose of material assets or operations to meet our debt service and other obligations, and the value realized on such assets or operations will depend on market conditions and the availability of buyers. Accordingly, any such sale may not, among other things, be for a sufficient dollar amount. If we were to otherwise attempt to sell material assets or operations, the foregoing encumbrances may limit our ability to dispose of material assets or operations. In the event that our debtors enforced their rights to our assets, we may have to discontinue our business, and our investors could lose all or a part of their investment in us.

There is no assurance that we will be able to obtain further funds required for our continued operations or that additional financing will be available for use when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will not be able to meet our other obligations as they become due and we will be forced to scale down or perhaps even cease our operations.

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***Global economic conditions could materially adversely impact demand for our products and services.***

Our operations and performance depend significantly on economic conditions. Global economic conditions continue to be subject to volatility arising from international geopolitical developments (such as the war in Ukraine), global economic phenomena (including rising inflation rates), general financial market turbulence and natural phenomena (such as the COVID-19 pandemic). Uncertainty about global economic conditions could result in

● customers postponing purchases of our products and services in response to tighter credit, unemployment, negative financial news and/or declines in income or asset values and other macroeconomic factors, which could have a material negative effect on demand for our products and services; and

● third-party suppliers being unable to produce components for our products in the same quantity or on the same timeline or being unable to deliver such parts and components as quickly as before or subject to price fluctuations, which could have a material adverse effect on our production or the cost of such production; and accordingly, on our business, results of operations or financial condition.

Access to public financing and credit can be negatively affected by the effect of these events on the Singapore, U.S. and global credit markets. The health of the global financing and credit markets may affect our ability to obtain equity or debt financing in the future and the terms at which financing or credit is available to us. These instances of volatility and market turmoil could adversely affect our operations, our ability to conduct any future offerings on a national U.S. exchange (or at all) and the trading price of our ordinary shares if we ever conduct such an offering.

***A severe or prolonged downturn in the Chinese or global economy could materially and adversely affect our business and financial condition.***

Any prolonged slowdown in the Chinese or global economy may have a material adverse effect on our business, results of operations and financial condition. In particular, general economic conditions in China and worldwide, including fluctuations in disposable income, inflation, exchange rates, and unemployment levels, may affect international travelers' willingness and ability to participate in inbound tourism to China. Our business is dependent on demand from overseas travelers visiting China. Adverse economic conditions in key source markets, such as Southeast Asia and other regions, may reduce customers' discretionary spending on travel, including group tours and customized travel services. In addition, unfavorable exchange rate movements may increase the relative cost of travel to China, thereby negatively impacting demand. Economic conditions in China are also influenced by global economic trends. There remains uncertainty regarding the long-term effects of monetary and fiscal policies adopted by major economies, including the United States and China. If such uncertainties persist, potential customers may delay or reduce travel plans, which could result in lower booking volumes and reduced revenue. Furthermore, adverse economic conditions may affect customers' ability to make timely payments, increase cancellation rates, or lead to shorter travel durations and reduced spending per customer. Should any of these situations occur, our net revenues may decline, and our business and financial condition could be materially and adversely affected.Additionally, continued volatility in global financial markets may impact our ability to access capital markets or obtain financing on favorable terms to support our operations and growth.

General economic, political and social conditions affect the United States, Europe and other global markets and our business. In particular, U.S., European and other global markets, as well as our access to financing, may be affected by factors, including economic growth or its sustainability, persistent inflation, supply chain disruptions, employment levels, work stoppages, labor shortages and labor disputes, labor costs, wage stagnation, energy prices, oil, gas and fuel prices, fluctuations or other significant changes in both debt and equity capital markets and currencies, liquidity of the global financial markets, the growth of global trade and commerce, trade policies, the availability and cost of capital and credit (including as a result of increased interest rates) and investor sentiment and confidence. Additionally, global markets may be adversely affected by the current or anticipated impact of cyber incidents or campaigns, military conflict, including the Russia-Ukraine conflict as well as the Hamas-Israel conflict and rising tensions between China and Taiwan and the relationship between China and the United States, or other geopolitical uncertainty and instability. The ongoing spread of variants of infectious diseases, such as the COVID-19 virus, may interrupt, or delay, our clinical trial activities, regulatory reviews, manufacturing activities and supply chain. The COVID-19 outbreak delayed enrollment in our clinical trials due to prioritization of hospital resources towards the outbreak or other factors, and some patients may be unwilling to enroll in our trials or be unable to comply with clinical trial protocols if quarantines impede patient movement or interrupt healthcare services, which would delay our ability to conduct clinical trials or release clinical trial results and could delay our ability to obtain regulatory approvals and commercialize our product candidates. Any sudden or prolonged market downturn in the United States or elsewhere could adversely affect our business, results of operations and financial condition, including capital and liquidity levels.

**Risks Related to Our Securities**

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***An active trading market for our Class A Ordinary Shares may not be maintained and the trading price for our Class A Ordinary Shares may fluctuate significantly.***

We cannot assure you that a liquid public market for our ordinary shares will be maintained. If an active public market for our ordinary shares is not maintained, the market price and liquidity of our ordinary shares may be materially and adversely affected. The public offering price for our ordinary shares in the public offering was determined by negotiation between us and the underwriter based upon several factors, and we can provide no assurance that the trading price of our ordinary shares after the public offering will not decline below the public offering price. As a result, investors in our ordinary shares may experience a significant decrease in the value of their shares.

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***We do not intend to pay dividends for the foreseeable future.***

We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our ordinary shares if the market price of our ordinary shares increases.

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***We may experience extreme stock price volatility, including any stock run-up, unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.***

In addition to the risks addressed above, our Class A Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. In particular, our ordinary shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices, given that we will have relatively small public floats. Such volatility, including any stock run-up, may be unrelated to our actual or expected operating performance, financial condition or prospects.

Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our ordinary shares. As a result of this volatility, investors may experience losses on their investment in our ordinary shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our Company's financial performance and public image, negatively affect the long-term liquidity of our Class A Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our ordinary shares and understand the value thereof.

***Short selling may drive down the market price of our ordinary shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we would have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

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***If securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Ordinary Shares and trading volume could decline.***

The trading market for our Class A Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrades our Class A Ordinary Shares or publishes inaccurate or unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of the Company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our Ordinary Shares to decline. **

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***Our Chairman, Bin Xue, has substantial influence over the Company, and his interests may not be aligned with the interests of our other shareholders, and it could prevent or cause a change of control or other transactions.***

 **

Our Chairman, Chief Executive Officer and controlling shareholder, Mr. Bin Xue through him as well as GBUY GLOBAL LTD and WEBUY TALENT LTD, indirectly controls approximately 300,000 Class A Ordinary Shares and 278,296 Class B Ordinary Shares, representing 38.61% of the aggregate voting power of our currently outstanding Ordinary Shares.

Accordingly, Mr. Bin Xue could control the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the election of Directors and other significant corporate actions, including the power to prevent or cause a change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without the consent of Mr. Bin Xue, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our shares. For more information regarding our principal shareholders and their affiliated entities, see "Item 6. Directors, Senior Management and Employees - 6.E. Share Ownership."

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***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

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***If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer.***

We are a foreign private issuer. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. domestic issuers, and we will not be required to disclose in our periodic reports all of the information that U.S. domestic issuers are required to disclose. While we currently qualify as a foreign private issuer, we may cease to qualify as a foreign private issuer in the future, in which case we would incur significant additional expenses that could have a material adverse effect on our results of operations.

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***The laws of the Cayman Islands may not provide our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States.***

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our amended and restated memorandum and articles of association, by the Companies Act (As Revised) of the Cayman Islands and by the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law in the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands and from English common law. Decisions of the Privy Council (which is the final Court of Appeal for British overseas territories such as the Cayman Islands) are binding on a court in the Cayman Islands. Decisions of the English courts, and particularly the Supreme Court and the Court of Appeal are generally of persuasive authority but are not binding in the courts of the Cayman Islands. Decisions of courts in other Commonwealth jurisdictions are similarly of persuasive but not binding authority. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws relative to the United States. Therefore, our public shareholders may have more difficulty protecting their interests in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States. See "Description of Share Capital - Differences in Corporate Law."

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of the register of members of these companies. Our directors have discretion under our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of the board of directors, or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act of the Cayman Islands and the laws applicable to companies incorporated in the United States and their shareholders.

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***We are not in compliance with Nasdaq's minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market, and we cannot assure you that we will regain compliance or maintain our Nasdaq listing.***

Nasdaq Listing Rule 5550(b)(1) requires that companies listed on The Nasdaq Capital Market maintain stockholders' equity of at least $2,500,000 (the "Minimum Stockholders' Equity Rule"). On January 5, 2026, we received a written notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that we were not in compliance with the Minimum Stockholders' Equity Rule. Based on our unaudited condensed interim consolidated financial statements as of June 30, 2025, as reported in our Form 6-K filed on October 29, 2025, we reported stockholders' equity of $364,854, and as of January 5, 2026, we did not meet the alternative compliance standards under Nasdaq Listing Rule 5550(b) relating to market value of listed securities or net income from continuing operations. We were provided 45 calendar days, or until February 19, 2026, to submit a plan to regain and sustain compliance, which we timely submitted on February 19, 2026.

As part of our efforts to regain compliance, we have completed the conversion of certain outstanding convertible loans into equity on February 17, 2026, and entered into a debt settlement agreement with certain creditors to settle, discharge, and release all outstanding accounts payable owed by our subsidiaries to the creditors by way of a debt-to-equity swap on February 17, 2026, and closed a private placement on March 24, 2026. We expect that the cumulative effect of these transactions, together with anticipated improvements in our financial position, will be reflected in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025. This is not the first time we have failed to satisfy a Nasdaq continued listing requirement. In January 2024, we received a notice from Nasdaq for non-compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). Following a delisting notice, a trading suspension, and a successful appeal before a Nasdaq Hearings Panel, our shares were reinstated to trade on the Nasdaq Capital Market effective May 8, 2025. While that matter was resolved, there can be no assurance that we will be able to sustain compliance with applicable Nasdaq listing standards going forward.

There can be no assurance that Nasdaq will accept our compliance plan, that the steps we have taken will be sufficient to satisfy the Minimum Stockholders' Equity Rule, or that we will be able to regain and maintain compliance with the continued listing requirements of The Nasdaq Capital Market. If we are unable to regain compliance, Nasdaq will issue a written notification that our Class A Ordinary Shares are subject to delisting. A delisting would have material adverse consequences for us and our shareholders, including significantly reduced liquidity and trading volume, impaired ability to raise capital, loss of institutional investor interest, potential triggering of default or acceleration provisions in existing financing arrangements, and reputational harm that could adversely affect our business and operations.

***Certain judgments obtained against us or our auditor by our shareholders may not be enforceable.***

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We are a Cayman Islands exempted company. Our operating subsidiary was incorporated and is located in Singapore and Indonesia. Substantially all of our assets are located outside of the United States. In addition, all of our current Directors and officers are nationals and residents of countries other than the United States and substantially all of the assets of these persons are located outside the United States. Furthermore, our auditor, Onestop Assurance PAC, is headquartered in Singapore and substantially all of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us, our Directors and officers, or our auditor judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Singapore and Indonesia may render you unable to enforce a judgment against our assets or the assets of our Directors and officers. For more information regarding the relevant laws of the Cayman Islands, Singapore and Indonesia, see "Item 10. Additional Information -10.B. Memorandum and articles of association - Enforceability of Civil Liabilities." As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us, our officers, Directors or major shareholders, or our auditor than would shareholders of a corporation incorporated in a jurisdiction in the United States.

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***You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.***

Cayman Islands law provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. These rights, however, may be provided in a company's articles of association. Our articles of association allow our shareholders holding shares representing in aggregate not less than one-third of our voting share capital in issue, to requisition a general meeting of our shareholders, in which case our directors are obliged to call such meeting. Advance notice of at least 10 clear days is required for the convening of a general meeting of our shareholders. A quorum required for a meeting of shareholders consists of at least two shareholders present or by proxy, representing not less than one-third of the total issued shares carrying the right to vote at a general meeting. For these purposes, "clear days" means that period excluding (a) the day when the notice is given or deemed to be given and (b) the day for which it is given or on which it is to take effect.

***We are a public company, and as a result, FINRA sales practice requirements may limit your ability to buy and sell shares of our ordinary shares, which could depress the price of our shares.***

As we are a listed company on a national U.S. exchange, broker-dealers could be required by FINRA rules to have reasonable grounds for believing that an investment in our securities is suitable for a customer before recommending that investment to the customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status and investment objectives, among other things. Under interpretations of these rules, FINRA believes that there is a high probability such speculative low-priced securities will not be suitable for at least some customers. Thus, FINRA requirements may make it more difficult for broker-dealers to recommend that their customers buy our securities, which may limit your ability to buy and sell our shares, have an adverse effect on the market for our shares and, thereby, depress their market prices.

**Risks Related to Countries Where We Operate**

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***Developments in the social, political, regulatory and economic environment in the countries where we operate, may have a material and adverse impact on us.***

Our business, prospects, financial condition and results of operations may be adversely affected by social, political, regulatory and economic developments in countries in which we operate. Such political and economic uncertainties include, but are not limited to, the risks of war, terrorism, nationalism, nullification of contract, changes in interest rates, imposition of capital controls and methods of taxation. For example, we have considerable operations in Singapore, and negative developments in Singapore's socio-political environment may adversely affect our business, financial condition, results of operations and prospects. Although the overall economic environment in Singapore and other countries where we operate appears to be positive, there can be no assurance that this will continue to prevail in the future.

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***Disruptions in the international trading environment may seriously decrease our international sales.***

The success and profitability of our international activities depend on certain factors beyond our control, such as general economic conditions, labor conditions, political stability, macro-economic regulating measures, tax laws, import and export duties, transportation difficulties, fluctuation of local currency and foreign exchange controls of the countries in which we sell our services, as well as the political and economic relationships among the jurisdictions where we source products and jurisdictions where our clients' customers are located. As a result, our services will continue to be vulnerable to disruptions in the international trading environment, including adverse changes in foreign government regulations, political unrest and international economic downturns. Any disruptions in the international trading environment may affect the demand for our services, which could impact our business, financial condition and results of operations.

***Natural events, wars, terrorist attacks and other acts of violence involving any of the countries in which we or our clients have operations could adversely affect our operations and client confidence.***

Natural disaster events (such as volcanos, floods and earthquakes), terrorist attacks and other acts of violence or war may adversely disrupt our operations, lead to economic weakness in the countries in which they occur and affect worldwide financial markets, and could potentially lead to economic recession, which could have an adverse effect on our business, financial condition and results of operations. These events could adversely affect our clients' levels of business activity and precipitate sudden significant changes in regional and global economic conditions and cycles. These events also pose significant risks to our people and to our business operations around the world.

**Item 4. Information on the Company**

**4.<u>A. History and Development of the Company</u>**

We are a holding company incorporated in the Cayman Islands on August 29, 2022. We were established for the purpose of becoming the holding company of our subsidiaries. We do not conduct any material operations of our own and conduct substantially all of our business through our subsidiaries.

Our operating subsidiary, Altitude Travel Pte. Ltd., was incorporated in Singapore on November 2, 2021. On February 3, 2026, it changed its name from Bear Bear Pte. Ltd. to Altitude Travel Pte. Ltd.. Prior to February 3, 2026, Bear Bear Pte. Ltd. was primarily engaged in the retail sale of food. Beginning in February 2026, we shifted our strategic focus to travel business, and our current operations primarily consist of travel agencies and tour operators (mainly outbound). Prior to February 3, 2026, Bear Bear Pte. Ltd. was held by an intermediate holding company, New Retail International Pte. Ltd.. As part of our reorganization for our new strategic focus, the shareholder of New Retail International Pte. Ltd. transferred their equity interests to WEBUY GLOBAL LTD on February 3, 2026, and Altitude Travel Pte. Ltd. became our indirect wholly owned subsidiary.

Our operating subsidiary, Altitude MICE Pte. Ltd., was incorporated in Singapore on February 2, 2024. On February 3, 2026, it changed its name from Webuy Advisory Pte. Ltd. to Altitude MICE Pte. Ltd.. Prior to February 3, 2026, Webuy Advisory Pte. Ltd. was primarily engaged in management consultancy services. Beginning in February 2026, we shifted our strategic focus to travel business, and our current operations primarily consist of travel agencies and tour operators (mainly outbound). Prior to February 3, 2026, Webuy Advisory Pte. Ltd. was held by an intermediate holding company, New Retail International Pte. Ltd.. As part of our reorganization for our new strategic focus, the shareholder of New Retail International Pte. Ltd. transferred their equity interests to WEBUY GLOBAL LTD on February 3, 2026, and Altitude MICE Pte. Ltd. became our indirect wholly owned subsidiary.

The chart below sets out our corporate structure as of the date of this annual report.

![](ea028649801_img2.jpg)

**Corporate Headquarters**

Our principal executive offices are located at 35 Tampines Street 92, Singapore 528880. Our telephone number is +65 8859 9762. Our website address is webuysg.com. Information on our website does not constitute part of this annual report. Our registered office in the Cayman Islands is located at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.

**4.<u>B. Business Overview</u>**

We are an Asia-focused travel services company that operates a technology-enabled travel platform serving outbound and inbound travel demand across key regional markets, including Singapore, Indonesia, Malaysia, and China. Through our WeTrip platform, we primarily serve international travelers from western markets, including the United States, the United Kingdom, and Australia, who travel to China and other destinations in Asia. In Southeast Asia, particularly Singapore and Indonesia, we serve outbound travel demand from local customers through our Webuy Travel brand, which focuses on providing affordable yet high-quality travel experiences to destinations worldwide. We also operate the Altitude brand, which is designed to serve customers seeking more curated and premium travel experiences through an advisory-based service model supported by immersive destination presentation and AI-assisted personalization tools.

Following the Company's strategic focus on its travel business, Webuy has transitioned toward travel-related operations supported by a technology-enabled operating model. This model integrates digital tools and data-driven capabilities designed to support customer acquisition, itinerary personalization, and travel service delivery across the Company's platforms.

Prior to the third quarter of 2025, we primarily operated a community e-commerce retail business focused on grocery and daily essentials. Through that business, we developed a base of community users and capabilities in digital marketing, social commerce, and group-based customer engagement. Beginning in the third quarter of 2025, we transitioned our primary business focus from community e-commerce to travel services and related technology infrastructure. As a result, we have limited operating history in the travel services industry, and our future results of operations may not be comparable to our historical results. See "Risk Factors — Risks Related to Our Business and Industry."

**Our Business Model**

Our travel business is organized around three principal operating areas:

***Customer acquisition and sales enablement.***

We use digital marketing, social commerce, and AI-based tools across online and offline channels to identify customer demand, support our sales teams, and facilitate lead conversion. For internal operational functions, including customer inquiry handling, marketing content generation, and sales workflow automation, we primarily utilize commercially available third-party AI software solutions integrated into our operational processes.

***Product design and fulfillment.***

We are developing an internally developed AI Travel Assistant device as part of our WeTrip platform, designed to support travelers during their journeys by providing AI-guided destination commentary, multilingual translation, conversational question-and-answer interaction, and personalized travel recommendations. For internal operational purposes, we utilize third-party, off-the-shelf AI tools, including AI chat assistants, workflow automation agents, and AI-based content generation tools, to support employee productivity and daily operational tasks.

***Community engagement and customer retention.***

We leverage community leaders, group-based social engagement, and customer programs to support brand awareness and repeat customer activity. We are developing the Golden Circle initiative, a loyalty and engagement program designed to support recurring customer interaction and retention. The Golden Circle initiative is in an early stage of development.

**Our Services**

We currently operate our travel business through three principal brands:

***WeTrip***

Our WeTrip platform provides travel booking services, itinerary planning, travel product distribution, and inbound China travel services through strategic partnerships. We distribute travel products through both online and offline channels and engage customers through digital marketing and social commerce tools.

***Webuy Travel***

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Our Webuy Travel brand focuses on outbound travel services for customers in Southeast Asia, particularly Singapore and Indonesia. Through this brand, we provide travel booking services, curated tour packages, itinerary planning, and travel product distribution across multiple destinations worldwide. Our offerings include group tours with fixed itineraries, customized private tours, and "free and easy" travel packages that allow customers to travel independently with pre-arranged accommodations and travel arrangements. We distribute these travel products through both online and offline channels and engage customers through digital marketing and social commerce tools.

***Altitude***

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Our Altitude brand is designed to serve the premium travel segment through a curated advisory model that uses content-based product presentation and AI-assisted personalization tools.

**Our Markets**

We currently operate in Singapore, Indonesia, and Malaysia and serve both outbound travel demand from these markets and inbound travel demand to China. In Indonesia, we have expanded our operations to include a presence in Surabaya. The travel markets in Southeast Asia and the China inbound travel corridor represent large addressable markets, although we face substantial competition from established online travel agencies, traditional travel service providers, and other technology-enabled platforms. See "Risk Factors — Risks Related to Our Business and Industry — We have a limited operating history in the travel services industry, and our historical results of operations may not be indicative of our future performance."

**Business Transition** 

Our transition from community e-commerce to travel services reflects our assessment that the travel business has different margin and cash flow characteristics compared to our prior grocery business. However, we have a limited operating history in travel services, and there can be no assurance that we will achieve the margin profiles or operating efficiencies that we anticipate. Our ability to grow our travel business is subject to a number of risks and uncertainties, including competition, regulatory developments, capital availability, and our ability to attract and retain customers. See "Risk Factors." In 2026, we intend to continue expanding our travel operations across Southeast Asia, further develop our AI-based operating tools, and advance our multi-brand strategy. Our ability to execute these initiatives is subject to market conditions, regulatory developments, competitive dynamics, capital availability, and operational performance.

**Competitive Strengths**

***Digital marketing and customer acquisition capabilities***

 

Through our prior community e-commerce operations and our current travel business, we have developed operational experience in digital marketing, social commerce, localized customer acquisition, and cross-border travel demand generation across multiple Southeast Asian markets. We utilize these capabilities to acquire customers and generate travel bookings through both online and offline channels, and we seek to apply them as we expand into additional markets, including the China inbound travel corridor. Our ability to successfully leverage these capabilities in new markets and geographies is subject to a number of risks and uncertainties. See "Risk Factors — Risks Related to Our Business and Industry."

***Technology-enabled operating model***

We are building an operating model that applies AI-based tools across multiple stages of our travel business, including customer acquisition, sales support, itinerary generation, product matching, and travel fulfillment. We seek to integrate customer data, product data, and operational data across these functions to support decision-making and service delivery.

***Community engagement experience***

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Our prior community e-commerce business provided us with experience in group-based customer engagement, social referral-driven marketing, and localized demand aggregation. We seek to apply this experience to our travel business to support customer acquisition and retention, including through our Golden Circle loyalty and engagement program, which is currently in an early stage of development.

**Multi-brand approach**

We operate our travel business through three brands: WeTrip, which serves the broader travel market; Webuy Travel, which focuses on providing affordable yet high-quality travel experiences to destinations worldwide; and Altitude, which is designed to serve the premium travel segment. This multi-brand structure is intended to enable us to address different customer segments and price points.

**Presence in large addressable markets**

We operate in Singapore, Indonesia, and Malaysia and serve both outbound travel demand from these markets and inbound travel demand to China. We believe that these travel corridors represent significant market opportunities.

**Our Customers**

Our customers primarily consist of individual consumers and small groups purchasing travel-related services through our platforms and brands, including WeTrip, Webuy Travel, and Altitude. These customers are generally retail travelers seeking outbound or inbound travel services, including group tours, customized itineraries, and independent travel arrangements.

We serve customers across multiple geographic markets. In Southeast Asia, particularly Singapore and Indonesia, our customers are primarily local residents purchasing outbound travel products to destinations worldwide. Through our WeTrip platform, we also serve international travelers, including customers from the United States, the United Kingdom, and Australia, who seek inbound travel services to China and other destinations in Asia.

Our customer base is diversified, and no single customer accounted for a significant portion of our total revenue during the periods presented. We generally do not enter into long-term contractual arrangements with individual customers, and transactions are typically conducted on a per-booking basis.

Our customer acquisition relies primarily on digital marketing channels, social commerce platforms, and community-based engagement models. We also utilize offline sales channels, including travel consultants and physical events, to support customer conversion and engagement.

Demand for our services is subject to seasonal trends, with peak travel periods typically occurring during major holiday seasons, including school holidays and year-end holidays in our operating markets. Customer purchasing behavior may also be influenced by macroeconomic conditions, travel restrictions, and other external factors that affect discretionary consumer spending.

As we have transitioned our business focus from community e-commerce to travel services beginning in the third quarter of 2025, our current customer base differs from our historical customer base. While we seek to leverage prior experience in community-based engagement and customer acquisition, there can be no assurance that we will be able to successfully attract, retain, or expand our customer base in the travel services industry.

**Data Security and Protection**

We operate with a comprehensive security system that covers our platform, data and services. To ensure that customers' card details are kept confidential and secure and that *Webuy* does not access or retain their card information, we partner with online payment service provider - Red Dot Payment and Airwallex Payment gateway to handle the payment transactions.

We have a cyber-security policy in place, and rely on various mobile features to enhance cyber security. For instance, we use high-strength encryption algorithms such as AES to encrypt removable disks. As the encrypted removable disk can only be used inside the company, if the employees attempt to bring it outside of the company premises, they be unable to access the disk.

We also have in place hardware and device management system, containing features such as a hardware change alarm, USB port management and disable devices such as FireWire, PCMCIA bus, and disable CD-ROM.

We also conduct sensitive content analysis, with a data classification library which contains classification rules, and sensitive content scanning which allows for a quick analysis of whether the documents contain sensitive data upon scanning the documents.

Our login method for the server is designed to prevent intrusion. It incorporates OpenVPN's proprietary network authentication and disables direct login by password, replacing it with a 22 port login. We also make use of Alibaba's cloud backend management system, which uses an enhanced two-step verification.

**Recent Development**

***Initial Public Offering***

On October 20, 2023, the Company completed its initial public offering. In this offering, the Company issued 3,800,000 ordinary shares of par value US$0.000000385 each ("ordinary shares") at a price of US$4.00 per share. The Company received gross proceeds in the amount of US$15,200,000 before deducting any underwriting discounts and expenses. The ordinary shares began trading on October 19, 2023 on the Nasdaq Capital Market under the ticker symbol "WBUY."

On November 3 and November 24, 2023, the underwriters exercised their over-allotment option in full to purchase an additional 150,000 and 420,000 ordinary shares, respectively. The Company received gross proceeds of US$2,280,000 in the aggregate before deducting underwriting discounts and expenses.

The ordinary shares issued by the Company in connection with the initial public offering were subsequently re-designated and re-classified as Class A ordinary shares with a par value of US$0.000000385 each on a one-to-one- basis on March 8, 2024.

***Change of Directors and Management***

On December 14, 2023, Ms. Lixia Tu tendered her resignation as an independent director, the chairwoman of the Audit Committee, and a member of the Nominating Committee and the Compensation Committee of the Company, effective December 14, 2023. On February 1, 2024, at the recommendation of the Nominating Committee and the Compensation Committee, the Board of Directors approved and confirmed the appointment of Ms. Fangqin Lin as the succeeding independent director, the chairwoman of the Audit Committee and a member of the Nominating Committee and the Compensation Committee of the Company, effective February 1, 2024.

On May 31, 2025, Ms. Fangqin Lin tendered her resignation as an independent director, the chairwoman of the Audit Committee, and a member of the Nominating Committee and the Compensation Committee of the Company, effective June 1, 2025. On June 12, 2025, Mr. Heng Wee Koon was appointed as an independent director and as chair of the Audit Committee and a member of the Nominating Committee and the Compensation Committee of the Company, effective June 12, 2025.

On September 25, 2025, Mr. Heng Wee Koon notified the Company of his resignation as an independent director, effective September 25, 2025.

On October 22, 2025, approved by the Board of Directors, the Nominating Committee and the Compensation Committee, Ms. Amanda Guo Jie was appointed as independent director and chair of audit committee of the Company, effective October 22, 2025.

On October 23, 2025, Ms. Phang Ai Lian notified the Company of her resignation as the Chief Financial Officer, effective October 23, 2025. On October 22, 2025, approved by the Board of Directors, the Nominating Committee and the Compensation Committee, Mr. Youyi Zhang was appointed as the Chief Financial Officer, effective October 23, 2025. On October 23, 2025, approved by the Board of Directors, Ms. Phang Ai Lian was appointed as the Chief Operating Officer, effective October 23, 2025.

On December 24, 2025, the Board of Directors of the Company has approved the resignation of Ms. Michelle Ting Ting Tan as the Company's Director.

 

***General Shareholders Meetings***

On March 8, 2024, the Company held an extraordinary general shareholder meeting ("EGM") and effected amendments to its amended and restated memorandum and articles of association, under which the authorized share capital of the Company of US$100,100, which was divided into 260,000,000,000 ordinary shares, of a par value of US$0.000000385 each, was redesignated into (a) 259,950,000,000 Class A ordinary shares of a par value of US$0.000000385 each, and (b) 50,000,000 Class B ordinary shares of a par value of US$0.000000385 each, and the 21,395,400 authorized and issued and outstanding ordinary shares held by BIN XUE, GBUY GLOBAL LTD, and WEBUY TALENT LTD were re-designated and re-classified as 21,395,400 Class B ordinary shares with a par value of US$0.000000385 each.

On December 18, 2024, the Company held an annual general shareholder meeting ("AGM") at which the shareholders approved, among others, a share consolidation of the Company's issued and unissued ordinary shares at a ratio of not less than one (1)-for-ten (10) and not more than one (1)-for-forty (40) (the "Range"), with the exact ratio within the Range and the exact date to be determined by the Board in its sole discretion within 1 year. On January 15, 2025, the Board approved a share consolidation at a ratio of one (1)-for-forty (40), resulting in a change of the Company's authorised share capital from US$100,100 divided into 260,000,000,000 ordinary shares, of a par value of US$0.000000385 each, divided into (a) 259,950,000,000 Class A ordinary shares of a par value of US$0.000000385 each and (b) 50,000,000 Class B ordinary shares of a par value of US$0.000000385 each to US$100,100 divided into 6,500,000,000 shares of a nominal or par value of US$0.0000154 each in the share capital of the Company divided into 6,498,750,000 Class A ordinary shares of a nominal or par value of US$0.0000154 each and 1,250,000 Class B ordinary shares of a nominal or par value of US$0.0000154 each.

On March 21, 2025, the Company held an EGM and effected (i) a share consolidation of the Company's issued and unissued ordinary shares at a ratio of one (1)-for-three (3), resulting in a change of the Company's authorised share capital from US$100,100 divided into 6,500,000,000 ordinary shares of a par value of US$0.0000154 each comprising (a) 6,498,750,000 Class A ordinary shares of a par value of US$0.0000154 each and (b) 1,250,000 Class B ordinary shares of a par value of US$0.0000154 each, to US$100,100 divided into 2,166,666,666.666 ordinary shares of a par value of US$0.0000462 each comprising (a) 2,166,250,000 Class A ordinary shares of a par value of US$0.0000462 each and (b) 416,666.666 Class B ordinary shares of a par value of US$0.0000462 each; and (ii) immediately following the share consolidation becoming effective, the authorized but unissued share capital of the Company was diminished by US$0.0000308 by the cancellation of the 0.666 authorized but unissued Class B ordinary shares with par value of US$0.0000462 each in the capital of the Company (the "Diminution") such that immediately following the Diminution, the authorized share capital of the Company was US$100,099.9999692 divided into 2,166,666,666 ordinary shares of a par value of US$0.0000462 each comprising (a) 2,166,250,000 Class A ordinary shares of a par value of US$0.0000462 each and (b) 416,666 Class B ordinary shares of a par value of US$0.0000462 each.

***Adoption of Share Incentive Plan***

On December 16, 2024, the Company adopted a 2024 equity incentive plan (the "2024 Plan") to motivate, attract and retain directors, consultants or key employees to exert their best efforts on behalf of the Company and link their personal interests to those of the Company's shareholders. The 2024 Plan had a maximum number of 4,200,000 Class A ordinary shares of par value US$0.000000385 each of the Company available for issuance pursuant to all awards under the 2024 Plan. On December 20, 2024, the Company issued 4,200,000 Class A ordinary shares of par value US$0.000000385 each under the 2024 Plan to certain employees of the Company as compensation for their continued service in the Company.

On December 31, 2025, the Company adopted a 2025 equity incentive plan (the "2025 Plan") to motivate, attract and retain directors, consultants or key employees to exert their best efforts on behalf of the Company and link their personal interests to those of the Company's shareholders. The 2025 Plan has a maximum number of 334,859 Class A ordinary shares of the Company available for issuance pursuant to all awards under the 2025 Plan. On January 30, 2026, the Company issued 334,859 Class A Ordinary Shares under the 2025 Plan to certain employees of the Company as compensation for their continued service in the Company.

