# EDGAR Filing Document

**Accession Number:** 0001856084
**File Stem:** 0001213900-25-118307
**Filing Date:** 2025-12
**Character Count:** 72268
**Document Hash:** bb710649228f18448081168818a65dfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-118307.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001213900-25-118307

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20251204

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ridgetech Inc.
- **CENTRAL INDEX KEY:** 0001856084
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40724
- **FILM NUMBER:** 251550151

**BUSINESS ADDRESS:**
- **STREET 1:** 4TH FLOOR, BUILDING 5, RENXIN YAJU
- **STREET 2:** GONG SHU DISTRICT
- **CITY:** HANGZHOU CITY
- **STATE:** F4
- **ZIP:** 310014
- **BUSINESS PHONE:** 8657188219579

**MAIL ADDRESS:**
- **STREET 1:** 4TH FLOOR, BUILDING 5, RENXIN YAJU
- **STREET 2:** GONG SHU DISTRICT
- **CITY:** HANGZHOU CITY
- **STATE:** F4
- **ZIP:** 310014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** China Jo-Jo Drugstores, Inc.
- **DATE OF NAME CHANGE:** 20230705

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** China Jo-Jo Drugstores Holdings, Inc.
- **DATE OF NAME CHANGE:** 20210408

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16 OF THE<br> SECURITIES EXCHANGE ACT OF 1934**

**For the month of December 2025**

**Commission File Number: 001-40724**

**RIDGETECH, INC.**<br> (Translation of registrant's name into English)

**5th Floor, Building 6, No. 100, 18th Street, Baiyang Sub-district,** 

**Qiantang District, Hangzhou City, Zhejiang Province, People's Republic of China, 310018**<br> (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**INCORPORATION BY REFERENCE**

This report is incorporated by reference in our registration statements on Form F-3 (No. [333-259692](http://www.sec.gov/Archives/edgar/data/1856084/000121390021049098/ea147625-f3_chinajojo.htm) and No. [333-269182)](http://www.sec.gov/Archives/edgar/data/1856084/000121390023002263/ea171472-f3_chinajojo.htm) and S-8 (No. [333-264505,](http://www.sec.gov/Archives/edgar/data/1856084/000121390022021903/ea158786-s8_chinajojo.htm) No. [333-268809](http://www.sec.gov/Archives/edgar/data/1856084/000121390022080092/ea170074-s8_chinajojo.htm) and No. [333-277849)](http://www.sec.gov/Archives/edgar/data/1856084/000121390024021820/ea0201590-s8_chinajo.htm), and shall be deemed to be a part thereof from the date on which this report is furnished to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.

**Financial Statements and Exhibits**

***Financial statements of businesses acquired***

As previously disclosed, on January 31, 2025, Ridgetech, Inc., a Cayman Islands exempted company (the "Company") entered into (i) the Equity Exchange Agreement, by and among the Company, Lingtao Kong, and Ridgeline International Limited ("Ridgeline"), pursuant to which the Company agreed to effect an acquisition of Ridgeline, by acquiring from Lingtao Kong all of the issued and outstanding ordinary shares of Ridgeline (the "Acquisition Transaction"), and (ii) the Equity Exchange Agreement, by and among the Company, Renovation Investment (Hong Kong) Co., Ltd. ("Renovation"), Lei Liu, Li Qi, and Oakview International Limited ("Oakview"), pursuant to which Renovation shall, and the Company shall cause Renovation to, transfer all equity in Zhejiang Jiuxin Investment Management Co. Ltd. to Oakview, in exchange for the irrevocable surrender for no consideration by Mr. Lei Liu, Ms. Li Qi, Oakview and their affiliates in total 2,548,353 ordinary shares of the Company back to the Company (the "Divestiture Transaction"). The Divestiture Transaction and the Acquisition Transaction are collectively referred to as the Restructuring Transactions.

On February 28, 2025, the Restructuring Transactions were consummated.

The audited financial statements of Ridgeline as of and for the years ended March 31, 2024, and the interim unaudited financial statements of Ridgeline as of and for the six months ended September 30, 2024 are filed as Exhibit 99.1 and Exhibit 99.2 to this Form 6-K, respectively, and incorporated herein by reference.

***Pro forma financial information***

The unaudited pro forma condensed combined statement of operations for the year ended March 31, 2025, giving effect to the Restructuring Transactions and prepared in accordance with Article 11 of Regulation S-X, which presents the combination of the financial information of Ridgetech, Inc. and its consolidated subsidiaries and former VIEs and Ridgeline International Limited and its consolidated subsidiaries, is filed with this Form 6-K as Exhibit 99.3 and incorporated herein by reference.

These unaudited pro forma condensed combined and consolidated financial statements are for informational purposes only. They do not purport to indicate the results that would have been obtained had the Restructuring Transactions actually been completed on the assumed date or for the period presented. The pro forma adjustments are based on the information currently available and the assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined and consolidated financial information.

<u>Exhibits</u>.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 23.1 | [Consent of YCM CPA Inc.](ea026686101ex23-1_ridgetech.htm) |
| 99.1 | [Consolidated financial statements of Ridgeline International Limited as of and for the years ended March 31, 2024](ea026686101ex99-1_ridgetech.htm) |
| 99.2 | [Interim unaudited financial statements of Ridgeline International Limited as of and for the six months ended September 30, 2024](ea026686101ex99-2_ridgetech.htm) |
| 99.3 | [Unaudited pro forma condensed combined statement of operations for the year ended March 31, 2025](ea026686101ex99-3_ridgetech.htm) |

---

**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.

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | **RIDGETECH, INC.** | **RIDGETECH, INC.** |
|  | By: | /s/ Ming Zhao |
|  | Name: | Ming Zhao |
|  | Title: | Interim Chief Executive Officer and Chief Financial Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in the Registration Statements on Form F-3 (No. 333-259692 and No. 333-269182) and S-8 (No. 333-264505, No. 333-268809 and No. 333-277849) of our report dated September 25, 2025, relating to the consolidated financial statements of Ridgeline International Limited as of March 31, 2024 and for the year ended March 31, 2024, which appears in the Form 6-K of Ridgetech, Inc. dated December 4, 2025.

/s/ YCM CPA, Inc.

