# EDGAR Filing Document

**Accession Number:** 0001976900
**File Stem:** 0001493152-25-028430
**Filing Date:** 2025-12
**Character Count:** 110996
**Document Hash:** 6658eecd05db5b997d64c384185897c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-028430.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001493152-25-028430

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56681
- **FILM NUMBER:** 251584909

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

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

For the fiscal year ended **September 30, 2025**

OR

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

For the transition period from _________to_________

Commission File No. **000-56681**

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

(Exact name of registrant as specified in its charter)

---

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

---

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

**Nangang District, Taipei City 115607**

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

(Address of principal executive offices, zip code)

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

(Registrant's telephone number, including area code)

Securities registered pursuant to section 12(g) of the Act:

Common Stock, $0.0001 par value per share

(Title of class)

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

Yes ☐ No ☒

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

Yes ☐ No ☒

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

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

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

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

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

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

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

There is no public trading market for the shares of Common Stock of DFP Holdings Limited. As a result, the aggregate market value of the common units held by non-affiliates of DFP Holdings Limited cannot be determined.

As of December 19, 2025, there were 216,779,700 shares of Common Stock, $0.0001 par value per share, outstanding.

**DFP HOLDINGS LIMITED**

**FORM 10-K**

**FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025**

**INDEX**

---

| | | |
|:---|:---|:---|
|  |  | Page # |
| [PART I](#ak_001) |  |  |
| Item 1. | [Business](#ak_002) | 2 |
| Item 1A. | [Risk Factors](#ak_003) | 4 |
| Item 1B. | [Unresolved Staff Comments](#ak_004) | 4 |
| Item 1C. | [Cybersecurity](#ak_005) | 4 |
| Item 2. | [Properties](#ak_006) | 4 |
| Item 3. | [Legal Proceedings](#ak_007) | 4 |
| Item 4. | [Mine Safety Disclosure](#ak_008) | 4 |
| [PART II](#ak_009) |  |  |
| Item 5. | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ak_010) | 5 |
| Item 6. | [\[Reserved\]](#ak_011) | 7 |
| Item 7. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ak_012) | 7 |
| Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#ak_013) | 8 |
| Item 8. | [Financial Statements and Supplementary Data](#ak_014) | 8 |
| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ak_015) | 9 |
| Item 9A. | [Controls and Procedures](#ak_016) | 9 |
| Item 9B. | [Other Information](#ak_017) | 9 |
| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ak_018) | 9 |
| [PART III](#ak_019) |  |  |
| Item 10. | [Directors, Executive Officers and Corporate Governance](#ak_020) | 10 |
| Item 11. | [Executive Compensation](#ak_021) | 12 |
| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ak_022) | 13 |
| Item 13. | [Certain Relationships and Related Transactions, and Director Independence](#ak_023) | 14 |
| Item 14. | [Principal Accounting Fees and Services](#ak_024) | 14 |
| [PART IV](#ak_025) |  |  |
| Item 15. | [Exhibits, Financial Statement Schedules](#ak_026) | 15 |
| Item 16. | [Form 10–K Summary](#ak_028) | 15 |
| [SIGNATURES](#ak_027) | [SIGNATURES](#ak_027) | 16 |

---

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

**<u>PART I</u>**

**ITEM 1. BUSINESS**

**CORPORATE HISTORY**

DFP Holdings Limited, a Nevada corporation (the "Company"), was incorporated in the State of Nevada on December 8, 2021.

On December 8, 2021, Mr. Hsu Shou Hung ("Mr. Hsu"), a founder of the Company, was appointed as Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and sole director of the Company. Currently, Mr. Hsu is our sole officer and director.

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

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

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

As of September 30, 2025, Mr. Hsu collectively owns 96,260,000 shares of restricted Common Stock and is a 44.4% shareholder of the Company.

**DESCRIPTION OF BUSINESS**

We are an emerging educational service company with principal business operations in Taiwan. We offer both online and offline educational services from a wide array of programs and courses centered on business development and management training and self-media production to our learners. Relevant information is available on our website at <u>https://dfpschool.qdm.tw/</u>

We offer various membership tiers to suit our members' diverse needs and provide a platform for our members to exchange their business information, to host or attend meetings or events and hence to facilitate business opportunities.

**REVENUE MODEL**

We provide both traditional face to face and online learning types and currently we provide two principal streams of studies including self-media production and business development to the learners in Taiwan, respectively.

The following table provides information about disaggregated revenue based on revenue by service lines:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** |
| <br>**Type of learning** | <br>**Studies or membership** | **Number of Participants** | **Revenue** | **Revenue** | **Number of Participants** | **Revenue** | **Revenue** |
|  |  | | $**%** | **%** | | $**%** | **%** |
| <u>Offline face to face:</u> | <u>Offline face to face:</u> |  |  |  |  |  |  |
|  | Self-media production (1) | $626 |  | 34.59 | 835 |  | 41.49 |
|  | Business development (2) | 502 |  | 59.27 | 504 |  | 42.61 |
|  | BAS commercial membership (3)(iii) | 140 |  | 5.40 | 78 |  | 3.19 |
| <u>Online:</u> |  |  |  |  |  |  |  |
|  | Self-media production (1) | 1 |  | 0.11 | 223 |  | 12.37 |
|  | Subscribed membership (3)(ii) | 92 |  | 0.63 | 306 |  | 0.34 |
|  | Total | $1361 |  | 100% | 1946 |  | 100.00% |

---

**1.** **Self-media production study** 

Our self-media production study aims to teach those entrepreneurs who are interested in promoting their businesses or products through either traditional media or social media. This study covers separate courses with different topics including drafting and editing the promotion contents, presentation skills, filming, recording or live recording, and video submission. We also teach individuals or corporations how to operate social media platforms to gain traffic, to increase followers, and hence increase the sales of their products or services.

For the year ended September 30, 2025, the offline face to face self-media production study attracted 626 person-times participating and generated revenue of $386,836, approximately 34% of the total revenue.

For the year ended September 30, 2025, the online self-media production study attracted 1 person-times participating and generated revenue of $1,204 approximately 0.01% of the total revenue.

**2.** **Business development study** 

In relation of the business development study for entrepreneurs, we offer different topics and various duration face to face programs or courses. The subjects or theme of classes include but are not limited to business operations, sales and marketing, leadership and management skills, brand building and analysis, public speaking, capital raising, and business and strategic planning.

For the year ended September 30, 2025, the offline face to face business development study attracted 502 person-times participating and generated revenue of $662,759, approximately 57% of the total revenue.

**3.** **Membership** 

Potential members may select from the following membership plans which provide a series of services:

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Free members**: Members at the free level can enjoy free and unlimited views of around 200 videos pertaining to branding analysis.