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***Follow-on Offerings***

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*Self-Underwritten Offering*

 

On May 2, 2024, and May 17, 2024, the Company completed a self-underwritten offering, wherein the Company issued 9,999,999 Class A ordinary shares of par value US$0.000000385 each at an issue price of US$0.29 per share. The Company received gross proceeds in the amount of US$2,900,000 before deducting any related expenses.

*Convertible Debenture*

 

On July 26, 2024, the Company entered into a securities purchase agreement with an accredited investor (the "Investor") to place a Senior Secured Convertible Note (the "Note") with a maturity date of 24 months after the issuance thereof in the aggregate principal amount of up to $2,400,000 (the "Transaction"), provided that in case of an event of default, the maturity date of the Note may be accelerated and be immediately due and payable. In addition, the Company paid to the Investor a $70,000 commitment fee at the closing.

The Investor may convert the Note in its sole discretion to Company's Class A ordinary shares at $0.213, or 150% of the VWAP of the Class A ordinary shares on the trading day preceding the Note issuance, provided that the conversion price may not be less than $0.029 (the "Floor Price"). The Investor may not convert any portion of a Note if such conversion would result in the Investor beneficially owning more than 4.99% (the "Maximum Percentage") of Company's then issued and Class A ordinary shares, provided, if at any time after the date hereof the Investor beneficially owns in excess of 4.99% of the Class A ordinary shares in the Company that is registered under the 1934 Act or exempt from the registration and qualification requirements under the 1933 Act, then the Maximum Percentage shall automatically increase to 9.99%.

As of the date of this annual report, the Company has repaid all the remaining balance on the Note.

*2024 Registered Direct Offering*

On December 16, 2024, the Company entered into a securities purchase agreement (the "Purchase Agreement") with certain institutional investors named thereto (the "Purchasers"), pursuant to which the Company agreed to issue and sell, in a registered direct offering (the "Registered Direct Offering"): (i) 5,372,792 Class A ordinary shares of the Company, par value $0.000000385 per share, at a purchase price of $0.1756 per share; and (ii) pre-funded warrants to purchase up to 15,640,447 Class A ordinary shares (the "Pre-Funded Warrants") at a purchase price of $$0.1755 to the purchase price for Shares, less the exercise price of $0.0001 per share.

The Registered Direct Offering closed on December 17, 2024. The Company received approximately $3.7 million in gross proceeds from the Registered Direct Offering, before deducting placement agent fees and estimated offering expenses. The Company intends to use the net proceeds from the Registered Direct Offering for working capital and general corporate purposes.

The Pre-Funded Warrants were sold to the Purchasers, whose purchase of the Shares in the Registered Direct Offering would otherwise have resulted in the Purchasers, together with its affiliates and certain related parties, beneficially owning more than 9.99% of the issued and outstanding share capital of the Company following the consummation of the Registered Direct Offering. Each Pre-Funded Warrant represents the right to purchase one Class A Ordinary Share at an exercise price of $0.0001 per share. The Pre-Funded Warrants are exercisable immediately and may be exercised at any time until the Pre-Funded Warrants are exercised in full (subject to the beneficial ownership limitation described above).

The Shares, the Pre-Funded Warrants and the Class A ordinary shares underlying the Pre-funded Warrants were offered by the Company pursuant to a registration statement on Form F-3 (File No.333-283356), previously filed and declared effective by the SEC on December 3, 2024, the base prospectus filed as part of the Registration Statement, and the prospectus supplement dated December 16, 2024.

On December 16, 2024, the Company entered into a placement agency agreement (the "Placement Agency Agreement") with D. Boral Capital LLC ("DBC" or the "Placement Agent"), pursuant to which the Company engaged DBC as the exclusive placement agent in connection with the Registered Direct Offering. The Placement Agent agreed to use its reasonable best efforts to arrange for the sale of the Shares and the Pre-Funded Warrants. In addition, under the Placement Agency Agreement the Company agreed to pay the Placement Agent a placement agent fee in cash equal to seven percent (7.0%) of the aggregate gross proceeds raised from the sale. The Company also agreed to reimburse the Placement Agent at closing for legal and other expenses incurred by them in connection with the Registered Direct Offering in an amount not to exceed $180,000. Furthermore, the Placement Agent was granted a right of first refusal for a period of six (6) months from the closing date of the Registered Direct Offering.

*2025 Follow-on Offering*

On July 30, 2025, the Company entered into certain securities purchase agreements (the "2025 Purchase Agreement") with certain institutional investors named thereto (the "2025 Purchasers"), pursuant to which the Company agreed to issue and sell, in a best-effort offering: (i) 721,918 Class A ordinary shares of the Company, par value $0.0000462 per share, at a purchase price of $3.65 per share; and (ii) pre-funded warrants to purchase up to 100,000 Class A ordinary shares, par value $0.0000462 per share, (the "2025 Pre-Funded Warrants") at a purchase price of $$3.6499 to the purchase price for Class A ordinary shares, less the exercise price of $0.0001 per share. This offering closed on August 1, 2025. The Company received approximately $3 million in gross proceeds from the Offering, before deducting placement agent fees and estimated offering expenses. The Company intended to use the net proceeds from the offering for development of AI travel assistant platform, research and development for AI-integrated travel hardware, and general working capital purposes.

The Class A ordinary shares, the 2025 Pre-Funded Warrants and the Class A ordinary shares underlying the 2025 Pre-funded Warrants were offered by the Company pursuant to a registration statement on Form F-1 (File No.333-288310) (the "Registration Statement"), previously filed and declared effective by the Securities and Exchange Commission (the "SEC") on June 27, 2025, and as further amended by the Post-effective Amendment No.1, No.2 and No.3 to the Registration Statement, filed with the SEC on July 1, 2025, July 14, 2025, and July 16, 2025, respectively, and declared effective by the SEC on July 18, 2025.

On July 30, 2025, the Company entered into a placement agency agreement (the "2025 Placement Agency Agreement") with DBC, pursuant to which the Company engaged DBC as the exclusive placement agent in connection with the Offering. The Placement Agent agreed to use its reasonable best efforts to arrange for the sale of the Shares and the Pre-Funded Warrants. In addition, under the 2025 Placement Agency Agreement, the Company agreed to pay the Placement Agent a placement agent fee in cash equal to six and a half percent (6.5%) of the aggregate gross proceeds raised from the sale. The Company also agreed to reimburse the DBC at closing for legal and other expenses incurred by them in connection with the Offering in an amount not to exceed $120,000.

*2026 PIPE Offering*

On February 19, 2026, the Company entered into a securities subscription agreement, as amended (the "Securities Subscription Agreement") with Mingjie Zheng (the "Investor"), pursuant to which the Company agreed to issue and sell to the Investor its Class A Ordinary Shares (the "PIPE Shares") for an aggregate purchase price of $1,000,000, at a purchase price per share equal to 90% of the average closing price of the Company's Class A Ordinary Shares on the Nasdaq Capital Market for the five (5) trading days immediately preceding the closing date. The Company received $600,000 on February 19, 2026 and the remaining $400,000 on March 13, 2026. Based on the pricing formula set forth in the Securities Subscription Agreement, the purchase price per share was calculated to be $0.8776. Accordingly, the Company issued 1,139,472 PIPE Shares to the Investor on March 24, 2026.

*Equity Line of Credit*

On March 23, 2026, the Company entered into an Ordinary Share Purchase Agreement (the "Purchase Agreement"), dated as of March 23, 2026, with an institutional investor (the "Investor"), whereby the Company has the right, but not the obligation, to sell to the Investor, and the Investor is obligated to purchase up to $20,000,000 of the Company's Class A Ordinary Shares. Concurrently with the execution of the Purchase Agreement, the Company and the Investor also entered into a Registration Rights Agreement, dated as of March 23, 2026, between the Company and the Investor (the "Registration Rights Agreement" and, together with the Purchase Agreement, the "Transaction Documents"), pursuant to which the Company agreed to file with the SEC one or more registration statements to register under the Securities Act the offer and resale by the Investor of all of the Class A Ordinary Shares that may be issued and sold by the Company to the Investor from time to time under the Purchase Agreement (each, a "Registration Statement").

***Nasdaq Listing Standards and Compliance Status***

*2024 Nasdaq Trading Suspension, Appeal and Reinstation* 

On January 26, 2024, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") regarding the Company's failure to comply with Nasdaq Continued Listing Rule 5550(a)(2) (the "Rule"), which requires listed securities to maintain a minimum bid price of $1.00 per share. A failure to comply with Rule 5550(a)(2) exists when listed securities fail to maintain a closing bid price of at least $1.00 per share for 30 consecutive business days. Based on the closing bid price for the last 30 consecutive business days, the Company failed to meet the aforesaid requirement. Therefore, in accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until July 25, 2024, to regain compliance with the Rule. Subsequently, on July 25, 2024, the Company was provided an additional 180 calendar day compliance period, or until January 21, 2025, to demonstrate compliance.

On January 22, 2025, the Company received a delisting notice from Nasdaq due to non-compliance with the $1.00 minimum bid price requirement. Following the expiration of the second 180-day compliance period on January 21, 2025, Nasdaq suspended trading of the Company's shares on January 31, 2025. As a result, the Company's Shares were trading on the OTC market due to the implementation of new Nasdaq regulations that mandate immediate delisting after the second compliance period.

To regain its Nasdaq listing, the Company formally appealed the decision and presented its compliance plan at a hearing on February 27, 2025.

On March 21, 2025, the Panel granted the Company's request for an exception to regain compliance with the Bid Price Rule. As a condition of continued listing, the Company had to demonstrate compliance by May 2, 2025, and provide prompt notification of any significant developments affecting its status.

On April 30, 2025, the Company received a letter from Nasdaq confirming that the Company has demonstrated compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules, as required by the Panel decision. Consequently, the Company's shares had been reinstated to trade on the Nasdaq Capital Market, effective May 8, 2025.

*2026 Nasdaq Minimum Stockholders' Equity Deficiency Notice and Compliance Plan*

On January 5, 2026, the Company received a notice from the staff of the Listing Qualifications Department of Nasdaq indicating that the Company was not in compliance with the minimum stockholders' equity requirement of $2,500,000 for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(1) (the "Minimum Stockholders' Equity Rule").

The Minimum Stockholders' Equity Rule requires companies listed on The Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000. Based on the Company's unaudited condensed interim consolidated financial statements as of June 30, 2025, as reported in its Form 6-K filed on October 29, 2025, the Company reported stockholders' equity of $364,854 and, as of January 5, 2026, did not meet the alternative compliance standards relating to the market value of listed securities or net income from continuing operations. In accordance with Nasdaq Listing Rules, the Company was provided 45 calendar days, or until February 19, 2026, to submit a plan to regain and sustain compliance with the Minimum Stockholders' Equity Rule.

On February 19, 2026, the Company submitted its compliance plan to Nasdaq. As described in such plan, the Company expects to regain compliance with the Minimum Stockholders' Equity Rule, including through anticipated improvements in stockholders' equity to be reflected in its Annual Report on Form 20-F for the fiscal year ended December 31, 2025, as well as through certain capital markets transactions and strategic initiatives. There can be no assurance that Nasdaq will accept the Company's compliance plan or that the Company will be able to regain and maintain compliance with the Minimum Stockholders' Equity Rule or otherwise satisfy the continued listing requirements of The Nasdaq Capital Market.

**Regulations**

**<u>Singapore</u>**

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***Regulation on Personal Data Protection***

The Personal Data Protection Act 2012, No. 26 of 2012 of Singapore (the "PDPA") generally requires organizations to give notice and obtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or other accessible information), and to provide individuals with the right to access and correct their own personal data. Organizations have mandatory obligations to assess data breaches they suffer, and to notify the Singapore Personal Data Protection Commission ("PDPC") and the relevant individuals where the data breach is of a certain severity. The PDPA also imposes various baseline obligations on organizations in connection with permitted uses of, accountability for, the protection of, the retention of, and overseas transfers of, personal data. In addition, the PDPA requires organizations to check "Do-Not-Call" registries prior to sending marketing messages addressed to Singapore telephone numbers, through voice calls, fax or text messages, including text messages transmitted over the Internet.

The PDPA creates various offenses in connection with the improper use of personal data, certain methods of collecting personal data and certain failures to comply with the requirements under the PDPA. These offences may be applicable to organizations, their officers and/or their employees. Offenders are liable on conviction to fines and/or imprisonment. The PDPA empowers the PDPC with significant regulatory powers to ensure compliance with the PDPA, including powers to investigate, give directions and impose a financial penalty of up to S$1 million. In addition, the PDPA created a right of private action, pursuant to which the Singapore courts may grant damages, injunctions and relief by way of declaration, to persons who suffer loss or damages directly as a result of contraventions of certain requirements under the PDPA.

The PDPA was last amended by the Personal Data Protection (Amendment) Act 2020, which took effect in phases from 1 February 2021. From 1 October 2022, the maximum financial penalty that the PDPC may impose is 10% of the annual turnover in Singapore of that organization or S$1 million, whichever is higher. As at the date of this report, a key obligation under the PDPA not yet in force is the requirement for organizations to transfer personal data of an individual to a different organization where requested by the individual (generally referred to as "data portability").

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***The Employment of Foreign Manpower Act***

The Employment of Foreign Manpower Act 1990 of Singapore, provides that no person shall employ a foreign employee unless the foreign employee has a valid work pass. Work passes are issued by the Controller of Work Passes.

The Employment Act 1968 of Singapore, or the Singapore EA, prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i) minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv) provision of key employment terms in writing; and (v) statutory maternity leave and childcare leave benefits. In addition, certain statutory protections relating to overtime and hours of work are prescribed under the Singapore EA, but only apply to limited categories of employees, such as an employee (other than a workman or a person employed in a managerial or an executive position) who receives a salary of up to S$2,600 a month. Other employment-related benefits which are prescribed by law include (i) contributions to be made by an employer to the Central Provident Fund, under the Central Provident Fund Act 1953 of Singapore in respect of each employee who is a citizen or permanent resident of Singapore; (ii) the provision of statutory maternity, paternity, childcare, adoption, unpaid infant care and shared parental leave benefits (in each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-savings Act 2001; (iii) statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains the prescribed minimum retirement age, under the Retirement and Re-employment Act 1993 of Singapore; and (iv) statutory requirements relating to work injury compensation, and workplace safety and health, under the Work Injury Compensation Act 2019 and the Workplace Safety and Health Act 2006 of Singapore, respectively.

There is no minimum statutorily prescribed wage in Singapore. However, employees who are citizens or permanent residents of Singapore and who are employed in the cleaning, security, landscape, lift and escalator, retail, and food services sectors, or who are employed in administrative or driving roles (collectively, "PWM employees"), are covered under the Progressive Wage Model which prescribes minimum wages for PWM employees. From July 2023, employees who are citizens or permanent residents of Singapore and who are employed in the waste management sector will be covered under the Progressive Wage Model. Singapore employment law also does not prescribe any mandatory annual wage supplement, bonus payments or severance payments to be provided by an employer to its employees. Any such payment to be made to an employee (including as to frequency and amount) is at the discretion of the employer. An employer and its employee are generally free to agree on a notice period for termination of employment. If the employment contract does not provide for a notice period, the employer must adhere to the minimum notice periods stipulated in the Singapore EA, which vary from one day to one month depending on the employee's length of service with the employer. The Singapore EA confers a statutory right on either party to terminate the employment relationship immediately without waiting for the expiry of the notice period by paying salary in lieu of notice.

The Employment of Foreign Manpower Act 1990 of Singapore provides that no person shall employ a foreign employee unless the foreign employee has a valid work pass. Work passes are issued by the Controller of Work Passes.

In relation to the employment of semi-skilled foreign workers in the construction, manufacturing, marine shipyard, process or services sectors, employers must ensure that such persons apply for a "Work Permit". In relation to the employment of foreign mid-level skilled workers with a monthly fixed salary of at least S$3,000 (or S$3,500 for "S Pass" applicants in the financial services sector), employers must ensure that such persons apply for an "S Pass". From 1 September 2023, the minimum monthly salary requirement for "S Pass" applicants will be raised to S$3,150, with a higher minimum qualifying salary requirement of S$3,650 for "S Pass" applicants in the financial services sector. In relation to the employment of foreign professionals, managers and executives earning a monthly fixed salary of at least S$5,000 (or S$5,500 for "Employment Pass" applicants in the financial services sector), employers must ensure that such persons apply for an "Employment Pass". From 1 September 2023, in addition to meeting the minimum qualifying salary, "Employment Pass" applicants must also pass a points-based Complementarity Assessment Framework ("**COMPASS**"), with certain exceptions.

***Travel Agents Act 1975***

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The Travel Agents Act 1975 of Singapore provides that a person must not carry on the business of a travel agent unless the person is authorized to do so by a license. Travel agent licenses are issued by the Singapore Tourism Board ("**STB**").

In Singapore, a business that sells or supplies packaged travel tours generally must hold a travel agent's licence under the Travel Agents Act 1975. The business is principally governed by the Travel Agents Act 1975 and the Travel Agents Regulations 2017, which set out licensing, financial thresholds, operational rules, exemptions, and compliance obligations. A person carries on the business of a travel agent if the person carries on, or or advertises or holds himself, herself or itself out as carrying on, a business of (a) supplying any person a right to travel on any conveyance; (b) supplying any person — (i) a right to travel on any conveyance to; and (ii) a right of accommodation at a hotel or similar boarding premises at, one or more places, whether in Singapore or elsewhere; (c) purchasing, or reserving, for resale to any person a right to travel on any conveyance; (d) supplying any tour (whether or not organized by the person) to any other person; (e) any other similar activity that may be prescribed.

STB is in charge of issuing licenses and regulating travel agencies. STB is also authorized to impose conditions, investigate conduct, and enforce compliance. STB may also suspend or revoke a licence, or require a financial penalty, on grounds including unsuitability, offences, contraventions, or the public interest.

The Travel Agents Regulations 2017 govern the conduct of travel agents around key areas such as licensing, solvency, transparent advertising and contracting, pre-payment insurance advisories, proper handling of customer money, cancellation/refund rights where there are material changes to the travel product and Hajj travel (referring to pilgrimage travel arrangements for Muslims travelling to Mecca, Saudi Arabia, to perform the annual Hajj).

**Regulations on Safety and Health of Our Employees and Contractors**

The Workplace Safety and Health Act 2006 of Singapore (the "WSHA") is the principal legislation governing the safety, health and welfare of persons at work in workplaces. Among other things, the WSHA imposes a duty on every employer and every principal (which would include us) to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of its employees, and any contractor, any direct or indirect subcontractor, and any employee employed by such contractor or subcontractor, when at work.

The general penalties for non-compliance with the WSHA include the imposition of fines up to the amount of S$500,000 in the case of a body corporate. Further or other penalties may apply in the case of repeat offences or specific offences under the WSHA or its subsidiary legislation.

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***Regulations on Financial Services***

The MAS regulates the provision of payment services in Singapore under the Payment Services Act 2019 which came into force on January 28, 2020 (the "PS Act"). Unless excluded or exempt, an entity must obtain the relevant license to provide regulated payment services under the PS Act, which include account issuance service, e-money issuance service, domestic money transfer service, cross-border money transfer service, merchant acquisition service, digital payment token service, and money-changing service.

Under the PS Act, licensees may generally be subject to obligations relating to general approval requirements for changes of control, appointment and removal of CEOs and directors, general notification and record-keeping requirements, audit requirements, base capital requirements, anti-money laundering requirements (see below), the requirement to furnish security (for a major payment institution), the requirement to safeguard customer monies (for a major payment institution), and other applicable requirements. Licensees are expected to implement certain systems, processes and controls in line with MAS' Guidelines on Risk Management Practices applicable to financial institutions in Singapore. Non-compliance with the above could potentially result in penalties under the PS Act including loss of or restriction on the license, civil damages claims, and criminal penalties for the respective company and/or its officers up to and including fines of SGD250,000 with potential for additional amounts for ongoing non-compliance, for the duration of the non-compliance, and (in the case of officers) imprisonment for a term not exceeding three years, for each offense.

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***Broadcasting Act***

All internet content providers (which includes all persons who maintain websites), including us, are governed by an automatic class license, pursuant to the Broadcasting Act 1994 of Singapore and the Broadcasting (Class License) Notification. Internet content providers must further comply with the Internet Code of Practice issued by the Infocomm Media Development Authority, or the IMDA. All internet content providers must use best efforts to ensure that prohibited material (which refers to material that is objectionable on the grounds of public interest, public morality, public security, national harmony, offends good taste or decency, or is otherwise prohibited by applicable Singapore laws) are not broadcast via the internet to users in Singapore. Internet content providers also have obligations to assist certain investigations of the IMDA and remove or deny access to any prohibited material if directed to do so by the IMDA.

The Online Safety (Miscellaneous Amendments) Act 2022, which amends, *inter alia*, the Broadcasting Act 1994 to enhance online safety for users in Singapore, came into operation on 1 February 2023. A new Part 10A was introduced to the Broadcasting Act 1994 to regulate certain providers of online communication services ("**OCS**"). At present the list of OCS subject to Part 10A is limited to social media services (which carries the meaning of "an electronic service that satisfies all the following characteristics: (a) the sole or primary purpose of the service is to enable online interaction or linking between 2 or more end-users (including enabling end-users to share content for social purposes); (b) the service allows end-users to communicate content on the service; and (c) any other characteristics that are prescribed by Part 10A regulations"). Part 10A allows the IMDA to issue blocking directions to require a social media service to disable access by Singapore users to egregious content on the service, which includes content advocating or instructing on suicide or self-harm, physical or sexual violence and terrorism; content depicting child sexual exploitation; content posing public health risks in Singapore; and content likely to cause racial and religious disharmony in Singapore.

In conjunction with the foregoing, as at the date of this report, the IMDA is in the process of finalizing the Code of Practice for Online Safety, which when issued will set out measures for designated social media services to enhance online safety for Singapore end-users and curb the spread of harmful content on their service. The Code of Practice for Online Safety is expected to be finalized and issued by the IMDA in the second half of 2023.

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***Regulations on Consumers***

The Unfair Contract Terms Act 1977 of Singapore, or the UCTA, provides that exclusion clauses in standard terms of business or where one of the contracting parties is a consumer are subject to a condition of "reasonableness." Also, when a business deals with a consumer, the business cannot render contractual performance substantially different from what was reasonably expected of it, or render no performance at all in respect of the whole or part of any contractual obligation. The Sale of Goods Act 1979 of Singapore, or the SOGA, regulates the sale of goods in Singapore. The SOGA implies certain terms into contracts of sale of goods, which include implied conditions that the seller has or will have the right to sell the goods and that goods supplied are of satisfactory quality. The SOGA also provides that where a seller wrongfully neglects or refuses to deliver goods, the buyer may sue for non-delivery. The damages available are the estimated loss directly and naturally resulting from the seller's breach of contract in the ordinary course of events. Rights, liabilities and implied conditions arising under a contract of sale pursuant to SOGA may be excluded or varied by contract, subject to the requirements of the UCTA.

The Consumer Protection (Fair Trading) Act 2003 of Singapore, or the CPFTA, provides a buyer who has entered into a transaction involving an unfair practice with the right to bring an action against the supplier. This right to bring an action does not apply where the remedy or relief sought exceeds S$30,000. Unfair practices include situations where the supplier does or says anything which reasonably would result in the consumer being deceived or misled, or where the supplier makes false claims as to origin, performance characteristics or method of manufacture of the product.

The CPFTA also provides that if goods do not conform to the applicable contract at the time of delivery, the buyer would have the right to require the seller to repair or replace the goods, reduce the amount to be paid for the sale by an appropriate amount or to rescind the contract with regard to the goods in question. Goods which do not conform to the applicable contract at any time within the period of six months from the date on which the goods were delivered will be regarded as not having conformed to the applicable contract at the time of delivery.

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***Regulation on Electronic Transactions***

The Electronic Transactions Act 2010 of Singapore, or the ETA, makes clear that, in general, transactions conducted using paper documents and transactions conducted using electronic communications will be treated equally by the law. There are certain matters which may not be transacted using electronic communications ("**Excluded Matters**"), namely (i) the creation or execution of a will; (ii) the creation, performance or enforcement of an indenture, declaration of trust or power of attorney (excluding implied, constructive and resulting trusts and a lasting power of attorney); (iii) any contract for the sale or other disposition of immovable property, or any interest in such property; and (iv) the conveyance of immovable property or the transfer of any interest in immovable property.

None of the transactions on our website or platform in Singapore relates to the Excluded Matters above, and the ETA generally facilitates the operation of our website and platform in Singapore and the communications and transactions made therein.

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***Regulation on Intellectual Property***

The Intellectual Property Office of Singapore or IPOS administers the intellectual property legislative framework in Singapore, which includes copyrights, trademarks and patents. Singapore is a member of the main international conventions regulating intellectual property matters, including the World Trade Organisation's Agreement on Trade Related Aspects of Intellectual Property Rights.

*Copyright*

There is no need to file for registration to obtain copyright protection. Copyright works transmitted over the internet or stored on web servers receive the same protection as copyright works in other media.

 

*Trademark*

Singapore operates a first-to-file system in respect of registered trademarks under the Trade Marks Act 1998, or the TMA. The TMA establishes the law for trademarks in Singapore, including infringement of registered trademarks and the position of parallel-imported luxury goods. There are civil reliefs (such as injunction or damages) and criminal sanctions (such as fines) stipulated in the TMA for the import, sale or other commercial dealings in goods that infringe or counterfeit the registered trademarks belonging to brand owners.

 

*Patents*

The Patents Act 1994 of Singapore confers protection on patentable inventions on a first-to-file basis in Singapore, provided that the invention satisfies the requirements of novelty, having an inventive step and industrial applicability. Patents are valid for 20 years from the date of filing, subject to the payment of annual renewal fees. During the life of the patent, the owner will have the exclusive right to exploit the invention that is the subject of the patent.

**<u>Indonesia</u>**

 ****

***Regulations on Foreign Investment and Foreign Ownership Restrictions***

Foreign investment in Indonesia, including our investments, is primarily governed under Law No. 25 of 2007 regarding Investment, issued on April 26, 2007 (**"Law No. 25/2007"**) as amended by Government Regulation in Lieu of Law No. 2 of 2022 concerning Job Creation, as stipulated to become law based on Law No. 6 of 2023 (the **"Omnibus Law,"** and together with Law No. 25/2007, the **"Investment Law"**). The Investment Law provides that all business sectors or business lines in Indonesia are open to foreign investment, except those expressly closed to or restricted from foreign investment, or those that can only be carried out by the central government. The Investment Law also stipulates that foreign direct investment in Indonesia must be in the form of a limited liability company established under and domiciled in the Republic of Indonesia, unless otherwise stipulated by law.

The Indonesian government from time to time issues a list of business activities that are open, conditionally open, or closed to foreign investment, referred to as the **"Investment List."** The current Investment List is set forth in Presidential Regulation (**"PR"**) No. 10 of 2021 regarding Investment Business Activities, dated February 2, 2021, as amended by PR No. 49 of 2021 dated May 24, 2021 (**"PR 10/2021"**). Under PR 10/2021, travel agency business activities (classified under Indonesian Standard Industrial Classification (**"KBLI"**) Code 79111) and tour operator business activities (KBLI Code 79121) are open to foreign investment without any foreign ownership cap and may be carried out by a wholly foreign-owned Indonesian limited liability company (a *Perseroan Terbatas Penanaman Modal Asing* or **"PMA"**), subject to compliance with applicable licensing requirements.

Pursuant to the Indonesia Investment Coordinating Board (*Badan Koordinasi Penanaman Modal* or **"BKPM"**) Regulation No. 4 of 2021, as amended, a PMA is generally required to have a minimum investment value of more than IDR 10 billion per business line (KBLI code) per project location, excluding the value of land and buildings. This minimum investment threshold applies to the travel agency and tour operator business activities conducted by our Indonesian travel subsidiaries. Failure to satisfy or maintain this threshold, or non-compliance with applicable foreign investment requirements more generally, could result in administrative sanctions and may materially affect the ability of our Indonesian travel subsidiaries to continue their operations.

In addition, the Investment Law strictly prohibits domestic and foreign investors from entering into agreements or making declarations stating that share ownership in a company is held for and on behalf of another person. Any such agreements or declarations shall be deemed void by law.

***Regulations on Travel Agency and Tour Operator Business***

The travel services business in Indonesia is primarily governed under Law No. 10 of 2009 regarding Tourism (**"Tourism Law"**), which provides the foundational legal framework for all tourism-related business activities in Indonesia, including the provision of travel services, tour packages, and related hospitality services. The Tourism Law mandates that all tourism business operators, including travel agencies and tour operators, comply with applicable licensing requirements and operate in accordance with the standards and principles established thereunder.

Government Regulation No. 52 of 2012 regarding Competency Certification and Business Certification in the Field of Tourism (**"GR 52/2012"**) further prescribes the certification and competency requirements applicable to tourism businesses and their personnel. Under GR 52/2012, tourism business actors must obtain relevant business certifications to demonstrate compliance with operational standards and service quality requirements prescribed by the Ministry of Tourism and Creative Economy of the Republic of Indonesia (the **"Ministry of Tourism"**).

Pursuant to the Minister of Tourism and Creative Economy Regulation No. 4 of 2021 regarding Tourism Business Standards (**"Permenparekraf 4/2021"**), travel agency businesses and tour operator businesses in Indonesia are classified into distinct business lines with separate licensing and operational requirements. A *travel agency (Agen Perjalanan Wisata)* is engaged in the marketing and distribution of travel products, while a *tour operator (Biro Perjalanan Wisata)* is engaged in the planning, organization, and provision of packaged tour services. Our Indonesian travel subsidiaries, PT Webuy Travel Indonesia and PT Travel With Webuy, operate as tour operators, providing both packaged tour products and outbound travel services to customers in Indonesia.

Following the enactment of the Omnibus Law, the Indonesian government implemented risk-based business licensing pursuant to Government Regulation No. 5 of 2021 regarding the Implementation of Risk-Based Business Licensing, which classifies business activities according to their risk profile and prescribes corresponding licensing requirements. Travel agency and tour operator business activities are generally classified as medium-low risk, and accordingly require, among other things, a Business Identification Number (*Nomor Induk Berusaha* or **"NIB"**) and a standard certificate (*Sertifikat Standar*) issued through Indonesia's Online Single Submission (*Perizinan Berusaha Terintegrasi Secara Elektronik* or **"OSS"**) system.

To lawfully conduct tourism business activities in Indonesia, travel agencies and tour operators must obtain and maintain the following:

● An **NIB**, issued through the OSS system, which serves as the primary business registration identifier and, for low-to-medium risk tourism activities, may also function as the relevant operating license;

● A Tourism Business Registration Certificate (*Tanda Daftar Usaha Pariwisata* or **"TDUP"**), as applicable, which evidences registration as a tourism business operator with the relevant regional government authority; and

● Any applicable tourism business certification (*Sertifikasi Usaha Pariwisata*) as required under GR 52/2012 and Permenparekraf 4/2021, confirming compliance with prescribed service standards.

PT Webuy Travel Indonesia and PT Travel With Webuy must hold, and maintain in full force and effect, the NIB, Sertifikat Standar, TDUP (where applicable), and other licenses, registrations, and tourism business certifications necessary to conduct their tour operator business activities in Indonesia. Failure to obtain, renew, or maintain any such license, registration, or certification, or any breach of the operational standards prescribed under the Tourism Law and Permenparekraf 4/2021, could result in administrative sanctions, including written warnings, temporary suspension of business activities, revocation of licenses, and administrative fines, any of which could materially and adversely affect the operations of our Indonesian travel subsidiaries.

***Regulations on Outbound Travel Services***

Tour operators providing outbound travel services to Indonesian consumers are subject to consumer disclosure, pricing transparency, and product-content requirements prescribed under the Tourism Law and the relevant Ministry of Tourism implementing regulations. Such requirements include the obligation to provide customers with clear and complete information regarding travel itineraries, inclusions and exclusions, cancellation and refund policies, and the terms of any third-party service providers engaged in connection with the tour.

Tour operators must also ensure that their outbound packaged tour products comply with the applicable requirements of the destination countries, including visa, immigration, and health-related requirements imposed by such countries. Foreign exchange and payment regulations issued by Bank Indonesia, the central bank of the Republic of Indonesia, may also apply to international payment transactions relating to outbound travel services, including requirements regarding the use of Indonesian Rupiah for domestic transactions and reporting obligations for cross-border foreign exchange activities.

In addition, tour operators engaging in outbound travel services may face legal or contractual exposure arising from the acts or omissions of third-party service providers (including airlines, hotels, ground transportation operators, and destination-country tour operators) engaged in the delivery of packaged tour products. Consumer claims or disputes involving services rendered in destination countries may further expose tour operators to cross-border jurisdictional and enforcement complexities, which could increase the cost and uncertainty of dispute resolution. Non-compliance with applicable disclosure, pricing transparency, or foreign exchange requirements could subject our Indonesian travel subsidiaries to administrative sanctions, civil claims by customers, and reputational harm, any of which could adversely affect their operations.

