# EDGAR Filing Document

**Accession Number:** 0001828748
**File Stem:** 0001493152-25-024877
**Filing Date:** 2025-11
**Character Count:** 623501
**Document Hash:** 630c51443ed0707d45cac85b810305b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-024877.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001493152-25-024877

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 112

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASIAFIN HOLDINGS CORP.
- **CENTRAL INDEX KEY:** 0001828748
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 371950147
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288066
- **FILM NUMBER:** 251514829

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 30.02, 30TH FLOOR,
- **STREET 2:** MENARA KH(PROMET), JALAN SULTAN ISMAIL,
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 50250
- **BUSINESS PHONE:** 60321487170

**MAIL ADDRESS:**
- **STREET 1:** SUITE 30.02, 30TH FLOOR,
- **STREET 2:** MENARA KH(PROMET), JALAN SULTAN ISMAIL,
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 50250

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

**As filed with the Securities and Exchange Commission on November 24, 2025.**

**Registration No. 333-288066**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 1** 

**to**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**ASIAFIN HOLDINGS CORP.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **7389** | **37-1950147** |
| (State or other jurisdiction of <br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer <br> Identification Number) |

---

**Suite 30.02, 30th Floor** **, Menara KH (Promet)**

**Jalan Sultan Ismail**

**50250** **Kuala Lumpur**

**Malaysia**

**+60 3** **2148 7170**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

 **Kai Cheong Wong**

**AsiaFIN Holdings Corp.**

**Suite 30.02, 30th Floor** **, Menara KH (Promet)**

**Jalan Sultan Ismail**

**50250** **Kuala Lumpur**

**Malaysia**

**+60 3** **2148 7170**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***with copies to:***

---

| | |
|:---|:---|
| **Joseph M. Lucosky, Esq.**<br> **Lawrence Metelitsa, Esq.**<br> **Lucosky Brookman LLP**<br> **101 Wood Avenue South, 5th Floor**<br> **Woodbridge, NJ 08830**<br> **(732) 395-4400** | **David L. Ficksman, Esq.**<br> **R. Joilene Wood, Esq.**<br> **TroyGould PC**<br> **1801 Century Park East, 16th Floor**<br> **Los Angeles, CA 90067**<br> **(310) 553-4441** |

---

**Approximate date of commencement of proposed sale to the public:** Promptly after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to such section 8(a), may determine.**

The information in this prospectus is not complete and may be changed. We may not sell the securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.

---

| | | |
|:---|:---|:---|
| **PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED NOVEMBER 24, 2025** |

---

**1,666,667** **Shares**

**Common Stock**

![](forms-1_001.jpg)

**AsiaFIN Holdings Corp.**

This is a public offering of shares of common stock, par value $0.0001 per share, of AsiaFIN Holdings Corp., a Nevada corporation. We anticipate that the public offering price of our shares will be between $5.00 and $7.00 per share. The final public offering price of the shares of common stock in this offering will be determined through negotiation between us and the underwriters in the offering, and the recent market price used throughout this prospectus may not be indicative of the final offering price.

All share and per share information in this prospectus is presented giving effect to a reverse stock split, effective _________, 2025, on the basis of one share of the Company's common stock for every six (6) issued and outstanding shares of the Company's common stock (the "Reverse Stock Split"), retrospectively for all periods presented, unless otherwise stated or the context otherwise requires.

Shares of our common stock are currently quoted on the OTCQB<sup>®</sup> Venture Market (the "OTCQB") under the symbol "ASFH". We intend to apply to have shares of our common stock listed on the NYSE American under the symbol "ASFH". If our application is not approved, we will not proceed with this offering.

We are an "emerging growth company" and a "smaller reporting company", each as defined in the federal securities laws, and, accordingly, we may elect to comply with certain reduced public company reporting requirements for this prospectus and future filings. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. See "*Prospectus Summary—Implications of Being an Emerging Growth Company*" and "*Prospectus Summary – Implications of Being a Smaller Reporting Company."*

Our Chief Executive Officer and director, Kai Cheong Wong, and our director, Kok Wah Seah, together with certain other management officers and directors, beneficially own approximately 59.2% and 52.8% of the voting power of our outstanding voting securities as of the date of this prospectus and upon completion of this offering, respectively, and therefore, we will be a "controlled company" within the meaning of the listing rules of the NYSE American. We may rely on the exemptions from certain corporate governance requirements that are available to controlled companies.

**Investing in shares of our common stock is highly speculative and involves a high degree of risk. See "Risk Factors" beginning on page 7 of this prospectus.**

**Neither the U.S. Securities and Exchange Commission nor any state securities commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Public offering price<sup>(1)</sup> | $6.00 | $10000002 |
| Underwriting discounts and commissions<sup>(2)</sup> | $0.42 | $700000 |
| Proceeds to us before expenses<sup>(3)</sup> | $5.58 | $9300002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based
 on an assumed initial public offering price of $6.00 per share, the mid-point of the estimated range of the public offering price
 per share shown on the cover page of this prospectus.

(2) Represents
 an underwriting discount equal to 7.0% per share. We have also agreed to reimburse the underwriters for certain offering-related
 legal and other expenses and to pay to the representative of the underwriters at the closing of this offering a non-accountable expense
 allowance equal to 1.0% of gross proceeds of the offering. See "*Underwriting*" for additional information regarding
 compensation to the underwriters in this offering.

(3) The
 proceeds to us presented in this table do not give effect to the exercise of the option we have granted to the underwriters described below.

We have granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase from us, severally and not jointly, up to an additional 250,000 shares of common stock, at the public offering price less underwriting discounts and commissions, solely to cover over-allotments, if any.

The underwriters expect to deliver the shares to purchasers on or about __________, 2025.

*Sole Bookrunner*

**Bancroft Capital, LLC**

The date of this prospectus is __________, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#me_001) | ii |
| [PRESENTATION OF FINANCIAL INFORMATION](#me_002) | iii |
| [INDUSTRY AND MARKET DATA](#me_003) | iii |
| [TRADEMARKS, SERVICE MARKETS AND TRADE NAMES](#me_004) | iv |
| [ENFORCEMENT OF CIVIL LIABILITIES](#me_005) | iv |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#me_006) | v |
| [PROSPECTUS SUMMARY](#me_007) | 1 |
| [RISK FACTORS](#me_008) | 7 |
| [USE OF PROCEEDS](#me_009) | 23 |
| [MARKET FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS](#me_010) | 24 |
| [DIVIDEND POLICY](#me_011) | 25 |
| [CAPITALIZATION](#me_012) | 26 |
| [DILUTION](#me_013) | 27 |
| [MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#D_001) | 28 |
| [BUSINESS](#D_002) | 32 |
| [MANAGEMENT](#D_003) | 41 |
| [EXECUTIVE AND DIRECTOR COMPENSATION](#D_004) | 44 |
| [PRINCIPAL STOCKHOLDERS](#D_005) | 46 |
| [RELATED PARTY TRANSACTIONS](#D_006) | 47 |
| [DESCRIPTION OF OUR SECURITIES](#D_007) | 48 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#D_008) | 49 |
| [UNDERWRITING](#D_009) | 50 |
| [SELLING RESTRICTIONS](#D_010) | 54 |
| [LEGAL MATTERS](#D_011) | 57 |
| [EXPERTS](#D_012) | 57 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#D_013) | 57 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#Ind_014) | F-1 |

---

i

**ABOUT THIS PROSPECTUS**

We and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you. We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the common stock offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell the common stock in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. The information contained in this prospectus is current only as of the date on the front cover of the prospectus. Our business, financial condition, results of operations, and prospects may have changed since that date.

**Certain Definitions**

Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

● "common stock" are to our common stock, par value $0.0001 per share;

● "Exchange Act" are to the Securities Exchange Act of 1934, as amended;

● "preferred stock" are to our preferred stock, par value $0.0001 per share;

● "SEC" are to the United States Securities and Exchange Commission;

● "Securities Act" are to the Securities Act of 1933, as amended;

● "U.S.", "US" or "United States" are to United States of America, its territories, its possessions and all areas subject to its jurisdiction;

● "U.S. dollars," "$," or "dollars" are to the legal currency of the United States;

● "Singapore dollars" or "S$" are to the legal currency of Singapore;

● "Hong Kong dollars" or "HKD" are to the legal currency of Hong Kong;

● "Malaysian ringgit" or "MYR" are to the legal currency of Malaysia; and

● "we," "us," "our," "our Company," "the Company," or "AsiaFIN" are to AsiaFIN Holdings Corp. and its subsidiaries.

ii

**PRESENTATION OF FINANCIAL INFORMATION**

***Basis of Presentation***

Our financial statements included elsewhere in this prospectus have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

When we refer to "U.S. dollars" and "US$" in this prospectus, we are referring to United States dollars, the legal currency of the United States of America. When we refer to "S$," we are referring to Singapore dollars, the legal currency of Singapore. When we refer to "HK$" or "HKD," we are referring to Hong Kong dollars, the legal currency of Hong Kong. When we refer to "MYR," we are referring to Malaysian ringgit, the legal currency of Malaysia.

Certain amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, amounts, percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede them and amounts, and figures expressed as percentages in the text may not total 100% or, when aggregated, may not be the arithmetic aggregation of the percentages that precede them.

***Reverse Stock Split***

All share and per share information in this prospectus is presented giving effect to a reverse stock split, effective _________, 2025, on the basis of one share of the Company's common stock for every six (6) issued and outstanding shares of the Company's common stock (the "Reverse Stock Split"), retrospectively for all periods presented, unless otherwise stated or the context otherwise requires.

The economic rights of our shares of common stock held by each stockholder prior to and after the Reverse Stock Split shall remain unchanged, which rights include, but are not limited to, dividend, liquidation, and conversion rights.

***Financial Information in U.S. Dollars***

Unless otherwise stated, all translations of Malaysian Ringgit (MYR) into U.S. dollars were made at MYR 4.4704 to US$1.00, the closing rate as of December 31, 2024. We make no representation that the Malaysian Ringgit or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Malaysian ringgit, as the case may be, at any particular rate, or at all.

**INDUSTRY AND MARKET DATA**

Unless otherwise indicated, information in this prospectus concerning economic conditions, our industry, our markets and our competitive position is based on a variety of sources, including information from third-party industry analysts and publications and our own estimates and research. Some of the industry and market data contained in this prospectus are based on third-party industry publications. This information involves a number of assumptions, estimates and limitations.

The industry publications, surveys and forecasts and other public information generally indicate or suggest that their information has been obtained from sources believed to be reliable. We believe this information is reliable as of the applicable date of its publication, however, we have not independently verified the accuracy or completeness of the information included in or assumptions relied on in these third-party publications. In addition, the market and industry data and forecasts that may be included in this prospectus, any post-effective amendment or any prospectus supplement may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "*Risk Factors*" contained in this prospectus, any post-effective amendment, any prospectus supplement and under similar headings in the other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information.

iii

**TRADEMARKS, SERVICE MARKS AND TRADE NAMES**

We own or have rights to use a number of registered and common law trademarks, service marks and/or trade names in connection with our business in Malaysia and Thailand.

Solely for convenience, the trademarks, service marks, logos and trade names referred to in this prospectus are without the <sup>®</sup> and™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks and trade names of others, which are the property of their respective owners. All trademarks, service marks and trade names appearing in this prospectus are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**ENFORCEMENT OF CIVIL LIABILITIES**

We are a company incorporated under the law of the State of Nevada. However, some of our directors and officers reside outside of the United States, and all or a substantial portion of their assets, and all or a substantial portion of our assets, are located outside of the United States. We have appointed an agent for service of process in the United States, but it may be difficult for stockholders who reside in the United States to effect service within the United States upon those directors and officers who are not residents of the United States. It may also be difficult for stockholders who reside in the United States to realize in the United States upon judgments of courts of the United States predicated upon our civil liability and the civil liability of our directors, officers and experts under the United States federal securities laws. There can be no assurance that U.S. investors will be able to enforce against us, directors, or officers named herein who are residents of Malaysia or other countries outside the United States, any judgments in civil and commercial matters, including judgments under the federal securities laws.

We have been advised by our Malaysian counsel in connection with the offering, Lee & Poh Partnership, that there are currently no statutes, treaties, or other forms of reciprocity between the United States and Malaysia providing for the mutual recognition and enforcement of court judgments. Under Malaysian law, a foreign judgment cannot be directly or summarily enforced in Malaysia. The judgment must first be recognized by a Malaysian court either under applicable Malaysian law or in accordance with common law principles. For Malaysian courts to accept the jurisdiction for recognition of a foreign judgment, the foreign country where the judgment is made must be a reciprocating country expressly specified and listed in the Reciprocal Enforcement of Judgments Act 1958 ("REJA"), Maintenance Orders (Facilities for Enforcement) Act 1949 or Probate and Administration Act 1959. In practice, registration under the REJA is the most common manner in which foreign judgement is enforced in Malaysia. The requirements for a foreign judgment to be recognized and enforceable in Malaysia under REJA are: (i) the judgment must be a monetary judgment; (ii) the judgement must have had jurisdiction accepted by the Malaysian court; (iii) the judgement was pronounced by a superior court from a reciprocating country under the First Schedule of REJA; (iv) the judgment was not obtained by fraud; (v) the enforcement of the judgment is not contrary to the public policy in Malaysia; and (vi) the judgment must be final and conclusive.

The United States of America is not one of the reciprocating countries specified under the statutory regime where a foreign judgment can be recognized and enforced in Malaysia; accordingly, a judgment obtained in the United States must be enforced under the common law by commencing fresh proceedings in a Malaysian court. The legal requirements for an action on a foreign judgement under common law closely resemble to those under the REJA, the Malaysian court has held that a non-REJA foreign judgment may be enforced in Malaysia by instituting a fresh action in the local courts, the court has also highlighted that the non-REJA foreign judgement must be admitted to the Malaysian courts under the Evidence Act 1950 ("EA") and non-compliance of the requirements contained in the EA in respect of the admission of foreign judgment has a substantive effect as it may result in the dismissal of the action for enforcement of the foreign judgment.

iv

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements in this prospectus may contain "forward-looking statements" within the meaning of the federal securities laws. Our forward-looking statements include, but are not limited to, statements about us and our industry, as well as statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Additionally, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. We intend the forward-looking statements to be covered by the safe harbor provisions of the federal securities laws. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information we have when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

● assumptions about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items;

● our ability to execute our growth strategies, including our ability to meet our goals;

● current and future economic and political conditions;

● our capital requirements and our ability to raise any additional financing which we may require;

● our ability to attract customers and further enhance our brand recognition;

● our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business;

● trends and competition in our industry; and

● other assumptions described in this prospectus underlying or relating to any forward-looking statements.

The risks and uncertainties included here are not exhaustive or necessarily in order of importance. Other sections of this prospectus, including *"Risk Factors"* beginning on page 7. We operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

v

**PROSPECTUS SUMMARY**

*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our common stock, discussed under "Risk Factors" beginning on page 7 of this prospectus before deciding whether to buy shares of our common stock.*

*All share and per share information in this prospectus is presented after giving effect to the Reverse Stock Split, effective ______________, 2025, on the basis of one share of the Company's common stock for every six (6) issued and outstanding shares of the Company's common stock retrospectively for all periods presented, unless otherwise stated or the context otherwise requires.*

**Corporate History**

AsiaFIN Holdings Corp. ("we" or the "Company") was incorporated under the laws of the State of Nevada on June 14, 2019.

On June 14, 2019, Mr. Kai Cheong Wong was appointed Chief Executive Officer, President, Secretary, Treasurer and Director.

On September 18, 2020, Mr. Kok Wah Seah was appointed Director of the Company.

On December 18, 2019, we acquired 100% of the equity interests of AsiaFIN Holdings Corp. (the "Malaysia Company"), a private limited company incorporated in Labuan, Malaysia. In consideration of the equity interests of the Malaysia Company, our Chief Executive Officer, Mr. Wong was compensated HK$1.

On December 23, 2019, the Malaysia Company acquired AsiaFIN Holdings Limited (the "Hong Kong Company"), a private limited company incorporated in Hong Kong. In consideration of the equity interests of the Hong Kong Company, our Chief Executive Officer, Mr. Wong was compensated HK$1.

On December 22, 2022, we entered into an Acquisition Agreement (the "Agreement") with StarFIN Holdings Limited ("SFHL"), a private limited company organized under the law of British Virgin Islands, and the shareholders of SFHL. Pursuant to the Agreement, the Company purchased 10,000 shares of SFHL (the "SFHL Shares"), representing all of the issued and outstanding ordinary shares of SFHL. As consideration, the Company agreed to issue to the shareholders of SFHL 1,372,006 shares of our common stock, at a value of $6.60 per share, for an aggregate value of $9,055,242. We consummated the acquisition of SFHL on February 23, 2023.

Our Chief Executive Officer, President, Director, Secretary and Treasurer, Mr. Kai Cheong Wong is also the director of SFHL. Prior to the acquisition, Mr. Wong held 29.94% of the issued and outstanding shares of our common stock and 57.10% of the issued and outstanding securities of SFHL, Swee Ping Hoo, the former director of SFHL, held 10.91% of the issued and outstanding shares of our common stock and 40.22% of the issued and outstanding securities of SFHL, and Hui Yin Cham, our former Finance Manager, held 0.48% of the issued and outstanding securities of SFHL. Upon the consummation of the acquisition, Mr. Wong, Swee Ping Hoo and Hui Yin Cham received 1,341,918 shares of our restricted common stock collectively.

Initially, the Company, through its subsidiaries, was in the business of providing market research studies and consulting services to clients, primarily in the payment solutions industry.

After the acquisition of SFHL on February 23, 2023, we broadened our service offerings in the information technology industry such as providing payment processing solutions, Regulation Technology ("RegTech") software solution, including Environmental Social and Governance ("ESG") consultancy & reporting and Robotic Process Automation ("RPA") software solution across Asia.

The table below sets forth details of the Company's subsidiaries and associated companies:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Subsidiary Company Name** | **Domicile and Date of Incorporation** | **Particulars of Issued Capital** | **Principal Activities** | **Business Segment** |
| 1 | AsiaFIN Holdings Corp. | Labuan on July 15, 2019 | 1 ordinary share | Investment holding company | N/A |
| 2 | AsiaFIN Holdings Limited | Hong Kong on July 5, 2019 | 1 ordinary share | Investment holding company | N/A |
| 3 | StarFIN Holdings Limited | British Virgin Islands on August 19, 2021 | 10,000 ordinary shares | Investment holding company | N/A |
| 4 | Insite MY Holdings Sdn Bhd (FKA StarFIN Asia Sdn Bhd) | Malaysia on May 24, 2018 | 11,400,102 ordinary shares | Investment holding company | N/A |
| 5 | OrangeFIN Academy Sdn Bhd (FKA Insite MY.Com Sdn Bhd) | Malaysia on February 2, 2000 | 100,000 ordinary shares | Provision of business system integration and management services | Payment Processing |
| 6 | Insite MY Systems Sdn Bhd | Malaysia on January 18, 2000 | 500,000 ordinary shares | Provision of information technology consultancy services | Payment Processing |
| 7 | Insite MY Innovations Sdn Bhd | Malaysia on January 18, 2010 | 540,000 ordinary shares | Provision of information and communication technology products and services | RegTech |
| 8 | OrangeFIN Asia Sdn Bhd | Malaysia on January 25, 2018 | 50,000 ordinary shares | Provision of computer programming activities and services | RPA |
| 9 | TellUS Report Sdn Bhd | Malaysia on September 22, 2023 | 100 ordinary shares | Provision of information technology services | RegTech |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Associated** **Company Name** | **Domicile and Date of Incorporation** | **Particulars of Issued Capital** | **Principal Activities** | **Business Segment** |
| 1 | Murni StarFIN Sdn Bhd | Malaysia on September 9, 2022 | 100,000 ordinary shares | Provision of information technology services | N/A |
| 2 | KSP AsiaFIN Co., Ltd. (FKA KSP StarFIN Co., Ltd.) | Thailand on August 11, 2023 | 50,000 ordinary shares | Provision of information technology services | RPA |

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Mr. Kai Cheong Wong is a director of all of the aforementioned companies.

Ms. Ghi Geok Khoo (Chanti) is the chief financial officer of the Company and the chief financial officer of Insite MY Holdings Sdn Bhd.

The Company's executive office is located at Suite 30.02, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.

Insite MY Systems Sdn Bhd and Insite MY Innovations Sdn Bhd are collectively referred to as "InsiteMY."

As of the date of this prospectus, we beneficially own 40% and 49% of the voting shares of Murni StarFIN Sdn Bhd and KSP AsiaFIN Co., Ltd., respectively. We have a significant influence on these companies via share ownership, but they are not our subsidiaries. We refer to such companies as "associated companies". The financials of these companies are not consolidated into our financial statements.

Below is the organization chart of the Company.

![](ba_001.jpg)

**Business Overview**

We operate through our wholly owned subsidiaries by offering a range of system solutions in payment processing, RPA, and RegTech to financial institutions, regulatory agencies, professional service providers and private enterprises from various industries, with existing clients in the Asia region and Saudi Arabia. Our subsidiary, SFHL, has over 90 bank customers for payment processing and RegTech, and our RPA solution system has more than 100 customers in Asia and Saudi Arabia.

*<u>Payment Processing (Fintech)</u>*

We have our own web-based payment processing system for check clearing used in central banks, financial institutions and payment system providers. This image-based check truncation system (CTS) is similar to the one used in the United States of America, under the CHECK21 standards. Our CTS systems are sold in Malaysia, Singapore, Indonesia, Philippines, Myanmar, Thailand, Pakistan, Bangladesh and in Saudi Arabia.

We also have a ISO20022 compliant payment gateway solution for central bank and financial institutions that is capable of supporting the Straight Through Processing (STP) of all types of payment transactions (including SWIFT, Real-Time Gross Settlement (RTGS), GIRO (NACHA standards) and Fast and Secure Transfers (FAST) payment and extendable to interface with various types of payment gateways. Our STP payment gateway solutions are sold in Malaysia, Myanmar and Indonesia.

*<u>Regulatory Technology</u>*

We have a RegTech system which conforms to XBRL reporting standards and other compliance reporting required by regulatory agencies such as central banks, securities commissions, tax authorities and company registries. Our RegTech reporting platform covers financial statistic reporting, credit risk exposure and analysis, risk management reports, Foreign Account Tax Compliance Act (FATCA) and EU Common Reporting Standard (CRS) reporting, external sector reporting, Goods and Services Tax (GST) reporting for reporting entities and lately e-Invoicing reporting for large corporations. We have more than 54 financial institutions and 61 large corporations using this RegTech platform.

Additionally, we have developed a RegTech Software as a Service (SaaS) solution for public listed companies and financial institution for Environmental, Social and Governance (ESG) compliant reporting and consultancy. ESG guidelines have already been issued by Bank Negara Malaysia, the central bank of Malaysia and Bursa Malaysia Stock Exchange for their members to reduce their carbon footprint. Our subsidiary, TellUS Report Sdn Bhd, was created to focus on this new line of business in both the consultancy and reporting.

*<u>Robotic Process Automation</u>*

We have our own Artificial Intelligence-based (or AI-based) RPA software solutions for financial institutions, large corporations and small medium enterprises. RPA utilizes software robots for the automation of mundane, labor intensive, manual computer operations. Robots are utilized for the processes where they help to reduce operational costs and also costs arising from human error. Our system automates the capturing of customer information from identity cards, passports and other identification documents. Our solution will automatically extract data from customers' identity card, passport, and other identity documents and will immediately complete the forms, eliminating the friction and errors caused by manual input, through Intelligent Character Recognition technology and other AI-based technologies. Information extracted from an official identification document will then be checked against existing financial institutions' databases for regulatory screening in internal blacklist check, anti-money laundering, credit scoring check, FATCA, CRS and ESG reporting, etc. Our AI-based RPA has helped companies in Malaysia, Philippines, Indonesia and Pakistan. Also, we have a joint venture company KSP AsiaFIN Co., Ltd. that had fully translated our AI-based RPA to the Thai language.

**Recent Developments**

*Reverse Stock Split*

Our board of directors and our stockholders approved a 1-for-6 reverse stock split of our issued and outstanding shares of our common stock (the "Reverse Stock Split"). On __________, 2025, we filed a certificate of amendment of articles of incorporation with the State of Nevada to immediately effect the Reverse Stock Split. All share and per share information in this prospectus is presented after giving effect to the Reverse Stock Split retrospectively for all periods presented, unless otherwise stated or the context otherwise requires.

*Director Appointment*

Effective October 1, 2025, the Company appointed Bin Embi Baharom as an independent director of the Company.

*CFO Appointment and Resignation*

 

Effective August 1, 2025, Hui Yin Cham resigned as the Company's Finance Manager and the Company appointed Ghi Geok Khoo (Chanti) as its Chief Financial Officer. Ms. Cham's resignation was not the result of any disagreement with the Company or its management.

*January 2025 Private Placement*

On January 20, 2025, the Company and certain individual investors (the "Subscribers") entered into subscription agreements pursuant to which the Company issued an aggregate of 60,667 shares of common stock to the Subscribers for an aggregate purchase price of $327,600, or $5.40 per share. The transaction closed on January 20, 2025.

 ****

 ****

**Corporate Information**

AsiaFIN Holdings Corp. was incorporated under the law of the State of Nevada on June 14, 2019. For more details on our corporate history and structure, see "*Business—Corporate History*."

Our principal executive office is located at Suite 30.02, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. Our telephone number at that address is +60 3 2148 7170 and our website address is www.asiafingroup.com. The information contained in, or that can be accessed through, our website is not incorporated by reference into, and is not part of, this prospectus.

**Summary of Risk Factors**

Investing in our common stock involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our common stock. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section titled "*Risk Factors*" beginning on page 7 of this prospectus.

*Risks Relating to our Business and Industry*

Risks and uncertainties relating to our business and industry include, but are not limited to, the following:

● If we are unable to compete successfully in our marketplace, it will harm our business.

● The experience of our customers depends upon the interoperability of our platform across technologies that we do not control, and if we are not able to maintain and expand our relationships with third parties in order to integrate our platform with their products, our business may be harmed.

● We may not be able to respond to rapid technological changes, extend our platform or develop new features.

● We have incorporated AI technologies into some of our products and services, which may present operational and reputational risks.

● The failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform.

● We may be dependent on a limited number of suppliers and any disruption to the relationships with the major suppliers may have material adverse effects on our business.

● If we fail to manage our growth or execute our strategies and future plans effectively, we may not be able to take advantage of market opportunities or meet the demand of our customers.

● If we are unable to secure sufficient financing when needed, our ability to execute our business plan as outlined in this prospectus will be impaired, which may negatively impact our business and prospects.

● If we fail to attract, recruit, or retain our key personnel, including our executive officers, senior management, and key employees, our ongoing operations and growth could be affected.

● We may not maintain adequate insurance, which could expose us to significant costs and business disruption.

● We may expand through acquisitions of, investments in, or strategic partnerships or other strategic transactions with, other companies, each of which may divert our management's attention, result in additional dilution to our stockholders, increase expenses, disrupt our operations, and harm our results of operations.

● Our previous performance may not be sustainable or indicative of our future financial outcomes, and there is no assurance that we will be able to achieve the same level of financial performance in the future.

● Adverse or weakened general economic and market conditions may cause a reduction in customer demand, which could harm our revenue, results of operations, and cash flows.

*Risks Relating to Laws and Regulations*

Risks and uncertainties relating to legal and regulatory compliance include, but are not limited to, the following:

● The actual or perceived failure by us, our customers, partners or vendors to comply with stringent and evolving laws and regulations, industry standards, policies, and contractual obligations relating to privacy, data protection, information security, and other matters could harm our reputation and business and subject us to significant fines and liability.

● We are subject to a variety of U.S. and international laws and regulations, compliance with which could impair our ability to compete and non-compliance with which may result in claims, fines, penalties, and other consequences, all of which could adversely impact our operations, business, or performance.

● Non-compliance with laws and regulations on the part of any third parties with which we conduct business could expose us to legal expenses, compensation to third parties, penalties, and disruptions of our business, which may adversely affect our results of operations and financial performance.

● Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business.

● Failure to protect intellectual property rights could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;

● We may from time to time be subject to claims, controversies, lawsuits, and legal proceedings, which could adversely affect our business, prospects, results of operations, and financial condition.

● Our operations are currently based primarily in Malaysia. U.S. regulators, such as, but not limited to, the Department of Justice, the SEC, The Public Company Accounting Oversight Board ("PCAOB"), and other authorities would likely incur difficulties in any potential investigations or inspections into our business given the location of our operations in Malaysia and surrounding Asia regions.

● U.S. investors may have difficulty enforcing service of process, enforcing judgments, and bringing original actions in foreign courts to enforce liabilities against our Company, officers and directors.

*Risks Relating to our Capital Stock and Trading*

In addition to the risks described above, we are subject to general risks and uncertainties relating to this offering and the trading market, including, but not limited to, the following:

● The market price of our common stock may be volatile or may decline regardless of our operating performance, and you may not be able to sell your shares of common stock at or above the public offering price.

● You will experience immediate and substantial dilution in the net tangible book value of common stock purchased in this offering.

● By issuing preferred stock, we may be able to delay, defer or prevent a change of control.

● Anti-takeover provisions in our articles of incorporation and bylaws and under Nevada law could prevent or delay an acquisition of us, which may be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management.

● If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud and our business may be harmed and our stock price may be adversely impacted.

● We will incur substantial increased costs as a result of being a public company listed on the NYSE American;

● We may not be able to maintain the listing of our common stock on the NYSE American.

● Substantial future sales of our common stock or the anticipation of future sales of our common stock in the public market could cause the price of our common stock to decline.

● If securities or industry analysts do not publish research or reports about our business, or if they publish a negative report regarding our common stock, the price of our common stock and trading volume could decline.

● Our management has broad discretion to determine how to use the funds raised in this offering and may use them in ways that may not enhance our results of operations or the price of our common stock.

● The concentration of our share capital ownership among our largest stockholders, and their affiliates, will limit your ability to influence corporate matters.

● We are an "emerging growth company" and have elected to comply with certain reduced reporting requirements applicable to emerging growth companies, which could make our securities less attractive to investors.

● We are a "smaller reporting company" and have elected to comply with certain reduced reporting requirements applicable to smaller reporting companies, which could make our securities less attractive to investors.

● We will be a "controlled company" within the meaning of the NYSE American listing rules upon the completion of this offering because our insiders will beneficially own more than 50% of the voting power of our outstanding voting securities.

● The NYSE American may apply additional and more stringent criteria for our initial and continued listing, since we plan to have a relatively small public offering and insiders will hold a large portion of our listed securities.

**Implications of Being an Emerging Growth Company**

We qualify as an "emerging growth company" as defined in the federal securities laws. As an emerging growth company, we have elected to take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include:

● the requirement that we provide only two years of audited financial statements in addition to any required unaudited interim financial statements with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure;

● reduced disclosure about our executive compensation arrangements;

● an exemption from the requirement that we hold a non-binding advisory vote on executive compensation or golden parachute arrangements; and

● an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting.

We may take advantage of these exemptions for up to five years or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company on the date that is the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. We may choose to take advantage of some but not all of these exemptions. We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold securities.

**Implications of Being a Smaller Reporting Company**

We also qualify as a "smaller reporting company," as such term is defined in Rule 12b-2 under the Exchange Act, and to the extent we continue to qualify as a "smaller reporting company," after we cease to qualify as an "emerging growth company," certain of the exemptions available to us as an "emerging growth company" may continue to be available to us as a smaller reporting company, including: (1) not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2022 (the "Sarbanes-Oxley Act"); (2) scaled executive compensation disclosures; and (3) the ability to provide only two years of audited financial statements, instead of three years.

**Implications of Being a Controlled Company**

 ****

Our Chief Executive Officer and director, Mr. Kai Cheong Wong, and our director, Mr. Kok Wah Seah, together with certain other management officers and directors, beneficially own approximately 59.2% and 52.8% of the voting power of our outstanding voting securities as of the date of this prospectus and upon completion of this offering, respectively, and we will be a "controlled company" within the meaning of the listing rules of the NYSE American.

As long as our principal shareholding person, entity, or group owns at least 50% of the voting power of our Company, we will be a "controlled company" as defined under the NYSE American listing rules. As a controlled company, we are permitted to rely on certain exemptions from the NYSE American's corporate governance rules, including:

● an exemption from the rule that a majority of our board of directors must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

Although we currently do not intend to rely on the "controlled company" exemption under the NYSE American listing rules, we could elect to rely on this exemption in the future. As a result, you may not in the future have the same protection afforded to stockholders of companies that are subject to these corporate governance requirements.

**The Offering**

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| | |
|:---|:---|
| **Shares of common stock offered:** | 1,666,667 shares. |
| **Public offering price:** | We currently estimate that the initial public offering price will be between US$5.00 and US$7.00 per share. For purposes of this prospectus, the assumed initial public offering price per share is $6.00, the mid-point of the anticipated price range. |
| **Shares of common stock outstanding immediately prior to this offering<sup>(1)</sup>:** | 13,652,640 shares. |
| **Shares of common stock outstanding immediately after this offering<sup>(1)(2)</sup>:** | 15,319,307 shares. |
| **Over-Allotment Option:** | <br> We have granted the underwriters an option, exercisable for a period of up to forty-five (45) days from the date of this prospectus, to purchase from us, severally and not jointly, up to an additional 250,000 shares of our common stock at the initial public offering price, less the underwriting discounts and commissions, solely to cover over-allotments, if any. |
| **Use of proceeds:** | We anticipate that we will use the net proceeds from this offering for market expansion, working capital and general corporate purposes. See "*Use of Proceeds*." |
| **Lock-up:** | Each of our directors and executive officers and each holder of 5% or more of our issued and outstanding shares of common stock will agree, subject to certain exceptions, not to sell or pledge, directly or indirectly, any number of shares of common stock issued by us or any securities convertible into or exercisable or exchangeable for shares of common stock issued by us for a period of 180 days after the date of commencement of sales under this offering. |
| **Risk factors** | The shares of common stock offered hereby are highly speculative and involve a high degree of risk. You should read the section of this prospectus "*Risk Factors*" beginning on page 7 for a discussion of factors to consider before deciding to invest in shares of our common stock*.* |
| **Listing:**<br>| We intend to apply to have shares of our common stock listed on the NYSE American. The closing of this offering is conditioned upon the NYSE American's final approval of our listing application, and there can be no assurance that shares of our common stock will be approved for listing on the NYSE American. |
| **Proposed ticker symbol:** | "ASFH". |
| **Transfer Agent** | VStock Transfer, LLC. |

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(1) Reflects
 the Reverse Stock Split effected by the Company effective __________, 2025 at a ratio of
 6-for-1. Based on 13,652,640 shares issued and outstanding on September 30, 2025.

(2) Assumes
 no exercise by the underwriters of the over-allotment option granted to them by the Company in connection with the offering.

**RISK FACTORS**

*An investment in our common stock involves a high degree of risk. Before deciding whether to invest in our common stock, you should consider carefully the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes. If any of these risks occur, our business, financial condition, results of operations, or cash flow could be materially and adversely affected, which could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. You should only consider investing in our common stock if you can bear the risk of loss of your entire investment.*

**Risks Relating to our Business and Industry**

***Our performance and growth depend on our ability to generate client referrals and to develop client relationships that will enhance our sales and marketing efforts.***

We depend on users of our solutions to generate client referrals for our services. We depend in part on the financial institutions, corporations and other third parties who use our products and services to recommend our solutions to their client base, which allows us to reach a larger client base than we can reach through our direct sales and internal marketing efforts. These referrals are an important source of new clients for our services. A decline in the number of referrals we receive could require us to devote substantially more resources to the sales and marketing of our services, which would increase our costs, potentially lead to a decline in our net sales, slow our growth and negatively impact our results of operations, financial position and cash flow.

***We might not implement successfully strategies to increase adoption of our products and services, which would limit our growth.***

Our future profitability will depend, in part, on our ability to successfully implement our strategy to increase adoption of our products and services. We cannot assure you that the relatively new market for our products and services will remain viable. We expect to invest substantial amounts to:

● Drive customer awareness of our products and services;

● Encourage customers to sign up for and use our products and services;

● Continue to develop state of the art, easy-to-use technology;

● Increase the number of customers using our products and services; and

● Diversify our customer base.

Our investment in these programs will affect adversely our short-term profitability. Additionally, we may fail to implement successfully these programs or to increase substantially adoption of our product and services by customers who pay for the service. This would impact revenues adversely and cause our business to suffer.

 

***If we are unable to compete successfully in our marketplace, it will harm our business.***

There are similar services in current marketplace that compete with our core operating activities. Certain of these competitors and potential competitors have longer operating histories, substantially greater service development capabilities and financial, commercial and marketing resources. Competitors and potential competitors may also develop services that are more effective or have other potential advantages compared to our service plan. In addition, research, development and commercialization efforts by others could render our services provided obsolete or non-competitive. Certain of our competitors and potential competitors have broader services offerings and extensive client bases, allowing them to adopt aggressive pricing policies that would enable them to gain market share. Competitive pressure could result in price reductions, reduced margins and loss of market share. We could encounter potential customers that, due to existing relationships with our competitors, are committed to services offered by those competitors. As a result, those potential customers may not consider utilizing our services.

If we fail to successfully predict and address these factors, meet customer demands or achieve more widespread market adoption of our platform, our business would be harmed.

***The experience of our customers depends upon the interoperability of our platform across technologies that we do not control, and if we are not able to maintain and expand our relationships with third parties in order to integrate our platform with their products, our business may be harmed.***

Our platform has broad interoperability and is able to integrate into various devices, including Windows, MacOS, iOS, and Android. We depend on the accessibility of our platform across these devices that we do not control. Some of our competitors may have inherent advantages by being able to develop products and services internally that more closely integrate with their own software platforms or those of their business partners.

We may not be able to modify our platform and services to maintain their continued compatibility with that of third parties' products and services that are constantly evolving. In addition, some of our competitors may be able to disrupt the ability of our platform to operate with their products or services, or they could exert strong business influence on our ability to, and the terms on which we, operate and provide access to our platform and services. Should any of these third parties modify their products or services in a manner that degrades the functionality of our platform or services, or that gives preferential treatment to their own or competitive products or services, whether to enhance their competitive position or for any other reason, the interoperability of our platform and services with these third-party products and services could decrease and our business could be harmed.

***We may not be able to respond to rapid technological changes, extend our platform or develop new features.***

The markets in which we compete are characterized by rapid technological changes and the frequent introduction of new products and services. Our ability to attract new customers and retain and expand the usage of existing customers depends on our ability to enhance and improve our platform, and to introduce new features and services. Our customers may require features and capabilities that our current platform does not have. We are focused on improving the quality and range of our service offerings and are committed to investing in research and development. Our enhancements to our platform, features or capabilities may not be compelling to our existing or potential customers and may not gain market acceptance. If our research and development investments do not accurately anticipate customer demand, or if we fail to develop our platform in a manner that satisfies customer preferences in a timely and cost-effective manner, we may fail to retain our existing customers or increase demand for our platform.

The introduction of competing services or the development of entirely new technologies to replace existing offerings could make our platform obsolete or adversely affect our business, results of operations and financial condition. We may experience difficulties with software development, design or marketing that could delay or prevent our development, introduction, or implementation of new services, features, or capabilities. New services, features or capabilities may not be released according to schedule. Any delays could result in adverse publicity, loss of revenue or market acceptance, or claims by customers brought against us, all of which could harm our business. If customers do not widely adopt our new services, features and capabilities, we may not be able to realize a return on our investment. If we are unable to develop, license or acquire new features and capabilities to our platform on a timely and cost-effective basis, or if such enhancements do not achieve market acceptance, our business would be harmed.

***We have incorporated AI technologies into some of our products and services, which may present operational and reputational risks.***

As of the date of this prospectus, we utilize our own AI-based RPA software for the automation of mundane, labor intensive, manual computer operations. As with many innovations, there are associated risks involved in utilizing AI technology. There can be no assurance that our use of AI will not produce errors going forward. AI has been known to produce false or "hallucinatory" inferences or outputs. AI can also present ethical issues and may subject us to new or heightened legal, regulatory, ethical, or other challenges. Inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion concerning AI, could impair the acceptance of AI solutions, including those incorporated in our services. If the AI tools that we use are deficient, inaccurate, or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.

In addition, regulation of AI is rapidly evolving worldwide, as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying AI and its uses are subject to a variety of laws and regulations, including intellectual property, data privacy and security, customer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations. Since these regulatory frameworks rapidly evolve, we may become subject to new laws and regulations, which may affect the legality, profitability, or sustainability of our business, and we may be unable to predict all the legal, operational, or technological risks that may arise relating to the use of AI. The failure to comply with the relevant regulatory frameworks may also negatively affect our reputation. Because AI technology itself is highly complex and rapidly developing, it is not possible to predict all the legal, operational, or technological risks that may arise relating to the use of AI. Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action, or brand and reputational harm.

***Interruptions in our services caused by undetected errors, failures, or bugs in our platform or services could harm our reputation and result in significant costs to us.***

Our platform and services may have errors or defects that customers identify after they begin using them that could result in unanticipated interruptions of service. Internet-based services frequently contain undetected errors and bugs when first introduced or when new versions or enhancements are released. The use of our services in complicated, large-scale network environments may increase our exposure to undetected errors, failures, or bugs in our services. We use monitoring software to detect errors or bugs in our platform and we subject new codes to stringent testing before their release. We have not experienced significant interruptions in our services as a result of such errors or defects, but we may experience future interruptions of service if we fail to detect and correct these errors and defects. As our business expands, the costs incurred in correcting defects, bugs or errors may be substantial and could harm our results of operations.

In addition, we rely on software of third parties to offer our services. Any defects in, or unavailability of, our third-party software that cause interruptions of our services could, among other things:

● cause a reduction in revenues or a delay in market acceptance of our services;

● require us to pay penalties or issue refunds to our customers or partners, or expose us to claims for damages;

● cause us to lose existing customers and make it more difficult to attract new customers;

● divert our development resources or require us to make extensive changes to our software, which would increase our expenses and slow innovation;

● increase our technical support costs; and

● harm our reputation and brand.

***The failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform.***

Our ability to increase our customer base and achieve broader market acceptance of our services will depend to a significant extent on our ability to expand our marketing and sales operations. We plan to continue expanding our sales and marketing capabilities, including through social media, trade shows, email marketing, cooperations with associations and cold calling. If we are unable to expand our sales and marketing operations, our future revenue growth and business could be adversely impacted.

All of these efforts will require us to invest significant financial and other resources, as the cost to acquire customers through these efforts is high. Our business will be harmed if our efforts do not generate a correspondingly significant increase in revenue.

***Because a small number of existing stockholders own a large percentage of the Company's voting shares, future investors will have minimal influence over stockholder decisions.***

 ****

As of September 30, 2025, our management has significant share ownership in the Company (i.e., 59.2%) and will retain control of 52.8% of the Company upon the completion of this offering. As a result of such ownership concentration, our officers and directors will have significant influence over the management and affairs of the Company and its business. It will also exert considerable, ongoing influence over matters subject to stockholder approval, including the election of directors and significant corporate transactions, such as a merger, sale of assets or other business combination or sale of the Company. This concentration of ownership may have the effect of delaying, deferring, or preventing a change in control, impeding a merger, consolidation, takeover or other business combination involving us, or discouraging a potential acquirer from making a tender offer or otherwise attempting to obtain control of the Company, even if such a transaction would benefit other stockholders.

***Our business and results of operations may be harmed by the misconduct of employees that have access to important assets of our Company such as bank accounts and confidential information.***

Some of our employees have access to certain valuable assets of our Company, such as bank accounts and confidential information. In the event of misconduct by such authorized employees, our Company could suffer significant losses. Employee misconduct may include misappropriating bank accounts, falsifying bank records, improper use or disclosure of confidential information to the public or our competitors, and failure to comply with our internal policies or with federal or state laws or regulations regarding the use and safeguarding of classified or other protected information, and any other applicable laws or regulations. Although we have implemented policies, procedures, and controls to regulate employee conduct, these precautions may not prevent all intentional or negligent misconduct, and as a result, we could face unknown risks or losses. Furthermore, such unethical, unprofessional, or even criminal behavior by employees could damage our reputation, result in fines, penalties, restitution, or other damages, and lead to the loss of current and future customers, all of which would adversely affect our business, financial condition, and results.