**ii.** **Subscribed members**: Members who subscribe to this level can have access to unlimited viewing of around 500 advanced branding analysis videos
 and several related short videos. This also includes the services available to a free member. Members at this tier are estimated
 to pay an annual fee of approximately $50.

**iii.** **BAS commercial members**: Membership at this level is tailor made for entrepreneurs. In addition to the perks of a free and subscribed
 member, BAS commercial members are also provided with client weekly commercial meetings (including online and offline) to increase
 their entrepreneurial opportunities with other professional parties. We also provide business model analysis and sales strategies
 for their own business development. Finally, we organize training programs for our clients at the BAS commercial member level to
 improve their business operations and skills. Members at this tier are estimated to pay a registration fee of approximately $167
 and an annual fee of approximately $667.

For the year ended September 30, 2025, 92 person-times subscribed to be the subscribed members and generated membership fees of $7,057 to the Company.

For the year ended September 30, 2025, 140 person-times joined the BAS commercial membership and generated membership fees of $60,407 to the Company, approximately 5% of the total revenue.

**ITEM 1A. RISK FACTORS**

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

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None

**ITEM 1C. CYBERSECURITY**

Our organization prioritizes cybersecurity risk management, with leadership actively assessing and overseeing these risks. Our internal protocols require that significant cybersecurity risks be escalated to executive leadership, as well as to relevant management responsible for preventing, detecting, mitigating, and addressing cybersecurity incidents. These protocols ensure consistent and effective incident response, setting standards for internal notification and escalation. Additionally, they outline guidelines for external notifications, including disclosures to state or federal agencies or affected customers in the event of a cybersecurity incident. This structured framework supports our commitment to strong cybersecurity governance and risk management practices.

As of September 30, 2025, the Company has not identified any cybersecurity threats, including previous incidents, that have materially impacted our business strategy, results of operations, or financial condition. This assertion signifies our diligent efforts in managing and mitigating cybersecurity risks, contributing to the stability and continuity of our operations.

**ITEM 2. PROPERTIES**

We currently lease two office spaces from an external party. The first office is located at 1F, No. 24, Lane 50, Section 3, Nangang Road, Nangang District, Taipei City, Taiwan, with an area of 353 square feet. The second office, situated nearby, is at 1F, No. 22, Lane 50, Section 3, Nangang Road, Nangang District, Taipei City, and has a total area of 327 square feet.

**ITEM 3. LEGAL PROCEEDINGS**

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

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**<u>PART II</u>**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

We have authorized capital stock consisting of 600,000,000 shares of Common Stock, $0.0001 par value per share ("Common Stock") and 200,000,000 shares of preferred stock, $0.0001 par value per share ("Preferred Stock"). As of September 30, 2025, 216,779,700 shares of our Common Stock were issued.

**HOLDERS**

As of September 30, 2025, we have 226 shareholders on record of our common stock.

**TRANSFER AGENT AND REGISTRAR**

As of the date of this filing, we have engaged Vstock Transfer, LLC as our Company transfer agent.

**PENNY STOCK REGULATIONS**

The Securities and Exchange Commission has adopted regulations which generally define "penny stock" to be an equity security that has a market price of less than $5.00 per share. Our Common Stock, when and if a trading market develops, may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (generally those with assets more than $1,000,000, or annual incomes exceeding $200,000 individually, or $300,000, together with their spouse).

For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser's prior written consent to the transaction. Additionally, for any transaction, other than exempt transactions, involving a penny stock, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the Securities and Exchange Commission relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer's presumed control over the market. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Consequently, the "penny stock" rules may restrict the ability of broker-dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market.

In addition to the "penny stock" rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority ("FINRA") has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our Common Stock, which may limit the investors' ability to buy and sell our stock.

**DIVIDEND POLICY**

Any future determination as to the declaration and payment of dividends on shares of our Common Stock will be made at the discretion of our Board of Directors out of funds legally available for such purpose. We are under no contractual obligations or restrictions to declare or pay dividends on our shares of Common Stock. In addition, we currently have no plans to pay such dividends. Our Board of Directors currently intends to retain all earnings for use in the business for the foreseeable future.

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

We have not established any compensation plans under which equity securities are authorized for issuance.

**RECENT SALES OF UNREGISTERED SECURITIES**

No securities have been sold by the Company during the period covered by this Form 10-K.

**PURCHASES OF EQUITY SECURITIES BY THE REGISTRANT AND AFFILIATED PURCHASERS**

We have not repurchased any shares of our Common Stock during the fiscal year ended September 30, 2025.

**ITEM 6. [RESERVED]**

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**OVERVIEW**

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

**GOING CONCERN**

For the year ended September 30, 2025, the Company incurred a net loss of $453,527 and used cash in operations of $505,898. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern within one year of the date that its financial statements are issued. In addition, the Company's independent registered public accounting firm, in their report on the Company's September 30, 2025, audited financial statements, raised substantial doubt about the Company's ability to continue as a going concern. The Company's financial statements included elsewhere in this annual report do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

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

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

**USE OF ESTIMATES**

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

**REVENUE RECOGNITION**

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

The Company's revenue primarily consists of revenue from delivering online and in-person media and leadership training courses. Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company recognizes deferred revenue at each period end for contracts that have been paid but which the related service has not been performed or delivered. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. The Company also recognizes revenue from subscription services for media and leadership training, and for subscriptions that allow access to the Malaysian TikTok platform, ratably over the subscription periods.

The Company also generates revenue from a monthly subscription service and recognizes revenue from subscription services ratably over the subscription period. The Company also generates revenue from sales of products, consultancy and advertising revenues.

**RECENT ACCOUNTING PRONOUNCEMENTS**

See Note 1 to the Consolidated Financial Statements.

**RESULTS OF OPERATIONS**

**2025:**

For the year ended September 30, 2025, we generated revenue of $1,152,084.

For the year ended September 30, 2025, operating expenses were $1,576,046, including cost of revenues of $394,786, general and administrative expenses of $1,105,949, and general and administrative expenses to related party of $75,311 respectively.

For the year ended September 30, 2025, the Company has incurred a net loss of $453,527.

**2024:**

For the year ended September 30, 2024, we generated revenue of $1,483,227.

For the year ended September 30, 2024, operating expenses were $1,796,758, including cost of revenues of $538,674, general and administrative expenses of $1,196,102, and general and administrative expenses to related party of $61,982 respectively.

For the year ended September 30, 2024, the Company has incurred a net loss of $334,397.

**Liquidity and Capital Resources**

**Going concern** 

For the year ended September 30, 2025, the Company incurred a net loss of $453,527 and used cash in operations of $505,898. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern within one year of the date that its financial statements are issued. In addition, the Company's independent registered public accounting firm, in their report on the Company's September 30, 2025, audited financial statements, raised substantial doubt about the Company's ability to continue as a going concern. The Company's financial statements included elsewhere in this annual report do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

The Company's ability to continue as a going concern is dependent upon its ability to continue to implement its business plan to increase its customer base and realize increased revenues. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. Management's plans do not alleviate the substantial doubt about the Company's ability to continue as a going concern.