***Regulations on Consumer Protection***

Consumer protection in Indonesia is primarily governed by Law No. 8 of 1999 regarding Consumer Protection (**"Consumer Protection Law"**), which establishes the rights of consumers and the obligations of business operators in connection with the provision of goods and services. The Consumer Protection Law prohibits business operators from engaging in unfair trade practices, including misrepresentation, false advertising, or the imposition of unreasonable terms and conditions on consumers.

Under the Consumer Protection Law, consumers have the right to receive accurate and complete information regarding the goods and services they purchase, to receive services in accordance with agreed terms, and to seek redress in the event of loss or damage arising from the provision of defective or non-conforming goods or services. Business operators who fail to comply with the obligations prescribed under the Consumer Protection Law may be subject to administrative sanctions, civil liability, and criminal prosecution.

The National Consumer Protection Agency (*Badan Perlindungan Konsumen Nasional* or **"BPKN"**) and the Consumer Dispute Settlement Agency (*Badan Penyelesaian Sengketa Konsumen* or **"BPSK"**) are the primary regulatory bodies responsible for overseeing the implementation of the Consumer Protection Law and resolving consumer disputes in Indonesia. Consumers may bring complaints before the BPSK, which has the authority to adjudicate disputes and impose remedies, including compensation orders, against non-compliant business operators.

In addition, Minister of Trade Regulation No. 31 of 2023 regarding Business Licensing, Advertising, Guidance, and Supervision of Business Actors in Trading Through Electronic Systems (**"MOTR 31/2023"**) imposes specific consumer protection obligations on business actors engaged in trading through electronic systems (*Perdagangan Melalui Sistem Elektronik* or **"PMSE"**), including the obligation to provide accurate product information, transparent pricing, clear terms and conditions, and mechanisms for handling consumer complaints. As operators of online travel platforms, PT Webuy Travel Indonesia and PT Travel With Webuy are directly subject to the Consumer Protection Law and MOTR 31/2023 in the conduct of their travel services operations. Adverse determinations in consumer complaints, regulatory actions, or dispute resolution proceedings could result in compensation obligations, administrative sanctions, and reputational harm, any of which could materially affect customer trust and the operations of our Indonesian travel subsidiaries.

***Regulations on Personal Data Protection***

The processing of personal data in Indonesia is governed by Law No. 27 of 2022 regarding Personal Data Protection (**"PDP Law"**), which took full effect on October 17, 2024 upon the expiry of its two-year transitional period. The PDP Law establishes a comprehensive framework for the collection, processing, storage, transfer, and destruction of personal data in Indonesia and applies to all personal data controllers and processors operating within or outside of Indonesia where the data subjects are Indonesian residents.

Under the PDP Law, personal data controllers are required to:

● obtain the explicit and informed consent of data subjects prior to collecting and processing their personal data, except in circumstances where processing is permitted on other legal bases prescribed under the PDP Law;

● provide data subjects with clear information regarding the purposes and legal basis for processing their personal data, the categories of data processed, the retention period, and the rights available to data subjects;

● implement appropriate technical and organizational security measures to protect personal data from unauthorized access, disclosure, alteration, or destruction;

● appoint a Data Protection Officer (DPO) where the processing of personal data is carried out on a large scale, involves sensitive personal data, or constitutes a core business activity; and

● notify the competent supervisory authority and affected data subjects within 72 hours of becoming aware of a personal data breach that poses a risk to data subjects.

Data subjects under the PDP Law are entitled to access, rectify, delete, and restrict the processing of their personal data, as well as to withdraw consent and to object to processing in certain circumstances. Cross-border transfers of personal data are permitted subject to the transferee country providing an equivalent level of personal data protection, or the data controller implementing appropriate safeguards as prescribed by the PDP Law.

As operators of a technology-enabled travel platform that collects and processes personal data of Indonesian customers, including travel preferences, payment information, identification documents, and booking histories, PT Webuy Travel Indonesia and PT Travel With Webuy are subject to the full scope of obligations under the PDP Law. Non-compliance with the PDP Law may result in administrative sanctions, including written warnings, temporary suspension of data processing activities, deletion or destruction of personal data, and administrative fines of up to 2% of annual revenue in Indonesia. In addition, certain intentional violations of the PDP Law may be subject to criminal penalties of up to six years' imprisonment and fines of up to IDR 6 billion (approximately $360,000), depending on the nature of the offense, which include the unlawful obtaining, disclosure, use, or falsification of personal data under the PDP Law. Any material data breach or enforcement action under the PDP Law could result in substantial remediation costs, regulatory fines, and loss of customer trust in our travel platforms.

***Regulations on Electronic Systems Provider Registration***

In October 2019, the Government of Indonesia enacted Government Regulation No. 71 of 2019 on the Implementation of Electronic Systems and Transactions (**"Electronic System Regulation"**), which requires all electronic system operators to register with the Ministry of Communications and Information Technology (**"MOCIT"**) and obtain an Electronic System Provider Registration Certificate (*Surat Tanda Terdaftar Penyelenggara Sistem Elektronik* or **"Registration Certificate"**). Registration is required for any electronic system operator that owns an internet-based portal, website, or mobile application used for, among other things, the offering and/or trading of goods and services, the processing of personal data, or the provision of communication services.

In addition, pursuant to Minister of Communications and Information Technology Regulation No. 5 of 2020, as amended by Regulation No. 10 of 2021 regarding Private Electronic System Operators, all private electronic system operators, including offshore operators whose services are accessible in Indonesia, must register with MOCIT. Failure to register may result in administrative sanctions, including written warnings, temporary suspension of services, and access-blocking orders issued by MOCIT.

Retail International Pte. Ltd. in its capacity as the operator of the systems, and our Indonesian travel subsidiaries conduct their digital business operations through these duly registered electronic systems. Any failure of the group-level registration arrangements to be recognized by MOCIT, or any requirement for our Indonesian travel subsidiaries to obtain separate registrations in their own right, could result in administrative sanctions, including access-blocking orders, which could materially and adversely affect the operations of our Indonesian travel subsidiaries.

***Regulations on Competition***

Business competition and monopolistic practices in Indonesia are generally regulated under Law No. 5 of 1999 regarding Prohibition of Monopolistic Practices and Unfair Competition, dated March 5, 1999, as amended by the Omnibus Law (the **"Competition Law"**). Pursuant to the Competition Law, business actors in Indonesia are prohibited from, among other things, (i) entering into anti-competitive agreements or engaging in conduct that results in oligopoly, price-fixing, market allocation, boycotts, cartels, trust arrangements, vertical integration, or closed agreements; (ii) engaging in monopoly, monopsony, market control, or conspiracy; and (iii) abusing dominant positions.

The Business Competition Supervisory Commission (*Komisi Pengawas Persaingan Usaha* or **"KPPU"**) has the authority to supervise the implementation of the Competition Law. The KPPU is an independent institution that reports to the President of the Republic of Indonesia. Transactions that meet certain thresholds set forth in the Competition Law and KPPU regulations must be notified post factum to the KPPU within 30 business days of the date on which the transaction is legally effective.

Non-compliance with the Competition Law could subject the offending party to administrative sanctions, including partial or entire annulment of the relevant agreement, an order to cease the prohibited conduct, unwinding of the transaction, payment of compensation, and administrative fines. The administrative fine ranges from a minimum of IDR 1 billion (approximately $60,000) to a maximum of 50% of net profit received by the perpetrator in the relevant market during the period of non-compliance, 10% of total sales in the relevant market during such period, or IDR 25 billion (approximately $1.5 million) for failure to notify a notifiable transaction.

As operators of online travel platforms that aggregate third-party travel products and enter into commercial arrangements with airlines, hotels, tour providers, and other travel service suppliers, our Indonesian travel subsidiaries may be subject to scrutiny under the Competition Law in respect of arrangements such as exclusivity obligations, most-favored-nation or price-parity clauses, bundling of travel products, and joint promotional or distribution activities with third parties. Any successful challenge under the Competition Law, or any failure to notify a notifiable transaction, could result in administrative sanctions, including fines, remedial orders, or unwinding of relevant arrangements, which could materially affect the business operations of our Indonesian travel subsidiaries.

PT Webuy Travel Indonesia and PT Travel With Webuy maintain internal compliance frameworks and undertake periodic reviews to monitor developments in the Indonesian regulatory environment described above.

**4. C. Organizational structure.** 

The following is a list of our subsidiaries as of the date of this annual report.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Place of Incorporation** | **Incorporation Date** | **Percentage Ownership** | **Parent Company** |
| New Retail International Pte. Ltd. | Singapore | November 23, 2018 | 100% | Webuy Global Ltd |
| The Shopaholic Bear Ltd. | Singapore | April 6, 2021 | 100% | New Retail International Pte. Ltd. |
| Altitude Travel Pte. Ltd. (former name: Bear Bear Pte. Ltd.) | Singapore | November 2, 2021 | 100% | Webuy Global Ltd |
| PT Webuy Social Indonesia | Indonesia | May 5, 2020 | 95% | New Retail International Pte. Ltd. |
| Webuy Travel Pte. Ltd. | Singapore | November 15, 2022 | 100% | New Retail International Pte. Ltd. |
| PT Buah Kita Retail | Indonesia | October 23, 2023 | 100% | PT Webuy Social Indonesia |
| PT Webuy Travel Indonesia | Indonesia | October 23, 2023 | 100% | PT Webuy Social Indonesia |
| Altitude MICE Pte. Ltd. (former name: Webuy Advisory Pte. Ltd.) | Singapore | February 2, 2024 | 100% | Webuy Global Ltd |
| PT Webuy Prime Indonesia | Indonesia | October 16, 2024 | 99% | New Retail International Pte. Ltd |
| PT Travel With Webuy | Indonesia | September 23, 2024 | 99% | Webuy Travel Pte. Ltd. |

---

Below is a chart illustrating our corporate structure:

![](ea028649801_img3.jpg)

**4. D. Property, Plant and Equipment**

**Intellectual Property**

As of the date of this annual report, we have registered the following trademarks with the Intellectual Property Office of Singapore ("**IPOS**"):-

---

| | | | |
|:---|:---|:---|:---|
| **S/No.** | **Mark** | **Trade Mark Number** | **Registration Date** |
| 1. | ![](ea028649801_img4.jpg) | 40202523433X | February 6, 2026 |
| 2. | ![](ea028649801_img5.jpg) | 40202523434V | April 14, 2026 |

---

We have not registered any other intellectual property rights, save for the trademarks stated above.

**Lease commitments**

Our principal executive office is situated in Tampines, Singapore, which also doubles as a warehouse space. We have entered into a lease agreement which will expire on March 31, 2028. The premises is located at 35 Tampines Street 92, Singapore 528880 with floor area of 8,931 square meters. The total of the current monthly rent of this premise is S$91,096.

As part of our travel agency operations, Webuy Travel Pte. Ltd. maintains leased office units located at 101 Upper Cross Street, People's Park Centre, Singapore 058357. Unit #02-27, with a floor area of approximately 454 square feet, is currently leased at a monthly rent of S$5,500 and the lease will expire on May 9, 2026.

Unit #02-29, which also has a floor area of approximately 454 square feet and is currently leased at a monthly rent of S$6,500, expired on June 14, 2027.

In addition, we have entered into a lease agreement for retail premises located at Esplanade MRT Station, Singapore, comprising units #B1-13/13A to #B1-17/17A. The premises has an approximate floor area of 284.5 square meters. The lease term is for 24 months commencing in February 2026, with an option to renew for a further 24 months subject to mutual agreement. The agreed base rent is approximately S$16,742.83 per month, with additional service charges of approximately S$4,694.25 per month, excluding goods and services tax.

In Indonesia, we lease office premises located in Mall of Indonesia, Jalan Boulevard Barat Raya Blok I No. 19, Kelapa Gading, Jakarta, with an approximate floor area of 90 square meters. The lease has been renewed for an additional term of two years commencing on September 29, 2025 and expiring on September 28, 2027. The total rental value for the renewal term is approximately IDR 570,000,000.

In addition, we have entered into a tenancy agreement for a three-storey commercial property located in Surabaya, Indonesia, with an approximate floor area of 85 square meters. The lease term is for two years commencing on October 15, 2025 and expiring on October 15, 2027. The total rental value for the lease term is approximately IDR 320,000,000. The premises are intended to be used for travel agency operations.

**Item 4A. Unresolved Staff Comments**

None.

**Item 5. Operating and Financial Review and Prospects**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this annual report.*

**Overview**

We are an Asia-focused travel services company that operates a technology-enabled travel platform serving outbound and inbound travel demand across key regional markets, including Singapore, Indonesia, Malaysia, and China. Through our WeTrip platform, we primarily serve international travelers from western markets, including the United States, the United Kingdom, and Australia, who travel to China and other destinations in Asia. In Southeast Asia, particularly Singapore and Indonesia, we serve outbound travel demand from local customers through our Webuy Travel brand, which focuses on providing affordable yet high-quality travel experiences to destinations worldwide. We also operate the Altitude brand, which is designed to serve customers seeking more curated and premium travel experiences through an advisory-based service model supported by immersive destination presentation and AI-assisted personalization tools.

Following the Company's strategic focus on its travel business, Webuy has transitioned toward travel-related operations supported by a technology-enabled operating model. This model integrates digital tools and data-driven capabilities designed to support customer acquisition, itinerary personalization, and travel service delivery across the Company's platforms.

Prior to the third quarter of 2025, we primarily operated a community e-commerce retail business focused on grocery and daily essentials. Through that business, we developed a base of community users and capabilities in digital marketing, social commerce, and group-based customer engagement. Beginning in the third quarter of 2025, we transitioned our primary business focus from community e-commerce to travel services and related technology infrastructure. As a result, we have limited operating history in the travel services industry, and our future results of operations may not be comparable to our historical results. See "Risk Factors — Risks Related to Our Business and Industry."

The Company's consolidated financial statements present the Singapore grocery business as discontinued operations for the year ended December 31, 2025.

For comparability and to provide a meaningful analysis of the Company's ongoing business performance, the discussion below focuses on results from continuing operations for all periods presented, unless otherwise stated.

Prior period amounts have been adjusted accordingly to exclude the results of the discontinued grocery segment. Results from discontinued operations are presented separately where relevant, including within net income (loss).

**5. A. *Operating Results*.**

The following table sets forth certain operational data for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Revenues | $18834099 | $50869812 | $50837232 |
| Cost of revenues | (16574549) | (48311974) | (47520011) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 2259550 | 2557838 | 3317221 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and distribution expenses | (1469357) | (1284107) | (956415) |
| &nbsp;&nbsp;&nbsp;General administrative expenses | (7406651) | (6441948) | (3733930) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | - | (630000) | - |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | (8876008) | (8356055) | (4690345) |
| Loss from operations | (6616458) | (5798217) | (1373124) |
| **Other income (expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 1619461 | 2614863 | 284992 |
| &nbsp;&nbsp;&nbsp;Finance costs | (594902) | (228118) | (14273) |
| &nbsp;&nbsp;&nbsp;**Total other income (expense), net** | 1024559 | 2386745 | 270719 |
| **Loss before income taxes** | (5591899) | (3411472) | (1102405) |
| &nbsp;&nbsp;&nbsp;Income taxes | - | - | - |
| **Net loss from continuing operations, net of tax** | (5591899) | (3411472) | (1102405) |
| **Net loss from discontinued operations, net of tax** | (3101010) | (3363947) | (4060049) |
| **Total net loss** | (8692909) | (6775419) | (5162454) |

---

***Comparison of Years Ended December 31, 2025 and 2024***

 ****

Accordingly, revenue disaggregation below distinguishes between continuing and discontinued operations for all periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | |
|  | **2025** | **%** | **2024** | **%** | **Change**<br>**(%)** |
|  | **USD** | | **USD** | | |
| **Discontinued operations** |  |  |  |  |  |
| Food and beverage | $1170458 | 51.6 | $3782036 | 50.9 | (69.1) |
| Fresh produce | 1050384 | 46.3 | 3625667 | 48.8 | (71.0) |
| Lifestyle and other personal care items | 48488 | 2.1 | 26320 | 0.3 | 84.2 |
| Total | $2269330 | 100.0 | $7434023 | 100.0 | (69.5) |
| **Continuing operations** |  |  |  |  |  |
| Food and beverage | $— |  | $27751764 | 54.6 | (100.0) |
| Fresh produce | 440295 | 2.3 | 8323343 | 16.4 | (94.7) |
| Packaged-tour | 18393804 | 97.7 | 14789379 | 29.0 | 24.4 |
| Others |  |  | 5326 |  | (100) |
| Total | $18834099 | 100.0 | $50869812 | 100.0 | (63.0) |

---

 ****

Revenue from continuing operations decreased by approximately $32.04 million, or 63.0%, to approximately $18.83 million for the year ended December 31, 2025, from approximately $50.87 million for the year ended December 31, 2024.

The decrease was primarily attributable to the significant reduction in grocery-related revenue within continuing operations, particularly in Indonesia, as the Company substantially scaled down its grocery business during 2025 while not yet classifying such operations as discontinued.

Such operations are separately presented as discontinued operations only for the Singapore grocery segment.

Fresh produce revenue within continuing operations declined by approximately 94.7%, from $8.32 million in 2024 to $0.44 million in 2025. This decrease was mainly due to the cessation of most grocery trading activities in Indonesia during 2025, following management's strategic decision to wind down the segment amid tightening working capital conditions and reassessment of its long-term viability.

In contrast, packaged tour services became the dominant revenue contributor, accounting for approximately 98% of continuing operations revenue in 2025, compared to 29% in 2024. Revenue from packaged tours increased by approximately 24.4%, from $14.79 million in 2024 to $18.39 million in 2025.

The growth in packaged tour revenue was driven by:

&nbsp;&nbsp;&nbsp;&nbsp;1. the
 Company's strategic shift toward a travel-focused business model,

&nbsp;&nbsp;&nbsp;&nbsp;2. expansion
 of outbound travel offerings across Singapore and Indonesia, and

&nbsp;&nbsp;&nbsp;&nbsp;3. improved
 customer acquisition through digital marketing and community-based channels.

Overall, the decline in revenue from continuing operations reflects the intentional transition away from low-margin grocery activities, particularly in Indonesia, partially offset by growth in higher-margin travel-related services. While travel revenue continues to expand, it has not yet fully compensated for the significant reduction in grocery-related revenue during the transition period.

*Cost of Revenues*

 

Our breakdown of cost of revenues for the years ended December 31, 2025 and 2024, respectively, is summarized below:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **USD** | **USD** |
| **Discontinued operations** |  |  |
| Changes in inventory | $1675919 | $5262576 |
| Direct labor | 291322 | 312070 |
| Packing and handling | 60297 | 151206 |
| Total costs of revenue | 2027538 | 5725852 |
| **Continuing operations** |  |  |
| Changes in inventory | $680644 | $35637052 |
| Direct labor | 106348 | 42042 |
| Packing and handling |  | 778 |
| Direct costs for packaged-tour | 15787557 | 12632102 |
| Total costs of revenue | 16574549 | 48311974 |

---

Cost of revenues from continuing operations decreased to approximately $16.57 million for the year ended December 31, 2025 from approximately $48.31 million in 2024, representing a decrease of approximately $31.74 million, or 65.7%.

The decrease was primarily attributable to the substantial reduction in grocery-related activities within continuing operations, particularly in Indonesia, where the Company significantly scaled down its fresh produce business during 2025. As a result, procurement, inventory handling, and other direct costs associated with these activities declined significantly.

Direct costs for packaged tour services became the dominant component of cost of revenues in 2025, amounting to approximately $15.79 million, compared to approximately $12.63 million in 2024, representing an increase of approximately 25.0%. This increase was in line with the growth in packaged tour revenue and reflects higher volumes of travel services delivered, including air tickets, accommodation, and land arrangements.

Direct labor costs increased to approximately $0.11 million in 2025 from approximately $0.04 million in 2024, reflecting continued investment in operational support for the expanding travel segment.

Overall, the cost structure of continuing operations has shifted from an inventory-intensive model to a more asset-light, service-oriented model, with travel-related direct costs now forming the majority of cost of revenues.

*Gross Profit* 

Gross profit from continuing operations for the year ended December 31, 2025 was approximately $2.26 million, compared to approximately $2.56 million in 2024, representing a decrease of approximately $0.30 million, or 11.7%.

The decrease in gross profit was primarily attributable to the overall reduction in revenue from continuing operations.

Despite the decline in absolute gross profit, gross margin from continuing operations improved significantly from approximately 5.0% in 2024 to 12.0% in 2025.

The improvement in gross margin was mainly driven by:

● a higher contribution from packaged tour services, which generally carry more favorable margins compared to other service offerings; and

● improved cost management and pricing discipline within the travel segment as the Company scaled its operations.

Overall, the gross margin expansion reflects the Company's evolving revenue mix within continuing operations, with a greater proportion of revenue generated from travel-related services. While gross profit declined in line with lower revenue, the improved margin profile indicates enhanced operational efficiency and a more favorable business mix.

*Selling and distribution expenses*

Selling and distribution expenses from continuing operations for the years ended December 31, 2025 and 2024 amounted to approximately $1.47 million and $1.28 million, respectively, representing an increase of approximately $0.19 million, or 14.84%.

The increase was primarily attributable to higher marketing and advertising expenses, which rose significantly from approximately $0.58 million in 2024 to $0.96 million in 2025. This increase was mainly driven by enhanced investment in digital marketing and customer acquisition initiatives to support the growth of the Company's travel segment, as well as increased branding and promotional activities.

This increase was partially offset by reductions in several other expense categories. Direct labor costs decreased from approximately $0.96 million in 2024 to $0.39 million in 2025, reflecting a more streamlined workforce and improved operational efficiency. Rental expenses also declined from approximately $0.10 million to $0.04 million, following the rationalization of physical retail and operational space.

In addition, utilities expenses decreased significantly from approximately $0.03 million in 2024 to $0.004 million in 2025, and delivery fees declined slightly, reflecting reduced logistics intensity within continuing operations. Payment gateway fees and depreciation expenses remained relatively stable year-over-year.

Overall, the increase in selling and distribution expenses reflects the Company's strategic shift toward a more marketing-driven and scalable business model, with greater emphasis on digital channels and customer acquisition within its continuing operations.

*General and administrative expenses*

General and administrative expenses from continuing operations for the years ended December 31, 2025 and 2024 amounted to approximately $7.41 million and $6.44 million, respectively, representing an increase of approximately $0.97 million, or 15.1%.

The increase was primarily attributable to higher bad debt expenses, which rose significantly from approximately $0.47 million in 2024 to $2.47 million in 2025. This increase was mainly driven by additional expected credit loss ("ECL") provisions recorded on trade receivables and other receivables, including advances to suppliers, reflecting the aging of outstanding balances and continued uncertainty over recoverability.

In addition, the Company recognized approximately $0.30 million in compensation expense in 2025 in connection with a default-related settlement with Lind Global Fund II LP, which represents a one-off and non-recurring item.

Amortization expenses also increased from approximately $0.23 million in 2024 to $0.38 million in 2025, reflecting continued investment in intangible assets and technology-related developments. IT-related expenses increased significantly to approximately $0.19 million in 2025, compared to a minimal amount in 2024, in line with the Company's increased focus on digital infrastructure.

These increases were partially offset by a significant decrease in foreign exchange losses, as the Company recorded a foreign exchange gain of approximately $0.05 million in 2025 compared to a loss of approximately $0.61 million in 2024. In addition, professional fees decreased from approximately $1.31 million to $1.01 million, reflecting lower advisory and compliance-related costs compared to the prior year.

Further cost reductions were observed in rental expenses, which declined from approximately $0.34 million to $0.14 million, and staff remuneration, which decreased from approximately $1.22 million to $0.84 million, reflecting continued cost optimization and a leaner organizational structure following the Company's operational restructuring.

Overall, the increase in general and administrative expenses reflects the combined impact of higher provisioning for credit losses and certain one-off charges, partially offset by improvements in foreign exchange movements and continued cost control measures. Excluding these non-recurring and non-cash items, the Company's underlying administrative cost base remained relatively stable.

*Share-based compensation expenses*

Share-based compensation expenses amounted to approximately $nil, $0.63 million and $nil for the year ended December 31, 2025, 2024 and 2023.

No shares were granted nor issued during the year ended December 31, 2025. In fiscal year 2024, a total of 2,100,000 shares were granted, recorded at par value, as part of the company's equity incentive efforts to align long-term interests with key personnel.

*Other (Expense) Income, net*

Net other income from continuing operations for the years ended December 31, 2025 and 2024 amounted to approximately $1.02 million and $2.39 million, respectively, representing a decrease of approximately $1.37 million.

The decrease was primarily attributable to a significant reduction in interest income, which declined from approximately $1.27 million in 2024 to approximately $0.08 million in 2025. The higher interest income in 2024 was mainly related to interest earned from a promissory note, which did not recur at a similar level in 2025.

Other income increased to approximately $1.53 million in 2025 from approximately $1.28 million in 2024, primarily driven by miscellaneous income items. However, this increase was not sufficient to offset the decline in interest income.

Finance costs increased significantly to approximately $0.59 million in 2025 from approximately $0.23 million in 2024. The increase was mainly attributable to higher financing-related expenses, which rose from approximately $0.15 million in 2024 to approximately $0.59 million in 2025. These expenses primarily relate to costs associated with the Company's financing arrangements during the year.

Government grant income decreased from approximately $0.05 million in 2024 to approximately $0.01 million in 2025, reflecting the tapering of government support programs. Rental income was not recognized in 2025, compared to approximately $0.01 million in 2024.

Overall, the decline in net other income reflects the combined effect of significantly lower interest income and higher financing costs, partially offset by stable contributions from other income streams.

*Income Tax Expense*

We conducted our businesses in Singapore and Indonesia and are subject to tax in these jurisdictions. As a result of its business activities, we file separate tax returns in these countries that are subject to examination by the foreign tax authorities.

No provision for income tax expenses as we did not have taxable profits for the years ended December 31, 2025 and 2024.

*Net Loss*

During the year ended December 31, 2025, we incurred a net loss of approximately $8.69 million, compared to approximately $6.78 million for the year ended December 31, 2024, representing an increase of approximately $1.91 million.

The increase in net loss was primarily attributable to the reduction in revenue from continuing operations during the transition period, which was only partially offset by improvements in gross margin.

These included a one-off compensation expense of approximately $0.30 million in connection with the settlement with Lind Global Fund II LP following the delisting event, as well as a loss recognized on the early settlement of the Lind convertible note, arising from the difference between the carrying value of approximately $2.4 million and the actual settlement amount of approximately $2.0 million.

Furthermore, the Company recorded higher expected credit loss ("ECL") provisions on trade receivables and advance payments, primarily associated with receivables arising from the Indonesia segment following the scaling down of operations.

These factors were partially offset by a significant reduction in cost of revenues and selling and distribution expenses, as well as an improvement in gross margin driven by the Company's transition toward a higher-margin, asset-light travel business model.

Overall, the increase in net loss reflects the financial impact of the Company's strategic transition and related one-off charges. Excluding these non-recurring items, the Company's underlying operating performance showed signs of stabilization, supported by cost optimization efforts and the continued growth of its travel segment.

*Discontinued Operations* 

During the year ended December 31, 2025, the Company disposed of its Singapore grocery business as part of its strategic shift toward a travel-focused business model. This segment has been presented as discontinued operations in accordance with ASC 205-20.

Revenue from discontinued operations decreased significantly from approximately $7.43 million in 2024 to approximately $2.27 million in 2025, reflecting the cessation of grocery activities. The remaining revenue in 2025 primarily represents residual transactions during the wind-down period.

Cost of revenues and operating expenses associated with discontinued operations also declined significantly, as inventory purchases, warehousing, and logistics activities were largely eliminated following disposal.

Gross profit from discontinued operations decreased in line with the reduction in revenue, as no ongoing operations remained except for minimal residual wind-down activities.

The results of discontinued operations are presented separately in the Statement of Operations and are excluded from the analysis of continuing operations above.

***Comparison of Years Ended December 31, 2024 and 2023***

 

*Revenues*

For the years ended December 31, 2024 and 2023, the Company derived its revenues primarily from grocery sales and packaged tour services across its Singapore and Indonesia markets.

During 2024, the Company began scaling down certain grocery operations, particularly in Singapore, in preparation for its strategic transition toward a travel-focused business model. As reflected in the Statement of Operations, revenues are presented separately for continuing and discontinued operations, and the following discussion is based on such presentation.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | |
|  | **2024** | **%** | **2023** | **%** | **Change**<br>**(%)** |
|  | **USD** | | **USD** | | |
| **Discontinued operations** |  |  |  |  |  |
| Food and beverage | $3782036 | 50.9 | $3479998 | 32.1 | 8.7 |
| Fresh produce | 3625667 | 48.8 | 5436310 | 50.1 | (33.3) |
| Lifestyle and other personal care items | 26320 | 0.3 | 1932630 | 17.8 | (98.6) |
| Total | $7434023 | 100.0 | $10848938 | 100.0 | (31.5) |
| **Continuing operations** |  |  |  |  |  |
| Food and beverage | $27751764 | 54.6 | $22236685 | 43.7 | 24.8 |
| Fresh produce | 8323343 | 16.4 | 13939462 | 27.4 | (40.3) |
| Packaged-tour | 14789379 | 29.0 | 14661085 | 28.9 | 0.9 |
| Others | 5326 |  |  |  | 100 |
| Total | $50869812 | 100.0 | $50837232 | 100.0 | 0.1 |

---

Revenue from continuing operations remained relatively stable at approximately $50.87 million in 2024, compared to approximately $50.84 million in 2023, representing a marginal increase of approximately $0.03 million, or 0.1%.

Within continuing operations, food and beverage sales increased from approximately $22.24 million in 2023 to $27.75 million in 2024, representing an increase of approximately 24.8%, and accounted for 55% of continuing operations revenue in 2024 (2023: 44%). This growth was driven by increased order volumes and stronger demand in the Company's core grocery categories during the period.

In contrast, fresh produce revenue decreased from approximately $13.94 million in 2023 to $8.32 million in 2024, representing a decline of approximately 40.3%, with its contribution to total continuing operations revenue decreasing from 27% in 2023 to 16% in 2024.

Packaged tour revenue remained relatively stable at approximately $14.79 million in 2024, compared to approximately $14.66 million in 2023, representing a slight increase of approximately 0.9%, and accounted for 29% of continuing operations revenue in both periods.

Overall, revenue from continuing operations remained broadly stable between 2023 and 2024, while the Company experienced a shift in revenue mix toward higher contribution from food and beverage categories and relatively stable performance in packaged tour services, partially offset by a decline in fresh produce sales.

*Cost of revenues*

Our breakdown of cost of revenues for the years ended December 31, 2024 and 2023, respectively, is summarized below:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **USD** | **USD** |
| **Discontinued operations** |  |  |
| Changes in inventory | $5262576 | $8387097 |
| Direct labor | 312070 | 390840 |
| Packing and handling | 151206 | 245715 |
| Total costs of revenue | 5725852 | 9023652 |
| **Continuing operations** |  |  |
| Changes in inventory | $35637052 | $34194759 |
| Direct labor | 42042 | 26894 |
| Packing and handling | 778 | 3738 |
| Direct costs for packaged-tour | 12632102 | 13294620 |
| Total costs of revenue | 48311974 | 47520011 |

---

Cost of revenues from continuing operations for the years ended December 31, 2024 and 2023 was approximately $48.31 million and $47.52 million, respectively, representing an increase of approximately $0.79 million, or 1.7%.

The increase was primarily attributable to changes in the composition of revenue within continuing operations, particularly the relative contribution of different product and service categories, each of which carries distinct cost structures, as well as ongoing adjustments in procurement and operational activities during the period.

Costs associated with food and beverage categories increased in line with higher sales volumes in 2024, while costs related to fresh produce declined, consistent with the reduction in revenue from this category.

Costs associated with packaged tour services remained broadly stable, reflecting relatively consistent revenue levels between 2023 and 2024. These costs primarily comprise payments to airlines, hotels, and destination management companies, which are generally variable in nature and aligned with transaction volumes.

Overall, the movement in cost of revenues reflects shifts in revenue mix and underlying cost drivers within continuing operations, with no significant change in the overall cost structure during the period.

 

*Gross Profit* 

Gross profit from continuing operations for the year ended December 31, 2024 was approximately $2.56 million, compared to approximately $3.32 million in 2023, representing a decrease of approximately $0.76 million, or 22.9%.

The decrease in gross profit was primarily attributable to changes in revenue mix within continuing operations, including a relatively higher contribution from lower-margin categories during the period.

Gross margin decreased from approximately 6.5% in 2023 to 5.0% in 2024, reflecting the combined impact of:

● a shift in sales mix toward food and beverage categories, which generally carry lower margins compared to other offerings; and

● the relative decline in fresh produce and other categories, which contributed differently to overall margin in the prior year.

Costs associated with packaged tour services remained broadly aligned with revenue levels, resulting in a relatively stable margin contribution from this segment.