***We may be the subject of detrimental conduct by third parties, which could have a negative impact on our reputation.***

We may be the target of anti-competitive, harassing, or other detrimental conduct by third parties including our competitors. Such conduct may include complaints, anonymous or otherwise, to regulatory agencies regarding our operations, accounting, business relationships, business prospects, and business ethics. Additionally, anyone may post false allegations online against us on an anonymous basis. We may be subject to government or regulatory investigation as a result of such third-party conduct and may be required to expend significant time and incur substantial costs to address such third-party conduct, and there can be no assurance that each of the allegations will be refuted conclusively within a reasonable period of time, or at all. Our business may also be materially negatively affected as a result of such public dissemination of anonymous allegations or malicious statements.

***Cybersecurity incidents could disrupt our business operations, result in the loss of critical and confidential information, adversely impact our reputation, and harm our business.***

Cybersecurity threats and incidents directed at us could range from uncoordinated individual attempts to gain unauthorized access to information technology systems to sophisticated and targeted measures aimed at disrupting business or gathering data of customers. We rely on our platform to deliver virtual and hybrid events to our customers and we use both local storage and cloud storage to process, organize and store our business data. The secure processing, maintenance, and transmission of information in these systems are critical to our operations.

Nonetheless, our technology operations are vulnerable to security breaches and attacks against our system and network. While we employ measures designed to prevent, detect, address, and mitigate these threats (including using third-party cybersecurity technology), and we have not experienced any material cybersecurity incidents as of the date of this prospectus, cybersecurity incidents, depending on their nature and scope, could potentially result in the misappropriation, destruction, corruption, or unavailability of critical data and confidential or proprietary information (our own or that of third parties, including potentially sensitive information of our customers) and the disruption of business operations. Any such compromises to our security could cause harm to our reputation, which could cause customers to lose trust and confidence in us or could cause agents to stop working for us. In addition, we may incur significant costs for remediation that may include liability for stolen assets or information, repair of system damage, and compensation to customers and business partners. We may also be subject to legal claims, government investigation, and additional state and federal statutory requirements.

The potential consequences of a material cybersecurity incident include regulatory violations of applicable U.S. privacy and other laws, reputational damage, loss of market value, litigation with third parties (which could result in our exposure to material civil or criminal liability), diminution in the value of the services we provide to our customers, and increased cybersecurity protection and remediation costs (that may include liability for stolen assets or information), which in turn could have a material adverse effect on our competitiveness and results of operations.

***If we fail to manage our growth or execute our strategies and future plans effectively, we may not be able to take advantage of market opportunities or meet the demand of our customers.***

We expect our business to grow in terms of scale and diversity of operations. This will enable us to diversify and expand our service offerings. Such expansions will increase the complexity of our operations and may cause strain on our managerial, operational, and financial resources. We must continue to hire, train, and effectively manage new employees. The expansion of our services will also require us to maintain consistency in the quality of our services so that our market reputation is not damaged by any deviations in quality, whether actual or perceived.

Our future results of operations also depend largely on our ability to execute our future plans successfully. In particular, our continued growth may subject us to the following additional challenges and constraints:

● we face challenges in responding to evolving industry standards and government regulation that impact our business and our industry in general;

● the technological or operational challenges may arise from our new services;

● the execution of our future plans will be subject to the availability of funds to support the relevant capital investment and expenditures; and

● the successful execution of our strategies is subject to factors beyond our control, such as general market conditions, and economic and political developments in Asia, the United States and globally.

All of these endeavors involve risks and will require significant management, financial, and human resources. We cannot assure you that we will be able to effectively manage our growth or to implement our strategies successfully. There is no assurance that the investment to be made by our Company as contemplated under our future plans will be successful and generate the expected return. If we are not able to manage our growth or execute our strategies effectively, or at all, our business, results of operations, and prospects may be materially and adversely affected.

***If we are unable to secure sufficient financing when needed, our ability to execute our business plan as outlined in this prospectus will be impaired, which may negatively impact our business and prospects.***

Sustaining our ongoing operations and propelling future growth requires a significant investment in capital assets, coupled with sufficient working capital. In particular, as a growing company, we expect to require additional capital to finance our operations, make strategic investments, or respond to market conditions. For example, we plan to enhance our technology and innovation, diversify our service offerings and expand our market reach. There can be no assurance that we will be able to obtain the necessary financing to support these plans on favorable terms or at all. Factors beyond our control, such as unfavorable market conditions, general economic downturns, or investor sentiment, may make it challenging for us to secure additional funding. In the event we are unable to obtain additional financing, we may have to significantly limit, or even terminate, our primary operations, or delay, reduce, or eliminate certain of our planned operations, resulting in a complete loss of investment for our stockholders. Our inability to obtain financing on acceptable terms when needed may have a material adverse effect on our business, results of operations, financial condition, and prospects.

***If we fail to attract, recruit, or retain our key personnel, including our executive officers, senior management, and key employees, our ongoing operations and growth could be affected.***

Our success depends, to a large extent, on the efforts of our key personnel, including our executive officers, senior management, and other key employees who have valuable experience, knowledge, and connections in our industry. See "*Management*." Competition in our industry for qualified employees is very intense. There is no assurance that these key personnel will not voluntarily terminate their employment with us. We do not carry any key person insurance on any of our senior management team. We plan to purchase the directors' and officers' liability insurance upon the completion of this offering. The loss of any of our key personnel could be detrimental to our ongoing operations. Our success will also depend on our ability to attract and retain qualified personnel to manage our existing operations as well as our future growth. We may not be able to successfully attract, recruit, or retain key personnel, and this could adversely impact our financial condition, operating results, and business prospects.

***We may not maintain adequate insurance, which could expose us to significant costs and business disruption.***

We maintain certain insurance policies to safeguard against risks and unexpected events. However, there can be no assurance that such insurance coverage will always be available or will always be sufficient to cover any damages resulting from any kind of claims. In addition, there are certain types of risks that may not be covered by our insurance policies, such as war, force majeure events, or certain business interruptions. Claims that are not covered by the policies or the failure to renew the insurance policies may materially adversely affect our business, financial condition, and results of operations.

***We may expand through acquisitions of, investments in, or strategic partnerships or other strategic transactions with, other companies, each of which may divert our management's attention, result in additional dilution to our stockholders, increase expenses, disrupt our operations, and harm our results of operations.***

Our business strategy may, from time to time, include acquiring or investing in new or complementary services, technologies or businesses, strategic investments and partnerships, or other strategic transactions. We plan to identify, invest in, partner with, and acquire appropriate businesses that offer complementary advantages to our business, thereby improving overall competitiveness and sustaining growth. We cannot assure you that we will successfully identify suitable acquisition candidates or transaction counterparties, securely or effectively integrate or manage disparate technologies, lines of business, personnel and corporate cultures, realize our business strategy or the expected return on our investment, or manage a geographically dispersed company. Any such acquisition, investment, strategic partnership, or other strategic transaction could materially and adversely affect our results of operations. The process of negotiating, effecting, and realizing the benefits from acquisitions, investments, strategic partnerships, and strategic transactions is complex, expensive and time-consuming, and may cause an interruption of, or loss of momentum in, development and sales activities and operations of both companies, and we may incur substantial cost and expense, as well as divert the attention of management. We may issue equity securities which could dilute current stockholders' ownership, incur debt, assume contingent or other liabilities and expend cash in acquisitions, investments, strategic partnerships, and other strategic transactions which could negatively impact our financial position, stockholder equity, and stock price.

Acquisitions, investments, strategic partnerships, and other strategic transactions involve significant risks and uncertainties, including the following:

● the potential failure to achieve the expected benefits of the acquisition, investment, strategic partnership, or other strategic transaction, including recoupment or write-down of our investments in the partnership;

● unanticipated costs and liabilities;

● the potential of disputes with our partners, including arbitration or litigation resulting from a breach or alleged breach of either party's contractual obligation, which may result in cost, distraction and potential liabilities and reputational damage;

● difficulties in integrating new services and subscriptions, software, businesses, operations, and technology infrastructure in an efficient and effective manner;

● difficulties in maintaining customer relations;

● the potential loss of key employees of any acquired businesses;

● the diversion of the attention of our senior management from the operation of our daily business;

● the potential adverse effect on our cash position to the extent that we use cash for the transaction consideration;

● the potential significant increase of our interest expense, leverage, and debt service requirements if we incur additional debt to pay for an acquisition, investment, strategic partnership, or other strategic transaction;

● the potential issuance of securities that would dilute our stockholders' percentage ownership;

● the potential to incur large and immediate write-offs and restructuring and other related expenses;

● the inability to maintain uniform standards, controls, policies, and procedures; and

● the inability to set up the necessary processes and systems to efficiently operate the partnerships.

Any acquisition, investment, strategic partnership, or other strategic transaction could expose us to unknown liabilities. Moreover, we cannot assure you that we will realize the anticipated benefits of any acquisition, investment, strategic partnership, or other strategic transaction. In addition, our inability to successfully operate and integrate newly acquired businesses or newly formed strategic partnerships appropriately, effectively, and in a timely manner could impair our ability to take advantage of future growth opportunities and other advances in technology, as well as our revenues and gross margins.

***Our previous performance may not be sustainable or indicative of our future financial outcomes, and there is no assurance that we will be able to achieve the same level of financial performance in the future.***

For the nine months ended September 30, 2025 and the year ended December 31, 2024, we had total revenue of $3,204,858 and $3,382,432, respectively, and net loss of $300,123 and $143,577, respectively. Our financial results in the past may not be indicative of future results, and we cannot assure you that we will achieve or maintain profitability on a consistent basis. Our revenue growth may slow, or our revenue may decline for a number of reasons, including reduced demand for our products and services, increased competition, industry trend, or our failure to capitalize on growth opportunities. Meanwhile, we expect our overall operating expenses to continue to increase in the foreseeable future, as we will incur additional expenses in connection with the expansion of our business operations and as a new public company listed on the NYSE American. These efforts and additional expenses may be more costly than we currently expect, and there is no assurance that we will be able to maintain sufficient operating revenue to offset our operating expenses. Any failure to increase revenue or to manage our costs as we continue to grow and invest in our business would prevent us from achieving or maintaining profitability or maintaining positive operating cash flow at all, or on a consistent basis, which would cause our business, financial condition, and results of operations to suffer.

***Adverse or weakened general economic and market conditions may cause a reduction in customer demand, which could harm our revenue, results of operations, and cash flows.***

Our revenue, results of operations, and cash flows depend on the overall demand for and use of our platform and services, which depends in part on the amount of spending allocated by our customers or potential customers on the relevant services. This spending depends on worldwide economic and geopolitical conditions. Asia, the United States and other key international economies have experienced cyclical downturns from time to time in which economic activity was impacted by falling demand for a variety of goods and services, inflation (including wage inflation), labor market constraints, restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, equity, and foreign exchange markets, bankruptcies, and overall economic uncertainty. These economic conditions can arise suddenly, including the recent rise in inflation and overall macroeconomic environment, which may negatively impact our customers' budgets. In addition, geopolitical developments, such as potential trade wars, and actions or inactions of the United States or other major national governments, can increase levels of political and economic unpredictability globally and increase the volatility of global financial markets.

Market volatility, decreased consumer confidence and diminished growth expectations in the United States economy and abroad as a result of the foregoing events could adversely affect our customers' ability or willingness to purchase our services, delay prospective customers' purchasing decisions, reduce the value or duration of their contracts, or affect attrition rates, all of which could adversely affect our future sales and operating results. Some of our customers may view the usage of our platform as a discretionary purchase, and our customers may reduce their discretionary spending on our platform during an economic downturn. In addition, weak economic conditions, including during times of high inflation and tightening budgets, can result in customers seeking to utilize lower-cost solutions that are available from alternative sources. Prolonged economic slowdowns may result in requests to renegotiate existing contracts on less advantageous terms to us than those currently in place, payment defaults on existing contracts, or non-renewal at the end of a contract term.

***Our business could be disrupted by catastrophic events.***

Occurrence of any catastrophic event, including pandemics such as COVID-19, earthquakes, fires, floods, tsunamis or other weather event, power loss, telecommunications failure, software or hardware malfunctions, cyberattacks, war or terrorist attacks, could result in lengthy interruptions in our services. In addition, acts of terrorism could cause disruptions to the internet, the electric grid or the economy as a whole. If our systems were to fail or be negatively impacted as a result of a natural disaster or other catastrophic event, our ability to deliver our products and services to our customers would be impaired or we could lose critical data. If we are unable to develop adequate plans to ensure that our business functions continue to operate during and after a disaster and to execute successfully on those plans in the event of a disaster or emergency, our business could be harmed.

**Risks Relating to Laws and Regulations**

***The actual or perceived failure by us, our customers, partners or vendors to comply with stringent and evolving laws and regulations, industry standards, policies, and contractual obligations relating to privacy, data protection, information security, and other matters could harm our reputation and business and subject us to significant fines and liability.***

In the ordinary course of business, we collect, receive, store, process, generate, use, transfer, disclose, make accessible, protect, secure, dispose of, transmit, and share confidential, proprietary, and sensitive information, including customer and user content, business data, trade secrets, intellectual property, third-party data, business plans, transactions, financial information. Our data processing activities subject us to numerous privacy, data protection, and information security obligations, such as various laws, regulations, guidance, industry standards, external and internal privacy and security policies, and contractual requirements.

In the United States (and in Malaysia and other countries where we operate), federal, state, and local governments have enacted numerous privacy, data protection, and information security laws, including data breach notification laws, consumer protection laws, and other similar laws. While as of the date of this prospectus, we have not been subject to any legal or administrative penalties or received any notifications from regulatory authorities for privacy, data protection, or information security concerns, the developments or changes to the applicable laws and regulations may complicate compliance efforts and increase legal risk and compliance costs for us and the third parties upon whom we rely. If we fail to comply with stringent and evolving laws and regulations, industry standards, policies, and contractual obligations relating to privacy, data protection, information security, and other matters, it could harm our reputation and business and subject us to significant fines and liability.

***We are subject to a variety of U.S. and international laws and regulations, compliance with which could impair our ability to compete and non-compliance with which may result in claims, fines, penalties, and other consequences, all of which could adversely impact our operations, business, or performance.***

As a service provider, we do not regularly monitor our platform to evaluate the legality of the products and services of the customers using our platforms. While as of the date of this prospectus, we have not been subject to legal or administrative actions as a result of the use of our platforms, it may be possible that in the future we and our business partners may be subject to legal actions.

We are subject to various international regulations on information security, copyrights and intellectual properties. To the extent we expand our market presence, our exposure for violating these laws and regulations will likely increase. If we fail to comply with the legal standards and requirements, we may face substantial civil and criminal fines, penalties, profit disgorgement, reputational harm, loss of access to certain markets, disbarment from government business, the loss of export privileges, tax reassessments, breach of contract, fraud and other litigation, reputational harm, and other foreseeable or unforeseen collateral consequences that could harm our business.

***Non-compliance with laws and regulations on the part of any third parties with which we conduct business could expose us to legal expenses, compensation to third parties, penalties, and disruptions of our business, which may adversely affect our results of operations and financial performance.***

Third-party partners and their customers with which we conduct business, as well as marketing and advertising agencies, may be subject to regulatory penalties or punishments because of their regulatory compliance failures or infringement upon other parties' legal rights, which may, directly or indirectly, disrupt our business. We cannot be certain whether such third parties have violated any regulatory requirements or infringed or will infringe any other parties' legal rights, which could expose us to legal expenses or compensation to third parties, or both.

We, therefore, cannot rule out the possibility of incurring liabilities or suffering losses due to any non-compliance by third parties. There is no assurance that we will be able to identify irregularities or non-compliance in the business practices of third parties with which we conduct business, or that such irregularities or non-compliance will be corrected in a prompt and proper manner. Any legal liabilities and regulatory actions affecting third parties involved in our business may affect our business activities and reputation, and may in turn affect our business, results of operations, and financial performance.

Moreover, regulatory penalties or punishments against our business stakeholders such as third-party service providers, whether or not resulting in any legal or regulatory implications upon us, may nonetheless cause business interruptions or even suspension of these business stakeholders, which could in turn disrupt our usual course of business and result in material negative impact on our business operations, results of operation and financial condition.

***Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business.***

 ****

Our business is subject to regulation by various governmental agencies in Hong Kong and Malaysia, including agencies responsible for monitoring and enforcing compliance with various legal obligations, such as privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations. In certain jurisdictions, these regulatory requirements may be more stringent than in the United States. These laws and regulations impose added costs on our business. Noncompliance with applicable regulations or requirements could subject us to:

● investigations, enforcement actions, and sanctions;

● mandatory changes to our network and products;

● disgorgement of profits, fines, and damages;

● civil and criminal penalties or injunctions;

● claims for damages by our customers or channel partners;

● termination of contracts;

● failure to obtain, maintain or renew certain licenses, approvals, permits, registrations or filings necessary to conduct our operations; and

● temporary or permanent debarment from sales to public service organizations.

If any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, results of operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant diversion of our management's attention and resources and an increase in professional fees. Enforcement actions and sanctions could materially harm our business, results of operations, and financial condition.

Any reviews by regulatory agencies may result in substantial regulatory fines, changes to our business practices, and other penalties, which could negatively affect our business and results of operations. Changes in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause us to change our business practices. Further, our expansion into a variety of new countries also could raise a number of new regulatory issues. These factors could negatively affect our business and results of operations in material ways.

Moreover, we are exposed to the risk of misconduct, errors and failure to function by our management, employees and parties that we collaborate with, who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability and penalties in relation to noncompliance with applicable laws and regulations, which could harm our reputation and business.

***Failure to protect intellectual property rights could adversely affect our business.***

We regard our domain names and other intellectual property we have developed or may develop or acquire as critical to our success. We have taken measures to protect our intellectual property, but these measures might not be sufficient or effective. We may bring lawsuits to protect against the potential infringement of our intellectual property rights. Policing unauthorized use of our proprietary technology and other intellectual property is difficult and expensive, and litigation may be necessary in the future to enforce their intellectual property rights. Future litigation could result in substantial costs and diversion of our resources and could disrupt our business, as well as materially adversely affect our financial condition and results of operations. Further, despite the potentially substantial costs, we cannot assure you that we will prevail in such litigation. In addition, our trade secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. Any failure in protecting or enforcing our intellectual property rights could have a material adverse effect on our business, financial condition, and results of operations.

***Third parties may claim that we infringe their proprietary intellectual property rights, which could cause us to incur significant legal expenses and prevent us from promoting our services.***

We cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate trademarks, copyrights, patents, or other intellectual property rights held by third parties. We may from time to time in the future be subject to legal proceedings and claims relating to the intellectual property rights of others. For instance, we may face claims of trademark or copyright infringement for the use of images, pictures, or materials used on our website, in promotional materials, such as brochures or videos, or in the distribution and storage of digital content. There could also be existing intellectual property of which we are not aware that our services may inadvertently infringe. If any third-party infringement claims are brought against us, we may be forced to divert management's time and other resources from our business and operations to defend against these claims, regardless of their merits. Additionally, the application and interpretation of intellectual property right laws and the procedures and standards for granting trademarks, copyrights, or other intellectual property rights are evolving and may be uncertain, and we cannot assure you that courts or regulatory authorities would agree with our analysis. Such claims, even if they do not result in liability, may harm our reputation. If we were found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and financial performance may be materially and adversely affected.

***We may from time to time be subject to claims, controversies, lawsuits, and legal proceedings, which could adversely affect our business, prospects, results of operations, and financial condition.***

From time to time, we may be involved in various claims, controversies, lawsuits, legal proceedings, or regulatory inquiries that arise in the ordinary course of business involving labor and employment, wage and hour, intellectual property, data breach and other matters. See "*Business—Legal Proceedings*." We expect that the number and significance of these potential disputes or claims may increase as our business expands and our Company grows larger. Contractual provisions and insurance coverage may not cover potential claims and may not be adequate to indemnify us for all liabilities we may face. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time, and result in the diversion of significant operational resources. Litigation is inherently unpredictable, and the results of any claims may have a material adverse effect on our business, financial condition, results of operations, and prospects. In addition, negative publicity regarding claims or judgments made against our Company may damage our reputation and may result in a material adverse impact on us.

***We are subject to various U.S. and international anti-corruption and anti-bribery laws, and any failure to comply with such laws, and any laws to which we may become subject, whether in existence now or hereafter, could harm our business, financial condition, and results of operations.***

We are subject to various U.S. and international anti-corruption laws, such as the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), the Malaysian Anti-Corruption Commission Act 2009, as well as other similar anti-bribery and anti-kickback laws and regulations. These laws and regulations generally prohibit companies and their employees and intermediaries, from directly or indirectly authorizing, offering, or providing improper payments or benefits to government officials and other recipients for improper purposes. The FCPA also requires public companies to make and keep books and records that accurately and fairly reflect the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls. We anticipate that our exposure for violating these laws will increase as we continue to expand our presence, and any failure to comply with such laws could harm our business, financial condition, and results of operations.

***Our operations are currently based primarily in Malaysia. U.S. regulators, such as, but not limited to, the Department of Justice, the SEC, the PCAOB, and other authorities would likely incur difficulties in any potential investigations or inspections into our business given the location of our operations in Malaysia and surrounding Asia regions.***

We are a Nevada corporation; however, most of our assets and operations are located outside of the United States. As a result, it may be difficult for U.S. regulators to investigate or carry out inspections into or regarding our operations due to the complex relationships between and among the United States, Malaysia and Hong Kong. There are also logistical issues with enforcing any U.S. regulatory actions on companies that operate outside the United States. There would likely be varying issues of jurisdiction between Malaysia or other nations and the United States. There is also uncertainty as to whether the courts of Malaysia, Hong Kong, any other Asian countries, or the British Virgin Islands would recognize or enforce judgments of U.S. courts or determinations of U.S. regulators overseas within their own jurisdictions.

***U.S. investors may have difficulty enforcing service of process, enforcing judgments, and bringing original actions in foreign courts to enforce liabilities against our Company, officers and directors.***

We are a Nevada corporation and most of our assets are located outside of the United States. In addition, our officers and directors are nationals and residents of countries other than the United States. As a result, it may be difficult for investors to effect service of process within the United States, or abroad, upon them. It may also be difficult to enforce court judgments on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors. In addition, there is uncertainty as to whether the courts of Hong Kong, Malaysia, other Asian countries, or the British Virgin Islands would recognize or enforce judgments of U.S. courts. The United States does not currently have a treaty with Honk Kong, Malaysia, other Asian countries or the British Virgin Islands providing for recognition and enforcement of the judgments of the other country (other than arbitration awards) in civil and commercial matters.

**Risks Relating to Our Capital Stock and Trading**

***The market price of our common stock may be volatile or may decline regardless of our operating performance, and you may not be able to sell your shares of common stock at or above the public offering price.***

The public offering price for our common stock will be determined through negotiations between the underwriters and us and may vary from the market price of our common stock following this offering. If you purchase our common stock in this offering, you may not be able to sell at or above the public offering price. We cannot assure you that the public offering price of our common stock, or the market price following this offering, will equal or exceed prices in privately negotiated transactions of our common stock that have occurred from time to time prior to this offering. The market price of our common stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including the following:

● actual or anticipated fluctuations in our revenue and other operating results;

● the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

● actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

● announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

● price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

● lawsuits threatened or filed against us; and

● other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, stockholders have filed securities class litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business, and adversely affect our business.

***The price of our common stock could be subject to rapid and substantial volatility.***

There have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with a relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume, and less liquidity than large-capitalization companies. In particular, our common stock may be subject to rapid and substantial price volatility, low volumes of trades, and large spreads in bid and ask prices. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common stock.

In addition, if the trading volumes of our common stock are low, persons buying or selling in relatively small quantities may easily influence the price of our common stock. This low volume of trades could also cause the price of our common stock to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our common stock may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our common stock. As a result of this volatility, investors may experience losses on their investment in our common stock. A decline in the market price of our common stock also could adversely affect our ability to issue additional shares of common stock or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our common stock will develop or be sustained. If an active market does not develop, holders of our common stock may be unable to readily sell the shares of common stock they hold or may not be able to sell at all.

***You will experience immediate and substantial dilution in the net tangible book value of common stock purchased in this offering.***

The public offering price of our common stock is substantially higher than the (pro forma) net tangible book value per share of our common stock. Consequently, when you purchase shares of our common stock in the offering, upon completion of the offering, you will incur immediate dilution of $5.30per share, assuming a public offering price of $6.00, the mid-point of the estimated range of the public offering price per share shown on the cover page of this prospectus. See *"Dilution."* As of September 30, 2025, our authorized capital stock consists of (i) 600,000,000 shares of common stock, of which 13,652,640 shares of common stock were issued and outstanding as of such date, and (ii) 200,000,000 shares of preferred stock, of which none are issued and outstanding. See "*Description of our Securities*." Our management will have broad discretion to issue shares of our common stock, preferred stock, warrants, options, and other securities in a range of transactions, including capital-raising transactions, mergers, acquisitions and other transactions, without obtaining stockholder approval, unless stockholder approval is required under our articles of incorporation, bylaws, or the applicable laws and regulations.

***By issuing preferred stock, we may be able to delay, defer or prevent a change of control or otherwise adversely affect the rights of holders of shares of our common stock.***

Our certificate of incorporation permits us to issue, without approval from our stockholders, a total of 200,000,000 shares of preferred stock, none of which are outstanding. Our board of directors can determine the designations, powers, preferences and voting and other rights, and the qualifications, limitations and restrictions granted to, or imposed upon, the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series. It is possible that our board of directors, in determining the rights, preferences and privileges to be granted when the preferred stock is issued, may include provisions that have the effect of delaying, deferring or preventing a change in control, discouraging bids for our common stock at a premium over the market price, or that adversely affect the market price of and the voting and other rights of the holders of our common stock.

***Anti-takeover provisions in our articles of incorporation and bylaws and under Nevada law could prevent or delay an acquisition of us, which may be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management.***

Provisions of the Nevada Revised Statutes (the "NRS") and our articles of incorporation and bylaws could make it more difficult to acquire us by means of a tender offer, a proxy contest or otherwise, or to remove incumbent officers and directors. These provisions, summarized below, would be expected to discourage certain types of coercive takeover practices and takeover bids our board of directors may consider inadequate and to encourage persons seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection of our ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us will outweigh the disadvantages of discouraging takeover or acquisition proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.

●  ***Effects of authorized but unissued common stock and blank check preferred stock*** *.* One of the effects of the existence of authorized but unissued common stock and undesignated preferred stock may be to enable our board of directors to make more difficult or to discourage an attempt to obtain control of our Company by means of a merger, tender offer, proxy contest or otherwise, and thereby to protect the continuity of management. If, in the due exercise of its fiduciary obligations, the board of directors were to determine that a takeover proposal was not in our best interest, such shares could be issued by the board of directors without stockholder approval in one or more transactions that might prevent or render more difficult or costly the completion of the takeover transaction by diluting the voting or other rights of the proposed acquirer or insurgent stockholder group, by putting a substantial voting bloc in institutional or other hands that might undertake to support the position of the incumbent board of directors, by effecting an acquisition that might complicate or preclude the takeover, or otherwise.

 In addition, our articles of incorporation grant our board of directors broad power to establish the rights and preferences of authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The issuance also may adversely affect the rights and powers, including voting rights, of those holders and may have the effect of delaying, deterring or preventing a change in control of our company.

●  ***Authorized but unissued shares.*** Our authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval. The existence of authorized but unissued shares of common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

***If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud and our business may be harmed and our stock price may be adversely impacted.***

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and to effectively prevent fraud. Any inability to provide reliable financial reports or to prevent fraud could harm our business. The Sarbanes-Oxley Act requires management to evaluate and assess the effectiveness of our internal control over financial reporting. In order to continue to comply with the requirements of the Sarbanes-Oxley Act, we are required to continuously evaluate and, where appropriate, enhance our policies, procedures and internal controls. We have in the past failed, and may in the future fail, to maintain the adequacy of our internal controls over financial reporting. Such failure could subject us to litigation or regulatory scrutiny and investors could lose confidence in the accuracy and completeness of our financial reports. We cannot provide any assurance that in the future we will be able to fully comply with the requirements of the Sarbanes-Oxley Act or that management will conclude that our internal control over financial reporting is effective. If we fail to fully comply with the requirements of the Sarbanes-Oxley Act, our business may be harmed and our stock price may decline.

For example, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer, of the effectiveness of our disclosure controls and procedures as of September 30, 2025. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our chief executive officer concluded that our disclosure controls and procedures were not effective.

***We will incur substantial increased costs as a result of being a public company listed on the NYSE American.***

Upon consummation of this offering, we will incur significant legal, accounting, and other expenses as a public company listed on the NYSE American that we did not incur as a company quoted on the over-the-counter market. These additional costs could negatively affect our financial results. The Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC and the NYSE American, impose various requirements on the corporate governance practices of public companies.

Compliance with these laws, rules, and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. These laws, regulations, and standards are subject to varying interpretations and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. We intend to invest resources to comply with evolving laws, regulations, and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers.

***We are an "emerging growth company" and have elected to comply with certain reduced reporting requirements applicable to emerging growth companies, which could make our securities less attractive to investors.***

We are an "emerging growth company" as defined in Section 2(a) of the Securities Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor internal controls attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In addition, an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards applicable to public companies.

As a result, our stockholders may not have access to certain information they may deem important. We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company upon the earliest of the following: (i) the last day of the first fiscal year in which our annual revenues were at least $1.235 billion; (ii) the last day of the fiscal year following the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act; (iii) the date on which we have issued more than $1.0 billion of non-convertible debt securities over a three-year period; or (iv) the last day of the fiscal year during which we meet the following conditions: (i) the worldwide market value of our common equity securities held by non-affiliates as of our most recently completed second fiscal quarter is at least $700 million; (ii) we have been subject to U.S. public company reporting requirements for at least 12 months; or (iii) we have filed at least one annual report as a U.S. public company.

If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our securities may be more volatile. Emerging growth companies are exempt from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. An emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.

***We are a "smaller reporting company" and have elected to comply with certain reduced reporting requirements applicable to smaller reporting companies, which could make our securities less attractive to investors.***

We are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of any fiscal year for so long as either: (i) the market value of our shares of Common Stock held by non-affiliates does not equal or exceed $250 million as of the prior June 30th; or (ii) our annual revenues did not equal or exceed $100 million during such completed fiscal year. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult or impossible.

***We will be a "controlled company" within the meaning of the NYSE American listing rules upon the completion of this offering because our insiders will beneficially own more than 50% of the voting power of our outstanding voting securities.***

Our Chief Executive Officer and director, Mr. Kai Cheong Wong, and our director, Mr. Kok Wah Seah, together with certain other management officers and directors, collectively beneficially own approximately 59.2% and 52.8% of the voting power of our outstanding voting securities as of the date of this prospectus and upon completion of this offering, and we will be a "controlled company" within the meaning of the listing rules of the NYSE American. We may rely on certain exemptions from corporate governance rules, including an exemption from the rule that a majority of our board of directors must be independent directors. Although we currently do not intend to rely on the "controlled company" exemption under the NYSE American listing rules, we could elect to rely on this exemption in the future. In the event that we elect to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors, and our nominating and corporate governance committee and compensation committee might not consist entirely of independent directors. Our status as a controlled company could cause our shares of common stock to be less attractive to certain investors or otherwise harm our trading price. As a result, you would not have the same protection afforded to stockholders of companies that are subject to these corporate governance requirements. Additionally, investors may be prevented from effecting matters involving our Company, including:

● the composition of our board of directors and, through it, any determination with respect to our business direction and policies, including the appointment and removal of officers;

● any determination with respect to mergers or other business combinations;

● our acquisition or disposition of assets; and

● our corporate financing activities.

Furthermore, this concentration of voting power could have the effect of delaying, deterring, or preventing a change of control or other business combination that might otherwise be beneficial to our stockholders. This significant concentration of share ownership may also adversely affect the trading price of our common stock because investors may perceive disadvantages in owning stock in a Company that is controlled by a small number of stockholders. Although our Company does not intend to utilize the controlled company exemptions to the NYSE American corporate governance listing standards, if we are eligible to utilize the controlled company exemptions in the future, we may choose to do so. In such instance we would be exempted from, among other things, the requirement to have a board with a majority of independent members and the requirement that we have a nominating and governance committee and compensation committee that are composed entirely of independent directors and have written charters addressing the respective committee's purpose and responsibilities.

 ****

***We may not be able to maintain the listing of the shares of our common stock on the NYSE American.***

Even if our shares of common stock are approved for listing on the NYSE American, there can be no assurance that we will be able to maintain the listing standards of that exchange, which includes requirements that we maintain our stockholders' equity, total value of shares of common stock held by unaffiliated stockholders, minimum bid price, and market capitalization above certain specified levels.

If we fail to conform to the NYSE American listing requirements on an ongoing basis, our common stock might cease to trade on the NYSE American, and may move to the OTCQB or the OTC Pink Markets (or the successors to the OTC Pink Markets, the OTCID Basic Market or the Pink Limited Market) operated by OTC Markets Group, Inc. These quotation services are generally considered to be markets that are less efficient and that provide less liquidity in the shares of common stock than the NYSE American.

***Substantial future sales of shares of our common stock or the anticipation of such future sales in the public market could cause the price of our common stock to decline.***

Sales of substantial amounts of shares of our common stock in the public market after this offering, or the perception that these sales could occur, could cause the market price of our shares of common stock to decline. Sales of these shares of common stock into the market could cause the market price of our shares to decline.

***If securities or industry analysts do not publish research or reports about our business, or if they publish a negative report regarding our common stock, the price of our common stock and trading volume could decline.***

Any trading market for our common stock may depend in part on the research and reports that industry or securities analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade us, the price of our common stock would likely decline. If one or more of these analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause the price of our common stock and the trading volume to decline.

***Our management has broad discretion to determine how to use the funds raised in this offering and may use them in ways that may not enhance our results of operations or the price of our common stock.***

We anticipate that we will use the net proceeds from this offering for market expansion, working capital, and other purposes. See "*Use of Proceeds*." Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our common stock.

***The concentration of our share capital ownership among existing management, and their affiliates, will limit your ability to influence corporate matters.***

 ****

As of the date of this prospectus and after this offering, existing management collectively owns approximately 59.2% and 52.8% of our issued and outstanding common stock, respectively. Consequently, these stockholders will be able to greatly influence the outcome of all matters that require approval by our stockholders, including the election of directors and approval of significant corporate transactions. This concentration of ownership will limit your ability to influence corporate matters, and as a result, actions may be taken that you may not view as beneficial.

***The NYSE American***  ***may apply additional and more stringent criteria for our initial and continued listing.***

The NYSE American has broad discretionary authority over the initial and continued listing of securities on the NYSE American, and the NYSE American may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on the NYSE American inadvisable or unwarranted in the opinion of the NYSE American, even though the securities meet all enumerated criteria for initial or continued listing on the NYSE American.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from the sale of shares of common stock in this offering of $8,451,341 (or approximately $9,831,341 if the underwriters exercise in full their option to purchase additional shares of common stock from us), based on an assumed initial public offering price of $6.00 per share and after deducting underwriting discounts and commissions and other estimated offering expenses payable by us.

We plan to use the net proceeds we receive from this offering for the following purposes:

● approximately 30% of the net proceeds we receive from this offering for market expansion into the ASEAN region, focusing on Thailand, Philippines and Indonesia;

● approximately 30% of the net proceeds we receive from this offering for market expansion into Saudi Arabia and the United States; and

● approximately 40% of the net proceeds we receive from this offering for working capital and general corporate purposes.

Pending the use of proceeds from this offering as described above, we plan to invest the net proceeds that we receive in this offering in short-term and intermediate-term interest-bearing obligations, investment-grade securities, certificates of deposit or direct or guaranteed obligations of the Malaysian government.

While we currently intend to allocate the use of proceeds as described above, our management will have broad discretion in the application of the net proceeds from this offering and investors will be relying on the judgment of our management regarding the application of the proceeds.

**MARKET FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS**

Our common stock is quoted on the OTCQB under the symbol "ASFH." Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commissions and may not necessarily represent actual transactions.

We intend to apply to list shares of our common stock on the NYSE American under the symbol "ASFH." The closing of this offering is conditioned upon the NYSE American's final approval of our listing application, and there is no guarantee or assurance that our common stock will be approved for listing on the NYSE American.

As of the date of this prospectus, there were 298 holders of record of our common stock.

**DIVIDEND POLICY**

We have not paid any cash dividends on our common stock, and our board of directors intends to continue a policy of retaining earnings, if any, for use in our operations, though we may change this policy in the future. Any determination by our board of directors to pay dividends in the future to stockholders will be dependent upon our operational results, financial condition, capital requirements, business projections, general business conditions, statutory and regulatory restrictions, and any other factors deemed appropriate by our board of directors.

**CAPITALIZATION**

The following table sets forth our capitalization as of September 30, 2025:

● on an actual basis giving retroactive effect to the Reverse Stock Split; and

● on an "as adjusted" basis to reflect the issuance and sale of 1,666,667 shares of the common stock by us in this offering, after deducting underwriting discounts and commissions and other estimated offering expenses payable by us.

You should read this capitalization table in conjunction with "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and the consolidated financial statements and related notes appearing elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Actual** | **As adjusted** |
| Cash and cash equivalents | $795154 | 9246495 |
| Non-current liabilities |  |  |
| Hire purchase – non-current portion | $31078 | $31078 |
| Lease liability – non-current portion | $519269 | 519269 |
| Deferred tax liabilities | $5305 | 5305 |
| Total non-current liabilities | $555652 | 555652 |
| 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 as of September 30, 2025; 13,652,640 shares issued and outstanding; 15,319,307 shares issued and outstanding on an as adjusted basis | $8192 | 1532 |
| Additional paid-in capital | $10795250 | 19253251 |
| Accumulated other comprehensive loss | $(150777) | (150777) |
| Accumulated deficit | $(8339723) | (8339723) |
| Non-controlling interest | $(45661) | (45661) |
| Total stockholders' equity | $2267281 | 10718622 |
| Total capitalization | $2822933 | 11274274 |

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**DILUTION**

If you invest in our common stock, your ownership interest will be diluted to the extent of the difference between the public offering price per share of our common stock in this offering and the net tangible book value per share of common stock upon completion of this offering. Dilution results from the fact that the public offering price per share is substantially in excess of the net tangible book value per share attributable to the existing stockholders for our presently outstanding shares of common stock.

Our net tangible book value as of September 30, 2025 was $2,267,281, or $0.17 per share of common stock. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting the net tangible book value per share of common stock (as adjusted for the offering) from the public offering price per share and after deducting the estimated underwriting discounts, non-accountable expense allowance, and offering expenses payable by us.

After giving effect to the sale of shares of our common stock offered in this offering after deducting the estimated underwriting discounts and commissions and other offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025, would have been $10,718,622, or $0.70 per outstanding share of common stock. This represents an immediate increase in net tangible book value of $0.53 per share of common stock to the existing stockholders, and an immediate dilution in net tangible book value of $5.30 per share to investors purchasing the common stock in this offering.

The following table illustrates such dilution:

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| | |
|:---|:---|
|  | **Post-Offering** |
| Public offering price per share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00 |
| Net tangible book value per share as of September 30, 2025 | $0.17 |
| As adjusted net tangible book value per share attributable to payments by new investors | $0.70 |
| As adjusted net tangible book value per share immediately after this offering | $0.70 |
| Amount of dilution in net tangible book value per share to new investors in the offering | $5.30 |

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The following tables summarize, on an "as adjusted" basis as of September 30, 2025, the differences between the existing stockholders and the new investors with respect to the number of shares of our common stock purchased from us, the total consideration paid and the weighted average price per share before deducting the estimated underwriting discounts, non-accountable expense allowance, and offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Weighted**<br> **average price**<br>**Per share** |
| Existing stockholders | 13652640 | 89.1% | $10803441 | 51.9% | $0.79 |
| New investors | 1666667 | 10.9% | $10000002 | 48.1% | $6.00 |
| Total | 15319307 | 100.0% | $20803443 | 100.0% | $1.36 |

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. The following discussion contains forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.* See "*Risk Factors" and* "*Cautionary Note Regarding Forward-Looking Statements*."

**Overview**

We operate through our wholly owned subsidiaries by offering a range of system solutions in payment processing, RPA, and RegTech to financial institutions, regulatory agencies, professional service providers and private enterprises from various industries, with existing clients in the Asia region. Our subsidiary, SFHL, has over 90 bank customers for payment processing and RegTech, and our RPA solution system has more than 100 customers in Asia.

**Results of Operations**

*For the Nine Months Ended September 30, 2025 and 2024*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **Increase**<br> **(decrease) in<br> 2025 compared to** | **Increase**<br> **(decrease) in<br> 2025 compared to** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **(In U.S. dollars, except for percentages)** | **(In U.S. dollars, except for percentages)** | **(In U.S. dollars, except for percentages)** | **(In U.S. dollars, except for percentages)** | | |
| Revenue | $3204858 | 100.0% | $2094588 | 100.0% | $1110270 | 53.0% |
| Cost of revenue | (2162815) | (67.5)% | (1479636) | (70.6)% | 683179 | 46.2% |
| Gross profit | $1042043 | 32.5% | $614952 | 29.4% | $427091 | 69.5% |
| Share of loss from operation of associate | (118) | (0.0)% | (41751) | (2.0)% | (41633) | (99.7)% |
| Selling, general and administrative expenses | (1377381) | (43.0)% | (969579) | (46.3)% | 407802 | 42.1% |
| Other income | 8692 | 0.3% | 5730 | 0.3% | 2962 | 51.7% |
| Loss from operations | $(326764) | (10.2)% | $(390648) | (18.7)% | $(63884) | (16.4)% |
| Income tax expense | - | -% | - | -% | - | -% |
| Net loss | $(326764) | (10.2)% | $(390648) | (18.7)% | $(63884) | (16.4)% |
| Net income attributable to non-controlling interest | 26641 | 0.8% | 15922 | 0.8% | 10719 | 67.3% |
| Net loss attributed to common shareholders of AsiaFIN Holdings Corp. | $(300123) | (9.4)% | $(374726) | (17.9)% | $(74603) | (19.9)% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $1259162 | $1488384 | $457312 | $3204858 |
| Cost of revenue | (809867) | (893493) | (459455) | (2162815) |
| Gross profit | $449295 | $594891 | $(2143) | $1042043 |
| Share of loss from operation of associate |  | (118) |  | (118) |
| Selling, general and administrative expenses and other income | (391947) | (686698) | (290044) | (1368689) |
| Loss from operations | $57348 | $(91925) | $(292187) | $(326764) |
| Total assets | $1159937 | $2032230 | $858362 | $4050529 |
| Capital expenditure | $11441 | $20045 | $8467 | $39953 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $988436 | $901311 | $204841 | $2094588 |
| Cost of revenue | (539252) | (352247) | (588137) | (1479636) |
| Gross profit | $449184 | $549064 | $(383296) | $614952 |
| Share of loss from operation of associate |  | (41751) |  | (41751) |
| Selling, general and administrative expenses and other income | (308236) | (335145) | (320468) | (963849) |
| Loss from operations | $140948 | $172168 | $(703764) | $(390648) |
| Total assets | $1194048 | $1298290 | $1241431 | $3733769 |
| Capital expenditure | $33559 | $36489 | $34891 | $104939 |

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***Revenues***

For the nine months ended September 30, 2025, the Company generated revenue of $3,204,858. The revenue was generated as a result of the Company having provided services related to information technology business to the customers.

For the nine months ended September 30, 2024, the Company generated revenue of $2,094,588. The revenue was generated as a result of the Company having provided services related to information technology business to the customers.

***Selling, General and Administrative Expenses***

For the nine months ended September 30, 2025, the Company had selling, general and administrative expenses in the amount of $1,377,381. These were primarily comprised of salary expenses, credit loss allowance, consultancy fee, other professional fee, advertisement fee, transportation charges and travelling expenses.

For the nine months ended September 30, 2024, the Company had selling, general and administrative expenses in the amount of $969,579. These were primarily comprised of salary expenses, consultancy fee, advertisement fee and travelling expenses.

The significant increase in general and administrative expenses was primarily attributable to higher salary expenses, as the Company recruited more employees to support their business expansion, and an increase in credit loss allowance, due to challenges in collecting receivables from debtors.