***Cash Used in Operating Activities***

Net cash used in operating activities was $505,898 for the year ended September 30, 2025. The cash used in operating activities was primarily consist of net loss, increase in inventories, increase in prepaid expenses and other current assets, decrease in accounts payable and accrued liabilities, decrease in deferred liability and changes in operating lease liability contra by depreciation and amortization, inventory written off and decrease in prepaid expenses related party.

Net cash used in operating activities was $235,188 for the year ended September 30, 2024. The cash used in operating activities was primarily consist of net loss, increase in other current assets deposit, increase in prepaid expenses-related party, increase in deposits, decrease in accounts payable and accrued liabilities, reduction in lease liability contra by depreciation and amortization and increase in deferred revenue.

***Cash Used in Investing Activity***

Net cash used in investing activity was $31,679 for the year ended September 30, 2025. The cash used in investing activity consist of purchase of property and equipment and an acquisition of an entity under common control.

Net cash used in investing activity was $57,426 for the year ended September 30, 2024. The cash used in investing activity solely consist of purchase of property and equipment.

***Cash Provided by Financing Activity***

Net cash provided by financing activities was $3,581 for the year ended September 30, 2025. The cash provided by financing activities consists of advances from officer.

Net cash provided by financing activities was $1,460,509 for the year ended September 30, 2024. The cash provided by financing activities primarily consists of proceeds from the sale of common stock.

**OFF-BALANCE SHEET ARRANGEMENTS**

As of September 30, 2025, we have no 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.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

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

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

The financial statements required by this item are in PART IV of this Annual Report.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**DISCLOSURE CONTROLS AND PROCEDURES**

Under the supervision and with the participation of our management, including our principal executive and financial officer, we are responsible for conducting an evaluation of the effectiveness of the design and operation of our internal controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission ("SEC") reports is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive and financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of September 30, 2025 due to material weaknesses in our internal control over financial reporting as described below.

**MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15. Internal control over financial reporting is defined in Rule 13a-15(f) and 15(d)-15(f) under the Exchange Act as a process designed to provide reasonable assurance to the Company's management and Board of Directors regarding the preparation and fair presentation of published financial statements. Management conducted an assessment of the Company's internal control over financial reporting as of September 30, 2025, based on the framework and criteria established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013) (COSO). Based on the assessment, management concluded that, as of September 30, 2025, the Company's internal controls over financial reporting was not effective.

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

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

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

Planned remediation of material weaknesses

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

**CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING**

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

This annual report does not include an attestation report of the Company's registered independent public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered independent public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this Annual Report on Form 10-K.

**ITEM 9B. OTHER INFORMATION**

Insider Trading Arrangements

During the year ended September 30, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement".

Future Plans

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

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not Applicable.

**<u>PART III</u>**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

Biographical information regarding the sole officer and director of the Company is provided below:

---

| | | |
|:---|:---|:---|
| **NAME** | **AGE** | **POSITION** |
| Hsu Shou Hung | 57 | President, Chief Executive Officer, Chief Financial Officer, Chairman of Board of Directors |

---

The sole officer and director named above will serve until the next annual meeting of the stockholders or until his respective resignation or removal from office. Thereafter, directors are anticipated to be elected for one-year terms at the annual stockholders' meeting. Officers will hold their positions at the pleasure of the Board of Directors, absent any employment agreement, of which none currently exists or is contemplated.

Set forth below is a brief description of the background and business experience of our sole officer and director.

Mr. Hsu has been our Chief Executive Officer, Chief Financial Officer and Director since the Company's incorporation. Mr. Hsu has over 20 years of management experience. From 1999 to 2009, he was the general manager of Lead International Financial Advisory Co., Ltd., a company focusing on international financial products sales. From 2003 to 2005, he was a Distinguished Lecturer at Fuxin Enterprise Management Consulting CO., Ltd. From 2005 to 2007, he was a Distinguished Lecturer at Guangzhou Benchmark Enterprise Management Co., Ltd. From 2008 to 2009 he was a Distinguished Lecturer at Beijing Wenhe Fanglue Information Co., Ltd. From 2012 to 2016, Mr. Hsu was the General Management at Oriental Ivy International Co., Ltd., a company that offers retail and wholesale cosmetics. From 2012 to 2017, Mr. Hsu was a General Manager at Suzhou Shuiyue Ivy Trading Co., Ltd., a cosmetic retailer. From 2017 to present, Mr. Hsu has served as a general manager of Shanghai Haoguan Enterprise Management Consulting Co., Ltd., a corporation that provides business management consulting, corporate education, and training. Mr. Hsu holds a bachelor's degree in Statistics at Tamkang University, Taiwan.

Mr. Hsu brings to the Board of Directors his business leadership and extensive experience in consultancy, education services and training.

**TERM OF OFFICE**

All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company's Bylaws provide that the Board of Directors will consist of no less than three members. Officers are elected by and serve at the discretion of the Board of Directors.

**DIRECTOR INDEPENDENCE**

Our Board of Directors is currently composed of one member who does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (though the Company may have a plan to list on the NASDAQ Global Market later). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our Board of Directors has not made a subjective determination as to our director that no relationships exist which, in the opinion of our Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our Board of Directors made these determinations, our Board of Directors would have reviewed and discussed information provided by our director and us regarding to our director's business and personal activities and relationships as they may relate to us and our management.

**CERTAIN LEGAL PROCEEDINGS**

No director, nominee for director, or executive officer of the Company has appeared as a party in any legal proceeding material to an evaluation of his ability or integrity during the past five years.

**SIGNIFICANT EMPLOYEES AND CONSULTANTS**

Other than our sole officer and director, we currently have no other significant employees.

**AUDIT COMMITTEE AND CONFLICTS OF INTEREST**

Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is an early exploration stage company and has only two directors, and to date, such directors have been performing the functions of such committees. Thus, there is a potential conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.

There are no family relationships among our directors or officers. Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors.

**SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE**

Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than ten percent of a registered class of our equity securities, file reports of ownership and changes in ownership with the SEC. Executive officers, directors and greater-than-ten percent stockholders are required by SEC regulations to furnish us with all Section 16(a) forms they file. Specific due dates for these reports have been established and the Company is required to report in this report any failure to file by these dates.

All filing requirements were satisfied by the Company's officers, directors, and ten-percent holders.

In making these statements, we have relied on the written representation of our officers and directors or copies of the reports that they have filed with the Commission.