Overall, the change in gross margin reflects variations in product and service mix within continuing operations, rather than significant changes in underlying pricing or cost structures. The Company continues to focus on supplier optimization, pricing discipline, and operational efficiency to support margin improvement going forward.

 

*Operating Expenses*

Our operating expenses consist of sales and marketing expenses, general and administrative expenses and share-based compensation.

 

*Selling and distribution expenses*

Selling and distribution expenses from continuing operations for the years ended December 31, 2024 and 2023 were approximately $1.28 million and $0.96 million.

The increase was primarily attributable to higher marketing and customer acquisition expenses within continuing operations. In 2024, the Company increased its investment in digital marketing campaigns, platform promotion, and brand-building initiatives, resulting in higher advertising and promotional expenses compared to 2023.

In addition, personnel-related costs increased as the Company expanded its sales and customer support functions to support the growth of its travel-related services.

Overall, the increase reflects greater investment in customer acquisition and operational support within continuing operations, as the Company continued to scale its service offerings and strengthen its market presence.

*General and administrative expenses*

General and administrative expenses from continuing operations for the years ended December 31, 2024 and 2023 were approximately $6.44 million and $3.73 million, respectively, representing an increase of approximately $2.71 million, or 72.7%.

The increase was primarily attributable to a significant rise in professional fees, which increased from approximately $0.17 million in 2023 to $1.31 million in 2024. This increase was mainly related to higher legal, advisory, audit, and compliance costs incurred in connection with the Company's financing activities and ongoing public company requirements.

In addition, the Company recorded higher foreign exchange losses of approximately $0.61 million in 2024, compared to approximately $0.18 million in 2023, primarily due to fluctuations in the Indonesian Rupiah against the U.S. dollar.

Depreciation and amortization expenses also increased, with depreciation rising from approximately $0.47 million to $0.69 million and amortization increasing from approximately $0.06 million to $0.23 million, reflecting continued investment in infrastructure and intangible assets.

Bad debt expenses increased from approximately $0.26 million in 2023 to $0.47 million in 2024, indicating higher provisioning for credit losses.

These increases were partially offset by a reduction in certain operating expenses, including other expenses, which decreased significantly from approximately $0.38 million in 2023 to $0.01 million in 2024, as well as lower entertainment, insurance, and subscription-related costs.

Staff remuneration increased from approximately $1.06 million in 2023 to $1.22 million in 2024, reflecting the expansion of the Company's workforce and organizational structure to support its growth and public company operations.

Overall, the increase in general and administrative expenses reflects the Company's transition into a public company environment, with higher compliance, advisory, and infrastructure-related costs, alongside increased exposure to foreign exchange fluctuations and continued investment in operational capabilities.

*Share-based compensation expenses*

Share-based compensation expenses amounted to approximately $0.63 million, $nil and $1.27 million for the year ended December 31, 2024, 2023 and 2022.

No shares were granted nor issued during the year ended December 31, 2023. In fiscal year 2024, a total of 2,100,000 shares were granted, recorded at par value, as part of the company's equity incentive efforts to align long-term interests with key personnel.

 

*Other (Expense) Income, net*

Net other income for the year ended December 31, 2024 amounted to approximately $2.39 million, compared to approximately $0.27 million in 2023, representing an increase of approximately $2.12 million.

The increase was primarily driven by a significant rise in interest income, which increased from approximately $0.09 million in 2023 to approximately $1.27 million in 2024. This was mainly attributable to interest earned from a promissory note during the year.

In addition, other income increased substantially from approximately $0.15 million in 2023 to approximately $1.28 million in 2024. This increase was primarily driven by miscellaneous income items, including the reversal of previously recorded accounts payable arising from supplier credit notes.

Government grant income remained relatively stable at approximately $0.05 million in 2024, compared to approximately $0.05 million in 2023. Rental income of approximately $0.01 million was also recognized in 2024, whereas no such income was recorded in 2023.

These increases were partially offset by higher finance costs. Finance costs increased to approximately $0.23 million in 2024, compared to approximately $0.01 million in 2023, primarily due to financing expenses of approximately $0.21 million incurred in connection with the Company's funding activities, as well as interest expenses of approximately $0.02 million.

Overall, the increase in net other income reflects higher interest income and non-recurring gains recognized during 2024, partially offset by increased financing-related expenses.

 

*Income Tax Expense*

We conducted our businesses in Singapore and Indonesia and are subject to tax in these jurisdictions. As a result of its business activities, we file separate tax returns in these countries that are subject to examination by the foreign tax authorities.

No provision for income tax expenses as we did not have taxable profits for the years ended December 31, 2024 and 2023. 

 

*Net Loss*

During the year ended December 31, 2024, we incurred a net loss of approximately $6.78 million, compared to approximately $5.16 million for the year ended December 31, 2023. The increase in net loss was primarily driven by higher professional fees and interest expenses associated with funding activities undertaken during the year and share-based compensation expenses, which were not incurred in the prior year. Despite the full-year loss, the Company reported improved operating performance in the last quarter of 2024 compared to earlier periods, reflecting the initial impact of cost control measures and operational adjustments.

*Discontinued Operations*

 

Revenue from discontinued operations relates to the Company's Singapore grocery segment. Such revenue decreased from approximately $10.85 million in 2023 to $7.43 million in 2024, representing a decline of approximately 31.5%. The decrease was primarily attributable to reduced activity levels as the Company scaled down operations during 2024.

 

Cost of revenues, gross profit, and operating expenses attributable to discontinued operations relate to the Company's Singapore grocery segment.

Cost of revenues from discontinued operations decreased in 2024 compared to 2023, in line with the decline in revenue and overall operational scale of the segment. These costs primarily consisted of inventory purchases, warehousing, and distribution-related expenses.

Consistent with the reduction in revenue and cost base, gross profit from discontinued operations also decreased in 2024 compared to 2023. The grocery segment historically operated at relatively lower margins due to its inventory-intensive nature and competitive pricing environment.

Selling and distribution expenses attributable to discontinued operations decreased in 2024 compared to 2023, reflecting lower delivery volumes, reduced warehousing utilization, and a decline in logistics-related activities as the business was progressively scaled down.

General and administrative expenses attributable to discontinued operations also declined in 2024 compared to 2023, in line with the reduction in operational activities and organizational scale of the segment.

The results of these discontinued operations are presented separately in the Statement of Operations in accordance with applicable accounting standards.

***Inflation***

Inflation in Singapore, Indonesia and other markets in which we operate has fluctuated during recent periods. While we have experienced increases in certain operating costs, including personnel expenses, marketing costs, and certain supplier-related costs, we do not believe that inflation has had a material adverse impact on our results of operations for the year ended December 31, 2025.

Our travel business model generally allows for periodic adjustments to pricing of travel products and services, which may partially offset increases in underlying costs. However, there can be no assurance that we will be able to fully pass through cost increases to our customers or that inflationary pressures will not have a material adverse effect on our business, financial condition and results of operations in future periods.

***Foreign Currency Fluctuations***

See Item 11 "Quantitative and Qualitative Disclosures About Market Risk-Foreign Exchange Risk."

***Critical Accounting Policies***

We adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, we apply five-step model to recognize revenue from customer contracts. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation.

**5. B. *Liquidity and Capital Resources*.**

As of December 31, 2025, the Company had incurred a net loss of approximately US$8.69 million, generated negative cash flows from operating activities of approximately US$2.93 million, and had an accumulated deficit of approximately US$38.64 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. In assessing the going concern, management and the Board has considered the following:

● In February and March 2026, the Company successfully completed a private investment in public equity (PIPE) financing, raising gross proceeds of approximately US$1.0 million, which has strengthened the Company's short-term liquidity position.

● The Company has also entered into an equity line of credit ("ELOC") arrangement of up to US$20 million over a 36-month period. This facility provides the Company with flexibility to raise additional capital, subject to market conditions and the Company's discretion. As of the date of this report, the facility is in place and available for use, although no assurance can be given as to the timing or amount of future drawdowns.

● The Company has made progress in restructuring certain outstanding receivables and liabilities. Formal repayment agreements have been executed with key counterparties, and initial collections have been received subsequent to year-end. These developments support management's assessment of recoverability and have contributed to improvements in the Company's financial position.

No assurance can be provided that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's business. These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

The following table sets forth a summary of our cash flows for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Net cash used in operating activities** | (2925465) | (6987201) | (7160538) |
| **Net cash used in investing activities** | (204120) | (944371) | (4588659) |
| **Net cash provided by financing activities** | 2387595 | 6339577 | 15529005 |
| Net increase/(decrease) in cash and cash equivalents | (741990) | (1591995) | 3779808 |
| Effect of exchange rate changes on balance of cash held in foreign currencies | (350246) | 346426 | 59576 |
| Cash and cash equivalents at the beginning of the year | 4148279 | 5393848 | 1554464 |
| Cash and cash equivalents at the end of the year | $3056043 | $4148279 | $5393848 |

---

*Cash used in operating activities*

For the year ended December 31, 2025, net cash used in operating activities amounted to approximately $2.93 million, compared to approximately $6.99 million in 2024, representing a significant improvement in operating cash outflows.

The cash outflow in 2025 was primarily driven by a net loss of approximately $8.69 million, adjusted for non-cash items and changes in working capital. Non-cash adjustments mainly included amortization of intangible assets of approximately $0.72 million, depreciation of leasehold improvements and right-of-use assets of approximately $0.94 million, provision for expected credit losses on accounts receivable of approximately $1.04 million, and provision for expected credit losses on prepaid expenses and other assets of approximately $1.54 million.

Changes in working capital reflected improved cash management, including a decrease in accounts receivable of approximately $2.01 million, a decrease in prepaid expenses and other assets of approximately $0.05 million, and an increase in deferred revenue of approximately $2.39 million, indicating higher customer prepayments. These were partially offset by decreases in accounts payable of approximately $1.63 million, other current liabilities of approximately $0.65 million, and operating lease liabilities of approximately $0.68 million, reflecting settlement of prior period obligations. Overall, the improvement in operating cash flow was primarily driven by stronger working capital management and increased advance receipts from customers.

For the year ended December 31, 2024, net cash used in operating activities amounted to approximately $6.99 million, primarily resulting from a net loss of approximately $6.78 million, adjusted for non-cash items and working capital movements. Non-cash adjustments included amortization of intangible assets of approximately $0.74 million, depreciation of leasehold improvements and right-of-use assets of approximately $1.00 million, provision for expected credit loss on accounts receivable of approximately $0.13 million, provision for expected credit loss on note receivable of approximately $0.26 million, share-based compensation of approximately $0.63 million, and non-cash interest income of approximately $1.20 million. Working capital movements were mainly driven by an increase in accounts receivable of approximately $5.81 million and an increase in prepaid expenses and other assets of approximately $0.95 million, partially offset by increases in accounts payable of approximately $4.96 million, deferred revenue of approximately $0.49 million, and other current liabilities of approximately $2.44 million.

For the year ended December 31, 2023, net cash used in operating activities amounted to approximately $7.16 million, primarily resulting from a net loss of approximately $5.16 million, adjusted for non-cash items and changes in working capital. Non-cash adjustments mainly included amortization and depreciation expenses, as well as expected credit loss provisions. Working capital movements were primarily driven by increases in accounts receivable of approximately $8.11 million and prepaid expenses and other assets of approximately $4.78 million, partially offset by increases in accounts payable of approximately $5.56 million and other current liabilities of approximately $2.46 million.

*Cash used in Investing Activities*

For the year ended December 31, 2025, net cash used in investing activities amounted to approximately $0.20 million, compared to approximately $0.94 million in 2024.

The lower cash outflow in 2025 was primarily attributable to reduced capital expenditures, including purchases of intangible assets of approximately $0.55 million and purchases of leasehold improvements and equipment of approximately $0.08 million, which were partially offset by proceeds from disposal of assets related to discontinued operations of approximately $0.43 million.

For the year ended December 31, 2024, net cash used in investing activities amounted to approximately $0.94 million, primarily due to purchases of intangible assets of approximately $0.60 million and purchases of leasehold improvements and equipment of approximately $0.35 million.

For the year ended December 31, 2023, net cash used in investing activities amounted to approximately $4.59 million, mainly due to the purchase of a promissory note of approximately $3.00 million, as well as purchases of intangible assets of approximately $0.89 million and leasehold improvements and equipment of approximately $0.70 million.

*Cash from Financing Activities*

For the year ended December 31, 2025, net cash provided by financing activities amounted to approximately $2.39 million, compared to approximately $6.34 million in 2024.

The inflow in 2025 was primarily attributable to proceeds from the issuance of ordinary shares of approximately $2.68 million, partially offset by net repayment of term loans of approximately $0.30 million.

For the year ended December 31, 2024, net cash provided by financing activities amounted to approximately $6.34 million, primarily consisting of proceeds from issuance of ordinary shares of approximately $5.04 million, proceeds from issuance of convertible notes of approximately $2.00 million, and proceeds from term loans of approximately $0.52 million, partially offset by repayment of loan payables of approximately $1.22 million.

For the year ended December 31, 2023, net cash provided by financing activities amounted to approximately $15.53 million, primarily consisting of IPO proceeds of approximately $15.54 million and proceeds from convertible notes of approximately $1.49 million, partially offset by repayment of loan payables of approximately $1.50 million.

**5.*C. Research and Development, Patent and Licenses, etc.***

We did not incur research and development expenses during the year ended December 31, 2025. There is no intellectual property owned by the Company at this moment.

**5.*D. Trend Information.***

Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition or results of operations.

**5.*E. Critical Accounting Estimates***

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant accounting estimates reflected in the Company's consolidated financial statements include but are not limited to estimates and judgments applied in the allowance for receivables, accounting for share-based compensation arrangements, estimated useful lives of leasehold improvements and equipment, impairment of long-lived assets, and going concern. Actual results could differ from those estimates and judgments.

We do not have off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial position, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to an investment in our securities.

**Item 6. Directors, Senior Management and Employees**

**6. A. Directors and Management**

The following table provides information regarding our executive officers and directors as of the date hereof:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Bin Xue | 44 | Chief Executive Officer, Chairman of the Board and Director |
| Youyi Zhang | 41 | Chief Financial Officer |
| Catherine Phang Ai Lian | 43 | Chief Operating Officer |
| Lei Liu | 44 | Chief Technology Officer |
| William Tat-Nin Chang | 70 | Independent Director, Chair of Nominating and Compensation Committee |
| Amanda Guo Jie | 46 | Independent Director, Chair of Audit Committee |
| Lizhi Qiao | 43 | Independent Director |

---

**Bin Xue, *Chief Executive Officer, Chairman of the Board and Director***

Mr. Bin Xue is the founder of the Company and has been its chief executive officer since August 2019; Mr. Xue is also the chairman of our board of directors. Mr. Xue started his career as an engineer at SMIC Thermal Couple (TC) Lab from 2004 to 2006, where he conducted TC research. Between March 2006 and May 2012, Mr. Xue served as a senior engineer at Global Founderies where he was in charge of 65nm & 45nm SRAM low power and generic process development, poly module and reliability issue. Between May 2012 and August 2019 and prior to founding the Company, Mr. Xue served as the co-founder and the chief strategy officer of Ezbuy Group, which later merged with Lightinthebox Holding Litb, a New York Stock Exchange listed company, where he was responsible for setting up the operations infrastructure, spearheading the regional growth plan and leading the company's international expansion, which included building up teams in Malaysia, Indonesia, Thailand, Taiwan, and Pakistan. At Ezbuy, Mr. Xue accumulated over 7 years of e-commerce experience across all major disciplines such as business strategy, finance management, product design, marketing, customer service and logistics. Mr. Xue obtained a Bachelor of Science degree in Mechanics and Engineering Science from Fudan University in 2004, and Master of Science degree in Microelectronics from the National University of Singapore in 2008.

**Youyi Zhang, *Chief Financial Officer***

Mr. Youyi Zhang has over 15 years of experience in financial management, audit, and corporate governance across listed companies and multinational environments. Mr. Zhang began his career at Y.M. Kew & Co. in Singapore, where he led statutory audits for clients in construction, manufacturing, and trading industries. He subsequently joined China Construction (South Pacific) Development Co. Pte. Ltd., a subsidiary of China State Construction Engineering Corporation (SSE Main Board) to oversee full-set accounts of subsidiaries and project finances. He later served as Finance Manager at Double-Trans Pte. Ltd. and Samco Civil Engineering Pte. Ltd., subsidiaries of Shuang Yun Holdings Limited (HKEX Mainboard), where he managed group reporting, treasury operations, and internal controls, and led the finance team through the Group's Hong Kong IPO. In 2022, he became Group Finance Controller of Ascent Bridge Group Limited (SGX Mainboard), responsible for group consolidation, M&A due diligence, and regulatory compliance, and in 2024 joined Webuy Group Limited (Nasdaq: WBUY) in the same capacity, overseeing group finance, audit coordination, treasury, and corporate governance across multiple markets. Mr. Zhang is a Fellow Chartered Certified Accountant (FCCA) of the Association of Chartered Certified Accountants, a Chartered Accountant of Singapore (CA (Singapore)), and an ASEAN Chartered Professional Accountant. He holds a Bachelor's Degree in Economics from Shandong University of Finance.

**Catherine Ai Lian Phang*, Chief Operating Officer***

Ms. Catherine Ai Lian Catherine Phang has been the chief financial officer of the Company since October 2020. Having worked at a number of prestigious firms throughout her career, Ms. Phang possesses rich experience in accounting. From November 2010 to May 2011, Ms. Phang served as a senior associate at KPMG LLP, where she was responsible for planning and performing audit procedures, leading and managing multiple audit engagement teams. Her industry services spans from trading in power transmission and control equipment, research and development, to healthcare, aviation, and investment holding companies. From June 2011 to October 2012, Ms. Phang served as the group financial controller at Vikudha Singapore Pte Ltd, where she oversaw the finance department, ensured compliance with statutory, audit, taxation and regulatory requirements for the company, coordinated and prepared budget reports such as OPEX and CAPEX, and monitored cash flow projections. At Vikudha Singapore Pte Ltd, Ms. Phang was successful in helping establish BVI companies and develop new businesses. From November 2012 to November 2013, Ms. Phang worked as a financial analyst at HP Asia Pte Ltd., where she supported the finance department by resolving a variety of problems within established guidelines, recommending alternatives, performing detailed analysis on foreign currency revaluation on monthly basis, and ensuring compliance with SOX internal controls and guidelines. From November 2013 to October 2020, Ms. Phang served as Group Financial Controller at Mattenplant Pte Ltd., where she managed and administered full spectrums of Regional Human Resource, Administration and Finance functions and supported corporate governance and compliance matters, ensuring the company's compliance with all relevant regional laws and regulations. Ms. Phang obtained her Bachelor of commerce degree in accounting and finance from Curtin University of Technology, Australia.

**Lei Liu*, Chief Technology Officer***

Mr. Lei Liu has been the chief technology officer of the Company since December 2020. Mr. Liu started his career at IBM China Development Center as an R&D engineer, where he was responsible for system development of the IBM solution platform project such as the front-end JQuery and back-end Java, and the BVT script development of High-scale low-touch cloud computing project. From August 2011 to September 2014, Mr. Liu worked at JD.com as a system architect, where his main responsibilities included the development of JD commodity search client website, which involve hundreds of millions of visits, writing of high-quality code for high concurrent access, optimizing the algorithm to improve system program performance and stability, managing PHP underlying virtual machine technology HHVM, and Hiphop PGP architecture performance optimization research. From October 2014 to September 2017, Mr. Liu worked as a technical director for Vancl (Beijing) Technology Co., Ltd., where he was responsible for organizing and formulating the product development plan of the company's e-commerce system, planning the technical framework of products, organizing research on the latest technology development in mobile internet, the front-end and back-end system architecture, and carrying out echelon construction of the company's technical team, including professional training, technical guidance, and performance evaluation. Mr. Liu obtained his Bachelor's degree in computer science from Beihua University in Jilin, China, in 2006.

**William Tat-Nin Chang, *Independent Director and Chair of Compensation Committee and Nominating Committee***

Mr. Chang serves as our independent director and chairman of the compensation committee and nominating committee and as a member of the audit committee.

Before joining the Company, Mr. Chang had over 25 years of experience in the telecommunication industry. Mr. Chang worked as a regional director in Nortel (Asia Pacific) from 1997 to 2002. He then performed as the CEO at TG-Nortel/3D from 2002 to 2005. From 2005 to 2007, he was a managing director of Nokia (Malaysia) and a regional director of Nortel (Asia Pacific). From 2007 to 2009, he was the CEO of Nokia Siemens Multimedia/APAC and the country director of Nokia Siemens (Malaysia). From 2009 to 2010, he was the head of the indirect channel business at Nokia Siemens (Asia North Sub-region). From 2010 to 2013, he was the Chief Planning & Strategy Officer of U Mobile (Malaysia), and from 2013 to the present, he is the managing partner of e-Tel Consulting LLP (Singapore/Asia Pacific region). Mr. Chang has extensive business management, operations, and business development experiences with an excellent track record for start-ups, business transformation and sustainable business growth, with proven track records and a network of executive contacts in the Asia Pacific region and Canada/USA.

Mr. Chang obtained a bachelor's degree of Applied Science (BASc) in the University of British Columbia and a master's degree of Business Administration (MBA) from the National University of Singapore.

**Amanda Guo Jie, *Independent Director and Chair of Audit Committee***

Ms. Amanda Guo Jie has nearly two decades of experience in financial management, audit, and advisory across public accounting and listed company environments. Ms. Guo began her career at Deloitte & Touche LLP in Singapore, where she served from September 2005 to January 2022, progressing from Audit Assistant to Senior Manager in both the Audit and Assurance Group and the Global IFRS and Offering Services Group. During her tenure, she led cross-border IPO and M&A advisory engagements for clients across Singapore, China, Hong Kong, and Southeast Asia, providing technical accounting and compliance support for listings on the SGX and HKSE, as well as financial advisory for M&A transactions, group restructuring, and purchase price allocations. In 2022, Ms. Guo transitioned to the corporate sector as Chief Financial Officer of Ascent Bridge Limited, a SGX Mainboard-listed company with operations in Singapore, China, Australia, Hong Kong, and the United States, where she oversaw group finance, strategic planning, budgeting, and regulatory compliance. In 2024, she was appointed Chief Financial Officer of Sino Grandness Food Industry Group Limited, another SGX Mainboard-listed company headquartered in Shenzhen, China, where she leads a 20-member finance team and oversees the full spectrum of financial and management reporting functions. Ms. Guo holds a Bachelor of Science with Honours in Applied Accountancy from Oxford Brookes University.

**Lizhi Qiao, *Independent Director***

Mr. Qiao serves as our independent director and a member of the compensation, nominating, and audit committees.

Before joining the Company, Mr. Qiao had over 14 years of experience in the tech hardware and e-commerce industry. Mr. Qiao worked as a product engineer at Global Founders Singapore from 2008 to 2010. He then performed as the co-founder of EZBUY from 2010 to 2019. From 2019 to the present, he is a vice president of global expansion of Light in the Box (NYSE: LITB). Mr. Qiao has extensive experience in B2C e-commerce, especially in market operations, customer relations, and product design and execution.

Mr. Qiao obtained a bachelor's degree in Electrical Engineering from the National University of Singapore.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or officers has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor has any been a party to any judicial or administrative proceeding during the past five years that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Except as set forth in our discussion below in "Related Party Transactions," our directors and officers have not been involved in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

**6. B. Compensation**

**Executive Compensation**

The Compensation Committee of the Board of Directors determined the compensation to be paid to our executive officers based on our financial and operating performance and prospects, and contributions made by the officers to our success. And our compensation committee approved our salary and benefit plans. Each of the named officers will be measured by a series of performance criteria by the Board of Directors, or the compensation committee on a yearly basis. Such criteria will be set forth based on certain objective parameters such as job characteristics, required professionalism, management skills, interpersonal skills, related experience, personal performance and overall corporate performance.

Our employment agreements with our officers generally provide for employment for a specific term and pay annual salary, health insurance, pension insurance, and paid vacation and family leave time. The agreement may be terminated by either party as permitted by law. In the event of a breach or termination of the agreement by our company, we may be obligated to pay the employee twice the ordinary statutory rate. In the event of a breach or termination causing loss to our company by the employee, the employee may be required to indemnify us against loss. We have executed employment agreements with Mr. Bin Xue Mr. Lei Liu and Ms. Ai Lian Phang.

The following table presents summary information regarding the total compensation awarded to, earned by, or paid to each of the named executive officers for services rendered to us for the years ended December 31, 2025, 2024 and 2023.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fiscal Year <br> or Period** | **Salary<br> ($)** | **Bonus<br> ($)** | **Stock<br> Awards<br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> ($)** |
| Bin Xue | 2025 | 86589 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | 86589 |
| &nbsp;&nbsp;&nbsp;*Chief Executive Officer* | 2024 | 80827 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | 80827 |
|  | 2023 | 67032 |  |  |  | 67032 |
| Youyi Zhang | 2025 | 91872 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | 91872 |
| &nbsp;&nbsp;&nbsp;*Chief Financial Officer* |  |  |  |  |  |  |
| Catherine Ai Lian Phang | 2025 | 82685 |  |  |  | 82685 |
| &nbsp;&nbsp;&nbsp;*Chief Operating Officer* | 2024 | 80827 |  |  |  | 80827 |
|  | 2023 | 73738 |  |  | 804 | 74542 |
| Lei Liu | 2025 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Chief Technology Officer* | 2024 |  |  |  |  |  |
|  | 2023 | 51123 |  |  |  | 51123 |

---

**Director Compensation**

All directors hold office until the next annual meeting of shareholders at which they are re-elected and until their successors have been duly elected and qualified. Officers are elected by and serve at the discretion of the Board of Directors. Employee directors are entitled receive compensation for their services. Non-employee directors are entitled to receive a set amount of cash fee for serving as directors. In addition, non-employee directors are entitled to receive compensation for their actual travel expenses for each Board of Directors meeting attended, and any out-of-pocket expenses incurred by them in connection with their services provided in such capacity. We have entered into agreements with our current and former directors, including Bin Xue, William Tat-Nin Chang, Amanda Guo Jie, Lizhi Qiao, Fangqin Lin, Michelle Ting Ting Tan, Lixia Tu, and Heng Wee Koon. In addition, our chairman of the board, Bin Xue receives compensation for his service as an officer of the Company. He has not received and will not receive compensation as a director of the Company.

The table below indicates the compensation we paid to our current and former directors in their capacity as directors for fiscal years 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fiscal<br> Year or Period** | **Salary<br> ($)** | **Bonus<br> ($)** | **Stock<br> Awards<br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> ($)** |
| Bin Xue | 2025 |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;*Chairman of the Board<sup>(1)</sup>* | 2024 |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
|  | 2023 |  |  |  |  |  |
| William Tat-Nin Chang | 2025 | 22968 |  |  |  | 22968 |
| &nbsp;&nbsp;&nbsp;*Independent Director and Chairman of Compensation and Nominating Committee* | 2024 | 22452 |  |  |  | 22452 |
|  | 2023 | 4486 |  |  |  | 4486 |
| Lizhi Qiao | 2025 | 15312 |  |  |  | 15312 |
| &nbsp;&nbsp;&nbsp;*Independent Director* | 2024 | 14968 |  |  |  | 14968 |
|  | 2023 | 2990 |  |  |  | 2990 |
| Amanda Guo Jie | 2025 | 4431 |  |  |  | 4431 |
| &nbsp;&nbsp;&nbsp;*Independent Director and Chairman of Audit Committee* |  |  |  |  |  |  |
| Lixia Tu<sup>(2)</sup> | 2024 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Former Independent Director* | 2023 | 3738 |  |  |  | 3738 |
| Heng Wee Koon<sup>(3)</sup> | 2025 | 6840 |  |  |  | 6840 |
| &nbsp;&nbsp;&nbsp;*Former Independent Director* |  |  |  |  |  |  |
| Michelle Ting Ting Tan<sup>(4)</sup> | 2025 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Former Director* | 2024 |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |
| Fangqin Lin<sup>(5)</sup> | 2025 | 9570 |  |  |  | 9570 |
| &nbsp;&nbsp;&nbsp;*Former Independent Director and Chairwoman of Audit Committee* | 2024 | 20581 |  |  |  |  |
|  | 2023 |  |  |  |  |  |

---

(1) Bin
Xue has been the Chief Executive Officer and the Chairman of the Board since inception. Mr. Xue received an annual salary for his service
as the CEO and does not receive any compensation as a director.

(2) Lixia
Tu was appointed as an independent director, the chairwoman of the Audit Committee, and a member of the Nominating Committee and the
Compensation Committee of the Company, effective October 17, 2023. Ms. Tu resigned as an independent director, the chairwoman of the
Audit Committee, and a member of the Nominating Committee and the Compensation Committee, effective December 14, 2023.

(3) Mr.
Heng Wee Koon was appointed as independent director and chair of audit committee of the Company, effective June 12, 2025. On September
25, 2025, Mr. Heng Wee Koon notified the Company of his resignation as an independent director, effective September 25, 2025.

(4) Michelle
Ting Ting Tan resigned as the Company's Director, effective December 24, 2025.

(5) Ms.
Fangqin Lin was appointed as an Independent Director, effective February 1, 2024. On May 31, 2025, Ms. Fangqin Lin notified the Company
of her resignation as an independent director, effective June 1, 2025.

**6. C. Board practices**

**Election of Officers**

Our executive officers are appointed by, and serve at the discretion of, our Board of Directors. There is no family relationship among any of our directors or executive officers.

**Board of Directors and Board Committees**

Our Board of Directors currently consists of five directors, a majority of whom are independent as such term is defined by the Nasdaq Capital Market.

The directors are re-elected at our general meeting of shareholders every year.

A director may vote in respect of any contract or transaction in which he is interested, provided, however that the nature of the interest of any director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote on that matter. A general notice or disclosure to the directors or otherwise contained in the minutes of a meeting or a written resolution of the directors or any committee thereof of the nature of a director's interest shall be sufficient disclosure and after such general notice it shall not be necessary to give special notice relating to any particular transaction. A director may be counted for a quorum upon a motion in respect of any contract or arrangement which he shall make with our company, or in which he is so interested and may vote on such motion.

We do not have a lead independent director because of the foregoing reason and also because we believe our independent directors are encouraged to freely voice their opinions on a relatively small company board. We believe this leadership structure is appropriate because we are a relatively small company in the process of listing on a public exchange; as such we deem it appropriate to be able to benefit from the guidance of Mr. Xue as our Chair of the Board and as our principal executive officer and director. Our Board of Directors plays a key role in our risk oversight. The Board of Directors makes all relevant Company decisions. As a smaller company with a small board of directors, we believe it is appropriate to have the involvement and input of all of our directors in risk oversight matters.

**Board Committees**

We have established three committees under the board of directors: an audit committee, a compensation committee and a nominating committee. We have adopted a charter for each of the three committees. Copies of our committee charters will be posted on our corporate investor relations website prior to our listing on the Nasdaq Capital Market.

**Board Committees**

We have established and adopted charters for three standing committees under the Board of Directors: the Audit Committee, the Compensation Committee, the Nominating Committee. Each Committee consists of only independent directors of the Company.

● **Audit Committee:** Amanda Guo Jie (Chair), William Tat-Nin Chang, Lizhi Qiao

● **Compensation Committee:** William Tat-Nin Chang (Chair), Amanda Guo Jie, Lizhi Qiao

● **Nominating Committee:** William Tat-Nin Chang (Chair), Amanda Guo Jie, Lizhi Qiao

The Board of Directors also adopted an insider trading policy that allows insiders to sell securities of the Company pursuant to pre-arranged trading plans.

Effective October 23, 2000, the SEC adopted rules related to insider trading. One of these rules, Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, provides an exemption to the insider trading rules in the form of an affirmative defense. Rule 10b5-1 recognizes the creation of formal programs under which executives and other insiders may sell the securities of publicly traded companies on a regular basis pursuant to written plans that are entered into at a time when the plan participants are not aware of material non-public information and that otherwise comply with the requirements of Rule 10b5-1.

**<u>Audit Committee</u>**

Our audit committee consists of William Tat-Nin Chang, Amanda Guo Jie and Lizhi Qiao. Amanda Guo Jie is the chairwoman of our audit committee. The audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee is responsible for, among other things:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

● reviewing with the independent auditors any audit problems or difficulties and management's response;

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

**<u>Compensation Committee</u>**

Our compensation committee consists of William Tat-Nin Chang, Amanda Guo Jie and Lizhi Qiao. William Tat-Nin Chang is the chairman of our compensation committee. We have determined that William Tat-Nin Chang, Amanda Guo Jie and Lizhi Qiao satisfy the "independence" requirements under Nasdaq Rule 5605. The compensation committee will assist the Board of Directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending to the Board of Directors for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the Board of Directors for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

**<u>Nominating Committee</u>**

Our nominating committee consists of William Tat-Nin Chang, Amanda Guo Jie and Lizhi Qiao. William Tat-Nin Chang is the chairperson of our nominating committee. We have determined that Mr William Tat-Nin Chang, Amanda Guo Jie and Lizhi Qiao satisfy the "independence" requirements under Nasdaq Rule 5605. The nominating committee will assist the Board of Directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating committee will be responsible for, among other things:

● selecting and recommending to the board nominees for election by the shareholders or appointment by the Board of Directors;

● reviewing annually with the Board of Directors the current composition of the Board of Directors with regards to characteristics such as independence, knowledge, skills, experience and diversity;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the Board of Directors; and

● advising the Board of Directors periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the Board of Directors on all matters of corporate governance and on any remedial action to be taken.