***Net Loss***

For the nine months ended September 30, 2025 and 2024, the Company has incurred a net losses of $300,123 and $374,726, respectively.

 

*For the Years Ended December 31, 2024 and 2023*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | |
|  | **2024** | **2024** | **2023** | **2023****Change** | **Change** |
|  | **(In U.S. dollars, except for percentages)** | **(In U.S. dollars, except for percentages)** | **(In U.S. dollars, except for percentages)** | **(In U.S. dollars, except for percentages)** | % |
| Revenue | $3382432 | 100.0% | $3109515 | 100.0% | 8.8% |
| Cost of revenue | (1958632) | (57.9)% | (1708334) | (54.9)% | 14.7% |
| Gross profit | 1423800 | 42.1% | 1401181 | 45.1% | 1.6% |
| Share of loss from operation of associate | (9843) | (0.3)% | (152) | (0.0)% | 6375.7% |
| Selling, general and administrative expenses | (1464215) | (43.3)% | (1298849) | (41.8)% | 12.7% |
| Other income | 7281 | 0.2% | 13109 | 0.4%) | (44.5)% |
| (Loss)/income from operations | (42977) | (1.3)% | 115289 | 3.7%) | (137.3)% |
| Income tax expense | (118991) | (3.5)% | (96712) | (3.1)% | 23.0% |
| Net (loss)/income | (161968) | (4.8)% | 18577 | 0.6%) | (971.9)% |
| Net income attributable to non-controlling interest | 18391 | 0.5% | 637 | 0.0% | 2787.1% |
| Net (loss)/income attributed to common stockholders of AsiaFIN Holdings Corp. | $(143577) | (4.2)% | $19214 | 0.6%) | (847.3)% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended and As of December 31, 2024** | **For the Year Ended and As of December 31, 2024** | **For the Year Ended and As of December 31, 2024** | **For the Year Ended and As of December 31, 2024** |
| <br>**By Business Segment** | **Payment Processing** | **RegTech** | **RPA** | **Total** |
| Revenue | $1257270 | $1801730 | $323432 | $3382432 |
| Cost of revenue | (680714) | (844455) | (433463) | (1958632) |
| Gross profit | $576556 | $957275 | $(110031) | $1423800 |
| Share of loss from operation of associate |  | (4032) | (5811) | (9843) |
| Selling, general and administrative expenses and other income | (475263) | (631910) | (349761) | (1456934) |
| Profit (loss) from operations | 101293 | 321333 | (465603) | (42977) |
| Total assets | $1357920 | $1805491 | $999429 | $4162840 |
| Capital expenditure | $45127 | $60002 | $33214 | $138343 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended and As of December 31, 2023** | **For the Year Ended and As of December 31, 2023** | **For the Year Ended and As of December 31, 2023** | **For the Year Ended and As of December 31, 2023** |
| <br>**By Business Segment** | **Payment Processing** | **RegTech** | **RPA** | **Total** |
| Revenue | $1444946 | $1356969 | $307600 | $3109515 |
| Cost of revenue | (796421) | (646251) | (265662) | (1708334) |
| Gross profit | $648525 | $710718 | $41938 | $1401181 |
| Share of loss from operation of associate |  |  | (152) | (152) |
| Selling, general and administrative expenses and other income | (611142) | (414730) | (259868) | (1285740) |
| Profit (loss) from operations | 37383 | 295988 | (218082) | 115289 |
| Total assets | $1783875 | $1210566 | $758533 | $3752974 |
| Capital expenditure | $15438 | $10476 | $6565 | $32479 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $1259162 | $1488384 | $457312 | $3204858 |
| Cost of revenue | (809867) | (893493) | (459455) | (2162815) |
| Gross profit | $449295 | $594891 | $(2143) | $1042043 |
| Share of loss from operation of associate |  | (118) |  | (118) |
| Selling, general and administrative expenses and other income | (391947) | (686698) | (290044) | (1368689) |
| Loss from operations | $57348 | $(91925) | $(292187) | $(326764) |
| Total assets | $1159937 | $2032230 | $858362 | $4050529 |
| Capital expenditure | $11441 | $20045 | $8467 | $39953 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $988436 | $901311 | $204841 | $2094588 |
| Cost of revenue | (539252) | (352247) | (588137) | (1479636) |
| Gross profit | $449184 | $549064 | $(383296) | $614952 |
| Share of loss from operation of associate |  | (41751) |  | (41751) |
| Selling, general and administrative expenses and other income | (308236) | (335145) | (320468) | (963849) |
| Loss from operations | $140948 | $172168 | $(703764) | $(390648) |
| Total assets | $1194048 | $1298290 | $1241431 | $3733769 |
| Capital expenditure | $33559 | $36489 | $34891 | $104939 |

---

*Revenue*

The Company generates revenue from providing services related to information technology business to its customers. For the year ended December 31, 2024, the Company generated revenue of $3,382,432, representing an 8.8% increase from revenue of $3,109,515 for the year ended December 31, 2023. This increase was primarily driven by the implementation of the e-Invoice system under RegTech in Malaysia.

*Cost of Revenue*

 

The Company's cost of revenue increased 14.7% to $1,958,632 for the year ended December 31, 2024 from $1,708,334 for the year ended December 31, 2023. This increase was primarily due to an increase in headcount by 19%.

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses include salary expenses, audit fees, insurance, consultancy fee, travelling expenses, other professional fees and transportation charges. For the year ended December 31, 2024, the Company had selling, general and administrative expenses of $1,464,215, representing a 12.7% increase from the $1,298,849 for the year ended December 31, 2023.

The increase in general and administrative expenses was the result of the increase in salary expenses as the Company hired more employees to expand their business.

*Net Income (Loss)*

For the reasons set forth above, we incurred a net loss of $143,577 for the year ended December 31, 2024, compared to net income of $19,214 recorded for the year ended December 31, 2023.

**Liquidity and Capital Resources**

*<u>For the Nine Months Ended September 30, 2025 and 2024</u>*

*Cash Used in Operating Activities*

For the nine months ended September 30, 2025, the Company has used $411,230 in operating activity, of which primarily consist of net loss, disposal of asset, increase in account receivables, increase in prepayment, deposits and other receivables, decrease in accrued liabilities and other payables, increase in tax assets, decrease in income tax payable and reduction in lease liability contra by share of loss from operation of associate, depreciation and amortization, provision for credit loss allowance, increase in account payables and increase in deferred revenue.

For the nine months ended September 30, 2024, the Company has used $257,116 in operating activities, of which primarily consist of net loss, increase in prepayment, deposits and other receivables, decrease in accrued liabilities and other payables, decrease in tax assets and reduction in lease liability contra by share of loss from operation of associate, depreciation and amortization, provision for credit loss allowance, increase in account payables, decrease in account receivables and increase in deferred revenue.

*Cash Used in Investing Activities*

For the nine months ended September 30, 2025, the Company has invested $39,953 in investing activities, for the acquisition of computer systems, office equipment, motor vehicle and renovation.

For the nine months ended September 30, 2024, the Company has invested $104,939 in investing activities, for the acquisition of computer systems, mobile phones and investment in associate.

*Cash Used in Financing Activities*

For the nine months ended September 30, 2025, the Company has used $100,535 in financing activity, primarily consist of advances to director and advances to related companies.

For the nine months ended September 30, 2024, the Company has used $55,286 in financing activity, primarily consist of advances to director.

*<u>For the Years Ended December 31, 2024 and 2023</u>*

As of December 31, 2024 and 2023, we had cash and cash equivalents of $1,309,929 and $1,234,188 respectively. We expect increased levels of operations going forward will result in more significant cash flows and in turn working capital.

We depend substantially on financing activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations.

*Cash Provided by/Used in Operating Activities*

For the year ended December 31, 2024, the Company had $343,001 provided by its operating activities, which primarily consists of impairment of investment in associate, share of loss from operation of associate, depreciation and amortization, increase in account payable, increase in other payables and accrued liabilities, increase in deferred revenue and increase in income tax payable contra by net loss, minority interest, provision for credit loss allowance, increase in account receivable, increase in prepayment, deposits and other receivables, increase in tax asset, increase in deferred income tax assets and reduction in lease liability.

For the year ended December 31, 2023, the Company used $210,454 in its operating activities, which primarily consists of minority interest, increase in account receivable, decrease in other payables and accrued liabilities, decrease in deferred revenue, decrease in income tax payable and reduction in lease liability contra by net income, share of loss from operation of associate, depreciation and amortization, provision for credit loss allowance, increase in account payable, decrease in prepayment, deposits and other receivables, decrease in tax assets and decrease in deferred income tax assets.

*Cash Used in Investing Activities*

For the year ended December 31, 2024, the Company used $209,133 in investing activities for the acquisition of computer systems, mobile phones, renovation and investment in associate.

For the year ended December 31, 2023, the Company used $32,479 in investing activities for the acquisition of computer systems and office equipment.

*Cash Provided by Financing Activities*

For the year ended December 31, 2024, the Company had $77,401 in financing activities, primarily consisting of advances from the director.

For the year ended December 31, 2023, the Company had $74,578 in financing activities, primarily consisting of advances from the director.

*<u>Off-Balance Sheet Arrangements</u>*

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of September 30, 2025, December 31, 2024, and December 31, 2023.

*<u>Contractual Obligations</u>*

The contractual obligations presented in the table below represent our estimates of future cash payments under fixed contractual obligations.

The following table summarizes our contractual obligations as of September 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Total** | **Due within 1 year** |
| Operating lease obligations<sup>1</sup> | $576831 | $57562 |
| Loan obligation<sup>2</sup> | 106990 | 71327 |
| Hire purchase obligation<sup>3</sup> | 46312 | 15234 |
| Total contractual obligations | $730133 | $144123 |

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<sup>1</sup> Includes operating lease right-of-use obligations. We have one office space leasing agreement with our Chief Executive Officer and director, Mr. Kai Cheong Wong, and three office space leasing agreements with third parties.

<sup>2</sup> Represents the loan agreement with our Chief Executive Officer and director, Mr. Kai Cheong Wong, for the acquisition of property.

<sup>3</sup> Represents the hire purchase agreement for the acquisition of motor vehicle.

There were no outstanding obligations that were considered material as of September 30, 2025.

**Critical Accounting Policies and Estimates**

*Use of estimates*

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for credit losses, impairment analysis of real estate assets and other long-term assets including goodwill, valuation allowance on deferred income taxes, and the accrual of potential liabilities. Actual results may differ from these estimates.

*Credit losses*

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company's customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326), which introduces a practical expedient for measuring expected credit losses on trade receivables and contract assets. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company already adopted this ASU on its consolidated financial statements and related disclosure. The Company has elected practical expedient under ASU 2025-05 for the quarter ended September 30, 2025 which permits assuming that current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating expected credit losses. Accordingly, the Company's estimate of expected credit losses for current accounts receivables is based on the delinquency status of those uncollected balances as of September 30, 2025. The Company calculates the expected credit loss rate by applying the rate of change between the balances from the previous quarter and the uncollected balances in the current quarter on the historical loss rate.

*Revenue recognition*

The Company follows the guidance of ASC 606, "Revenue from Contracts" ("ASC 606"). ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, 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 providing information technology services such as business system integration and management services, computer programming activities and services to the customers.

*Fair value of financial instruments*

The carrying value of the Company's financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties, trade payables and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"), 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 did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

*Recently Adopted Accounting Pronouncements*

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company already adopted this ASU on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which requires disaggregated information about the reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company already adopted this ASU on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326), which introduces a practical expedient for measuring expected credit losses on trade receivables and contract assets. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company already adopted this ASU on its consolidated financial statements and related disclosure during the third quarter of 2025.

Other than the pronouncements adopted as noted above, there are no recently issued accounting standards expected to have a material impact on the Company's consolidated financial statements and related disclosures.

**BUSINESS**

**Corporate History**

AsiaFIN Holdings Corp. was incorporated under the laws of the State of Nevada on June 14, 2019.

On December 18, 2019, we acquired 100% of the equity interests of AsiaFIN Holdings Corp., or the Malaysia Company, a private limited company incorporated in Labuan, Malaysia. In consideration of the equity interests of the Malaysia Company, our Chief Executive Officer, Mr. Wong was compensated HK$1.

On December 23, 2019, the Malaysia Company acquired AsiaFIN Holdings Limited, or the Hong Kong Company, a private limited company incorporated in Hong Kong. In consideration of the equity interests of the Hong Kong Company, our Chief Executive Officer, Mr. Wong was compensated HK$1.

On December 22, 2022, we entered into an Acquisition Agreement (the "Agreement") with StarFIN Holdings Limited, or SFHL, a BVI business company organized as a company limited by shares under the law of British Virgin Islands, and the shareholders of SFHL. Pursuant to the Agreement, the Company purchased 10,000 shares of SFHL (the "SFHL Shares"), representing all of the issued and outstanding shares of common stock of SFHL. As consideration, the Company agreed to issue to the shareholders of SFHL 1,372,006 shares of our common stock, at a value of $6.60 per share, for an aggregate value of $9,055,242. We consummated the acquisition of SFHL on February 23, 2023.

Our Chief Executive Officer, President, Director, Secretary and Treasurer, Mr. Kai Cheong Wong is also the director of SFHL. Prior to the acquisition, Mr. Wong held 29.94% of our issued and outstanding securities and 57.10% of the issued and outstanding securities of SFHL, Swee Ping Hoo, the former director of SFHL, held 10.91% of our issued and outstanding securities and 40.22% of the issued and outstanding securities of SFHL, and Hui Yin Cham, our former Finance Manager, held 0.48% of the issued and outstanding securities of SFHL. Upon the consummation of the acquisition, Mr. Wong, Mr. Swee Ping Hoo and Ms. Hui Yin Cham received 1,341,918 shares of our restricted common stock collectively.

Initially, the Company, through its subsidiaries, was in the business of providing market research studies and consulting services to clients, primarily in the payment solutions industry.

After the acquisition of SFHL on February 23, 2023, we broadened our service offerings in the information technology industry such as providing payment processing solutions, RegTech software solutions, including ESG consultancy & reporting and RPA software solutions across Asia.

The table below sets forth details of the Company's subsidiaries and associated companies:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Subsidiary Company Name** | **Domicile and Date of Incorporation** | **Particulars of Issued Capital** | **Principal Activities** | **Business Segment** |
| 1 | AsiaFIN Holdings Corp. | Labuan on July 15, 2019 | 1 ordinary share | Investment holding company | N/A |
| 2 | AsiaFIN Holdings Limited | Hong Kong on July 5, 2019 | 1 ordinary share | Investment holding company | N/A |
| 3 | StarFIN Holdings Limited | British Virgin Islands on August 19, 2021 | 10,000 ordinary shares | Investment holding company | N/A |
| 4 | Insite MY Holdings Sdn Bhd (FKA StarFIN Asia Sdn Bhd) | Malaysia on May 24, 2018 | 11,400,102 ordinary shares | Investment holding company | N/A |
| 5 | OrangeFIN Academy Sdn Bhd (FKA Insite MY.Com Sdn Bhd) | Malaysia on February 2, 2000 | 100,000 ordinary shares | Provision of business system integration and management services | Payment Processing |
| 6 | Insite MY Systems Sdn Bhd | Malaysia on January 18, 2000 | 500,000 ordinary shares | Provision of information technology consultancy services | Payment Processing |
| 7 | Insite MY Innovations Sdn Bhd | Malaysia on January 18, 2010 | 540,000 ordinary shares | Provision of information and communication technology products and services | RegTech |
| 8 | OrangeFIN Asia Sdn Bhd | Malaysia on January 25, 2018 | 50,000 ordinary shares | Provision of computer programming activities and services | RPA |
| 9 | TellUS Report Sdn Bhd | Malaysia on September 22, 2023 | 100 ordinary shares | Provision of information technology services | RegTech |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Associated Company Name** | **Domicile and Date of Incorporation** | **Particulars of Issued Capital** | **Principal Activities** | **Business Segment** |
| 1 | Murni StarFIN Sdn Bhd | Malaysia on September 9, 2022 | 100,000 ordinary shares | Provision of information technology services | N/A |
| 2 | KSP AsiaFIN Co., Ltd. (FKA KSP StarFIN Co., Ltd.) | Thailand on August 11, 2023 | 50,000 ordinary shares | Provision of information technology services | RPA |

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Mr. Kai Cheong Wong is a director of all of the aforementioned companies.

Ms. Ghi Geok Khoo (Chanti) is the chief financial officer of the Company and the chief financial officer of Insite MY Holdings Sdn Bhd.

The Company's executive office is located at Suite 30.02, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.

Insite MY Systems Sdn Bhd and Insite MY Innovations Sdn Bhd are collectively referred to as "InsiteMY."

As of the date of this prospectus, we beneficially own 40% and 49% of the voting shares of Murni StarFIN Sdn Bhd and KSP AsiaFIN Co., Ltd., respectively. We have a significant influence on these companies via share ownership, but they are not our subsidiaries. We refer to such companies as "associated companies". The financials of these companies are not consolidated into our financial statements.

Below is the organization chart of the Company.

![](ba_002.jpg)

**Business Overview**

We operate through our wholly owned subsidiaries by offering a range of system solutions in payment processing, RPA, and RegTech to financial institutions, regulatory agencies, professional service providers and private enterprises from various industries, with existing clients in the Asia region and Saudi Arabia. Our subsidiary, SFHL, has over 90 bank customers for payment processing and RegTech, and our RPA solution system has more than 100 customers in Asia and Saudi Arabia.

*<u>Payment Processing (Fintech)</u>*

We have our own web-based payment processing system for check clearing used in central banks, financial institutions and payment system providers. This image-based check truncation system (CTS) is similar to the one used in the United States of America, under the CHECK21 standards. Our CTS systems are sold in Malaysia, Singapore, Indonesia, Philippines, Myanmar, Thailand, Pakistan, Bangladesh and in Saudi Arabia.

We also have a ISO20022 compliant payment gateway solution for central bank and financial institutions that is capable of supporting the Straight Through Processing (STP) of all types of payment transactions (including SWIFT, Real-Time Gross Settlement (RTGS), GIRO (NACHA standards) and Fast and Secure Transfers (FAST) payment and extendable to interface with various types of payment gateways. Our STP payment gateway solutions are sold in Malaysia, Myanmar and Indonesia.

*<u>Regulatory Technology</u>*

We have a RegTech system which conforms to XBRL reporting standards and other compliance reporting required by regulatory agencies such as central banks, securities commissions, tax authorities and companies registries. Our Reg Tech reporting platform covers financial statistic reporting, credit risk exposure and analysis, risk management reports, Foreign Account Tax Compliance Act (FATCA) and EU Common Reporting Standard (CRS) reporting, external sector reporting, Goods and Services Tax (GST) reporting for reporting entities and lately e-Invoicing reporting for large corporations. We have more than 54 financial institutions and 61 large corporations using this RegTech platform.

Additionally, we have developed a RegTech Software as a Service (SaaS) solution for public listed companies and financial institution for Environmental, Social and Governance (ESG) compliant reporting and consultancy. ESG guidelines have already been issued by Bank Negara Malaysia, the central bank of Malaysia and Bursa Malaysia Stock Exchange for their members to reduce their carbon footprint. Our subsidiary, TellUS Report Sdn Bhd, was created to focus on this new line of business in both the consultancy and reporting.

*<u>Robotic Process Automation</u>*

We have our own AI-based RPA Software solutions for financial institutions, large corporations and small medium enterprises. RPA utilizes software Robots for the automation of mundane, labor intensive, manual computer operations. Robots are utilized for the processes where they help to reduce operational costs and also costs arising from human error. Our system automates the capturing of customer information from identity cards, passports and other identification documents. Our solution will automatically extract data from customers' identity card, passport, and other identity documents and will immediately complete the forms, eliminating the friction and errors caused by manual input, through Intelligent Character Recognition technology and other AI-based technologies. Information extracted from an official identification document will then be checked against existing financial institutions' databases for regulatory screening in internal blacklist check, anti-money laundering, credit scoring check, FATCA, CRS and ESG reporting, etc. Our AI-based RPA has helped companies in Malaysia, Philippines, Indonesia and Pakistan. Also, we have a joint venture company KSP AsiaFIN Co., Ltd. that had fully translated our AI-based RPA to the Thai language.

**Industry Overview**

*Payment Market*

Southeast Asia total transaction value in the digital payments market is projected to reach US$805.54 billion in 2025<sup>1</sup>. Total transaction value is expected to show an annual growth rate (CAGR 2025-2029) of 19.83% resulting in a projected total amount of US$1.66 trillion by 2029. The market's largest market is mobile point of sale (POS) payments with a projected total transaction value of US$493.26 billion in 2025.

The digital payments market segment is led by consumer transactions and includes payments for products and services which are made over the Internet as well as digital payments at POS via digital wallet applications and cross-border money transfers made over the internet (digital remittances).

Across the globe, check payments are generally declining as digital payments become more popular. Despite the decline, checks continue to be used for specific transactions, such as larger payments, rent, and payments to charities or contractors. Despite the rise of digital payments, checks remain an important form of non-cash payments in Southeast Asian countries like Malaysia, Philippines and Indonesia.

<sup>1.</sup> Source: https://www.statista.com/outlook/fmo/digital-payments/southeast-asia

The global number of check payments in 2023 highlights a sharp decline in usage across various countries. The United States leads with 72.47 million units but exhibits a 4.88% decrease year-on-year<sup>2</sup>. France, holding 7.97 million units, also shows a 6.59% decline. India, with 6.72 million units, reduced by 1.42%, while Canada saw a significant 7.22% drop with 2.21 million units. Brazil experienced the most substantial drop of 17.13% at 1.59 million units. Other notable variations include Mexico (-7.21%), Italy (-11.5%), Argentina (-0.79%), Spain (-1.9%), and United Kingdom with a steep -41.22% decrease at minimal usage of 0.15 million units.

Future trends to watch include further declines in check usage as digital payments continue to rise. Emerging markets like India may transition more rapidly from checks to electronic payments. The United States, with still a volume of 11 million checks issued in 2023, is likely to see continued reductions due to the adoption of digital alternatives. European countries that have already minimal usage of checks will potentially phase out checks entirely. Watching the adoption rate of digital payment solutions in regions like Latin America and Asia could provide further insights into the declining trends of check payments globally.

*Robotic Process Automation*

RPA, also called "intelligent automation" or "smart automation," refers to advanced technologies that can be programmed to perform a series of tasks, like data manipulation, triggering responses, and creating necessary communication with other processes and systems. RPA is similar to traditional IT automation but the major difference between these technologies is that RPA is, itself, capable of learning and is adaptive to changing circumstances, while a traditional IT automation system is not.

The global RPA market size was valued at US$3.8 billion in 2024<sup>3</sup> and is projected to grow from to US$30.85 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 43.9% during the forecast period (2025 - 2030). North America has the largest market share at 39%, with the RPA industry in the United States forecasted to grow significantly from 2025 to 2030.

Improved operational costs for businesses with a rising smartphone adoption rate and fostering demand for technologically advanced and innovative electronic products are the key market drivers enhancing market growth.

The Southeast Asia RPA market size was estimated at US$0.22 billion in 2024<sup>4</sup>. The Southeast Asia RPA market industry is expected to grow from US$0.31 billion in 2025 to US$7.96 billion in 2034, exhibiting a compound annual growth rate (CAGR) of 41.20% during the forecast period (2025 - 2034). The rising need for digital transformation, the expanding uptake of automation solutions, and the progress made in artificial intelligence (AI) and machine learning technologies are the main market drivers anticipated to propel the RPA market in Southeast Asia.

*Regulatory Technology*

 

RegTech is the management of regulatory processes within the financial industry via technology, including regulatory monitoring, reporting and compliance. In recent years, there has been a strong regulatory focus on financial crime. The key drivers of RegTech adoption consist of compliance, cost and complexity. The ability of RegTech using technologies such as advanced analytics, RPA and cognitive computing offer new efficiencies in compliance, which offers a lower cost.

The global RegTech market size was estimated to be US$7.6 billion in 2021 and is projected to be worth US$19.5 billion by 2026 to grow at a CAGR of 20.8% during the forecast period<sup>5</sup>.

The Asia-Pacific region is expected to have the highest growth rate, growing at CAGR of 17.0% during the forecast period. Rising need for regulatory compliance, increasing penetration of advanced technologies such AI, machine learning, and cloud computing across the region, and implementation of these solution in fintech industries are some of the major driving factors for the RegTech market in Asia-Pacific.

The United States has emerged as a key regional market for RegTech as regulatory requirements are becoming more complex in various industries. Financial institutions are increasingly utilizing RegTech solutions to simplify compliance procedures, cut operational expenses, and lessen risks related to non-compliance. Moreover, the use of AI, blockchain, and other technologies is enabling real-time data analysis and improving regulatory reporting. Furthermore, organizations are increasingly prioritizing compliance automation due to heightened regulatory scrutiny and the risk of substantial penalties for non-compliance. The IMARC Group forecasts that the United States RegTech market will experience a 21.84% compound annual growth rate (CAGR) from 2024 to 2032<sup>6</sup>.

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| | |
|:---|:---|
| <sup>2.</sup> | Source: https://www.reportlinker.com/dataset/26737f357f4b4add2adf904f08e96b2c91fa064a |
| <sup>3.</sup> | https://www.grandviewresearch.com/industry-analysis/robotic-process-automation-rpa-market |
| <sup>4.</sup> | Source: https://www.marketresearchfuture.com/reports/sea-robotic-process-automation-market-20730 |
| <sup>5.</sup> | Source: https://www.marketsandmarkets.com/Market-Reports/regtech-market-63447434.html |
| <sup>6.</sup> | Source: https://www.imarcgroup.com/regtech-market |

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**Marketing**

We plan to participate in several international or regional scale industry roadshows, conferences, and exhibitions to promote our products and services to potential markets in Asia, such as Gulf Information Technology Exhibition ("GITEX") Technology Week in Dubai, CES annual trade show organized by Consumer Technology Association in Las Vegas, Singapore Fintech Festival organized by Monetary Authority of Singapore in Singapore, and Robotic Process and Intelligence Automation Conference in ASEAN. We believe that with our participation in these programs, AsiaFIN can be recognized as a premium solution provider in Asia. We are also collaborating with the Malaysia Digital Economy Corporation (MDEC), a government agency, in their effort to expand Malaysian companies into the international market. We have participated in the ASEAN trade missions as well as the Australian trade mission. In future, we expect to participate in the Middle East, Nordics and U.S.-based programs.

We believe that while displaying our company through customized exhibition stands, banners, counters, brochures and leaflets at these events or exhibition, we will be able to draw attention from the participants. We will then network and register these participants into our prospective client list. Post event, we will utilize these connections by scheduling meetings in person with these prospects to demonstrate our proposed solutions.

We have developed our website at www.asiafingroup.com to market our services, and we intend to utilize search engine marketing to improve the visibility of our corporate website once we have successfully raised some funds. We also plan to explore omnichannel marketing options through different social media such as Instagram, YouTube, LinkedIn, and Facebook, to do a marketing campaign via direct messaging.

We have joined associations such as the National Tech Association of Malaysia, the Federation of Malaysian Manufacturers and the Small and Medium Enterprise Association of Malaysia. We are exploring membership in the FinTech Association of Malaysia and the Fintech Associations of Philippines and Thailand once we have made contact thorough our marketing efforts. We plan to start email marketing campaigns and send out emails to a large database associated with these organizations accumulated through their memberships, pending formalization of any collaboration with these associations or organizations. We have participated in the Quay Acceleration program based in New York City. Our RPA company, OrangeFIN Asia Sdn Bhd is now an alumni of this program.

In addition, AsiaFIN has formed a joint venture company with KSP GreenPro Ltd in Thailand to form the company called KSP AsiaFIN Ltd for the Thailand and Laos market. AsiaFIN also plans to create market expansion through joint ventures or strategic collaborations with software solution providers in other ASEAN countries such as Philippines, Indonesia, Singapore, Malaysia and will then explore further expansion to Nordic countries, the Kingdom of Saudi Arabia, Australia and the United States. Our marketing plans have not yet been determined in sufficient detail to outline at this time and remain under development.

**Competition**

We operate in a highly competitive industry. We intend to focus on selling our solutions to companies in Asia, with a particular focus on ASEAN countries. We intend to distinguish ourselves by creating a strong relationship with our clients and by ensuring our commitment to provide exceptional solutions. In addition, we will continue to further develop our solutions to maintain our market position, keep pace with latest technological changes and compete effectively in the market we are operating in.

By ensuring high customer satisfaction for our clients, we hope to ensure repeat sales from the same group of customers and generate the referral of new clients. In addition, we will participate actively in industry roadshows and conferences to promote our solutions to potential markets in Asia. We intend to participate in Award programs, so we can be recognized as a premium solution provider in Asia. We intend to use all available social media, for example LinkedIn, Instagram, YouTube, X and Facebook to promote our solutions. Lastly, the Company intends to encourage our existing clients to furnish recommendation letters and organize signing ceremonies to further increase awareness of our solutions and our company in the future.

**Government Regulation**

We are subject to a variety of foreign, federal, state and local governmental laws and regulations related to data protection, anti-money laundering and intellectual property. If we fail to comply with present or future financial system laws and regulations, we could be subject to fines, suspension of production or a cessation of operations. In addition, under some foreign, federal, state and local statutes and regulations, a governmental agency may seek recovery and response costs from operators that violates the laws such as data breaching or illegal use of intellectual property, even if the operator was not responsible for the release or otherwise was not at fault.

If we become aware of the need for any permits necessary to conduct our operations, then we will apply for and attempt to receive all financial system related intellectual property or permits necessary to conduct our business. As of the current date, we are not aware of any intellectual property or license that need to be registered from foreign, federal, state or local agencies. Any failure by us to control the use of other's intellectual property or data breaching could subject us to substantial financial liabilities, operational interruptions and adverse publicity, any of which could materially and adversely affect our business, results of operations and financial condition.

We have listed the primary, but not necessarily only, rules and regulations that we believe apply to our business below:

*Malaysia*

1) Personal Data Protection Act 2010 (PDPA)

The PDPA 2010 governs the processing of personal data in commercial transactions and related matters. It applies to (a) any person who processes, and (b) any person who has control over or authorizes the processing of, personal data in connection with commercial transactions ("Data Controller"). A Data Controller must comply with the Personal Data Protection Principles, which include the General Principle, Notice and Choice Principle, Disclosure Principle, Security Principle, Retention Principle, Data Integrity Principle, and Access Principle (collectively, the "Personal Data Protection Principles"). Contravention of these principles constitutes an offense, punishable by a fine of up to One Million (RM1,000,000) Malaysian Ringgit, imprisonment for up to three (3) years, or both.

Further, pursuant to Section 12A(1) of the Personal Data Protection (Amendment) Act 2024, a Data Controller is required to appoint at least one Data Protection Officer accountable for PDPA 2010 compliance. However, according to the Guidelines on Appointment of Data Protection Officer issued by the Personal Data Protection Department, this requirement only applies if the Data Controller or Data Processor: (a) processes personal data of more than 20,000 data subjects; (b) processes sensitive personal data, including financial information, of more than 10,000 data subjects; or (c) engages in activities involving "regular and systematic monitoring" of personal data.

As of the date of this prospectus, we do not fall within the threshold requiring the appointment of Data Protection Officer.

2) Intellectual Property Protection

Intellectual property in Malaysia is administered by the Intellectual Property Corporation of Malaysia (MYIPO), an agency under the Ministry of Domestic Trade and Consumer Affairs. Intellectual property protection in Malaysia covers patents, trademarks, industrial designs and copyright.

&nbsp;&nbsp;&nbsp;&nbsp;a. Patents

The Patents Act 1983 (PA 1983) and the Patents Regulations 1986 govern patent protection in Malaysia. An applicant may file a patent application directly if he is domicile or resident in Malaysia. A foreign application can only be filed through a registered patent agent in Malaysia acting on behalf of the applicant. Under the PA 1983, once a patent is granted, the duration of validity of a patent shall be twenty (20) years from the date of the application, subject to the timely payment of prescribed annual fees. Pursuant to Section 36(1) of the PA 1983, the exclusive rights of the patent owner include the right to exploit the patented invention, to assign or transmit the patent, to enter into licensing agreements and to deal with the patent as the subject of a security interest.

&nbsp;&nbsp;&nbsp;&nbsp;b. Trademarks

Trademark matters is governed by the Trademarks Act 2019 ("TMA 2019"), Trademarks Regulations 2019 and other subsidiary legislation under the TMA 2019. The TMA 2019 grants the registered owner of the trademark the exclusive rights to use the trademark and to authorize other persons to use the trademark in relation to the goods or services for which the trademark is registered. A registered trademark is valid for a period of ten (10) years from the date of its application and may be renewed for every ten (10) years upon its expiry. By virtue of trademark registration, the owner may seek legal relief for any infringement of the trademark.

As of the date of this prospectus, we have successfully registered five (5) trademarks with MYIPO and are currently in the process of registering a further two (2) trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;c. Copyright

The Copyright Act 1987 provides comprehensive protection for copyright works. The Act outlines the nature of works eligible for copyright (which includes computer programs), the scope of protection, and the manner in which the protection is accorded. Copyright subsists in every work eligible for copyright protection of which the author is a qualified person.

The Copyright (Amendment) Act 2012 entered into force on 1 March 2012. The Act was amended to be in line with technological development and to adhere to the international IP conventions/treaties relating to copyright and related rights.

3) Tax Treatment

&nbsp;&nbsp;&nbsp;&nbsp;a. Digital
 tax

As part of Malaysia's transition to a digital economy, the imposition of 6% service tax on foreign digital services ("Digital Tax") came into force on 1 January 2020 pursuant to the Service Tax (Amendment) Act 2019. With the inception of this Digital Tax, foreign service providers ("FSPs") are now required to account and pay a service tax of 6% on any digital services provided by an FSP to consumers in Malaysia, including services provided by businesses to consumers.

The Act defines "digital service" as any service that is delivered or subscribed over the internet or other electronic network and which cannot be obtained without the use of information technology and where the delivery of the service is essentially automated. Under the Act's guidelines, it further is stated that digital services mean services that is to be delivered through information technology medium with minimal or no human intervention from service provider.

The Service Tax Policy 10/2020 (dated 17 April 2020) has revised to provide service tax exemption on provision of digital payment services by local non-bank providers. In relation thereto, Local non-bank payment instrument issuers; Local non-bank merchant acquirers; and Local non-bank payment system operators are exempted from charging Service Tax due and payable on such digital payment services. This exemption is effective from 1 January 2020.

4) Occupational Safety and Health Act 1994 (OSHA 1994)

OSHA 1994 serves as the principal legislation governing workplace safety, health, and welfare in Malaysia. Under Section 29A of the OSHA 1994, an employer employing five or more employees at a workplace is required to appoint an employee to act as an occupational safety and health coordinator. An employer who contravenes OSHA 1994 shall be guilty of an offence and shall on conviction, be liable for a fine not exceeding Fifty Thousand Malaysian Ringgit (RM50,000.00) or to imprisonment for a term not exceeding six (6) months or to both.

Pursuant to OSHA 1994, every employer is also required to conduct a risk assessment to evaluate workplace hazards and implement appropriate measures for risk control. An employer who contravenes OSHA 1994 shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding Five Hundred Thousand (RM500,000) Malaysian Ringgit or to imprisonment for a term not exceeding two (2) years or to both.

Further, under Section 52 of the OSHA 1994, any person who at the time of the commission of the offence was a director, compliance officer, partner, manager, secretary or other similar officer of the body corporate or was to any extent responsible for the management of any of the affairs of the body corporate or was assisting in its management, may be charged severally or jointly in the same proceedings with the body corporate.

*Hong Kong*

1) Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) (Cap. 615)

This Ordinance provides for the statutory requirements relating to customer due diligence (CDD) and record-keeping for all financial institutions, which include money remitters and money exchangers (collectively referred to as money service operators and making such an obligation legally enforceable.

In the event that the CDD requirements are not met, this would be classified as an offence under the AMLO. Enforcement action would then be taken by the relevant regulator, such as Hong Kong Monetary Authority and Securities and Futures Commission (Hong Kong), depending on the financial institution involved in the breach. In addition, in regard to money service operators, the Customs and Excise Department will be the regulator and will be responsible for taking enforcement action for any breach of the CDD requirements.

2) Intellectual Property Protection

To underline the commitment of intellectual property protection, the Hong Kong government established the Intellectual Property Department on 2 July 1990. The Intellectual Property Department is responsible for advising the Secretary for Commerce and Economic Development on policies and legislation to protect intellectual property in Hong Kong; for operating Hong Kong's Trademarks, Patents, Designs and Copyright Licensing Bodies Registries; for promoting awareness and protection of intellectual property through public education; and for facilitating the development of Hong Kong as an intellectual property trading hub in the region.

&nbsp;&nbsp;&nbsp;&nbsp;a. Patents

Hong Kong patent law is territorial. Patents granted in Hong Kong will only get protection in Hong Kong. The Hong Kong patent system is separate from the other patent systems in the Mainland China or elsewhere in the world. In other words, patents granted by the State Intellectual Property Office in the Mainland China or other patent offices elsewhere do not automatically enjoy protection in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;b. Trademarks

Hong Kong's trademark registration system is separate from the other trademark systems in Mainland China or elsewhere in the world. Trademarks registered with the Trademark Office under the State Administration for Industry and Commerce of the People's Republic of China or trademarks registries of other countries or regions do not automatically receive protection in Hong Kong. In order to obtain protection as registered trademarks in Hong Kong, trademarks must be registered under the Trademarks Ordinance (Cap 559).

3) Personal Data (Privacy) Ordinance (PDPO) (Cap. 486)

The Personal Data (Privacy) Ordinance (PDPO) is the main legislation in Hong Kong that regulates the collection, use, transfer, processing and storage of personal data and regulates both private and public sectors. However, some data users may be exempt from certain requirements under the PDPO, for instance, where personal data is held/disclosed:

● for domestic or recreational purposes;

● by a court, magistrate or a judicial officer in the course of performing judicial functions;

● by or on behalf of the government to safeguard Hong Kong's security, defence or international relations;

● to prevent or detect crime; or

● solely for the purpose of a news activity.

The Office of the Privacy Commissioner for Personal Data (PCPD) has issued codes of practice, guidance notes and information leaflets that provide data protection guidance in relation to specific industry sectors and activities, for instance, employee monitoring and the collection and use of personal data through the Internet. Although these guidelines are not legally binding, the PCPD may take into consideration any non-compliance with these guidelines when determining whether a data user has contravened the data protection principles of the PDPO.

The Personal Data (Privacy) (Amendment) Ordinance 2021 (the Ordinance) has been published in the Gazette with the purpose of creating offences to curb doxing acts, and empowers the Privacy Commissioner for Personal Data ("Commissioner") to carry out criminal investigations, institute prosecutions and issue cessation notices.

Where doxing occurs on or via their platforms or services, they may be the recipient of a cessation notice from the Commissioner, which requests the removal of doxing messages, and it is a criminal offence to contravene a cessation notice. However, the law does not impose any obligation on platform/online service operators to proactively monitor or censor content on their platforms/services.

Where the platform or online service operator has knowledge of potentially incriminating doxing content but does not remove it, there is a risk of investigation into the content by the Commissioner which can prosecute offences in its own name where it suspects that an offence has been committed, and the platform/online service operator may be the recipient of a cessation notice from the Commissioner.

**Seasonality**

Our management believes that our operations are generally not subject to seasonal influences.

**Regulation Regarding Labor and Social Insurance**

*Employment Act 1955 (Act 265)*

The Employment Act 1955 (Act 265) ("the 1955 Act) is the primary legislation on labor matters in Malaysia. The 1955 Act provides for minimum work requirements and benefits of employment, such as maximum working hours, overtime entitlement, leave entitlement, maternity protection and termination benefits. Following the implementation of the Employment (Amendment of First Schedule) Order 2022, which came into force on January 1, 2023, the applicability of the EA 1955 has been expanded to include any person who has entered into a contract of service with an employer, irrespective of their monthly wages, is engaged in manual labor, serves as a supervisor of such manual labor, serves as a domestic employee, or is engaged in any capacity in any vessel registered in Malaysia subject to certain conditions.

*Employee Provident Fund Act 1991 (EPF)*

The Employees' Provident Fund Act 1991 (Act 452) ("the 1991 Act") imposes the statutory obligations on employers and employees to make contribution towards the Employees Provident Fund, which is essentially a fund established as a scheme of savings for employees' retirement and the management of savings for the retirement purposes. Under the 1991 Act, any employer who fails to pay the necessary contributions by the 15th of every month shall be liable to imprisonment for a term not exceeding three years or to a fine not exceeding ten thousand ringgit or to both.

*Employee Social Security Act 1969*

The Employee's Social Security Act 1969 (Act 4) ("the 1969 Act') was implemented to provide protection for employees and their families against economic and social distress in situations where the employees sustain injury or death. The schemes of social security under the 1969 Act are administered by Social Security Organization ("SOCSO") and are financed by compulsory contributions made by the employers and the employees. Under the 1969 Act, any person who fails to make contribution shall be punishable with imprisonment for a term which may extend to two years, or with fine not exceeding ten thousand Ringgit, or with both.

**Employees**

As of September 30, 2025, we had the following full-time employees:

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| | |
|:---|:---|
| Management | 4 |
| Analyst Programmer | 58 |
| Project Manager and Quality Assurance | 34 |
| Sales and Marketing | 11 |
| Administration, Human Resources and Finance | 15 |
| Total | 122 |

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We believe that we maintain good relationships with our employees and have not experienced any strikes or shutdowns and are not currently involved in any labor disputes.

**Property**

We currently lease four physical offices in Kuala Lumpur, Malaysia, with addresses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Property Address** | **Leased Square Feet** | **Leasing Period** | **Monthly Leasing Fee** |
| 1. | Suite 30.01, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. | 2010 | September 1, 2024 to August 31, 2026 | $2271 |
| 2. | Suite 30.02, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. | 3119 | September 1, 2024 to August 31, 2026 | $3524 |
| 3. | Unit 17-11, Level 17, Tower A, Vertical Business Suites, Avenue 3 Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia. | 1380 | April 16, 2020 to December 31, 2025 | $1374 |
| 4. | Unit 17-12, Level 17, Tower A, Vertical Business Suites, Avenue 3 Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia. | 1060 | June 1, 2025 to December 31, 2025 | $878 |

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We currently own one physical office in Kuala Lumpur, Malaysia, with address as follows:

1. A2-17-1,
 St Mary Residences, Jalan Tengah, 50250 Kuala Lumpur, Malaysia.

Our executive office is located at Suite 30.02, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.

**Legal Proceedings**

From time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. We are not currently involved in legal proceedings that could reasonably be expected to have a material adverse effect on our business, prospects, financial condition, or results of operations. We may become involved in material legal proceedings in the future.

**MANAGEMENT**

Our executive officers and directors and their respective ages as of the date of this prospectus are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Kai Cheong Wong | 63 | Chief Executive Officer, President, Secretary, Treasurer, Director |
| Ghi Geok Khoo | 50 | Chief Financial Officer |
| Kok Wah Seah | 58 | Executive Director |
| Louis Ramesh Ruben | 47 | Director |
| Shibu Chacko Jacob Vadaketh | 60 | Director |
| Baharom Bin Embi | 65 | Director |

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Set forth below is a brief description of the background and business experience of our executive officers and directors.

**Kai Cheong Wong – President, Chief Executive Officer, Secretary, Treasurer, Director**

Mr. Wong was appointed as the Chief Executive Officer and a director of the Company upon its incorporation in 2019 and has served continuously in these capacities since then. His current term is ongoing and subject to the provisions of the Company's bylaws, including any applicable requirements for re-election or reappointment.

Mr. Wong was recognized as a Professional Electrical Engineer from the Engineering Council of the United Kingdom.

Mr. Wong started his career in the financial information technology industry as a hardware engineer in Sime Darby Systems Sdn Bhd to the position of General Manager in AIMS Sdn Bhd. After having 15 years of experience, he started the InsiteMY companies in the year 2002, which subsequently became our subsidiaries in 2023. Today, InsiteMY has a staff of more than 100 with offices in Malaysia and with customers from Malaysia, Philippines, Bangladesh, Pakistan, Thailand, Singapore, Indonesia and Myanmar. Mr. Wong currently serves as a director of all the InsiteMY entities as well as the other subsidiaries of the Company.