**CODE OF ETHICS**

We have not adopted a formal Code of Ethics. The Board of Directors evaluated the business of the Company and the number of employees and determined that since the business is operated by a small number of persons, general rules of fiduciary duty and federal and state criminal, business conduct and securities laws are adequate ethical guidelines. In the event our operations, employees and/or Directors expand in the future, we may take actions to adopt a formal Code of Ethics.

**SHAREHOLDER PROPOSALS**

Our Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Directors. The Board of Directors believes that, given the stage of our development, a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level. Our Company does not currently have any specific or minimum criteria for the election of nominees to the Board of Directors and we do not have any specific process or procedure for evaluating such nominees. The Board of Directors will assess all candidates, whether submitted by management or shareholders, and make recommendations for election or appointment.

A shareholder who wishes to communicate with our Board of Directors may do so by directing a written request addressed to our President, at the address appearing on the first page of this Information Statement.

**ITEM 11. EXECUTIVE COMPENSATION**

The following tables set forth certain information about compensation paid, earned or accrued for services by our Chief Executive Officer and Chief Financial Officer for the fiscal years ended September 30, 2025, and 2024:

**SUMMARY COMPENSATION TABLE**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and principal position** | **Year** | **Salary ($)** | **Bonus ($)** | **Stock Compensation ($)** | **Option Awards ($)** | **Non-Equity Incentive Plan Compensation ($)** | **Nonqualified Deferred Compensation Earnings ($)** | **All Other Compensation ($)** | **Total ($)** |
| Hsu Shou Hung (1) <br> Chief Executive Officer, Chief Financial Officer | 2025 | 68827 | – |  | – |  | – |  | $68827 |
| Hsu Shou Hung (1) <br> Chief Executive Officer, Chief Financial Officer | 2024 | 45506 | – |  | – |  | – |  | $45506 |

---

(1) On
 December 8, 2021, Mr. Hsu, a founder of the Company, was appointed as Chief Executive Officer, Chief Financial Officer, and sole
 director of the Company. The Company have not adopted or established a formal policy or procedure for determining the amount of compensation
 paid to our executive officers and only began to pay Mr. Hsu from September 1, 2022 onwards.

Mr. Hsu has an informal agreement with the Company whereas he was compensated approximately $68,827 (NT$2,170,353) and $45,506 (NT$1,454,135) for his services provided to the Company for the year ended September 30, 2025 and 2024 respectively.

**STOCK OPTION GRANTS**

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

**EMPLOYMENT AGREEMENTS**

Save except for an informal agreement with our sole officer and director, Mr. Hsu Shou Hung for the year ended September 30, 2025, we do not have an employment or consulting agreement with any officers or directors.

**COMPENSATION DISCUSSION AND ANALYSIS**

**DIRECTOR COMPENSATION**

Our Board of Directors does not currently receive any consideration for their services as members of the Board of Directors. The Board of Directors reserves the right in the future to award the members of the Board of Directors 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**

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.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

Information relating to beneficial ownership of Common Stock by our principal shareholders and management is based upon information furnished by each person using "beneficial ownership" concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.

The following table lists, as of September 30, 2025, the number of shares of Common Stock of the Company that are beneficially owned by (i) each person or entity known to the Company to be the beneficial owner of more than 5% of our outstanding Common Stock; (ii) each officer and director of the Company; and (iii) all officers and directors if any as a group.

The percentages below are calculated based on 216,779,700 shares of our Common Stock issued and outstanding as of September 30, 2025. We do not have any outstanding warrant, options, or other securities exercisable for or convertible into shares of our Common Stock.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Number of Common Stock Owned** | **Percentage of Ownership** |
| **Sole Officer and Director** |  |  |
| Hsu Shou Hung <sup>(1)</sup> | 96260000 | 44.4% |
| **5% Shareholders** |  |  |
| CPN Investment Limited <sup>(2)</sup> | 14868939 | 6.86% |
| Leader Capital Holdings Corp. <sup>(3)</sup> | 8212231 | 3.79% |

---

(1) The above row for Mr. Hsu Shou Hung is inclusive of his share ownership in the Company via Terra Wave Holdings Limited ("TERRA"). TERRA is owned exclusively by Mr. Hsu and is the beneficial owner of 10,000,000 shares of our Common Stock. In his personal name, Mr. Hsu Shou Hung beneficially owns and controls approximately 86,260,000 shares of our Common Stock.

(2) Mr. Lin Yi Hsiu ("Mr. Jeff Lin") is the sole shareholder of CPN Investment Limited ("CPN").

(3) Mr. Lin Yi Hsiu ("Mr. Jeff Lin"), Chief Executive Officer and a director of Leader Capital Holdings Corp. ("LCHC"), collectively with his beneficially owned or controlled companies, ultimately holds 61,037,778 shares of common stock of LCHC, or approximately 26.61% of LCHC's total issued and outstanding shares of common stock.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE**

On December 8, 2021, Mr. Hsu Shou Hung ("Mr. Hsu"), a founder of the Company, was appointed as Chief Executive and Financial Officer, President, Secretary, Treasurer, and sole director of the Company. Currently, Mr. Hsu is our sole officer and director. As of September 30, 2025, Mr. Hsu collectively owns 96,260,000 shares, or 44.4%, of the Company's restricted Common Stock.

At September 30, 2025 and 2024, $7,739 and $2,666, respectively, are due to Mr. Hsu for advances to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.

On February 25, 2025, the Company entered into a Sale and Purchase Agreement to acquire Huang Tian Limited ("HTL"), a dormant Taiwan private company wholly owned by Mr. Hsu, the Company's CEO and CFO, and largest shareholder. Pursuant to the agreement, the Company agreed to acquire 100% of the issued and outstanding equity interests of HTL. The acquisition was completed on April 15, 2025, and was accounted for an acquisition of entities under common control. The total purchase consideration of $9,120 (NT$300,000) exceeded the carrying value of net assets of $5,181(NT$168,320) by $3,939 (NT$131,680). In accordance with ASC 805-50, this excess was recorded as an equity adjustment to equity, as it represents a transaction between entities under common control rather than an acquisition at fair value.

Mr. Lin Yi Hsiu ("Jeff Lin") is Chief Executive Officer and a director of Leader Capital Holdings Corp. ("LCHC"). LCHC owns 8,212,231 shares of the Company's restricted Common Stock and is a 3.78% shareholder in the Company. In addition, CPN Investment Limited ("CPN"), a company wholly owned by Jeff Lin, owns 14,868,939 shares of the Company's restricted Common Stock, and is also a 6.85% shareholder of the Company.