Copy of our committee charters are also available on our website at Governance - WEBUY (webuysg.com).

**Duties of Directors**

Under Cayman Islands law, our board of directors has the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of shares in our company, including the registration of such shares in our share register.

Under Cayman Islands law, our directors owe fiduciary duties to our company, including: (i) a duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) a duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) a duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) a duty to exercise independent judgment. In addition to the above, directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge, skill and experience which that director has. As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, following a declaration being made pursuant to the articles of association of the Company, subject to any separate requirement for Audit Committee approval under applicable law or the rules and regulations of Nasdaq, and unless disqualified by the chairman of the relevant board meeting, a director may vote in respect of any contract or proposed contract or arrangement in which such director is interested and may be counted in the quorum at such meeting.

**Interested Transactions**

A director who to his knowledge is in any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company shall declare the nature of his interest at the meeting of our board of directors at which the question of entering into the contract or arrangement is first considered, if he knows his interest then exists, or in any other case at the first meeting of our board of directors after he knows that he is or has become so interested. For this purpose, a general notice to our board of directors by a director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) he
is a member or officer of a specified company or firm and is to be regarded as interested in any contract or arrangement which may after
the date of the notice be made with that company or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) he
is to be regarded as interested in any contract or arrangement which may after the date of the notice be made with a specified person
who is connected with him,

shall be deemed to be a sufficient declaration of interest under the articles of association of the Company in relation to any such contract or arrangement, provided that no such notice shall be effective unless either it is given at a meeting of the board of directors or the director takes reasonable steps to secure that it is brought up and read at the next board of directors meeting after it is given.

Following a declaration being made pursuant to the above, subject to any separate requirement for Audit Committee approval under applicable law or the rules and regulations of Nasdaq, and unless disqualified by the chairman of the relevant board meeting, a director may vote in respect of any contract or proposed contract or arrangement in which such director is interested and may be counted in the quorum at such meeting.

**Foreign Private Issuer Exemption**

We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

● Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

● Exemption from the requirement that our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (1) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we intend to have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

On December 18, 2025, President Trump signed into law the Holding Foreign Insiders Accountable Act ("HFIAA"), which eliminates the exemption to comply with Section 16 of the Exchange Act. Beginning March 18, 2026, our directors and officers of foreign private issuers are required to publicly report their ownership in, and transactions involving, the applicable foreign private issuer's securities to the SEC on Forms 3, 4, and 5.

Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers.

**Insider Trading Policy**

The Board of Directors also adopted an insider trading policy governing the purchase, sale, and other dispositions of our securities by directors, senior management, and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.

**Other Corporate Governance Matters**

The Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate governance practices. In addition, Nasdaq rules provide that foreign private issuers may follow home country practices in lieu of the Nasdaq corporate governance standards, subject to certain exceptions and except to the extent that such exemptions would be contrary to U.S. federal securities laws.

Beginning March 18, 2026, members of our board of directors, executive board members and senior management are subject to short-swing profit and insider trading reporting obligations under Section 16 of the Exchange Act. They are also subject to the obligations to report changes in share ownership under section 13 of the Exchange Act and related SEC rules.

**Remuneration and Borrowing**

The directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors.

**Qualification**

There are no membership qualifications for directors. Further, there are no share ownership qualifications for directors unless so fixed by us in a general meeting. There are no other arrangements or understandings pursuant to which our directors are selected or nominated.

**Director Compensation**

Employee directors do not receive any compensation for their services. Non-employee directors are entitled to receive an as-yet undetermined cash fee for serving as directors and may receive option grants from our company. In addition, non-employee directors are entitled to receive compensation for their actual travel expenses for each Board of Directors meeting attended. For the fiscal years ended December 31, 2025, 2024 and 2023, we did not compensate our directors for their services other than to reimburse them for out-of-pocket expenses incurred in connection with their attendance at meetings of the Board of Directors.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or officers has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor has any been a party to any judicial or administrative proceeding during the past five years that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Except as set forth in our discussion below in "Related Party Transactions," our directors and officers have not been involved in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

**Code of Business Conduct and Ethics**

We have adopted a code of business conduct and ethics that are applicable to all of our directors, executive officers and employees.

**6. D. Employees**

As of December 31, 2025 we had 109 full-time employees. The following table sets forth the number of our employees categorized by function as of December 31, 2025.

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| | |
|:---|:---|
| **Function** | **Number of <br> Employees** |
| Management | 8 |
| Accounts and Finance | 6 |
| Customer Management and Administration | 1 |
| Information Technology | 1 |
| Warehouse Labor | 2 |
| Others | 91 |
| Total | 109 |

---

Our success depends on our ability to attract, motivate, train and retain qualified personnel. We are proud to be having a good relationship with our employees and have not been engaged in any labor disputes. Our employees have entered into employment contracts and non-disclosure agreements with us. We provide our employees with medical benefits such as a medical card that covers outpatient fee, as well as medical and outpatient leave in accordance with the employment laws and regulations in Singapore. We have been complying with statutory requirements to provide our employees with Central Provident Fund contributions and Skills Development Levy.

**6. E. Share ownership**

The following table sets forth information with respect to beneficial ownership of our Class A Ordinary Shares and Class B ordinary shares as of the date of this report by:

● Each person who is known by us to beneficially own more than 5% of our outstanding Class A Ordinary Shares and Class B ordinary shares;

● Each of our director, director nominees and named executive officers; and

● All directors and named executive officers as a group.

As of the date of this report, the Company is authorized to issue 2,166,250,000 Class A Ordinary Shares of $0.0000462 par value per share and 416,666 Class B ordinary shares of $0.0000462 par value per share. The number and percentage of ordinary shares beneficially owned are based on 5,202,808 Class A Ordinary Shares of $0.0000462 par value per share and 278,296 Class B ordinary shares of $0.0000462 par value per share issued and outstanding as of the date of this report. Information with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of more than 5% of our Class A Ordinary Shares and/or Class B ordinary shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. As of the date hereof, we have 21 registered shareholders of record of Class A Ordinary Shares and 3 registered shareholders of record of Class B ordinary shares.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Named Executive Officers and Directors** | **Amount of Beneficial Ownership (Class A)** | **Percentage Ownership (Class A)** | **Amount of Beneficial Ownership (Class B)** | **Percentage Ownership (Class B)** | **Combined<br> Voting<br> Power<br> of Class A<br> and<br> Class B** | **Combined<br> Voting<br> Power of<br> Class A<br> and<br> Class B<br> Ordinary<br> Shares as a<br> Percentage** |
| **Directors and Named Executive Officers:** | | | | | | |
| Bin Xue, Chief Executive Officer and Chairman<sup>(1)</sup> | 300000 | 5.77% | 278296 | 100% |  | 38.61% |
| Youyi Zhang, Chief Financial Officer |  | 0% |  | 0% | 0 | 0% |
| Catherine Phang Ai Lian, Chief Operating Officer |  | 0% |  | 0% | 0 | 0% |
| Lei Liu, Chief Technology Officer |  | 0% |  | 0% | 0 | 0% |
| Amanda Guo Jie, Independent Director and Chairman of Audit Committee |  | 0% |  | 0% | 0 | 0% |
| William Tat-Nin Chang, Independent Director and Chairman of Compensation and Nominating Committees |  | 0% |  | 0% | 0 | 0% |
| Lizhi Qiao, Independent Director |  | 0% |  | 0% | 0 | 0% |
| **All directors and executive officers as a group (6 persons)** | 300000 | 5.77% | 278296 | 100% |  | 38.61% |
| **5% and greater Beneficial Owners:** |  |  |  |  |  |  |
| GBUY GLOBAL LTD<sup>(1)</sup> |  | 0% | 142134 | 51.07% |  | 17.80% |
| WEBUY TALENT LTD<sup>(1)</sup> |  | 0% | 35577 | 12.78% |  | 4.46% |
| XUE GUO DONG | 391357 | 7.52% |  | 0% |  | 4.90% |
| MAO HONGLIANG | 593453 | 11.41% |  | 0% |  | 7.43% |
| CHEN YONGLONG | 243026 | 4.67% |  | 0% |  | 3.04% |

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(1) Represents 300,000 Class A Ordinary Shares and 278,296 Class B Ordinary
Shares beneficially owned by Mr. Bin Xue, comprised of (i) 300,000 Class A Ordinary Shares and 100,585 Class B Ordinary Shares held directly
by Mr. Xue, (ii) 142,134 Class B Ordinary Shares held by GBUY GLOBAL LTD, a Cayman Islands business company of which Mr. Xue is the sole
director and 100% equity holder, and (iii) 35,577 Class B Ordinary Shares held by WEBUY TALENT LTD, a Cayman Islands exempted company
of which Mr. Xue is the sole director and 100% equity holder. As the sole director of each of GBUY GLOBAL LTD and WEBUY TALENT LTD, Mr.
Xue has the power to direct the voting and disposition of the Ordinary Shares held by each such entity and may be deemed to beneficially
own all Ordinary Shares held by GBUY GLOBAL LTD and WEBUY TALENT LTD. Each Class B Ordinary Share is entitled to ten (10) votes per share,
and each Class A Ordinary Share is entitled to one (1) vote per share. The Ordinary Shares beneficially owned by Mr. Xue represent, in
the aggregate, 38.61% of the total voting power of the Company's issued and outstanding Ordinary Shares as of the date of this annual
report, based on 5,202,808 Class A Ordinary Shares and 278,296 Class B Ordinary Shares issued and outstanding. The business address of
Mr. Xue is 35 Tampines Street 92, Singapore 528880. The registered address of GBUY GLOBAL LTD is Cricket Square, Hutchins Drive, PO Box
2681, Grand Cayman, KY1-1111, Cayman Islands. The registered address of WEBUY TALENT LTD is Cricket Square, Hutchins Drive, PO Box 2681,
Grand Cayman, KY1-1111, Cayman Islands.

**Item 7. Major Shareholders and Related Party Transactions**

**7. A. Major Shareholders**

Please refer to "Item 6. Directors, Senior Management and Employees - 6.E. Share Ownership."

**7. B. Related Party Transactions**

The transactions amount due to directors are as of the following:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Beginning of the years January 1 | $24842 | $25929 | $25336 |
| Advances for operation and administration expenses |  |  |  |
| Exchange difference | 1549 | (1087) | 593 |
| Payments made to a director | 26391 | 24842 | 25929 |
| Reversal of a related party payable due to disposal of a subsidiary | - | - | - |
| Years ended December 31 | $26391 | $24842 | $25929 |

---

**7. C. Interests of Experts and Counsel**

Not applicable.

**Item 8. Financial Information**

**8. A. Consolidated Statements and Other Financial Information**

Please refer to "Item 18. Financial Statements."

**Legal and Administrative Proceedings**

We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of our business. We are currently not a party to any pending any material legal or administrative proceedings and are not aware of any events that are likely to lead to any such proceedings.

As of the date of this annual report, we are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition or operations, nor have we experienced any incident of non-compliance which, in the opinion of our directors, is likely to materially and adversely affect our business, financial condition or operations.

**Dividend Policy**

Except as disclosed below, we have never declared or paid any cash dividends on our Ordinary Shares. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future.

**8. B. Significant Changes**

We have not experienced any significant changes since the date of our audited consolidated financial statements included in this report.

**Item 9. The Offer and Listing**

**9. A. Offer and listing details**

Not applicable for annual reports on Form 20-F.

**9. B. Plan of distribution**

Not applicable for annual reports on Form 20-F.

**9. C. Markets**

Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol "WBUY."

On January 26, 2024, we received a written notice from the Nasdaq indicating that we were not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company to maintain a minimum bid price of U.S.$1.00 per share for the last 30 consecutive business days. We have 180 calendar days, or until July 24, 2024, to regain compliance.

On January 22, 2025, the Company received a letter from the Listing Qualifications Department of the Nasdaq regarding the Company's failure to regain compliance with Listing Rule 5550(a)(2), which results in a Staff Delisting Determination under Rule 5810(3)(A)(ii). The trading of the Company's Class A Ordinary Shares will be suspended at the opening of business on January 29, 2025.

On January 22, 2025, Webuy received a delisting notice from Nasdaq due to non-compliance with the $1.00 minimum bid price requirement. Following the expiration of the second 180-day compliance period on January 21, 2025, Nasdaq suspended trading of the Company's stock on January 31, 2025. As a result, Webuy's shares are currently trading on the OTC market due to the implementation of new Nasdaq regulations that mandate immediate delisting after the second compliance period.

The Company formally appealed the decision and presented its compliance plan at a hearing on February 27, 2025.

On March 21, 2025, the Panel granted the Company's request for an exception to regain compliance with the Bid Price Rule. As a condition of continued listing, the Company must demonstrate compliance by May 2, 2025, and provide prompt notification of any significant developments affecting its status.

On April 30, 2025, the Company received a letter from Nasdaq confirming that the Company has demonstrated compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules, as required by the Panel decision. Consequently, the Company's shares had been reinstated to trade on Nasdaq Capital Market, effective May 8, 2025.

On January 5, 2026, the Company received a notice from the staff of the Listing Qualifications Department of Nasdaq indicating that the Company was not in compliance with the minimum stockholders' equity requirement of $2,500,000 for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(1) (the "Minimum Stockholders' Equity Rule").

The Minimum Stockholders' Equity Rule requires companies listed on The Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000. Based on the Company's unaudited condensed interim consolidated financial statements as of June 30, 2025, as reported in its Form 6-K filed on October 29, 2025, the Company reported stockholders' equity of $364,854 and, as of January 5, 2026, did not meet the alternative compliance standards relating to the market value of listed securities or net income from continuing operations. In accordance with Nasdaq Listing Rules, the Company was provided 45 calendar days, or until February 19, 2026, to submit a plan to regain and sustain compliance with the Minimum Stockholders' Equity Rule.

On February 19, 2026, the Company submitted its compliance plan to Nasdaq. As described in such plan, the Company expects to regain compliance with the Minimum Stockholders' Equity Rule, including through anticipated improvements in stockholders' equity to be reflected in its Annual Report on Form 20-F for the fiscal year ended December 31, 2025, as well as through certain capital markets transactions and strategic initiatives.

There can be no assurance that Nasdaq will accept the Company's compliance plan or that the Company will be able to regain and maintain compliance with the Minimum Stockholders' Equity Rule or otherwise satisfy the continued listing requirements of The Nasdaq Capital Market.

**9. D. Selling shareholders**

Not applicable for annual reports on Form 20-F.

**9. E. Dilution**

Not applicable for annual reports on Form 20-F.

**9. F. Expenses of the issue**

Not applicable for annual reports on Form 20-F.

**Item 10. Additional Information**

**10. A. Share capital**

Not applicable for annual reports on Form 20-F.

**10. B. Memorandum and articles of association**

The following are summaries of material provisions of our Amended and Restated Memorandum and Articles of Association and of the Companies Act, insofar as they relate to the material terms of our Ordinary Shares.

*Objects of Our Company*. Under our Amended and Restated Memorandum and Articles of Association, the objects of our company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

*Ordinary Shares*. Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to a bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Dividends*. Holders of our Ordinary Shares are entitled to receive such dividends as may be declared by our board of directors. Under our Amended and Restated Memorandum and Articles of Association, our Company may declare and pay dividends out of our profits or share premium account, provided that, immediately following the payment of such dividend, the Company is able to pay its debts as they fall due in the ordinary course of business, in accordance with the laws of the Cayman Islands.

*Voting Rights*. Voting at any meeting of shareholders is by way of a poll save that in the case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless a poll is demanded by:

● at least three shareholders present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorised representative for the time being entitled to vote at the meeting;

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorised representative representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorised representative and holding shares in us conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our Amended and Restated Memorandum and Articles of Association, a reduction of our share capital and the winding up of our Company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders*. As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Amended and Restated Memorandum and Articles of Association provide that we shall, if required by the Companies Act, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our Directors. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of Directors in its absolute discretion.

Shareholders' general meetings may be convened by the chairperson of our board of Directors or by a majority of our board of Directors. Advance notice of not less than tendays is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, two shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding shares in our Company entitled to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Amended and Restated Memorandum and Articles of Association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting.

*Transfer of Ordinary Shares*. Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or in a form designated by the relevant stock exchange or any other form approved by our board of Directors. Notwithstanding the foregoing, Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of the relevant stock exchange.

Our board of Directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of Directors may also decline to register any transfer of any ordinary share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other evidence as our board of Directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of Ordinary Shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four; and

● a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our Directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and the register closed at such times and for such periods as our board of Directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

*Liquidation*. On the winding up of our Company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such the assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

*Calls on Shares and Forfeiture of Shares*. Our board of Directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares*. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of Directors. Our Company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of Directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares.* Whenever the capital of our Company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari-passu with such existing class of shares.

*Issuance of Additional Shares.* Our Amended and Restated Memorandum and Articles of Association authorize our board of Directors to issue additional Ordinary Shares from time to time as our board of Directors shall determine, to the extent of available authorized but unissued shares.

Our Amended and Restated Memorandum and Articles of Association also authorize our board of Directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights and voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of Directors may issue preference shares without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of Ordinary Shares.

*Inspection of Books and Records*. Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our Amended and Restated Memorandum and Articles of Association have provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

*Anti-Takeover Provisions.* Some provisions of our Amended and Restated Memorandum and Articles of Association may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable, including provisions that:

● authorize our board of Directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our Directors may only exercise the rights and powers granted to them under our Amended and Restated Memorandum and Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Exempted Company*. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue negotiable or bearer shares or shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than the number of votes which have actually been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

*Indemnification of Directors and Executive Officers and Limitation of Liability*. Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Amended and Restated Memorandum and Articles of Association provide that that we shall indemnify our directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Amended and Restated Memorandum and Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties*. Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company - a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our post-offering amended and restated articles of association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our post-offering amended and restated articles of association and may not be taken by written consent of the shareholders without a meeting.

*Shareholder Proposals*. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering amended and restated articles of association allow our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our post-offering amended and restated articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting*. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our post-offering amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our post-offering amended and restated articles of association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director ; or (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our Amended and Restated Memorandum and Articles of Association.

*Transactions with Interested Shareholders*. The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up*. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares*. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

*Amendment of Governing Documents*. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our Amended and Restated Memorandum and Articles of Association may only be amended with a special resolution of our shareholders.

*Rights of Non-resident or Foreign Shareholders*. There are no limitations imposed by our Amended and Restated Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**Enforceability of Civil Liabilities**

Our Company is an exempted company incorporated with limited liability under the laws of the Cayman Islands. We are incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies may not have standing to sue before the U.S. federal courts.

All of our current operations are conducted outside of the United States and all of our current assets are located outside of the United States, with the majority of our operations and current assets being located in Singapore. All of the Directors and Executive Officers of our Company and the auditor of our Company resides outside the United States and substantially all of their assets are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or any such persons, or to enforce in the United States any judgment obtained in the U.S. courts against us or any of such persons, including judgments based upon the civil liability provisions of the U.S. securities laws or any U.S. state or territory.

Although we are incorporated outside the United States, we have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the U.S. federal securities laws or securities laws of any U.S. state or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

***Cayman Islands***

Conyers Dill & Pearman Pte. Ltd., our counsel with respect to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the U.S. federal securities laws or securities laws of any U.S. state or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the U.S. federal securities laws or securities laws of any U.S. state.

We have been advised by Conyers Dill & Pearman Pte. Ltd. that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments with the United States), the courts of the Cayman Islands may recognize as a valid judgment, a final and conclusive judgment *in personam* obtained in the federal or state courts of the United States against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an *in personam* judgment for non-monetary relief, and may give a judgment based thereon, provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e)no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

***Singapore***

There is uncertainty as to whether the courts of Singapore would (i) recognize or enforce judgments of United States courts obtained against us or our Directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Singapore against us or our directors or officers predicated upon the securities laws of the United States.

In making a determination as to enforceability of a judgment of the courts of the United States, the Singapore courts would have regard to whether the judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment would be enforceable in Singapore unless procured by fraud, or the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or the enforcement thereof would be contrary to public policy, or if the judgment would conflict with earlier judgment(s) from Singapore or earlier foreign judgment(s) recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our directors and officers. Singapore courts would not recognize or enforce judgments against us, our directors and officers to the extent that doing so would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States under civil liability provisions of the federal securities law of the United States would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such a determination has yet to be made by a Singapore court in a reported decision.

In addition, holders of book-entry interests in our shares will be required to exchange such interests for certificated shares and to be registered as shareholders in our shareholder register in order to have standing to bring a shareholder suit and, if successful, to enforce a foreign judgment against us, our directors or our executive officers in the Singapore courts.

A holder of book-entry interests in our shares may become a registered shareholder of our Company by exchanging such holder's interest in our shares for certificated shares and being registered in our shareholder register. The administrative process of becoming a registered shareholder could result in delays prejudicial to any legal proceeding or enforcement action.

***Indonesia***

The judgments of United States courts obtained against us or our Directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States are not enforceable in Indonesian Courts.

A foreign court judgment could be offered and accepted into evidence in a proceeding on the underlying claim in an Indonesian court and may be given such evidentiary weight as the Indonesian court may deem appropriate in its sole discretion. A claimant may be required to pursue claims in Indonesian courts on the basis of Indonesian law. A purchaser of the shares may not be able to enforce judgments against the Indonesian subsidiary obtained in the United States based upon certain of the civil liability provisions of the securities laws of the United States or any states thereof in Indonesian courts, and Indonesian courts may not enter judgments in original actions brought in Indonesian courts based solely upon the civil liability provision of the securities laws of the United States or any state thereof. Re-examination of the underlying claim would be required before the Indonesian court. We cannot assure you that the claims or remedies available under Indonesian law will be the same, or as extensive as those available in other jurisdictions. We cannot assure you that the claims or remedies available under Indonesian law will be the same, or as extensive as those available in other jurisdictions.

**10. C. Material contracts**

Other than those described in this annual report, we have not entered into any material agreements other than in the ordinary course of business.

**10. D. Exchange controls**

The Cayman Islands and Singapore currently have no exchange control regulations or currency restrictions.

**10. E**. **Taxation**

**Cayman Islands Taxation**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

We have received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of 20 years from the date of the undertaking, no law that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation shall apply to our Company or its operations; and that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (a) on or in respect of the shares, debentures or other obligations of our Company; or (b) by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act of the Cayman Islands.

Payments of dividends and capital in respect of our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Ordinary Shares, nor will gains derived from the disposal of our Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in respect of the issue of our Ordinary Shares or on an instrument of transfer in respect of our Ordinary Shares.

**Indonesia Taxation**

Under current laws and regulations in Indonesia, a company that is incorporated or domiciled in Indonesia is generally subject to corporate income tax on its worldwide income. The standard corporate income tax rate in Indonesia is 22%. Indonesia does not impose withholding tax on dividends paid to domestic shareholders; however, dividends paid to non-resident shareholders are generally subject to withholding tax at a rate of 20%, unless reduced under an applicable tax treaty.

Indonesia has entered into numerous double taxation treaties which may reduce the withholding tax rate on dividends, interest, and capital gains derived by foreign investors. To benefit from any applicable tax treaty, non-resident shareholders must comply with certain administrative requirements, including the submission of a certificate of domicile to the Indonesian tax authority.

Capital gains derived by non-resident shareholders from the sale of shares in an Indonesian company are generally subject to income tax in Indonesia. In most cases, the applicable rate is 5% of the gross proceeds from the sale, unless a lower rate is available under a tax treaty. Certain indirect transfers may also be deemed taxable in Indonesia if specific thresholds are met.

There are no exchange control restrictions on the remittance of dividends, capital, or other proceeds from Indonesia to non-residents, provided that applicable tax obligations are fulfilled. However, reporting requirements apply to foreign exchange transactions conducted through Indonesian banks or involving cross-border capital flows.

Foreign shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Indonesia.

**Singapore Taxation**

***Dividend Distributions***

All Singapore-tax resident companies are currently under the one-tier corporate tax system, or one-tier system.

Under the one-tier system, the income tax paid by a tax resident company is a final tax and its distributable profits can be distributed to shareholders as tax exempt (one-tier) dividends. Such dividends are tax exempt in the hands of a shareholder, regardless of the tax residence status, shareholding level or legal form of the shareholder.

Accordingly, dividends received in respect of the ordinary shares by either a resident or non-resident of Singapore are not subject to Singapore income tax (whether by withholding or otherwise), on the basis that we are a tax resident of Singapore and under the one-tier system.

Foreign shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Singapore.

***Gains on Disposal of Shares***

Singapore does not currently impose tax on capital gains. Gains arising from the disposal of the shares may be construed to be of an income nature and subject to Singapore income tax, especially if they arise from activities which may be regarded as the carrying on of a trade or business in Singapore. Such gains may also be considered income in nature, even if they do not arise from an activity in the ordinary course of trade or business or an ordinary incident of some other business activity, if the shares were purchased with the intention or purpose of making a profit by sale rather than holding for long-term investment purposes in Singapore. Conversely, gains from disposition of the shares in Singapore, if considered as capital gains rather than income by the Inland Revenue Authority of Singapore ("IRAS"), are not taxable in Singapore.

There are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. The characterization of gains arising from the sale of our shares will depend primarily on the facts and circumstances (commonly referred to as the "badges of trade") of each shareholder.

Subject to specified exceptions, Section 13W of the Singapore Income Tax Act 1947, or "SITA," provides for certainty on the non-taxability of gains derived by a corporate taxpayer from the disposal of ordinary shares during the period from June 1, 2012 to December 31, 2027 (both dates inclusive) where:

● the divesting company had legally and beneficially held a minimum shareholding of 20% of the ordinary shares of the company whose shares are being disposed; and

● the divesting company had maintained the minimum 20% shareholding for a continuous period of at least 24 months immediately prior to the disposal.

The above-mentioned "safe harbor rules" prescribed under Section 13W of SITA will not apply to a divesting company under certain scenarios. These include, but are not limited to, the divesting company that is in the business of trading or holding Singapore immovable properties (excluding property development), where the shares are not listed on a stock exchange in Singapore or elsewhere, the divesting company whose gains or profits from the disposal of ordinary shares are included as part of its income based on the provisions of section 26 of the SITA, disposal of shares by a partnership, limited partnership or limited liability partnership where one or more of the partners is a company or are companies, etc.

Shareholders who apply, or who are required to apply, the Singapore Financial Reporting Standard 39 -Financial Instruments: Recognition and Measurement, or FRS 39; the Singapore Financial Reporting Standard 109 - Financial Instruments, or FRS 109; or the Singapore Financial Reporting Standard (International) 9 - Financial Instruments, or SFRS(I) 9, may for the purposes of Singapore income tax be required to recognize gains or losses in respect of financial instruments (not being gains or losses in the nature of capital) in accordance with FRS 39, FRS 109 or SFRS(I) 9 (as the case may be) (as modified by the applicable provisions of Singapore income tax law) even where no sale or disposal of the shares is made.

Section 34A of the SITA provides of the tax treatment for financial instruments in accordance with FRS 39 (subject to certain exceptions and "opt-out" provisions) for taxpayers who are required to comply with FRS 39 for financial reporting purposes. The IRAS has also issued a circular entitled "Income Tax Implications Arising from the Adoption of FRS 39 - Financial Instruments: Recognition and Measurement." FRS 109 or SFRS(I) 9 (as the case may be) is mandatorily effective for annual periods beginning on or after January 1, 2018, replacing FRS 39. Section 34AA of the SITA requires taxpayers who comply or who are required to comply with FRS 109 or SFRS(I) 9 (as the case may be) for financial reporting purposes to calculate their profit, loss or expense for Singapore income tax purposes in respect of financial instruments in accordance with FRS 109 or SFRS(I) 9 (as the case may be), subject to certain exceptions. The IRAS has also issued a circular entitled "Income Tax: Income Tax Treatment Arising from Adoption of FRS 109 - Financial Instruments."

Shareholders who may be subject to the above-mentioned tax treatments, including under Sections 34A or 34AA of the SITA, should consult their accounting and tax advisers regarding the Singapore income tax consequences of their acquisition, holding and disposal of the shares.

***Stamp Duty***

There is no stamp duty payable on the subscription and issuance of the shares.

In relation to a transfer of the ordinary shares, no stamp duty is payable if no instrument of transfer is executed or if the instrument of transfer is executed outside Singapore and not received in Singapore. Accordingly, stamp duty is not applicable to electronic transfers of our shares effected solely on a book entry basis outside Singapore. We therefore expect that no Singapore stamp duty will be payable where shares are acquired by U.S. holders solely in book entry form through the facility outside Singapore established by our transfer agent and registrar outside Singapore to the extent that the instruments of transfer (including electronic instruments) are not received in Singapore and all electronic records and any information relating to such transfers are not electronically received by persons in Singapore, stored on any server or device in Singapore or made accessible to any person in Singapore.

Stamp duty will be payable if there is an instrument (including an electronic instrument) for the transfer of our shares which is either executed in Singapore or executed outside Singapore and received in Singapore.

Where the instrument of transfer is executed in Singapore, stamp duty must be paid within 14 days of the execution of the instrument of transfer. Where the instrument of transfer is executed outside Singapore and received in Singapore, stamp duty must be paid within 30 days of receipt of the instrument of transfer in Singapore. An electronic instrument that is executed outside Singapore is treated as received in Singapore in any of the following scenarios: (a) it is retrieved or accessed by a person in Singapore; (b) an electronic copy of it is stored on a device (including a computer) and brought into Singapore; or (c) an electronic copy of it is stored on a computer in Singapore.

Stamp duty on an instrument of transfer of shares is payable at the rate of 0.2% of the consideration for, or market value of, the shares, whichever is higher.

Stamp duty is borne by the purchaser unless there is an agreement to the contrary.

***Estate Duty***

Singapore estate duty was abolished with respect to all deaths occurring on or after February 15, 2008.

***Tax Treaties Regarding Withholding Taxes***

There is no comprehensive agreement for the avoidance of double taxation between the U.S. and Singapore which applies to withholding taxes (if any) on dividends or capital gains.

***Goods and Services Tax ("GST")***

The sale of the shares by a GST-registered investor belonging in Singapore for GST purposes to another person belonging in Singapore is an exempt supply not subject to GST. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in connection with the making of an exempt supply is generally not recoverable from the Singapore Comptroller of GST and will become an additional cost to the investor unless the investor satisfies certain conditions prescribed under the GST legislation or satisfies certain GST concessions.

Where the shares are sold by a GST-registered investor in the course of or furtherance of a business carried on by such investor contractually to and for the direct benefit of a person belonging outside Singapore, the sale should generally, subject to satisfaction of certain conditions, be considered a taxable supply subject to GST at 0%. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in making such a supply in the course of or furtherance of a business may be fully recoverable from the Singapore Comptroller of GST. Investors should seek their own tax advice on the recoverability of GST incurred on expenses in connection with the purchase and sale of the shares.

Services consisting of arranging, brokering, underwriting or advising on the issue, allotment or transfer of ownership of the shares rendered by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor's purchase, sale or holding of the shares will be subject to GST at the standard rate of 7%. This rate will be raised from 7% to 8% with effect from January 1, 2023, and from 8% to 9% with effect from January 1, 2024. Similar services rendered by a GST registered person contractually to an investor belonging outside Singapore and for the direct benefit of such an investor or a GST registered person belonging in Singapore should generally, subject to the satisfaction of certain conditions, be subject to GST at 0%.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by U.S. Holders (as defined below) that acquire our Ordinary Shares and hold our Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Ordinary Shares.

**General**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Ordinary Shares.

**Dividends**

The entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

**Sale or Other Disposition of ordinary shares**

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of ordinary shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such ordinary shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the ordinary shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our ordinary shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

**Passive Foreign Investment Company Considerations**

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in our initial public offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we have applied to list our Ordinary Shares on the NYSE American, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

**10. F. Dividends and paying agents**

Not applicable.

**10. G. Statement by experts**

Not applicable.

**10. H. Documents on display**

We are subject to the information requirements of the Exchange Act. In accordance with these requirements, the Company files reports and other information with the SEC. You may read and copy any materials filed with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website at http://www.sec.gov that contains reports and other information regarding registrants that file electronically with the SEC.

**10. I. Subsidiary Information**

For a listing of our subsidiaries, see "Item 4. Information of the Company - C. Organizational Structure."

**10. J. Annual Report to Security Holders**

Not applicable.