Besides having a technical background, Mr. Wong has strong domain knowledge in payments and recently in check clearing and check truncation, in particular. He educates customers and partners on the benefits and advantages of digitizing physical checks (check truncation) and other payment methods.

InsiteMY has established the brand as reliable solution partners to the banking industry for payments, reporting, risk management and compliance in Malaysia. All products developed by InsiteMY are under the purview of the Malaysia Digital Economy Corporation (MDEC) as local home-grown IT products.

In 2018, he cofounded another research and development company called OrangeFIN Asia Sdn Bhd (OrangeFIN), focusing on RPA, which subsequently became our subsidiaries in 2023. These software robots were developed first for check clearing functions with AI. These robots replace humans in making decisions for approving and clearing checks for a local bank in Malaysia. OrangeFIN seeks to grow our market share in Malaysia and throughout Asia.

**Ghi Geok Khoo – Chief Financial Officer**

Ghi Geok Khoo (Chanti), a Malaysian citizen, was appointed as the Chief Financial Officer of the Company in August 2025 and has served in this capacity since then.

Ms. Khoo is a Certified Practising Accountant of the CPA Australia as well as a Chartered Accountant of the Malaysian Institute of Accountants (MIA). Ms. Khoo brings over 25 years of finance, accounting, administration and internal audit experience to the role. Ms. Khoo has served in several finance leadership roles in multinational companies and local companies in Malaysia such as Jocom Holdings Corp, Jocom Your Pocket Supermarket, Zimmer Biomet, Brands Essence of Chicken, Qualitas Medical Group, KSB Pumps & Valves, Multi-Purpose Holdings Berhad, Magnum Corporation Berhad and National Panasonic. Ms. Khoo has also gathered considerable experience in various industries such as ecommerce, fast-moving consumer goods, medical and health care, manufacturing, gaming, live streaming platform, and mobile application for the past 25 years. Notably, Ms. Khoo has previous experience where she was actively involved in having a company accepted for quoting on the OTC Markets.

Ms. Khoo graduated from Curtin University, Western Australia with a Bachelor of Commerce in Accounting.

**Dato' Kok Wah Seah – Executive Director**

Dato' Kok Wah Seah, a Malaysian citizen, was appointed as an executive director of the Company in September 2020 and has served continuously in this capacity since then. His current term is ongoing and subject to the provisions of the Company's bylaws, including any applicable requirements for re-election or reappointment.

Dato' Seah graduated from the California State University, Chico, California with a bachelor's degree in computer engineering and a master's degree in computer science (with distinction). In 1994, he began his technology career in Silicon Valley as a software developer for Software Publishing Corporation and Netscape Communications Corporation. He returned to Malaysia in 1997, recruited by Sun Microsystems to provide technical consultancy to Malaysia MSC flagship projects.

Dato' Seah started his entrepreneurship journey in 2001. In the past two decades, he has co-founded and floated several tech companies; including the Company, Epicenter Holdings Ltd (SGX:5MQ) in Singapore, Galasys PLC (LSE:GLS) in the United Kingdom and SEATech Ventures Corp. (OTC-PINK:SEAV) in the United States.

Currently, Dato' Seah is the chairman of The World Information Technology and Services Alliance, a leading global consortium of tech-industry association-members from over 80 countries and economies. He is also the chairman of SpaceTech Malaysia Association, the vice-president of Malaysia Space Industry Consortium, the advisor of the National Tech Association of Malaysia and a committee member of the 88-Captains Penang Welfare Society, a charitable non-governmental organization founded for the purpose of sustaining talent development.

Dato' Seah was conferred the honorary title of Dato' by the governor of Penang, Malaysia, in July 8, 2023.

**Louis Ramesh Ruben – Director**

Louis Ramesh Ruben, a Malaysian citizen, was appointed as an independent director of the Company in July 2024. He will serve on the Company's audit committee, compensation committee and nominating and corporate governance committee and will assume the role of chairman of the audit committee. His directorship is subject to the provisions of the Company's bylaws, including any applicable requirements for re-election or reappointment.

Dr. Ruben is a Chartered Accountant of the Malaysian Institute of Accountants (MIA), a fellow member of Association of Chartered Certified Accountants (FCCA), a chartered member of the Institute of Internal Auditors, as well as a Certified Financial Planner. Dr. Ruben has over 25 years of experience in accounting, auditing and risk management ranging from large public listed companies to multinational corporations, government agencies as well as small and medium-sized entities in a spectrum of industries including plantation, property development, manufacturing, trading, IT, shipping, retailing, etc. He started his career at Arthur Andersen and subsequently moved to BDO Malaysia. He also has experience in corporate finance with Southern Investment Bank Berhad. Dr. Ruben has hands-on experience with corporate exercises such as due diligence, initial public offerings, issuance of bonds, corporate and debt restructuring and investigative audit. His training and advisory experience includes topics on internal and statutory auditing, public sector/government audits, value-for-money audits, International Standard on Quality Management 1, risk management and internal controls, review and assurance engagements such as financial due diligence, forecasts and projections, forensic and fraud accounting/auditing, as well as practical application of International Financial Reporting Standards, reporting standards for small and medium-sized entities (MPERS/PERS) and public sector accounting standards (IPSAS/MPSAS). He has facilitated training and provided advisory for public accountants across Asia Pacific, multinationals and public sector institutions. Dr. Ruben is a certified trainer by the Human Resource Development Fund, a statutory body under the Ministry of Human Resources Malaysia.

Dr. Ruben graduated from National University of Malaysia with a bachelor's degree in accounting. He earned a Master of Business Administration degree from the University of Strathclyde, United Kingdom, from which he graduated with distinction in 2012. He obtained his Doctor of Philosophy degree in Business and Accountancy from University of Malaya.

**Shibu Chacko Jacob Vadaketh – Director**

Shibu Chacko Jacob Vadaketh, a Malaysian citizen, was appointed as an independent director of the Company in July 2024. He will serve on the Company's audit committee, compensation committee and nominating and corporate governance committee, and will assume the role of chairman of the nominating and corporate governance committee. His directorship is subject to the provisions of the Company's bylaws, including any applicable requirements for re-election or reappointment.

Mr. Vadaketh is a seasoned executive with extensive experience in executive management, entrepreneurship, and government relations across the United States, Asia, Australia, and Europe. With over 30 years of senior-level expertise in strategic planning, profit and loss management, mergers and acquisitions, and business technology, he has successfully led hardware and software consulting firms and managed software development projects.

Currently a Technology Fellow at Asia School of Business in collaboration with the MIT Sloan School of Management, Mr. Vadaketh focuses on fostering entrepreneurship through pre-incubator and accelerator programs for ASEAN startups. He co-founded Capital Path Sdn Bhd in 2017, a boutique advisory firm specializing in corporate strategy, mergers and acquisitions, and technology audits, and serves as Advisor and Country Coordinator for Private Financing Advisory Network. Previously, he directed venture building initiatives at Taylors University and led strategic business development at Malaysia Digital Economy Corporation.

Mr. Vadaketh holds an Executive Education (Competitive Business Leadership Program), Master of Science in Biomedical Engineering and Bachelor of Science in Mechanical Engineering all from the University of Texas, Austin.

**Baharom Bin Embi – Director**

Baharom Bin Embi, a Malaysian citizen, was appointed as an independent director of the Company in October 2025. He will serve on the Company's audit committee, compensation committee and nominating and corporate governance committee, and will assume the role of chairman of the compensation committee. His directorship is subject to the provisions of the Company's bylaws, including any applicable requirements for re-election or reappointment.

Mr. Baharom was appointed Chairman of Co-opbank Pertama Malaysia Berhad in October 2021 and has since overseen the bank's financial performance and digital transformation initiatives, including the implementation of its Project FIRST Core Banking and various retail and corporate financing systems. Mr. Baharom also serves on the board of directors of Institut Koperasi Malaysia, is the Chairman of the Federasi Koperasi Kewangan Malaysia, and has served as an advisor to Humanology Sdn Bhd since 2019. Between 2015 and 2018, Mr. Baharom was Managing Director and Chief Executive Officer of TEKUN Nasional, an agency under the Ministry of Entrepreneurial and Cooperative Development in Malaysia. From 1987 to 2014, Mr. Baharom served in senior management roles across branch operations, treasury, human resources, and strategic planning at Bank Kerjasama Rakyat Malaysia Berhad. He began his career in 1982 as an operations officer at Public Finance Berhad.

Mr. Baharom holds a Master of Business Administration in Decision Support Systems (1986) and a Bachelor of Business Administration in Economics and Finance (1984) from the University of Southern New Hampshire, as well as a Diploma in Business Management from MARA University of Technology (1979). He is a certified Islamic Financial Planner and has undertaken various professional qualifications in Islamic finance and takaful (a sharia law compliant alternative to conventional insurance). In recognition of his service, he has been conferred several national honors, including the Darjah Pangkuan Seri Melaka (D.P.S.M.) awarded for significant contribution to Malaysia's growth, which bestowed upon him the title of "Datuk."

**Family Relationships**

There are no family relationships among any directors or executive officers.

**Board of Directors**

Our board of directors consists of five directors, three of whom are "independent" within the meaning of the corporate governance standards of the NYSE American listing rules and meet the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

**Committees of the Board of Directors**

*Audit Committee*. We have established an audit committee and have adopted a charter for the audit committee. Our audit committee consists of Louis Ramesh Ruben, Shibu Chacko Jacob Vadaketh and Baharom Bin Embi. Louis Ramesh Ruben is the chairperson of our audit committee. We have determined that Louis Ramesh Ruben, Shibu Chacko Jacob Vadaketh and Baharom Bin Embi satisfy the "independence" requirements of the NYSE American listing rules under and Rule 10A-3 under the Exchange Act. Our board of directors has also determined that Louis Ramesh Ruben qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication within the meaning of the NYSE American listing rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee is responsible for, among other things:

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

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

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

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

● reviewing and approving all proposed related party transactions;

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

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

*Compensation Committee.* We have established a compensation committee and have adopted a charter for the compensation committee. Our compensation committee consists of Louis Ramesh Ruben, Shibu Chacko Jacob Vadaketh and Baharom Bin Embi. Baharom Bin Embi is the chairperson of our compensation committee. We have determined that Louis Ramesh Ruben, Shibu Chacko Jacob Vadaketh and Baharom Bin Embi satisfy the "independence" requirements of the NYSE American listing rules under and Rule 10A-3 under the Exchange Act. The compensation committee assists our board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

 

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

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

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

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

*Nominating and Corporate Governance Committee.* We have established a nominating and corporate governance committee and have adopted a charter for the nominating and corporate governance committee. Our nominating and corporate governance committee consists of Louis Ramesh Ruben, Shibu Chacko Jacob Vadaketh and Baharom Bin Embi. Shibu Chacko Jacob Vadaketh will be the chairperson of our nominating and corporate governance committee. We have determined that Louis Ramesh Ruben, Shibu Chacko Jacob Vadaketh and Baharom Bin Embi satisfy the "independence" requirements of the NYSE American listing rules under and Rule 10A-3 under the Exchange Act. The nominating and corporate governance committee assists our board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

● selecting and recommending to the board nominees for election by the stockholders or appointment by the board;

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

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

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

**Code of Business Conduct and Ethics**

Our board of directors has adopted a code of business conduct and ethics, which will be applicable to all of our directors, officers, and employees. Our code of business conduct and ethics will be filed as Exhibit 14.1 of the registration statement of which this prospectus is a part.

**EXECUTIVE AND DIRECTOR COMPENSATION**

This section provides an overview of our executive and director compensation programs. We meet the requirements of a "smaller reporting company" and have utilized the scaled reporting requirements available to qualifying companies.

The following table sets forth information concerning the compensation of our principal executive officer, and principal financial officer who served for the year ended December 31, 2024 and 2023, for services rendered in all capacities to us.

**Summary Compensation Table:**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br> ($)** | **Bonus<br> ($)** | **Stock<br> Awards<br> ($)** | **Option<br> Awards<br> ($)** | **Non-Equity<br> Incentive Plan<br> Compensation<br> ($)** | **Nonqualified<br> Deferred<br> Compensation<br> Earnings <br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> ($)** |
| Kai Cheong, Wong, Chief Executive Officer, President, Secretary, | 2024 | 52625 | 4385 | – |  | – |  | – | 57010 |
| Treasurer, Director (Principal Executive Officer) | 2023 | 52541 | 4160 | – |  | – |  | – | 56701 |
| Hui Yin Cham, Former Finance Manager | 2024 | 65781 | 8552 | – |  | – |  | – | 74333 |
| (Former Principal Financial Officer, Former Principal Accounting Officer) | 2023 | 51227 | 3831 | – |  | – |  | – | 55058 |

---

**Narrative Disclosure to Summary Compensation Table**

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. Our directors and executive officers may receive stock options at the discretion of our board of directors in the future. We do not have any material bonus or profit-sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our board of directors from time to time. We have no plans or arrangements in respect of remuneration received or that may be received by our executive officers to compensate such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control.

**Stock Option Grants**

We have not granted any stock options to our executive officers since our incorporation.

**Employment Agreements**

We do not have an employment or consulting agreement with any officers or directors.

**Insider Trading Policy**

The Company has adopted an insider trading policy that governs the purchase, sale and other dispositions of our securities that applies to the Company and our officers and directors, as well as our employees that have regular access to material, non-public information about the Company in the normal course of their duties. We believe that our insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to us.

**<u>Compensation Discussion and Analysis</u>**

**Director Compensation**

Our, independent directors, Louis Ramesh Ruben, Shibu Chacko Jacob Vadaketh, and Bin Embi Baharom receive a monthly fee of $500 respectively, in cash payable, commencing on July 1, 2024, as applicable. The Board of Directors reserves the right in the future to alter the awards to the members of the Board of Directors in cash or stock-based consideration for their services to the Company, which awards, if granted, shall be in the sole determination of the Board of Directors.

**Executive Compensation Philosophy**

Our Board of Directors determines the compensation given to our executive officers in their sole determination. Our Board of Directors reserves the right to pay our executive or any future executives a salary, and/or issue them shares of common stock in consideration for services rendered and/or to award incentive bonuses which are linked to our performance, as well as to the individual executive officer's performance. This package may also include long-term stock-based compensation to certain executives, which is intended to align the performance of our executives with our long-term business strategies. Additionally, while our Board of Directors has not granted any performance base stock options to date, the Board of Directors reserves the right to grant such options in the future, if the Board in its sole determination believes such grants would be in the best interests of the Company.

**Incentive Bonus**

The Board of Directors may grant incentive bonuses to our executive officer and/or future executive officers in its sole discretion, if the Board of Directors believes such bonuses are in the Company's best interest, after analyzing our current business objectives and growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability of such executives.

**Long-term, Stock Based Compensation**

In order to attract, retain and motivate executive talent necessary to support the Company's long-term business strategy we may award our executive and any future executives with long-term, stock-based compensation in the future, at the sole discretion of our Board of Directors, which we do not currently have any immediate plans to award.

**PRINCIPAL STOCKHOLDERS**

The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our common stock as of September 30, 2025, and as adjusted to reflect the sale of the shares of common stock in this offering for:

● each of our directors and named executive officers; and

● each person known to us to own beneficially more than 5% of the issued and outstanding shares of our common stock.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all common stock shown as beneficially owned by them. Percentage of beneficial ownership of each listed person prior to this offering is based on 13,652,640 shares of common stock outstanding as of September 30, 2025. Percentage of beneficial ownership of each listed person after this offering is based on 15,319,307 shares of common stock outstanding immediately after the completion of this offering.

Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to the securities. In computing the number of shares of common stock beneficially owned by persons listed below and the percentage ownership of such persons, shares of common stock underlying options, warrants, or convertible securities held by each such person that are exercisable or convertible within 60 days of September 30, 2025 are outstanding, but are not outstanding for computing the percentage ownership of any other person.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Beneficially Owned Prior to this Offering** | **Common Stock Beneficially Owned Prior to this Offering** | **Common Stock Beneficially Owned After this Offering** | **Common Stock Beneficially Owned After this Offering** |
|  | **Number** | **Percent** | **Number** | **Percent** |
| **Directors and Named Executive Officers<sup>(1)</sup>:** |  |  |  |  |
| Kai Cheong, Wong | 4441822 | 32.53% | 4441822 | 28.99% |
| Ghi Geok Khoo |  |  |  |  |
| Kok Wah Seah (2) | 3640783 | 26.67% | 3640783 | 23.77% |
| Louis Ramesh Ruben |  |  |  |  |
| Shibu Chacko Jacob Vadaketh |  |  |  |  |
| Baharom Bin Embi | 2333 | \* | 2333 | \* |
| **All directors and named executive officers as a group (6 individuals):** | 8084938 | 59.2% | 8084938 | 52.76% |
| **Other 5% or more Stockholders:** |  |  |  |  |
| See Unicorn Ventures Sdn Bhd (2) | 3640783 | 26.67% | 3640783 | 23.77% |
| Swee Ping Hoo (3) | 1885145 | 13.81% | 1885145 | 12.31% |
| SEATech Ventures Corp. (4) | 1666667 | 12.21% | 1666667 | 10.88% |

---

\* Less than 1%

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless
 otherwise indicated, the business address of each of the individuals is Suite 30.02, 30th
 Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.

(2) Kok
 Wah Seah owns and controls 95% of the issued and outstanding shares of See Unicorn
 Ventures Sdn Bhd and is therefore the beneficial owner of the shares of the Company owned
 by See Ventures Sdn Bhd. The business address of See Unicorn Ventures Sdn Bhd is 1105 &
 1106, Tower A, Avenue 3 Vertical Business Suite, Jalan Kerinchi, Bangsar South, 59200 Kuala
 Lumpur, Malaysia

(3) Swee
 Ping Hoo is a former director of StarFIN Holdings Limited, serving between August 19, 2021
 and February 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Greenpro
 Asia Strategic SPC is the beneficial owner of approximately 37% of the issued and outstanding
 shares of common stock of SEATech Ventures Corp., a Nevada corporation. The business
 address of SEATech Ventures Corp. is 11-05 & 11-06, Tower A, Avenue 3 Vertical Business
 Suite, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia.

On __________, 2025, the Company effected a reverse stock split at a ratio of 6-for-1.

**RELATED** **PARTY TRANSACTIONS**

Given our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval or ratification of transactions, such as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional Directors, so that such transactions will be subject to the review, approval or ratification of our Board of Directors, or an appropriate committee thereof. On a moving forward basis, our directors will continue to approve any related party transaction.

The Company has related party transactions as set forth below:

---

| | |
|:---|:---|
| **Name of Related Parties** | **Relationship with the Company** |
| Kai Cheong Wong | Chief Executive Officer, President, Secretary, Treasurer and Director of the Company |
| Insite MY International, Inc. | A company controlled by CEO, Mr. Kai Cheong Wong |
| Siew Meng Tan | Spouse of CEO, Mr. Kai Cheong Wong |

---

For the nine months ended September 30, 2025 and 2024, the Company made purchases from Insite MY International, Inc. with a purchasing amount of $51,476 and $89,558 respectively. Our Chief Executive Officer and director, Mr. Kai Cheong Wong, is the major shareholder of Insite MY International, Inc. with a controlling interest of 77.5%.

The Company leases one office space with fee from Kai Cheong, Wong with the following address:

---

| | | | |
|:---|:---|:---|:---|
|  | **Property Address** | **Leasing Period** | **Monthly Leasing Fee** |
| 1. | Suite 30.02, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. | September 1, 2024 to August 31, 2026 | $3524 |

---

The Company leases three office spaces with fees from Tan Siew Meng with the following addresses:

---

| | | | |
|:---|:---|:---|:---|
|  | **Property Address** | **Leasing Period** | **Monthly Leasing Fee** |
| 1. | Suite 30.01, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. | September 1, 2024 to August 31, 2026 | $2271 |
| 2. | Unit 17-11, Level 17, Tower A, Vertical Business Suites, Avenue 3 Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia. | April 16, 2020 to December 31, 2025 | $1374 |
| 3. | Unit 17-12, Level 17, Tower A, Vertical Business Suites, Avenue 3 Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia. | June 1, 2025 to December 31, 2025 | $878 |

---

The Company had the following related party balances as of and for the nine months ended September 30, 2025 and as of and for year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Amount due to related party** | **As of**<br> **September 30, 2025** | **As of**<br> **December 31, 2024** |
| Kai Cheong, Wong | $103911 | $146018 |
| Total | $103911 | $146018 |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30, 2025** | **For the nine months**<br>**ended<br> September 30, 2024** |
| Purchases |  |  |
| - Insite MY International, Inc. | $51476 | $89558 |
| Office space leasing |  |  |
| - Kai Cheong Wong | 33452 | 31422 |
| - Siew Meng Tan | 42509 | 39060 |
| Total | $127437 | $160040 |

---

**DESCRIPTION OF OUR SECURITIES**

*The following description of our common stock and provisions of our articles of incorporation and bylaws are summaries and are qualified in their entirety by reference to our articles of incorporation and bylaws. Copies of our articles of incorporation and bylaws are filed as exhibits to the registration statement of which this prospectus forms a part.*

We have authorized capital stock consisting of 600,000,000 shares of common stock, $0.0001 par value per share and 200,000,000 shares of preferred stock, $0.0001 par value per share. As of the date of this prospectus, we have 13,652,640 shares of common stock and no shares of preferred stock issued and outstanding.

**Common Stock**

The holders of outstanding shares of common stock are entitled to receive dividends out of assets or funds legally available for the payment of dividends at such times and in such amounts as the board from time to time may determine. Holders of shares of common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders. There is no cumulative voting of the election of directors. The common stock is not entitled to pre-emptive rights and is not subject to conversion or redemption. Upon liquidation, dissolution or winding up of our Company, the assets legally available for distribution to stockholders are distributable ratably among the holders of shares of common stock after payment of liquidation preferences, if any, on any outstanding payment of other claims of creditors.

**Preferred Stock**

At this time, we have no preferred stock issued and outstanding. Preferred stock may be issued in one or more series, each series to be appropriately designated by a distinguishing letter or title prior to the issuance of any shares thereof. The voting powers, designations, preferences, limitations, restrictions, conversion rights, cumulative, relative, participating, optional, and other right, the qualification, limitations or restrictions thereof, of the preferred stock shall hereinafter be prescribed by resolution of the board of directors.

**Listing**

We intend to apply to list shares of our common stock on the NYSE American under the symbol "ASFH". The closing of this offering is conditioned upon the NYSE American's approval of our listing application. If the NYSE American does not approve our application, we will not proceed with this offering.

**Transfer Agent**

The transfer agent for our shares of our common stock is VStock Transfer, LLC, with an address at 18 Lafayette Place, Woodmere, New York 11598 and a telephone number of (212) 828-8436.

**SHARES ELIGIBLE FOR FUTURE SALE**

Future sales of substantial amounts of our common stock, including shares issuable upon the exercise of outstanding options and warrants, if any, in the public market after this offering, or the possibility of these sales or issuances occurring, could adversely affect the prevailing market price for our common stock or impair our ability to raise equity capital. Upon completion of this offering, we will have outstanding shares of common stock held by persons other than our directors and officers representing 47.24% of our common stock in issue. All of the common stock sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

**Lock-up Agreements**

Each of our directors and executive officers and holders of 5% or more of our issued and outstanding shares of. common stock will agree, subject to certain exceptions, not to sell or pledge, directly or indirectly, any number of shares of common stock issued by us or any securities convertible into or exercisable or exchangeable for shares of common stock issued by us for a period of 180 days after the date of commencement of sales under this offering.

In addition, we have agreed, subject to certain exceptions, not to sell, transfer or otherwise dispose of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock for a period of 180 days after the date of the closing of this offering.

**Rule 144**

Certain of the shares of our common stock outstanding prior to the closing of this offering are "restricted securities," as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement, such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those securities, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares of common stock were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares of common stock that is not more than the greater of:

● 1% of the number of shares of common stock then outstanding, which will equal approximately 153,193 shares immediately after this offering; or

● the average weekly trading volume of our common stock on the NYSE American or other relevant national securities exchange during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Regulation S**

Regulation S under the Securities Act provides that securities owned by any person may be sold without registration in the United States, provided that the sale is effected in an "offshore transaction" and no "directed selling efforts" are made in the United States (as these terms are defined in Regulation S) and subject to certain other conditions. In general, this means that shares of our common stock may be sold in some manner outside the United States without requiring registration in the United States.

**Rule 701**

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants, or advisors who purchases shares of our common stock from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**UNDERWRITING**

Bancroft Capital, LLC is acting as the representative (the "Representative") of the underwriters named below. Subject to the terms and conditions of an underwriting agreement between us and the Representative, we have agreed to sell to each underwriter named below, and each underwriter named below has severally agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number of shares of common stock listed next to its name in the following table:

---

| | |
|:---|:---|
| **Underwriters** | **Number of<br> Shares** |
| Bancroft Capital, LLC |  |
| **Total** | 1666667 |

---

The underwriters have committed to purchase all of the shares offered by us other than those shares covered by the over-allotment option described below, if they purchase any shares. The obligations of the underwriters may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, pursuant to the underwriting agreement, the underwriters' obligations are subject to customary conditions, representations and warranties contained in the underwriting agreement, such as receipt by the underwriters of officers' certificates and legal opinions.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities. The underwriters are offering the shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions contained in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

The underwriters propose initially to offer the shares of common stock to the public at the public offering price set forth on the cover page of this prospectus and to dealers at that price less a concession. If all of the shares of common stock offered by us are not sold at the public offering price, the underwriters may change the offering price and other selling terms by means of a supplement to this prospectus.

**Over-Allotment Option**

We have granted the underwriters an option to purchase from us, at the public offering price less underwriting discounts and commissions, up to an additional 250,000 shares of our common stock, solely to cover over-allotments, if any. The underwriters may exercise this option, in whole or in part, for shares of our common stock, any time during the 45-day period from the date of this prospectus. If this option is exercised in full, the total price to the public will be $1,500,000, underwriting discounts and commissions will be $105,000 and the net proceeds to us, before expenses, will be $1,395,000.

**Underwriting Discounts, Commissions and Expenses**

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters and the proceeds to us before expenses. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares of our common stock.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total (Assuming No Exercise of Over-Allotment Option)** | **Total (Assuming Full Exercise of Over-Allotment Option)** |
| Public offering price<sup>(1)</sup> | $6.00 | $10000002 | $11500002 |
| Underwriting discounts and commissions<sup>(2)</sup> | $0.42 | $700000 | $805000 |
| Proceeds, before expenses, to us | $5.58 | $9300002 | $10695002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based
 on an assumed initial public offering price of $6.00 per share, the mid-point of the estimated range of the public offering price
 per share shown on the cover page of this prospectus.

(2) Represents
 an underwriting discount equal to 7.0% per share.

We have agreed to pay to the underwriters by deduction from the proceeds of the offering and a non-accountable expense allowance to the representative payable at the closing of the offering equal to 1% percent of the gross proceeds of the offering.

We have agreed to be responsible for up to $250,000 of all reasonable, necessary, and accountable out-of-pocket expenses relating to this offering, including underwriter legal counsel fees, roadshow expenses and cost of background checks; provided that in no event shall the legal fees exceed $150,000 in the event that this offering is consummated and $75,000 in the event that this offering is terminated prior to consummation. Separately, we have also agreed to pay the closing costs relating to settlement via delivery versus payment, up to a maximum of $14,900, and, if applicable, the costs associated with the use of a third-party electronic road show service.

We paid an expense advance of $15,000 and a retainer of $25,000 to the Representative and the Representative's legal counsel, respectively, upon the execution of letter of engagement between us and the Representative, for the Representative's anticipated out-of-pocket expenses. If the engagement is terminated, the term of engagement expires, or this offering does not occur, the advance and retainer will be refunded to the extent not actually incurred in accordance with FINRA Rule 5110(g)(4)(A) and (5)(A).

We estimate that expenses payable by us in connection with this offering, other than the underwriting discounts, commissions, and non-accountable expense allowance referred to above, will be approximately $748,660.65.

**Right of First Refusal**

If we successfully consummate this offering underwritten by the Representative, and if, from the date of engaging the Representative until the 12-month anniversary following the date of commencement of sales of this offering: (i) our Company decides to dispose of or acquire business units or acquire any of our outstanding securities or make any exchange or tender offer or enter into a merger, consolidation or other business combination or any recapitalization, reorganization, restructuring or other similar transaction, including, without limitation, an extraordinary dividend or distributions or a spin-off or split-off, and our Company decides to retain a financial advisor for such transaction, the Representative (or any affiliate designated by the Representative) shall have the right to act as our Company's exclusive financial advisor for any such transaction; or (ii) our Company decides to finance or refinance any indebtedness using a manager or agent, the Representative (or any affiliate designated by the Representative) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or (iii) our Company decides to raise funds by means of a public offering (including through an at-the-market facility) or a private placement or any other capital-raising financing of equity, equity-linked or debt securities using an underwriter or placement agent, the Representative (or any affiliate designated by the Representative) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing. Notwithstanding the foregoing, if the underwriting agreement is terminated for cause by the Company, the right of first refusal shall be terminated as provided in FINRA Rule 5110(g)(5)(B).

**Tail Financing**

The Representative shall be entitled to compensation with respect to any public or private offering or other financing or capital-raising transaction of any kind, to the extent that such financing or capital is provided to our Company by investors or affiliates of investors whom the Representative had directly introduced to our Company during the engagement period, if such tail financing is consummated at any time within the 12-month period following the expiration or termination of the engagement period. Notwithstanding the foregoing, if the underwriting agreement is terminated for cause by the Company, no tail financing fee shall be payable as provided in FINRA Rule 5110(g)(5)(B).

**Lock-Up Agreements**

Each of our directors and executive officers and holders of 5% of more of our issued and outstanding shares of common stock will agree, subject to certain exceptions, not to sell or pledge, directly or indirectly, any number of shares of common stock issued by us or any securities convertible into or exercisable or exchangeable for shares of common stock issued by us for a period of 180 days after the date of commencement of sales under this offering.

**Clear Market**

We have agreed, subject to certain exceptions, not to sell, transfer or otherwise dispose of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock for a period of 180 days after the date of the closing of this offering.

**Determination of Offering Price** 

The public offering price was negotiated between us and the Representative. In determining the public offering price of our common stock the Representative considered, among other things, the following:

● the trading of our shares of common stock prior to the offering;

● the information set forth in this prospectus and otherwise available to the underwriters;

● the prospectus for our Company and the industry in which we operate;

● an assessment of our management;

● our past and present financial and operating performance;

● our prospectus for future earnings;

● financial and operating information and market valuations of publicly traded companies engaged in activities similar to ours;

● the prevailing conditions of the United States securities markets at the time of this offering; and

● other factors deemed relevant.

Neither we nor the underwriters can assure investors that an active trading market will develop for shares of our common stock, or that the shares will trade in the public market at or above the public offering price.

**Listing**

We intend to apply to list our common stock on the NYSE American under the symbol "ASFH." The closing of this offering is conditioned upon the NYSE American's final approval of our listing application, and there is no guarantee or assurance that our common stock will be approved for listing on the NYSE American.

**Electronic Distribution** 

A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members, if any, participating in this offering and the underwriters may distribute prospectuses electronically. The underwriters may agree to allocate a number of shares of common stock to selling group members for sale to their online brokerage account holders. The common stock to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriters, and should not be relied upon by investors.

**Stabilization**

● Stabilizing transactions permit bids to purchase securities so long as the stabilizing bids do not exceed a specified maximum and are engaged in for the purpose of preventing or retarding a decline in the market price of the securities while the offering is in progress.

● Over-allotment transactions involve sales by the underwriter of securities in excess of the number of securities the underwriter is obligated to purchase. This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position, the number of securities over-allotted by the underwriter is not greater than the number of securities that they may purchase in the over-allotment option. In a naked short position, the number of securities involved is greater than the number of securities in the over-allotment option. The underwriter may close out any short position by exercising their over-allotment option and/or purchasing securities in the open market.

● Syndicate covering transactions involves purchases of securities in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of securities to close out the short position, the underwriter will consider, among other things, the price of securities available for purchase in the open market as compared with the price at which they may purchase securities through exercise of the over-allotment option. If the underwriter sells more securities than could be covered by exercise of the over-allotment option and, therefore, have a naked short position, the position can be closed out only by buying securities in the open market. A naked short position is more likely to be created if the underwriter is concerned that after pricing there could be downward pressure on the price of the securities in the open market that could adversely affect investors who purchase in the offering.

● Penalty bids permit the underwriter to reclaim a selling concession from a syndicate member when the securities originally sold by that syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.

These stabilizing transactions, over-allotment transactions, syndicate covering transactions, and penalty bids may have the effect of raising or maintaining the market price of our securities or preventing or retarding a decline in the market price of our securities. As a result, the price of our securities in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we nor the underwriter make any representation or prediction as to the effect that the transactions described above may have on the price of our securities. These transactions may be affected on the NYSE American, in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time without notice.

**Passive Market Making**

In connection with this offering, underwriter, and selling group members may engage in passive market making transactions in our securities on the NYSE American in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

**Potential Conflicts of Interest**

The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**SELLING RESTRICTIONS**

*No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of our common stock, or the possession, circulation or distribution of this prospectus or any other material relating to us or our common stock, where action for that purpose is required. Accordingly, our common stock may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with our common stock may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.*

**Malaysia**

The shares of common stock have not been and may not be approved by the securities commission Malaysia, or SC, and this document has not been and will not be registered as a prospectus with the SC under the Malaysian capital markets and services act of 2007, or CMSA. Accordingly, no securities or offer for subscription or purchase of securities or invitation to subscribe for or purchase securities are being made to any person in or from within Malaysia under this document except to persons falling within any of paragraphs 2(g)(i) to (xi) of schedule 5 of the CMSA and distributed only by a holder of a capital markets services license who carries on the business of dealing in securities and subject to the issuer having lodged this prospectus with the SC within seven days from the date of the distribution of this prospectus in Malaysia. The distribution in Malaysia of this document is subject to Malaysian laws. Save as aforementioned, no action has been taken in Malaysia under its securities laws in respect of this document. This document does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the approval of the SC or the registration of a prospectus with the SC under the CMSA.

**European Economic Area**

In relation to each member state of the European Economic Area that has implemented the Prospectus Directive (each, a relevant member state), with effect from and including the date on which the Prospectus Directive is implemented in that relevant member state (the relevant implementation date), an offer of shares described in this prospectus may not be made to the public in that relevant member state other than:

● to any legal entity which is a qualified investor as defined in the Prospectus Directive;

● to fewer than 100 or, if the relevant member state has implemented the relevant provision of the 2010 PD Amending Directive, 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by us for any such offer; or

● in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of this provision, the expression an "offer of securities to the public" in any relevant member state means the communication in any form and by any means of sufficient information on the terms of the offer and the shares to be offered so as to enable an investor to decide to purchase or subscribe for the shares, as the expression may be varied in that member state by any measure implementing the Prospectus Directive in that member state, and the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the relevant member state) and includes any relevant implementing measure in the relevant member state. The expression 2010 PD Amending Directive means Directive 2010/73/EU.

The sellers of the shares have not authorized and do not authorize the making of any offer of shares through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the final placement of the shares as contemplated in this prospectus. Accordingly, no purchaser of the shares, other than the underwriters, nis authorized to make any further offer of the shares on behalf of the sellers or the underwriters.

**United Kingdom**

This prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a "relevant person"). This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.

**Switzerland**

The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the "SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (the "FINMA"), and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the "CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.

**Singapore**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 by a relevant person which is a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired our securities under Section 275 except: (a) to an institutional investor under Section 274 of the SFA or to a relevant person, (b) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA; (c) where no consideration is or will be given for the transfer; (d) where such transfer is by operation of law; or (e) as specified in Section 276(7) of the SFA.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, or (5) as specified in Section 276(7) of the SFA.

**Hong Kong**

Our securities may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to the securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

**People's Republic of China**

This prospectus will not be circulated or distributed in the People's Republic of China (PRC) and the shares will not be offered or sold and will not be offered or sold to any person for re-offering or resale directly or indirectly to any residents of the PRC except pursuant to any applicable laws and regulations of the PRC. Neither this prospectus nor any advertisement or other offering material may be distributed or published in the PRC, except under circumstances that will result in compliance with applicable laws and regulations.

**Australia**

This prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus.

**Taiwan**

The common stock has not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the common stock in Taiwan.

**Thailand**

This prospectus does not, and is not intended to, constitute a public offering in Thailand. Our securities may not be offered or sold to persons in Thailand, unless such offering is made under the exemptions from approval and filing requirements under applicable laws, or under circumstances which do not constitute an offer for sale of the shares to the public for the purposes of the Securities and Exchange Act of 1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission of Thailand.

**LEGAL MATTERS**

We are being represented by Lucosky Brookman LLP with respect to certain matters of the law of the United States of America and of the State of New York. The validity of the common stock offered in this offering will be passed upon for us by Lucosky Brookman LLP. TroyGould PC is acting as counsel to the underwriters in connection with this offering.

**EXPERTS**

The consolidated financial statements for the years ended December 31, 2024 and 2023, included in this prospectus have been so included in reliance on the report of JP Centurion & Partners PLT, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of JP Centurion & Partners PLT is located at No. 36G-2, Jalan Radin Anum, Bandar Baru Sri Petaling, 57000 Kuala Lumpur, Malaysia.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We are subject to the periodic reporting requirements of the Exchange Act, and we file periodic reports and other information with the SEC. These periodic reports and other information are available at *www.sec.gov.* We maintain a website at *asiafingroup.com*. We have not incorporated by reference into this prospectus the information contained in, or that can be accessed through, our website, and you should not consider it to be a part of this prospectus. You may access our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports filed with the SEC free of charge at our website as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. You may also request a copy of these filings (other than exhibits to these documents unless the exhibits are specifically incorporated by reference into these documents or referred to in this prospectus), at no cost, by contacting us at <u>investor.relations@asiafingroup.com</u> or by calling us at +60 3 2148 7170.

We have filed with the SEC a registration statement on Form S-1, including relevant exhibits and schedules, covering the common stock offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about our common stock. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since the prospectus may not contain all the information that you may find important, you should review the full text of these documents at *www.sec.gov*.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Audited)](#a_003) | F-2 |
| [Unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss for the Three Months Ended September 30, 2025 and 2024](#a_004) | F-3 |
| [Unaudited Condensed Consolidated Statement of Shareholders' Equity for the Three Months Ended September 30, 2025 and 2024](#a_005) | F-4 |
| [Unaudited Condensed Consolidated Statement of Cash Flows for the Three Months Ended September 30, 2025 and 2024](#a_006) | F-5 |
| [Notes to Unaudited Condensed Consolidated Financial Statements for the Three Months Ended September 30, 2025 and 2024](#a_007) | F-6 |
| [Report of Independent Registered Public Accounting Firm](#sk_001) (PCAOB ID: 6723) | F-21 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2023](#sk_002) | F-22 |
| [Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2024 and 2023](#sk_003) | F-23 |
| [Consolidated Statements of Changes in Stockholders' Equity for the Years Ended December 31, 2024 and 2023](#sk_004) | F-24 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023](#sk_005) | F-25 |
| [Notes to Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023](#sk_006) | F-26 |

---

**ASIAFIN HOLDINGS CORP.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024 (AUDITED)**

**(Currency expressed in United States Dollars ("US$"), except for number of shares or otherwise stated)**

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30, 2025** | **As of<br> December 31, 2024** |
|  | **Unaudited** | **Audited** |
| **<u>ASSETS</u>** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $795154 | $1309929 |
| &nbsp;&nbsp;&nbsp;Account receivables, net | 1310608 | 1184130 |
| &nbsp;&nbsp;&nbsp;Prepayment, deposits and other receivables | 254931 | 146233 |
| &nbsp;&nbsp;&nbsp;Amount due from related parties (including $47,478 of amount due from associate as of September 30, 2025) | 64296 | 3809 |
| &nbsp;&nbsp;&nbsp;Tax assets | 333847 | 280354 |
| Total current assets | $2758836 | $2924455 |
| Non-current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | $576831 | $615444 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 706196 | 614673 |
| &nbsp;&nbsp;&nbsp;Deferred income tax assets | 344 | 324 |
| &nbsp;&nbsp;&nbsp;Investment in associates | 8322 | 7944 |
| Total non-current assets | $1291693 | $1238385 |
| **TOTAL ASSETS** | $4050529 | $4162840 |
| **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and other payables | $904691 | $1151256 |
| &nbsp;&nbsp;&nbsp;Account payables (including $62,277 and $19,984 of account payable to related party as of September 30, 2025, and December 31, 2024, respectively) | 142840 | 39296 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 3358 | 60483 |
| &nbsp;&nbsp;&nbsp;Amount due to director | 103911 | 146018 |
| &nbsp;&nbsp;&nbsp;Hire purchase – current portion | 15234 |  |
| &nbsp;&nbsp;&nbsp;Lease liability – current portion | 57562 | 64787 |
| Total current liabilities | $1227596 | $1461840 |
| Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Hire purchase – non-current portion | 31078 |  |
| &nbsp;&nbsp;&nbsp;Lease liability – non-current portion | 519269 | 550657 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 5305 | 4991 |
| Total non-current liabilities | $555652 | $555648 |
| **TOTAL LIABILITIES** | $1783248 | $2017488 |
| **SHAREHOLDERS' DEFICIT** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | $- | $- |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 600,000,000 shares authorized; 81,915,838 and 81,551,838 shares issued and outstanding as of September 30, 2025 and December 31, 2024 | 8192 | 8155 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 10795250 | 10467687 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (150777) | (271870) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (8339723) | (8039600) |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (45661) | (19020) |
| TOTAL SHAREHOLDERS' EQUITY | $2267281 | $2145352 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $4050529 | $4162840 |

---

See accompanying notes to unaudited condensed consolidated financial statements.

**ASIAFIN HOLDINGS CORP.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(Currency expressed in United States Dollars ("US$"), except for number of shares or otherwise stated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| REVENUE | $1576382 | $1032360 | $3204858 | $2094588 |
| COST OF REVENUE (including $1,279 and $24,122 of cost of service revenue to related party for the three months ended September 30, 2025 and 2024, respectively; including $51,476 and $89,558 of cost of service revenue to related party for the nine months ended September 30, 2025 and 2024, respectively) | (839347) | (493630) | (2162815) | (1479636) |
| GROSS PROFIT | $737035 | $538730 | $1042043 | $614952 |
| SHARE OF LOSS FROM OPERATION OF ASSOCIATE | (1) | (16664) | (118) | (41751) |
| OTHER INCOME | 2379 | 1477 | 8692 | 5730 |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (including $26,135 and $24,882 of selling, general and administrative expenses to related party for the three months ended September 30, 2025 and 2024, respectively; including $75,961 and $70,482 of selling, general and administrative expenses to related party for the nine months ended September 30, 2025 and 2024, respectively) | (368494) | (347639) | (1377381) | (969579) |
| INCOME/(LOSS) BEFORE INCOME TAX | $370919 | $175904 | $(326764) | $(390648) |
| INCOME TAX PROVISION | - | - | - | - |
| NET INCOME/(LOSS) | $370919 | $175904 | $(326764) | $(390648) |
| Net loss attributable to non-controlling interest | 9188 | 8577 | 26641 | 15922 |
| NET INCOME/(LOSS) ATTRIBUTED TO COMMON SHAREHOLDERS OF ASIAFIN HOLDINGS CORP. | $380107 | $184481 | $(300123) | $(374726) |
| Other comprehensive income: |  |  |  |  |
| - Foreign currency translation income | 18703 | 213709 | 121093 | 166137 |
| **TOTAL COMPREHENSIVE INCOME/(LOSS)** | $398810 | $398190 | $(179030) | $(208589) |
| NET INCOME/(LOSS) PER SHARE, BASIC AND DILUTED | $0.00 | $0.00 | $(0.00) | $(0.00) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 81915838 | 81551838 | 81915838 | 81551838 |

---

See accompanying notes to unaudited condensed consolidated financial statements.

