# EDGAR Filing Document

**Accession Number:** 0001976900
**File Stem:** 0001493152-26-007673
**Filing Date:** 2026-2
**Character Count:** 71117
**Document Hash:** 0a8e23af2de6e068c8238472cee58786
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-007673.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001493152-26-007673

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DFP HOLDINGS Ltd
- **CENTRAL INDEX KEY:** 0001976900
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56681
- **FILM NUMBER:** 26662005

**BUSINESS ADDRESS:**
- **STREET 1:** 1/F., NO. 22, LANE 50, SECTION 3,
- **STREET 2:** NANGANG ROAD, NANGANG DISTRICT,
- **CITY:** TAIPEI CITY
- **STATE:** F5
- **ZIP:** 115607
- **BUSINESS PHONE:** 886287722001

**MAIL ADDRESS:**
- **STREET 1:** 1/F., NO. 22, LANE 50, SECTION 3,
- **STREET 2:** NANGANG ROAD, NANGANG DISTRICT,
- **CITY:** TAIPEI CITY
- **STATE:** F5
- **ZIP:** 115607

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

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

For the quarterly period ended **December 31, 2025**

OR

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

For the transition period from_________to_________

Commission File **No. 000-56681**

**<u>DFP HOLDINGS LIMITED</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **32-0672927** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**1/F., No. 22, Lane 50, Section 3, Nangang Road**

**Nangang District, Taipei City 115607**

**<u>Taiwan</u>**

(Address of principal executive offices, zip code)

**Tel: (886) 2 8772 2001**

(Registrant's telephone number, including area code)

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

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the issuer (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 a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (check one):

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☒ Emerging growth company ☒

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

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 whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING 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 ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| **Class** | **Outstanding on February 23, 2026** |
| Common Stock, $0.0001 par value | 216779700 |

---

**DFP HOLDINGS LIMITED**

**QUARTERLY REPORT ON FORM 10-Q**

**FOR THE PERIOD ENDED DECEMBER 31, 2025**

**INDEX**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Page** |
| **[Part I. Financial Information](#a_001)** | **[Part I. Financial Information](#a_001)** | **[Part I. Financial Information](#a_001)** | 4 |
|  | Item 1. | [Financial Statements](#a_002) | 4 |
|  |  | [Condensed Consolidated Balance Sheets as of December 31, 2025 (Unaudited) and September 30, 2025](#a_003) | 4 |
|  |  | [Condensed Consolidated Statements of Operations (Unaudited) – Three months ended December 31, 2025 and 2024](#a_004) | 5 |
|  |  | [Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three months ended December 31, 2025 and 2024](#aff_001) | 6 |
|  |  | [Condensed Consolidated Statements of Stockholders' Equity (Unaudited) – Three months ended December 31, 2025 and 2024](#a_005) | 7 |
|  |  | [Condensed Consolidated Statements of Cash Flows (Unaudited) - Three months ended December 31, 2025 and 2024](#a_006) | 8 |
|  |  | [Notes to Condensed Consolidated Financial Statements (Unaudited) - Three months ended December 31, 2025 and 2024](#a_007) | 9 |
|  | Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 17 |
|  | Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_009) | 18 |
|  | Item 4. | [Controls and Procedures](#a_010) | 19 |
| **[Part II. Other Information](#a_011)** | **[Part II. Other Information](#a_011)** | **[Part II. Other Information](#a_011)** | 20 |
|  | Item 1. | [Legal Proceedings](#a_012) | 20 |
|  | Item 1A. | [Risk Factors](#a_013) | 20 |
|  | Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_014) | 20 |
|  | Item 3. | [Defaults Upon Senior Securities](#a_015) | 20 |
|  | Item 4. | [Mine Safety Disclosures](#a_016) | 20 |
|  | Item 5. | [Other Information](#a_017) | 20 |
|  | Item 6. | [Exhibits](#a_018) | 21 |
| **[Signatures](#a_019)** | **[Signatures](#a_019)** | **[Signatures](#a_019)** | 22 |

---

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of DFP Holdings Limited, a Nevada corporation (the "Company"), contains "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results.

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management's experience in the industry, assessments of our results of operations, discussions, and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward - looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

**PART I – FINANCIAL INFORMATION**

**Item 1. Condensed Consolidated Financial Statements**.

**DFP HOLDINGS LIMITED**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**AS OF DECEMBER 31, 2025 (UNAUDITED) AND SEPTEMBER 30, 2025**

**(Expressed in U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31, 2025** | **As of<br> September 30,** **2025** |
|  | **(Unaudited)** | |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1322102 | $1363759 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 47816 | 49213 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 26378 |  |
| &nbsp;&nbsp;&nbsp;Inventories | 55860 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 72637 | 40154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1524793 | 1453126 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 73683 | 68609 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 134664 | 144022 |
| &nbsp;&nbsp;&nbsp;Lease deposits | 14026 | 14436 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net (provisional) | 338418 | - |
| **TOTAL ASSETS** | $2085584 | $1680193 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $141767 | $63082 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 203492 | 68820 |
| &nbsp;&nbsp;&nbsp;Due to officer | 9646 | 7739 |
| &nbsp;&nbsp;&nbsp;Due to non-controlling interest | 68952 |  |
| &nbsp;&nbsp;&nbsp;Operating lease liability – current portion | 86946 | 80632 |
| &nbsp;&nbsp;&nbsp;Contingent consideration liability | 177079 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 687882 | 220273 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liability – non-current portion | 47718 | 63390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 47718 | 63390 |
| **TOTAL LIABILITIES** | 735600 | 283663 |
| Stockholders' equity: |  |  |
| Preferred Stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding |  |  |
| Common Stock, $0.0001 par value; 600,000,000 shares authorized; 216,779,700 and 216,779,700 shares issued and outstanding at December 31, 2025 and September 30, 2025, respectively | 21678 | 21678 |
| Additional paid in capital | 3606583 | 3606583 |
| Shares to be issued (331,350 shares) | 165041 |  |
| Accumulated other comprehensive loss | (1665) | 3202 |
| Accumulated deficit | (2461330) | (2234933) |
| Total DFP Holdings Limited stockholders' equity | 1330307 | 1396530 |
| Non-controlling interests | 19677 | - |
| Total stockholders' equity | 1349984 | 1396530 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $2085584 | $1680193 |