Irvine, California

December 4, 2025

## Exhibit 99.1

**Exhibit 99.1**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

![](ex99-1_001.jpg)

To the Board of Directors and

Shareholders of Ridgeline International Limited.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheet of Ridgeline International Limited and subsidiaries (collectively, the "Company") as of March 31, 2024 and the related consolidated statements of operations and comprehensive income, and cash flows for the year ended March 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31 2024, and the results of its operations and its cash flows for the year ended March 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated 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 audit 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 consolidated 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 audit, 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 audit included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ YCM CPA INC.

We have served as the Company's auditor since 2025.

PCAOB ID 6781

Irvine, California

September 25, 2025

RIDGELINE INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

---

| | |
|:---|:---|
|  | March 31,<br>2024 |
| <u>ASSETS</u> |  |
| &nbsp;&nbsp;&nbsp;CURRENT ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1613848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 4089442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 3846390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 7668388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to suppliers | 309519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net | 24728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 316197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 17868512 |
| &nbsp;&nbsp;&nbsp;NON-CURRENT ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 41022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 41184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $17909696 |
| <u>LIABILITIES AND SHAREHOLDERS' EQUITY</u> |  |
| &nbsp;&nbsp;&nbsp;CURRENT LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $11700657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 4775352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | 40059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 1166919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | 21606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 17704869 |
| &nbsp;&nbsp;&nbsp;NON-CURRENT LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 17704869 |
| COMMITMENTS AND CONTINGENCIES |  |
| &nbsp;&nbsp;&nbsp;SHAREHOLDERS' EQUITY |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 121392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | 79444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income(loss) | 3991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 204827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $17909696 |

---

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

RIDGELINE INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

---

| | |
|:---|:---|
|  | For the year ended <br> March 31,<br> 2024 |
| REVENUES, NET | $78360705 |
| COST OF GOODS SOLD | 77016399 |
| GROSS PROFIT | 1344306 |
| SELLING EXPENSES | 865221 |
| GENERAL AND ADMINISTRATIVE EXPENSES | 296201 |
| TOTAL OPERATING EXPENSES | 1161422 |
| INCOME FROM OPERATIONS | 182884 |
| OTHER INCOME | 11981 |
| INCOME BEFORE INCOME TAXES | 194865 |
| PROVISION FOR INCOME TAXES | 27427 |
| NET INCOME | 167438 |
| COMPREHENSIVE INCOME (LOSS) |  |
| Unrealized foreign currency translation loss | 3991 |
| Comprehensive Income | 171429 |

---

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

RIDGELINE INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | |
|:---|:---|
|  | For the year ended <br> March 31,<br> 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |
| Net income | $167438 |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 20516 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of PP&E | (765) |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (3197132) |
| &nbsp;&nbsp;&nbsp;Inventories and biological assets | (5867528) |
| &nbsp;&nbsp;&nbsp;Other receivables | 3778575 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | (311821) |
| &nbsp;&nbsp;&nbsp;Long-term rent deposit | (318544) |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets | 4786 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 4846064 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | (16727) |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1175581 |
| &nbsp;&nbsp;&nbsp;Taxes payable | (93950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | 186493 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |
| &nbsp;&nbsp;&nbsp;Cash paid for a subsidiary | (109866) |
| &nbsp;&nbsp;&nbsp;Acquisition of equipment | (2138) |
| &nbsp;&nbsp;&nbsp;Disposal of PPE | 6791 |
| &nbsp;&nbsp;&nbsp;Additions to leasehold improvements | (44283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (149496) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | 14728487 |
| &nbsp;&nbsp;&nbsp;Repayment of notes payable | (14735681) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of shares | 121392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 114198 |
| EFFECT OF EXCHANGE RATE ON CASH | (286229) |
| DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (135034) |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 5838324 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of year | $5703290 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | $27427 |

---

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

**Note 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION**

Ridgeline International Limited ("Ridgeline," or the "Company") is a Hong Kong company, which is a holding company of Allright (Hangzhou) Internet Technology Co. Ltd ("Allright") and does not otherwise engage in active operations.

Allright, established in April 2021 with a registered capital of 10 million Renminbi ("RMB"), is headquartered in Hangzhou, Zhejiang Province. The company operates in the B2B sector, providing wholesale distribution and online sales through self-operated and third-party platforms, with a focus on pharmaceuticals, medical devices, health foods, cosmetics, and daily necessities.

The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities:

---

| | | |
|:---|:---|:---|
| Entity Name | Background | Ownership |
| Ridgeline | ● Incorporated in Hong Kong SAR on June 27, 2023 | Holding |
| Allright | ● Established in PRC on April 19, 2021 <br>● Registered capital of RMB 10 million <br>● Carries out pharmaceutical distribution services | 100% |

---

Virtually all of the consolidated financial results (including revenue, profit, assets, and liabilities) are attributable to the operations of Allright. The contributions of other consolidated entity is immaterial to the Company's financial position and performance.

**Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Basis of presentation and consolidation</u>

The accompanying consolidated financial statements are prepared 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 its wholly-owned subsidiaries. All significant inter-company transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.

<u>Use of estimates</u>

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The significant estimates made in the preparation of the accompanying consolidated financial statements relate to the assessment of the carrying values of accounts receivable, related allowance for doubtful accounts, losses. Because of the use of estimates inherent in the financial reporting process, actual results could materially differ from those estimates.

<u>Fair value measurements</u>

The Company establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement.

Unless otherwise disclosed, the fair value of the Company's financial instruments including cash, restricted cash, accounts receivable, advances to suppliers, other current assets, accounts payable, due to related parties, other current liabilities, short-term bank loans and bank acceptance notes payable approximate their recorded values due to their short-term maturities. The fair value of longer term long-term bank loan and operating lease liabilities approximate their recorded values as their stated interest rates approximate the rates currently available.

<u>Long-term investments</u>

Long-term investments include equity investments. Equity investments include investments in common stock or in-substance common stock of entities. For those equity investments over which the Company can exercise significant influence but does not own a majority equity interest or control, the equity method is applied, and the Company adjusts the carrying amount of an investment and recognizes investment income or loss for the Company's share of the earnings or loss of the investee after the date of investment. For those equity investments accounted for other than under the equity method, the fair value method is applied. However, for equity investments that do not have readily determinable fair values, the Company chooses to account for them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. If this measurement alternative is elected, changes in the carrying value of the equity investments will be required to be made whenever there are observable price changes in transactions for identical or similar investments of the same issuer.