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

For the year ended September 30, 2025, and 2024, the Company incurred the following fees to LCHC and affiliates:

---

| | | | |
|:---|:---|:---|:---|
| Paid to: | Description | Year ended<br> September 30, <br>2025 | Year ended<br> September 30, <br>2024 |
| LCHC | IT services | $35100 | $30500 |
| LOC | IT services | 40211 | 31482 |
|  | Total | 75311 | 61982 |

---

At September 30, 2025 and 2024, $0 and $30,397, respectively, were prepaid expenses to LCHC and affiliates for IT and maintenance expenses.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

Below is the aggregate amount of fees billed for professional services rendered by our principal accountants with respect to our last two fiscal years:

---

| | | |
|:---|:---|:---|
|  | Year ended <br> September 30, 2025 | Year ended <br> September 30, 2024 |
| Audit fees | $58500 | $53000 |
| Audit related fees | - | - |
| Total | $58500 | $53000 |

---

The category of "Audit fees" includes fees for our annual audit, quarterly review fees.

The category of "Audit-related fees" includes employee benefit plan audits, internal control reviews and accounting consultation.

All the professional services rendered by principal accountants for the audit of our annual financial statements that are normally provided by the accountant in connection with statutory and regulatory filings or engagements by Weinberg & Company, P.A. (2025 and 2024) were approved by our Board of Directors.

**<u>PART IV</u>**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

**(a) Exhibits**

The following exhibits are filed or "furnished" herewith:

---

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

---

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

\* Filed herewith.

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

**ITEM 16. FORM 10–K SUMMARY**

As permitted, the registrant has elected not to supply a summary of information required by Form 10-K.

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **DFP HOLDINGS LIMITED** | **DFP HOLDINGS LIMITED** |
|  | (Name of Registrant) | (Name of Registrant) |
| Date: December 19, 2025 | By: | */s/ **Hsu Shou Hung*** |
|  | Name: | Hsu Shou Hung |
|  | Title: | Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer) |

---

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page #** |
| **Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 572)](#an_001) | F-2 |
| [Consolidated Balance Sheets as of September 30, 2025, and 2024](#an_002) | F-3 |
| [Consolidated Statements of Operations and Comprehensive Loss for the years ended September 30, 2025 and 2024](#an_003) | F-4 |
| [Consolidated Statements of Stockholders' Equity for the years ended September 30, 2025 and 2024](#an_004) | F-5 |
| [Consolidated Statements of Cash Flows for the years ended September 30, 2025 and 2024](#an_005) | F-6 |
| [Notes to Consolidated Financial Statements](#an_006) | F-7 – F-15 |

---

**Report of Independent Registered Public Accounting Firm**

To the Stockholders and the Board of Directors of DFP Holdings Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of DFP Holdings Limited (the "Company") as of September 30, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders' equity, and cash flows for the years then ended, 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 September 30, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, during the year ended September 30, 2025, the Company incurred a net loss and used cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in relation to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these 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 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.

We have served as the Company's auditor since 2022.

/s/ Weinberg & Company, P.A.

Los Angeles, California

December 19, 2025

**DFP HOLDINGS LIMITED**

**CONSOLIDATED BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2025 AND 2024**

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

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2025** | **As of<br> September 30, <br> 2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1363759 | $1888361 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 49213 | 47303 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 40154 | 26199 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses-related party | - | 30397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1453126 | 1992260 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 68609 | 62051 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 144022 | 214063 |
| &nbsp;&nbsp;&nbsp;Lease deposits | 14436 | 13875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 227067 | 289989 |
| **TOTAL ASSETS** | $1680193 | $2282249 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $63082 | $76098 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 68820 | 146483 |
| &nbsp;&nbsp;&nbsp;Due to officer | 7739 | 2666 |
| &nbsp;&nbsp;&nbsp;Operating lease liability – current portion | 80632 | 75631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 220273 | 300878 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liability – non-current portion | 63390 | 138432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 63390 | 138432 |
| **TOTAL LIABILITIES** | 283663 | 439310 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| Stockholders' equity: |  |  |
| Preferred Stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding |  |  |
| Common Stock, $0.0001 par value; 600,000,000 shares authorized; 216,779,700 and 216,779,700 shares issued and outstanding at September 30, 2025 and 2024, respectively | 21678 | 21678 |
| Additional paid in capital | 3606583 | 3610522 |
| Accumulated other comprehensive loss | 3202 | (7855) |
| Accumulated deficit | (2234933) | (1781406) |
| Total stockholders' equity | 1396530 | 1842939 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $1680193 | $2282249 |

---

See accompanying notes to the consolidated financial statements.

**DFP HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024**

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

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> September 30, <br> 2025** | **Year ended<br> September 30, <br> 2024** |
| **REVENUES** | $1152084 | $1483227 |
| **OPERATING COSTS AND EXPENSES:** |  |  |
| Instructional costs and services | 394786 | 538674 |
| General and administrative expenses | 1105949 | 1196102 |
| General and administrative expenses-related party | 75311 | 61982 |
| &nbsp;&nbsp;&nbsp;Total operating costs and expenses | 1576046 | 1796758 |
| **LOSS FROM OPERATIONS** | (423962) | (313531) |
| **OTHER INCOME:** |  |  |
| Interest income | 19234 | 18018 |
| **LOSS BEFORE INCOME TAXES** | (404728) | (295513) |
| Income tax expense | (48799) | (38884) |
| **NET LOSS** | (453527) | (334397) |
| Other comprehensive loss |  |  |
| - Foreign currency translation gain | 11057 | 4706 |
| **COMPREHENSIVE LOSS** | $(442470) | $(329691) |
| NET LOSS PER SHARE, basic and diluted | $(0.00) | $(0.00) |
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-basic and diluted | 216779700 | 214920222 |

---

See accompanying notes to the consolidated financial statements.

**DFP HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Number of <br> Shares** | **Amount** | **Additional**<br>**Paid-in <br> Capital** | **Accumulated**<br> **Other**<br>**Comprehensive**<br> **Loss** |<br>**Accumulated**<br> **Deficit** | **Total**<br>**Stockholders'**<br> **Equity** |
| Balance as of September 30, 2023 | 213855500 | $21386 | $2148714 | $(12561) | $(1447009) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710530 |
| Common stock issued for cash | 2924200 | 292 | 1461808 |  |  | 1462100 |
| Foreign currency translation |  |  |  | 4706 |  | 4706 |
| Net loss | - | - | - | - | (334397) | (334397) |
| Balance as of September 30, 2024 | 216779700 | 21678 | 3610522 | (7855) | (1781406) | 1842939 |
| Acquisition of entity under common control |  |  | (3939) |  |  | (3939) |
| Foreign currency translation |  |  |  | 11057 |  | 11057 |
| Net loss | - | - | - | - | (453527) | (453527) |
| Balance as of September 30, 2025 | 216779700 | $21678 | $3606583 | $3202 | $(2234933) | $1396530 |

---

See accompanying notes to the consolidated financial statements.