---

See accompanying notes to the condensed consolidated financial statements.

**DFP HOLDINGS LIMITED**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**(Expressed in U.S. Dollars)**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended**<br> **December 31,** | **Three months ended**<br> **December 31,** |
|  | **2025** | **2024** |
| **Net Revenues** |  |  |
| Services | $64638 | $438711 |
| **Products**  | 56252 | 4066 |
| &nbsp;&nbsp;&nbsp;Net revenue | 120890 | 442777 |
| **OPERATING COSTS AND EXPENSES:** |  |  |
| Cost of revenues | 97627 | 122932 |
| General and administrative expenses | 255136 | 238007 |
| General and administrative expenses-related party | 128 | 17613 |
| &nbsp;&nbsp;&nbsp;Total operating costs and expenses | 352891 | 378552 |
| **INCOME (LOSS) FROM OPERATIONS** | (232001) | 64225 |
| **OTHER INCOME:** |  |  |
| Interest income | 4423 | 11821 |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (227578) | 76046 |
| Income taxes | - | (46296) |
| **NET INCOME (LOSS)** | (227578) | 29750 |
| Less: Net loss attributable to non-controlling interest | 1181 | - |
| Net income (loss) attributable to DFP Holdings Limited | $(226397) | $29750 |
| NET INCOME (LOSS) PER SHARE-basic and diluted | $(0.00) | $0.00 |
| WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING-basic and diluted | 216779770 | 216779770 |

---

See accompanying notes to the condensed consolidated financial statements.

**DFP HOLDINGS LIMITED**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**(Expressed in U.S. Dollars)**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended**<br> **December 31,** | **Three months ended**<br> **December 31,** |
|  | 2025 | 2024 |
| Net income (loss) attributable to DFP Holdings Limited | $(226397) | $29750 |
| Other comprehensive (loss) income: |  |  |
| -Foreign currency translation loss | (4867) | (12018) |
| **COMPREHENSIVE INCOME (LOSS)** |  |  |
| Comprehensive loss attributable to noncontrolling interest |  | - |
| Comprehensive income (loss) attributable to DFP Holdings Limited | $(231264) | $17732 |

---

See accompanying notes to the condensed consolidated financial statements.

**DFP HOLDINGS LIMITED**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**(Expressed in U.S. Dollars)**

**(UNAUDITED)**

**Three months ended December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COMMON STOCK** | **COMMON STOCK** | | | | | | |
|  | **NUMBER OF**<br> **SHARES** | **AMOUNT** |<br>**ADDITIONAL**<br> **PAID-IN**<br> **CAPITAL** |<br>**ACCUMULATED**<br> **DEFICIT** |<br>**ACCUMULATED COMPREHENSIVE**<br> **LOSS** |<br>**SHARES TO BE ISSUED** |<br>**NON-**<br> **CONTROLLING INTEREST** |<br>**TOTAL**<br> **STOCKHOLDERS'**<br> **EQUITY** |
| Balance as of September 30, 2025 | 216779700 | $21678 | $3606583 | $(2234933) | $3202 | $- | $- | $1396530 |
| Foreign currency translation |  |  |  |  | (4867) |  |  | (4867) |
| Shares to be issued related to acquisitions |  |  |  |  |  | 165041 |  | 165041 |
| Acquisition of non-controlling interests |  |  |  |  |  |  | 20858 | 20858 |
| Net loss | - | - | - | (226397) | - | - | (1181) | (227578) |
| Balance as of December 31, 2025 (Unaudited) | 216779700 | $21678 | $3606583 | $(2461330) | $(1665) | $165041 | $19677 | $1349984 |

---

**Three months ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Number of**<br> **Shares** | **Amount** | **Additional**<br>**Paid-in**<br> **Capital** | **Accumulated<br> Other**<br>**Comprehensive**<br> **Loss** |<br>**Accumulated**<br> **Deficit** | **Total**<br>**Stockholders'<br> Equity** |
| Balance as of September 30, 2024 | 216779700 | $21678 | $3610522 | $(7855) | $(1781406) | $&nbsp;&nbsp;&nbsp;&nbsp; 1842939 |
| Foreign currency translation |  |  |  | (12018) |  | (12018) |
| Net income | - | - | - | - | 29750 | 29750 |
| Balance as of December 31, 2024 (Unaudited) | 216779700 | $21678 | $3610522 | $(19873) | $(1751656) | $1860671 |

---

See accompanying notes to the condensed consolidated financial statements.