<u>Revenue recognition</u>

Effective March 31, 2023, the Company began recognizing revenue under Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective transition method. The impact of adopting the new revenue standard was not material to the Company's consolidated financial statements. The core principle of this new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

● Step 1: Identify the contract with the customer

● Step 2: Identify the performance obligations in the contract

● Step 3: Determine the transaction price

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

● Step 5: Recognize revenue when the company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606's definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met:

● The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct).

● The entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

The Company's revenue is net of value added tax ("VAT") collected on behalf of the PRC tax authorities with respect to the sales of merchandise. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets until it is paid to the relevant PRC tax authorities.

Certain contract liabilities primarily represent the Company's obligation to transfer additional goods or services to a customer for which the Company has received consideration, for example, membership points. The consideration received remains a contract liability until goods or services have been provided to the retail customer. The estimated amount based on accrued membership points was deducted from sales revenue.

The following is a discussion of the Company's revenue recognition policies by segment under the new revenue recognition accounting standard:

*Offline Wholesale*

Allright purchases medicine in quantity and distribute products primarily to local pharmacies and medical products dealers. Revenue from sales of merchandise to non-retail customers is recognized when the merchandise is transferred to customers. Historically, sales returns have been minimal.

The Company's revenue is net of VAT collected on behalf of PRC tax authorities in respect to the sales of merchandise. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets until it is paid to the relevant PRC tax authorities.

*Online platform sales*

Revenue from online platform sales is recognized when merchandise is shipped to customers. While most deliveries take one day, certain deliveries may take longer depending on a customer's location. Any loss caused in a shipment will be reimbursed by the Company's courier company. The Company's sales policy allows for the return of certain merchandises without reason within seven days after a customer's receipt of the applicable merchandise. Historically, sales returns seven days after merchandise receipts have been minimal.

*Disaggregation of Revenue*

The following table disaggregates the Company's revenue in each segment for the year ended March 31, 2024:

---

| | |
|:---|:---|
|  | For the year ended<br> March 31,<br> 2024 |
| For the year ended March 31, 2024 |  |
| &nbsp;&nbsp;&nbsp;Revenue from offline wholesale | $63968288 |
| &nbsp;&nbsp;&nbsp;Revenue from online platform | 14392417 |
| Total revenue | $78360705 |

---

<u>Restricted cash</u>

The Company's restricted cash consists of cash and long-term deposits in a bank as security for its notes payable. The Company has notes payable outstanding with the bank and is required to keep certain amounts on deposit that are subject to withdrawal restrictions. The notes payable are generally short term in nature due to their short maturity period of six to nine months; thus, restricted cash is classified as a current asset.

The following represents a reconciliation of cash and cash equivalents in the consolidated balance sheets to total cash, cash equivalents and restricted cash in the consolidated statements of cash flows as of March 31, 2024:

---

| | |
|:---|:---|
|  | March 31, <br> 2024 |
| Cash and cash equivalents | $1613848 |
| Restricted cash | 4089442 |
| Cash, cash equivalents and restricted cash | $5703290 |

---

<u>Accounts receivable</u>

Accounts receivable represents the following: (1) amounts due from banks relating to wholesale sales that are paid or settled by the customers' debit or credit cards, and (2) amounts due from non-bank third party payment instruments such as Alipay and certain e-commerce platforms.

Accounts receivable are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts, as necessary. In its offline wholesale business, the Company uses the expected credit loss method to estimate the allowance for anticipated uncollectible receivable balances. At each reporting period, the allowance balance is adjusted to reflect the amount computed as a result of the expected credit loss method. When facts subsequently become available to indicate that the allowance provided requires an adjustment, a corresponding adjustment is made to the allowance account as a change in estimate.

In the Company's online platform business, accounts receivable primarily consist of amounts due from non-bank third party payment instruments such as Alipay and certain e-commerce platforms. To purchase pharmaceutical products from an e-commerce platforms such as Pharmacist Help, Yiyao Help and Yao Help, customers are required to submit payment to certain non-bank third party payment instruments, such as Alipay, which, in turn, reimburse the Company within seven days to a month. Except for customer returns of sold products, the receivables from these payments instruments are rarely uncollectible.

<u>Inventories</u>

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first in first out (FIFO) method. The Company carries out physical inventory counts on a monthly basis and warehouse location. The Company periodically reviews its inventory and records write-downs to inventories for shrinkage losses and damaged merchandise that are identified. The Company provides a reserve for estimated inventory obsolescence or excess quantities on hand equal to the difference, if any, between the cost of the inventory and its estimated realizable value.

<u>Property and equipment</u>

Property and equipment are stated at cost, net of accumulated depreciation or amortization. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, taking into consideration the assets' estimated residual value. Leasehold improvements are amortized over the shorter of lease term or remaining lease period of the underlying assets. Following are the estimated useful lives of the Company's property and equipment:

<u>Estimated <br> Useful Life</u> <br> Office equipment & furniture 3-5 years

Maintenance, repairs and minor renewals are charged to expenses as incurred. Major additions and betterment to property and equipment are capitalized.

<u>Impairment of long-lived assets</u>

The Company evaluates long lived tangible and intangible assets for impairment, whenever events or changes in circumstances indicate that the carrying value may not be recoverable from its estimated future cash flows. Recoverability is measured by comparing the assets' net book value to the related projected undiscounted cash flows from these assets, considering a number of factors including past operating results, budgets, economic projections, market trends and product development cycles. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired, and a second test is performed to measure the amount of impairment loss. There was no impairment loss recognized for the year ended March 31, 2024.

<u>Notes payable</u>

During the normal course of business, the Company regularly issues bank acceptance bills as a payment method to settle outstanding accounts payables with various material suppliers. The Company records such bank acceptance bills as notes payable. Such notes payable are generally short term in nature due to their short maturity period of six to nine months.

<u>Income taxes</u>

The Company follows FASB ASC Topic 740, "Income Taxes," which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The accounting standards clarify the accounting and disclosure requirements for uncertain tax positions and prescribe a recognition threshold and measurement attribute for recognition and measurement of a tax position taken or expected to be taken in a tax return. The accounting standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. No significant penalties, uncertain tax provisions or interest relating to income taxes were incurred during the periods ended March 31, 2024.