**ASIAFIN HOLDINGS CORP.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(Currency expressed in United States Dollars ("US$"), except for number of shares or otherwise stated)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COMMON STOCK** | **COMMON STOCK** | | | | | |
|  | **NUMBER OF**<br> **SHARES** | **AMOUNT** | <br>**ADDITIONAL**<br> **PAID-IN**<br> **CAPITAL** | <br>**ACCUMULATED**<br> **DEFICIT** | **ACCUMULATED**<br>**OTHER**<br> **COMPREHENSIVE**<br> **LOSS** | <br>**NON-**<br> **CONTROLLING INTEREST**  | <br>**TOTAL**<br> **SHAREHOLDERS'**<br> **EQUITY** |
| Balance as of December 31, 2023 | 81551838 | $8155 | $10467687 | $(7896023) | $(320441) | $(629) | $2258749 |
| Net loss for the period |  |  |  | (278111) |  | (3405) | (281516) |
| Foreign currency translation | - | - | - | - | (48950) | - | (48950) |
| Balance as of March 31, 2024 | 81551838 | $8155 | $10467687 | $(8174134) | $(369391) | $(4034) | $1928283 |
| Net loss for the period |  |  |  | (281096) |  | (3940) | (285036) |
| Foreign currency translation | - | - | - | - | 1377 | - | 1377 |
| Balance as of June 30, 2024 | 81551838 | $8155 | $10467687 | $(8455230) | $(368014) | $(7974) | $1644624 |
| Net income for the period |  |  |  | 184481 |  | (8577) | 175904 |
| Foreign currency translation | - | - | - | - | 213709 | - | 213709 |
| Balance as of September 30, 2024 | 81551838 | $8155 | $10467687 | $(8270749) | $(154305) | $(16551) | $2034237 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COMMON STOCK** | **COMMON STOCK** | | | | | |
|  | **NUMBER OF**<br> **SHARES**  | **AMOUNT** | <br>**ADDITIONAL**<br> **PAID-IN**<br> **CAPITAL**  | <br>**ACCUMULATED**<br> **DEFICIT**  | **ACCUMULATED**<br>**<br> **OTHER**<br> **COMPREHENSIVE**<br> **LOSS**  | <br>**NON-**<br> **CONTROLLING**<br> **INTEREST**  | <br>**TOTAL**<br> **SHAREHOLDERS'**<br> **EQUITY**  |
| Balance as of December 31, 2024 | 81551838 | $8155 | $10467687 | $(8039600) | $(271870) | $(19020) | $2145352 |
| New issuance of shares on January 20, 2025 | 364000 | 37 | 327563 |  |  |  | 327600 |
| Net loss for the period |  |  |  | (482429) |  | (7034) | (489463) |
| Foreign currency translation | - | - | - | - | 14044 | - | 14044 |
| Balance as of March 31, 2025 | 81915838 | $8192 | $10795250 | $(8522029) | $(257826) | $(26054) | $1997533 |
| Net loss for the period |  |  |  | (197801) |  | (10419) | (208220) |
| Foreign currency translation | - | - | - | - | 88346 | - | 88346 |
| Balance as of June 30, 2025 | 81915838 | $8192 | $10795250 | $(8719830) | $(169480) | $(36473) | $1877659 |
| Net income for the period |  |  |  | 380107 |  | (9188) | 370919 |
| Foreign currency translation | - | - | - | - | 18703 | - | 18703 |
| Balance as of September 30, 2025 | 81915838 | $8192 | $10795250 | $(8339723) | $(150777) | $(45661) | $2267281 |

---

See accompanying notes to unaudited condensed consolidated financial statements

**ASIAFIN HOLDINGS CORP.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(Currency expressed in United States Dollars ("US$"), except for number of shares or otherwise stated)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended**<br> **September 30, 2025** | **Nine Months Ended**<br> **September 30, 2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(326764) | $(390648) |
| &nbsp;&nbsp;&nbsp;Share of loss from operation of associate | 118 | 41751 |
| Adjustments to reconcile net profit to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 95650 | 87506 |
| &nbsp;&nbsp;&nbsp;Disposal of asset | (18731) |  |
| &nbsp;&nbsp;&nbsp;Provision for credit loss allowance | 219236 | 36237 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Account payables | 98308 | 18037 |
| &nbsp;&nbsp;&nbsp;Account receivables | (265655) | 16861 |
| &nbsp;&nbsp;&nbsp;Prepayment, deposits and other receivables | (96209) | (21802) |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and other payables | (143606) | (135214) |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 162518 | 231805 |
| &nbsp;&nbsp;&nbsp;Tax assets | (34888) | (97097) |
| &nbsp;&nbsp;&nbsp;Income tax payable | (59055) |  |
| &nbsp;&nbsp;&nbsp;Change in lease liability | (42152) | (44552) |
| **Net cash used in operating activities** | $(411230) | $(257116) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (51515) | (34149) |
| &nbsp;&nbsp;&nbsp;Disposal of property, plant and equipment | 11562 |  |
| &nbsp;&nbsp;&nbsp;Investment in associate |  | (70790) |
| **Net cash used in investing activities** | $(39953) | $(104939) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 9000 |  |
| &nbsp;&nbsp;&nbsp;Advance to director | (49742) | (48821) |
| &nbsp;&nbsp;&nbsp;Repayment from hire purchase | (1205) | (4744) |
| &nbsp;&nbsp;&nbsp;Advances to related companies | (58588) | (1721) |
| **Net cash used in financing activities** | $(100535) | $(55286) |
| Effect of exchange rate changes on cash and cash equivalents | $36943 | $41901 |
| Net decrease in cash and cash equivalents | $(514775) | $(375440) |
| Cash and cash equivalents, beginning of year | 1309929 | 1234188 |
| **CASH AND CASH EQUIVALENTS, END OF YEAR** | $795154 | $858748 |
| **SUPPLEMENTAL CASH FLOWS INFORMATION** |  |  |
| Cash paid for income taxes | $155828 | $79645 |
| Cash paid for interest paid | $1491 | $2168 |
| **SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVTIES:** |  |  |
| Initial recognition of operating lease right-of-use assets and operating lease obligations upon adoption of ASC Topic 842 | 77920 | - |
| Initial recognition of the balance payment of finance lease right-of-use asset by finance lease liabilities | - | - |

---

See accompanying notes to unaudited condensed consolidated financial statements.

**ASIAFIN HOLDINGS CORP.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(Currency expressed in United States Dollars ("US$"), except for number of shares or otherwise stated)**

**1. <u>ORGANIZATION AND BUSINESS BACKGROUND</u>**

AsiaFIN Holdings Corp. ("the Company") was incorporated under the jurisdiction of Nevada on June 14, 2019. The Company, through its wholly owned subsidiaries, provides information technology services. Details of the Company's subsidiaries and associate:

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| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Subsidiary**<br> **Company Name** | **Domicile and Date of Incorporation** | **Particulars of**<br> **Issued Capital** | **Principal Activities** |
| 1 | AsiaFIN Holdings Corp. | Labuan on July 15, 2019 | 1 share of common stock | Investment holding company |
| 2 | AsiaFIN Holdings Limited | Hong Kong on July 5, 2019 | 1 share of common stock | Investment holding company |
| 3 | StarFIN Holdings Limited | British Virgin Islands on August 19, 2021 | 10,000 shares of common stock | Investment holding company |
| 4 | Insite MY Holdings Sdn Bhd (FKA StarFIN Asia Sdn Bhd) | Malaysia on May 24, 2018 | 11,400,102 shares of common stock | Investment holding company |
| 5 | OrangeFIN Academy Sdn Bhd (FKA Insite MY.Com Sdn Bhd) | Malaysia on February 2, 2000 | 100,000 shares of common stock | Provision of business system integration and management services |
| 6 | Insite MY Systems Sdn Bhd | Malaysia on January 18, 2000 | 500,000 shares of common stock | Provision of information technology services |
| 7 | Insite MY Innovations Sdn Bhd | Malaysia on January 18, 2010 | 540,000 shares of common stock | Provision of information technology services |
| 8 | OrangeFIN Asia Sdn Bhd | Malaysia on January 25, 2018 | 50,000 shares of common stock | Provision of computer programming activities and services |
| 9 | TellUS Report Sdn Bhd | Malaysia on September 22, 2023 | 60 shares of common stock | Provision of information technology services |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Associate<br> Company Name**  | **Domicile and Date of Incorporation** | **Particulars of<br> Issued Capital**  | **Principal Activities** |
| 1 | Murni StarFIN Sdn Bhd | Malaysia on September 9, 2022 | 100,000 shares of common stock | Provision of information technology services |
| 2 | KSP AsiaFIN Co., Ltd. (FKA KSP StarFIN Co., Ltd.) | Thailand on August 11, 2023 | 50,000 shares of common stock | Provision of information technology services |

---

Mr. Wong Kai Cheong is the common director of all of aforementioned companies.

**2. <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>**

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

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

The accompanying financial statements include the accounts of the Company and its subsidiaries and associates. Intercompany transactions and balances were eliminated in consolidation. The Company has adopted December 31 as its fiscal year end.

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company's ownership is less than 100%, the outside shareholders' interests are shown as non-controlling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation.

Below is the organization chart of the Group.

![](chart1_001.jpg)

**<u>Going concern</u>**

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.

As reflected in the accompanying financial statements, for the nine months ended September 30, 2025, the Company incurred a net loss of $300,123 and negative operating cash flow of $411,230. As of September 30, 2025, the Company has accumulated deficit of $8,339,723. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year of the date that the financial statements are issued.

The Company currently generates insufficient revenue and negative cash flows from operations to fund its operating cost. The Company's ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company's obligations as they become due.

No assurance can be given that any future financing, if needed, will be available. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability in profitability that may result in the Company not being able to continue as a going concern.

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

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

**<u>Cash and Cash Equivalents</u>**

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

Our deposit in Malaysia banks are secured by Perbadanan Insurans Deposit Malaysia, compensating up to a limit of Malaysia Ringgit MYR250,000 per deposit per member bank, which is equivalent to $59,439, if any of our bank fail.

**<u>Property, Plant and Equipment</u>**

Property, plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods:

---

| | |
|:---|:---|
| **Asset Categories** | **Depreciation Periods** |
| Renovation | over the remaining lease period |
| Computer Systems | 4 to 5 years |
| Furniture and Fittings | 10 years |
| Electrical Fittings | 10 years |
| Handphone | 5 years |
| Office Equipment | 10 years |
| Motor Vehicle | 5 years |
| Property | 50 years |

---

**<u>Credit losses</u>**

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company's customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326), which introduces a practical expedient for measuring expected credit losses on trade receivables and contract assets. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company already adopted this ASU on its consolidated financial statements and related disclosure. The Company has elected practical expedient under ASU 2025-05 for the quarter ended September 30, 2025 which permits assuming that current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating expected credit losses. Accordingly, the Company's estimate of expected credit losses for current accounts receivables is based on the delinquency status of those uncollected balances as of September 30, 2025. The Company calculates the expected credit loss rate by applying the rate of change between the balances from the previous quarter and the uncollected balances in the current quarter on the historical loss rate.

**<u>Investment in associate</u>**

In accordance with ASC Topic 321, "Investments – Equity Securities", the Company measures the investment in associate without a readily determinable fair value at its cost minus impairment, if any. The Company reassess at each reporting period whether the equity investment without a readily determinable fair value qualifies to be measured at fair value. The measurement of those securities at fair value shall be irrevocable. Any resulting gains or losses on the investment in associate for which that measurement is made shall be recorded in earnings at that time. At each reporting period, the Company makes a qualitative assessment on the investment in associate considering impairment indicators to evaluate whether the investment is impaired. If an equity security without a readily determinable fair value is impaired, the Company shall include an impairment loss in net income equal to the difference between the fair value of the investment and its carrying amount.

**<u>Revenue recognition</u>**

The Company through subsidiaries generate multiple streams of revenues based on different business model adopted by each subsidiary through provisions of services and recognized upon customer obtained control of promised services and recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applies the following five-step model in order to determine this amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify contract with customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Identify distinct performance obligations in contract, including promises if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Measurement of the transaction price, including the constraint on variable consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Allocation of the transaction price to the performance obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the delivery of the finalized information technology services such as business system integration and management services, computer programming activities and services to the customers.

**<u>Cost of revenue</u>**

Cost of revenue includes direct costs associated with provision of services such as development costs, purchases of third-party software, maintenance fees and consultation fees.

**<u>Income tax expense</u>**

Income taxes are determined in accordance with the provisions of ASC Topic 740, "Income Taxes" ("ASC Topic 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company also adopted ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which requires disaggregated information about the reporting entity's effective tax rate reconciliation as well as information on income taxes paid.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

**<u>Foreign currencies translation</u>**

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

The functional currency of the Company is the United States Dollars ("US$" or "US dollars") and the accompanying financial statements have been expressed in US dollars. In addition, the Company's subsidiary maintains its books and record in Malaysia Ringgit ("MYR"), United States Dollars ("US$"), Hong Kong Dollars ("HK$") and Thailand Baht ("THB"), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US dollars are translated into US dollars, in accordance with ASC Topic 830-30, "Translation of Financial Statement", 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 foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended**<br> **September 30,** | **For the nine months ended**<br> **September 30,** |
|  | **2025** | **2024** |
| Period-end MYR : US$1 exchange rate | 4.21 | 4.13 |
| Period-average MYR : US$1 exchange rate | 4.32 | 4.60 |
| Period-end HK$ : US$1 exchange rate | 7.75 | 7.75 |
| Period-average HK$ : US$1 exchange rate | 7.75 | 7.75 |
| Period-end THB : US$1 exchange rate | 32.47 | 32.34 |
| Period-average THB : US$1 exchange rate | 33.10 | 35.59 |

---

**<u>Related parties</u>**

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

**<u>Fair value of financial instruments</u>**

The carrying value of the Company's financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties, trade payables and other payables approximate at their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"), 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.

As of September 30, 2025 and 2024, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

**<u>Net Income/(Loss) per Share</u>**

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 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.

**<u>Lease</u>**

The Company offices for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term.

Lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

**<u>Segment Reporting</u>**

The Company follows the guidance of ASC 280, "Segment Reporting", which establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements. For the nine months ended September 30, 2025, the Company has three reportable segments based on business unit, Fintech, RPA and Regtech businesses and two reportable segments based on country, Malaysia and Non-Malaysia. The Company also adopted ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

**<u>Recently Issued Accounting Pronouncements</u>**

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires enhanced disclosures of certain income statement expenses. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted, either prospectively or retrospectively.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326), which introduces a practical expedient for measuring expected credit losses on trade receivables and contract assets. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. The Company already adopted this ASU on its consolidated financial statements and related disclosure. The Company has elected practical expedient under ASU 2025-05 for the quarter ended September 30, 2025 which permits assuming that current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating expected credit losses. Accordingly, the Company's estimate of expected credit losses for current accounts receivables is based on the delinquency status of those uncollected balances as of September 30, 2025. The Company calculates the expected credit loss rate by applying the rate of change between the balances from the previous quarter and the uncollected balances in the current quarter on the historical loss rate.

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company's financial statements.

**3. <u>ACCOUNT RECEIVABLES, NET</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30, 2025**<br> **(Unaudited)**  | **As of**<br> **December 31, 2024**<br> **(Audited)** |
| Account receivables, gross | $1500417 | $1154703 |
| Allowance for expected credit loss | (189809) | (55076) |
| Reversal of expected credit loss | - | 84503 |
| Account receivables, net | $1310608 | $1184130 |

---

**4. <u>PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30, 2025**<br> **(Unaudited)** | **As of**<br> **December 31, 2024**<br> **(Audited)** |
| Prepaid expenses | 73375 | 37488 |
| Other receivables | 115707 | 34821 |
| Other deposits | 36642 | 36298 |
| Purchase in advance | 29207 | 37626 |
| Total | $254931 | $146233 |

---

Prepaid expenses include website domain, third party software maintenance and subscription, OTC Markets fee, employee and motor vehicle insurance.

Other receivables include receivables from service tax and management of car park for director and employees.

Other deposits primarily include deposit of the tenancy agreement and deposit made for security deposit for renovation and car park deposit.

Purchase in advance consist of monies paid to supplier but have yet to receive the products or services from the suppliers.

**5. <u>PROPERTY, PLANT AND EQUIPMENT, NET</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30, 2025**<br> **(Unaudited)** | **As of**<br> **December 31, 2024**<br> **(Audited)** |
| Computer systems | $345024 | $306930 |
| Furniture and fittings | 97793 | 82657 |
| Electrical fittings | 10174 | 10069 |
| Handphone | 69122 | 63797 |
| Office equipment | 107260 | 98913 |
| Renovation | 198029 | 171322 |
| Motor vehicle | 346500 | 374419 |
| Property | 439848 | 413833 |
| Total property, plant and equipment | $1613750 | $1521940 |
| Less: Accumulated depreciation | (907554) | (907267) |
| Total property, plant and equipment, net | $706196 | $614673 |

---

---

| | | |
|:---|:---|:---|
|  | **For nine months ended**<br> **September 30, 2025**<br> **(Unaudited)** | **For the year ended** <br> **December 31, 2024**<br> **(Audited)** |
| Investment in computer systems | $18285 | $39432 |
| Investment in furniture and fittings | 9155 | 587 |
| Investment in motor vehicle | 58644 |  |
| Investment in handphone | 1279 | 11216 |
| Investment in office equipment | 2070 | 2792 |
| Investment in renovation | 15501 | 84316 |
| Total investment in property, plant and equipment | $104934 | $138343 |
| Depreciation for the period | $53498 | $59305 |

---

**6. <u>ACCRUED LIABILITIES AND OTHER PAYABLES</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30, 2025**<br> **(Unaudited)** | **As of**<br> **December 31, 2024**<br> **(Audited)** |
| Accrued expenses | $187711 | $254474 |
| Other payable | 1322 | 381879 |
| Receipt in advance | 715658 | 514903 |
| Total | $904691 | $1151256 |

---

Accrued expenses consist of outstanding audit fee, marketing fee, employee claims and salary, service tax and miscellaneous expenses.

Other payable includes primarily payable to third parties and service tax payable.

Receipt in advance consist of monies received from customer but have yet to satisfied performance obligation.

**7. <u>AMOUNT DUE TO DIRECTOR</u>**

As of September 30, 2025, the Company had an outstanding amount due to director amounted $103,911, mainly consist of a loan from Mr. Wong Kai Cheong for the acquisition of property.

Aforementioned amount is unsecured, interest bearing and payable on demand.

**8. <u>AMOUNT DUE FROM RELATED PARTIES</u>**

As of September 30, 2025, the Company has an outstanding amount due from several related companies with a common director and shareholder in an aggregate amount of $64,296, pertaining to loans made to these related parties.

Aforementioned amount is unsecured, interest bearing and payable on demand.

**9. <u>HIRE PURCHASE</u>**

On August 28, 2025, the Company through subsidiary acquired a motor vehicle amounted $58,107 financed by $47,551 hire purchase loan for 36 months at a fixed flat rate of 4.16% per annum with first installment commencing September 1, 2025 and monthly installment amounted approximately $1,369.

For the nine months ended September 30, 2025, the Company repaid $1,369 in hire purchase loan with an outstanding amount of $46,312 as of September 30, 2025.

Maturities of the loan for the remaining one year are as follows:

---

| | |
|:---|:---|
| Year ending December 31, |  |
| 2025 | $3746 |
| 2026 | 15402 |
| 2027 | 16075 |
| 2028 | 11089 |
| Total | $46312 |

---

**10. <u>LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES</u>**

Leases are classified as operating leases or finance leases in accordance with ASC 842. The Company's operating leases are mainly related to office facilities. For leases with terms greater than 12 months, the Company records the related asset and liability at the present value of lease payments over the term. The Company's lease agreements do not contain any material guarantees or restrictive covenants. The Company does not have any material finance leases or any sublease activities. Short-term leases, defined as leases with initial term of 12 months or less, are not reflected on the consolidated balance sheet.

---

| | |
|:---|:---|
| **Right-Of-Use Assets** |  |
| Balance as of December 31, 2024 (Audited) | $615444 |
| New right-of-use assets recognized | 617566 |
| Amortization for the nine months ended September 30, 2025 | (42152) |
| Adjustment for non-exercising option | (651530) |
| Adjustment for foreign currency translation difference | 37503 |
| Balance as of September 30, 2025 (Unaudited) | $576831 |
| **Lease Liability** |  |
| Balance as of December 31, 2024 (Audited) | $615444 |
| New lease liability recognized | 617566 |
| Imputed interest for the nine months ended September 30, 2025 | 30109 |
| Gross repayment for the nine months ended September 30, 2025 | (72261) |
| Adjustment for non-exercising option | (651530) |
| Adjustment for foreign currency translation difference | 37503 |
| Balance as of September 30, 2025 (Unaudited) | $576831 |
| Lease liability current portion | $57562 |
| Lease liability non-current portion | $519269 |

---

Other information:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br> September 30, 2025** | **Nine months ended<br> September 30, 2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flow to operating lease | $72261 | $70482 |
| Right-of-use assets obtained in exchange for operating lease liabilities |  |  |
| Remaining lease term for operating lease (years) | 8.37 | 8.05 |
| Weighted average discount rate for operating lease | 6.65% | 5.58% |

---

**11. <u>RELATED PARTY TRANSACTIONS</u>**

For the nine months ended September 30, 2025 and 2024, the Company has following transactions with related parties:

---

| | | |
|:---|:---|:---|
|  | **For the<br> nine months ended<br> September 30, 2025** | **For the<br> nine months ended<br> September 30, 2024** |
| Purchases |  |  |
| - Insite MY International, Inc. | $51476 | $89558 |
| Leasing |  |  |
| - Office space leasing | 75961 | 70482 |
| Total | $127437 | $160040 |

---

Our Chief Executive Officer, Mr. Wong Kai Cheong is a majority shareholder of Insite MY International, Inc.

For the nine months ended September 30, 2025 and 2024, the Company has paid $33,452 and $31,422 respectively to our Chief Executive Officer, Mr. Wong Kai Cheong, pertaining to leasing of office space.

For the nine months ended September 30, 2025 and 2024, the Company has paid $42,509 and $39,060 respectively to Ms. Tan Siew Meng, the spouse of our Chief Executive Officer, Mr. Wong Kai Cheong, pertaining to leasing of office spaces.

**12. <u>CONCENTRATION OF RISK</u>**

(a) Major
 Customers

For the three months ended September 30, 2025, the Company generated total revenue of $1,576,382, of which two customers accounted for more than 10% of the Company's total revenue. For the three months ended September 30, 2024, the Company generated total revenue of $1,032,360, of which two customers accounted for more than 10% of the Company's total revenue. The customers who accounted for more than 10% of the Company's total revenue and its outstanding receivable balance at period-end is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **Revenue** | **Revenue** | **Percentage of**<br> **Revenue** | **Percentage of**<br> **Revenue** | **Accounts**<br> **receivable, gross** | **Accounts**<br> **receivable, gross** |
| Customer A | $370701 | $- | 23% | -% | $433831 | $- |
| Customer B | 213235 |  | 14% |  | 176251 |  |
| Customer C |  | 179488 | -% | 17% |  | 168202 |
| Customer D |  | 111764 | -% | 11% |  | 121220 |
| Others | 992446 | 741108 | 63% | 72% | 890335 | 870785 |
| &nbsp;&nbsp;&nbsp;Total | $1576382 | $1032360 | 100% | 100% | $1500417 | $1160207 |

---

For the nine months ended September 30, 2025, the Company generated total revenue of $3,204,858, of which one customer accounted for more than 10% of the Company's total revenue. For the nine months ended September 30, 2024, the Company generated total revenue of $2,094,588, of which one customer accounted for more than 10% of the Company's total revenue. The customers who accounted for more than 10% of the Company's total revenue and its outstanding receivable balance at period-end is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **Revenue** | **Revenue** | **Percentage of**<br> **Revenue** | **Percentage of**<br> **Revenue** | **Accounts**<br> **receivable, gross** | **Accounts**<br> **receivable, gross** |
| Customer A | $736716 | $- | 23% | -% | $433831 | $- |
| Customer C |  | 238156 | -% | 11% |  | 168202 |
| Others | 2468142 | 1856432 | 77% | 89% | 1066586 | 992005 |
| &nbsp;&nbsp;&nbsp;Total | $3204858 | $2094588 | 100% | 100% | $1500417 | $1160207 |

---

(b) Major
 Suppliers

For the three months ended September 30, 2025, the Company incurred cost of revenue of $839,347, of which no supplier accounted for more than 10% of the Company's cost of revenue. For the three months ended September 30, 2024, the Company incurred cost of revenue of $493,630, of which no supplier accounted for more than 10% of the Company's cost of revenue.

For the nine months ended September 30, 2025, the Company incurred cost of revenue of $2,162,815, of which no supplier accounted for more than 10% of the Company's cost of revenue. For the nine months ended September 30, 2024, the Company incurred cost of revenue of $1,479,636, of which no supplier accounted for more than 10% of the Company's cost of revenue.

**13. <u>INCOME TAXES</u>**

The loss before income taxes of the Company for the nine months ended September 30, 2025 and 2024 were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
| Tax jurisdictions from: |  |  |
| - Local | $(295229) | $(115739) |
| - Foreign, representing: |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | (10442) | (12795) |
| &nbsp;&nbsp;&nbsp;British Virginia Island (non-taxable jurisdiction) | (2700) | (2550) |
| &nbsp;&nbsp;&nbsp;Labuan, Malaysia (non-taxable jurisdiction) | 5226 | (34409) |
| &nbsp;&nbsp;&nbsp;Malaysia | (23619) | (225155) |
| Loss before income taxes | $(326764) | $(390648) |

---

Provision for income taxes consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
| Current: |  |  |
| - Local | $- | $- |
| - Foreign | $- | $- |
| Deferred tax assets: |  |  |
| - Local | $- | $- |
| - Foreign | $344 | $48 |
| Deferred tax liabilities: |  |  |
| - Local | $- | $- |
| - Foreign | $5305 | $9681 |
| Income tax payable: |  |  |
| - Local | $- | $- |
| - Foreign | $3358 | $3358 |
| Income tax assets: |  |  |
| - Local | $- | $- |
| - Foreign | $333847 | $352785 |

---

Effective and Statutory Rate Reconciliation

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates.

The following table summarizes a reconciliation of the Company's income taxes expenses:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
| Computed expected expenses | 21% | 21% |
| Effect of foreign tax rate difference | (0)% | (1)% |
| Valuation allowances | (40)% | (22)% |
| Others | 19% | 2% |
| Effective tax rate | 0% | 0% |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
| Statutory federal income tax rate | 21% | 21% |
| Computed expected expenses | $68620 | $(82036) |
| Effect of foreign tax rate difference | (92) | 2638 |
| Valuation allowances | (130551) | 85278 |
| Others | 62023 | (5880) |
| Income tax expense | $- | $- |

---

The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30, 2025** | **As of**<br> **September 30, 2024** |
| Deferred tax assets: |  |  |
| Net operating losses carry forwards |  |  |
| &nbsp;&nbsp;&nbsp;- United States of America | $258021 | $176439 |
| &nbsp;&nbsp;&nbsp;- Hong Kong | 12805 | 8531 |
| &nbsp;&nbsp;&nbsp;- British Virgin Islands |  |  |
| &nbsp;&nbsp;&nbsp;- Labuan, Malaysia |  |  |
| &nbsp;&nbsp;&nbsp;- Malaysia | 122872 | 102620 |
| Total deferred tax assets | $393698 | $287590 |
| Less: valuation allowance | (393698) | (287590) |
| Deferred tax assets, net of valuation allowance | $- | $- |

---

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the period presented, the Company has a number of subsidiaries that operates in various countries: United States of America, Hong Kong, the British Virginia Islands and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows:

*United States of America*

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. The Company is subject to the United States statutory corporate tax rate of 21%. As of September 30, 2025, the operations in the United States of America incurred $1,228,669 of cumulative net operating losses (NOLs) which can be carried forward to offset future taxable income. The NOL carry forwards begin to expire in 2045, if unutilized. The Company has provided for a full valuation allowance of approximately $258,021 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

*British Virgin Islands*

The British Virgin Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the British Virgin Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the British Virgin Islands. The British Virgin Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the British Virgin Islands. Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the British Virgin Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, nor will gains derived from the disposal of our ordinary shares be subject to British Virgin Islands income or corporation tax. No stamp duty is payable in respect of the issue of the shares or on an instrument of transfer in respect of a share.

*Hong Kong*

AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 8.25% on its assessable income.

*Labuan, Malaysia*

Labuan was established an international offshore financial center in 1990 with its own specific laws and regulations to attract foreign investment and promoting financial services. Under the current laws of Labuan, AsiaFIN Holdings Corp. is governed under the Labuan Business Activity Tax Act 1990. Labuan offers a low fixed tax rate of 3% for a Labuan incorporated company carrying a Labuan trading activity while the profit of a Labuan incorporated company carrying a Labuan non-trading activity for the tax assessment year shall not be charged to tax under Labuan Business Activity Tax Act 1990, effectively subjecting to a 0% tax rate. Labuan trading activity includes banking, insurance, trading, management, licensing, shipping operations or any other activity which is not a Labuan non-trading activity while Labuan non-trading activity is defined as an activity relating to the holding of investments in securities, stock, shares, loans, deposits or any other properties situated in Labuan by a Labuan incorporated company. For a Labuan incorporated company which fails to meet the substantial activity requirements issued in a circular on April 29, 2020, the tax charge for such company is based on 24% of net audited profit. As the Company's subsidiary, AsiaFIN Holdings Corp., which was incorporated under the Labuan acts as an investment holding company, is carrying a Labuan non-trading activity, the Company is not subject to tax under Labuan Business Activity Tax Act 1990.

*Malaysia*

Under the Malaysian tax regulatory system, companies incorporated or operating in Malaysia that are wholly or partially owned by foreign entities are generally subject to the standard corporate income tax rate of 24% on their chargeable income, unless they qualify for preferential tax treatment under specific incentives or thresholds. As the Company holds and controls subsidiaries incorporated and operating in Malaysia, these subsidiaries are subject to Malaysian corporate tax laws and are taxed at the prevailing corporate tax rate of 24% on their assessable income for the relevant year of assessment.

As of September 30, 2025, the operations in Malaysia incurred $270,893 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance against the deferred tax assets of $122,872 on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

As of September 30, 2025, the Company's management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Despite the Company starting to turn a net profit for the year according to reporting figures, economic uncertainties dictate that the Company will only adjust its valuation allowance policy if it can sustain net profits over consecutive reporting periods. Therefore, the Company has provided for a full valuation allowance against its deferred tax assets of $393,698 and $317,443 as of September 30, 2025 and December 31, 2024, respectively. For the nine months ended September 30, 2025, the valuation allowance was increased by $76,255, primarily due to the increase in the operating losses incurred by the Company and its subsidiaries operating in Malaysia. For the nine months ended September 30, 2025 and September 30, 2024, the Company recorded cash paid for income taxes of $155,828 and $79,645, respectively.

**14. <u>SHAREHOLDERS' EQUITY</u>**

On June 14, 2019, the Company issued 100,000 shares of restricted common stock, with a par value of $0.0001 per share, to Wong Kai Cheong in consideration of $10. The $10 in proceeds went to the Company to be used as working capital. Mr. Wong serves as our Chief Executive Officer, President, Secretary, Treasurer and as member of our Board of Directors.

On December 18, 2019, we, "the Company" acquired 100% of the equity interests of AsiaFIN Holdings Corp. (herein referred to as the "Malaysia Company"), a private limited company incorporated in Labuan, Malaysia. In consideration of the equity interests of AsiaFIN Holdings Corp., our Chief Executive Officer, Mr. Wong was compensated $1 HKD.

On December 20, 2019, the Company issued 21,900,000 shares of restricted common stock to Wong Kai Cheong with a par value of $0.0001 per share, in consideration of $2,190. The $2,190 in proceeds went to the Company to be used as working capital.

On December 20, 2019, the Company issued 21,850,000 shares of restricted common stock to See Unicorn Ventures Sdn. Bhd., a company incorporated in Malaysia, with a par value of $0.0001 per share, in consideration of $2,185. The $2,185 went to the Company to be used as working capital. Our Director, Dato' Seah Kok Wah, is a shareholder of See Unicorn Ventures Sdn. Bhd.

On December 20, 2019, the Company issued 10,000,000 shares of restricted common stock to SEATech Ventures Corp., a company incorporated in Nevada, with a par value of $0.0001 per share, in consideration of $1,000. The $1,000 went to the Company to be used as working capital. Dato' Seah Kok Wah is an Officer and Director of and also a shareholder of SEATech Ventures Corp., owning 17.49% of the voting power of SEATech Ventures Corp.

On December 20, 2019, the Company issued 5,000,000 shares of restricted common stock to AsiaFIN Talent Sdn. Bhd., a company incorporated in Malaysia, with a par value of $0.0001 per share, in consideration of $500. The $500 went to the Company to be used as working capital.

Mr. Kang Kok Seng Michael and Mr. Ng Kai Thim are each an Officer and Director of, and also the controlling shareholders of AsiaFIN Talent Sdn. Bhd.

On December 23, 2019, AsiaFIN Holdings Corp., Malaysia Company acquired AsiaFIN Holdings Limited (herein referred to as the "Hong Kong Company"), a private limited company incorporated in Hong Kong. In consideration of the equity interests of AsiaFIN Holdings Limited, our Chief Executive Officer, Mr. Wong was compensated $1 HKD.

On February 7, 2020, the Company issued 500,000 shares of restricted common stock to Jeremy Wong Zi Jun at the purchase price of $0.10 per share, for a total purchase price of $50,000. The $50,000 in proceeds went to the Company to be used as working capital. Mr. Jeremy Wong Zi Jun is the son of the Mr. Wong Kai Cheong, who is serving as the company's Chief Executive Director.

On August 3, 2021, the Company issued 837,300 shares of common stock being sold at $1.00 per share for a total of $837,300 through initial public offering.

On December 22, 2022, the Company entered into an acquisition agreement with the shareholders of StarFIN Holdings Limited, to acquire 100% equity stake in StarFIN Holdings Limited in consideration of a new issuance of 8,232,038 shares of restricted common stock, valued at $9,055,242.

On January 20, 2025, the Company issued 364,000 shares of restricted common stock to 14 individual shareholders at the purchase price of $0.90 per share, for a total purchase price of $327,600. The $327,600 in proceeds went to the Company to be used as working capital.

As of September 30, 2025, the Company have an issued and outstanding share of common stock of 81,915,838 with an authorized share of common stock of 600,000,000 with a par value of $0.0001. In addition, the Company have an authorized share of preference stock of 200,000,000 with a par value of $0.0001, however no share of preference stock was issued and outstanding as of September 30, 2025.

**15. <u>DIVIDEND</u>**

No dividend was declared for the nine months ended September 30, 2025.

**16. <u>FOREIGN CURRENCY EXCHANGE RATE</u>**

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US dollars at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

**17. <u>SEGMENT REPORTING</u>**

ASC 280, "Segment Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has three reportable segments based on business unit, Fintech, RPA and Regtech businesses and two reportable segments based on country, Malaysia and Non-Malaysia.

The Company adopted the ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

In accordance with the "Segment Reporting" Topic of the ASC, the Company's chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under "Segment Reporting" due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $1259162 | $1488384 | $457312 | $3204858 |
| Cost of revenue | (809867) | (893493) | (459455) | (2162815) |
| Gross profit | $449295 | $594891 | $(2143) | $1042043 |
| Share of loss from operation of associate |  | (118) |  | (118) |
| Selling, general and administrative expenses and other income | (391947) | (686698) | (290044) | (1368689) |
| Loss from operations | $57348 | $(91925) | $(292187) | $(326764) |
| Total assets | $1159937 | $2032230 | $858362 | $4050529 |
| Capital expenditure | $11441 | $20045 | $8467 | $39953 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** | **For the Nine Months Ended and As of September 30, 2025** |
| <br>**By Country** | **Malaysia** | **Non-Malaysia** | **Total** |
| Revenue | $3204858 | $- | $3204858 |
| Cost of revenue | (2162815) | - | (2162815) |
| Gross profit | $1042043 | $- | $1042043 |
| Share of loss from operation of associate | (118) |  | (118) |
| Selling, general and administrative expenses and other income | (1060317) | (308372) | (1368689) |
| Loss from operations | $(18392) | $(308372) | $(326764) |
| Total assets | $4017442 | $33087 | $4050529 |
| Capital expenditure | $39953 | $- | $39953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $988436 | $901311 | $204841 | $2094588 |
| Cost of revenue | (539252) | (352247) | (588137) | (1479636) |
| Gross profit | $449184 | $549064 | $(383296) | $614952 |
| Share of loss from operation of associate |  | (41751) |  | (41751) |
| Selling, general and administrative expenses and other income | (308236) | (335145) | (320468) | (963849) |
| Loss from operations | $140948 | $172168 | $(703764) | $(390648) |
| Total assets | $1194048 | $1298290 | $1241431 | $3733769 |
| Capital expenditure | $33559 | $36489 | $34891 | $104939 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** | **For the Nine Months Ended and As of September 30, 2024** |
| <br>**By Country** | **Malaysia** | **Non-Malaysia** | **Total** |
| Revenue | $2094588 | $- | $2094588 |
| Cost of revenue | (1479636) | - | (1479636) |
| Gross profit | $614952 | $- | $614952 |
| Share of loss from operation of associate | (41751) |  | (41751) |
| Selling, general and administrative expenses and other income | (832765) | (131084) | (963849) |
| Loss from operations | (259564) | (131084) | (390648) |
| Total assets | $3692978 | $40791 | $3733769 |
| Capital expenditure | $104939 | $- | $104939 |

---

**18. <u>COMPARATIVE FIGURES</u>**

The Company has adjusted the comparative figures in the Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024, due to the reclassification of certain items from selling, general and administrative expenses to cost of revenue to conform with the current period presentation. For the three-month period, cost of revenue was adjusted from $48,773 to $493,630 and selling, general and administrative expenses from $792,496 to $347,639. For the nine-month period, cost of revenue was adjusted from $149,198 to $1,479,636, and selling, general and administrative expenses from $2,300,017 to $969,579. These restatements have no impact on the accumulated deficit as at September 30, 2025, or on the net income for the period then ended.

**19. <u>SUBSEQUENT EVENTS</u>**

In accordance with ASC Topic 855, "Subsequent Events", which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2025 up through the date the Company presented these unaudited financial statements.

AsiaFIN Holdings Corp. has appointed Baharom Bin Embi ("Datuk Baharom") as the independent director to the Company's board of directors (the "Board"), effective October 1, 2025 (the "Effective Date"). Datuk Baharom will serve on the Company's Audit Committee.

Datuk Baharom Bin Embi, 65, was appointed Chairman of Co-opbank Pertama Malaysia Berhad in October 2021 and has since overseen the bank's financial performance and digital transformation initiatives, including the implementation of its Project FIRST Core Banking and various retail and corporate financing systems. Datuk Baharom also serves on the board of directors of Institut Koperasi Malaysia, is the Chairman of the Federasi Koperasi Kewangan Malaysia, and has served as an advisor to Humanology Sdn Bhd since 2019. Between 2015 and 2018, Datuk Baharom was Managing Director and Chief Executive Officer of TEKUN Nasional, an agency under the Ministry of Entrepreneurial and Cooperative Development in Malaysia. From 1987 to 2014, Datuk Baharom served in senior management roles across branch operations, treasury, human resources, and strategic planning at Bank Kerjasama Rakyat Malaysia Berhad. He began his career in 1982 as an operations officer at Public Finance Berhad.

Datuk Baharom holds a Master of Business Administration in Decision Support Systems (1986) and a Bachelor of Business Administration in Economics and Finance (1984) from the University of Southern New Hampshire, as well as a Diploma in Business Management from MARA University of Technology (1979). He is a certified Islamic Financial Planner and has undertaken various professional qualifications in Islamic finance and takaful (a shariah law compliant alternative to conventional insurance). In recognition of his service, he has been conferred several national honors, including the Darjah Pangkuan Seri Melaka (D.P.S.M.) awarded for significant contribution to Malaysia's growth, which bestowed upon him the title of "Datuk".

In connection with the appointment, Datuk Baharom entered into a director agreement with the Company (the "Baharom Agreement"). Pursuant to the Baharom Agreement, Datuk Baharom shall receive a monthly fee of $500 in cash as compensation for his services as independent director.

Datuk Baharom do not have any family relationships with any of the Company's directors or executive officers, or any person nominated or chosen by the Company to become a director or executive director, and there are no arrangements or understandings with any person pursuant to which he was selected as director of the Company. He is not a party to any related party transactions within the meaning of Item 404(a) of Regulation S-K. As of the date of this report, Datuk Baharom beneficially owns 14,000 shares of the Company's common stock, par value $0.0001 per share. The Board has determined that such ownership does not affect his independence.

![](forms-1_003.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**The Board of Directors and Stockholders of**

**AsiaFIN Holdings Corp.**

Suite 30.02, 30th Floor

Menara KH (Promet), Jalan Sultan Ismail

50250 Kuala Lumpur, Malaysia

<u>Opinion on the Financial Statements</u>

We have audited the accompanying consolidated balance sheets of AsiaFIN Holdings Corp. and subsidiaries (the 'Company') as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, consolidated statements of stockholders' equity, and consolidated statements of cash flows for the years ended of December 31, 2024 and 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

<u>Critical Audit Matters</u>

The critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical matters.

---

| |
|:---|
| ![](forms-1_004.jpg) |
| JP CENTURION & PARTNERS PLT (PCAOB: 6723) |
| <br> We have served as the Company's auditor since 2020. |
| Kuala Lumpur, Malaysia |
| March 25, 2025 |

---

**ASIAFIN HOLDINGS CORP.**

**CONSOLIDATED BALANCE SHEETS**

**AS OF DECEMBER 31, 2024 AND 2023 (Audited)**

**(Currency expressed in United States Dollars ("US$"), except for number of shares or otherwise stated)**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31, 2024** | **As of**<br> **December 31, 2023** |
|  | **Audited** | **Audited** |
| **<u>ASSETS</u>** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1309929 | $1234188 |
| &nbsp;&nbsp;&nbsp;Account receivables, net | 1184130 | 1004690 |
| &nbsp;&nbsp;&nbsp;Prepayment, deposits and other receivables | 146233 | 114133 |
| &nbsp;&nbsp;&nbsp;Amount due from related parties | 3809 |  |
| &nbsp;&nbsp;&nbsp;Tax assets | 280354 | 219698 |
| Total current assets | $2924455 | $2572709 |
| Non-current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | $615444 | $651853 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 614673 | 520216 |
| &nbsp;&nbsp;&nbsp;Deferred income tax assets | 324 | 43 |
| &nbsp;&nbsp;&nbsp;Investment in associates | 7944 | 8153 |
| Total non-current assets | $1238385 | $1180265 |
| **TOTAL ASSETS** | $4162840 | $3752974 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | $1151256 | $586595 |
| &nbsp;&nbsp;&nbsp;Account payable (including $19,984 and $19,467 of account payable to related party as of December 31, 2024 and 2023, respectively) | 39296 | 24900 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 60483 | 3358 |
| &nbsp;&nbsp;&nbsp;Amount due to director | 146018 | 209747 |
| &nbsp;&nbsp;&nbsp;Amount due to related parties |  | 1000 |
| &nbsp;&nbsp;&nbsp;Hire purchase – current portion |  | 4759 |
| &nbsp;&nbsp;&nbsp;Lease liability – current portion | 64787 | 60394 |
| Total current liabilities | $1461840 | $890753 |
| Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Lease liability – non-current portion | 550657 | 591459 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 4991 | 12013 |
| Total non-current liabilities | $555648 | $603472 |
| **TOTAL LIABILITIES** | $2017488 | $1494225 |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | $- | $- |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 600,000,000 shares authorized; 81,551,838 and 81,551,838 shares issued and outstanding as of December 31, 2024 and December 31, 2023 | 8155 | 8155 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 10467687 | 10467687 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (271870) | (320441) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (8039600) | (7896023) |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (19020) | (629) |
| TOTAL STOCKHOLDERS' EQUITY | $2145352 | $2258749 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $4162840 | $3752974 |

---

See accompanying notes to consolidated financial statements.