**DFP HOLDINGS LIMITED**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**(Expressed in U.S. Dollars)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Three months ended December 31, | Three months ended December 31, |
|  | 2025 | 2024 |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $(227578) | $29750 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 37684 | 4984 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Inventories | (55860) | (5747) |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (26378) |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 57632 | (1109) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses-related party |  | 18432 |
| &nbsp;&nbsp;&nbsp;Decrease in right-of-use asset | 9358 | 24838 |
| &nbsp;&nbsp;&nbsp;Account payables and accrued liabilities | (29718) | 16654 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 134672 | (35039) |
| &nbsp;&nbsp;&nbsp;Operating lease liability | (9358) | (24838) |
| &nbsp;&nbsp;&nbsp;Income tax payable | - | 45802 |
| Net cash (used in) provided by operating activities | (109546) | 73727 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (6320) | (23684) |
| &nbsp;&nbsp;&nbsp;Cash received from acquisitions | 4978 | - |
| Net cash used in investing activities | (1342) | (23684) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Advances from officer | 1907 | 2777 |
| &nbsp;&nbsp;&nbsp;Advances from non-controlling interests | 68433 | - |
| Net cash provided by financing activities | 70340 | 2777 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2506) | (9263) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (43054) | 43557 |
| Cash, cash equivalents and restricted cash, beginning of period | 1412972 | 1935664 |
| **Cash, cash equivalents and restricted cash, end of period** | $1369918 | $1979221 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid | $- | $23831 |
| **Noncash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use asset and lease liability recorded for new lease | $14793 | $- |

---

See accompanying notes to the condensed consolidated financial statements.

**DFP HOLDINGS LIMITED**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**(Expressed in U.S. Dollars)**

**(Unaudited)**

**1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Description of business

DFP Holdings Limited (the "Company"), was incorporated in the State of Nevada on December 8, 2021. The Company provides online and offline educational services in Taiwan. The Company has a September 30 fiscal year end.

On March 8, 2022, the Company's wholly owned subsidiary, DFP Holdings Limited, was formed in Seychelles ("DFP Seychelles"). DFP Seychelles is an intermediate holding company, and operates business through its wholly owned subsidiary, DFP Holdings Limited, a company incorporated in Taiwan ("DFP Taiwan").

On May 24, 2022, the Company acquired 100% of Tide Holdings Limited ("TIDE"), a company incorporated in Seychelles from Mr. Hsu Shou Hung, the CEO of the Company, for $1.

On April 15, 2025, the Company acquired 100% of Huang Tian Limited, a company incorporated in Taiwan from Mr. Hsu Shou Hung, the CEO of the Company, for a purchase price of approximately $9,120 (NT$300,000).

In November 2025, the Company completed the acquisition of equity interests in three unrelated companies, Dong Li Fang Zhou Co. Limited ("DLFZ"), Homula Limited Company ("HLC"), and Haisen Shangliu Co. Limited ("HSCL") (see Note 6).

Going concern

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. In accordance with Accounting Standards Codification ("ASC") 205-40, *Going Concern*, the Company's management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the accompanying financial statements were issued. For the year ended December 31, 2025, the Company recorded a net loss of $227,578 and used cash in operations of $109,546. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern within one year of the date that these financial statements are issued. In addition, the Company's independent registered public accounting firm, in its report on the Company's consolidated financial statements for the year ended September 30, 2025, has also expressed substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Management estimates that the current funds on hand will be sufficient to continue operations through the next six months. The Company's ability to continue as a going concern is dependent upon its ability to continue to implement its business plan to increase its customer base and realize increased revenues. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

Basis of presentation

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

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries DFP Holdings Limited (Seychelles) ("DFP Seychelles"), DFP Holdings Limited (Taiwan) ("DFP Taiwan") Tide Holdings Limited (TIDE), Huang Tian Limited (Taiwan) ("DFP Huang Tian"), Dong Li Fang Zhou Co. Limited ("DLFZ"), Homula Limited Company ("HLC") and Haisen Shangliu Co. Limited ("HSCL"). Intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for assumptions used in impairment testing of long-term assets, and the accrual of potential liabilities.

Revenue recognition

The Company's revenue consists of revenue from services and revenue from products. Revenue from services represent delivering online and in-person media and leadership training courses ("service revenue"). In addition, the Company sells products to customers ("product revenue").

Revenue is recognized in the period in which the services or products are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company recognizes deferred revenue at each period end for contracts that have been paid but which the related service or products has not been performed or delivered. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue.

The following table provides information about disaggregated revenue:

SCHEDULE OF DISAGGREGATED REVENUE

---

| | | |
|:---|:---|:---|
|  | For the three months ended <br> December 31, | For the three months ended <br> December 31, |
|  | 2025 | 2024 |
| Service revenue | $64638 | $438711 |
| Product revenue | 56252 | 4066 |
| Total revenue | $120890 | $442777 |

---

Cost of revenue

Cost of service revenue primarily consists of commissions, advertising and promotion fee, facility rentals directly attributable to the courses rendered, and cost of products.

SCHEDULE OF INFORMATION ABOUT COSTS AND SERVICES

---

| | | |
|:---|:---|:---|
|  | For the three months ended <br> December 31, | For the three months ended <br> December 31, |
|  | 2025 | 2024 |
| Commissions | $33893 | $94796 |
| Advertising | 11804 | 7493 |
| Rental of instructional facilities | 15393 | 14905 |
| Other | 36537 | 5738 |
| Total cost of revenue | $97627 | $122932 |

---

Cash, cash equivalents and restricted cash

Cash equivalents include demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities at purchase of three months or less, including money market funds.