<u>Value added tax</u>

Sales revenue represents the invoiced value of goods, net of VAT. All of the Company's products are sold in the PRC and are subject to a VAT on the gross sales price. The VAT rates range up to 13%, depending on the type of products sold. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company recorded a VAT payable net of payments in the accompanying financial statements.

<u>Foreign currency translation</u>

The Company uses the United States dollar ("U.S. dollars" or "USD") for financial reporting purposes. The Company's subsidiaries maintain their books and records in their functional currency RMB, the currency of the PRC.

In general, for consolidation purposes, the Company translates the assets and liabilities of its subsidiaries into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statements of income and cash flows are translated at average exchange rates during the reporting period. As a result, amounts related to assets and liabilities reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the financial statements of the subsidiaries are recorded as accumulated other comprehensive income.

The balance sheet amounts, with the exception of equity, at March 31, 2024 were translated at 1 USD to 7.2203 RMB. The average translation rate applied to income and cash flow statement amounts for years ended March 31, 2024 was at 1 USD to 7.1671 RMB.

<u>Recent Accounting Pronouncements</u>

The Company's management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

**NOTE 3 - COMMITMENTS AND CONTINGENCIES**

<u>Risks and Uncertainties</u>

The operations of the Company are located in the PRC. Accordingly, the Company's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company's operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, this may not be indicative of future results.

The Company has significant cash deposits with suppliers in order to obtain and maintain inventory. The Company's ability to obtain products and maintain inventory at existing and new locations is dependent upon its ability to post and maintain significant cash deposits with its suppliers. In the PRC, many vendors are unwilling to extend credit terms for product sales that require cash deposits to be made. The Company does not generally receive interest on any of its supplier deposits, and such deposits are subject to loss as a result of the creditworthiness or bankruptcy of the party who holds such funds, as well as the risk from illegal acts such as conversion, fraud, theft or dishonesty associated with the third party. If these circumstances were to arise, the Company would find it difficult or impossible, due to the unpredictability of legal proceedings in China, to recover all or a portion of the amount on deposit with its suppliers.

<u>Concentrations and Credit Risk</u>

Certain financial instruments, which subject the Company to concentration of credit risk, consist of cash and restricted cash. The Company has cash balances at financial institutions located in Hong Kong and PRC. Balances at financial institutions in Hong Kong may, from time to time, exceed Hong Kong Deposit Protection Board's insured limits. Since March 31, 2015, balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 (USD 79,600) per bank. As of March 31, 2024, the Company had deposits totaling $5,692,781 covered by such limited insurance. Any balance over RMB 500,000 (USD79,600) per bank in PRC will not be covered. To date, the Company has not experienced any losses in such accounts.

For the fiscal year ended March 31, 2024, the Company had three suppliers that accounted for more than 10% of the Company's total purchases from continuing operations, which were 33.9%, 15.9% and 12.4%, respectively. These suppliers are not affiliated with the Company.

For the fiscal year ended March 31, 2024, the Company had three customers that accounted for more than 10% of the Company's total sales from continuing operations, which were 12.6%,11.6% and 10.2%, respectively. These customers are not affiliated with the Company.

**NOTE 4 - TRADE RECEIVABLES**

Trade receivables consisted of the following:

---

| | |
|:---|:---|
|  | March 31, <br> 2024 |
| Accounts receivable | $3846390 |
| Less: allowance for doubtful accounts | - |
| Trade accounts receivable | $3846390 |

---

Accounts receivable, which are unsecured, are stated at the amount we expect to collect. Our accounts receivable aging was as follows for the periods described below:

---

| | |
|:---|:---|
| From date of invoice to customer | Total <br> amount |
| 1- 3 months | $3774148 |
| 4- 6 months | 72196 |
| 7- 9 months | 37 |
| 10- 12 months |  |
| Over one year | 9 |
| Total accounts receivable | $3846390 |

---

**Note 5 - PROPERTY AND EQUIPMENT**

Property and equipment consisted of the following:

---

| | |
|:---|:---|
|  | March 31, <br> 2024 |
| Office equipment and furniture | $66104 |
| Total | 66104 |
| Less: Accumulated depreciation | (25082) |
| Property and equipment, net | $41022 |

---

Total depreciation expense for property and equipment was $9,866 for the year ended March 31, 2024.

**Note 6 - ADVANCES TO SUPPLIERS**

Advances to suppliers consist of deposits, with or advances to, outside vendors for future inventory purchases. Most of the Company's suppliers require a certain amount of money to be deposited with them as a guarantee that the Company will receive its purchase on a timely basis. This amount is refundable and bears no interest. As of March 31, 2024, advance to suppliers consist of the following:

---

| | |
|:---|:---|
|  | March 31, <br> 2024 |
| Advance to suppliers | $309519 |
| Less: reserve for vendor non-performance on advances | - |
| Advance to suppliers, net | $309519 |

---

**Note 7 - INVENTORY**

Inventory consisted of finished goods, valued at $7,668,388 as of March 31, 2024. The Company constantly monitors its potential obsolete products and is allowed to return products close to their expiration date to its suppliers. Any loss on damaged items is immaterial and will be recognized immediately. As a result, no reserves were made for inventory as of March 31, 2024.

**Note 8 - NOTES PAYABLE**

The Company has credit facilities with Hangzhou United Bank ("HUB") that provided working capital in the form of the following bank acceptance notes. Usually, the Company applies to issue a note, which is guaranteed by the bank, to its supplier to pay off its debt in a future date. Before the payment date, the bank will ask the Company to inject cash into the bank. On the payment date, the bank will pay the amount to whoever legally holds the note. As of March 31, 2024, the balances of notes payable are as follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Origination | Maturity | March 31, |
| Beneficiary<sup>(1)</sup> | Endorser | date | date | 2024 |
| Allright | HUB | 12/28/23 | 06/28/24 | $3793398 |
| Allright | HUB | 03/15/24 | 09/15/24 | 981954 |
| Total |  |  |  | $4775352 |

---

(1) As of March 31, 2024, the Company had $4,775,352 (RMB34,479,477) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $4,089,442 (RMB29,527,000) with HUB as collateral against these bank notes. Included in the restricted cash is a total of $3,794,856 three-year deposit (RMB27,400,000) deposited into HUB as a collateral for current and future notes payable from HUB.