**ASIAFIN HOLDINGS CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

**(In United States Dollars ("US$" or "$"), except for number of shares or as otherwise stated)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2024** | **For the year ended<br> December 31, 2023** |
|  | **Audited** | **Audited** |
| REVENUE | $3382432 | $3109515 |
| COST OF REVENUE (including $77,294 and $40,235 of cost of service revenue to related party for the years ended December 31, 2024 and 2023, respectively) | (1958632) | (1708334) |
| GROSS PROFIT | $1423800 | $1401181 |
| SHARE OF LOSS FROM OPERATION OF ASSOCIATE | (9843) | (152) |
| OTHER INCOME | $7281 | $13109 |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (including $94,981 and $93,691 of selling, general and administrative expenses to related party for the years ended December 31, 2024 and 2023, respectively) | $(1464215) | $(1298849) |
| (LOSS)/INCOME BEFORE INCOME TAX | $(42977) | $115289 |
| INCOME TAX EXPENSES | (118991) | (96712) |
| NET (LOSS)/INCOME | $(161968) | $18577 |
| Net loss attributable to non-controlling interest | 18391 | 637 |
| NET (LOSS)/INCOME ATTRIBUTED TO COMMON SHAREHOLDERS OF ASIAFIN HOLDINGS CORP. | (143577) | 19214 |
| Other comprehensive income: |  |  |
| - Foreign currency translation income/(loss) | 48571 | (60389) |
| **TOTAL COMPREHENSIVE LOSS** | $(95006) | $(41175) |
| NET (LOSS)/INCOME PER SHARE, BASIC AND DILUTED | $(0.00) | $0.00 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 81551838 | 80356501 |

---

See accompanying notes to consolidated financial statements.

**ASIAFIN HOLDINGS CORP.**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Audited)**

**(In United States Dollars ("US$" or "$"), except for number of shares or as otherwise stated)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**NON-<br> CONTROLLING INTEREST** |<br>**TOTAL**<br> **STOCKHOLDERS'**<br> **EQUITY** |
| Balance as of December 31, 2022 | 73319800 | $7332 | $1413268 | $(564072) | $- | $- | $856528 |
| Issuance of share for acquisition of StarFIN Holdings Limited on February 23, 2023 | 8232038 | 823 | 9054419 | (7351165) | (260052) |  | 1444025 |
| Effect on acquisition of TellUS Report Sdn Bhd |  |  |  |  |  | 8 | 8 |
| Net income for the year |  |  |  | 19214 |  | (637) | 18577 |
| Foreign currency translation | - | - | - | - | (60389) | - | (60389) |
| Balance as of December 31, 2023 | 81551838 | $8155 | $10467687 | $(7896023) | $(320441) | $(629) | $2258749 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COMMON STOCK** | **COMMON STOCK** | | | | | |
|  | **NUMBER OF**<br> **SHARES** | **AMOUNT** |<br>**ADDITIONAL**<br> **PAID-IN**<br> **CAPITAL** |<br>**ACCUMULATED**<br> **DEFICIT** | **ACCUMULATED**<br>**OTHER**<br> **COMPREHENSIVE**<br> **LOSS** |<br>**NON-**<br> **CONTROLLING**<br> **INTEREST** |<br>**TOTAL**<br> **STOCKHOLDERS'**<br> **EQUITY** |
| Balance as of December 31, 2023 | 81551838 | $8155 | $10467687 | $(7896023) | $(320441) | $(629) | $2258749 |
| Net loss for the year |  |  |  | (143577) |  | (18391) | (161968) |
| Foreign currency translation | - | - | - | - | 48571 | - | 48571 |
| Balance as of December 31, 2024 | 81551838 | $8155 | $10467687 | $(8039600) | $(271870) | $(19020) | $2145352 |

---

See accompanying notes to consolidated financial statements

**ASIAFIN HOLDINGS CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

**(In United States Dollars ("US$" or "$"), except for number of shares or as otherwise stated)**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br> **December 31,** | **For the Year Ended**<br> **December 31,** |
|  | **2024** | **2023** |
|  | **(Audited)** | **(Audited)** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss)/income | $(143577) | $19214 |
| &nbsp;&nbsp;&nbsp;Minority interest | (18391) | (637) |
| &nbsp;&nbsp;&nbsp;Impairment of investment in associate | 61364 |  |
| &nbsp;&nbsp;&nbsp;Share of loss from operation of associate | 9843 | 152 |
| Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 119608 | 133024 |
| &nbsp;&nbsp;&nbsp;Provision for credit loss allowance | (84503) | 55076 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Account payable | 13463 | 1176 |
| &nbsp;&nbsp;&nbsp;Account receivable | (65454) | (412818) |
| &nbsp;&nbsp;&nbsp;Prepayment, deposits and other receivables | (22443) | 83387 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 213387 | (64649) |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 325214 | (71705) |
| &nbsp;&nbsp;&nbsp;Tax assets | (53733) | 298842 |
| &nbsp;&nbsp;&nbsp;Deferred income tax assets | (7470) | 3912 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 55996 | (196833) |
| &nbsp;&nbsp;&nbsp;Change in lease liability | (60303) | (58595) |
| **Net cash provided by/(used in) operating activities** | 343001 | (210454) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of plant and equipment | (138343) | (32479) |
| &nbsp;&nbsp;&nbsp;Investment in associate | (70790) |  |
| **Net cash used in investing activities** | (209133) | (32479) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Repayment to director | (67872) | (62793) |
| &nbsp;&nbsp;&nbsp;Repayment of hire purchase | (4789) | (11173) |
| &nbsp;&nbsp;&nbsp;Advances to related companies | (4740) | (612) |
| **Net cash used in financing activities** | (77401) | (74578) |
| Effect of exchange rate changes in cash and cash equivalents | 19274 | (28471) |
| Net changes in cash and cash equivalents | 75741 | (345982) |
| Cash and cash equivalents, beginning of year | 1234188 | 1580170 |
| **CASH AND CASH EQUIVALENTS, END OF YEAR** | $1309929 | $1234188 |
| **SUPPLEMENTAL CASH FLOWS INFORMATION** |  |  |
| Cash paid for income taxes | $105339 | $104691 |
| Cash paid for interest | $2790 | $391 |

---

See accompanying notes to consolidated financial statements.

**ASIAFIN HOLDINGS CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

**(In United States Dollars ("US$" or "$"), except for number of shares or as otherwise stated)**

**1. <u>ORGANIZATION AND BUSINESS BACKGROUND</u>**

AsiaFIN Holdings Corp., a Nevada corporation (the "Company") was incorporated under the laws of the State of Nevada on June 14, 2019.

On June 14, 2019, Mr. Kai Cheong, Wong was appointed Chief Executive Officer, President, Secretary, Treasurer and Director.

On September 18, 2020, Mr. Kok Wah, Seah was appointed Director of the Company.

On December 18, 2019, we acquired 100% of the equity interests of AsiaFIN Holdings Corp. (the "Malaysia Company"), a private limited company incorporated in Labuan, Malaysia. In consideration of the equity interests of AsiaFIN Holdings Corp., our Chief Executive Officer, Mr. Wong was compensated $1 HKD.

On December 23, 2019, the Malaysia Company acquired AsiaFIN Holdings Limited (the "Hong Kong Company"), a private limited company incorporated in Hong Kong. In consideration of the equity interests of AsiaFIN Holdings Limited, our Chief Executive Officer, Mr. Wong was compensated $1 HKD.

On December 22, 2022, AsiaFIN Holdings Corp. entered into an Acquisition Agreement (the "Agreement") with StarFIN Holdings Limited. ("SFHL"), a private limited company organized under the law of British Virgin Islands, and the shareholders of SFHL. Pursuant to the Agreement, the Company purchased 10,000 shares of SFHL (the "SFHL Shares"), representing all of the issued and outstanding shares of common stock of SFHL. As consideration, the Company agreed to issue to the shareholders of SFHL 8,232,038 shares of our common stock, at a value of $1.10 per share, for an aggregate value of $9,055,242. We consummated the acquisition of SFHL on February 23, 2023.

Our Chief Executive Officer, President, Director, Secretary and Treasurer, Mr. Kai Cheong, Wong is also the director of SFHL. Prior to the acquisition, Mr. Kai Cheong, Wong held 29.94% of our issued and outstanding securities and 57.10% of the issued and outstanding securities of SFHL, Swee Ping Hoo, the former director of SFHL, held 10.91% of our issued and outstanding securities and 40.22% of the issued and outstanding securities of SFHL, and Hui Yin Cham, our Finance Manager, held 0.48% of the issued and outstanding securities of SFHL. Upon the consummation of the acquisition, Mr. Kai Cheong Wong, Swee Ping Hoo and Hui Yin Cham received 8,051,511 shares of our restricted common stock collectively.

Initially, the Company, through its subsidiaries, was in the business of providing market research studies and consulting services to its client, which were primarily in the payment solution industry.

After the acquisition of SFHL on February 23, 2023, we have broadened our service offerings in the information technology industry such as providing payment processing solution, software solution on regulatory and financial reporting (RegTech), including Environmental Social and Governance (ESG) consultancy & reporting and Robotic Process Automation (RPA) software solution across Asia.

The table below sets forth details of the Company's subsidiaries and associates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Subsidiary**<br> **Company Name** | **Domicile and Date of Incorporation** | **Particulars of**<br> **Issued Capital** | **Principal Activities** |
| 1 | AsiaFIN Holdings Corp. | Labuan on July 15, 2019 | 1 share of common stock | Investment holding company |
| 2 | AsiaFIN Holdings Limited | Hong Kong on July 5, 2019 | 1 share of common stock | Investment holding company |
| 3 | StarFIN Holdings Limited | British Virgin Islands on August 19, 2021 | 10,000 shares of common stock | Investment holding company |
| 4 | Insite MY Holdings Sdn Bhd (FKA StarFIN Asia Sdn Bhd) | Malaysia on May 24, 2018 | 11,400,102 shares of common stock | Investment holding company |
| 5 | OrangeFIN Academy Sdn Bhd (FKA Insite MY.Com Sdn Bhd) | Malaysia on February 2, 2000 | 100,000 shares of common stock | Provision of business system integration and management services |
| 6 | Insite MY Systems Sdn Bhd | Malaysia on January 18, 2000 | 500,000 shares of common stock | Provision of information technology services |
| 7 | Insite MY Innovations Sdn Bhd | Malaysia on January 18, 2010 | 540,000 shares of common stock | Provision of information technology services |
| 8 | OrangeFIN Asia Sdn Bhd | Malaysia on January 25, 2018 | 50,000 shares of common stock | Provision of computer programming activities and services |
| 9 | TellUS Report Sdn Bhd | Malaysia on September 22, 2023 | 60 shares of common stock | Provision of information technology services |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Associate Company Name** | **Domicile and Date of Incorporation** | **Particulars of Issued Capital** | **Principal Activities** |
| 1 | Murni StarFIN Sdn Bhd | Malaysia on September 9, 2022 | 100,000 shares of common stock | Provision of information technology services |
| 2 | KSP AsiaFIN Co., Ltd. (FKA KSP StarFIN Co., Ltd.) | Thailand on August 11, 2023 | 50,000 shares of common stock | Provision of information technology services |

---

Mr. Kai Cheong, Wong is the common director of all of aforementioned companies

**2. <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>**

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

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

The accompanying financial statements include the accounts of the Company and its subsidiaries and associates. Intercompany transactions and balances were eliminated in consolidation. The Company has adopted December 31 as its fiscal year end.

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company's ownership is less than 100%, the outside shareholders' interests are shown as non-controlling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation.

Below is the organization chart of the Group.

![](chart1_002.jpg)

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

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

**<u>Cash and Cash Equivalents</u>**

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

Our deposits in Malaysia banks are secured by Perbadanan Insurans Deposit Malaysia, compensating up to a limit of Malaysia Ringgit MYR250,000 per deposit per member bank, which is equivalent to $55,923, if any of our banks fail.

**<u>Property, Plant and Equipment</u>**

Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods:

Property, plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods:

---

| | |
|:---|:---|
| **Asset Categories** | **Depreciation Periods** |
| Renovation | over the remaining lease period |
| Computer Systems | 4 to 5 years |
| Furniture and Fittings | 10 years |
| Electrical Fittings | 10 years |
| Handphone | 5 years |
| Office Equipment | 10 years |
| Motor Vehicle | 5 years |
| Property | 50 years |

---

**<u>Credit losses</u>**

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company's customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

**<u>Investment in associate</u>**

In accordance with ASC Topic 321, "Investments – Equity Securities", the Company measures the investment in associate without a readily determinable fair value at its cost minus impairment, if any. The Company reassess at each reporting period whether the equity investment without a readily determinable fair value qualifies to be measured at fair value. The measurement of those securities at fair value shall be irrevocable. Any resulting gains or losses on the investment in associate for which that measurement is made shall be recorded in earnings at that time. At each reporting period, the Company makes a qualitative assessment on the investment in associate considering impairment indicators to evaluate whether the investment is impaired. If an equity security without a readily determinable fair value is impaired, the Company shall include an impairment loss in net income equal to the difference between the fair value of the investment and its carrying amount.

**<u>Revenue recognition</u>**

The Company through subsidiaries generate multiple streams of revenues based on different business model adopted by each subsidiary through provisions of services and recognized upon customer obtained control of promised services and recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applies the following five-step model in order to determine this amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify contract with customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Identify distinct performance obligations in contract, including promises if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Measurement of the transaction price, including the constraint on variable consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Allocation of the transaction price to the performance obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the delivery of the finalized information technology services such as business system integration and management services, computer programming activities and services to the customers.

**<u>Cost of revenue</u>**

Cost of revenue includes direct costs associated with provision of services such as development costs, purchases of third-party software, maintenance fees and consultation fees.

**<u>Income tax expense</u>**

Income taxes are determined in accordance with the provisions of ASC Topic 740, "Income Taxes" ("ASC Topic 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company also adopted ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which requires disaggregated information about the reporting entity's effective tax rate reconciliation as well as information on income taxes paid.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

**<u>Foreign currencies translation</u>**

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

The functional currency of the Company is the United States Dollars ("US$" or "US dollars") and the accompanying financial statements have been expressed in US dollars. In addition, the Company's subsidiary maintains its books and record in Malaysia Ringgit ("MYR"), United States Dollars ("US$"), Hong Kong Dollars ("HK$") and Thailand Baht ("THB"), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US dollars are translated into US dollars, in accordance with ASC Topic 830-30, "Translation of Financial Statement", 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 foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

---

| | | |
|:---|:---|:---|
|  | **For the years ended**<br> **December 31,** | **For the years ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Period-end MYR : US$1 exchange rate | 4.47 | 4.59 |
| Period-average MYR : US$1 exchange rate | 4.56 | 4.57 |
| Period-end HK$ : US$1 exchange rate | 7.75 | 7.75 |
| Period-average HK$ : US$1 exchange rate | 7.75 | 7.75 |
| Period-end THB : US$1 exchange rate | 34.34 |  |
| Period-average THB : US$1 exchange rate | 35.23 |  |

---

**<u>Related parties</u>**

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

**<u>Fair value of financial instruments</u>**

The carrying value of the Company's financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties, trade payables and other payables approximate at their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"), 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.

As of December 31, 2024, and 2023, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

**<u>Net Income/(Loss) per Share</u>**

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 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.

**<u>Lease</u>**

The Company offices for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term.

Lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

**<u>Acquisition Agreement</u>**

The acquisition of StarFIN Holdings Limited. ("SFHL") has been accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, "Business Combinations." Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values.

The allocation of the purchase price has been prepared based on preliminary estimates of fair values. However, actual amounts recorded upon the finalization of estimates of fair values may differ from the information presented in these unaudited pro forma condensed combined consolidated financial statements. The Company estimates of the fair values of the assets and liabilities of SFHL have been combined with the recorded values of the assets and liabilities of SFHL in the audited condensed combined financial information, goodwill was immediately impaired upon recognition.

**<u>Segment Reporting</u>**

The Company follows the guidance of ASC 280, "Segment Reporting", which establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements. For the year ended December 31, 2024, the Company has three reportable segments based on business unit, Fintech, RPA and Regtech businesses and two reportable segments based on country, Malaysia and Non-Malaysia. The Company also adopted ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

**<u>Recently Issued Accounting Standards and Adopted</u>**

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company already adopted this ASU on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which requires disaggregated information about the reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company already adopted this ASU on its consolidated financial statements and related disclosures.

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company's financial statements.

**3. <u>BUSINESS COMBINATIONS</u>**

On December 22, 2022, the Company acquired 100% equity interest in StarFIN Holdings Limited in exchange, the Company issue 8,232,038 restricted shares of the Company's common stock, valued at $9,055,242. The consideration was derived from an agreed valuation of SFHL at $9,055,242. The acquisition was consummated on January 20, 2023.

The acquisition of SFHL has been accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, "Business Combinations." Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values.

The allocation of the purchase price has been prepared based on preliminary estimates of fair values. However, actual amounts recorded upon the finalization of estimates of fair values may differ from the information presented in these unaudited pro forma condensed combined consolidated financial statements. The Company estimates of the fair values of the assets and liabilities of SFHL have been combined with the recorded values of the assets and liabilities of SFHL in the audited condensed combined financial information, goodwill was immediately impaired upon recognition. Allocation of the purchase price is summarized below:

---

| | |
|:---|:---|
| Cash and cash equivalents | $705480 |
| Trade receivables, net | 676396 |
| Deposits paid, prepayments and other receivables | 202414 |
| Tax assets | 539969 |
| Investment in Associates – Murni StarFIN Sdn Bhd | 8657 |
| Property, plant and equipment, net | 585816 |
| Trade payable | (24736) |
| Accrued expenses and other payables | (734476) |
| Deferred tax liabilities | (213524) |
| Hire purchase loan | (16554) |
| Amount due to directors | (283703) |
| Amount due to related parties | (1673) |
| Adjustment for foreign exchange fluctuation | 260052 |
| Fair value of StarFIN Holdings Limited | $1704118 |
| Fair value of consideration | (9055242) |
| Goodwill | $7351124 |
| Goodwill impairment | (7351124) |
| Total goodwill | - |

---

**4. <u>ACCOUNT RECEIVABLES, NET</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31, 2024** | **As of**<br> **December 31, 2023** |
| Account receivables, gross | $1154703 | $1059766 |
| Allowance for expected credit loss | (55076) | (55076) |
| Reversal of expected credit loss | 84503 | - |
| Account receivables, net | $1184130 | $1004690 |

---

**5. <u>PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31, 2024** | **As of**<br> **December 31, 2023** |
| Prepaid expenses | $37488 | $34717 |
| Other receivables | 34821 | 33578 |
| Other deposits | 36298 | 30952 |
| Purchase in advance | 37626 | 14886 |
| Total | $146233 | $114133 |

---

Prepaid expenses include website domain, third party software maintenance and subscription, rental, employee and motor vehicle insurance.

Other receivables include receivables from service tax and management of car park for director and employees.

Other deposits primarily include deposit of the tenancy agreement and deposit made for security deposit for renovation and car park deposit.

Purchase in advance consist of monies paid to supplier but have yet to receive the products or services from the suppliers.

**6. <u>PROPERTY, PLANT AND EQUIPMENT, NET</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31, 2024** | **As of**<br> **December 31, 2023** |
| Computer systems | $306930 | $259798 |
| Furniture and fittings | 82657 | 79933 |
| Electrical fittings | 10069 | 9808 |
| Handphone | 63797 | 51000 |
| Office equipment | 98913 | 93578 |
| Renovation | 171322 | 83097 |
| Motor vehicle | 374419 | 364726 |
| Property | 413833 | 403120 |
| Total property, plant and equipment | $1521940 | $1345060 |
| Less: Accumulated depreciation | (907267) | (824844) |
| Total property, plant and equipment, net | $614673 | $520216 |

---

SCHEDULE OF INVESTMENT IN PROPERTY AND PLANT

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **December 31, 2024** | **For the year**<br> **ended**<br> **December 31, 2023** |
| Investment in computer systems | $39432 | $17874 |
| Investment in furniture and fittings | 587 | 371 |
| Investment in electrical fittings |  | 278 |
| Investment in handphone | 11216 | 3393 |
| Investment in office equipment | 2792 | 6497 |
| Investment in renovation | 84316 | 4066 |
| Total investment in property and plant | $138343 | $32479 |
| Depreciation for the period | 59305 | $74429 |

---

For the year ended December 31, 2023, the Company acquired a property amounted $420,225 financed through loan from director which is unsecured, non-interest bearing and payable on demand and cash in hand.

**7. <u>OTHER PAYABLES AND ACCRUED LIABILITIES</u>**

**<u>ACCRUED LIABILITIES AND OTHER PAYABLES</u>**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31, 2024** | **As of**<br> **December 31, 2023** |
| Accrued expenses | $254474 | $351036 |
| Other payable | 381879 | 57503 |
| Receipt in advance | 514903 | 178056 |
| Total | $1151256 | $586595 |

---

Accrued expenses consist of outstanding audit fee, employee claims and salary, service tax and miscellaneous expenses.

Other payable includes primarily payable to third parties and service tax payable.

Receipt in advance consist of monies received from customer but have yet to satisfied performance obligation.

**8. <u>AMOUNT DUE TO DIRECTOR</u>**

As of December 31, 2024, the Company had an outstanding amount due to director amounting to $146,018, mainly consisting of a loan from Mr. Wong Kai Cheng for the acquisition of property.

The aforementioned amount is unsecured, non-interest bearing and payable on demand.

**9. <u>AMOUNT DUE FROM/TO RELATED PARTIES</u>**

As of December 31, 2024, the Company has an outstanding amount due from a number of related companies with common director and shareholder in aggregate amounted $3,809 pertaining to miscellaneous expenses made by these related parties on behalf of the Company.

As of December 31, 2023, the Company has an outstanding amount due to a number of related companies with common director and shareholder pertaining to miscellaneous expenses made by these related parties on behalf in aggregate amounted $1,000.

Aforementioned amount is unsecured, non-interest bearing and payable on demand.

**10. <u>HIRE PURCHASE</u>**

On April 30, 2021, the Company through subsidiary acquired a motor vehicle amounted $69,148 financed by $36,006 hire purchase loan for 36 months at a fixed flat rate of 1.88% per annum with first installment commencing June 5, 2021 and monthly installment amounted approximately $1,063. Remaining balance finance through cash in hand.

For the year ended December 31, 2024, the Company repaid $4,789 in hire purchase loan with no outstanding amount as of December 31, 2024.

**11. <u>LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES</u>**

---

| | |
|:---|:---|
| **Right-Of-Use Assets** | |
| Balance as of December 31, 2023 | $651853 |
| New right-of-use assets recognized | 113560 |
| Amortization for the year ended December 31, 2024 | (60303) |
| Adjustment for non-exercising option | (105772) |
| Adjustment for foreign currency translation difference | 16106 |
| Balance as of December 31, 2024 | $615444 |
| **Lease Liability** |  |
| Balance as of December 31, 2023 | $651853 |
| New lease liability recognized | 113560 |
| Imputed interest for the year ended December 31, 2024 | 34678 |
| Gross repayment for the year ended December 31, 2024 | (94981) |
| Adjustment for non-exercising option | (105772) |
| Adjustment for foreign currency translation difference | $16106 |
| Balance as of December 31, 2024 | $615444 |
| Lease liability current portion | 64787 |
| Lease liability non-current portion | $550657 |

---

Other information:

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **December 31, 2024** | **For the year ended<br> December 31, 2023** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flow to operating lease | $94981 | $93691 |
| Right-of-use assets obtained in exchange for operating lease liabilities |  |  |
| Remaining lease term for operating lease (years) | 7.80 | 8.71 |
| Weighted average discount rate for operating lease | 5.58% | 5.40% |

---

**12. <u>RELATED PARTY TRANSACTIONS</u>**

For the year ended December 31, 2024 and 2023, the Company has following transactions with related parties:

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2024** | **For the year ended<br> December 31, 2023** |
| Purchases |  |  |
| - Insite MY International, Inc. | $77294 | $40235 |
| Leasing |  |  |
| - Office space leasing | 94981 | 93691 |
| Total | $172275 | $133926 |

---

Our Chief Executive Officer, Mr. Kai Cheong, Wong is a majority shareholder of Insite MY International, Inc.

For the years ended December 31, 2024 and 2023, the Company has paid $42,288 and $42,224 respectively to our Chief Executive Officer, Mr. Kai Cheong, Wong, pertaining to leasing of office space.

For the years ended December 31, 2024 and 2023, the Company has paid $52,693 and $51,467 respectively to Ms. Tan Siew Meng, the spouse of our Chief Executive Officer, Mr. Kai Cheong, Wong, pertaining to leasing of office spaces.

**13. <u>CONCENTRATION OF RISK</u>**

(a) Major
 Customers

For the year ended December 31, 2024, the Company generated total revenue of $3,382,432, of which no customer accounted for more than 10% of the Company's total revenue. For the year ended December 31, 2023, the Company generated total revenue of $3,109,515, of which no customers accounted for more than 10% of the Company's total revenue.

(b) Major
 Suppliers

For the year ended December 31, 2024, the Company incurred cost of revenue of $1,958,632, of which no supplier accounted for more than 10% of the Company's cost of revenue. For the year ended December 31, 2023, the Company incurred cost of revenue of $1,708,334, of which no supplier accounted for more than 10% of the Company's cost of revenue.

**14. <u>INCOME TAXES</u>**

The loss before income taxes of the Company for the years ended December 31, 2024 and 2023 were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2023** |
| Tax jurisdictions from: |  |  |
| - Local | $(208993) | $(222011) |
| - Foreign, representing: |  |  |
| Hong Kong | (49665) | (45768) |
| British Virgin Islands | (2550) | (2550) |
| Labuan, Malaysia | (81873) | (30131) |
| Malaysia | 300104 | 415749 |
| Income before income taxes | $(42977) | $115289 |

---

Provision for income taxes consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2023** |
| Current: |  |  |
| - Local | $- | $- |
| - Foreign | $(118991) | $(96712) |
| Deferred tax assets: |  |  |
| - Local | $- | $- |
| - Foreign | $324 | $43 |
| Deferred tax liabilities: |  |  |
| - Local | $- | $- |
| - Foreign | $4991 | $12013 |
| Income tax payable: |  |  |
| - Local | $- | $- |
| - Foreign | $60483 | $3358 |
| Income tax assets: |  |  |
| - Local | $- | $- |
| - Foreign | $280354 | $219698 |

---

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the years presented, the Company has a number of subsidiaries that operates in various countries: Hong Kong, the British Virgin Islands and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows:

*United States of America*

The Company is incorporated in the State of Nevada and is subject to the tax laws of the United States of America. As of December 31, 2024, the operations in the United States of America incurred $933,440 of cumulative net operating losses (NOLs) which can be carried forward to offset future taxable income. The NOL carry forwards begin to expire in 2044, if unutilized. The Company has provided for a full valuation allowance of approximately $196,022 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

*British Virgin Islands*

The British Virgin Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the British Virgin Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the British Virgin Islands. The British Virgin Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the British Virgin Islands. Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the British Virgin Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, nor will gains derived from the disposal of our ordinary shares be subject to British Virgin Islands income or corporation tax. No stamp duty is payable in respect of the issue of the shares or on an instrument of transfer in respect of a share.

*Hong Kong*

AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 8.25% on its assessable income.

*Labuan, Malaysia*

Labuan was established an international offshore financial center in 1990 with its own specific laws and regulations to attract foreign investment and promoting financial services. Under the current laws of Labuan, AsiaFIN Holdings Corp. is governed under the Labuan Business Activity Tax Act 1990. Labuan offers a low fixed tax rate of 3% for a Labuan incorporated company carrying a Labuan trading activity while the profit of a Labuan incorporated company carrying a Labuan non-trading activity for the tax assessment year shall not be charged to tax under Labuan Business Activity Tax Act 1990, effectively subjecting to a 0% tax rate. Labuan trading activity includes banking, insurance, trading, management, licensing, shipping operations or any other activity which is not a Labuan non-trading activity while Labuan non-trading activity is defined as an activity relating to the holding of investments in securities, stock, shares, loans, deposits or any other properties situated in Labuan by a Labuan incorporated company. For a Labuan incorporated company which fails to meet the substantial activity requirements issued in a circular on April 29, 2020, the tax charge for such company is based on 24% of net audited profit. As the Company's subsidiary, AsiaFIN Holdings Corp., which was incorporated under the Labuan acts as an investment holding company, is carrying a Labuan non-trading activity, the Company is not subject to tax under Labuan Business Activity Tax Act 1990.

*Malaysia*

All Malaysian companies are subject to the Malaysian corporate tax laws at a two-tier corporate income tax rate based on amount of paid-up capital. The 2024 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $559,234) or less and that are not part of a group containing a company exceeding this capitalization threshold is 15% on first chargeable income of MYR 150,000 (approximately $33,554), 17% on remaining chargeable income up to MYR 600,000 (approximately $134,216) and any chargeable income beyond MYR 600,000 (approximately $134,216) will be subject to the corporate tax rate of 24%.

As of December 31, 2024, the operations in Malaysia incurred $6,828,424 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance against the deferred tax assets of $1,160,832 on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

**15. <u>DIVIDEND</u>**

No dividends were declared for the years ended December 31, 2024 or December 31, 2023.

**16. <u>FOREIGN CURRENCY EXCHANGE RATE</u>**

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US dollars at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

**17. <u>SEGMENT REPORTING</u>**

ASC 280, "Segment Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has three reportable segments based on business unit, Fintech, RPA and Regtech businesses and two reportable segments based on country, Malaysia and Non-Malaysia.

The Company adopted the ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

In accordance with the "Segment Reporting" Topic of the ASC, the Company's chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under "Segment Reporting" due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended and As of December 31, 2024** | **For the Year Ended and As of December 31, 2024** | **For the Year Ended and As of December 31, 2024** | **For the Year Ended and As of December 31, 2024** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $1257270 | $1801730 | $323432 | $3382432 |
| Cost of revenue | (680714) | (844455) | (433463) | (1958632) |
| Gross profit | $576556 | $957275 | $(110031) | $1423800 |
| Share of loss from operation of associate |  | (4032) | (5811) | (9843) |
| Selling, general and administrative expenses and other income | (475263) | (631910) | (349761) | (1456934) |
| Loss from operations | 101293 | 321333 | (465603) | (42977) |
| Total assets | $1357920 | $1805491 | $999429 | $4162840 |
| Capital expenditure | $45127 | $60002 | $33214 | $138343 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended and** <br> **As of December 31, 2024** | **For the Year Ended and** <br> **As of December 31, 2024** | **For the Year Ended and** <br> **As of December 31, 2024** |
| <br>**By Country** | **Malaysia** | **Non-Malaysia** | **Total** |
| Revenue | $3382432 | $- | $3382432 |
| Cost of revenue | (1958632) | - | (1958632) |
| Gross profit | $1423800 | $- | $1423800 |
| Share of loss from operation of associate | (9843) |  | (9843) |
| Selling, general and administrative expenses and other income | (1229726) | (227208) | (1456934) |
| Profit/(Loss) from operations | 184231 | (227208) | (42977) |
| Total assets | $4127080 | $35760 | $4162840 |
| Capital expenditure | $138343 | $- | $138343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended and As of December 31, 2023** | **For the Year Ended and As of December 31, 2023** | **For the Year Ended and As of December 31, 2023** | **For the Year Ended and As of December 31, 2023** |
| <br>**By Business Unit** | **Fintech** | **Regtech** | **RPA** | **Total** |
| Revenue | $1444946 | $1356969 | $307600 | $3109515 |
| Cost of revenue | (796421) | (646251) | (265662) | (1708334) |
| Gross profit | $648525 | $710718 | $41938 | $1401181 |
| Share of loss from operation of associate |  |  | (152) | (152) |
| Selling, general and administrative expenses and other income | (611142) | (414730) | (259868) | (1285740) |
| Profit from operations | 37383 | 295988 | (218082) | 115289 |
| Total assets | $1783875 | $1210566 | $758533 | $3752974 |
| Capital expenditure | $15438 | $10476 | $6565 | $32479 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended and** <br> **As of December 31, 2023** | **For the Year Ended and** <br> **As of December 31, 2023** | **For the Year Ended and** <br> **As of December 31, 2023** |
| <br>**By Country** | **Malaysia** | **Non-Malaysia** | **Total** |
| Revenue | $3109515 | $- | $3109515 |
| Cost of revenue | (1708334) | - | (1708334) |
| Gross profit | $1401181 | $- | $1401181 |
| Share of loss from operation of associate | (152) |  | (152) |
| Selling, general and administrative expenses and other income | (1039411) | (246329) | (1285740) |
| Profit/(Loss) from operations | 361618 | (246329) | 115289 |
| Total assets | $3717927 | $35047 | $3752974 |
| Capital expenditure | $32479 | $- | $32479 |

---

**18. <u>COMPARATIVE FIGURES</u>**

The Company has adjusted the comparative figures of cost of revenue and selling, general and administrative expenses in Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2023 from $105,547 to $1,708,334 and from $2,901,636 to $1,298,849 respectively, due to the reclassification of certain items from selling, general and administrative expenses to cost of revenue to conform with current year presentation. The restatements do not have any impact to the accumulated deficit as at December 31, 2023 and net income for the year then ended.

**19. <u>SUBSEQUENT EVENTS</u>**

In accordance with ASC Topic 855, "Subsequent Events", which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2024 up through the date the Company presented these audited financial statements.

Effective on January 20, 2025, AsiaFIN Holdings Corp., a Nevada corporation, and certain individual investors (the "Subscribers") entered into subscription agreements (each, a "Subscription Agreement") pursuant to which the Company agreed to sell an aggregate of 364,000 shares of the Company's common stock, with par value of $0.0001 per share to the Subscribers for an aggregate purchase price of $327,600, or $0.90 per share of the common stock.

**1,666,667** **Shares**

**Common Stock**

![](logo_001.jpg)

**AsiaFIN Holdings Corp.**

**Prospectus** 

*Sole Bookrunner*

**Bancroft Capital, LLC**

Until __________, 2025 (the 25th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13.** **Other Expenses of Issuance and Distribution.**

The following table sets forth the costs and expenses payable by us, other than underwriting discounts, commissions, and non-accountable expense allowance, in connection with the sale of the common stock being registered. All amounts shown are estimates except the SEC registration fee, the FINRA filing fee and the NYSE American listing fee.

---

| | |
|:---|:---|
| SEC registration fee | $1760.65 |
| FINRA filing fee | $2000.00 |
| NYSE American listing fee | $75000.00 |
| Legal fees | $400000.00 |
| Other accountable underwriting expenses | $114900.00 |
| Accounting fees and expenses | $100000.00 |
| Printing expenses | $5000.00 |
| Miscellaneous expenses | $50000.00 |
| **Total** | $748660.65 |

---

**Item 14.** **Indemnification of Directors and Officers.**

We are a Nevada corporation and generally governed by Chapter 78 of the NRS.

Section 78.138 of the NRS provides that, unless the corporation's articles of incorporation provide otherwise, a director or officer will not be individually liable unless it is proven that (i) the director's or officer's acts or omissions constituted a breach of his or her fiduciary duties, and (ii) such breach involved intentional misconduct, fraud, or a knowing violation of the law.

Section 78.7502 of the NRS permits a company to indemnify its directors and officers against expenses, judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with a threatened, pending, or completed action, suit, or proceeding, if the officer or director (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner the officer or director reasonably believed to be in or not opposed to the best interests of the corporation and, if a criminal action or proceeding, had no reasonable cause to believe the conduct of the officer or director was unlawful. Section 78.7502 of the NRS precludes indemnification by the corporation if the officer or director has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court determines that in view of all the circumstances, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

Section 78.751 of the NRS permits a Nevada company to indemnify its officers and directors against expenses incurred by them in defending a civil or criminal action, suit, or proceeding as they are incurred and in advance of final disposition thereof, upon determination by the stockholders, the disinterested board members, or by independent legal counsel. If so provided in the corporation's articles of incorporation, bylaws, or other agreement, Section 78.751 of the NRS requires a corporation to advance expenses as incurred upon receipt of an undertaking by or on behalf of the officer or director to repay the amount if it is ultimately determined by a court of competent jurisdiction that such officer or director is not entitled to be indemnified by the company. Section 78.751 of the NRS further permits the company to grant its directors and officers additional rights of indemnification under its articles of incorporation, bylaws, or other agreement. A right to indemnification or to advancement of expenses arising under a provision of the articles of incorporation or bylaws is not eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such act or omission has occurred.

Section 78.752 of the NRS provides that a Nevada company may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee, or agent of the company, or is or was serving at the request of the company as a director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise, for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee, or agent, or arising out of his status as such, whether or not the company has the authority to indemnify him against such liability and expenses.

Our board of directors may adopt articles of incorporation or bylaws from time to time with respect to indemnification, to provide at all times the fullest indemnification permitted by the NRS, and may cause the corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise against any liability asserted against such person and incurred in any such capacity or arising out of such status, whether or not the corporation would have the power to indemnify such person. The indemnification provided herein shall continue as to a person who has ceased to be a director, officer, employee, or agent, and shall inure to the benefit of the heirs, executors and administrators of such person.

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

**Item 15. Recent Sales of Unregistered Securities.**

During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

On January 20, 2025, the Company issued an aggregate of 364,000 shares of common stock pursuant to the subscription agreements, dated January 20, 2025, by and between the Company and certain individual investors for an aggregate purchase price of $327,600, or $0.90 per share.

**Item 16. Exhibits and Financial Statement Schedules.**

**(a) Exhibits**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1\*\*\* | [Articles of Incorporation (incorporated by reference to Exhibit 3.1 to our registration statement on Form S-1 filed with the SEC on March 19, 2021)](https://www.sec.gov/Archives/edgar/data/1828748/000159991621000041/articles.htm) |
| 3.2\*\*\* | [Bylaws (incorporated by reference to Exhibit 3.2 to our registration statement on Form S-1 filed with the SEC on March 19, 2021)](https://www.sec.gov/Archives/edgar/data/1828748/000159991621000041/bylaws.htm) |
| 4.1\*\* | [Specimen Stock Certificate](ex4-1.htm) |
| 5.1\* | Opinion of Lucosky Brookman LLP |
| 10.1\*\*\* | [Joint Venture Agreement, dated January 3, 2024, between the Company and Greenpro KSP Holding Group Co., Ltd. (incorporated by reference to Exhibit 10.1 to our current report on Form 8-K filed with the SEC on January 8, 2024)](https://www.sec.gov/Archives/edgar/data/1828748/000149315224001683/ex10-1.htm) |
| 10.2\*\*\* | [Independent Director Agreement, dated July 1, 2024, by and between the Company and Louis Ramesh Ruben (incorporated by reference to Exhibit 10.1 to our current report on Form 8-K filed with the SEC on July 1, 2024)](https://www.sec.gov/Archives/edgar/data/1828748/000149315224025748/ex10-1.htm) |
| 10.3\*\*\* | [Independent Director Agreement, dated July 1, 2024, by and between the Company and Shibu Chacko Jacob Vadaketh (incorporated by reference to Exhibit 10.2 to our current report on Form 8-K filed with the SEC on July 1, 2024)](https://www.sec.gov/Archives/edgar/data/1828748/000149315224025748/ex10-2.htm) |
| 10.4\*\*\* | [Independent Director Agreement, dated October 1, 2025, by and between the Company and Baharom Bin Embi (incorporated by reference to Exhibit 10.1 to our current report on Form 8-K filed with the SEC on October 3, 2025).](https://www.sec.gov/Archives/edgar/data/1828748/000149315225016793/ex10-1.htm) |
| 10.5\* | Lease Agreement for Suite 30.01, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia, dated August 13, 2024 |
| 10.6\* | Lease Agreement for Suite 30.02, 30th Floor, Menara KH (Promet), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia, dated August 14, 2024 |
| 10.7\* | Lease Agreement for Unit 17-11, Level 17, Tower A, Vertical Business Suites, Avenue 3 Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia, dated January 1, 2025 |
| 10.8\* | Lease Agreement for Unit 17-12, Level 17, Tower A, Vertical Business Suites, Avenue 3 Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia, dated June 1, 2025 |
| 10.9\* | Purchase Agreement for A2-17-1, St Mary Residences, Jalan Tengah, 50250 Kuala Lumpur, Malaysia |
| 14.1\*\* | [Code of Business Conduct and Ethics](ex14-1.htm) |
| 19.1\*\*\* | [Insider Trading Policy (incorporated by reference to Exhibit 19.1 to our annual report on Form 10-K filed with the SEC on March 25, 2025)](https://www.sec.gov/Archives/edgar/data/1828748/000164117225000565/ex19-1.htm) |
| 21.1\*\*\* | [List of Subsidiaries (incorporated by reference to Exhibit 21.1 to our annual report on Form 10-K filed with the SEC on March 25, 2025)](https://www.sec.gov/Archives/edgar/data/1828748/000164117225000565/ex21-1.htm) |
| 23.1\*\* | [Consent of JP Centurion & Partners PLT](ex23-1.htm) |
| 23.2\* | Consent of Lucosky Brookman LLP (included in Exhibit 5.1) |
| 24.1\*\*\* | [Power of Attorney (included on signature page)](https://www.sec.gov/Archives/edgar/data/1828748/000164117225015189/forms-1.htm#poa_001) |
| 99.1\*\* | [Form of Audit Committee Charter](ex99-1.htm) |
| 99.2\*\* | [Form of Compensation Committee Charter](ex99-2.htm) |
| 99.3\*\* | [Form of Nominating and Corporate Governance Committee Charter](ex99-3.htm) |
| 99.4\*\* | [Clawback Policy](ex99-4.htm) |
| 107\*\* | [Filing Fee Table](ex107.htm) |

---

\* To be filed by amendment.

\*\* Filed herewith.

\*\*\* Previously filed.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or related notes included in the prospectus that forms a part of this registration statement.

**Item 17. Undertakings.** 

We hereby undertake:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933 (the "Securities Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided, however,* that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act to any purchaser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

(5) That, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(6) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Kuala Lumpur, Malaysia on November 24, 2025.

---

| | |
|:---|:---|
| **ASIAFIN HOLDINGS CORP**. | **ASIAFIN HOLDINGS CORP**. |
| By: | */s/ Kai Cheong Wong* |
|  | Kai Cheong Wong |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Kai Cheong Wong* | Chief Executive Officer, President, Director, Secretary and Treasurer | November 24, 2025 |
| Kai Cheong Wong | (Principal Executive Officer) |  |
| */s/ Ghi Geok Khoo* | Chief Financial Officer | November 24, 2025 |
| Ghi Geok Khoo | (Principal Financial Officer and Principal Accounting Officer) |  |
| */s/ Kok Wah Seah* | Executive Director | November 24, 2025 |
| Kok Wah Seah |  |  |
| */s/ Louis Ramesh Ruben* | Director | November 24, 2025 |
| Louis Ramesh Ruben |  |  |
| */s/ Shibu Chacko Jacob Vadaketh* | Director | November 24, 2025 |
| Shibu Chacko Jacob Vadaketh |  |  |
| */s/ Baharom Bin Embi* | Director | November 24, 2025 |
| Baharom Bin Embi |  |  |

---

## Exhibit 1.1

**Exhibit 1.1**

**ASIAFIN HOLDINGS CORP.**

**UNDERWRITING AGREEMENT**

**[●] Shares of Common Stock**

[●], 2025

Bancroft Capital, LLC

501 Office Center Drive, Suite 130

Fort Washington, PA 19034

Attention: Jason Diamond

Ladies and Gentlemen:

AsiaFIN Holdings Corp., a Nevada corporation (the "<u>Company</u>"), proposes, subject to the terms and conditions stated herein, to issue and sell to Bancroft Capital, LLC (the "<u>Underwriter</u>" or the "<u>Representative</u>", in its capacity as the representative of the several underwriters listed in Schedule I hereto (the "<u>Underwriters</u>"), [●] authorized but unissued shares (the "<u>Underwritten Shares</u>") of common stock of the Company, par value $0.0001 per share ("<u>Common Stock</u>"). At the option of the Representative and subject to the terms and conditions herein (the "<u>Over-Allotment Option</u>"), the Company agrees to issue and sell to the Underwriters up to an additional [●] shares of Common Stock ("<u>Option Shares</u>"). The Underwritten Shares and the Option Shares are collectively referred to as the "<u>Shares</u>."

The Company and the Representative hereby confirm their agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ***Registration Statement and Prospectus***.