SCHEDULE OF CASH AND CASH EQUIVALENTS

---

| | | |
|:---|:---|:---|
|  | As of<br> December 31, <br>2025 | As of<br> September 30, <br>2025 |
| <u>Cash and cash equivalents</u> |  |  |
| Denominated in United States Dollars | $992659 | $1142551 |
| Denominated in New Taiwan Dollars | 329443 | 221208 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1322102 | 1363759 |
| Restricted cash | 47816 | 49213 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | $1369918 | $1412927 |

---

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of December 31, 2025, substantially all the Company's cash was held by two major financial institutions located in Taiwan, which management believes is of high credit quality. At December 31, 2025, none of the Company's cash accounts are insured by the U.S. Federal Deposit Insurance Corporation (the "FDIC").

Restricted Cash

Restricted cash represents accounts designated as collateral required by the bank. Since our course fees are usually paid by our customers using credit card transactions, banks are concerned about potential chargebacks from our customers. The Company includes restricted cash along with the cash and cash equivalents balance for presentation in the consolidated statements of cash flows.

<u>Inventories</u>

The Company purchases finished goods merchandise inventory which is stated at the lower of cost or net realizable value. For the three months ended December 31, 2025, there were no write-downs of inventory.

Impairment of long-lived assets

The Company evaluates its long-lived assets for indicators of possible impairment by comparison of the carrying amount to future net undiscounted cash flows expected to be generated by such asset when events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Should an impairment exist, the impairment loss would be measured based on the excess carrying value of the asset over the asset's fair value generally determined by estimates of future discounted cash flows.

Business Combinations

The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows, useful lives, and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the consolidated statements of operations and comprehensive loss.

<u>Intangible Assets</u>

The Company has certain intangible assets that were initially recorded at their fair value at the time of acquisition. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful life of three years. The Company reviews all finite-lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable. If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over the fair value in our consolidated statements of operations.

Fair value measurements

The Company follows the guidance of ASC 820-10, "Fair Value Measurements and Disclosures", with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

*Level 1:* Observable inputs such as quoted prices in active markets;

*Level 2:* Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

*Level 3:* Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, prepaid expenses, accounts payable and accrued liabilities, deferred revenue and due to officer, approximate their fair values because of the short-term nature of these financial instruments.

Foreign currency translation

The reporting currency of the Company is the United States Dollars ("US$") and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company's operating subsidiary maintains its books and records in its functional currency, New Taiwan Dollars ("NT$").

In general, for consolidation purposes, assets and liabilities of the Company's subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive income or loss within stockholders' equity.

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:

SCHEDULE OF TRANSLATION OF AMOUNTS BETWEEN USD AND TWD

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| | | |
|:---|:---|:---|
|  | As of and for the three months ended <br> December 31, | As of and for the three months ended <br> December 31, |
|  | 2025 | 2024 |
| Period-end NT$ : US$1 exchange rate | 31.37 | 32.74 |
| Period-average NT$ : US$1 exchange rate | 31.03 | 32.39 |

---

Net income (loss) per share

The Company calculates net income (loss) per share in accordance with ASC Topic 260, "Earnings per Share." Basic income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

At December 31, 2025 and 2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

Concentrations

For the three months ended December 31, 2025 and 2024, no customer accounted for 10% or more of the Company's revenue.

For the three months ended December 31, 2025, no service provider accounted for 10% or more of the Company's operating costs and expenses, while for the three months ended December 31, 2024, no service provider accounted for 10% or more of the Company's operating costs and expenses

Segments

Our Chief Executive Officer ("CEO") is our chief operating decision maker ("CODM"). Our CEO evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. We have determined that we operate as a two reportable segments composed of service business segment and sale of products segment.

Our CODM uses consolidated net income (loss) as the sole measure of segment profit or loss. Significant segment expenses include salaries and related, commissions, and operating expenses (see Note 9).

Recent accounting pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing the potential impact on the Company's financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). This ASU updates the capitalization criteria for internal-use software cost by removing references to software development project stages. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.

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

**NOTE 2 – PREPAID EXPENSES AND OTHER CURRENT ASSETS**

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| | | |
|:---|:---|:---|
|  | **As of <br> December 31, <br> 2025** | **As of <br> September 30, <br> 2025** |
| Prepaid expenses | $41485 | $12056 |
| Deposits | 22952 | 25032 |
| Other | 8200 | 3066 |
| Total | $72637 | $40154 |

---

As of December 31, 2025 and September 30, 2025, prepaid expenses and other current assets are made up of deposits to a credit card processor, and prepaid commissions, website, and legal fees.

**NOTE 3 – PROPERTY AND EQUIPMENT, Net**

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| | | |
|:---|:---|:---|
|  | **As of <br> December 31, <br> 2025** | **As of <br> September 30, <br> 2025** |
| Office equipment | $24039 | $10513 |
| Leasehold improvements | 68188 | 70160 |
| Motor vehicle | 24288 | 25019 |
|  | 116515 | 105692 |
| Less: accumulated depreciation | (42832) | (37083) |
|  | $73683 | $68609 |

---

For the period ended December 31, 2025 and 2024, total depreciation expense was $6,919 and $8,670, respectively

**NOTE 4 – INTANGIBLE ASSETS, Net**

SCHEDULE OF INTANGIBLE ASSETS, Net

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| | | |
|:---|:---|:---|
|  | **As of** <br> **December 31,** <br> **2025** | **As of** <br> **September 30,** <br> **2025** |
| Intangible assets (provisional) | $369183 | $- |
| Less: accumulated amortization | (30765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Intangible assets, Net | $338418 | $- |

---

For the period ended December 31, 2025 and 2024, total amortization expense was $30,765 and $nil, respectively.