**Item 11. Quantitative and Qualitative Disclosures About Market Risk**

***Interest Rate Risk***

We are exposed to interest rate risk while we have short-term bank loans outstanding. Although interest rates for our short-term loans are typically fixed for the terms of the loans, the terms are typically twelve months and interest rates are subject to change upon renewal.

***Credit Risk***

Credit risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through in-house research and analysis of the relevant economy and the underlying obligors and transaction structures. We identify credit risk collectively based on industry, geography and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the "probability of default" by the customer on its contractual obligations and consider the current financial position of the customer and the current and likely future exposures to the customer.

***Liquidity Risk***

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.

***Foreign Exchange Risk***

Our reporting currency is the U.S. dollar, and almost all of our consolidated revenues and consolidated costs and expenses.

**Item 12. Description of Securities Other than Equity Securities**

**12. A. Debt Securities**

Not applicable.

**12. B. Warrants and Rights**

Not applicable.

**12. C. Other Securities**

Not applicable.

**12. D. American Depositary Shares**

Not applicable.

**PART II**

**Item 13. Defaults, Dividend Arrearages and Delinquencies**

We do not have any material defaults in the payment of principal, interest, or any installments under a sinking or purchase fund.

**Item 14. Material Modifications to the Rights of Securities Holders and Use of Proceeds**

**14. A. - 14.D. Material Modifications to the Rights of Security Holders**

There have been no material modifications to the rights of our security holders.

**14. E. Use of Proceeds**

*<u>Initial Public Offering</u>*

The following "Use of Proceeds" information relates to the registration statement on Form F-1 (File No. 333- 271604), as amended, which was declared effective by the SEC on September 28, 2023, and registration statement on Form F-1MEF (File No. 333-275074), which became effective upon filing on October 18, 2023, with respect to the Company's initial public offering completed on April 5, 2023. In this offering, the Company issued 3,800,000 Ordinary Shares at a price of US$4.00 per share. EF Hutton, division of Benchmark Investments, LLC was the representative of the underwriters. The Company received gross proceeds in the amount of US$13.7 million and net proceeds of approximately US$13.5 million after deducting underwriting discounts and expenses. As of the date of this annual report, we used $10.21 million of the net proceeds received from our initial public offering for working capital and corporate purposes. We still intend to use the remainder of the proceeds from our initial public offering as disclosed in our registration statements on Form F-1.

None of these net proceeds from our initial public offering was paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates or others.

*<u>Follow-on Offerings</u>*

 

*Self-Underwritten Offering* 

On May 2, 2024, and May 17, 2024, the Company completed a self-underwritten offering pursuant to the registration statement on Form F-1 (File No. 333-278744), wherein the Company issued 9,999,999 Class A Ordinary Shares of par value US$0.000000385 each at an issue price of US$0.29 per share. The Company received gross proceeds in the amount of US$2,900,000 before deducting any related expenses. As of the date of this annual report, we used $2,900,000 of the net proceeds received from our self-underwritten offering for working capital, operating expenses and general corporate purposes.

*December 2024 Registered Direct Offering*

On December 16, 2024, the Company entered into a securities purchase agreement (the "Purchase Agreement") with certain institutional investors named thereto (the "Purchasers"), pursuant to which the Company agreed to issue and sell, in a registered direct offering (the "December 2024 Registered Direct Offering"): (i) 5,372,792 Class A Ordinary Shares of the Company, par value $0.000000385 per share, at a purchase price of $0.1756 per share; and (ii) pre-funded warrants to purchase up to 15,640,447 Class A Ordinary Shares (the "Pre-Funded Warrants") at a purchase price of $$0.1755 to the purchase price for Shares, less the exercise price of $0.0001 per share. The Registered Direct Offering closed on December 17, 2024. The Company received approximately $3.7 million in gross proceeds from the December 2024 Registered Direct Offering, before deducting placement agent fees and estimated offering expenses. The Company intends to use the net proceeds from the December 2024 Registered Direct Offering for working capital and general corporate purposes. As of the date of this annual report, we used $3.06 million of the net proceeds received from our December 2024 Registered Direct Offering for working capital, operating expenses, and general corporate purposes.

*2025 Follow-on Offering*

On July 30, 2025, the Company entered into a securities purchase agreement (the "2025 Purchase Agreement") with certain institutional investors named thereto (the "2025 Purchasers"), pursuant to which the Company agreed to issue and sell, in a best-effort offering: (i) 721,918 Class A ordinary shares of the Company, par value $0.0000462 per share, at a purchase price of $3.65 per share; and (ii) pre-funded warrants to purchase up to 100,000 Class A ordinary shares, par value $0.0000462 per share, (the "2025 Pre-Funded Warrants") at a purchase price of $$3.6499 to the purchase price for Class A Ordinary Shares, less the exercise price of $0.0001 per share. This offering closed on August 1, 2025. The Company received approximately $3 million in gross proceeds from the 2025 Follow-on Offering, before deducting placement agent fees and estimated offering expenses. The Company intended to use the net proceeds from the 2025 Follow-on Offering for the development of AI travel assistant platform, research and development for AI-integrated travel hardware, and general working capital purposes. As of the date of this annual report, we used $1.82 million of the net proceeds received from our 2025 Follow-on Offering for working capital, operating expenses, and general corporate purposes. We intend to use the remainder of the proceeds from our 2025 Follow-on Offering for purposes consistent with our plan disclosed above.

*<u>Private Placement</u>*

 

*2026 PIPE Offering*

On February 19, 2026, the Company entered into a securities subscription agreement, as amended (the "Securities Subscription Agreement") with Mingjie Zheng (the "Investor"), pursuant to which the Company agreed to issue and sell to the Investor its Class A Ordinary Shares (the "PIPE Shares") for an aggregate purchase price of $1,000,000, at a purchase price per share equal to 90% of the average closing price of the Company's Class A Ordinary Shares on the Nasdaq Capital Market for the five (5) trading days immediately preceding the closing date. Based on the pricing formula set forth in the Securities Subscription Agreement, the purchase price per share was calculated to be $0.8776. Accordingly, the Company issued 1,139,472 PIPE Shares to the Investor on March 24, 2026. The Company received a total of $1,000,000 in gross proceeds. The Company intends to use the proceeds from the 2026 PIPE Offering for working capital, operating expenses, and general corporate purposes.

**Item 15. 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 the Company in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC'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 principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

As of the end of the period covered by this Annual Report, our Chief Executive Officer and Principal Accounting Officer (the "Certifying Officer"), conducted an evaluation of our disclosure controls and procedures. Based on this evaluation, the Certifying Officer has concluded that our disclosure controls and procedures were effective to ensure that material information is recorded, processed, summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act and the rules and regulations promulgated thereunder.

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

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. 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 the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025 using its internal standard operating procedures ("SOP").

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31, 2025, the Company determined that there were no control deficiencies that constituted material weaknesses.

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

During the period ended December 31, 2025, there was no change in the Company's internal control over financial reporting period covered by this Annual Report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Item 16. [Reserved]**

**Item 16A. Audit Committee Financial Expert**

The Company's Board of Directors has determined that Amanda Guo Jie qualifies as an "audit committee financial expert" in accordance with applicable Nasdaq Capital Market standards. The Company's Board of Directors has also determined that members of the Audit Committee are all "independent" in accordance with the applicable Nasdaq Capital Market standards.

**Item 16B. Code of Ethics**

The Company has adopted a Code of Business Conduct and Ethics that applies to the Company's directors, officers, employees and advisors. The Code of Business Conduct and Ethics is attached as an exhibit to this annual report. Copy of the Code of Business Conduct and Ethics is also available on our website at Governance - WEBUY (webuysg.com).

**Item 16C. Principal Accountant Fees and Services**

OneStop Assurance PAC was appointed by the Company to serve as its independent registered public accounting firm for fiscal years ended December 31, 2025, 2024 and 2023.

**Fees Paid to Independent Registered Public Accounting Firm**

***Audit Fees***

OneStop Assurance PAC's fee for the annual audit of our financial statements for the fiscal year ended December 31, 2025, 2024, and 2023 were $130,000, $200,000, and $220,000.

***Audit-Related Fees***

The Company did not engage OneStop Assurance PAC to perform any audit-related services for the fiscal years presented, and accordingly, no such fees were incurred or paid.

***Tax Fees***

The Company did not engage Onestop Professional Services Pte. Ltd. for tax services for the financial year ended December 31, 2025.

***All Other Fees***

The Company did not engage OneStop Assurance PAC to perform any services other than audit and audit-related services for the fiscal year ended December 31, 2025, and accordingly, no such fees were incurred or paid.

***Audit Committee Pre-Approval Policies***

 ****

All services rendered by OneStop Assurance PAC have been so approved by the Company and the Company's audit committee.

**Item 16D. Exemptions from the Listing Standards for Audit Committees**

Not applicable.

**Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

Neither the Company nor any affiliated purchaser has purchased any shares or other units of any class of the Company's equity securities registered by the Company pursuant to Section 12 of the Securities Exchange Act during the fiscal year ended December 31, 2025.

**Item 16F. Change in Registrant's Certifying Accountant**

None.

**Item 16G. Corporate Governance**

As a company listed on the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards.

We currently follow and intend to continue to follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of the Nasdaq that listed companies must obtain its shareholders' approval of certain transactions other than public offerings (Nasdaq rule 5635(d)). To the extent we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. See "Item 3. Key Information-D. Risk Factors-Risks Related to Our Capital Structure and Class A Ordinary Shares- We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance."

**Item 16H. Mine Safety Disclosure**

Not applicable.

**Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

**ITEM 16J. Insider Trading Policies**

The Board of Directors also adopted an insider trading policy governing the purchase, sale, and other dispositions of our securities by directors, senior management, and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.

**ITEM 16K. Cybersecurity**

Our Board of Directors oversees the Company's cybersecurity strategy and risk management, ensuring the integrity of financial reporting and operational resilience against cybersecurity threats. The simplified process for assessing, identifying, and managing cybersecurity risks encompasses disruptions to business operations, data theft, fraud, extortion, privacy violations, legal liabilities, and reputational damage, integrating these considerations into our comprehensive risk management framework.

The cybersecurity risk management process is streamlined through our Information Technologies ("IT") Committee, comprising the Chief Executive Officer (CEO), the Chief Operating Officer (COO), and the Chief Financial Officer (CFO). The COO annually presents the outcomes of our cybersecurity risk assessment to the Board of Directors, focusing on the identification, prioritization, and mitigation of the most significant risks, which are deemed of "high relevance" to the Company.

Our IT department is tasked with continuous monitoring of the cybersecurity landscape, independently identifying risks and implementing defensive measures. This vigilance extends to the prompt communication of potential threats or incidents to the executive management and the Board of Directors. Interaction between executive management and department heads facilitates a dynamic exchange of information and a unified response strategy.

Cybersecurity risks are systematically evaluated and addressed through targeted actions and, where feasible, the deployment of effective countermeasures. Our agile risk management approach is embedded within existing operational processes, ensuring rapid and adaptable responses to emerging threats. Cybersecurity considerations are integrated into the broader spectrum of corporate risk management, with enterprise risk professionals collaborating closely with subject matter experts. This collaboration is pivotal in pinpointing cybersecurity vulnerabilities, evaluating their impact, and formulating comprehensive mitigation strategies. External risk assessments may be conducted periodically to supplement our internal evaluations.

**PART III**

**Item 17. Financial Statements**

See Item 18.

**Item 18. Financial Statements**

Our consolidated financial statements are included at the end of this annual report, beginning with page F-1.

**Item 19. Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 1.1 | [Second Amended and Restated Memorandum and Articles of Association of WEBUY GLOBAL LTD (incorporated by reference to Exhibit 1.1 to Form 20-F, filed with the SEC on April 15, 2024](https://www.sec.gov/Archives/edgar/data/1946703/000121390024032987/ea020386901ex1-1_webuy.htm)) |
| 2.1\* | [Description of Securities](ea028649801ex2-1.htm) |
| 4.1 | [Form of Employment Agreement (incorporated by reference to Exhibit 10.1 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 3, 2023)](http://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex101.htm) |
| 4.2 | [Form of Director Offer Letter (incorporated by reference to Exhibit 10.2 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 3, 2023)](http://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex102.htm) |
| 4.3 | [Form of Independent Director Offer Letter (incorporated by reference to Exhibit 10.3 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 3, 2023)](https://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex103.htm) |
| 4.4 | [Form of Group Leader Contract (incorporated by reference to Exhibit 10.4 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 16, 2023)](https://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex104.htm) |
| 4.5 | [Form of Supplier Sales Contract (incorporated by reference to Exhibit 10.5 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 16, 2023)](https://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex105.htm) |
| 4.6 | [Share Swap Agreement by and among New Retail and Shareholders dated August 29, 2022 (incorporated by reference to Exhibit 10.6 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 16, 2023)](https://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex106.htm) |
| 4.7 | [Form of Collaboration Agreement between PT Webuy Social Indonesia and Indonesian Local Stores (incorporated by reference to Exhibit 10.7 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 16, 2023)](https://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex07.htm) |
| 8.1\* | [List of Subsidiaries](ea028649801ex8-1.htm) |
| 11.1 | [Code of Business Conduct and Ethics (incorporated by reference to Exhibit 99.1 to Registration Statement on Form F-1 (Registration No. 333- 271604), filed with the SEC on May 3, 2023)](https://www.sec.gov/Archives/edgar/data/1946703/000164033423000746/webuy_ex991.htm) |
| 11.2 | [Insider Trading Policy (incorporated by reference to Exhibit 11.2 to Form 20-F, filed with the SEC on April 15, 2024)](https://www.sec.gov/Archives/edgar/data/1946703/000121390024032987/ea020386901ex11-2_webuy.htm) |
| 12.1\* | [Certification of Chief Executive Officer Required by Rule 13a-14(a)](ea028649801ex12-1.htm) |
| 12.2\* | [Certification of Chief Financial Officer Required by Rule 13a-14(a)](ea028649801ex12-2.htm) |
| 13.1\* | [Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea028649801ex13-1.htm) |
| 13.2\* | [Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea028649801ex13-2.htm) |
| 15.1\* | [Consent of Onestop Assurance PAC](ea028649801ex15-1.htm) |
| 97.1 | [Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to Form 20-F, filed with the SEC on April 15, 2024)](http://www.sec.gov/Archives/edgar/data/1946703/000121390024032987/ea020386901ex97-1_webuy.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Labels Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed with this annual report on Form 20-F

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
| **WEBUY GLOBAL LTD** | **WEBUY GLOBAL LTD** | **WEBUY GLOBAL LTD** |
| By: | */s/ Bin Xue* | */s/ Bin Xue* |
|  | Name: | Bin Xue |
|  | Title: | Chief Executive Officer and Chairman of the Board |

---

Date: April 29, 2026

**WEBUY GLOBAL LTD**

**FINANCIAL STATEMENTS**

**TABLE OF CONTENTS**

**WEBUY GLOBAL LTD AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Pages** |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID 6732)](#f_001) | F-2 |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#f_002) | F-3 |
| [Consolidated Statement of Operations and Comprehensive Loss for the years ended December 31, 2025, 2024 and 2023](#f_003) | F-4 |
| [Consolidated Statement of Changes in Shareholders' Equity (Deficit) for the years ended December 31, 2025, 2024 and 2023](#f_004) | F-5 |
| [Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#f_005) | F-6 |
| [Notes to the Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023](#f_006) | F-7-F-31 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the board of directors of Webuy Global Ltd

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Webuy Global Ltd and subsidiaries (collectively, the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders' deficit, and cash flows, for each of the three years in the period ended December 31, 2025, 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 positions of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern Uncertainty**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has incurred losses from operations, net cash used in operating activities and has a deficit on total equity that raise substantial doubt about its ability to continue as a going concern. Management's plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**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 audit. 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/ OneStop Assurance PAC

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

Singapore

April 29, 2026

**WEBUY GLOBAL LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts expressed in US dollars ("$") except for numbers of shares and par value)**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3056043 | $4148279 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 1124747 | 4177678 |
| &nbsp;&nbsp;&nbsp;Inventories | - | 154092 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 5401296 | 6833557 |
| &nbsp;&nbsp;&nbsp;Note receivable | 4070970 | 4015847 |
| &nbsp;&nbsp;&nbsp;Amount due from related parties | 22553 | 37556 |
| Total current assets | 13675609 | 19367009 |
| Leasehold improvements and equipment, net | 287064 | 730647 |
| Right of use assets – operating lease | 1501726 | 1940115 |
| Intangible assets | 713015 | 1109807 |
| **Total Assets** | $16177414 | $23147578 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2704606 | $6102417 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 4743019 | 2352565 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 3021734 | 3669123 |
| &nbsp;&nbsp;&nbsp;Amount due to a related party | 26391 | 24842 |
| &nbsp;&nbsp;&nbsp;Loans payable – current | 102149 | 264177 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable | 529768 | 1525220 |
| &nbsp;&nbsp;&nbsp;Operating lease liability – current | 768538 | 684143 |
| Total Current Liabilities | 11896205 | 14622487 |
| &nbsp;&nbsp;&nbsp;Loans payable – non-current | - | 133303 |
| &nbsp;&nbsp;&nbsp;Operating lease liability – non-current | 989503 | 1499386 |
| **Total Liabilities** | $12885708 | $16255176 |
| **Commitments and contingencies** | - | - |
| **Shareholders' Equity** |  |  |
| Ordinary shares (2,166,666,666 shares authorized, comprising 2,166,250,000 Class A ordinary shares and 416,666 Class B ordinary shares, par value of $0.0000462 per share; 2,436,907 and 759,107 shares issued and outstanding as of December 31, 2025 and 2024, respectively, comprising 2,258,611 and 580,811 Class A ordinary shares, respectively, and 178,296 Class B ordinary shares for both periods) | $113 | $35 |
| Additional paid-in capital | 42395828 | 36953448 |
| Accumulated deficit | (38635083) | (30100945) |
| Accumulated other comprehensive income (loss) | (237541) | 271452 |
| **Total Shareholders' Equity to shareholders of Webuy Global Ltd** | 3523317 | 7123990 |
| Deficit attributable to non-controlling interests | (231611) | (231588) |
| Total Shareholders' Equity | 3291706 | 6892402 |
| **Total Liabilities and Shareholders' Equity** | $16177414 | $23147578 |

---

\* On January 15, 2025 and March 21, 2025, the Company effected share consolidations of its ordinary shares on a one-for-forty (1-for-40) and one-for-three (1-for-3) basis, respectively, resulting in a combined one-for-one hundred twenty (1-for-120) share consolidation. Accordingly, all share and per share amounts for all periods presented have been retrospectively adjusted to reflect these share consolidations. Following the share consolidations, the par value of the Company's ordinary shares was adjusted to $0.0000462 per share.

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

 

**WEBUY GLOBAL LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Revenues | $18834099 | $50869812 | $50837232 |
| Cost of revenues | (16574549) | (48311974) | (47520011 |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 2259550 | 2557838 | 3317221 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and distribution expenses | (1469357) | (1284107) | (956415) |
| &nbsp;&nbsp;&nbsp;General administrative expenses | (7406651) | (6441948) | (3733930) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | - | (630000) | - |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | (8876008) | (8356055) | (4690345 |
| Loss from operations | (6616458) | (5798217) | (1373124) |
| **Other income (expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 1619461 | 2614863 | 284992 |
| &nbsp;&nbsp;&nbsp;Finance costs | (594902) | (228118) | (14273 |
| &nbsp;&nbsp;&nbsp;**Total other income (expense), net** | 1024559 | 2386745 | 270719 |
| **Loss before income taxes** | (5591899) | (3411472) | (1102405) |
| &nbsp;&nbsp;&nbsp;Income taxes | - | - | - |
| **Net loss from continuing operations, net of tax** | (5591899) | (3411472) | (1102405) |
| **Net loss from discontinued operations, net of tax** | (3101010) | (3363947) | (4060049) |
| **Total net loss** | (8692909) | (6775419) | (5162454) |
| &nbsp;&nbsp;&nbsp;Less: Net loss attributable to non-controlling interests | 158771 | 158748 | 16010 |
| &nbsp;&nbsp;&nbsp;**Net loss attributable to shareholders of Webuy Global Ltd** | $(8534138) | $**(6616671)** | $**(5146444** |
| **Net loss** | $(8692909) | $**(6775419)** | $**(5162454** |
| Foreign currency translation | (350245) | 346426 | (15055 |
| &nbsp;&nbsp;&nbsp;**Comprehensive loss** | (9043154) | (6428993) | (5177509) |
| &nbsp;&nbsp;&nbsp;Less: Comprehensive loss attributable to non-controlling interests | 23 | 176928 | 13552 |
| &nbsp;&nbsp;&nbsp;**Comprehensive loss attributable to shareholders of Webuy Global Ltd** | $**(9043131)** | $**(6252065)** | $**(5163957** |
| &nbsp;&nbsp;&nbsp;**Basic and diluted loss per ordinary share (restated)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss from continuing operations | (3.88) | (6.61) | (2.71) |
| &nbsp;&nbsp;&nbsp;Loss from discontinued operations | (2.15) | (6.52) | (9.98) |
| &nbsp;&nbsp;&nbsp;Net loss | $(6.03) | $(13.13) | $(12.69 |
| Basic and diluted weighted average number of ordinary shares outstanding | 1441370 | 516235 | 406883 |

---

\* On January 15, 2025 and March 21, 2025, the Company effected share consolidations of its ordinary shares on a one-for-forty (1-for-40) and one-for-three (1-for-3) basis, respectively, resulting in a combined one-for-one hundred twenty (1-for-120) share consolidation. Accordingly, all share and per share amounts, including the weighted average number of ordinary shares outstanding and basic and diluted loss per share, have been retrospectively adjusted for all periods presented to reflect these share consolidations.

 

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

 

**WEBUY GLOBAL LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | | | | | |
|  | **Number of<br> Shares\*** | **Amount<br> ($0.0000462 par\*)** |<br>**Additional<br> Paid-in<br> Capital** |<br>**Accumulated<br> Deficit** | **Accumulated**<br>**Other<br> Comprehensive<br> (loss) Income** | **Equity**<br>**(Deficit) to<br> Ordinary<br> Shareholders** |<br>**Non-<br> controlling<br> Interests** |<br>**Total<br> (Equity<br> Deficit)** |
| **Balance as at December 31, 2022** | 400099 | $18 | $15678812 | $(18337830) | $(75641) | $(2734641) | $(41108) | $(2775749) |
| Issuance of ordinary shares for the initial public offering ("IPO") | 36417 | 2 | 13608983 |  |  | 13608985 |  | 13608985 |
| Net loss |  |  |  | (5146444) |  | (5146444) | (16010) | (5162454) |
| Foreign currency translation |  |  |  |  | (17513) | (17513) | 2458 | (15055) |
| **Balance as at December 31, 2023** | 436516 | $20 | $29287795 | $(23484274) | $(93154) | $5710387 | $(54660) | $5655727 |
| Issuance of ordinary shares through Equity Incentive Plan | 14352 | 1 | 299999 |  |  | 300000 |  | 300000 |
| Issuance of ordinary shares through convertible notes conversion | 43416 | 2 | 1299998 |  |  | 1300000 |  | 1300000 |
| Issuance of ordinary shares under a subscription agreement | 229823 | 11 | 5435657 |  |  | 5435668 |  | 5435668 |
| Share-based compensation | 35000 | 1 | 629999 |  |  | 630000 |  | 630000 |
| Net loss |  |  |  | (6616671) |  | (6616671) | (158748) | (6775419) |
| Foreign currency translation |  |  |  |  | 364606 | 364606 | (18180) | 346426 |
| **Balance as at December 31, 2024** | 759107 | 35 | 36953448 | (30100945) | 271452 | 7123990 | (231588) | 6892402 |
| Issuance of shares | 13671 | 1 |  |  |  | 1 |  | 1 |
| Issuance of shares for convertible notes conversion | 286241 | 14 | 678298 |  |  | 678312 |  | 678312 |
| Issuance of shares for conversion of debt to equity | 1377888 | 63 | 4764082 |  |  | 4764145 |  | 4764145 |
| Net loss |  |  |  | (8534138) |  | (8534138) | (158771) | (8692909) |
| Foreign currency translation |  |  |  |  | (508993) | (508993) | 158748 | (350245) |
| **Balance as at December 31, 2025** | 2436907 | 113 | 42395828 | (38635083) | (237541) | 3523317 | (231611) | 3291706 |

---

\* On January 15, 2025 and March 21, 2025, the Company effected share consolidations of its ordinary shares on a one-for-forty (1-for-40) and one-for-three (1-for-3) basis, respectively, resulting in a combined one-for-one hundred twenty (1-for-120) share consolidation. Accordingly, all share and per share amounts, including the number of shares issued and outstanding and movements in shareholders' equity, have been retrospectively adjusted for all periods presented to reflect these share consolidations.

 

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

 

**WEBUY GLOBAL LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in US dollars ("$")**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Cash Flows From Operating Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(8692909) | $(6775419) | $(5162454) |
| &nbsp;&nbsp;&nbsp;*Adjustments to reconcile net loss to net cash used in operating activities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 718051 | 737842 | 591321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of leasehold improvements and equipment and right of use assets | 939166 | 995003 | 742030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of discontinued operations | 78997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit loss on accounts receivable | 1038148 | 128098 | 520555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit loss on note receivable |  | 263992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reversal for expected credit loss on note receivable | (55123) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit loss on prepaid expenses and other assets | 1542600 | 150000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reversal of expected credit losses on prepaid expenses and other assets | (55515) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  | 630000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease costs |  | 148921 | 128266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (1204839) |  |
| &nbsp;&nbsp;&nbsp;*Changes in operating assets and liabilities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 154092 | 615492 | 368954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 2014783 | 5806862 | (8109852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (54825) | (951484) | (4782202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (678818) | (599701) | (295416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1633730) | (4956091) | 5564165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2390454 | 492575 | 823874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (647388) | (2441616) | 2457509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount due from/to related parties | 16552 | (26836) | (7288) |
| &nbsp;&nbsp;&nbsp;**Net Cash used in Operating Activities** | (2925465) | (6987201) | (7160538) |
| **Cash Flows From Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of intangible assets | (549070) | (596469) | (890377) |
| &nbsp;&nbsp;&nbsp;Purchase of leasehold improvements and equipment | (84377) | (347902) | (698282) |
| &nbsp;&nbsp;&nbsp;Purchase of a promissory note |  |  | (3000000) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of assets related to discontinued operations | 429327 |  |  |
| **Net Cash used in Investing Activities** | (204120) | (944371) | (4588659) |
| **Cash Flows From Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of ordinary shares | 2682925 | 5035670 | 15543750 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes |  | 2000000 | 1489200 |
| &nbsp;&nbsp;&nbsp;Proceeds / (Payment) from term loan | (295330) | 521730 |  |
| &nbsp;&nbsp;&nbsp;Repayment of loan payables |  | (1217823) | (1503945) |
| **Net Cash provided by Financing Activities** | 2387595 | 6339577 | 15529005 |
| **Effect of Exchange Rate Changes on Cash** | (350246) | 346426 | 59576 |
| Net changes in cash | (1092236) | (1245569) | 3839384 |
| Cash at beginning of the year | 4148279 | 5393848 | 1554464 |
| Cash at end of the year | $3056043 | $4148279 | $5393848 |
| **Supplemental Disclosure of Cash Flow Information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $129231 | $467633 | $294140 |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes | $— | $— | $— |
| **Supplemental Disclosure of Non-Cash Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Conversion of convertible notes into ordinary shares | $678312 | $1300000 | $— |

---

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

 

**WEBUY GLOBAL LTD AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 (Amounts expressed in US dollars ("$") except for numbers of shares)**

**Note 1. Organization, Description of Business and Going Concern**

**Webuy Global Ltd** ("Webuy") was incorporated on August 29, 2022 in the Cayman Islands as a company limited by shares.

Webuy Global Ltd and subsidiaries ("we", "our", "us" or collectively known as the "Company") is an emerging Southeast Asian ("SEA") community-oriented e-Commerce retailor ("Community E-Commerce Retailor") with a focus on grocery and travel. Community e-commerce is a deepened extension form of e-commerce, where social media users with mutual interest and like-minded behavior are connected, forming a community group within a network through online medium. Our mission is to make social shopping a new lifestyle for consumers and to empower consumers' purchases with an efficient cost-saving purchasing model.

Since May 2022, the Company has successfully expanded into the travel sector by introducing group tours, cruises, and free-and-easy travel packages tailored to post-pandemic demand, leveraging our existing community networks. In December 2024, we launched *Micky1.0*, our proprietary AI-powered travel assistant on WhatsApp, offering real-time multilingual recommendations, quotes, and itinerary planning, further enhancing the digital travel experience. In October 2023, we officially launched our Online-to-Offline ("O2O") business model via a franchise system, combining digital engagement with physical storefronts under the *Juci Jus* and *Buah Kita* brands. These outlets offer fresh juices, fruit coffee, and curated snacks. The Company also introduced premium fruit gift series Golden 1 and the Sing Select gifting line, alongside new verticals such as NMN healthcare products, and an insurance referral program—further reinforcing our transformation into a lifestyle-driven community commerce platform.

**Share Swap Agreement**

On August 29, 2022, the Company closed a share swap agreement (the "Share Swap") between New Retail International Pte Ltd. ("New Retail"), which is a private company with limited liability under Singapore law and its shareholders. Under the Share Swap, the Company acquired 100% of the issued shares of New Retail (being 16,644 shares comprising (a) 8,202 ordinary shares denominated in SGD, (b) 3,440 preference shares denominated in SGD, and (c) 5,002 preference shares denominated in USD in exchange for the allotment and issuance of 16,644 ordinary shares of Webuy. Following the Share Swap, New Retail became a wholly owned subsidiary of the Company and the former shareholders, holders of warrants, convertible notes, and simple agreements for future equity of New Retail held 100% of the equity interests of the Company prior to the Company's planned initial public offering. As a result of the share forward split, the effective number of ordinary shares of Webuy became 43,274,400.

**Reorganization**

The Share Swap between Webuy and New Retail is considered a transaction between entities under common control. Under the guidance in ASC 805, for transactions between entities under common control, the assets, liabilities and results of operations are recognized at their carrying amounts on the date of the Share Swap, which requires retrospective combination of Webuy and New Retail for all periods presented. The consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout all periods presented.

In addition, on May 2, 2023, the Company effected a 1-for-2,600 share forward split. Subsequently, on January 15, 2025 and March 21, 2025, the Company effected a one-for-forty (1-for-40) and a one-for-three (1-for-3) share consolidation, respectively, resulting in a combined one-for-one hundred and twenty (1-for-120) reduction in the number of shares.

Accordingly, all share and per share amounts, including issued and outstanding shares and earnings per share, have been retrospectively adjusted to reflect the effects of the reorganization, the 2023 share forward split and the 2025 share consolidations for all periods presented.

 

*Corporate Structure*

Details of the Company and subsidiaries as of December 31, 2025 are set out below:

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Incorporation Date** | **Percentage <br> of effective <br> ownership** | **Place of <br> Incorporation** | **Fiscal <br> Year** | **Principal <br> Activities** |
| Webuy Global Ltd | August 29, 2022 |  | Cayman Islands | December 31 | Investment holding |
| New Retail International Pte Ltd | November 23, 2018 | 100% | Singapore | December 31 | Community-oriented e-commerce platform |
| PT Webuy Social Indonesia | May 5, 2020 | 95% | Indonesia | December 31 | Community-oriented e-commerce platform |
| The Shopaholic Bear Pte Ltd | April 6, 2021 | 100% | Singapore | December 31 | Community-oriented e-commerce platform |
| Altitude Travel Pte. Ltd. (former name: Bear Bear Pte. Ltd.) | November 2, 2021 | 100% | Singapore | December 31 | Dormant |
| Webuy Travel Pte. Ltd. | November 15, 2022 | 100% | Singapore | December 31 | Sale of packaged-tour |
| PT Webuy Travel Indonesia | October 23, 2023 | 70% | Indonesia | December 31 | Sale of packaged-tour |
| PT Buah Kita Retail | October 23, 2023 | 100% | Indonesia | December 31 | Offline Retail business for "Buah Kita" brand |
| Altitude MICE Pte. Ltd. (former name: Webuy Advisory Pte. Ltd.) | February 2, 2024 | 100% | Singapore | December 31 | Management consultancy services |
| PT Travel With Webuy | September 23, 2024 | 99% | Indonesia | December 31 | Sale of packaged-tour |
| PT Webuy Prime Indonesia | October 16, 2024 | 99% | Indonesia | December 31 | Wholesale fruit trade |

---

*Going concern*

As of December 31, 2025, the Company had incurred a net loss of approximately US$8.69 million, generated negative cash flows from operating activities of approximately US$2.93 million, and had an accumulated deficit of approximately US$38.64 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company's operating losses raise substantial doubt about the Company's ability to continue as a going concern. In assessing the going concern, management and the Board has considered the following:

● In February and March 2026, the Company successfully completed a private investment in public equity (PIPE) financing, raising gross proceeds of approximately US$1.0 million, which has strengthened the Company's short-term liquidity position.