The Company has prepared and filed with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement covering the Shares on Form S-1 (File No. 333-288066) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the rules and regulations (the "<u>Rules and Regulations</u>") of the Commission thereunder, and such amendments to such registration statement (including post effective amendments) as may have been required to the date of this Agreement, relating to the initial public offering of the Shares (the "<u>Offering</u>"). Such registration statement, as amended (including any post effective amendments), has been declared effective by the Commission. Such registration statement, including amendments thereto (including post effective amendments thereto) at the time of effectiveness thereof (the "<u>Effective Time</u>"), the exhibits and any schedules thereto at the Effective Time or thereafter during the period of effectiveness and the documents and information otherwise deemed to be a part thereof or included therein by the Securities Act or otherwise pursuant to the Rules and Regulations at the Effective Time or thereafter during the period of effectiveness, is herein called the "<u>Registration Statement</u>." If the Company has filed or files an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the "<u>Rule 462 Registration Statement</u>"), then any reference herein to the term Registration Statement shall include such Rule 462 Registration Statement. Any preliminary prospectus included in the Registration Statement or filed with the Commission pursuant to Rule 424(a) under the Securities Act is hereinafter called a "<u>Preliminary Prospectus</u>." The Preliminary Prospectus relating to the Shares that was included in the Registration Statement immediately prior to the pricing of the offering contemplated hereby is hereinafter called the "<u>Pricing Prospectus</u>."

The Company is filing with the Commission pursuant to Rule 424(b) under the Securities Act a final prospectus covering the Shares, which includes the information permitted to be omitted therefrom at the Effective Time by Rule 430A under the Securities Act. Such final prospectus, as so filed, is hereinafter called the "<u>Final Prospectus</u>." The Final Prospectus, the Pricing Prospectus and any preliminary prospectus in the form in which they were included in the Registration Statement or filed with the Commission pursuant to Rule 424 under the Securities Act is hereinafter called a "<u>Prospectus</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ***Representations and Warranties of the Company Regarding the Offering.***

The Company represents and warrants to, and agrees with, the Representative, as of the date hereof, as of the Closing Date (as defined in Section 4(d) below) as follows (except where a representation and warranty speaks as of a different date as indicated below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **No Material Misstatements or Omissions**. At the Effective Time, on the date hereof and on the Closing Date, the Registration Statement and any post-effective amendment thereto complied or will comply in all material respects with the requirements of the Securities Act and the Rules and Regulations and did not, does not, and will not, as the case may be, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Time of Sale Disclosure Package (as defined in this Section 2(i)) as of [5:00 PM] (Eastern time) (the "<u>Applicable Time</u>") on the date hereof, on the Closing Date and the Final Prospectus, as amended or supplemented, as of its date, at the time of filing pursuant to Rule 424(b) under the Securities Act, on the Closing Date and any individual Written Testing-the-Waters Communication, when considered together with the Time of Sale Disclosure Package, did not, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences shall not apply to statements in or omissions from the Registration Statement, the Time of Sale Disclosure Package or any Prospectus in reliance upon, and in conformity with, written information furnished to the Company by the Representative specifically for use in the preparation thereof, which written information is described in Section 7(f). The Registration Statement contains all exhibits and schedules required to be filed by the Securities Act or the Rules and Regulations. No order preventing or suspending the effectiveness or use of the Registration Statement or any Prospectus is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated or threatened by the Commission. As used in this paragraph and elsewhere in this Agreement "<u>Time of Sale Disclosure Package</u>" means the Prospectus most recently filed with the Commission before the date of this Agreement and the description of the transaction provided by the Representative included on Schedule II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Marketing Materials**. The Company has not distributed any prospectus or other offering material in connection with the offering and sale of the Shares other than the Time of Sale Disclosure Package and the roadshow or investor presentations delivered to and approved by the Representative for use in connection with the marketing of the Offering (the "<u>Marketing Materials</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Emerging Growth Company / Smaller Reporting Company**. The Company is an "emerging growth company" as defined in Section 2(a) of the Securities Act (an "<u>Emerging Growth Company</u>") and a "smaller reporting company" as defined in Rule 405 under the Securities Act and Item 10(f)(1) under Regulation S-K promulgated by the Commission (a "<u>Smaller Reporting Company</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **<u>Testing-the-Waters Communications.</u>** Except as approved in writing by the Representative, the Company (i) has not alone engaged in any Testing-the-Waters Communication and (ii) has not authorized anyone to engage in Testing-the-Waters Communications. The Company has not distributed any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act ("<u>Written Testing-the-Waters Communications</u>"), other than those previously provided to the Representative and listed on Schedule III hereto. "<u>Testing-the-Waters Communication</u>" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. Each Written Testing-the-Waters Communication, did not, as of the Applicable Time, and at all times through the completion of the public offer and sale of Shares will not, include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **<u>Pursuant to the Exchange Act</u>**. The Company has filed with the Commission a Form 8-A (File No. 001-[●]) providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), of the Common Stock; provided, however, that the Common Stock are not being registered for trading, but only in connection with the registration of the Common Stock pursuant to requirements of the Commission. The registration of the Common Stock under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Financial Statements**. The consolidated financial statements of the Company, together with the related notes and schedules, included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material respects with the applicable requirements of the Securities Act, the Rules and Regulations, the Exchange Act and the rules and regulations of the Commission thereunder, and fairly present, in all material respects, the financial condition of the Company as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with U.S. generally accepted accounting principles ("<u>GAAP</u>") consistently applied throughout the periods involved. No other financial statements or schedules are required under the Securities Act, the Rules and Regulations, the Exchange Act or the rules and regulations of the Commission under the Exchange Act to be included in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Independent Accountants.** To the Company's knowledge, JP Centurion & Partners PLT (the "<u>Auditor</u>"), which has expressed its opinion with respect to the consolidated financial statements and schedules included as a part of the Registration Statement and included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, is an independent public accounting firm with respect to the Company within the meaning of the Securities Act and the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **Accounting and Disclosure Controls.** Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company and its subsidiaries maintain systems of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus fairly present the information called for in all material respects and are prepared in accordance with the Commission's rules and guidelines applicable thereto. Since the date of the latest audited consolidated financial statements included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, there has been no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. It is understood that this section shall not require the Company to comply with Section 404 of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith (the "<u>Sarbanes-Oxley Act</u>"), as of an earlier date than it would otherwise be required to so comply under applicable law. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company maintains disclosure controls and procedures that have been designed to ensure that material information relating to the Company and any subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **Forward-Looking Statements**. The Company had a reasonable basis for, and made in good faith, each "forward-looking statement" (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus or the Marketing Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Statistical and Marketing-Related Data**. All statistical or market-related data included in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, or included in the Marketing Materials, are based on or derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources, to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **Trading Market**. The Shares are registered pursuant to Section 12(b) of the Exchange Act and are approved for listing on the Nasdaq Capital Market ("<u>Nasdaq</u>") subject only to official notice of issuance. To the Company's knowledge, there is no action pending by Nasdaq to delist the Common Stock from Nasdaq, nor has the Company received any notification that Nasdaq is contemplating terminating such listing. When issued, the Shares will be listed on Nasdaq. The Company has taken all actions it deems reasonably necessary or advisable to take on or prior to the date of this Agreement to assure that it will be in compliance in all material respects with all applicable corporate governance requirements set forth in the rules of Nasdaq that are then in effect and will take all action it deems reasonably necessary or advisable to assure that it will be in compliance in all material respects with other applicable corporate governance requirements set forth in Nasdaq rules not currently in effect upon and all times after the effectiveness of such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **Absence of Manipulation**. The Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) **Investment Company Act**. The Company is not and, after giving effect to the offering and sale of the Shares and the application of the net proceeds thereof will not be required to register as an "investment company," pursuant to and as such term is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ***Representations and Warranties Regarding the Company.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company represents and warrants to, and agrees with, the Representative, as of the date hereof and as of the Closing Date, as follows (except where a representation and warranty is made as of a different date as indicated below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Good Standing**. Each of the Company and its subsidiaries has been duly incorporated (or organized) and is validly existing as a corporation (or other entity) in good standing (if applicable) under the laws of its jurisdiction of incorporation or organization. Each of the Company and its subsidiaries has the power and authority (corporate or otherwise) to own or lease its properties and conduct its business as currently being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation or other entity in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary, except where the failure to so qualify would not have, or be reasonably likely to result in, a material adverse effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company and its subsidiaries, taken as a whole, or in its ability to perform its obligations under this Agreement ("<u>Material Adverse Effect</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Authorization**. The Company has the power and authority to enter into this Agreement and to authorize, issue and sell the Shares as contemplated by this Agreement. This Agreement has been duly authorized by the Company, and when executed and delivered by the Company, will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Contracts**. The execution, delivery and performance of this Agreement, and the consummation of the transactions herein contemplated will not (A) result in a breach or violation of any of the terms and provisions of, or constitute a default under, any law, order, rule or regulation to which the Company or any subsidiary is subject, or by which any property or asset of the Company or any subsidiary is bound or affected, except to the extent that the breach or violation would not reasonably be expected to result in a Material Adverse Effect, (B) conflict with, result in any violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) (a "<u>Default Acceleration Event</u>") of, any material agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (the "<u>Contracts</u>") or obligation or other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company or any subsidiary is bound or affected, except to the extent that such conflict, default, or Default Acceleration Event would not reasonably likely to result in a Material Adverse Effect, or (C) result in a breach or violation of any of the terms and provisions of, or constitute a default under, the Company's articles of incorporation or by-laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **No Violations of Governing Documents**. Neither the Company nor any of its subsidiaries is in violation, breach or default under its certificate of incorporation, by-laws or other equivalent organizational or governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Consents**. No consents, approvals, orders, authorizations or filings are required on the part of the Company in connection with the execution, delivery or performance of this Agreement and the issue and sale of the Shares, except (A) the registration under the Securities Act of the Shares, which has been effected, (B) the registration of the Common Stock under Section 12(b) of the Exchange Act, which has been effected, (C) the necessary filings and approvals from Nasdaq to list the Shares, (D) such consents, approvals, authorizations, registrations or qualifications as may be required under state or foreign securities or "blue sky" laws and the rules of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") in connection with the purchase and distribution of the Shares by the Underwriters, (E) such consents and approvals as have been obtained and are in full force and effect, and (F) such consents, approvals, orders, authorizations and filings the failure of which to make or obtain would not have or is not reasonably likely to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Capitalization**. The Company has an authorized capitalization as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. All of the issued and outstanding shares of capital stock of the Company are duly authorized and validly issued, fully paid and nonassessable, and have been issued in compliance with all applicable securities laws, and conform in all material respects to the description thereof in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. All of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and, except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims. Except for the issuances of options or restricted stock in the ordinary course of business, since the respective dates as of which information is provided in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company has not entered into or granted any convertible or exchangeable securities, options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares of the capital stock of the Company. The Shares, when issued and paid for as provided herein, will be duly authorized and validly issued, fully paid and nonassessable, will be issued in compliance with all applicable securities laws, and will be free of preemptive, registration or similar rights, except as have been validly waived or complied with, and will conform in all material respects to the description of the capital stock of the Company contained in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Taxes**. Each of the Company and its subsidiaries has (a) filed all foreign, federal, state and local tax returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof and (b) paid all taxes (as hereinafter defined) shown as due and payable on such returns that were filed and has paid all taxes imposed on or assessed against the Company or such respective subsidiary, except for any taxes that are currently being contested in good faith or that, if not paid, are not reasonably expected to result in a Material Adverse Effect. The provisions for taxes payable, if any, shown on the consolidated financial statements included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus are sufficient for all accrued and unpaid taxes, regardless of whether disputed, and for all periods to and including the dates of such consolidated financial statements. To the knowledge of the Company, no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "<u>taxes</u>" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "<u>returns</u>" means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **Material Change**. Since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, (a) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (c) there has not been any change in the capital stock of the Company or any of its subsidiaries (other than a change in the number of outstanding shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants, upon the conversion of outstanding shares of preferred stock or other convertible securities or the issuance of restricted stock awards or restricted stock units under the Company's existing stock awards plan, or any new grants thereof in the ordinary course of business), (d) there has not been any material change in the Company's long-term or short-term debt, and (e) there has not been the occurrence of any Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **Absence of Proceedings**. Except to the extent disclosed in the Registration Statement, Time of Sale Disclosure Package or the Final Prospectus, there is not pending or, to the knowledge of the Company, threatened, any action, suit or proceeding to which the Company or any of its subsidiaries is a party or of which any property or assets of the Company or any of its subsidiaries is the subject before or by any court or governmental agency, authority or body, or any arbitrator or mediator, which is reasonably likely to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Permits**. The Company and each of its subsidiaries holds, and is in compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders ("<u>Permits</u>") of any governmental or self-regulatory agency, authority or body required for the conduct of its business, and all such Permits are in full force and effect, in each case except where the failure to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **Good Title**. The Company and each of its subsidiaries have good and marketable title to all property (whether real or personal) described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus as being owned by them that are material to the business of the Company, in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except those that are disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus and those that are not reasonably likely to result in a Material Adverse Effect. The property held under lease by the Company and its subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **Intellectual Property**. The Company and each of its subsidiaries owns or possesses or has valid right to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("<u>Intellectual Property</u>") necessary for the conduct of the business of the Company and its subsidiaries as currently carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. To the knowledge of the Company, no action or use by the Company or any of its subsidiaries involves or gives rise to any infringement of, or license or similar fees for, any Intellectual Property of others, except where such action, use, license or fee is not reasonably likely to result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries have received any notice alleging any such infringement or fee. To the Company's knowledge, none of the technology employed by the Company or any subsidiary has been obtained or is being used by the Company or such subsidiary in violation of any contractual obligation binding on the Company or such subsidiary or, to the Company's knowledge, any of the officers, directors or employees of the Company or any subsidiary, or, to the Company's knowledge, otherwise in violation of the rights of any persons, except, in each case, for such violations as would not individually or in the aggregate, have or be reasonably likely to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) **Employment Matters**. There is (A) no unfair labor practice complaint pending against the Company, or any of its subsidiaries, nor to the Company's knowledge, threatened against it or any of its subsidiaries, before the National Labor Relations Board, any state or local labor relation board or any foreign labor relations board, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the Company or any of its subsidiaries, or, to the Company's knowledge, threatened against it and (B) no labor disturbance by the employees of the Company or any of its subsidiaries exists or, to the Company's knowledge, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries, principal suppliers, manufacturers, customers or contractors, that would not, individually or in the aggregate, have or be reasonably likely to result in a Material Adverse Effect. The Company is not aware that any key employee or significant group of employees of the Company or any subsidiary plans to terminate employment with the Company or any such subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) **Environmental Matters**. The Company and its subsidiaries are in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable to their businesses ("<u>Environmental Laws</u>"), except where the failure to comply has not had and would not reasonably be expected to result in, singularly or in the aggregate, a Material Adverse Effect. There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company or any of its subsidiaries (or, to the Company's knowledge, any other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise be liable) upon any of the property now or previously owned or leased by the Company or any of its subsidiaries, or upon any other property, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company or any of its subsidiaries has knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) **SOX Compliance**. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, the Company has taken all actions it deems reasonably necessary or advisable to take on or prior to the date of this Agreement to assure that, upon and at all times after the effectiveness of the Registration Statement, it will be in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act that are then in effect and will take all action it deems reasonably necessary or advisable to assure that it will be in compliance in all material respects with other applicable provisions of the Sarbanes-Oxley Act not currently in effect upon it and at all times after the effectiveness of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) **Money Laundering Laws**. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the "<u>Money Laundering Laws</u>"); and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. "<u>Governmental Entity</u>" means any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency (whether foreign or domestic) having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, assets or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) **Foreign Corrupt Practices Act**. Neither the Company, any of its subsidiaries, nor any director or officer of the Company or any subsidiary, nor, to the knowledge of the Company, any employee, representative, agent, affiliate of the Company or any of its subsidiaries or any other person acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "<u>FCPA</u>") and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) **OFAC**. Neither the Company, any of its subsidiaries nor any director or officer of the Company or any subsidiary, nor, to the knowledge of the Company, any employee, representative, agent or affiliate of the Company or any of its subsidiaries or any other person acting on behalf of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<u>OFAC</u>"); and the Company will not directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) **Insurance**. The Company and each of its subsidiaries carries, or is covered by, insurance in such amounts and covering such risks as is adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar businesses in similar industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) **Books and Records**. The minute books of the Company and each of its subsidiaries have been made available to the Representative and counsel for the Representative, and such books accurately in all material respects reflect all transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) **No Undisclosed Contracts**. There is no Contract or document required by the Securities Act or by the Rules and Regulations to be described in the Registration Statement, the Time of Sale Disclosure Package or in the Final Prospectus or to be filed as an exhibit to the Registration Statements which is not so described therein or filed therewith; and all descriptions of any such Contracts or documents contained in the Registration Statement, the Time of Sale Disclosure Package and in the Final Prospectus are accurate and complete descriptions of such documents in all material respects. Other than as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, no such Contract has been suspended or terminated for convenience or default by the Company or any subsidiary party thereto or any of the other parties thereto, and neither the Company nor any of its subsidiaries has received notice, and the Company has no knowledge, of any such pending or threatened suspension or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) **No Undisclosed Relationships**. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries on the one hand, and the directors, officers, stockholders (or analogous interest holders), customers or suppliers of the Company or any of its subsidiaries on the other hand, which is required to be described in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus and which is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) **Insider Transactions**. All transactions by the Company with office holders or control persons of the Company have been duly approved by the board of directors of the Company, or duly appointed committees or officers thereof, if and to the extent required under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) **No Registration Rights**. Except as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, no person or entity has the right to require registration of shares of Common Stock or other securities of the Company or any of its subsidiaries within 180 days of the date hereof because of the filing or effectiveness of the Registration Statement or otherwise, except for persons and entities who have expressly waived such right in writing or who have been given timely and proper written notice and have failed to exercise such right within the time or times required under the terms and conditions of such right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) **Continued Business**. No supplier, customer, distributor or sales agent of the Company or any subsidiary has notified the Company or any subsidiary that it intends to discontinue or decrease the rate of business done with the Company or any subsidiary, except where such discontinuation or decrease has not resulted in and could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) **No Finder's Fee**. There are no claims, payments, issuances, arrangements or understandings for services in the nature of a finder's, consulting or origination fee with respect to the introduction of the Company to the Representative or the sale of the Shares hereunder or any other arrangements, agreements, understandings, payments or issuances with respect to the Company that may affect the Representative's compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) **No Fees.** Except as disclosed to the Representative in writing, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder's fee, investing fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who provided capital to the Company, (ii) any FINRA member, or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member within the 12-month period prior to the date on which the Registration Statement was filed with the Commission ("<u>Filing Date</u>") or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) **Proceeds**. None of the net proceeds of the offering will be paid by the Company to any participating FINRA member or any affiliate or associate of any participating FINRA member, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) **No FINRA Affiliations**. To the Company's knowledge, no (i) officer or director of the Company or its subsidiaries, (ii) owner of 10% or more of any class of the Company's securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day period prior to the Filing Date, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative and counsel to the Representative if it becomes aware that any officer, director of the Company or its subsidiaries or any owner of 10% or more of any class of the Company's securities is or becomes an affiliate or associated person of a FINRA member participating in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) **No Financial Advisor**. Other than the Representative, no person has the right to act as an underwriter or as a financial advisor to the Company in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) **Certain Statements**. The statements set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus under the caption "Description of Securities" and "Shares Eligible for Future Sale," insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair in all material respects, and under the caption "Description of Securities" insofar as they purport to constitute a summary of (i) the terms of the Company's outstanding securities, (ii) the terms of the Shares, and (iii) the terms of the documents referred to therein, are accurate, complete and fair in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) **Prior Sales of Securities**. Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, the Company has not sold or issued any shares of Common Stock during the six-month period preceding the date hereof, other than shares issued pursuant to employee benefit plans, stock option plans or other employee compensation plans or pursuant to outstanding preferred stock, options, rights or warrants or other outstanding convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate signed by any officer of the Company and delivered to the Representative or to counsel to the Underwriters shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ***Purchase, Sale and Delivery of Shares***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell the Shares, and the Underwriters, severally and not jointly, agree to purchase the number of Shares set forth opposite their respective names in Schedule I hereto. The purchase price to be paid by the Underwriters to the Company for the Shares shall be $[●][reflect 7% discount] per share (the "<u>Purchase Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Over-Allotment Option</u>. On the basis of the representations, warranties and covenants herein and subject to the conditions herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to exercise of the Over-Allotment Option by the Representative on behalf of the Underwriters as provided in and pursuant to this Section 4(b), the Company hereby agrees to issue and sell to the Underwriters severally and not jointly, in whole or in part, the Option Shares from the Company, in each case, at a price per share equal to the Purchase Price less an amount per share equal to any dividends or distributions per share declared by the Company and payable on the Underwritten Shares but not payable on the Option Shares (the "<u>Over-Allotment Option Purchase Price</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Representative represents that the Underwriters will exercise the Over-Allotment Option only for the purpose of covering over-allotments made in connection with the offering of the Underwritten Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day after the commencement of sales of the Underwritten Shares in the Offering by giving written notice to the Company (the "<u>Over-Allotment Exercise Notice</u>"). Each exercise date may not be later than five (5) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such Additional Closing Date (as defined in Section 4(b)(v)) as the number of Firm Shares set forth in <u>Schedule I</u> hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date, as the case may be, by giving written notice of such cancellation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Over-Allotment Exercise Notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Over-Allotment Option Purchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the names and denominations in which the Option Shares are to be registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the applicable Additional Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Payment for the Option Shares (the "<u>Option Shares Payment</u>") shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business day in advance of such payment at the offices of TroyGould PC, counsel to the Underwriters, on [●], 202[●], on the date specified in the corresponding Over-Allotment Exercise Notice, or at such place on the same or such other date and time, as shall be designated in writing by the Representative (an "<u>Additional Closing Date</u>"). Delivery of the Option Shares shall be made through the facilities of DTC, unless the Representative shall otherwise instruct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Shares will be delivered by the Company to the Representative, against payment of the purchase price therefor by wire transfer of same day funds payable to the order of the Company at the offices of the Representative at 501 Office Center Drive, Suite 130, Fort Washington, PA 19034, or such other location as may be mutually acceptable, at 9:00 a.m. Eastern Time, on the first (or if the Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the second) full business day following the date hereof, or at such other time and date as the Representative and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act. The time and date of delivery of the Shares is referred to herein as the "<u>Closing Date</u>." On the Closing Date, the Company shall deliver the Shares, which shall be registered in the name or names and shall be in such denominations as the Representative may request at least one (1) business day before the Closing Date, to the account of the Representative, which delivery shall be made through the facilities of the Depository Trust Company's DWAC system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood that the Representative has been authorized to accept delivery of and receipt for, and make payment of the purchase price for, the Shares that the Underwriters have agreed to purchase. The Representative, individually and not as the Representative of the Underwriters, may (but shall not be obligated to) make payment for any Shares to be purchased by the Underwriters whose funds shall not have been received by the Representative by the Closing Date for the account of the Underwriters, but any such payment shall not relieve the Underwriters from any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ***Covenants.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company covenants and agrees with the Representative as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall prepare the Final Prospectus in a form approved by the Representative and file such Final Prospectus pursuant to Rule 424(b) under the Securities Act not later than the Commission's close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as determined by the Representative the Final Prospectus is no longer required by law to be delivered in connection with sales by an underwriter or dealer (the "<u>Prospectus Delivery Period</u>"), prior to amending or supplementing the Registration Statement, including any Rule 462 Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company shall furnish to the Representative for review and comment a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Representative reasonably objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) From the date of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly advise the Representative in writing (A) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Time of Sale Disclosure Package or the Final Prospectus, (C) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (D) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending its use or the use of the Time of Sale Disclosure Package or the Final Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Stock from any securities exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) of the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as now and hereafter amended, so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof, the Time of Sale Disclosure Package, the Registration Statement and the Final Prospectus. If during the Prospectus Delivery Period any event occurs the result of which would cause the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) to include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Representative or counsel to the Underwriters to amend the Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) to comply with the Securities Act, the Company will promptly notify the Representative, allow the Representative the opportunity to provide reasonable comments on such amendment, prospectus supplement or document, and will amend the Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall take or cause to be taken all necessary action to qualify the Shares for sale under the securities laws of such jurisdictions as the Representative reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Shares, except that the Company shall not be required in connection therewith to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified, to execute a general consent to service of process in any state or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Company will furnish to the Representative and counsel to the Underwriters copies of the Registration Statement, each Prospectus, and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Representative may from time-to-time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to be paid (A) all expenses (including transfer taxes allocated to the respective transferees) incurred in connection with the delivery to the Underwriters of the Shares (including all fees and expenses of the registrar and transfer agent of the Shares (if other than the Company), and the cost of preparing and printing stock certificates and warrant certificates), (B) all reasonable expenses and reasonable fees (including, without limitation, fees and expenses of the counsel to the Company) in connection with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the consolidated financial statements therein and all amendments, schedules, and exhibits thereto), the Shares, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, and any amendment thereof or supplement thereto, (C) all reasonable and documented filing fees and reasonable fees and disbursements of the counsel to the Underwriters incurred in connection with the qualification, if required, of the Shares for offering and sale by the Representative or by dealers under the securities or blue sky laws of the states and other jurisdictions that the Representative shall designate, (D) the reasonable and documented filing fees and reasonable and documented fees and disbursements of counsel to the Underwriters incident to any required review and approval by FINRA, of the terms of the sale of the Shares, (E) listing fees and (F) all other costs and expenses incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein. The Company will reimburse the Representative for the Representative's reasonable out-of-pocket expenses, including legal fees and disbursements, in connection with the purchase and sale of the contemplated hereby up to an aggregate of $250,000 (including amounts payable pursuant to clauses (C) and (D) above) of which legal fees shall not exceed $150,000. If this Agreement is terminated by the Representative in accordance with the provisions of Section 6 or Section 9(a), the Company will reimburse the Representative for all out-of-pocket disbursements (including, but not limited to, reasonable and documented fees and disbursements of one counsel, travel expenses, postage, facsimile and telephone charges) actually paid and incurred by the Representative in connection with their investigation, preparing to market and marketing the Shares or in contemplation of performing their obligations hereunder, the aggregate amount of which reimbursement shall not exceed $75,000, but the Company shall not in any event be liable to the Representative for damages on account of loss of anticipated profits from the sale by them of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Company intends to apply the net proceeds from the sale of the Shares to be sold by it hereunder for the purposes set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus under the heading "Use of Proceeds".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period, any action designed to or which might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares. For the sake of clarity, actions by the Representative or persons acting on its behalf will not constitute direct or indirect action by the Company for the purposes of this clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) (a) For a period of 180 days after the date of the Final Prospectus (the "<u>Lock-Up Period</u>"), the Company will not (x) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing, or (y) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock or any such other securities, whether any such transaction described in clause (x) or (y) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, without the prior written consent of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The restrictions contained in <u>Section 5(xi)(a)</u> hereof shall not apply to: (A) the Shares, (B) any Common Stock issued under equity incentive plans or warrants issued by the Company, in each case, described as outstanding in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (C) any options and other awards granted under an equity incentive plan or shares of Common Stock issued pursuant to an employee stock purchase plan, in each case, as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (D) the filing by the Company, following ninety (90) days after the Closing Date, of any registration statement on Form S-8 or a successor form thereto relating to an equity incentive plan or employee stock purchase plan described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus and (E) shares of Common Stock or other securities issued in connection with a transaction with an unaffiliated third party that includes a *bona fide* commercial relationship (including joint ventures, marketing or distribution arrangements, collaboration agreements or intellectual property license agreements) or any acquisition of assets or acquisition of not less than a majority or controlling portion of the equity of another entity; <u>provided</u> that (x) the aggregate number of shares of Common Stock issued pursuant to clause (E) shall not exceed five percent (5%) of the total number of outstanding shares of Common Stock immediately following the issuance and sale of the Underwritten Shares pursuant hereto and (y) the recipient of any such shares of Common Stock or other securities issued or granted pursuant to clauses (B), (C) and (E) during the Lock-Up Period shall enter into an agreement substantially in the form of <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Company hereby agrees to engage and maintain, at its expense, a registrar and transfer agent for the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Company will promptly notify the Representative if the Company ceases to be an Emerging Growth Company or Smaller Reporting Company at any time prior to the later of (a) the end of the Prospectus Delivery Period and (b) the expiration of the lock-up period described in Section 5(a)(xi) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The Company further agrees that, in addition to the expenses payable pursuant to Section 5(a)(viii), on the Closing Date it shall pay to the Representative, at the Closing of the Offering, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense allowance equal to one percent (1%) of the aggregate gross proceeds raised in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Additionally, if the Closing occurs, for a period of twelve (12) months from the date of commencement of sales pursuant to the Prospectus (i) if the Company decides to dispose of or acquire business units or acquire any of our outstanding securities or make any exchange or tender offer or enter into a merger, consolidation or other business combination or any recapitalization, reorganization, restructuring or other similar transaction, including, without limitation, an extraordinary dividend or distributions or a spin-off or split-off, and the Company decides to retain a financial advisor for such transaction, the Representative (or any affiliate designated by the Representative) shall have the right to act as the Company's exclusive financial advisor for any such transaction; or (ii) the Company decides to finance or refinance any indebtedness using a manager or agent, the Representative (or any affiliate designated by the Representative) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or (iii) the Company decides to raise funds by means of a public offering (including through an at-the-market facility) or a private placement or any other capital-raising financing of equity, equity-linked or debt securities using an underwriter or placement agent, the Representative (or any affiliate designated by the Representative) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing. If the Representative or one of its affiliates decides to accept any such engagement, the agreement governing such engagement will contain, among other things, provisions for customary fees for transactions of similar size and nature of the provisions of this Agreement, including indemnification. The Company may terminate this right of first refusal for "cause," which shall include a material breach of the terms of this Agreement by the Representative or a material failure by the Representative to provide services as contemplated herein, upon which termination the Company shall have no further obligation under this Section 5(a)(xv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The Representative shall be entitled to compensation commensurate with the compensation paid pursuant to this Agreement, as calculated herein, with respect to any public or private offering or other financing or capital-raising transaction of any kind ("Tail Financing") to the extent that such financing or capital is provided to the Company by investors or affiliates of investors whom the Representative had introduced to the Company during the engagement period in connection with the offering hereunder, if such tail financing is consummated at any time within the 12-month period following the expiration or termination of the engagement period. The Company may terminate this right for "cause," which shall include a material breach of the terms of this Agreement by the Representative or a material failure by the Representative to provide services as contemplated herein, upon which termination the Company shall have no further obligation under this Section 5(a)(xvi).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ***Conditions of the Underwriters' Obligations.*** The obligations of the Underwriters to purchase the Shares or the Option Shares on any Additional Closing Date pursuant to this Agreement are subject to the accuracy, as of the date hereof and at all times through the Closing Date (as if made on the Closing Date), of and compliance with all representations, warranties and agreements of the Company contained herein, the performance by the Company of its obligations hereunder and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If filing of the Final Prospectus, or any amendment or supplement thereto is required under the Securities Act or the Rules and Regulations, the Company shall have filed the Final Prospectus (or such amendment or supplement) with the Commission in the manner and within the time period so required (without reliance on Rule 424(b)(8) under the Securities Act); the Registration Statement shall remain effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462 Registration Statement, or any amendment thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened by the Commission; any request of the Commission or the Underwriter for additional information (to be included in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or otherwise) shall have been complied with to the satisfaction of the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shares shall be approved for listing on Nasdaq, subject to official notice of issuance and evidence of satisfactory distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Representative shall not have reasonably determined, and advised the Company, that (a) the Registration Statement, contains an untrue statement of fact which, in the reasonable opinion of the Representative, is material, or omits to state a fact which, in the reasonable opinion of the Representative, is material and is required to be stated therein or necessary to make the statements therein not misleading or (b) the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or any amendment thereof or supplement thereto contains an untrue statement of fact which, in the reasonable opinion of the Representative, is material, or omits to state a fact which, in the reasonable opinion of the Representative, is material and is required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were mande, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the Closing Date, the Representative shall have received the opinion and negative assurance letters of Lucosky Brookman LLP dated the Closing Date, addressed to the Representative, as representative of the several Underwriters, and in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the Closing Date, the Representative shall have received the opinion letters of Malaysian, Hong Kong and BVI counsel to the Company, each dated the Closing Date and addressed to the Representative, as representative of the several Underwriters, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the time this Agreement is executed, the Representative shall have received a "cold comfort letter" from the Auditor addressed to the Representative as representative of the several Underwriters confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation S-X of the Commission, and confirming, as of the date of each such letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, as of a date not prior to the date hereof or more than five days prior to the date of such letter), the conclusions and findings of said firm with respect to the financial information and other matters required by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, and in form and substance reasonably satisfactory to the Representative to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to Section 6(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the Closing Date, there shall have been furnished to the Representative a certificate, dated the Closing Date and addressed to the Representative, as representative of the several Underwriters, signed by the chief executive officer and the chief financial officer of the Company, in their capacity as officers of the Company, and not in their individual capacities, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement that are qualified by materiality or by reference to any Material Adverse Effect are true and correct in all respects, and all other representations and warranties of the Company in this Agreement are true and correct, in all material respects, as if made at and as of the Closing Date, and the Company has complied in all material respects with all the agreements and satisfied all the conditions on its part required to be performed or satisfied at or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order or other order (A) suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof, (B) suspending the qualification of the Shares for offering or sale, or (C) suspending or preventing the use of the Time of Sale Disclosure Package, any Prospectus, or the Final Prospectus has been issued, and no proceeding for that purpose has been instituted or, to their knowledge, is contemplated by the Commission or any state or regulatory body; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period from and after the date of this Agreement and prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On or before the date hereof, the Representative shall have received duly executed lock-up agreement (each a "<u>Lock-Up Agreement</u>") in the form set forth on **Exhibit A** hereto, by and between the Representative and each of the parties specified in Schedule IV (each a "<u>Lock-Up Party</u>" and together the "<u>Lock-Up Parties</u>"). If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreement for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of **Exhibit B** hereto through a major news service at least two business days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company shall have furnished to the Representative and counsel to the Underwriters such additional documents, certificates and evidence as the Representative or such counsel may have reasonably requested no more than 3 business days prior to the Closing Date.

If any condition specified in this Section 6 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Representative by notice to the Company at any time at or prior to the Closing Date, and such termination shall be without liability of any party to any other party, except that Section 5(a)(viii), Section 9 and Section 10 shall survive any such termination and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ***Indemnification and Contribution***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify, defend and hold harmless each Underwriter, its affiliates, directors and officers and employees, and each person, if any, who controls the Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages or liabilities to which such party may become subject, under the Securities Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rule 430A of the Rules and Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (ii) an untrue statement or alleged untrue statement of a material fact contained in any Written Testing-the-Waters Communications, any Prospectus, the Final Prospectus, or any amendment or supplement thereto, any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and will reimburse such party for any actual and documented legal or other expenses reasonably incurred by such party in connection with evaluating, investigating or defending against such loss, claim, damage, liability or action; *provided, however*, that such indemnity shall not inure to the benefit of the Representative (or any person controlling the Representative) in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Time of Sale Disclosure Package, any Written Testing-the-Waters Communications, any Prospectus, the Final Prospectus, or any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Company by the related Representative specifically for use in the preparation thereof, which written information is described in Section 7(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Representative will indemnify, defend and hold harmless the Company, its directors and each officer of the Company who signs the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages or liabilities to which such party may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Representative), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Company by the Representative specifically for use in the preparation thereof, which written information is described in Section 7(f), and will reimburse such party for any actual and documented legal or other expenses reasonably incurred by such party in connection with evaluating, investigating, and defending against any such loss, claim, damage, liability or action. The obligation of the Representative to indemnify the Company (including any controlling person, director or officer thereof) shall be limited to the amount of the underwriting discount applicable to the Shares and Warrants to be purchased by the Representative hereunder actually received by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially prejudiced by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party's election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; *provided*, *however*, that if (i) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (ii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party), or (iii) the indemnifying party has not in fact employed counsel reasonably satisfactory to the indemnified party to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, the indemnified party shall have the right to employ a single counsel to represent it in any claim in respect of which indemnity may be sought under subsection (a) or (b) of this Section 7, in which event the reasonable fees and expenses of such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the indemnified party as incurred.

The indemnifying party under this Section 7 shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is a party or could be named and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a) includes an unconditional release of such indemnified party from all liability for claims that are the subject matter of such action, suit or proceeding and (b) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Representative on the other from the offering and sale of the Shares or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Representative on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Representative on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company compared to the total underwriting discount received by the Representative, in each case as set forth in the table on the cover page of the Final Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Representative and the parties' relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Representative agree that it would not be just and equitable if contributions pursuant to this subsection (d) were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the first sentence of this subsection (d). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim that is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount of the of the underwriting discount applicable to the Shares to be purchased by the Representative hereunder actually received by the Representative. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Representative's respective obligations to contribute as provided in this Section 7 are several in proportion to their respective underwriting commitments and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Company under this Section 7 shall be in addition to any liability that the Company may otherwise have and the benefits of such obligations shall extend, upon the same terms and conditions, to each person, if any, who controls the Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; and the obligations of the Underwriters under this Section 7 shall be in addition to any liability that the Underwriters may otherwise have and the benefits of such obligations shall extend, upon the same terms and conditions, to the Company, its officers, directors and each person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this Agreement, the Representative confirms, and the Company acknowledges, that there is no information concerning the Underwriters furnished in writing to the Company by the Underwriters specifically for preparation of or inclusion in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, or the Final Prospectus, other than the statement set forth in the last paragraph on the cover page of the Prospectus, the marketing and legal names of the Underwriters, and the statements set forth in the "Underwriting" section of the Registration Statement, the Time of Sale Disclosure Package, and the Final Prospectus only insofar as such statements relate to the number of Shares to be purchased by each Underwriter, amount of selling concession and re-allowance, if any, or to over-allotment, stabilization and related activities that may be undertaken by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. ***Representations and Agreements to Survive Delivery***. All representations, warranties, and agreements of the Company contained herein or in certificates delivered pursuant hereto, including, but not limited to, the agreements of the several Underwriters and the Company contained in Section 5(a)(viii) and Section 7 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling person thereof, or the Company, any of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. ***Termination of this Agreement***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Representative shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time at or prior to the Closing Date if: (i) trading generally shall have been suspended or materially limited on or by the New York Stock Exchange, NYSE American or the Nasdaq Stock Market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended or materially limited on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by any governmental authority of the United States of America or of the State of New York; (iv) there shall have occurred any outbreak or escalation of national or international hostilities, or any crisis or calamity, or any change in national or international financial markets, or any change or development in national or international political, financial or economic conditions that, in each case, in the judgment of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the Offering, or the sale or delivery of the Shares on the Closing Date on the terms and in the manner contemplated by this Agreement, the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus; or (v) in the reasonable judgment of the Representative, there has been, since the time of execution of this Agreement, or since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, any material adverse effect on the assets, properties, condition, financial or otherwise, or in the results of operations, business affairs or business prospects of the Company, whether or not arising in the ordinary course of business. Any such termination shall be without liability of any party to any other party except that the provisions of Section 5(a)(viii) and Section 7 hereof shall at all times be effective and shall survive such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Representative elects to terminate this Agreement as provided in this Section, the Company shall be notified promptly by the Representative by telephone, confirmed by letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. ***Notices***. Except as otherwise provided herein, all communications hereunder shall be in writing shall be mailed, delivered or sent via electronic mail to the parties as follows:

if to the Representative:

Bancroft Capital, LLC

501 Office Center Drive, Suite 130

Fort Washington, PA 19034

Attention: Jason Diamond

jdiamond@bancroft4vets.com

*with copies (which shall not constitute notice) to*:

TroyGould PC

1801 Century Park East

16<sup>th</sup> Floor

Los Angeles, CA 90067

Attention: David Ficksman, Esq.

dficksman@troygould.com

if to the Company:

AsiaFIN Holdings Corp.

Suite 30.02, 30<sup>th</sup> Floor, Menara KH (Promet)

50250 Kuala Lumpur

Malaysia

Attention: Kai Cheong Wong

kcwong@asiafingroup.com

*with copies (which shall not constitute notice) to*:

Lucosky Brookman LLP

101 Wood Avenue South, 5<sup>th</sup> Floor

Woodbridge, NJ 08830

Attention: Lawrence Metelitsa, Esq.

lmetelitsa@lucbro.com

or in each case to such other address as the person to be notified may have requested in writing. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. ***Persons Entitled to Benefit of Agreement***. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 7. Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The term "successors and assigns" as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the Underwriters. Neither party may assign its rights or delegate its obligations under this Agreement without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. ***Absence of Fiduciary Relationship***. The Company acknowledges and agrees that: (a) the Underwriters have been retained solely to act as underwriters in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and the Underwriters has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriters have advised or are advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement were established by the Company following discussions and arm's-length negotiations with the Underwriters and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c) it has been advised that the Underwriters and its affiliates are engaged in a broad range of transactions that may involve interests that differ from those of the Company and that no Underwriter has any obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and (d) it has been advised that the Underwriters are acting, in respect of the transactions contemplated by this Agreement, solely for the benefit of the Underwriters, and not on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. ***Amendments and Waivers***. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. The failure of a party to exercise any right or remedy shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall any such waiver be deemed or constitute a continuing waiver unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. ***Partial Unenforceability***. The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. ***Governing Law***. This Agreement shall be governed by and construed in accordance with the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. ***Submission to Jurisdiction***. The Company irrevocably (a) submits to the jurisdiction of the Supreme Court of the State of New York, or the United States District Court for the Southern District of New York, in each case sitting in the City and County of New York, for the purpose of any suit, action, or other proceeding arising out of this Agreement, or any of the agreements or transactions contemplated by this Agreement, the Registration Statement, the Time of Sale Disclosure Package, any Prospectus and the Final Prospectus (each a "<u>Proceeding</u>"), (b) agrees that all claims in respect of any Proceeding may be heard and determined in any such court, (c) waives, to the fullest extent permitted by law, any immunity from jurisdiction of any such court or from any legal process therein, (d) agrees not to commence any Proceeding other than in such courts, and (e) waives, to the fullest extent permitted by law, any claim that such Proceeding is brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. ***WAIVER OF JURY TRIAL***. THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT, THE TIME OF SALE DISCLOSURE PACKAGE, ANY PROSPECTUS AND THE FINAL PROSPECTUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. ***Counterparts.*** This Agreement may be executed and delivered (including by facsimile transmission or electronic mail) in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.

[*Signature Page Follows*]

Please sign and return to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the Company and the Underwriters in accordance with its terms.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ASIAFIN HOLDINGS, CORP.** | **ASIAFIN HOLDINGS, CORP.** |
| By: |  |
| Name: | Kai Cheong Wong |
| Title: | Chief Executive Officer |

---

Confirmed as of the date first written above mentioned,

on behalf of itself and as Representative of the several Underwriters

named on <u>Schedule 1</u> hereto:

---

| | |
|:---|:---|
| **BANCROFT CAPITAL, LLC** | **BANCROFT CAPITAL, LLC** |
| By: |  |
| Name: | Jason Diamond |
| Title: | Head of Investment Banking |

---

**SCHEDULE I**

<u>Name</u> <u>Number of Shares to be Purchased</u> <u>Number of Option Shares to be Purchased of the Over-Allotment is Exercised</u> <br> Bancroft Capital, LLC [●] <u>[●]</u> <br>

**SCHEDULE II**

**Final Term Sheet**

---

| | |
|:---|:---|
| Issuer: | AsiaFIN Holdings, Corp. (the "Company") |
| Symbol: | ASFH |
| Common Stock: | [●] shares of common stock, par value $0.0001 per share, of the Company |
| Initial public offering price: | $[●] per share of Common Stock |
| Underwriting discount: | $[●] per share of Common Stock |
| Expected net proceeds: | Approximately $[●] million (after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company). |
| Trade date: | [●], 2025 |
| Settlement date: | [●], 2025 |
| Underwriter: | Bancroft Capital, LLC |

---

**SCHEDULE III**

**<u>Written Testing-the-Waters Communications</u>**

None.

**SCHEDULE IV**

**<u>List of Lock-Up Parties</u>**

**EXHIBIT A**

**Form of Lock-Up Agreement**

______________, 202[●]

Bancroft Capital, LLC

501 Office Center Drive, Suite 130

Fort Washington, PA 19034

Ladies and Gentlemen:

The undersigned understands that you, as the representative (the "<u>Representative</u>") of the several underwriters named therein, propose to enter into an Underwriting Agreement (the "<u>Underwriting Agreement</u>") with AsiaFIN Holdings, Corp., a Nevada corporation (the "<u>Company</u>"), relating to a proposed initial public offering (the "<u>Offering</u>") of shares of the common stock, par value $0.0001 per share (the "<u>Common Stock</u>"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Underwriting Agreement.