During the period ended December 31, 2025, the Company completed the acquisitions of three entities (see Note 6). The excess of the fair value of total consideration transferred, including equity consideration and contingent consideration liability, over the fair value of net tangible assets acquired was provisionally recorded as identifiable intangible assets. Based on management's preliminary assessment, these intangible assets primarily relate to assembled workforce know-how and operational capabilities associated with the acquired businesses and have been assigned an estimated useful life of two years. The valuation of these intangible assets is preliminary and subject to adjustment during the measurement period as additional information becomes available.

Estimated amortization expense for the next three years is as follows:

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| | |
|:---|:---|
| September 30, 2026 (remaining) | $153000 |
| September 30, 2027 | 181000 |
| September 30, 2028 | 4418 |

---

**NOTE 5 – OPERATING LEASES**

Prior to July 1, 2024, the Company rented office space under a short-term lease with a term of 12 months at a monthly rental of approximately $2,750 (NT$88,000) per month.

On July 1, 2024, the Company, through its wholly owned subsidiary DFP Holdings Limited (Taiwan), entered into two new operating leases for the rental of two offices with lease terms of three years each. The aggregate monthly lease payments are approximately $7,000 (NT $220,000) per month, with aggregate commitment of approximately $242,000 (NT$7,731,000). In relation to the two new leases, the Company recognized an operating lease right-of-use asset and related operating lease liability of $232,589 (NT$7,356,000) upon commencement of the new leases.

On December 1, 2025, the Company, through its subsidiary Haisen Shangliu Co. Limited ("HSCL"), entered into a new operating lease for the rental of one office with lease terms of two years. The aggregate monthly lease payment is approximately $645 (NT $20,000) per month, with aggregate commitment of approximately $15,480 (NT$480,000). In relation to the new lease, the Company recognized an operating lease right-of-use asset and related operating lease liability of $14,833 (NT$465,320) upon commencement of the new lease.

The components of rent expense and supplemental cash flow information related to leases for the period are as follows:

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| | | |
|:---|:---|:---|
|  | **For the three months ended December 31,** | **For the three months ended December 31,** |
|  | **2025** | **2024** |
| <u>Lease Cost</u> |  |  |
| Operating lease cost | $21408 | $20163 |
| <u>Other Information</u> |  |  |
| Weighted average remaining lease term – operating leases (in years) | 1.54 | 2.5 |
| Weighted average discount rate for operating lease | 3.26% | 3.26% |

---

Operating lease right-of-use asset for the period ended December 31, 2025 is as follows:

SCHEDULE OF RECOGNITION OF OPERATING LEASE RIGHT AND LEASE LIABILITY

---

| | |
|:---|:---|
| Right-of-use assets, net as of September 30, 2025 | $144022 |
| New lease right-of-use asset recognized | 14833 |
| Less: amortization | (20325) |
| Foreign exchange translation | (3866) |
| Right-of-use assets, net as of December 31, 2025 | $134664 |
| Operating lease liabilities for the period ended December 31, 2025 is as follows: |  |
| Lease liability at September 30, 2025 | $144022 |
| New lease liability recognized | 14833 |
| Add: imputed interest | 1083 |
| Less: principal repayment | (21408) |
| Foreign exchange translation | (3866) |
| Lease liability at December 31, 2025 | $134664 |
| Lease liability current portion | $86946 |
| Lease liability non-current portion | 47718 |
| Total operating lease liability | $134664 |

---

Maturities of the Company's lease liabilities are as follows:

SCHEDULE OF MATURITIES OF LEASE LIABILITIES

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| | |
|:---|:---|
| 2026 | $67353 |
| 2027 | 69265 |
| 2028 | 1275 |
| Total lease payments | 137893 |
| Less: Imputed interest | (3229) |
| Present value of operating lease liabilities | $134664 |

---

**NOTE 6 – ACQUISITIONS**

In November 2025, the Company completed the acquisition of equity interests in three unrelated companies:

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| | | |
|:---|:---|:---|
| Name of acquiree | Equity interest acquired | General description |
| Dong Li Fang Zhou Co. Limited ("DLFZ") | 51% | DLFZ sells automotive lubricant and car care products |
| Homula Limited Company ("HLC") | 51% | HLC sells interior and architectural materials |
| Haisen Shangliu Co. Limited ("HSCL") | 51% | HSCL sells consumer products |