As of March 31, 2024, the Company had a credit line of approximately $0.69 million in the aggregate from HUB. By putting up a three-year deposit of $3.79 million and the restricted cash of $0.30 million deposited in the banks, the total credit line was $4.78 million. As of March 31, 2024, the Company had approximately $4.78 million of bank notes payable.

**Note 9 - TAXES**

<u>Income tax</u>

Income tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for items which are considered discrete to the period.

For the year ended March 31, 2024, income tax expenses consisted of the following:

---

| | |
|:---|:---|
|  | For the year ended <br> March 31,<br> 2024 |
| Current income tax expenses | $27427 |
| Total income tax expenses | $27427 |

---

A reconciliation of the income tax provision at the federal statutory rate and the effective rate is as follows:

---

| | |
|:---|:---|
|  | For the year ended <br> March 31,<br> 2024 |
| China income taxes | 25.0% |
| Change in valuation allowance | (25.0) |
| Non-deductible expenses-permanent difference | 14.1 |
| Effective tax rate | 14.1% |

---

The Company has recorded $0 unrecognized benefit as of March 31, 2024. On the information currently available, the Company does not anticipate a significant increase or decrease to its unrecognized benefit within the next 12 months.

**Note 10 - EQUITY**

Ordinary shares

When the Company was incorporated in the Hong Kong SAR on June 27, 2023, 10,000 ordinary shares were authorized and 10,000 were issued to the shareholders at a par value of HKD 1 each. On August 8, 2023, 940,000 ordinary shares were authorized and 940,000 were issued to the shareholders at a par value of HKD 1 each. As of March 31, 2024, there were 950,000 ordinary shares issued and outstanding

**Note 11 - SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date that the financial statements were available to be issued, which is September 25, 2025. All subsequent events requiring recognition as of March 31, 2024 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855 except the following:

On January 31, 2025, the Company entered an Equity Exchange Agreement with Mr. Lingtao Kong (the sole shareholder of Ridgeline) and Ridgetech, Inc. (a Cayman Islands exempted company). Mr. Lingtao Kong sold all of the issued and outstanding ordinary shares of Ridgeline to Ridgetech, Inc. The transaction was closed on February 28, 2025.

## Exhibit 99.2

**Exhibit 99.2**

**UNAUDITED CONSOLIDATED BALANCE SHEETS<br> AS OF SEPTEMBER 30, 2024 AND MARCH 31, 2024<br> (IN U.S. DOLLARS)**

---

| | | |
|:---|:---|:---|
|  | As of <br> September 30, <br> 2024 | As of <br> March 31, <br> 2024 |
| **<u>ASSETS</u>** |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 1021292 | 1613848 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 3904469 | 4089442 |
| &nbsp;&nbsp;&nbsp;Trade accounts receivables, net | 7806740 | 3846390 |
| &nbsp;&nbsp;&nbsp;Inventories | 1376350 | 7668388 |
| &nbsp;&nbsp;&nbsp;Other receivables, net | 179876 | 24728 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers, net | 39525 | 309519 |
| &nbsp;&nbsp;&nbsp;Other current assets | 5223 | 316197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 14333475 | 17868512 |
| PROPERTY AND EQUIPMENT, net | 4570 | 41022 |
| OTHER ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets |  | 162 |
| &nbsp;&nbsp;&nbsp;**Total other assets** | - | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 14338045 | 17909696 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, trade | 7734225 | 11700657 |
| &nbsp;&nbsp;&nbsp;Notes payable | 3869467 | 4775352 |
| &nbsp;&nbsp;&nbsp;Other payables | 2074317 | 40059 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 87882 | 1166919 |
| &nbsp;&nbsp;&nbsp;Taxes payable | (9783) | 21606 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 515 | 276 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | 13756623 | 17704869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 13756623 | 17704869 |
| COMMITMENTS AND CONTINGENCIES |  |  |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp;Common stock |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 122278 | 121392 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 445996 | 79444 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 13148 | 3991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 581422 | 204827 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;**Total equity** | 581422 | 204827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | 14338045 | 17909696 |

---

**UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br> FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024<br> (IN U.S. DOLLARS)**

---

| | |
|:---|:---|
|  | For the <br> six months <br> ended <br> September 30, <br> 2024 |
| REVENUES, NET | 44011252 |
| COST OF GOODS SOLD | 43047651 |
| GROSS PROFIT | 963601 |
| SELLING EXPENSES | 385302 |
| GENERAL AND ADMINISTRATIVE EXPENSES | 211961 |
| TOTAL OPERATING EXPENSES | 597263 |
| GAIN FROM OPERATIONS | 366338 |
| INTEREST INCOME | 5025 |
| OTHER INCOME (EXPENSE), NET | 1447 |
| GAIN BEFORE INCOME TAXES | 372810 |
| PROVISION FOR INCOME TAXES | 272 |
| NET INCOME | 372538 |

---

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS<br> FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024<br> (IN U.S. DOLLARS)**

---

| | |
|:---|:---|
|  | For the<br> six months<br> ended <br> September 30, <br> 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |
| Net income | $372538 |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 3535 |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (3960350) |
| &nbsp;&nbsp;&nbsp;Inventories and biological assets | 6292038 |
| &nbsp;&nbsp;&nbsp;Other receivables | (155148) |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 269994 |
| &nbsp;&nbsp;&nbsp;Other current assets | 310974 |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets | 162 |
| &nbsp;&nbsp;&nbsp;Accounts payable | (3966432) |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 2034497 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | (1079037) |
| &nbsp;&nbsp;&nbsp;Taxes payable | (31389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 91382 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | - |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | 3904914 |
| &nbsp;&nbsp;&nbsp;Repayment of notes payable | (4810799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (905885) |
| EFFECT OF EXCHANGE RATE ON CASH | 36974 |
| DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (777529) |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 5703290 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $4925761 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | $272 |

---

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**Note** **1 - DESCRIPTION OF BUSINESS AND ORGANIZATION**

Ridgeline International Limited ("Ridgeline," or the "Company") is a Hong Kong holding company with no operation. Allright (Hangzhou) Internet Technology Co., Ltd. ("Allright") is a 100% owned subsidiary which operates in the B2B sector, providing wholesale distribution through self-operated and third-party platforms, with a focus on pharmaceuticals, medical devices, health foods, cosmetics, and daily necessities in the People's Republic of China ("China" or the "PRC"). Since its inception, Allright has continued to expand its wholesale business throughout China. In the recent years, Allright has engaged in obtaining the wholesale business from popular online B2B platforms in China and developed its own B2B trading platform. As a result, Allright achieved a rapid growth in the year ended March 31, 2024 and in the six months ended September 30, 2024.