**DFP HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024**

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

---

| | | |
|:---|:---|:---|
|  | Year ended<br> September 30, <br> 2025 | Year ended<br> September 30, <br> 2024 |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(453527) | $(334397) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 94417 | 8670 |
| &nbsp;&nbsp;&nbsp;Inventory write-off | 6201 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Inventories | (6201) |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (14658) | (11104) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses-related party | 29047 | (5040) |
| &nbsp;&nbsp;&nbsp;Deposits |  | (13875) |
| &nbsp;&nbsp;&nbsp;Decrease in right-of-use asset |  | 18384 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (13473) | 2773 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | (77664) | 117785 |
| &nbsp;&nbsp;&nbsp;Operating lease liability | (70040) | (18384) |
| Net cash used in operating activities | (505898) | (235188) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (29272) | (57426) |
| &nbsp;&nbsp;&nbsp;Acquisition of Hung Tian Limited related party | (2407) | - |
| Net cash used in investing activities | (31679) | (57426) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of common stock |  | 1462100 |
| &nbsp;&nbsp;&nbsp;Advances from officer | 3581 | (1591) |
| Net cash provided by financing activities | 3581 | 1460509 |
| Effect of exchange rate changes in cash and cash equivalents | 11304 | 4178 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (522692) | 1172073 |
| Cash, cash equivalents, and restricted cash, beginning of year | 1935664 | 763591 |
| **Cash, cash equivalents and restricted cash, end of year** | $1412972 | $1935664 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid | $48963 | $24159 |

---

See accompanying notes to the consolidated financial statements.

**DFP HOLDINGS LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024**

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

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

Description of business

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

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

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

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

Going concern

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. In accordance with Accounting Standards Codification ("ASC") 205-40, *Going Concern*, the Company's management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the accompanying financial statements were issued. For the year ended September 30, 2025, the Company recorded a net loss of $453,527 and used cash in operations of $505,898. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern within one year of the date that these financial statements are issued. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Management estimates that the current funds on hand will be sufficient to continue operations through the next six months. The Company's ability to continue as a going concern is dependent upon its ability to continue to implement its business plan to increase its customer base and realize increased revenues. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. Management's plans do not alleviate the substantial doubt about the Company's ability to continue as a going concern

Basis of presentation

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

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries DFP Holdings Limited (Seychelles) ("DFP Seychelles"), DFP Holdings Limited (Taiwan) ("DFP Taiwan") Tide Holdings Limited (TIDE), and Huang Tian Limited (Taiwan) ("DFP Huang Tian"). Intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates

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

Revenue recognition

The Company recognizes revenue in accordance with Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC") Topic 606, *Revenue from Contracts with Customers* ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contract(s), which includes (1) identifying the contract(s) or agreement(s) with a customer, (2) identifying the Company's 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 primarily consists of revenue from delivering online and in-person media and leadership training courses. Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company recognizes deferred revenue at each period end for contracts that have been paid but which the related service has not been performed or delivered. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue.

The Company also generates revenue from subscription services, consulting and advertising fees, and sale of certain products.

The following table provides information about disaggregated revenue:

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> September 30,<br> 2025** | **Year ended <br> September 30, <br> 2024** |
| Media and leadership training courses | $1118263 | $1483227 |
| Other: Subscriptions, consulting and advertising, and product sales | 33821 |  |
| Total revenue | $1152084 | $1483227 |

---

Instructional costs and services

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

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> September 30, <br> 2025** | **Year ended <br> September 30, <br> 2024** |
| Commissions | $279864 | $357136 |
| Advertising | 34448 | 93292 |
| Rental of instructional facilities | 52663 | 62984 |
| Other | 27811 | 25262 |
| Total Instructional costs and services | $394786 | $538674 |

---

Cash, cash equivalents, and restricted cash

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

SCHEDULE OF CASH AND CASH EQUIVALENTS

---

| | | |
|:---|:---|:---|
|  | As of <br> September 30, | As of <br> September 30, |
|  | 2025 | 2024 |
| <u>Cash and cash equivalents</u> |  |  |
| Denominated in United States Dollars | $1142551 | $1531438 |
| Denominated in New Taiwan Dollars | 221208 | 356923 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1363759 | 1888361 |
| Restricted cash | 49213 | 47303 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | $1412927 | $1935664 |

---

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of September 30, 2025, substantially all the Company's cash was held by two major financial institutions located in Taiwan, which management believes are of high credit quality. At September 30, 2025, none of the Company's cash accounts are insured by the U.S. Federal Deposit Insurance Corporation (the "FDIC").

Restricted Cash

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

Property and equipment

Property and equipment is recorded at cost less accumulated depreciation. Additions, improvements, and major renewals or replacements that substantially extend the useful life of an asset are capitalized. Repairs and maintenance expenditures are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets of four years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining lease term.

Management assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value at that time. At September 30, 2025 and 2024, management determined there were no impairments of the Company's property and equipment.

Software costs

Costs related to developing or obtaining internal-use software incurred during the preliminary project and post-implementation stages of an internal use software project will be expensed as incurred and certain costs incurred in the project's application development stage will be capitalized. On an annual basis, or more frequently as conditions indicate, the Company will assess the recovery of the unamortized software development costs by estimating the net undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows are not sufficient to recover the unamortized software cost, such assets will be considered to be impaired. The impairment to be recognized will be measured as the amount by which the carrying amount of the asset exceeds its fair value. During the year ended September 30, 2025 and 2024, the Company did not recognize any impairment of software costs.

Impairment of long-lived assets

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

<u>Business Combinations</u>

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

Leases

The Company accounts for its leases in accordance with ASC 842, *Leases.* The Company determines whether a contract is, or contains, a lease at inception. Operating lease right-of-use ("ROU") assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company's incremental borrowing rate is a hypothetical collateralized borrowing rate based on its understanding of what its credit rating would be.

Income taxes

The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.

The Company conducts its business in Taiwan and is subject to tax in Taiwan jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the Taiwan tax authority. The Company's deferred tax assets relate to the Company's net operating losses in the U.S. and net operating losses and temporary differences between accounting basis and tax basis for its Taiwan-based subsidiaries which are subject to corporate income tax in Taiwan.

Advertising costs

Advertising costs are expensed as incurred and were $34,448 and $93,292 in 2025 and 2024, respectively.

Fair value measurements

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

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

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

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

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

Foreign currency translation

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

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

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

SCHEDULE OF TRANSLATION OF AMOUNTS BETWEEN USD AND TWD

---

| | | |
|:---|:---|:---|
|  | As of and for the year ended <br>September 30, <br> 2025 | As of and for the year ended <br>September 30, <br> 2024 |
| Period-end NT$ : US$1 exchange rate | 30.48 | 31.71 |
| Period-average NT$ : US$1 exchange rate | 31.53 | 31.91 |

---

Net income (loss) per share

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

At September 30, 2025 and 2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

Segment information

Our Chief Executive Officer ("CEO") is our chief operating decision maker ("CODM"). Our CEO evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. Because our CODM evaluates financial performance on a consolidated basis, we have determined that we operate as a single reportable segment composed of the consolidated financial results of DFP Holdings, Limited.