---

The Company utilized the acquisition method of accounting for the acquisitions in accordance with ASC 805, Business Combinations. The Company allocated the purchase price to acquired tangible assets, identifiable intangible assets, and assumed liabilities at their estimated fair values as of the date of acquisition. The Company acquired the three entities from existing shareholders for (i) cash consideration of $48,837 (NT$1,530,000); (ii) 331,350 shares of the Company's common stock issuable upon execution of acquisition agreements; and (iii) contingent consideration consisting of an estimated 356,202 shares of the Company's common stock (out of a maximum of 6,295,650 shares) issuable upon the achievement of specified post-acquisition revenue milestones. Contingent shares not earned in accordance with the performance milestones are forfeited.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Dong Li Fang Zhou | Homula | Haisen Shangliu | Effect of exchange rate changes | Total |
| **Fair value of consideration** |  |  |  |  |  |
| Cash | $16351 | $16351 | $16257 | $(122) | $48837 |
| Fair value of common stock (331,350 total shares to be issued) | 55225 | 55225 | 55225 | (634) | 165041 |
| Fair value of contingent consideration liability | 59367 | 59367 | 59026 | (681) | 177079 |
| Total consideration transferred | 130943 | 130943 | 130508 | (1437) | 390957 |
| Non-controlling interest (49%) | 13205 | (7588) | 15272 | (31) | 20858 |
| Total fair value | $144148 | $123355 | 145780 | $(1468) | $411815 |
| **Allocation to assets acquired and liabilities assumed:** |  |  |  |  |  |
| Cash | $2675 | $19373 | $31891 | $- | $53939 |
| Prepaid expenses | 74397 | 15481 | 238 |  | 90116 |
| Office equipment |  | 3347 | 4153 |  | 7500 |
| Accounts and other payables | (50123) | (53686) | (5114) | - | (108923) |
| Net tangible assets | 26949 | (15485) | 31168 |  | 42632 |
| Intangible assets (provisional) | 117199 | 138840 | 114612 | (1468) | 369183 |
| Total net assets acquired | $144148 | $123355 | $145780 | $(1468) | $411815 |

---

The results of Dong Li Fang Zhou, Homula Limited, and Haisen Shangliu are included in the Company's unaudited condensed consolidated financial statements from the date acquired in November 2025 through December 31, 2025. The Company has not disclosed pro-forma revenue and earnings attributable to Dong Li Fang Zhou, Homula Limited, and Haisen Shangliu as they did not have a material effect on the Company's condensed consolidated financial statements.

**NOTE 7– ACCOUNTS PAYABLE AND ACCRUED LIABILITIES**

SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES

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| | | |
|:---|:---|:---|
|  | **As of <br> December 31, 2025** | **As of <br> September 30, 2025** |
| Accrual expenses | $43095 | $56127 |
| Account payables | 6454 | - |
| Other payables | 92218 | 6955 |
| Total | $141767 | $63082 |

---

As of December 31, 2025 and September 30, 2025, accrued liabilities and other payables are made up of salary payable, statutory contribution, audit fees and etc.

**NOTE 8 - STOCKHOLDERS' EQUITY**

As of December 31, 2025 the Company has 600,000,000 shares of commons stock authorized and 216,779,700 shares of common stock issued and outstanding, respectively.

During the three months ended December 31, 2025 and 2024, the Company did not issue any shares of common stock.

**NOTE 9 - RELATED PARTY TRANSACTIONS**

Mr. Hsu Shou Hung ("Mr. Hsu"), a founder of the Company, is currently the Company's Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and sole director. As of December 31, 2025, Mr. Hsu collectively owns 96,260,000 shares, or 44.40%, of the Company's restricted Common Stock.

At December 31, 2025 and September 30, 2025, $9,645 and $7,739, respectively, are due to Mr. Hsu for advances to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.

Huang Tian Limited-acquisition of entity under common control

On February 25, 2025, the Company entered into a Sale and Purchase Agreement to acquire Huang Tian Limited ("HTL"), a dormant Taiwan private company wholly owned by Mr. Hsu, the Company's CEO and CFO, and largest shareholder. Pursuant to the agreement, the Company agreed to acquire 100% of the issued and outstanding equity interests of HTL. The acquisition was completed on April 15, 2025, and was accounted for as an acquisition of entities under common control. The total purchase consideration of $9,120 (NT$300,000) exceeded the carrying value of net assets acquired of $5,181(NT$168,320) by $3,939 (NT$131,680). In accordance with ASC 805-50, this excess was recorded as an adjustment to equity, as it represents a transaction between entities under common control rather than an acquisition at fair value. The accompany consolidated financial statements were not retrospectively adjusted for the acquisition of HTL as of October 1, 2023, for comparative purposes because the historical operations of HTL were deemed to be immaterial to the Company's consolidated financial statements.

Leader Capital Holdings Corp.

Mr. Lin Yi Hsiu ("Jeff Lin") is Chief Executive Officer and a director of Leader Capital Holdings Corp. ("LCHC"). LCHC owns 8,212,231 shares of the Company's restricted Common Stock and is a 3.79% shareholder in the Company. In addition, CPN Investment Limited ("CPN"), a company wholly owned by Jeff Lin, owns 14,868,939 shares of the Company's restricted Common Stock, and is also a 6.85% shareholder of the Company.

LCHC, through its wholly owned subsidiary, LOC Weibo Co., Limited ("LOC") provides IT and maintenance services to the Company. Leader Financial Asset Management Limited ("LFAML"), another company wholly owned by Jeff Lin, provides consulting and company secretarial services to the Company.

For the three months ended December 31, 2025 and 2024, the Company incurred the following fees to Leader:

SCHEDULE OF RELATED PARTIED INCURRED FEES TO LCHC AND AFFILIATES

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| | | | |
|:---|:---|:---|:---|
|  |  | For the three months ended December 31, | For the three months ended December 31, |
| Paid to: | Description | 2025 | 2024 |
| LCHC | IT services | $- | $17613 |
| LOC | IT services | - | - |
| Total general and administrative expenses | &nbsp;&nbsp;&nbsp;Total | $- | $17613 |

---

Dong Li Fang Zhou Co. Limited

Ms. Yu Yi Jen is a director and holds a 49% equity interest in DLFZ. As of the reporting date, there is an amount due to Ms. Yu of $23,883, due on demand representing advances provided primarily to support DLFZ's daily operating activities.