**Note** **2 - CASH AND CASH EQUIVALENTS**

The Company's restricted cash consists of cash and long-term deposits in a bank as security for its notes payable. The Company has notes payable outstanding with the bank and is required to keep certain amounts on deposit that are subject to withdrawal restrictions. The notes payable are generally short term in nature due to their short maturity period of six to nine months; thus, restricted cash is classified as a current asset.

The following represents a reconciliation of cash and cash equivalents in the consolidated balance sheets to total cash, cash equivalents and restricted cash in the consolidated statements of cash flows as of September 30, 2024 and March 31, 2024:

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2024 | March 31,<br> 2023 |
| Cash and cash equivalents | $1021292 | $1613848 |
| Restricted cash | 3904469 | 4089442 |
| Cash, cash equivalents and restricted cash | $4925761 | $5703290 |

---

**NOTE 3 - TRADE ACCOUNTS RECEIVABLE**

Trade accounts receivable are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts, as necessary. The Company uses the expected credit loss method to estimate the allowance for anticipated uncollectible receivable balances. At each reporting period, the allowance balance is adjusted to reflect the amount computed as a result of the expected credit loss method. When facts subsequently become available to indicate that the allowance provided requires an adjustment, a corresponding adjustment is made to the allowance account as a change in estimate.

Trade accounts receivable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2024 | March 31,<br> 2024 |
| Accounts receivable | $7901468 | $3846390 |
| Less: allowance for doubtful accounts | (94728) | - |
| Accounts receivable, net | $7806740 | $3846390 |

---

**NOTE 4 - INVENTORIES**

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first in first out (FIFO) method. The Company periodically reviews its inventory and records write-downs to inventories for shrinkage losses and damaged merchandise that are identified. The Company provides a reserve for estimated inventory obsolescence or excess quantities on hand equal to the difference, if any, between the cost of the inventory and its estimated realizable value.

Inventories consisted of finished goods, valued at $1,376,350 and $7,668,388 as of September 30, 2024 and March 31, 2024, respectively. The Company constantly monitors its potential obsolete products and is allowed to return products close to their expiration date to its suppliers. Any loss on damaged items is immaterial and will be recognized immediately. As a result, no reserves were made for inventory as of September 30, 2024 and March 31, 2024.

**NOTE 5 - PROPERTY AND EQUIPMENT**

Property and equipment are stated at cost, net of accumulated depreciation or amortization. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, taking into consideration the assets' estimated residual value. Following are the estimated useful lives of the Company's property and equipment:

<u>Estimated<br> Useful Life</u> <br> Office equipment & furniture 3 - 5 years

Maintenance, repairs and minor renewals are charged to expenses as incurred. Major additions and betterment to property and equipment are capitalized.

Property and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2024 | March 31,<br> 2024 |
| Office equipment and furniture | $22786 | $66104 |
| Less: Accumulated depreciation | (18216) | (25082) |
| Property and equipment, net | $4570 | $41022 |

---

Total depreciation expense for property and equipment was $3,535 and $9,866 for the six months ended September 30, 2024 and for the year ended March 31, 2024, respectively. There were no fixed assets impaired in the six months ended September 30, 2024 and in the year ended March 31, 2024.

**Note** **6 - ADVANCES TO SUPPLIERS**

Advances to suppliers consist of deposits, with or advances to, outside vendors for future inventory purchases. Certain Company's suppliers require a certain amount of money to be deposited with them as a guarantee that the Company will receive its purchase on a timely basis. This amount is refundable and bears no interest. As of September 30, 2024 and March 31, 2024, advance to suppliers consist of the following:

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2024 | March 31,<br> 2024 |
| Advance to suppliers | $52366 | $309519 |
| Less: reserve for vendor non-performance on advances | (12841) | - |
| Advance to suppliers, net | $39525 | $309519 |

---

**Note** **7 - NOTES PAYABLE**

During the normal course of business, the Company regularly issues bank acceptance bills as a payment method to settle outstanding accounts payables with various material suppliers. The Company records such bank acceptance bills as notes payable. Such notes payable are generally short term in nature due to their short maturity period of six to nine months.

The Company has credit facilities with Hangzhou United Bank ("HUB") that provided working capital in the form of the following bank acceptance notes. Usually, the Company applies to issue a note, which is guaranteed by the bank, to its supplier to pay off its debt in a future date. Before the payment date, the bank will ask the Company to inject cash into the bank. On the payment date, the bank will pay the amount to whoever legally holds the note. As of at September 30, 2024 and March 31, 2024, the balances of notes payable are as follow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Beneficiary | Endorser | Origination<br> date | Maturity<br> date | September 30,<br> 2024 | March 31,<br> 2024 |
| Allright | HUB | 12/28/23 | 06/28/24 | $- | $3793398 |
| Allright | HUB | 03/15/24 | 09/15/24 |  | 981954 |
| Allright | HUB | 06/28/24 | 12/28/24 | 3846897 |  |
| Allright | HUB | 07/12/24 | 01/12/25 | 22570 | - |
| Total |  |  |  | $3869467 | $4775352 |

---

As of September 30, 2024, the Company had a credit line of approximately $0.72 million in the aggregate from HUB. By putting up a three-year deposit of $3.90 million, the total credit line was $4.62 million. As of September 30, 2024, the Company had approximately $3.87 million of bank notes payable and approximately $0.75 million bank credit line was still available for further borrowing.

**Note** **8 - TAXES**

<u>Income tax</u>

Income tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for items which are considered discrete to the period.

The effective tax rates on income before income taxes for the six months ended September 30, 2024 was 0.1%. The 0.1% rate adjustments for the six months ended September 30, 2024 represent expenses that primarily include legal, accounting and other expenses incurred by the Company that are not deductible for PRC income tax.

The effective tax rates on income before income taxes for the year ended March 31, 2024 was 14.1%. The 14.1% rate adjustments for the year ended March 31, 2024 represent expenses that primarily include legal, accounting and other expenses incurred by the Company that are not deductible for PRC income tax.