● The Company has also entered into an equity line of credit ("ELOC") arrangement of up to US$20 million over a 36-month period. This facility provides the Company with flexibility to raise additional capital, subject to market conditions and the Company's discretion. As of the date of this report, the facility is in place and available for use, although no assurance can be given as to the timing or amount of future drawdowns.

● The Company has made progress in restructuring certain outstanding receivables and liabilities. Formal repayment agreements have been executed with key counterparties, and initial collections have been received subsequent to year-end. These developments support management's assessment of recoverability and have contributed to improvements in the Company's financial position.

No assurance can be provided that these additional financings will be available on acceptable terms or at all. If management is unable to execute these plans, there would likely be a material adverse effect on the Company's business.

Based on the above considerations, management believes that its plans provide a reasonable basis to alleviate the substantial doubt about the Company's ability to continue as a going concern for a period of at least twelve months from the date of issuance of these consolidated financial statements. Management's conclusion is supported by the Company's recent capital raising activities, available financing arrangements, and progress in improving its working capital position.

While these plans are dependent on factors that are not entirely within the Company's control, management has concluded that substantial doubt has been alleviated. These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

**Note 2. Summary of Signification Accounting Policies**

 

*Basis of presentation and consolidation*

The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

The consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates they were incorporated. All intercompany balances and transactions have been eliminated in consolidation.

 

*Use of estimates*

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant accounting estimates reflected in the Company's consolidated financial statements include but are not limited to estimates and judgments applied in the allowance for receivables, impairment of long-lived assets, and going concern. Actual results could differ from those estimates and judgments.

 

*Discontinued operations*

 

The Company accounts for discontinued operations in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations.

A component of the Company is classified as a discontinued operation when it has been disposed of or is classified as held for sale, and the disposal represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results. A component comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

Results of operations of discontinued operations are reported separately in the consolidated statements of operations for all periods presented, including revenues, cost of revenues, and expenses directly attributable to the discontinued operations. Indirect costs are allocated to discontinued operations only if they are directly attributable to the disposed component.

Cash flows related to discontinued operations are not presented separately in the consolidated statements of cash flows; however, disclosures are provided where required.

Assets and liabilities of a component classified as held for sale are presented separately in the consolidated balance sheets when the held-for-sale criteria are met. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. No assets or liabilities were classified as held for sale in the balance sheet, as the decision to dispose and the completion of the disposal occurred within the same financial year. As a result, the disposal group did not meet the held-for-sale criteria at any reporting date, and the related assets and liabilities were derecognized upon disposal. The results of the disposed component are presented as discontinued operations in the statement of operations.

The Company ceases depreciation and amortization of long-lived assets once they are classified as held for sale.

The Company evaluates each reporting period whether components meet the criteria for classification as discontinued operations and reclassifies prior period financial statements to conform to current presentation, where applicable.

Management applies significant judgment in determining whether a disposal represents a strategic shift with a major effect on the Company's operations and financial results. Certain components, such as the Company's Singapore grocery segment, have been classified as discontinued operations, while other operations that are under evaluation or not yet disposed of continue to be presented within continuing operations.

 

*Cash and cash equivalents*

Cash is carried at cost and represent cash on hand and bank deposits. Cash equivalents consist of funds received from customers, which funds were held at the third-party platform's fund account, and which are unrestricted and immediately available for withdrawal and use.

Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries' government insured limits in Singapore, Indonesia, Malaysia (subsidiary in Malaysia was disposed on July 27, 2022) and China (subsidiary in China was disposed on June 29, 2022) ranging from approximately $123,996 to $56,790,000 per institution. The amount in excess of government insurance as of December 31, 2025 and 2024, was approximately $2,367,372 and $3,734,049 respectively. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

 

 

*Foreign currencies translation and transactions*

The reporting currency of the Company is United States Dollar ("US$") and the accompanying consolidated financial statements have been expressed in "$". In addition, the Company's subsidiaries are operating in Singapore and Indonesia and maintains its books and records in its local currency, Singapore Dollar ("SGD") and Indonesia Rupiah ("IDR"), respectively, which are the functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, "Translation of Financial Statement", using the exchange rate on the balance sheet date. Shareholders' equity is translated using the historical rates. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of changes in shareholders' equity.

 

*Accounts receivable*

Accounts receivable are recorded in accordance with ASC 310, "Receivables." Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the years ended December 31, 2025, 2024 and 2023, the Company recorded a provision for expected credit loss of $1,671,060, $648,653 and $520,555 respectively.

 

*Share-based compensation*

ASC 718 "Compensation — Stock Compensation" prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

Share-based compensation amounted to approximately $nil, $630,000 and $nil million for the years ended December 31, 2025, 2024 and 2023, respectively.

*Inventory*

Inventories which comprise mainly of merchandise products sold through the Company's e-commerce business platform are primarily accounted for using the first-in-first-out ("FIFO") method of accounting. Inventories are measured at the lower of cost and net realizable value. The Company estimates the net realizable value of inventories based on an assessment of expected sales prices. Demand levels and pricing competition could change from time to time. If such factors result in an adverse effect on the Company's products, the Company might be required to reduce the value of its inventories. There is no allowance of obsolete stocks recognized for the financial years ended December 31, 2025, 2024 and 2023.

 

*Intangible assets*

The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis over the estimated periods benefited. Software, technology, and other intangibles with contractual terms are generally amortized over their respective legal or contractual lives. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted.

Intangible assets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows:

---

| | |
|:---|:---|
| **Types of intangible assets** | **The estimated <br> useful lives of <br> the intangible <br> assets** |
| Applications development | 3 years |
| Software | 2 years |

---

 

*Leasehold improvements and equipment, net*

Leasehold improvements and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance and repairs are charged to expense; major additions to physical properties are capitalized.

Depreciation of leasehold improvements is provided using the straight-line method over the shorter of the remaining lease term or their estimated useful lives. Except for leasehold improvements, depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Useful life** |
| Motor vehicles | 5 – 10 years |
| Office equipment | 2 – 8 years |
| Furniture and fittings | 5 years |
| Computer | 3 years |
| Warehouse equipment | 2 years |
| Machinery equipment | 3 years |
| Leasehold improvements | 5 years |

---

 

*Impairment of Intangible and Long-Lived Assets*

The Company tests its intangible and long-lived assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company's expected future cash flows; a sustained, significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company's segments; unanticipated competition; and slower growth rates.

 

The Company conducted an impairment assessment and concluded that the estimated recoverable amounts of its long-lived assets exceeded their carrying values. This conclusion was supported by the positive projected future cash flows and overall asset recoverability at the Group level. As a result, no impairment charge was recognized.

*Leases*

A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company records the lease expenses on a straight-line basis over the lease term.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liabilities — current and operating lease liabilities — non-current on the balance sheets. Finance leases are included in leasehold improvements and equipment, loan payable — current and loan payable — non-current in the balance sheets.

Operating lease right-of-use ("ROU") assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest ("discount rate") in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

 

*Accounts payables and other current liabilities*

Accounts payable and other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

 

 

*Convertible notes payable*

Upon adoption of Accounting Standards Update ("ASU") 2020-06 on January 1, 2022, the elimination of the beneficial conversion feature ("BCF") and cash conversion models in ASC 470-20 that requires separate accounting for embedded conversion features in convertible instruments results in the convertible debt instruments being recorded as a single liability (i.e., there is no separation of the conversion feature, and all proceeds are allocated to the convertible debt instruments as a single unit of account). Unless conversion features are derivatives that must be bifurcated from the host contracts in accordance with ASC 815-15 or, in the case of convertible debt, if the instruments are issued with a substantial premium, in the latter case, ASC 470-20-25-13 requires the substantial premium to be attributable to the conversion feature and recorded in additional paid-in capital (APIC).

The Company accounted for these Notes as a single liability-classified instrument measured at amortized cost due to the adoption of ASU 2020-06. ASC Subtopic 470-20 "Debt — Debt with Conversion and Other Options" and ASC subtopic 815-40 "Hedging — Contracts in Entity's Own Equity". The Company has presented these Notes in current liabilities in the accompanying balance sheets. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares (Note 12).

 

*SAFE Notes Payable*

The Company evaluates the Simple Agreement for Future Equity ("SAFE") notes in accordance with ASC 480-10 and determined that the SAFEs represented an obligation that the Company must settle by issuing a variable number of its equity shares, the monetary value of which is known when entering into the SAFE. This provision requires the SAFE notes to be classified as marked-to-market liabilities. The SAFE notes are recorded as a liability at their estimated fair value.

*Fair value measurements*

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows:

● Level 1 — Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;

● Level 2 — Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and

● Level 3 — Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

As of December 31, 2025 and 2024, the carrying values of the Company's financial instruments, including cash, accounts receivable and other assets, accounts payable and other current liabilities and loan payables, approximate their fair values due to the short-term nature of these instruments.

 

*Revenue recognition*

We adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, we apply five-step model to recognize revenue from customer contracts. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation.

(a) Continuing operations – Packaged-tour revenues and product revenues

— Performance obligations satisfied at a point in time

Following the disposal of the Company's Singapore grocery business in 2025, the Company's continuing operations primarily relate to packaged-tour services, as well as product revenues from certain ongoing grocery operations in Indonesia.

For packaged tours, the Company recognizes revenue when control of the promised services is transferred to customers, which generally occurs at the point in time when the tour departs. The Company considers the bundled travel services, including transportation, accommodation and itinerary arrangements, as a single performance obligation, as these services are highly interdependent and integrated.

Revenues are measured based on the consideration that the Company expects to receive, net of discounts and incentives. Payments are generally received in advance of tour departure and are recorded as contract liabilities (deferred revenue) until the performance obligation is satisfied.

For product revenues from ongoing grocery operations, the Company recognizes revenue at a point in time when control of goods is transferred to customers, which generally occurs upon delivery.

Amounts collected on behalf of third parties, such as certain taxes or pass-through costs, are excluded from revenue.

(b) Discontinued operations – Product revenues (Singapore grocery business)

— Performance obligations satisfied at a point in time

Prior to the disposal of the Company's Singapore grocery business in 2025, the Company generated product revenues from the sale of goods through its mobile application.

The Company accounted for such revenues on a gross basis, as it acted as a principal in these transactions, having control over the goods before transfer to customers and being primarily responsible for fulfilling the promise to provide the specified goods. The Company also considered indicators such as inventory risk, pricing discretion, and primary responsibility in accordance with ASC 606-10-55-36 through 40.

Revenue was recognized at a point in time when control of the goods was transferred to the customer, which generally occurred upon delivery.

Revenues were measured as the amount of consideration expected to be received, net of sales returns and discounts, and excluded amounts collected on behalf of third parties, including sales taxes and indirect taxes.

Customer "Assets" (E-wallet balances)

Under the grocery business model, customers could fund their accounts through the Company's mobile application ("Assets"), which could be used to offset future purchases. "Assets" arose from (i) customer top-ups, (ii) refunds from cancellations or returns, and (iii) commissions payable to group leaders.

Such balances were initially recorded as advances from customers (contract liabilities), as no underlying sales contract existed at the time of funding.

When customers placed purchase orders, the related balances were reclassified to deferred revenue, representing the Company's obligation to deliver goods. Deferred revenue was recognized as revenue upon delivery of the goods.

Deferred revenue recognition

The revenue deferred from the previous year and recognized in the current year amounted to $2,171,007, $1,859,990 and $1,007,494 for the years ended December 31, 2025, 2024 and 2023, respectively.

<u>Packaged-tour revenue</u>

— Performance obligations satisfied at a point in time

Within each contract, the Company identify whether it is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the customer, and is primarily responsible for integrating the services into the final deliverables, the Company acts as principal. The Company's revenue on the sale of packaged-tour is reported as a gross basis, that is, the amounts billed to the customer are recorded as revenues, and amounts paid to travel supplier (such as airlines, hotels, travel buses, etc.) are recorded as cost of revenues. The Company is principal in accordance with ASC paragraphs 606-10-55-36 through 55-40 because the Company controls the packaged-tour including the underlying travel services before the services are transferred to the customer. The control is evidenced by the Company being primarily responsible to its customer and is having a level of discretion in establishing pricing.

The Company operates as a single operating segment including product revenue from the sale of goods, which represent 76% of the Company's revenues, and sale of packaged tour, which represent 24% of the Company's revenues. Due to the integrated structure of the Company's business, the sale of goods revenue and sale of packaged tour revenue are combined with each other. The Company's chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company's primary operations are in Singapore and Indonesia, and it has derived substantially all of its revenue from sales to customers in these jurisdictions.

In accordance with ASC 606-10-50-5 and ASC 280-10-50-40, the Company disaggregates revenue from contracts with customers by product and service type.

During the year ended December 31, 2025, the Company disposed of its grocery-related business, which included food and beverage, fresh produce, and lifestyle and other personal care items. These operations are presented as discontinued operations in accordance with ASC 205-20.

Accordingly, revenue disaggregation below distinguishes between continuing and discontinued operations for all periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| <br>**Product/Service Type** | **2025** | **Percentage <br> of Revenue** | **2024** | **Percentage <br> of Revenue** | **2023** | **Percentage <br> of Revenue** |
| **Discontinued operations** |  |  |  |  |  |  |
| Food and beverage | $1170458 | 52% | $3782036 | 51% | $3479998 | 32% |
| Fresh produce | 1050384 | 46% | 3625667 | 49% | 5436310 | 50% |
| Lifestyle and other personal care items | 48488 | 2% | 26320 | —% | 1932630 | 18% |
| Total | 2269330 | 100% | 7434023 | 100% | 10848938 | 100% |
| **Continuing operations** |  |  |  |  |  |  |
| Food and beverage |  | —% | 27751764 | 55% | 22236685 | 44% |
| Fresh produce | 440295 | 2% | 8323343 | 16% | 13939462 | 27% |
| Packaged-tour | 18393804 | 98% | 14789379 | 29% | 14661085 | 29% |
| Others |  | —% | 5326 | —% |  | —% |
| Total | $18834099 | 100% | $50869812 | 100% | $50837232 | 100% |

---

Revenues classified by the geographic areas in which the customers were located was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| <br>**Product/Service Type** | **2025** | **Percentage <br> of Total <br> Revenue** | **2024** | **Percentage <br> of Total <br> Revenue** | **2023** | **Percentage <br> of Total <br> Revenue** |
| **Discontinued operations** |  |  |  |  |  |  |
| Singapore | $2269330 | 100% | $7434023 | 100% | $10848938 | 100% |
| Total | $2269330 | 100% | $7434023 | 100% | $10848938 | 100% |
| **Continuing operations** |  |  |  |  |  |  |
| Singapore | $13177337 | 70% | $13382108 | 26% | $14405196 | 28% |
| Indonesia | 5656762 | 30% | 37487704 | 74% | 36432036 | 72% |
| Total | $18834099 | 100% | $50869812 | 100% | $50837232 | 100% |

---

During the years ended December 31, 2025, 2024 and 2023, all revenues were generated from third parties.

 

*Cost of revenue*

Costs are recognized when incurred. Cost of revenue consists of direct labor, materials, freight charges and other direct costs.

 

*Net Loss Per Share*

Basic earnings per share ("EPS") is computed based on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during the period using the treasury stock method and as if converted method. Dilutive potential ordinary shares include outstanding restricted stock units.

For the years ended December 31, 2025, 2024 and 2023, respectively, the restricted stock units were excluded from the computation of diluted net loss per share as the result was anti-dilutive.

*Income Taxes*

The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The Company conducts its businesses in Singapore and Indonesia, and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file separate tax returns in those countries that are subject to examination by the foreign tax authorities.

 

*Related Parties*

The Company follows ASC 850, *"Related Party Disclosures,"* for the identification of related parties and disclosure of related party transactions and balances.

 

*Recent Accounting Pronouncements*

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments clarify that a contractual restriction on the sale of an equity security is not part of the unit of account of the equity security and therefore should not be considered in measuring fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. As an emerging growth company that has elected to use the extended transition period for complying with new or revised accounting standards, the Company adopted this standard for the year ended December 31, 2025. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

In March 2023, the FASB issued ASU 2023-03, which amends various SEC paragraphs in the Accounting Standards Codification in response to SEC Staff Accounting Bulletin No. 120 and other SEC staff announcements and guidance. Because this ASU does not provide new accounting guidance, its adoption did not have a material impact on the Company's consolidated financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments require enhanced disclosures about significant segment expenses, the Chief Operating Decision Maker ("CODM"), and how the CODM uses reported measures of segment profit or loss to assess performance and allocate resources. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this guidance, and the adoption did not have a material impact on the Company's consolidated financial statements other than additional disclosure requirements, if applicable.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require enhanced annual disclosures, including more disaggregated information in the effective tax rate reconciliation and additional information about income taxes paid. The amendments are effective for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statement disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments are intended to improve clarity and operability in determining whether profits interest awards and similar awards should be accounted for under Topic 718. The amendments are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. The amendments remove references to various FASB Concepts Statements from the Codification. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

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. The amendments require additional disclosures about specific natural expense categories included in the income statement captions presented by an entity. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The amendments clarify the accounting for certain settlements of convertible debt instruments that occur pursuant to an induced conversion offer. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments improve the requirements for identifying the accounting acquirer in the acquisition of a variable interest entity that meets the definition of a business. The amendments are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments address the application of Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The amendments refine the derivatives scope guidance and clarify the accounting for share-based noncash consideration received from a customer in a revenue contract. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

Except as described above, the Company does not believe that any other recently issued accounting standards, if currently adopted, would have a material effect on its consolidated financial position, results of operations, cash flows, or related disclosures.

**Note 3. Accounts receivable**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Trade receivables | $2761842 | $4796638 |
| Allowance for expected credit losses | (1671060) | (648653) |
| Exchange rate difference | 33965 | 29693 |
|  | $1124747 | $4177678 |

---

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| <br>**Allowance for expected credit losses** | **2025** | **2024** |
| Beginning | $648653 | $520555 |
| Provision for expected credit losses | 1038148 | 128098 |
| Exchange rate difference | (15741) | - |
| Ending | $1671060 | $648653 |

---

**Note 4. Prepaid expenses and other assets**

At December 31, 2025 and 2024, prepayment and other current assets consisted of the following:-

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Prepayment | 1628234 | $2011079 |
| Advance to suppliers | 3356379 | 2881581 |
| Deposits | 1265338 | 1159683 |
| Other receivables | 770348 | 929530 |
| Less: Allowance for expected credit losses | (1619003) | (150000) |
| Exchange rate difference | - | 1684 |
|  | $5401296 | $6833557 |

---

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| <br>**Allowance for expected credit losses** | **2025** | **2024** |
| Beginning | $150000 | $- |
| Provision for expected credit losses | 1542600 | 150000 |
| Reversal of expected credit losses | (55515) | - |
| Exchange rate difference | (18082) | - |
| Ending | $1619003 | $150000 |

---

The prepayment includes payments of IT services, insurance premiums, rental expenses, travel package costs and professional fees. The deposits are mainly related to equipment, office and warehouse refundable security deposit and payment service provider rolling reserves. The other receivables are mainly related to advance to employees and non-trade receivables due from third parties.

**Note 5. Note receivable**

On January 5, 2024, a third party issued a promissory note to the Company, pursuant to which the Company lent a principal amount of $2,500,000. The note bears interest at a fixed rate of 3.0% per month, with interest and principal payable on the maturity date, which is three business days after delivery of a redemption notice by the issuer.

As of December 31, 2025, the Company evaluated the recoverability of the note receivable in accordance with its expected credit loss assessment policy under ASC 326 and recognized an allowance for expected credit losses based on management's assessment of the counterparty's creditworthiness, historical repayment behavior, and forward-looking information.

During the year ended December 31, 2025, the Company recorded a reversal of expected credit losses of $55,123, resulting in an allowance balance of $208,869 as of December 31, 2025, compared to $263,992 as of January 1, 2025. The reversal was primarily attributable to an updated assessment of the counterparty's financial condition and repayment capacity, as well as subsequent developments indicating an improvement in the expected recoverability of the outstanding balance.

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| <br>**Allowance for expected credit losses** | **2025** | **2024** |
| Beginning | $263992 | $- |
| Provision for expected credit losses | - | 263992 |
| Reversal of expected credit losses | (55123) | - |
| Exchange rate difference |  | - |
| Ending | $208869 | $263992 |

---

**Note 6. Leasehold improvements and Equipment**

At December 31, 2025 and 2024, leasehold improvements and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Motor vehicles | $97488 | $339712 |
| Office equipment | 117977 | 86746 |
| Furniture and fittings | 51478 | 46882 |
| Warehouse equipment | 108984 | 108661 |
| Machinery equipment | 96520 | 67269 |
| Leasehold improvements | 280887 | 668524 |
|  | 753334 | 1317794 |
| Accumulated depreciation | (466270) | (587147) |
| Leasehold improvements and equipment, net of accumulated depreciation | $287064 | $730647 |

---

The Company conducted an impairment assessment and concluded that the estimated recoverable amounts of its long-lived assets exceeded their carrying values. This conclusion was supported by the positive projected future cash flows and overall asset recoverability at the Group level. As a result, no impairment charge was recognized.

Depreciation expense of leasehold improvements and equipment for the years ended December 31, 2025, 2024, and 2023 was $247,447, $513,794 and $742,030, respectively, which were recognized under General administrative expenses.

During the years ended December 31, 2025, 2024 and 2023, the Company purchased assets of $84,377, $347,902 and $698,282, respectively.

The motor vehicles with a net carrying amount of $10,720, $171,221 and $281,875 are held under finance lease arrangements for the years ended December 31, 2025, 2024 and 2023, respectively.

**Note 7. Right of use assets and operating lease liability**

 

*Operating lease*

The Company has entered into commercial operating leases for the use of offices and warehouses as lessee. These leases have varying terms, escalation clauses and renewal rights. On February 28, 2023, the Company entered into a new lease agreement for a lease term of five years for a four-story office and warehouse facility in Singapore. The Company is committed to pay a total rental fee of approximately $3.9 million for the full lease term.

The Company has entered into a lease agreement on May 10, 2024 for an office unit located at 101 Upper Cross Street, People's Park Centre, #02-27, Singapore 058357, with a total lease commitment of approximately $98,789 for the full lease term.

Information pertaining to lease amounts recognized in our consolidated financial statements is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Leasehold buildings | $4014297 | $3611792 |
| Accumulated amortization | (2512571) | (1671677) |
| ROU assets, net of accumulated amortization | $1501726 | $1940115 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Operating lease cost: |  |  |  |
| Operating lease costs | $827349 | $148921 | $114694 |
| Short-term lease costs | 576841 | 497785 | 246489 |
|  | $1404190 | $646706 | $361183 |
| Supplemental cash flow information: |  |  |  |
| Operating cash flows from operating leases | $678818 | $599701 | $295416 |
| Right-of-use obtained in exchange for new operating lease liabilities | - | 91718 | 3045610 |
| Weighted-average remaining lease term (years): |  |  |  |
| Operating leases | 2.17 | 3.12 | 5.04 |

---

As of December 31, 2025 and 2024, the weighted-average discount rate for operating leases was 6.0% and 6.0%, respectively.

---

| | |
|:---|:---|
|  | **Operating <br> leases** |
| Years Ended December 31, |  |
| 2026 | $846794 |
| 2027 | 799918 |
| 2028 | 223026 |
| 2029 | - |
| Total operating lease payment | 1869738 |
| Less: Imputed interest | (111697) |
| Present value of operating lease liabilities | 1758041 |
| Operating lease liabilities – current | $768538 |
| Operating lease liabilities – non-current | $989503 |

---

**Note 8. Intangible assets**

At December 31, 2025 and 2024, intangible assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Software | $82430 | $77594 |
| Application development | 1352182 | 2792117 |
|  | 1434612 | 2869711 |
| Accumulated amortization | (721597) | (1759904) |
| Intangible assets, net of accumulated amortization | $713015 | $1109807 |

---

Based on the carrying value of definite-lived intangible assets as of December 31, 2025, the Company estimates its amortization expense for following years will be as follows:

---

| | |
|:---|:---|
|  | **Amortization <br> expense** |
| Years Ended December 31, |  |
| 2026 | $383989 |
| 2027 | 242840 |
| 2028 | 86186 |
| Total amortization expense | $713015 |

---

Amortization expense of intangible assets for the years ended December 31, 2025, 2024 and 2023 was $718,051, $737,842 and $591,321, respectively, which were recognized under General administrative expenses.

During the years ended December 31, 2025, 2024 and 2023, the Company acquired intangible assets of $549,070, $596,469 and $890,377, respectively.

The Company conducted an impairment assessment and concluded that the estimated recoverable amounts of its long-lived assets exceeded their carrying values. This conclusion was supported by the positive projected future cash flows and overall asset recoverability at the Group level. As a result, no impairment charge was recognized.

**Note 9. Other current liabilities**

At December 31, 2025 and 2024, other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Accrued expenses | $636194 | $793873 |
| Advance from customers | 174822 | 147849 |
| Other payables | 2210718 | 2727401 |
|  | $3021734 | $3669123 |

---

Accrued expenses mainly relate to staff-related expenses and audit fee as of December 31, 2025 and 2024, respectively.

Advance payments from customers primarily refer to the prepayment made by customers for goods before their delivery. This arrangement involves customers paying upfront, ensuring a commitment to the purchase prior to receiving the products.

Other payables mainly include outstanding amounts owed to various non-trade vendors, storage deposit receivable from customers and value added tax ("VAT") payables as of December 31, 2025 and 2024, respectively.

**Note 10. Loans payable**

At December 31, 2025 and 2024, loans payable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Hire purchases – Motor Vehicle | $— | $166438 |
| Short-term loan | 102149 | 231042 |
|  | 102149 | 397480 |
| Less current portion | (102149) | (264177) |
| Long-term loans payable | $— | $133303 |

---

On August 27, 2020, the Company acquired a motor vehicle pursuant to a hire purchase financing arrangement.

The Company has booked interest expense on the loans of nil, $215,003 and $241,890 for the years ended December 31, 2025, 2024 and 2023, respectively.

During the years ended December 31, 2025 and 2024, the Company disposed of vehicles that were previously acquired under hire purchase (finance lease) arrangements. The vehicles, which had an original cost of $267,189 and $77,444, had accumulated depreciation of $122,205 and $32,794, respectively, at the dates of disposal.

In connection with the disposal, the related lease liability of $151,249 and $34,038 was fully settled, the vehicles were sold to a third party for gross proceeds of $159,956 and $42,970, the net book value of the asset at the date of disposal was $144,894 and $44,650, resulting in a loss on disposal of $15,062 and $1,680 during the year ended December 31, 2025 and 2024, respectively.

The loss on disposal was included in "Loss on disposal of discontinued operations" in the consolidated statements of operations.

For cash flow presentation purposes, the gross proceeds from the disposal were presented as cash inflows from investing activities in the consolidated statements of cash flows. The settlement of the related lease liability was treated as a non-cash transaction, where the proceeds were effectively used to offset the outstanding hire purchase or lease balance, and therefore did not result in a separate financing cash outflow.

On December 12, 2022, the Company entered into a loan agreement ("Short-term loan") with a third party whereby the Company borrowed $0.2 million with the sole purpose to make payment to the Company's suppliers in the People's Republic of China ("PRC"). The loan is unsecured and bears an 0% interest rate. The loan is due in three months from the payment made by the lender on behalf to the Company's supplier date. On March 13, 2023, the loan was extended to May 30, 2023 with the same terms and conditions. On October 2, 2023, the loan was extended to December 31, 2023 with the same terms and conditions. On March 8, 2024, the loan was further extended to May 31, 2024 with the same terms and conditions. On December 31, 2025, the loan was further extended to November 30, 2026 with the same terms and conditions.

**Hire Purchases**

As of December 31, 2025, the Company had fully settled all outstanding hire purchase arrangements and no hire purchase liabilities remained. Accordingly, there were no future minimum lease payments under hire purchases as of that date.

As of December 31, 2024, future minimum lease payments under hire purchases that have initial non-cancellable lease terms in excess of one year were as follows:

---

| | |
|:---|:---|
|  | **Finance<br> leases** |
| Year Ended December 31, |  |
| 2025 | $40718 |
| 2026 | 40718 |
| 2027 | 40718 |
| 2028 | 40718 |
| Thereafter | 23752 |
|  | 186624 |
| Less: Imputed interest | (20186) |
| Hire purchases liabilities | 166438 |
| Hire purchases liabilities – current | $33135 |
| Hire purchases liabilities – non-current | $133303 |

---

**Note 11. Related Party Transactions**

<u>Amount due from related parties</u>

As of December 31, 2025 and 2024, the Company recorded amount due from GBuy Global Pte Ltd, a shareholder of the Company of $18,337 and $26,860, respectively, which represents expenses paid on behalf for a related party. The amounts are unsecured, non-interest bearing and due on demand.

As of December 31, 2025 and 2024, the Company recorded amount due from Webuy Talent Ltd ("Webuy Talent") of $15,645 and $10,696, respectively. Mr. Bin Xue, Chief Executive Officer and Chairman of the Board of Director of the Company is also the director of Webuy Talent. The balance represents expenses paid on behalf for a related party. The amounts are unsecured, non-interest bearing and due on demand.

<u>Amount due to a related party</u>

The transactions amount due to a related party are as of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Beginning of the years January 1 | $24842 | $25929 | $25336 |
| Exchange difference | 1549 | (1087) | 593 |
| Years ended December 31 | $26391 | $24842 | $25929 |

---

As of December 31, 2025 and 2024, the Company recorded amount due to Mr. Bin Xue, Chief Executive Officer and Chairman of the Board of Director of the Company of $26,391 and $24,842. The balance represents business advances from a related party. The amounts are unsecured, non-interest bearing and due on demand.

**Note 12. Convertible Notes Payables**

During the year ended December 31, 2023, the Company issued a series of Convertible Loan Notes ("Notes") in an aggregate principal amount of $1,489,200 to various individual investors with identical terms. None of the Notes were converted into ordinary shares of the Company.

Pursuant to the terms of the Note agreements, these Notes will mature in 12 to 18 months from the respective funding dates and bear interest at a rate of 10% per annum, to be accrued and payable at maturity. The Company is obligated to redeem the Notes in cash at the principal amount together with all accrued interest in the absence of a public listing or conversion into shares.

On October 19, 2023, the Note holders entered into lock-up agreements to agree that their Notes would be converted after 180 days from the closing of the Company's initial public offering (the "Lock-Up Period"), with an anticipated conversion date of April 17, 2024. On November 27, 2023, the Note holders entered into a subsequent agreement with the Company to waive the conversion rights, and the Notes were modified to require full cash settlement with interest at 10% per annum. Settlement was to occur (a) six (6) months from October 19, 2023, and (b) in such manner as agreed between the parties on or prior to the settlement date.

On June 13, 2024, the Company issued a convertible note with a principal amount of $2,400,000 in exchange for cash proceeds of $2,000,000.

On July 11, 2024, a portion of the note with a principal amount of $900,000 was converted into ordinary shares.

During the year ended December 31, 2025, the Company reduced the outstanding balance of the convertible note through (i) cash repayment of $300,000 and (ii) conversion of a principal amount of $554,250 into ordinary shares. The remaining outstanding balance of $645,750 was fully repaid on June 3, 2025.

As of December 31, 2025 and 2024, the carrying amount of convertible notes payable was $529,768 and $1,525,220, respectively.

During the years ended December 31, 2025 and 2024, convertible notes with principal amounts of approximately $554,250 and $900,000, respectively, were converted into ordinary shares.

The corresponding carrying amounts of the convertible notes at the dates of conversion were approximately $678,312 and $1,300,000, respectively. These non-cash conversions are presented in the supplemental disclosure of non-cash financing activities in the consolidated statements of cash flows.

The difference between the principal amounts and the carrying amounts is primarily attributable to the amortization of debt discount and accrued interest recognized prior to conversion. These amounts are consistent with the movements presented in the consolidated statements of changes in shareholders' equity.

**Note 13. Equity**

**Capital Structure** 

As of December 31, 2025, the Company's authorized share capital was US$100,100 divided into 2,166,666,666 ordinary shares, comprising 2,166,250,000 Class A ordinary shares and 416,666 Class B ordinary shares, each with a par value of US$0.0000462 per share.

**Share Split and Share Consolidation** 

On May 2, 2023, the Company's shareholders approved a 1-for-2,600 share forward split of the Company's authorized and issued ordinary shares, whereby each issued share was subdivided into 2,600 shares. In connection with the share forward split, the par value of each ordinary share was reduced from $0.001 to $0.000000385. The shareholders also approved an increase in the Company's authorized ordinary shares from 100,000,000 to 260,000,000,000.