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

Concentrations

For the year ended September 30, 2025 and 2024, no customer accounted for 10% or of the Company's revenue.

For the year ended September 30, 2025, fees paid to a third-party consultant represented 19% of total operating costs and expenses. During the year ended September 30, 2024, fees paid to a third-party consultant represented 17% of total operating costs and expenses. For the year ended September 30, 2025 and 2024, there were no other vendors accounting for 10% or more of the Company's operating costs and expenses.

Recent accounting pronouncements

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

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

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.

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

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2025** | **As of <br> September 30, <br> 2024** |
| Prepaid expenses | $12056 | $3737 |
| Deposits | 25032 | 3352 |
| Other receivables | 3066 | 19110 |
| Total | $40154 | $26199 |

---

As of September 30, 2025 and 2024, prepaid expenses and other current assets are made up of a deposits to a credit card processor, and prepaid commissions, website, and legal fees.

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

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2025** | **As of <br> September 30, <br> 2024** |
| Office equipment | $10513 | $9214 |
| Leasehold improvements | 70160 | 64240 |
| Motor vehicle | 25019 | - |
|  | 105692 | 73454 |
| Less: accumulated depreciation | (37083) | (11403) |
|  | $68609 | $62051 |

---

For the years ended September 30, 2025 and 2024, total depreciation expense was $24,377 and $8,670, respectively.

**NOTE 4 – OPERATING LEASES**

Prior to July 1, 2024, the Company rented office space under a short-term lease with a term of 12 months at a monthly rental of approximately $2,750 (NT$88,000) per month. On July 1, 2024, the Company, through its wholly owned subsidiary DFP Holdings Limited (Taiwan), entered into two new operating leases for the rental of two offices with lease terms of three years each. The aggregate monthly lease payments are approximately $7,000 (NT $220,000) per month, with aggregate commitment of approximately $242,000 (NT$7,731,000). In relation to the two new leases, the Company recognized an operating lease right-of-use asset and related operating lease liability of $232,589 (NT$7,356,000) upon commencement of the new leases.

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

SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | **Years September 30,** | **Years September 30,** |
|  | **2025** | **2024** |
| <u>Lease Cost</u> |  |  |
| Operating lease cost | $81727 | $44974 |
| <u>Other Information</u> |  |  |
| Weighted average remaining lease term – operating leases (in years) | 1.75 | 2.75 |
| Weighted average discount rate for operating lease | 3.26% | 3.26% |

---

Operating lease right-of-use asset for the year ended September 30, 2025 is as follows:

SCHEDULE OF RECOGNITION OF OPERATING LEASE RIGHT AND LEASE LIABILITY

---

| | |
|:---|:---|
| Right-of-use assets, net as of September 30, 2024 | $214063 |
| Less: amortization | (76056) |
| Foreign exchange translation | 6015 |
| Right-of-use assets, net as of September 30, 2025 | $144022 |
| Operating lease liabilities for the year ended September 30, 2025 is as follows: |  |
| Lease liability at September 30, 2024 | $214063 |
| Add: imputed interest | 5671 |
| Less: principal repayment | (81727) |
| Foreign exchange translation | 6015 |
| Lease liability at September 30, 2025 | $144022 |
| Lease liability current portion | $80632 |
| Lease liability non-current portion | 63390 |
| Total operating lease liability | $144022 |

---

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

Year ending September 30:

SCHEDULE OF MATURITIES OF LEASE LIABILITIES

---

| | |
|:---|:---|
| 2026 | $88265 |
| 2027 | 66199 |
| Total lease payments | 154464 |
| Less: Imputed interest | (10442) |
| Present value of operating lease liabilities | $144022 |

---

**NOTE 5 - STOCKHOLDERS' EQUITY**

As of September 30, 2025 the Company has 600,000,000 shares of commons stock authorized and 216,779,700 shares of common stock issued and outstanding, respectively.

During the year ended September 30, 2025, the Company did not issue any shares of common stock.

During the year ended September 30, 2024, the Company issued an aggregated of 2,924,200 shares of its Common Stock at $0.50 per share for aggregate gross proceeds of $1,462,100.

**NOTE 6 - INCOME TAXES**

The Company recorded and paid income tax expense of $48,799 and $38,884 for the year ended September 30, 2025 and 2024 respectively.

Provision for income taxes consisted of the following:

SCHEDULE OF PROVISION FOR INCOME TAXES

---

| | | |
|:---|:---|:---|
|  | Year ended <br>September 30, <br> 2025 | Year ended <br>September 30, <br> 2024 |
| Current: |  |  |
| &nbsp;&nbsp;&nbsp;U.S. | $- | $- |
| &nbsp;&nbsp;&nbsp;Taiwan | 48799 | 38884 |
| &nbsp;&nbsp;&nbsp;Subtotal | 48799 | 38884 |
| &nbsp;&nbsp;&nbsp;Deferred: | - | - |
|  | $48799 | $38884 |

---

A reconciliation of the income tax expense determined at the statutory income tax rate to the Company's income taxes is as follows:

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE BENEFIT

---

| | | |
|:---|:---|:---|
|  | Year ended <br> September 30, <br> 2025 | Year ended <br> September 30, <br> 2024 |
| Loss before income taxes | $(404728) | $(295513) |
| United States of America statutory income tax rate | 21% | 21% |
| Income tax (benefit) expense computed at statutory corporate income tax rate | (84993) | (62058) |
| Effect of different tax jurisdictions | (1517) | (3232) |
| Change in valuation allowance | 135309 | 104174 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | $48799 | $38884 |

---

The Company's wholly owned subsidiary in Taiwan, DFP Holdings Limited (Taiwan) (the "Taiwan Company"), is governed by the income tax law of Taiwan and is subject to a tax rate of 20%.

Significant components of the aggregate deferred tax assets consisted of the following:

SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS

---

| | | |
|:---|:---|:---|
|  | As of <br> September 30, | As of <br> September 30, |
|  | 2025 | 2024 |
| Deferred tax assets: |  |  |
| Net operating loss carry forwards | $441615 | $311569 |
| Gross deferred tax assets | 441615 | 311569 |
| Less: valuation allowance | (441615) | (311569) |
| &nbsp;&nbsp;&nbsp;Net deferred tax assets | $- | $- |

---

The provisions of ASC Topic 740, "Accounting for Income Taxes", require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. As of September 30, 2025 and 2024, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was more likely than not that the net deferred tax assets were not fully realizable. Accordingly, the Company established a full valuation allowance against its net deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance.