A reconciliation of the income tax provision at the federal statutory rate and the effective rate is as follows:

---

| | | |
|:---|:---|:---|
|  | For the<br> six months<br> ended<br> September 30,<br> 2024 | For the<br> year ended<br> March 31,<br> 2024 |
| China income taxes | 25.0% | $25.0% |
| Change in valuation allowance | (25.0) | (25.0) |
| Non-deductible expenses-permanent difference | 0.1 | 14.1 |
| Effective tax rate | 0.1% | $14.1% |

---

The Company has recorded no unrecognized benefit as of September 30, 2024. On the information currently available, the Company does not anticipate a significant increase or decrease to its unrecognized benefit within the next 12 months.

**Note** **9 - POSTRETIREMENT BENEFITS**

Regulations in the PRC require the Company to contribute to a defined contribution retirement plan for all permanent employees. The contribution for each employee is based on a percentage of the employee's current compensation as required by the local government. The Company contributed $163,667, and $349,961 in employment benefits and pension for the six months ended September 30, 2024 and for the year ended March 31, 2024, respectively.

**Note** **10 - FOREIGN CURRENCY TRANSLATION**

The Company uses the United States dollar ("U.S. dollars" or "USD") for financial reporting purposes. The Company's subsidiary maintain their books and records in their functional currency the Renminbi ("RMB"), the currency of the PRC.

In general, for consolidation purposes, the Company translates the assets and liabilities of its subsidiary into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statements of income and cash flows are translated at average exchange rates during the reporting period. As a result, amounts related to assets and liabilities reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the financial statements of the subsidiaries are recorded as accumulated other comprehensive income.

The balance sheet amounts, with the exception of equity, at September 30, 2024 and March 31, 2024 were translated at 1 USD to 7.0176 RMB and at 1 USD to 7.2203 RMB, respectively. The average translation rates applied to income and cash flow statement amounts for the six months ended September 30, 2024 and for the year ended March 31, 2024 were at 1 USD to 7.2023 RMB and at 1 USD to 7.1671 RMB, respectively.

## Exhibit 99.3

**Exhibit 99.3**

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS<br> FOR THE YEAR ENDED MARCH 31, 2025**

The following unaudited pro forma condensed combined and consolidated financial information presents the combination of the financial information of Ridgetech, Inc. (f/k/a China Jo-Jo Drugstores, Inc.) and its consolidated subsidiaries and former VIEs (the "Company" or "RDGT") and Ridgeline International Limited and its consolidated subsidiaries ("Ridgeline") adjusted to give effect to the Restructuring Transactions. The following unaudited pro forma condensed combined and consolidated financial information has been prepared in accordance with Article 11 of Regulation S-X. Defined terms included below have the same meaning as terms defined and included elsewhere in this prospectus.

The historical financial information of RDGT was derived from its audited consolidated financial statements for the year ended March 31, 2025, included elsewhere in this prospectus, and reflects RDGT's activity for the period from April 1, 2024 to March 31, 2025. As described in Note 5 - Discontinued Operations below, the audited historical financial statements already reflect the classification of Jiuxin Investment's retail pharmacy operations as discontinued operations in accordance with U.S. GAAP.

The unaudited pro forma condensed combined and consolidated statement of operations for the year ended March 31, 2025 gives effect to the Restructuring Transactions as if they had occurred on April 1, 2024. The pro forma financial information has been adjusted to reflect the Restructuring Transactions, which includes Ridgeline's activity for the period from April 1, 2024 to February 28, 2025. Because the Restructuring Transactions are already reflected in RDGT's balance sheet as of March 31, 2025, a pro forma balance sheet is not included in the unaudited pro forma condensed combined financial information, in accordance with Article 11 of Regulation S-X.

These unaudited pro forma condensed combined and consolidated financial statements are for informational purposes only. They do not purport to indicate the results that would have been obtained had the Restructuring Transactions actually been completed on the assumed date or for the period presented. The pro forma adjustments are based on the information currently available and the assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined and consolidated financial information.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Historical RDGT <br> (Audited)<br> USD <br> (Note 5) | Historical Ridgeline-<br> Acquisition (Unaudited)<br> (Note 4(a)) | Pro Forma<br> Adjustments<br> (Note 4(b)) | Pro Forma<br> Combined<br> (Unaudited)<br> USD |
| REVENUES, NET | 119971638 | 58825989 | (27908740) | 150888887 |
| COST OF GOODS SOLD | 116132823 | 57318156 | (27908740) | 145542239 |
| GROSS PROFIT | 3838815 | 1507833 |  | 5346648 |
| SELLING EXPENSES | 1534200 | 756111 |  | 2290311 |
| GENERAL AND ADMINISTRATIVE EXPENSES | 3339954 | 237652 |  | 3577606 |
| TOTAL OPERATING EXPENSES | 4874154 | 993763 |  | 5867917 |
| LOSS (INCOME) FROM OPERATIONS | (1035339) | 514070 |  | (521269) |
| INTEREST INCOME | 92834 | 3835 |  | 96669 |
| OTHER INCOME (EXPENSE), NET | (8155) | 2701 |  | (5454) |
| LOSS (INCOME) BEFORE INCOME TAXES | (950660) | 520606 |  | (430054) |
| PROVISION FOR INCOME TAXES | 503524 | 165891 |  | 669415 |
| NET LOSS (INCOME) FROM CONTINUING OPERATIONS | (1454184) | 354715 |  | (1099469) |
| NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES | (4103718) |  |  | (4103718) |
| GAIN OF DIVESTITURE JIUXIN INVESTMENT | 15757753 |  |  | 15757753 |
| NET GAIN(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | 11654035 |  |  | 11654035 |
| NET INCOME (LOSS) | 10199851 | 354715 |  | 10554566 |
| LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 5384 |  |  | 5384 |
| NET INCOME (LOSS) ATTRIBUTABLE TO RIDGETECH, INC. | 10194467 | 354715 |  | 10549182 |
| NET INCOME (LOSS) ATTRIBUTABLE TO RIDGETECH, INC. FROM CONTINUING OPERATIONS | (1454184) | 354715 |  | (1099469) |
| NET INCOME (LOSS) ATTRIBUTABLE TO RIDGETECH, INC. FROM DISCONTINUED OPERATIONS | 11648651 |  |  | 11648651 |
| OTHER COMPREHENSIVE LOSS |  |  |  |  |
| FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | (1204966) |  |  | (1204966) |
| COMPREHENSIVE INCOME (LOSS) | 8994885 | 354715 |  | 9349600 |
| WEIGHTED AVERAGE NUMBER OF SHARES: |  |  |  |  |
| Basic | 5543118 |  | 311891 | 5855009 |
| Diluted | 5543118 |  | 311891 | 5855009 |
| LOSS PER SHARE (FROM CONTINUING OPERATIONS) (Note 6): |  |  |  |  |
| Basic | (0.26) |  |  | (0.19) |
| Diluted | (0.26) |  |  | (0.19) |