On January 15, 2025 and March 21, 2025, the Company effected share consolidations of its issued and unissued ordinary shares on a one-for-forty (1-for-40) and one-for-three (1-for-3) basis, respectively, resulting in a combined one-for-one hundred twenty (1-for-120) share consolidation. Following these consolidations, the Company's authorized share capital was adjusted to US$100,100 divided into 2,166,666,666 ordinary shares, comprising 2,166,250,000 Class A ordinary shares and 416,666 Class B ordinary shares, each with a par value of US$0.0000462 per share.

All share and per share amounts presented in these consolidated financial statements, including the number of authorized shares, issued and outstanding shares, and earnings per share, have been retrospectively adjusted for all periods presented to reflect the effects of the 2023 share forward split and the 2025 share consolidations, unless otherwise stated.

**Issuance of Ordinary Shares**

The Company's ordinary shares were issued during the periods presented primarily in connection with its initial public offering, equity financing activities, share-based compensation arrangements, and settlement or conversion of liabilities into equity.

In 2023, the Company completed its initial public offering ("IPO") on the Nasdaq Capital Market. The Company issued ordinary shares at a public offering price of $4.00 per share, generating gross proceeds of approximately $15.2 million, before deducting underwriting discounts and offering expenses. The shares commenced trading on October 19, 2023 under the symbol "WBUY."

In connection with the IPO, the underwriters exercised the over-allotment option in full, resulting in the issuance of additional ordinary shares. In aggregate, a total of 36,417 ordinary shares were issued in connection with the IPO, including the full exercise of the over-allotment option, presented on a post-share split and share consolidation basis. All share numbers presented in these financial statements have been retrospectively adjusted to reflect the impact of share splits and share consolidations.

In 2024, the Company issued ordinary shares through a combination of equity financing arrangements and share-based compensation, including issuances pursuant to subscription agreements, financing arrangements and equity incentive grants.

During the year ended December 31, 2024, the Company issued ordinary shares through various equity transactions, including (i) the issuance of 14,352 ordinary shares to employees under its Equity Incentive Plan, (ii) the issuance of 43,416 ordinary shares upon conversion of convertible notes, whereby the carrying value of the related liabilities was derecognized and reclassified to equity with no gain or loss recognized upon conversion, and (iii) the issuance of an aggregate of 229,823 ordinary shares to investors pursuant to subscription agreements, with proceeds recorded in equity and the excess over par value recognized in additional paid-in capital.

In addition, the Company recognized share-based compensation expense of approximately $630,000 in connection with the issuance of 35,000 Class A ordinary shares, with a corresponding increase in additional paid-in capital.

The cash proceeds from issuance of ordinary shares for the years ended December 31, 2025, 2024 and 2023 were approximately $2,682,925, $5,035,670 and $15,543,750, respectively, as presented in the consolidated statements of cash flows.

During the year ended December 31, 2025, the Company issued ordinary shares through multiple financing and settlement transactions, including (i) the issuance of 13,671 ordinary shares to Orca Capital on January 3, 2025 pursuant to a registered direct offering under an effective registration statement on Form F-3, (ii) the issuance of an aggregate of 286,241 ordinary shares upon conversion of convertible loans in accordance with the contractual terms of the respective agreements, resulting in the derecognition of the related liabilities and reclassification of the carrying amounts to equity, comprising share capital and additional paid-in capital, with no gain or loss recognized upon conversion, and (iii) the issuance of 1,377,888 ordinary shares to certain creditors in settlement of outstanding liabilities, whereby the corresponding liabilities were fully extinguished upon issuance, with the excess over par value recorded in additional paid-in capital.

All issuances of ordinary shares described above are consistent with the movements presented in the consolidated statements of changes in shareholders' equity.

**Issued and Outstanding Shares**

Consolidated Balance Sheets as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Equity** |
| **(Deficit) Equity** | |
| Number of ordinary shares – authorized | 2166666666 |
| Number of ordinary shares – issued and outstanding | 2436907 |
| Par value | $0.0000462 |

---

Consolidated Balance Sheets as of December 31, 2024:

---

| | |
|:---|:---|
|  | **Equity** |
| **(Deficit) Equity** | |
| Number of ordinary shares – authorized | 2166666666 |
| Number of ordinary shares – issued and outstanding | 759107 |
| Par value | $0.0000462 |

---

Consolidated Balance Sheets as of December 31, 2023:

---

| | |
|:---|:---|
|  | **Equity** |
| **(Deficit) Equity** | |
| Number of ordinary shares – authorized | 2166666666 |
| Number of ordinary shares – issued and outstanding | 400099 |
| Par value | $0.0000462 |

---

**Additional Paid-in Capital**

The Company recognized additional paid-in capital of approximately $13.6 million in connection with its initial public offering, representing gross proceeds of approximately $15.2 million, net of underwriting discounts and offering-related expenses.

Additional paid-in capital also increased during the periods presented as a result of equity issuances under subscription agreements, conversion of liabilities into equity, and share-based compensation arrangements.

**Other Matters**

All share numbers disclosed in these financial statements have been retrospectively adjusted to reflect the impact of all share splits and share consolidations, as if such transactions had occurred at the beginning of the earliest period presented.

Accordingly, the detailed numerical reconciliation of share movements should be read in conjunction with the consolidated statements of changes in shareholders' equity.

**Restricted Share Units**

On January 1, 2021, the Company granted 1,642 restricted share units amounting to $3,240,344, with a vesting period of twenty (20) months effective from the grant date, subject to forfeiture and restrictions which limited the sale or transfer of the shares during the restriction period. The fair value of the restricted share units was estimated on the grant date based on the Company's most recent observable price of cash transactions with unrelated parties for issuance of its equity securities in September 2020. On August 2, 2024, the Company issued 1,722,159 restricted shares to an investor as part of a financing agreement. The shares had a fair value of approximately $300,000 and were fully vested on the grant date. Although vested, the shares are subject to transfer restrictions. The value of the shares was recorded as a deferred financing cost and will be amortized over 24 months. During the years ended December 31, 2025, 2024 and 2023, the Company recorded share-based compensation of $nil, $630,000 and $nil in its consolidated statements of operations and comprehensive loss. On August 29, 2022, the Company issued 1,642 ordinary shares at the end of the vesting period. As a result of the share forward split, the restricted share unit granted and ordinary shares issued became 4,269,200.

**Note 14. Discontinued Operations**

(a) Background and Nature of Discontinued Operations

During the year ended December 31, 2025, the Company completed a strategic shift in its business focus by exiting its grocery segment in Singapore (the "SG Grocery Business") and reallocating resources toward its higher-margin travel and related services business.

The SG Grocery Business historically comprised the sale and distribution of consumer goods through online and offline channels, including warehousing, logistics and last-mile delivery operations.

Management determined that the disposal of the SG Grocery Business represents a strategic shift that has a major effect on the Company's operations and financial results. Accordingly, the results of this component have been presented as discontinued operations in accordance with ASC 205-20.

(b) Date and Manner of Disposal

The Company completed the disposal of the SG Grocery Business during the year ended December 31, 2025 through the sale of its Singapore grocery-related operations and associated assets to a third party.

Following the disposal:

- the Company has ceased all grocery operations in Singapore;

- the Company does not retain any significant continuing involvement in the disposed business; and

- the Company does not have significant continuing cash flows from the disposed component.

Accordingly, the disposal qualifies for discontinued operations presentation under US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Results of Discontinued Operations

The results of the SG Grocery Business have been reclassified and presented as discontinued operations in the consolidated statements of operations for all periods presented.

Costs directly attributable to the discontinued operations have been fully allocated. For shared costs, including general and administrative expenses, allocations have been made based on the nature of the expenses, including employee function, asset utilization, and operational relevance.

In addition, the Company recorded expected credit loss allowances relating primarily to trade receivables and advances to suppliers associated with the wind-down of the grocery operations, reflecting aging balances and uncertainties in recoverability.

During the year ended December 31, 2025, the Company recognized a loss on disposal of discontinued operations of approximately $78,997. This amount is included within loss from discontinued operations in the consolidated statements of operations and is presented as an adjustment to reconcile net loss to net cash used in operating activities in the consolidated statements of cash flows.

(d) Cash Flow Impact of Disposal

During the year ended December 31, 2025, the Company received proceeds of approximately $429,327 from the disposal of assets related to the discontinued grocery operations. Such proceeds have been presented as cash flows from investing activities in the consolidated statements of cash flows.

(e) Reassessment of Disposal Disclosures

Management has reassessed the level of detail presented in prior disclosures relating to disposals.

In accordance with US GAAP and based on materiality considerations, detailed disclosures of disposals have been limited to those that:

- relate to components classified as discontinued operations; or

- have a continuing impact on the Company's financial position, results of operations or cash flows.

Disposals that do not have a continuing financial impact on the periods presented have been streamlined or omitted to improve clarity and relevance of the financial statements.

(f) Continuing Operations

The Company's remaining businesses, including travel services, MICE and advisory services, and platform-based operations, are presented as continuing operations.

The Company's grocery operations in Indonesia have not been classified as discontinued operations, as management has not committed to a disposal plan and continues to evaluate strategic alternatives, including potential sale, restructuring, or restart of operations. Accordingly, these operations do not meet the criteria for classification as discontinued operations under ASC 205-20.

(g) Financial Information of Discontinued Operations

The following table sets forth certain discontinued operational data for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Revenues | $2269330 | $7434023 | $10848938 |
| Cost of revenues | (2027538) | (5725852) | (9023652) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 241792 | 1708171 | 1825286 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and distribution expenses | (524957) | (1311713) | (1606565) |
| &nbsp;&nbsp;&nbsp;General administrative expenses | (2697067) | (3389724) | (3998903) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | - | - | - |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | (3222024) | (4701437) | (5605468) |
| Loss from operations | (2980232) | (2993266) | (3780182) |
| **Other income (expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | - | - | - |
| &nbsp;&nbsp;&nbsp;Finance costs | (120778) | (370681) | (279867) |
| &nbsp;&nbsp;&nbsp;**Total other income (expense), net** | (120778) | (370681) | (279867) |
| **Loss before income taxes** | (3101010) | (3363947) | (4060049) |
| &nbsp;&nbsp;&nbsp;Income taxes | - | - |  |
| **Net loss from discontinued operations, net of tax** | (3101010) | (3363947) | (4060049) |

---

**Note 15. Income tax**

Income tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive loss.

 

*Enterprise income tax*

**Cayman Islands**

The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.

**Singapore**

Subsidiaries incorporated in Singapore are subject to the Singapore Corporate Tax rate of 17% for the years ended December 31, 2025, 2024 and 2023.

**Indonesia**

Domestic statutory corporate income tax rate in Indonesia is 22% for the years ended December 31, 2025, 2024 and 2023. However, public companies that meet certain conditions are eligible for a reduced rate of 19%.

Current taxes are the expected tax receivable or payable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax receivable or payable in respect of previous years. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred taxes are not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Company's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company's ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law.

Below is a reconciliation of the statutory tax rate to the effective tax rate after the adoption of ASU 2023-09:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **Effective Tax<br> rate** | **2024** | **Effective Tax<br> rate** | **2023** | **Effective Tax<br> rate** |
| Net loss before income taxes | $(8692909) |  | $(6775419) |  | $(5162454) |  |
| Income tax expenses attributable to net income at Singapore statutory rate of 17% (\*) | (1477795) | (17.0)% | (1151821) | (17.0)% | (877617) | (17.0)% |
| Effect of different tax rates | (175099) | (2.0)% | (76503) | (1.1)% | 51540 | 1.0% |
| Non-deductible expenses | 281727 | 3.2% | 304136 | 4.5% | 302956 | 5.9% |
| Unrecognized deferred tax asset | 1371167 | 15.8% | 924188 | 13.6% | 523121 | 10.1% |
| Total tax provision | $— |  | $— |  | $— |  |

---

---

| | |
|:---|:---|
| <sup>(\*)</sup> | The Company has reconciled to the Singapore statutory tax rate of 17% to reflect the location of the Company's operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%. |

---

The components of the deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Tax loss carry forwards | $18423741 | $15794453 |
| Deferred tax assets | 3132036 | 2685057 |
| Valuation allowance | (3132036) | (2685057) |
| Total deferred tax assets, net | $— | $— |

---

According to Singapore Income Tax Act, due to change of ownership in New Retail, the tax losses carry forwards of $9,175,965, $8,637,591 and $8,596,330 for the years ended December 31, 2025, 2024 and 2023, respectively, cannot be used to offset future profit.

**Note 16. Government Grants**

The Company receives various government grants from the Singapore government to support employment and business operations.

Under the Wage Credit Scheme ("WCS"), the Singapore government co-funds 30% of qualifying wage increases given to Singaporean employees earning a gross monthly wage of up to SGD 4,000.

Under the Senior Employment Credit ("SEC"), the Singapore government provides wage offsets to employers who hire senior Singaporean employees aged 55 and above. The SEC supports up to 7% of wages paid to eligible employees earning up to SGD 4,000 per month, depending on the age group.

The Company also receives CPF Transition Offset, which is provided to offset increases in employer CPF contribution rates for senior workers.

In addition, the Company received a Corporate Income Tax (CIT) rebate, which is a cash grant provided to support businesses and reduce tax burden.

During the year ended December 31, 2025, 2024 and 2023, these government grants in aggregate amount of $13,183, $46,235 and $50,537, respectively were recognized as other income on the Company's consolidated Statement of Operations when there was reasonable assurance that the Company has complied with the conditions attaching to the grants and the grants were received.

**Note 17. Concentrations and Risks**

 

*Concentrations*

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

There was no single customer who represent 10% or more of the Company's total revenue for financial years ended December 31, 2025, 2024 and 2023.

There were no suppliers who represent 10% or more of the Company's total purchases for financial years ended December 31, 2025. There were three suppliers who represent 10% or more of the Company's total purchases for financial years ended December 31, 2024.

Details of the suppliers which accounted for 10% or more of accounts payable are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **% <br> accounts payable** | **2024** | **% <br> accounts<br> payable** |
| Company A | $- | &nbsp;&nbsp;&nbsp;&nbsp;- | 2287077 | 37.5 |
| Company B | - | - | 728171 | 11.9 |
| Company C | - | - | 682011 | 11.2 |
| Company D | 393676 | 14.6 | - | - |
|  | $393676 | 14.6 | 3697259 | 60.6 |

---

There were no customers that individually accounted for 10% or more of total accounts receivable as of December 31, 2025 and 2024.

*Credit Risk*

Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the consolidated balance sheets. The Company has no other financial assets which carry significant exposure to credit risk.

 

*Foreign Currency Risk*

The Company operates in multiple markets, which exposes it to the effects of fluctuations in currency exchange rates as it reports its financials and key operational metrics in USD. The Company earns revenue denominated in local currencies of Southeast Asia. The Company generally incur expenses for employee compensation and other operating expenses in the local currencies in the markets in which it operates. Fluctuations in the exchange rates among the various currencies that the Company uses could cause fluctuations in its operational and financial results.

**Note 18. Commitments and Contingencies**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2025 and through the date of this report.

**Note 19. Subsequent Events**

Subsequent events have been reviewed through the date these consolidated financial statements were issued and required no adjustments or disclosures other than the following:

1. Equity
Transactions

The Company completed the following equity-related transactions subsequent to December 31, 2025:

(a) Equity
Incentive Plan

On December 31, 2025, the Company adopted a 2025 equity incentive plan (the "2025 Plan") to motivate, attract and retain directors, consultants and key employees, and to align their interests with those of shareholders.

The 2025 Plan provides for a maximum of 334,859 Class A ordinary shares available for issuance.

On January 30, 2026, the Company issued 334,859 Class A ordinary shares under the 2025 Plan as share-based compensation to certain employees for their continued service.

Management considers this issuance to be part of its ongoing compensation and retention strategy and does not expect it to have a material impact on the Company's liquidity.

(b) Private
Investment in Public Equity ("PIPE")

On February 19, 2026, the Company entered into a securities subscription agreement (as amended) with an investor, pursuant to which the Company agreed to issue and sell Class A ordinary shares for an aggregate purchase price of $1,000,000.

The purchase price per share was determined as 90% of the average closing price of the Company's Class A ordinary shares on Nasdaq for the five trading days immediately preceding the closing date.

The investment was funded in two tranches:

$600,000 received on February 19, 2026

$400,000 received on March 13, 2026

Based on the pricing formula, the purchase price per share was calculated at $0.8776.

Accordingly, on March 24, 2026, the Company issued 1,139,472 Class A ordinary shares to the investor.

This transaction strengthened the Company's liquidity position and contributed to the improvement of stockholders' equity.

2. Debt
Conversion and Settlement

The Company undertook the following debt restructuring transactions through equity settlement as part of its capital optimization strategy:

(a) Debt
Settlement with Creditors

On February 17, 2026, the Company entered into a Debt Settlement and Mutual Release Agreement with certain creditors and related parties.

Under the agreement:

An aggregate amount of $688,404.92 of outstanding payables was settled

Settlement was effected through issuance of equity

The Company issued:

593,453 restricted Class A ordinary shares

At a price of $1.16 per share (based on closing price on February 13, 2026)

Upon issuance:

The related liabilities were fully extinguished

The parties mutually released each other from all related claims

This transaction reduced the Company's liabilities and improved its overall balance sheet position.

(b) Convertible
Loan Conversion

On February 13, 2026, the Company received a conversion notice from a lender pursuant to a Convertible Loan Note Agreement.

The lender elected to convert the full outstanding balance of $289,200 into equity.

Conversion price: $1.19 per share

Reference price: closing price on February 12, 2026

Shares to be issued: 243,026 Class A ordinary shares

Upon conversion, the related loan obligation was fully extinguished.

This transaction further reduced leverage and strengthened stockholders' equity.

3. Financing
Arrangements

Equity Line of Credit ("ELOC")

On March 23, 2026, the Company entered into an Ordinary Share Purchase Agreement with an institutional investor.

Under this agreement:

The Company has the right, but not the obligation, to sell up to $20,000,000 of Class A ordinary shares

The investor is obligated to purchase such shares, subject to the terms of the agreement

Concurrently, the Company entered into a Registration Rights Agreement, pursuant to which the Company agreed to file one or more registration statements with the U.S. Securities and Exchange Commission to register the resale of shares issued under the facility.

This arrangement provides the Company with additional financial flexibility to raise capital over time, subject to market conditions.

4. Regulatory
and Compliance Matters

Nasdaq Compliance Notice

On January 5, 2026, the Company received a notice from the Listing Qualifications Department of Nasdaq indicating that it was not in compliance with the minimum stockholders' equity requirement of $2,500,000 under Nasdaq Listing Rule 5550(b)(1).

Based on the Company's unaudited financial information as of June 30, 2025, stockholders' equity was below the required threshold, and the Company did not meet alternative compliance standards.

In accordance with Nasdaq Listing Rules:

The Company was granted 45 calendar days

Deadline: February 19, 2026

Purpose: to submit a plan to regain compliance

On February 19, 2026, the Company submitted its compliance plan, which includes:

anticipated improvements in stockholders' equity

capital raising transactions (including the PIPE financing described above)

liability reduction initiatives (including debt settlements and conversions)

operational and strategic initiatives

There can be no assurance that Nasdaq will accept the Company's compliance plan or that the Company will regain or maintain compliance with continued listing requirements.

5. Additional Share Issuances

Subsequent to the transactions described above, the Company completed the following additional equity issuances:

● On April 15, 2026, the Company issued 300,000 Class A ordinary shares at a price of $1.17 per share as share-based compensation.

● On April 21, 2026, the Company issued 100,000 Class B ordinary shares at a price of $1.17 per share pursuant to a share purchase arrangement.

## Exhibit 2.1

**Exhibit 2.1**

**Description of Rights of Each Class of Securities**

**Registered under Section 12 of the Securities Exchange Act of 1934, as Amended (the "Exchange Act")**

Class A ordinary shares, par value $0.0000462 per share ("Class A Ordinary Shares"), of WEBUY GLOBAL LTD ("we," "our," "our company," or "us") are listed and traded on the Nasdaq Capital Market, and in connection with this listing (but not for trading), its Class A ordinary shares are registered under Section 12(b) of the Exchange Act. This exhibit contains a description of the rights of the holders of Class A ordinary shares.

**Description of Class A Ordinary Shares**

The following is a summary of material provisions of our currently effective second amended and restated memorandum of association and articles of association (the "Memorandum and Articles of Association" or "second amended and restated memorandum and articles of association"), together with the relevant filing made with the Cayman Islands Registrar of Companies in connection with the share consolidation which was approved at the extraordinary general meeting of the Company held on 21 March 2025, as well as the Companies Act (As Revised) of the Cayman Islands (the "Companies Act") insofar as they relate to the material terms of our Class A Ordinary Shares. Notwithstanding this, because it is a summary, it may not contain all the information that you may otherwise deem important. For more complete information, you should read the entire Memorandum and Articles of Association, which is being filed with the U.S. Securities and Exchange Commission as exhibits to the annual report for the fiscal year ended December 31, 2025 of which this exhibit forms a part (the "Annual Report").

***Preemptive Rights (Item 9.A.3 of Form 20-F)***

There are no pre-emptive rights applicable to the issuance by us of new Class A Ordinary Shares under either the Companies Act or our Memorandum and Articles of Association.

***Limitations or Qualifications (Item 9.A.6 of Form 20-F)***

We have a dual-class share structure such that our ordinary shares consist of Class A Ordinary Shares and class B ordinary shares, par value $0.0000462 per share ("Class B Ordinary Shares"). In respect of matters requiring a shareholder vote, each holder of Class A Ordinary Shares will be entitled to one vote per one Class A Ordinary Share and each holder of Class B Ordinary Shares will be entitled to ten votes per one Class B Ordinary Share. Holders of our Class B Ordinary Shares will vote together with holders of our Class A Ordinary Shares as a single class on all resolutions of the shareholders except where required otherwise by applicable law or our Memorandum and Articles of Association.

Our ordinary shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. No Class B Ordinary Shares may be allotted, issued or granted by our company to any person other than the Founders (as defined in our second amended and restated articles of association) or an Affiliate (as defined in our second amended and restated articles of association) of any Founder. No further Class B Ordinary Shares may be allotted, issued or granted by our company, except with the prior written consent of at least one of the Founders.

Subject to the provisions of our second amended and restated memorandum and articles of association and to compliance with the Companies Act and all other laws and regulations applicable thereto, a holder of Class B Ordinary Shares shall have the right to convert all or any of his/its Class B Ordinary Shares into Class A Ordinary Shares. Each Class B Ordinary Share held by the Founders may be converted at the option of the holder, at any time after issue and without the payment of any additional sum, into one fully paid Class A Ordinary Share. A holder of Class A Ordinary Shares shall have no rights to convert their Class A Ordinary Shares into Class B Ordinary Shares under any circumstances.

Under our second amended and restated articles of association, upon any direct or indirect sale, transfer, assignment or disposal of any Class B Ordinary Shares by the holder thereof or the direct or indirect transfer or assignment of the voting power attached to such number of Class B Ordinary Shares through a voting proxy or otherwise by the holder thereof to any person or entity which is neither ultimately controlled by any Founder nor another holder of Class B Ordinary Shares or an Affiliate of any Founder or such other holder, all Class B Ordinary Shares held by such holder shall be automatically and immediately converted into an equal number of Class A Ordinary Shares.

The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Under our second amended and restated articles of association, the holders of our Class B Ordinary Shares are not entitled to any dividend or distribution made by our company, save for any distribution to shareholders in the event of the liquidation of our company.

***Rights of Other Types of Securities (Item 9.A.7 of Form 20-F)***

Not applicable.

***Rights of Class A Ordinary Shares (Item 10.B.3 of Form 20-F)***

WEBUY GLOBAL LTD was incorporated on August 29, 2022 under the Companies Act as an exempted company limited by shares. As of the date hereof, the Company is authorized to issue 2,166,666,666 ordinary shares of $0.0000462 par value per share, comprising of 2,166,250,000 class A ordinary shares of $0.0000462 par value per share and 416,666 class B ordinary shares of $0.0000462 par value per share. As of the date of this report, there are 5,202,808 Class A Ordinary Shares and 278,296 Class B Ordinary Shares issued and outstanding.

*General*

 

*Transfer Agent and Registrar*

The transfer agent and registrar for the Class A ordinary shares and Class B ordinary shares is Transhare Corporation, 17755 US Hwy 19 N, Clearwater, FL 33764.

The following are summaries of the material provisions of our Memorandum and Articles of Association and the Companies Act, insofar as they relate to the material terms of our Class A Ordinary Shares. As a convenience to potential investors, we provide the below description of Cayman law and our Memorandum and Articles of Association together with a comparison to similar features under Delaware law.

*Distributions*

The holders of our Class A Ordinary Shares are entitled to such dividends or other distributions as may be authorized by our Board of Directors, subject to the Companies Act and our Memorandum and Articles of Association.

*Dividends*. The holders of Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our Memorandum and Articles of Association provides that dividends may be declared and paid out of the funds of our company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights*. Voting at any meeting of shareholders is by way of a poll save that in the case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless a poll is demanded by:

● at least three shareholders present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorised representative for the time being entitled to vote at the meeting;

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorised representative representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorised representative and holding shares in us conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

Holders of Class A Ordinary Shares and Class B Ordinary Shares shall vote together as one class on all resolutions of the shareholders except where required otherwise by applicable law or our Memorandum and Articles of Association. Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of our company, and each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to the vote at general meetings of our company.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our second amended and restated memorandum and articles of association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders*. As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our second amended and restated memorandum and articles of association provide that we shall, if required by the Companies Act, in each year hold a general meeting as our annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of directors in its absolute discretion.

Shareholders' general meetings may be convened by the chairperson of our board of directors or by a majority of our board of directors. Advance notice of not less than ten clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, two shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding shares in our company entitled to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our second amended and restated memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our second amended and restated memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Class A Ordinary Shares*. Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Class A Ordinary Shares by an instrument of transfer in the usual or common form or in a form prescribed by the relevant stock exchange or any other form approved by our board of directors. Notwithstanding the foregoing, Class A Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of the relevant stock exchange.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of ordinary shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four; and

● a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

*Liquidation*. On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

*Calls on Shares and Forfeiture of Shares*. Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares*. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares.* Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

*Inspection of Books and Records*. Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our second amended and restated memorandum and articles of association have provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

*Exempted Company*. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

***Requirements to Change the Rights of Holders of Ordinary Shares (Item 10.B.4 of Form 20-F)***

*Changes in the number of shares we are authorized to issue and those in issue*

We may from time to time by resolution of our shareholders in accordance with the Companies Act and our Memorandum and Articles of Association:

● increase our authorized share capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;

● divide our authorized and issued shares into a larger number of shares; and

● combine our authorized and issued shares into a smaller number of shares.

***Limitations on the Rights to Own Ordinary Shares (Item 10.B.6 of Form 20-F)***

There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

***Provisions Affecting Any Change of Control (Item 10.B.7 of Form 20-F)***

Some provisions of our Memorandum and Articles of Association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

● authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Memorandum and Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

***Ownership Threshold (Item 10.B.8 of Form 20-F)***

There are no provisions under the Companies Act or under the Memorandum and Articles of Association that govern the ownership threshold above which shareholder ownership must be disclosed.

***Differences Between the Law of Different Jurisdictions (Item 10.B.9 of Form 20-F)***

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than the number of votes which have actually been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed. Our second amended and restated articles of association contain a provision by virtue of which our shareholders waive any claim or right of action that they have, both individually and on our behalf, against any director in relation to any action or failure to take action by such director in the performance of his or her duties with or for our company, except in respect of any fraud, willful default or dishonesty of such director.

*Indemnification of Directors and Executive Officers and Limitation of Liability*. Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our second amended and restated memorandum and articles of association provide that that we shall indemnify our directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, wilful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our second amended and restated memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties*. Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our second amended and restated articles of association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our second amended and restated articles of association and may not be taken by written consent of the shareholders without a meeting.

*Shareholder Proposals*. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our second amended and restated articles of association allow our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our second amended and restated articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting*. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our second amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our second amended and restated articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our second amended and restated articles of association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our second amended and restated memorandum and articles of association.

*Transactions with Interested Shareholders*. The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up*. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares*. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our second amended and restated articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

*Amendment of Governing Documents*. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our second amended and restated memorandum and articles of association may only be amended with a special resolution of our shareholders.

*Rights of Non-resident or Foreign Shareholders*. There are no limitations imposed by our second amended and restated memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our second amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

***Changes in Capital (Item 10.B.10 of Form 20-F)***

Subject to the Memorandum and Articles of Association and the Companies Act, we may from time to time by resolution of our shareholders in accordance with the Companies Act and our Memorandum and Articles of Association:

● increase our authorized share capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;

● divide our authorized and issued shares into a larger number of shares; and

● combine our authorized and issued shares into a smaller number of shares.

***Debt Securities (Item 12.A of Form 20-F)***

Not applicable.

***Warrants and Rights (Item 12.B of Form 20-F)***

Not applicable.

***Other Securities (Item 12.C of Form 20-F)***

Not applicable.

***Description of American Depositary Shares (Items 12.D.1 and 12.D.2 of Form 20-F)***

Not applicable.

## Exhibit 8.1

**Exhibit 8.1**

**SUBSIDIARIES OF WEBUY GLOBAL LTD.**

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiaries** | **Place of Incorporation** | **Incorporation Date** | **Percentage Ownership** |
| New Retail International Pte. Ltd. | Singapore | November 23, 2018 | 100% |
| The Shopaholic Bear Ltd. | Singapore | April 6, 2021 | 100% |
| Altitude Travel Pte. Ltd. | Singapore | November 2, 2021 | 100% |
| PT Webuy Social Indonesia | Indonesia | May 5, 2020 | 95% |
| Webuy Travel Pte. Ltd. | Singapore | November 15, 2022 | 100% |
| PT Buah Kita Retail | Indonesia | October 23, 2023 | 100% |
| PT Webuy Travel Indonesia | Indonesia | October 23, 2023 | 100% |
| Altitude MICE Pte. Ltd. | Singapore | February 2, 2024 | 100% |
| PT Webuy Prime Indonesia | Indonesia | October 16, 2024 | 99% |
| PT Travel With Webuy | Indonesia | September 23, 2024 | 99% |

---

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Bin Xue, certify that:

1. I have reviewed this Annual Report on Form 20-F for the fiscal
year ended December 31, 2025 of WEBUY GLOBAL LTD;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact 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 13-a-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(s) 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 controls 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.

---

| | | |
|:---|:---|:---|
|  | **WEBUY GLOBAL LTD** | **WEBUY GLOBAL LTD** |
| Dated: April 29, 2026 | By: | */s/ Bin Xue* |
|  |  | Bin Xue |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Youyi Zhang, certify that:

1. I have reviewed this Annual Report on Form 20-F for the fiscal
year ended December 31, 2025 of WEBUY GLOBAL LTD;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact 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 13-a-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(s) 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 controls 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.

---

| | | |
|:---|:---|:---|
|  | **WEBUY GLOBAL LTD** | **WEBUY GLOBAL LTD** |
| Dated: April 29, 2026 | By: | */s/ Youyi Zhang* |
|  |  | Youyi Zhang |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer and<br> Principal Accounting Officer) |

---

## Exhibit 13.1

**Exhibit 13.1**

**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**

In connection with the Annual Report of WEBUY GLOBAL LTD (the "Company") on Form 20-F for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Annual Report"), Bin Xue, Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

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

2. The information contained in the Annual Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
|  | **WEBUY GLOBAL LTD** | **WEBUY GLOBAL LTD** |
| Dated: April 29, 2026 | By: | */s/ Bin Xue* |
|  |  | Bin Xue |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 13.2

**Exhibit 13.2**

**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**

In connection with the Annual Report of WEBUY GLOBAL LTD (the "Company") on Form 20-F for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Annual Report"), Youyi Zhang, Chief Financial Officer of the Company, certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

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

2. The information contained in the Annual Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
|  | **WEBUY GLOBAL LTD** | **WEBUY GLOBAL LTD** |
| Dated: April 29, 2026 | By: | */s/ Youyi Zhang* |
|  |  | Youyi Zhang |
|  |  | Chief Financial Officer |
|  |  | (Principal Accounting Officer) |

---

## Exhibit 15.1

**Exhibit 15.1**

---

| | |
|:---|:---|
| ![](ea028649801_ex15-1img1.jpg) | **Onestop Assurance PAC<br> 10 Anson Road<br> #21-14 International Plaza<br> Singapore 079903<br> Email: audit@onestop-audit.com<br> Website: www.onestop-audit.com** |

---

**<u>Consent of Independent Registered Public Accounting Firm</u>**

We hereby consent to the incorporation of our report dated April 29, 2026 in the Registration Statement on Form S-8 (File No.: 333-292570) and Form F-3 (File No.: 333-287585) under the Securities Act of 1933, with respect to the consolidated balance sheets of Webuy Global Limited and subsidiaries (collectively, the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders' deficit, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements").

---

| |
|:---|
| /s/ Onestop Assurance PAC |
| Onestop Assurance PAC |
| Singapore |
| April 29, 2026 |

---