The Company adopted the provisions of ASC 740, which requires companies to determine whether it is "more likely than not" that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the financial statements. ASC 740 also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions.

As of September 30, 2025 and 2024, no liability for unrecognized tax benefits was required to be recorded or disclosed.

**NOTE 7 - RELATED PARTY TRANSACTIONS**

Mr. Hsu Shou Hung ("Mr. Hsu"), a founder of the Company, is currently the Company's CEO and CFO, sole director, and largest shareholder. As of September 30, 2025, Mr. Hsu collectively owns 96,260,000 shares, or 44.4%, of the Company's restricted Common Stock.

At September 30, 2025 and 2024, $7,739 and $2,666, respectively, are due to Mr. Hsu for advances to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.

Huang Tian Limited-acquisition of entity under common control

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

Leader Capital Holdings Corp.

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

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

For the year ended September 30, 2025, and 2024, the Company incurred the following fees to LCHC and affiliates:

SCHEDULE OF RELATED PARTIED INCURRED FEES TO LCHC AND AFFILIATES

---

| | | | |
|:---|:---|:---|:---|
| Paid to: | Description | Year ended<br> September 30, <br>2025 | Year ended<br> September 30, <br>2024 |
| LCHC | IT services | $35100 | $30500 |
| LOC | IT services | 40211 | 31482 |
| Total general and administrative expenses | Total | 75311 | 61982 |

---

At September 30, 2025 and 2024, $0 and $30,397, respectively, were prepaid expenses to LCHC and affiliates for IT and maintenance expenses.

**NOTE 8 – COMMITMENTS AND CONTINGENCIES**

In August, 2024, the Company signed a contract with a third-party consultant and agreed to pay a total of $1.2 million for certain advisory services associated with the Company's planned Initial Public Offering, and other consulting services. For the year ended September 30, 2025, $300,000 of these fees were included in general and administrative expenses on the accompanying financial statements.

**NOTE 9 - SEGMENT REPORTING**

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

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

---

| | | |
|:---|:---|:---|
|  | As of and for the year ended December 31, | As of and for the year ended December 31, |
|  | 2025 | 2024 |
| **Revenue** | $1152084 | $1483227 |
| **Less:** |  |  |
| Salaries and related | 438011 | 548920 |
| Commissions | 279864 | 357136 |
| Operating expenses | 858171 | 890702 |
| Interest income | (19234) | (18018) |
| Income tax expenses | 48799 | 38884 |
| **Net loss** | $(453527) | $(334397) |

---

**NOTE 10 - SUBSEQUENT EVENTS**

In November 2025, the Company completed acquisitions of the controlling equity interests in three private companies incorporated in Taiwan from unrelated third parties. Given the recent timing of the closings of these transactions, the Company has not yet completed its evaluation of the consideration transferred or the identification and measurement of the assets acquired and liabilities assumed. The Company is currently evaluating the impact of these acquisitions on its financial statements.

On November 3, 2025, the Company entered into a sale and purchase agreement to acquire Dong Li Fang Zhou Co. Limited ("DLFZ"), a Taiwan dormant private company wholly owned by Ms. Yu, DLFZ's CEO and largest shareholder. Pursuant to the agreement, the Company agreed to acquire 51% of the issued and outstanding equity interests of DLFZ. The acquisition was completed on November 18, 2025. The aggregate consideration for the acquisition consisted of (i) cash consideration of $16,351 (TWD 510,000) and (ii) contingent consideration in the form of up to 2,209,000 shares of the Company's common stock, issuable upon the achievement of specified post-acquisition revenue milestones. The agreement also provides for a minimum guaranteed issuance of shares including 110,450 shares of the Company's common stock issuable upon execution of the sale and purchase agreement. Any contingent shares not earned in accordance with the performance milestones are forfeited.

On November 7, 2025, the Company entered into three sale and purchase agreements to acquire Homula Limited Company ("HLC"), a Taiwan dormant private company owned by three individual shareholders. Pursuant to the agreements, the Company agreed to acquire 51% of the issued and outstanding equity interests of HLC. The acquisition was completed on November 18, 2025. The aggregate consideration for the acquisition consisted of (i) cash consideration of $16,351 (TWD 510,000) and (ii) contingent consideration in the form of up to 2,209,000 shares of the Company's common stock, issuable upon the achievement of specified post-acquisition revenue milestones. The agreement also provides for a minimum guaranteed issuance of shares including 110,450 shares of the Company's common stock issuable upon execution of the sale and purchase agreement. Any contingent shares not earned in accordance with the performance milestones are forfeited.

On November 10, 2025, the Company entered into a sale and purchase agreement to acquire Haisen Shangliu Co. Limited ("HSCL"), a Taiwan dormant private company wholly owned by Ms. Liao, HSCL's CEO and largest shareholder. Pursuant to the agreement, the Company agreed to acquire 51% of the issued and outstanding equity interests of HSCL. The acquisition was completed on November 28, 2025. The aggregate consideration for the acquisition consisted of (i) cash consideration of $16,351 (TWD 510,000) and (ii) contingent consideration in the form of up to 2,209,000 shares of the Company's common stock, issuable upon the achievement of specified post-acquisition revenue milestones. The agreement also provides for a minimum guaranteed issuance of shares including 110,450 shares of the Company's common stock issuable upon execution of the sale and purchase agreement. Any contingent shares not earned in accordance with the performance milestones are forfeited.

## Exhibit 31.1

**EXHIBIT 31.1**

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

I, Hsu Shou Hung, certify that:

1. I have reviewed this annual report on Form 10-K of DFP Holdings Limited;

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

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

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

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

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

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

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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: December 19, 2025 | By: | */s/ Hsu Shou Hung* |
|  |  | Hsu Shou Hung |
|  |  | Chief Executive Officer and Chief Financial Officer<br> (Principal Executive Officer and Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

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

In connection with the accompanying Annual Report on Form 10-K of DFP Holdings Limited for the year ended September 30, 2025, the undersigned, Hsu Shou Hung, Chief Executive Officer, Chief Financial Officer and Director of DFP Holdings Limited, does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) such Annual Report on Form 10-K for the year ended September 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in such Annual Report on Form 10-K for the year ended September 30, 2025, fairly presents, in all material respects, the financial condition and results of operations of DFP Holdings Limited.

---

| | | |
|:---|:---|:---|
| Date: December 19, 2025 | By: | */s/ Hsu Shou Hung* |
|  |  | Hsu Shou Hung |
|  |  | Chief Executive Officer and Chief Financial Officer |
|  |  | (Principal Executive Officer and Principal Financial and Accounting Officer) |

---