In consideration of the foregoing, and in order to induce you to participate in the Offering, and for other good and valuable consideration the receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of the Representative (which consent may be withheld in its sole discretion), the undersigned will not, subject to the provisions contained herein, during the period (the "<u>Lock-Up Period</u>") beginning on the date hereof and ending on the date 180 days after the date of the final prospectus relating to the Offering (the "<u>Final Prospectus</u>"), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock (including without limitation, shares of Common Stock which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant), (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the shares of, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of shares of Common Stock or such other securities, in cash or otherwise, (3) make any demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for shares of Common Stock, or (4) publicly announce an intention to effect any transaction specific in clause (1), (2) or (3) above.

The foregoing paragraph shall not be deemed to restrict or prohibit the undersigned from establishing a trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), for the sale or transfer of Common Stock, provided that such plan does not provide for any sales, transfers or other dispositions of Common Stock during the Lock-Up Period, and provided, further, that no filing by any party under the Exchange Act or other public announcement shall be required or shall be made voluntarily in connection therewith during the Lock-Up Period.

Notwithstanding the foregoing, the restrictions set forth above shall not apply to (a) transfers (i) as a bona fide gift or gifts or charitable contribution, or for bona fide estate planning purposes, (ii) to any immediate family member or other dependent of the undersigned, or (iii) to any trust for the direct or indirect benefit of the undersigned or one or more members of the immediate family of the undersigned, (b) dispositions by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or one or more members of the immediate family of the undersigned, (c) distributions to partners, members, or direct or indirect shareholders or any other direct or indirect equity owner of the undersigned (including, without limitation, to any entity or entities that directly or indirectly control, or are under common control with, the undersigned), (d) dispositions to any corporation, partnership, limited liability company, trust or other entity in which the undersigned and/or any member of the immediate family of the undersigned directly or indirectly owns a beneficial ownership interest, or dispositions to any corporation, partnership, limited liability company, trust or other entity which manages, or that is controlled or managed by or is under common control or management with, the undersigned (including, without limitation, to any investment company or entity that manages, or that is controlled or managed by or is under common control or management with, the undersigned), (e) transfers or dispositions by operation of law, including pursuant to an order of a court or government agency (including a qualified domestic order) or regulatory agency, (f) the exercise of any option or warrant (including pursuant to any equity incentive plan of the Company), or conversion of any convertible note (but not the sale of any Common Stock received on the exercise or conversion thereof) and transfers of Common Stock or other Company securities subject to this Agreement to the Company in full or partial payment of the exercise price for options or warrants to purchase shares of the Common Stock, or to the Company for full or partial payment of taxes required to be paid upon the exercise of options or warrants to purchase shares of the Common Stock, or upon the vesting of restricted shares or restricted stock units, (g) transfers of Common Stock or other Company securities subject to this Agreement pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of Common Stock involving a "change of control" (as defined below) of the Company occurring after the consummation of the Offering; provided that in the event that the tender offer, merger, consolidation or other such transaction is not completed, the undersigned's shares of the Common Stock shall remain subject to the terms of this Agreement; provided, however, that in the case of a transfer pursuant to clauses (a), (c), or (d) above it shall be a condition to the transfer that the transfer not involve a disposition for value; provided, further, that in the case of a transfer pursuant to clauses (a), (b) (c) or (d) above, it shall be a condition to the transfer that the transferee execute an agreement stating that the transferee is receiving and holding the securities subject to the provisions of this Agreement (and in the case of a transfer pursuant to clause (e), the undersigned shall use its reasonable efforts to have the transferee execute an agreement stating that the transferee is receiving and holding the securities pursuant to the provisions of this Agreement); provided, further, that in the case of a transfer pursuant to clauses (c) and (d) above, no filing under Section 16(a) of the Exchange Act, reporting such transfer shall be required or shall be voluntarily made during the Lock-Up Period (other than any required Form 5 filing after the end of the calendar year in which such transaction occurs); provided, further, that (i) if the undersigned is required to file a report under Section 16(a) of the Exchange Act reporting a reduction in the beneficial ownership of shares of Common Stock (or any securities convertible into or exercisable or exchangeable for Common Stock) by the undersigned during the Lock-Up Period (and which transfer is otherwise permitted pursuant to this paragraph), the undersigned shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described above and that such shares of Common Stock remain subject to the restrictions set forth herein. For purposes of this Agreement, "immediate family" means any relationship by blood, marriage, domestic partnership or adoption, not more remote than first cousin and "change of control" means any *bona fide* third party tender offer, merger, consolidation or other similar transaction the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than the Company, would become the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of 50% or more of total voting power of the voting stock of the Company (or the surviving entity).

The foregoing restrictions are expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed to or reasonably expected to lead to or result in a sale or disposition of shares of Common Stock even if such securities would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put option or put equivalent position or call option or call equivalent position) with respect to any of the shares of Common Stock or with respect to any security that includes, relates to, or derives any significant part of its value from such shares.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar or depositary against the transfer of the undersigned's shares of Common Stock except in compliance with the foregoing restrictions.

If the undersigned is an officer or director of the Company, (i) the Representative agrees that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Common Shares, the Representative will notify the Company of the impending release or waiver, and (ii) the Company will agree in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this letter to the extent and for the duration that such terms remain in effect at the time of the transfer.

In the event that, during the Lock-Up Period, the Representative releases or waives any prohibition set forth in this Agreement (or in any similar agreement) on the transfer of Common Stock or other Company securities held by any securityholder of the Company owning, directly or indirectly, more than 1% of the shares of Common Stock issued and outstanding immediately prior to the Offering, an amount of Common Stock and other Company securities subject to this agreement representing the same percentage of the total number of outstanding Common Stock and other Company securities subject to this agreement and held by the undersigned as the percentage of the total number of outstanding Common Stock and other Company securities held by such other person or entity that are the subject of such release or waiver shall be immediately and fully released on the same terms from the applicable prohibitions set forth herein. The Representative shall promptly notify the Company and the undersigned of any such release.

The undersigned understands that, if the Underwriting Agreement does not become effective, if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the securities to be sold thereunder, or if the Registration Statement filed with the SEC in connection with the offering is withdrawn, the undersigned shall be released from all obligations under this Agreement.

This Agreement shall be governed by and construed in accordance with the law of the State of New York. The undersigned irrevocably (i) submits to the jurisdiction of the Supreme Court of the State of New York, and the United States District Court for the Southern District of New York, in each case sitting in the City and County of New York, for the purpose of any suit, action, or other proceeding arising out of this Agreement (each a "<u>Proceeding</u>"), (ii) agrees that all claims in respect of any Proceeding may be heard and determined in any such court, (iii) waives, to the fullest extent permitted by law, any immunity from jurisdiction of any such court or from any legal process therein, (iv) agrees not to commence any Proceeding other than in such courts, and (v) waives, to the fullest extent permitted by law, any claim that such Proceeding is brought in an inconvenient forum.

Very truly yours, <br>   <br> Name:

**EXHIBIT B**

**Form of Press Release**

AsiaFIN Holdings, Corp.

[Date]

AsiaFIN Holdings, Corp., a Nevada corporation (the "Company") announced today that Bancroft Capital, LLC the [Representative] in the Company's recent public sale of shares of common stock are [waiving][releasing] a lock-up restriction with respect to shares of the Company's common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release] will take effect on , 202[●], and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.**

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

![](ex4-1_002.jpg)

## Exhibit 14.1

**Exhibit 14.1**

**CODE OF ETHICS**

**OF**

**ASIAFIN HOLDINGS CORP.**

**1. Introduction**

The Board of Directors of AsiaFIN Holdings Corp. (the "Company") has adopted this code of ethics (the "Code"), which is applicable to all directors, officers and employees of the Company, with the intent to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "SEC"), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Company's Board of Directors. In this Code, references to the "Company" include, in appropriate context, the Company's subsidiaries, if any.

**2. Honest, Ethical and Fair Conduct**

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair and candid. Deceit, dishonesty and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must:

● Act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests.

● Observe all applicable governmental laws, rules and regulations.

● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

● Deal fairly with the Company's customers, suppliers, competitors and employees.

● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair-dealing practice.

● Protect the assets of the Company and ensure their proper use.

● Refrain from taking for themselves personally opportunities that are discovered through the use of corporate assets and refrain from using corporate assets, information, or position for general personal gain outside the scope of employment with the Company.

● Avoid conflicts of interest, wherever possible, except under guidelines or resolutions approved by the Board of Directors (or the appropriate committee of the Board of Directors). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:

○ any significant ownership interest in any supplier or customer;

○ any consulting or employment relationship with any customer, supplier, or competitor;

○ any outside business activity that detracts from an individual's ability to devote appropriate time and attention to his or her responsibilities with the Company;

○ the receipt of any money, non-nominal gifts or excessive entertainment from any company with which the Company has current or prospective business dealings;

○ being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

○ selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell; and

○ any other circumstance, event, relationship or situation in which the personal interest of a person subject to this Code interferes, or even appears to interfere, with the interests of the Company as a whole.

**3. Disclosure**

The Company strives to ensure that the contents of and the disclosures in public communications and in the reports and documents that the Company files with the SEC shall be full, fair, accurate, timely and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations and other governmental officials, as appropriate; and

● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer (or Principal Financial Officer) of the Company and each subsidiary of the Company (or persons performing similar functions), if any, and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairman of the Audit Committee of the Company's Board of Directors ,any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**4. Compliance**

It is the Company's obligation and policy to comply with all applicable governmental laws, rules and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting and auditing matters.

**5. Reporting and Accountability**

The Audit Committee of the Company is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairman of the Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

● Notify the Chairman promptly of any existing or potential violation of this Code.

● Not retaliate against any other person for reports of potential violations that are made in good faith.

● The Company will follow the following procedures in investigating and enforcing this Code and in reporting on the Code:

○ The Audit Committee will take all appropriate action to investigate any breaches reported to it.

○ If the Audit Committee determines by majority decision that a breach has occurred, it will inform the Board of Directors.

○ Upon being notified that a breach has occurred, the Board of Directors by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion suspension, threat, harassment or, in any manner, discrimination against such person in terms and conditions of employment.

**6. Waivers and Amendments**

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 10-K or in a Current Report on Form 8-K filed with the SEC.

A "waiver" means the approval by the Company's Board of Directors of a material departure from a provision of the Code. An "implicit waiver" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of the Company. An "amendment" means any amendment to this Code other than minor technical, administrative or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**7. Other Policies and Procedures**

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**8. Inquiries**

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary.

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

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

We hereby consent to the incorporation of our report dated March 25, 2025 in the Registration Statement on Form S-1, under the Securities Act of 1933 with respect to the consolidated balance sheets of AsiaFIN Holdings Corp. and its subsidiaries (collectively the "Company") as of December 31, 2024 and 2023 and the related consolidated statements of operations and comprehensive loss, consolidated statement of stockholders' equity, and consolidated statement of cash flows for the year ended December 31, 2024 and 2023, and the related notes included herein.

We also consent to the reference to us under the heading "Experts" in such Registration Statements.

**/s/ JP Centurion & Partners PLT**

JP Centurion & Partners PLT (PCAOB: 6723)

Kuala Lumpur, Malaysia

November 24, 2025

## Exhibit 99.1

**Exhibit** **99.1**

**<u>Asiafin Holdings Corp.</u>**

**Charter of the Audit Committee of the Board of Directors**

**I.** **Audit Committee Purpose** 

The purpose of the Audit Committee (the "**Committee**") of the Board of Directors (the "**Board**") of AsiaFIN Holdings Corp. (the "**Company**") is to oversee the governance over the processes of accounting and financial reporting of the Company and the audits and financial statements of the Company. The Committee's primary duties and responsibilities are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Monitor
 the integrity of the Company's financial reporting process and systems of internal
 controls regarding finance, accounting and legal compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Monitor
 the independence and performance of the Company's independent auditors and the Company's
 accounting personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide
 an avenue of communication among the independent auditors, management, the Company's
 accounting personnel, and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Appoint
 and provide oversight for the independent auditors engaged to perform the audit of the financial
 statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Discuss
 the scope of the independent auditors' examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Review
 the financial statements and the independent auditors' report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Review
 areas of potential significant financial risk to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Monitor
 compliance with legal and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Solicit
 recommendations from the independent auditors regarding internal controls and other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Make
 recommendations to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Resolve
 any disagreements between management and the auditors regarding financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Prepare
 the report required by Item 407(d) of Regulation S-K, as required by the rules of the Securities
 and Exchange Commission (the "**SEC** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Perform
 other related tasks as requested by the Board.

The committee has the authority to conduct any investigation appropriate to fulfilling its responsibilities, and it has direct access to the independent auditors as well as anyone in the organization. The Committee has the ability to retain, at the Company's expense, special legal, accounting, or other consultants or experts it deems necessary in the performance of its duties.

**II.** **Audit** **Committee Composition and Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Committee shall be compromised of three or more directors as determined by the Board. Each
 member must be independent of the management of the Company and are free of any relationship
 that, in the opinion of the Board, would interfere with their exercise of independent judgment
 as a Committee member. Further, each member of the Committee shall meet the independence
 and experience requirements of the listing rules of any securities exchange or association
 in which the Company's securities are traded and the rules and regulations of the SEC,
 including Rule 10A-3. All members of the Committee shall have a basic understanding of finance
 and accounting and be able to read and understand fundamental financial statements, including
 a company's balance sheet, income statement, and cash flow statement. At least one
 member of the Committee must have past employment experience in finance or accounting, professional
 certification in accounting, or any other comparable experience or background that results
 in the member's financial sophistication, including being or having been a Chief Executive
 Officer ()"**CEO**") or Chief Financial Officer ()"**CFO** ")
 or other senior officer with financial oversight responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Committee
 members shall be appointed by the Board after due consideration of recommendations of the
 Nominating Committee, and the Board may designate a Chair of the Committee. If an Audit Committee
 Chair is not designated or present, the members of the Committee may designate a Chair by
 majority vote of the Committee membership. The Board may, at any time and at its complete
 discretion, replace a Committee member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Committee
 members shall meet (either in person or telephonically) at least four times each fiscal year
 and more often if the Committee, at its discretion, deems this desirable. The Committee shall
 meet, at its discretion, with management, the Company's principal accounting officer,
 the independent auditors, and as a committee to discuss any matters that the Committee or
 each of these groups believes should be discussed. The Committee may request any officer
 or employee of the Company or the Company's outside counsel or independent auditors
 to attend a meeting of the Committee or to meet with any members of, or consultants to, the
 Committee.

**III.** **Audit Committee Responsibilities and Duties** 

**<u>Review Procedures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Review
 the Company's annual audited financial statements prior to distribution. Review should
 include discussion with management and independent auditors of significant issues regarding
 accounting principles, practices, and judgments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 consultation with the management, the independent auditors, and the Company's principal
 accounting officer, consider the integrity of the Company's financial reporting processes
 and controls, including any major issues as to the adequacy of the Company's internal
 controls, and any special steps adopted in light of any identified material control deficiencies.
 Discuss significant financial risk exposures and the steps management has taken to monitor,
 control, and report such exposures. Review significant findings prepared by the independent
 auditors and the Company's principal accounting officer together with management's
 responses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Committee shall review with the management and the independent auditors any correspondence
 with regulators and any published reports that raise material issues regarding the Company's
 accounting policies.

**<u>Independent Auditors</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Committee shall have the sole authority to appoint or replace the independent auditor. The
 Committee shall be directly responsible for the compensation and oversight of the work of
 the independent auditor (including resolutions of disagreements between management and the
 independent auditor regarding final reporting) for the purpose of preparing or issuing an
 audit report or related work. The independent auditor shall report directly to the Committee.
 The Committee shall approve in advance the provision by the independent auditors of all services
 to the Company whether or not related to the audit. However, neither the Committee nor any
 person with authority delegated from the Committee may approve an auditor providing the services
 that are described in Section 10A(g) of the Securities Exchange Act of 1934 (the "**Exchange Act**") as "prohibited activities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Committee shall obtain, review and discuss reports from the independent auditor regarding
 (1) all critical accounting policies and practices to be used; (2) all alternative treatments
 of financial information within generally accepted accounting principles that have been discussed
 with management officials of the Company, ramifications of the use of these alternative disclosures
 and treatments, and the treatment preferred by the independent auditor and the reasons for
 favoring that treatment; and (3) other material written communications between the independent
 auditor and Company management, such as any management letter or schedule of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Committee shall assure the regular rotation of the lead audit partner as required by Section
 10A(j) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Committee shall assure that hiring policies for employees or former employees of the independent
 auditor are consistent with Section 10A(l) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 Committee shall discuss with the independent auditor and then disclose the matters required
 to be discussed and disclosed by applicable accounting and auditing guidance, including any
 difficulties the independent auditor encountered in the course of the audit work, any restrictions
 on the scope of the independent auditor's activities or on access to requested information,
 and any significant disagreements with management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 Committee shall ascertain annually from the independent auditor whether the Company has issues
 under Section 10A(b) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The
 Committee shall determine the independence of the auditors and receive from the independent
 auditors a formal written statement delineating all relationships between the auditor and
 the company (consistent with PCAOB Independence Standards Board Standard 1 or any other applicable
 standards), and thereafter actively engaging in a dialogue with the auditor with respect
 to any disclosed relationships or services that may impact the objectivity and independence
 of the auditor and for taking, or recommending that the full Board take, appropriate action
 to oversee the independence of the outside auditor.

**<u>Accounting Department and Legal Compliance</u>**

The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Review
 the personnel activities and qualifications of the Company's accounting personnel,
 as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Review
 the appointment and performance of the principal accounting officer, and review financial
 and accounting personnel succession planning with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Review
 significant reports prepared by the Company's principal accounting officer together
 with management's response and follow-up to these reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. On
 at least an annual basis, review with the Company's counsel any legal matters that
 could have a significant impact on the Company's financial statements, the Company's
 compliance with applicable laws and regulations, and inquiries received from regulators or
 governmental agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Establish
 procedures for the receipt, retention and treatment of complaints received by the Company
 regarding accounting, internal accounting controls or auditing matters and the confidential,
 anonymous submission by employees of the Company of concerns regarding questionable accounting
 or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 Committee shall review the CEO and CFO's disclosure and certifications under Sections
 302 and 906 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Conduct
 an appropriate review of and approve all related party transactions on an ongoing basis and
 the Committee shall review potential conflict of interest situations where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Conduct
 an annual risk review with respect to the matters within the role and the responsibilities
 of the Committee.

The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report
 regularly to the Board on its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintain
 minutes of its meetings and records relating to those meetings and the Committee's
 activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Have
 authority to obtain, at the expense of the Company, advice and assistance from internal or
 external legal, consulting or other advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Form
 and delegate authority to subcommittees of one or more Committee members when desired and
 appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review
 and reassess the adequacy of this Charter annually and recommend to the Board any proposed
 changes to this Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Periodically
 review the Committee's own performance.

**<u>General</u>**

In performing their responsibilities, Committee members are entitled to rely in good faith on information, opinions, reports or statements prepared or presented by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) One
 of more officers or employees of the Company whom the Committee member reasonably believes
 to be reliable and competent in the matters presented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Counsel,
 independent auditors, or other persons as to matters which the Committee member reasonably
 believes to be within the professional or expert competence of such person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 committees of the Board as to matters within their respective designated authority which
 the Committee member reasonably believes to merit confidence.

The Committee has the powers and responsibilities delineated in this Charter. It is not, however, the Committee's responsibility to prepare and certify the Company's financial statements, to guarantee the independent auditor's report, or to guarantee other disclosures by the Company. These are fundamental responsibilities of management and the independent auditor. Committee members are not full-time Company employees and are not performing the functions of auditors or accountants.

## Exhibit 99.2

**Exhibit** **99.2**

**<u>ASIAFIN Holdings Corp.</u>**

**Charter of the Compensation Committee of the Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Authority and Composition** 

The Compensation Committee (the "**Committee**") of the Board of Directors (the "**Board**") of AsiaFIN Holdings Corp. (the "**Company**") is established pursuant to Section 6 of Article III of the Bylaws of the Company. Committee members are appointed annually by the Board on the recommendation of the Nominating and Corporate Governance Committee, and may be replaced by the Board. The Committee must consist of at least two directors, each of whom shall meet the independence requirements of the NYSE American Corporate Governance Rules (subject to any applicable transition periods or exceptions permitted under NYSE American requirements) and the standards of independence prescribed by NYSE American and/or for purposes of any federal securities, tax or other laws relating to the Committee's duties and responsibilities, including Section 162(m) of the Internal Revenue Code. Without limiting the foregoing, to be considered as independent, the Board will consider all relevant factors, including (a) the source of compensation of the director, including any consulting, advisory or other compensatory fee paid by, or on behalf of, the Company, and (b) whether the director is affiliated with the Company, any subsidiary of the Company or any affiliate of a subsidiary of the Company.

The Board shall appoint a Chairman of the Committee upon the recommendation of the Nominating and Corporate Governance Committee. The Committee may also appoint a Secretary, who need not be a director.

This Charter may be amended only by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Committee** 

The primary purposes of the Committee are to: (i) develop recommendations for the Board with respect to the compensation of the Company's Chief Executive Officer (the "**CEO**") and non-employee directors; (ii) discharge the responsibilities of the Board relating to the approval of the compensation of the Company's executive officers, other than the CEO; (iii) make determinations with respect to the compensation programs and policies of the Company; (iv) review and discuss with the Company's management, the Compensation Discussion and Analysis (the "**CD&A**") and other Committee or executive compensation disclosures to be included in the Company's annual proxy statement and/or annual report on Form 10-K, and determine whether to recommend to the Board of Directors that the CD&A be included in the proxy statement and/or annual report on Form 10-K; and (v) provide the Compensation Committee Report for inclusion in the Company's annual proxy statement and/or annual report on Form 10-K that complies with the rules and regulations of the Securities and Exchange Commission (the "**SEC**").

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Duties and Responsibilities of the Committee** 

The following activities are set forth as a guide with the understanding that the Committee may diverge from this guide as it considers appropriate, subject to compliance with applicable NYSE American, securities, tax and other legal and self-regulatory requirements. Although the Board may consider other duties from time to time, the Committee, to the extent it deems necessary or appropriate, will have the following responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Committee shall annually review goals and objectives relevant to the CEO's compensation,
 evaluate the CEO's performance in light of those goals and objectives, determine the
 CEO's cash and equity-based compensation based on this evaluation, and recommend such
 goals, objectives and compensation to the Board for its approval. In determining any incentive
 component of the CEO's compensation, the Committee will consider appropriate factors,
 which may include the Company's performance and relative shareholder return, the achievement
 of the CEO's performance milestones, the value of similar incentive grants or awards
 to chief executive officers at comparable companies, and the grants or awards given to the
 CEO in past years. The CEO may not be present for such discussions and determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Committee shall annually review and approve the compensation of the Company's "executive
 officers," (as that term is defined in the regulations promulgated by the SEC and the
 NYSE American Rules) other than the CEO. In making such compensation decisions, the Committee
 will take into account peer group practices and other appropriate factors, such as corporate
 and individual performance and historical compensation practices for such officers. The Committee
 will solicit the recommendations of the CEO in connection with the foregoing. The Committee
 will also provide general oversight of the Company's compensation and benefits plans,
 policies and programs that pertain to employees other than executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Committee shall annually review and recommend to the Board for its approval, the fees and
 equity compensation paid to the Company's non-employee directors, based on appropriate
 factors as determined by the Committee. Such review and recommendations shall ensure that
 no agreements or arrangements for providing professional or consulting services to the Company
 or an affiliate or an individual officer of the Company or one of their affiliates are made
 with any director, immediate family members of a director or persons (including entities)
 with an existing business or personal relationship with any director, without a full review
 and evaluation of potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Committee shall have the sole authority to retain and terminate any compensation consultant
 to be used by the Committee or the Company to assist in the evaluation of the compensation
 of non-employee directors, the CEO or the other executive officers, shall have sole authority
 to approve such compensation consultant's fees and other retention terms, and shall
 have sole authority to oversee the work of such compensation consultant. In determining whether
 to engage a compensation consultant, the Committee shall consider the independence factors
 set forth in the NYSE American Corporate Governance Rules. Management will advise the Committee
 of any compensation consultant to be retained with respect to other compensation matters
 in advance of such retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 Committee shall periodically review and make recommendations to the Board with respect to
 incentive-compensation programs and equity-based plans, and shall periodically review and
 make recommendations to the Board with respect to the adoption of or material changes in
 material employee benefit, bonus, severance and other compensation plans of the Company.
 As appropriate in connection with this process, the Committee shall seek appropriate input
 from internal or external advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 Committee shall determine the need for and the appropriateness of employment agreements and
 change in control agreements for each of the Company's executive officers and any other
 officers recommended by the CEO or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The
 Committee shall determine and approve the options and other equity-based compensation to
 be granted to executive officers, other than the CEO; and shall recommend to the Board for
 approval options and other equity-based compensation to be granted to the CEO and non-employee
 directors. The Committee shall, in conjunction with the CEO, determine the issuance of options
 and other equity-based compensation under the Company's incentive compensation and
 other stock-based plans to all other officers and employees of the Company. The Committee
 may delegate the determination with respect to persons other than officers to the CEO but
 will approve the aggregate amount granted to all employees and all new hire grants. Any equity
 awards to the CEO shall be determined by the Committee and recommended to the Board for its
 review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The
 Committee shall perform such duties and responsibilities as may be assigned to the Committee
 by the Board and/or under the terms of any compensation plan of the Company.

The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report
 regularly to the Board on its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintain
 minutes of its meetings and records relating to those meetings and the Committee's
 activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Have
 authority to obtain, at the expense of the Company, advice and assistance from internal or
 external legal, consulting or other advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Form
 and delegate authority to subcommittees of one or more Committee members when desired and
 appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review
 and reassess the adequacy of this Charter annually and recommend to the Board any proposed
 changes to this Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Periodically
 review the Committee's own performance.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **General** 

In performing their responsibilities, Committee members are entitled to rely in good faith on information, opinions, reports or statements prepared or presented by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) One
 or more officers or employees of the Company whom the Committee member reasonably believes
 to be reliable and competent in the matters presented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Counsel,
 independent auditors, or other persons as to matters which the Committee member reasonably
 believes to be within the professional or expert competence of such person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 committees of the Board as to matters within their respective designated authority which
 committee the Committee member reasonably believes to merit confidence.

## Exhibit 99.3

**Exhibit** **99.3**

**<u>Asiafin Holdings Corp.</u>**

**Charter of the Nominating and Corporate Governance Committee of the Board of Directors**

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of AsiaFIN Holdings Corp. (the "**Company**") shall be as set forth in this charter (the "**Charter**"). The Committee has been delegated authority by the Board to: (1) identify qualified individuals to become Board members; (2) determine the composition of the Board and its committees; (3) monitor the self-assessment practices of the Board and its committees; and (4) develop and implement the Company's corporate governance guidelines.

*Authority and Responsibilities*

 

In furtherance of these purposes, the Committee has the following authority and responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;1. To
 oversee the administration of the Company's Code of Ethics and related policies.

&nbsp;&nbsp;&nbsp;&nbsp;2. To
 lead the search for individuals qualified to become members of the Board and to select director
 nominees to be presented for election by the shareholders at each annual meeting. The Committee
 shall select individuals as director nominees who shall have the highest personal and professional
 integrity, who have demonstrated exceptional ability and judgment and who shall be most effective,
 in conjunction with the other nominees to the Board, in collectively serving the long-term
 interests of the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;3. To
 ensure, in cooperation with the Compensation Committee, that no agreements or arrangements
 are made with directors or relatives of directors for providing professional or consulting
 services to the Company or an affiliate or an individual officer of the Company or one of
 their affiliated, without appropriate review and evaluation for conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;4. To
 ensure that Board members do not serve on more than three other for-profit public company
 boards that have a class of securities registered under the Securities Exchange Act of 1934
 in addition to the Company's board. Newly appointed or elected directors shall have
 a grace period of nine (9) months to gain compliance with this condition.

&nbsp;&nbsp;&nbsp;&nbsp;5. To
 review the Board's committee structure and to recommend to the Board for its approval,
 directors to serve as members of each committee as well as recommendations for committee
 chairs. The Committee shall review and recommend committee positions, including chairs of
 such committees, annually and shall recommend additional committee members to fill vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;6. To
 review recommendations received from shareholders for persons to be considered for nomination
 to the board of directors, and to designate a member of the Committee to receive such communications
 directly from shareholders, and to publish the name and contact information of such person
 in the Company's proxy statement for each of its annual meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;7. To
 monitor compliance with the Company's corporate governance guidelines. The Committee
 shall review the guidelines at least annually, and recommend changes as necessary to the
 Board.

&nbsp;&nbsp;&nbsp;&nbsp;8. To
 develop and implement an annual self-evaluation of the Board, both individually and as a
 Board, and of its committees. The Committee shall oversee the annual self-evaluations, with
 a focus on the effectiveness of the directors, Board, and committees as representative of
 the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;9. To
 review and recommend changes to procedures whereby shareholders may communicate with the
 Board.

&nbsp;&nbsp;&nbsp;&nbsp;10. To
 assess the independence of directors annually and report to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;11. To
 recommend to the Board for its approval, the leadership structure of the Board, including
 whether the Board should have an executive or non-executive Chair, whether the roles of Chair
 and CEO should combine, and whether a Lead Director of the Board should be appointed.

*Actions and Recommendations*

In carrying out its responsibilities under its charter, the Committee is required to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Establish
 criteria for selection of potential directors, taking into consideration the following desired
 attributes: leadership, independence; interpersonal skills; financial acumen; business experiences;
 industry knowledge; diversity of viewpoints, and any other experiences as the Committee deems
 important to the effectiveness of the Board. The Committee will periodically assess the criteria
 to ensure it is consistent with the best practices and the goals of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Identify
 individuals who satisfy the criteria for selection to the Board and make recommendations
 to the Board on new candidates for Board membership.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Receive
 and evaluate nominations for Board membership which are recommended by existing directors,
 officers, or shareholders in accordance with procedures established by the Committee in accordance
 with the Company's corporate governance guidelines and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Oversee
 the process for conducting background checks on new candidates for Board membership, including
 the process of validating candidate credentials.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Review
 any potential conflicts of interest for Board members in the event of a particular member's
 change of employment and recommend to the Board the Committee's belief as to whether
 that director should continue his or her board service or resign from the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Establish
 criteria for the evaluation of existing directors and the reelection or removal of directors
 based on the needs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Monitor
 the requirement that Board members shall not serve on more than three other for-profit public
 company boards in addition to the Company's Board. Determinations regarding the definition
 of "for-profit public company board" shall be made by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Review
 the qualifications, performance and independence of existing Board members and make recommendations
 to the Board whether they should stand for reelection.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Recommend
 to the Board the removal of a director where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Recommend
 to the Board a slate of nominees for the next annual meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Oversee
 the orientation process for new directors.

*Shareholder Recommendations*

 

The Committee will consider all recommendations for nominations to the Board from any person (or group) who has (or collectively if a group have) held more than 3% of the Company's voting securities for longer than one year. Shareholders desiring to submit recommendations to the Committee should submit information regarding such recommendation in writing or by electronic mail to the person designated in the proxy statement circulated in advance of each annual meeting of shareholders. Each proxy statement shall set forth the information to be provided either directly in the proxy statement or by reference to the Company's website. When the required information has been received, the Committee will evaluate the proposed nominee based on the criteria described above, with the principal criteria being the needs of the Company and the qualifications of such proposed nominee to fulfill those needs.

The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Report
 regularly to the Board on its activities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintain
 minutes of its meetings and records relating to those meetings and the Committee's
 activities;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Have
 authority to obtain, at the expense of the Company, advice and assistance from search firms
 and internal or external legal, consulting, or other advisors;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Form
 and delegate authority to subcommittees of one or more Committee members when desired and
 appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Review
 and reassess the adequacy of this Charter annually and recommend to the Board any proposed
 changes to this Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) Periodically
 review the Committee's own performance.

In performing their responsibilities, Committee members are entitled to rely in good faith on information, opinions, reports or statements prepared or presented by:

&nbsp;&nbsp;&nbsp;&nbsp;(a) One
 or more officers or employees of the Company whom the Committee member reasonably believes
 to be reliable and competent in the matters presented;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Counsel,
 independent auditors, or other persons as to matters which the Committee member reasonably
 believes to be within the professional or expert competence of such person; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 committees of the Board as to matters within their respective designated authority which
 committee the Committee member reasonably believes to merit confidence.

## Exhibit 99.4

**Exhibit 99.4**

**AsiaFIN Holding Corp. Compensation Recovery Policy**

**1. Purpose.** The purpose of this Compensation Recovery Policy of the Company (as amended from time to time, the "<u>Policy</u>"), dated as of 10 November, 2025 to describe the circumstances in which current and former Executive Officers will be required to repay or return Erroneously Awarded Compensation to members of the Company Group. The Company has adopted this Policy to comply with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as codified by Section 10D of the Exchange Act, Exchange Act Rule 10D-1 promulgated thereunder, and the rules and requirements of NYSE American(including Section 811 of the Listed Company Manual of NYSE American) (such legal requirements, and rules and requirements of NYSE American, collectively, the "<u>SEC/NYSE Clawback Rules</u>"). Each Executive Officer shall be required to sign and return to the Company the form of acknowledgment to this Policy in the form attached hereto as <u>Exhibit A</u> pursuant to which such Executive Officer will agree to be bound by the terms and comply with this Policy.

**2. Administration.** This Policy shall be administered by the Committee. The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy, and any such determinations made by the Committee shall be in the Committee's sole discretion and shall be final and binding on all affected individuals. Except as otherwise required by applicable legal requirements or the rules and requirements of the NYSE American Stock Market, any determinations of the Committee hereunder need not be uniform with respect to one or more Executive Officers (whether current and/or former).

**3. Definitions.** For purposes of this Policy, the following capitalized terms shall have the meanings set forth below:

(a) "<u>Accounting Restatement</u>" shall mean an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement (i) to correct an error in previously issued financial statements (a "Big R" restatement) that is material to the previously issued financial statements, or (ii) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "little r" restatement).

(b) "<u>Board</u>" shall mean the Board of Directors of the Company.

(c) "<u>Clawback Eligible Incentive Compensation</u>" shall mean all Incentive-Based Compensation Received by any current or former Executive Officer on or after the NYSE American Stock Market Effective Date, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Incentive-Based Compensation is Received after such individual began serving as an Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such individual served as an Executive Officer at any time during the performance period for such Incentive-Based Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Incentive-Based Compensation is Received while the Company has a class of securities listed on the NYSE American Stock Market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such Incentive-Based Compensation is Received during the applicable Clawback Period.

(d) "<u>Clawback Period</u>" shall mean, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date and any transition period (that results from a change in the Company's fiscal year) of less than nine months within or immediately following those three completed fiscal years.

(e) "<u>Committee</u>" shall mean the Compensation Committee of the Board.

(f) "<u>Common Stock</u>" shall mean the common stock, par value $0.0001 per share, of the Company.

(g) "<u>Company</u>" shall mean AsiaFIN Holdings Corp., a Nevada corporation.

(h) "<u>Company Group</u>" shall mean the Company, together with each of its direct and indirect subsidiaries.

(i) "<u>Erroneously Awarded Compensation</u>" shall mean, with respect to any current or former Executive Officer in connection with any Accounting Restatement, the amount of Clawback Eligible Incentive Compensation Received by such current or former Executive Officer that exceeds the amount of Clawback Eligible Incentive Compensation that otherwise would have been Received by such current or former Executive Officer had such Clawback Eligible Incentive Compensation been determined based on the restated amounts as reflected in connection with such Accounting Restatement, taking into account any discretion that the Committee had applied to determine the amount of Clawback Eligible Incentive Compensation originally Received and computed without regard to any taxes paid.

(j) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

(k) "<u>Executive Officer</u>" shall mean any officer as defined in Rule 10D-1(d) (or any successor provision thereof) under the Exchange Act.

(l) "<u>Financial Reporting Measures</u>" shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any other measures that are derived wholly or in part from such measures. For purposes of this Policy, stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented within the Company's financial statements or included in a filing with the SEC.

(m) "<u>Incentive-Based Compensation</u>" shall mean any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

(n) "<u>NYSE American</u>" shall mean NYSE American LLC.

(o) "<u>NYSE American Effective Date</u>" shall mean October 2, 2023 (which is the effective date of the final NYSE American Stock Market listing standards).

(p) "<u>Received</u>" shall mean when Incentive-Based Compensation is received, and Incentive-Based Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if payment or grant of the Incentive-Based Compensation occurs after the end of that period.

(q) "<u>Restatement Date</u>" shall mean the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

(r) "<u>SEC</u>" shall mean the U.S. Securities and Exchange Commission.

**4.** **Recovery of Erroneously Awarded Compensation.** 

(a) In the event that the Company is required to prepare an Accounting Restatement, (i) the Committee shall determine the amount of any Erroneously Awarded Compensation for each applicable current or former Executive Officer (whether or not such individual is serving as an Executive Officer at such time) (the "<u>Applicable Executives</u>") in connection with such Accounting Restatement, and (ii) the Company will reasonably promptly require the recovery of such Erroneously Awarded Compensation from any such Applicable Executive, and any such Applicable Executive shall surrender such Erroneously Awarded Compensation to the Company, at such time(s), and via such method(s), as determined by the Committee in accordance with the terms of this Policy.

(b) For Incentive-Based Compensation based on (or derived from) stock price or total shareholder return where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement, (i) such amount shall be determined by the Committee based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was Received, and (ii) the Company will maintain documentation of the determination of that reasonable estimate and provide such documentation to the NYSE American Stock Market.

(c) The Committee shall determine, in its sole discretion, the method(s) for recovering any Erroneously Awarded Compensation from any Applicable Executive, which may include one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) requiring one or more cash payments to the Company Group from such Applicable Executive, including, but not limited to, the repayment of cash Incentive-Based Compensation previously paid by the Company Group to such Applicable Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer or other disposition of any equity-based awards previously made by the Company to such Applicable Executive and/or, subject to applicable legal requirements, otherwise requiring the delivery to the Company of shares of Common Stock held by such Applicable Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) withholding, reducing or eliminating future cash compensation (including cash incentive payments), future equity awards and/or other benefits or amounts otherwise to be paid or awarded by the Company Group to such Applicable Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) offsetting amounts against compensation or other amounts otherwise payable by the Company Group to any Applicable Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancelling, adjusting or offsetting against some or all outstanding vested or unvested equity awards of the Company held by such Applicable Executive; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) taking any other remedial and recovery actions with respect to such Applicable Executive permitted by applicable legal requirements and the rules and regulations of the NYSE Amercian Stock Market, as determined by the Committee.

(d) Notwithstanding anything herein to the contrary, the Company shall not be required to recover Erroneously Awarded Compensation from any Applicable Executive pursuant to the terms of this Policy if both (1) the Committee determines that such recovery would be impracticable, and (2) any of the following conditions is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the direct expenses paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered, provided that, before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement pursuant to this clause (i), the Company has (x) made a reasonable attempt to recover such Erroneously Awarded Compensation, (y) documented such reasonable attempt(s) to recover, and (z) provided such documentation to the NYSE American Stock Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recovery would violate home country law where that law was adopted prior to November 28, 2022, provided that, before determining that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company has obtained an opinion of home country counsel, acceptable to the NYSE American Stock Market, that recovery would result in such a violation, has provided copy of the opinion is provided to the NYSE American Stock Market; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company Group, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

**5. No Indemnification, Etc.** The Company Group shall not (x) indemnify any current or former Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company Group's enforcement of its rights under this Policy, or (y) pay or reimburse any current or former Executive Officers for insurance premiums to recover losses incurred under this Policy.

**6. Supersedure.** This Policy will supersede any provisions in (x) any agreement, plan or other arrangement applicable to any member of the Company Group, and (y) any organizational documents of any entity that is part of Company Group that, in any such case, (a) exempt any Incentive-Based Compensation from the application of this Policy, (b) waive or otherwise prohibit or restricts the Company Group's right to recover any Erroneously Awarded Compensation, including, without limitation, in connection with exercising any right of setoff as provided herein, and/or (c) require or provide for indemnification to the extent that such indemnification is prohibited under <u>Section 5</u> above.

**7. Amendment; Termination; Interpretation.** The Committee may amend or terminate this Policy at any time, subject to compliance with all applicable legal requirements and the rules and requirements of the NYSE American Stock Market. It is intended that this Policy be interpreted in a manner that is consistent with the SEC/NYSE American Clawback Rules. This Policy is separate from, and in addition to, any other compensation recovery or recoupment policy of the Company or any applicable provisions of plans, agreements, awards or other arrangements of the Company that provide for the recoupment or recovery of compensation from Executive Officers that is voluntarily adopted by the Company and intended to provide for discretionary recoupment beyond the scope of this Policy and the SEC/NYSE American Clawback Rules.

**8. Other Recoupment Rights; No Additional Payments.**

(a) Subject to <u>Section 8(b)</u> of this Policy below, any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company Group pursuant to (i) the terms of any recoupment provisions in any employment agreement, incentive or equity compensation plan or award or other agreement, (ii) any other legal requirements, including, but not limited to, Section 304 of Sarbanes-Oxley Act of 2002, and (iii) any other legal rights or remedies available to the Company.

(b) Notwithstanding anything herein to the contrary, to prevent duplicative recovery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that the amount of any Erroneously Awarded Compensation is recovered from any current or former Executive Officers under this Policy, the Company will not be entitled to recover any such amounts under any other compensation recovery or recoupment policy of the Company or any applicable provisions of plans, agreements, awards or other arrangements of the Company that provide for the recoupment or recovery of compensation from Executive Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent that any Erroneously Awarded Compensation includes any amounts that have been actually reimbursed to the Company Group from any Applicable Executive pursuant to Section 304 of the Sarbanes-Oxley Act (any such amounts that have been reimbursed to the Company Group, the "<u>Applicable SOX Recoupment Amount</u>"), the amount of any Erroneously Awarded Compensation to be recovered from any such Applicable Executive shall be reduced by the Applicable SOX Recoupment Amount.

**9. Successors.** This Policy shall be binding and enforceable against all current and former Executive Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.

**<u>Exhibit A</u>**

**<u>Form of Acknowledgement</u>**

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the AsiaFIN Holdings Corp. Compensation Recovery Policy (such policy, as amended from time to time, the "Policy"). Capitalized terms used but not otherwise defined in this acknowledgement shall have the meanings ascribed to such terms in the Policy.

By signing this acknowledgement, the undersigned acknowledges and agrees that the undersigned is and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment with the Company Group. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation to the Company group to the extent required by the Policy.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Print Name |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date |

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## Ex-Filing

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

**Exhibit 107**

**Calculation of Filing Fee Table**

**Form S-1**

(Form Type)

**AsiaFIN Holdings Corp.**

(Exact Name of Registrant as Specified in its Charter)

333-288066

Table 1: Newly Registered and Carry Forward Securities

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security**<br> **Type** | **Security Class Title** | **Fee**<br> **Calculation**<br> **or Carry**<br> **Forward**<br> **Rule** | **Amount**<br> **Registered** | **Proposed**<br> **Maximum**<br> **Offering**<br> **Price Per**<br> **Share** | **Proposed**<br> **Maximum**<br> **Aggregate**<br> **Offering Price<sup>(1)</sup>** | **Fee Rate** | **Amount of**<br> **Registration**<br> **Fee** |
| Fees to Be Paid | Equity | Shares of common stock, par value $0.0001 per share | 457(o) |  |  | $1500002.00<sup>(2)</sup> | 0.00013810 | $207.15 |
| Fees Previously Paid | Equity | Shares of common stock, par value $0.0001 per share | 457(o) |  |  | 10000000.00 | 0.00015310 | 1531.00 |
|  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $11500002.00 |  | $1738.15 |
|  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  | 1531.00 |
|  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |
|  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $207.15 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated
 solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933,
 as amended (the "Securities Act").

(2) Includes common stock that may be issued upon exercise of a 45-day option granted to the representative of the several
underwriters solely to cover over-allotments, if any.

N/A