Homula Limited Company

Mr. Tsan Jui Chin is a director and holds a 16% equity interest in HLC. As of the reporting date, there is an amount due to Mr. Tsan of $45,069, due on demand representing advances provided primarily to support HLC's daily operating activities. In addition, HLC has an amount payable of $128 to Mr. Tsan, mainly related to office lease expenses.

**NOTE 10 – COMMITMENTS AND CONTINGENCIES**

In August, 2024, the Company signed a contract with a third-party consultant and agreed to pay a total of $1.2 million for certain advisory services associated with the Company's planned Initial Public Offering, and other consulting services. For the periods ended December 31, 2025 and 2024, there were no fees incurred related to this contract.

**NOTE 11 - SEGMENT REPORTING**

The Company's chief operating decision maker ("CODM") has been identified as the Company's Chief Executive Officer ("CEO"). The Company's CODM evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. Because the CODM evaluates financial performance on a consolidated basis, the Company has determined that it has two operating segment composed of the consolidated financial results of DFP Holdings Limited. All of our revenue is derived from one country which is in Taiwan.

Service income is primarily attributable to the Company's principal business of delivering online and in-person media and leadership training courses. Sales of products is mainly contributed by the three recently acquired companies (DLFZ, HLC, and HSCL), whose principal business activities involve trading operations, as further described in the "Description of Business" section.

The following table presents the significant segment expenses and other segment items regularly reviewed by our CODM. Operating expenses include all remaining costs necessary to operate our business, which primarily include external professional services, income taxes, and other administrative expenses:

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| | | | |
|:---|:---|:---|:---|
| | **For the three months ended December 31, 2025** | **For the three months ended December 31, 2025** | **For the three months ended December 31, 2025** |
| <br>**By Business Unit** | **Services Business** | **Sale of Products** | **Total** |
| Revenue | $64638 | $56252 | $120890 |
| Cost of revenue | (68089) | (29538) | (97627) |
| Gross profit (loss) | (3451) | 26714 | 23263 |
| General and administrative expenses |  |  |  |
| Salaries and related | (93372) | (8183) | (101555) |
| Operating expenses | (121716) | (31993) | (153709) |
| Loss from operations | $(218539) | $(13462) | $(232001) |
| Total other income | 4365 | 58 | 4423 |
| Income tax expenses |  |  |  |
| Net loss | $(214174) | (13404) | (227578) |

---

---

| | | |
|:---|:---|:---|
| | **For the three months ended<br> December 31, 2025** | **For the three months ended<br> December 31, 2025** |
| <br>**By Business Unit** | **Services Business** | **Total** |
| Revenue |  |  |
|  | $442777 | $442777 |
| Cost of revenue | (122932) | (122932) |
| Gross profit | 319845 | 319845 |
| General and administrative expenses |  |  |
| Salaries and related | 130577 | 130577 |
| Operating expenses | 125043 | 125043 |
| Gain from operations | $64225 | $64225 |
| Total other income | 11821 | 11821 |
| Income tax expenses | (46296) | (46296) |
| Net profit | $29750 | $29750 |

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**NOTE 12 - SUBSEQUENT EVENTS**

The Company has evaluated all events or transactions that occurred after December 31, 2025 up through the date the Company issued the financial statements. During this period, there was no material subsequent event which affected, or could affect, the amounts or disclosures in the condensed consolidated financial statements.

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

**OVERVIEW**

DFP Holdings Limited (the "Company" or "we") was incorporated in the State of Nevada on December 8, 2021, and has a fiscal year end of September 30.

**GOING CONCERN**

The Company has an accumulated deficit of $2,461,330 as of December 31, 2025. To date, the operations have been primarily financed through the issuance of common stock. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern within one year of the date that these financial statements are issued. The Company's independent registered public accounting firm, in its report on the Company's consolidated financial statements for the year ended September 30, 2025, has also expressed substantial doubt about the Company's ability to continue as a going concern. The Company's financial statements included elsewhere in this Quarterly Report do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Management estimates that the current funds on hand will be sufficient to continue operations through the next six months. The Company's ability to continue as a going concern is dependent upon its ability to continue to implement its business plan to increase its customer base and realize increased revenues. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

**USE OF ESTIMATES**

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for assumptions used in impairment testing of long-term assets and the accrual of potential liabilities.

**REVENUE RECOGNITION**

The Company recognizes revenue in accordance with Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, following the five-step model prescribed by ASC 606*,* which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

The Company's revenue consists of revenue from services and revenue from products. Revenue from services represent delivering online and in-person media and leadership training courses ("service revenue") . In addition, the Company sells products to customers ("product revenue").

Revenue is recognized in the period in which the services or products are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company recognizes deferred revenue at each period end for contracts that have been paid but which the related service or product has not been performed or delivered. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue.

**RECENT ACCOUNTING PRONOUNCEMENTS**

See Note 1 to the Condensed Consolidated Financial Statements.

**RESULTS OF OPERATIONS**

**2025:**

For the three months ended December 31, 2025, we generated revenue of $120,890.

For the three months ended December 31, 2025, operating costs and expenses were $339,070, including cost of revenue of $97,627, general and administrative expenses of $255,136, and general and administrative expenses to related party of $128, respectively.