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**Note 1 - Description of The Restructuring Transactions**

On February 28, 2025, the Company completed a strategic restructuring of its overall business, which included the divestiture of its retail pharmacy business and the acquisition of a pharmaceutical wholesale business. Pursuant to an Equity Exchange Agreement with Renovation, Mr. Lei Liu, Ms. Li Qi, and Oakview International Limited ("Oakview"), dated January 31, 2025, Renovation transferred all of the equity in Jiuxin Investment to Oakview in exchange for the irrevocable surrender, for no consideration, of an aggregate of 2,548,353 ordinary shares by Mr. Liu, Ms. Qi, Oakview and their affiliates back to the Company.

Concurrently, on January 31, 2025, the Company entered into an Equity Exchange Agreement with Mr. Lingtao Kong and Ridgeline, pursuant to which the Company acquired from Mr. Kong all of the issued and outstanding ordinary shares of Ridgeline, the direct parent company of Allright, in exchange for the issuance of 2,225,000 ordinary shares of the Company to Mr. Kong.

The Restructuring Transactions were approved by the Company's shareholders at the annual general meeting held on February 25, 2025, and closed on February 28, 2025. Following the consummation of the Divestiture, Jiuxin Investment and all entities owned or controlled by Jiuxin Investment, including Jiuzhou Pharmacy, Jiuzhou Clinic, and Jiuzhou Service, are owned or controlled indirectly by Mr. Liu and Ms. Qi. For further information regarding the accounting treatment of the Divestiture, see Note 5 - Discontinued Operations below.

As a result of the Restructuring Transactions, the Company now operates primarily in the wholesale business, selling pharmaceutical products to trading companies and other businesses.

**Note 2 - Basis of Pro Forma Presentation**

The unaudited pro forma condensed combined financial statements have been derived from the audited historical consolidated financial statements of operations for the year ended March 31, 2025 of RDGT and the unaudited historical consolidated financial statements of operations for the eleven months ended February 28, 2025 of Ridgeline. Certain financial statement line items included in Ridgeline's historical presentation have been disaggregated or condensed to conform to the corresponding financial statement line items included in RDGT's historical presentation. The unaudited pro forma condensed combined financial statements have been prepared as a business combination using the acquisition method, with RDGT treated as the acquirer for accounting purposes.

The pro forma adjustments do not include any transaction costs that may be associated with the Restructuring Transactions, as the amounts are not deemed to be material.

**Note 3 - Accounting Policies**

As part of preparing these unaudited pro forma condensed combined financial statements, RDGT conducted an initial review of the accounting policies of Ridgeline to determine if differences in accounting policies require reclassification of results of operations or reclassification of assets or liabilities to conform to RDGT's accounting policies and classifications. During the preparation of these unaudited pro forma condensed combined financial statements, RDGT did not become aware of any material differences between accounting policies of RDGT and Ridgeline except for certain reclassifications necessary to conform Ridgeline's classification to RDGT's financial statement presentation.

**Note 4 - Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations**

The pro forma transaction adjustments included in the unaudited pro forma combined statement of operations are as follows:

(a) Reflects the consolidation of Ridgeline's pre-acquisition historical operations pursuant to the Acquisition of Ridgeline;

(b) Reflects the elimination of sales between Jiuxin Medicine and Ridgeline, including revenue of approximately $22.38 million from Jiuxin Medicine's sale to Ridgeline and revenue of approximately $5.53 million from Ridgeline's sale to Jiuxin Medicine for the year ended March 31, 2025. These sales revenues and costs are eliminated in the unaudited pro forma financial statement since Ridgeline will be consolidated into RDGT's financial statements after giving effect to the Acquisition assuming the Acquisition occurred on April 1, 2024.

**Note 5 - Discontinued Operations** 

Pursuant to that certain Equity Exchange Agreement with Renovation, Mr. Lei Liu, Ms. Li Qi, and Oakview, dated January 31, 2025, Renovation transferred all equity in Jiuxin Investment to Oakview, in exchange for irrevocable surrender for no consideration by Mr. Liu, Ms. Qi, Oakview and their affiliates in total 2,548,353 ordinary shares back to the Company. On February 28, 2025, the Divestiture Transaction was consummated. In accordance with ASC Topic 205, Presentation of Financial Statements ("ASC 205"), Subtopic 20 - Discontinued Operations, the Company determined that Jiuxin Investment's business qualified as a discontinued operation. Accordingly, the results of Jiuxin Investment have been presented as discontinued operations in the audited historical consolidated financial statements of operations for the year ended March 31, 2025 of RDGT.

Management evaluated the presentation requirements of Rule 11-02 of Regulation S-X in connection with the pro forma financial information. Because the Divestiture is already reflected as discontinued operations in the historical financial statements, and the only impact on the pro forma financial information is the removal of discontinued operations, a separate pro forma column would not provide additional meaningful information to investors and would duplicate disclosures already provided under U.S. GAAP. Accordingly, the effect of the Divestiture has been reflected within the historical results presented, rather than in a separate pro forma adjustment column.

**Note 6 - Pro Forma Earnings Per Share**

The pro forma basic and diluted earnings per share from continuing operations attributable to controlling interests presented are based on the historical weighted average number of shares outstanding of RDGT during the period, adjusted to give effect to the following transactions as if it had occurred at the beginning of the period presented:

(a) Acquisition: The issuance of 2,225,000 ordinary shares to consummate the Acquisition on February 28, 2025.

(b) Divestiture: The cancellation of 2,548,353 ordinary shares in connection with the Divestiture on February 28, 2025.

The net effect of these two transactions results in a reduction of 323,353 shares; when weighted for the period presented, this equates to a pro forma adjustment of 311,891 shares.

The pro forma diluted earnings per share gives effect to all potentially dilutive securities from the above Acquisition and Divestiture, in accordance with U.S. GAAP.