**2024:**

For the three months ended December 31, 2024, we generated revenue of $442,777.

For the three months ended December 31, 2024, operating costs and expenses were $378,552, including cost of revenue of $122,932, general and administrative expenses of $238,007, and general and administrative expenses to related party of $17,613, respectively.

**Liquidity and Capital Resources**

For the three-month period ended December 31, 2025, the Company recorded a net loss of $227,578 and used cash in operations of $109,546. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern within one year of the date that these financial statements are issued. In addition, the Company's independent registered public accounting firm, in its report on the Company's consolidated financial statements for the year ended September 30, 2025, has also expressed substantial doubt about the Company's ability to continue as a going concern.

The Company's ability to continue as a going concern is dependent upon the Company's ability to implement its business plans and continue receiving financial support from its officers and shareholders. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk.**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

**Item 4. Controls and Procedures.**

**DISCLOSURE CONTROLS AND PROCEDURES**

Under the supervision and with the participation of our management, including our principal executive and financial officer, we are responsible for conducting an evaluation of the effectiveness of the design and operation of our internal controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal period covered by this Report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission ("SEC") reports is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this Report was being prepared. Based on this evaluation, our principal executive and financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of December 31, 2025 due to material weaknesses in our internal control over financial reporting as described below.

**Material Weaknesses**

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified include (i) the Company did not maintain a functioning independent audit committee and did not maintain an independent board; (ii) the Company had inadequate segregation of duties; and (iii) the Company had an insufficient number of personnel with an appropriate level of U.S. GAAP knowledge and experience and ongoing training in the application of U.S. GAAP and SEC disclosure requirements commensurate with the Company's financial reporting requirements.

Notwithstanding the identified material weaknesses, management has concluded that the Financial Statements included in this Quarterly Report on Form 10-Q present fairly, in all material respects, the Company's financial position, results of operations and cash flows for the periods disclosed in conformity with U.S. GAAP.

Planned remediation of material weaknesses

Management is actively engaged in developing and implementing remediation plans to address the material weaknesses described above. These remediation efforts are ongoing and include or are expected to include preparation of written documentation of our internal control policies and procedures, and to increase personnel and technical accounting expertise within the accounting function.

**CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING**

There were no changes in our internal controls over financial reporting that occurred during the period covered by this Report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

**Inherent Limitations on Effectiveness of Controls**

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design and disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgement in evaluating the benefits of possible controls and procedures relative to the cost.

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings.**

The Company is not a party to any threatened or pending legal proceedings.

**Item 1A. Risk Factors.**

Not required by smaller reporting companies. We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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

None.

**Item 3. Default upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

Insider Trading Arrangements

During the quarter ended December 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement".

Future Plans

The Company is actively engaged in discussions with several potential companies to explore strategic opportunities that align with its long-term growth objectives. Through these potential collaborations or partnerships, the Company aims to generate sustainable value for shareholders, create meaningful operational synergies, and enhance its overall market competitiveness. Management believes that these initiatives will enable the Company to strengthen its business foundation, diversify its operations, and capture emerging opportunities within its target markets.

**Item 6. Exhibits.**

The following exhibits are filed or "furnished" herewith:

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| | |
|:---|:---|
| **Number** | **Description** |
| 3.1 | [Certificate of Incorporation (1)](https://www.sec.gov/Archives/edgar/data/1976900/000149315223016487/ex3-1.htm) |
| 3.2 | [By-laws (1)](https://www.sec.gov/Archives/edgar/data/1976900/000149315223016487/ex3-2.htm) |
| 31.1 | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](ex31-1.htm) |
| 32.1 | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](ex32-1.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 Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

---

(1) Previously
 filed and incorporated in the Company's Registration Statement, Amendment No.3 to Form S-1 (File No. 333-271858) with the Securities
 and Exchange Commission on September 6, 2023.

\* Filed herewith.

**XBRL** (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **DFP HOLDINGS LIMITED** | **DFP HOLDINGS LIMITED** |
|  | (Name of Registrant) | (Name of Registrant) |
| Date: February 23, 2026 | By: | */s/ **Hsu Shou Hung*** |
|  | Name: | Hsu Shou Hung |
|  | Title: | Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER OF DFP HOLDINGS LIMITED**

I, Hsu Shou Hung, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DFP Holdings Limited;

2. Based on my knowledge, this Quarterly 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 Quarterly Report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 Quarterly Report;

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

(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, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

(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;

(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

(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):

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

(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.

---

| | | |
|:---|:---|:---|
| Date: February 23, 2026 | By: | */s/ Hsu Shou Hung* |
|  |  | Hsu Shou Hung |
|  |  | Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**SECTION 906 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER OF DFP HOLDINGS LIMITED**

In connection with the accompanying Quarterly Report on Form 10-Q of DFP Holdings Limited for the quarter ended December 31, 2025, the undersigned, Hsu Shou Hung, Chief Executive Officer, Chief Financial Officer and Director of DFP Holdings Limited, does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) such Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in such Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, fairly presents, in all material respects, the financial condition and results of operations of DFP Holdings Limited.

---

| | | |
|:---|:---|:---|
| Date: February 23, 2026 | By: | */s/ Hsu Shou Hung* |
|  |  | Hsu Shou Hung |
|  |  | Chief Executive Officer and Chief Financial Officer |
|  |  | (Principal Executive Officer and Principal Financial and Accounting Officer) |

---