# EDGAR Filing Document

**Accession Number:** 0001700844
**File Stem:** 0001493152-23-001613
**Filing Date:** 2023-1
**Character Count:** 92251
**Document Hash:** 4899056e605b4908bd774d93bb4bfa7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-001613.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001493152-23-001613

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EvoAir Holdings Inc.
- **CENTRAL INDEX KEY:** 0001700844
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585]
- **IRS NUMBER:** 981353613
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-228161
- **FILM NUMBER:** 23531609

**BUSINESS ADDRESS:**
- **STREET 1:** 31-A2, JALAN 5/32A
- **STREET 2:** 6 1/2 MILES, OFF JALAN KEPONG
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 52000
- **BUSINESS PHONE:** 603 6243 3379

**MAIL ADDRESS:**
- **STREET 1:** 31-A2, JALAN 5/32A
- **STREET 2:** 6 1/2 MILES, OFF JALAN KEPONG
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 52000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNEX HOLDINGS INC.
- **DATE OF NAME CHANGE:** 20170314

?xml version="1.0" encoding="utf-8"?

**U.S. SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM 10-Q**

Mark One

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

**For the quarterly period ended November 30, 2022**

☐ 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. 333-228161

**<u>EvoAir Holdings Inc.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **<u>Nevada</u>** | **<u>98-1353613</u>** | **<u>8713</u>** |
| (State or Other Jurisdiction of | IRS Employer | Primary Standard Industrial |
| Incorporation or Organization) | Identification Number | Classification Code Number |

---

**EvoAir Holdings Inc.**

**31-A2, Jalan 5/32A**

**6 ½ Miles Off Jalan Kepong**

**52000 Kuala Lumpur, Malaysia**

**Tel. +603 6243 3379**

*(Address and telephone number of registrant's executive office)* 

***Copies to:***

**Lawrence Venick, Esq. Loeb & Loeb LLP 2206-19 Jardine House 1 Connaught Place, Central Hong Kong SAR Tel: +852.3923.1111 Fax: +852.3923.1100**

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

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

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years:

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

Applicable Only to Corporate ISSUERS:

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

---

| | |
|:---|:---|
| **Class** | **Outstanding as of December 8, 2022** |
| Common Stock, $0.001 | 102003018 |

---

**EvoAir Holdings Inc.**

---

| | | |
|:---|:---|:---|
| Part I | [FINANCIAL INFORMATION](#p_1) |  |
| Item 1 | [FINANCIAL STATEMENTS (UNAUDITED)](#a_001) | 3 |
| Item 2 | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_002) | 17 |
| Item 3 | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_003) | 21 |
| Item 4 | [CONTROLS AND PROCEDURES](#a_004) | 21 |
| PART II | [OTHER INFORMATION](#a_005) |  |
| Item 1 | [LEGAL PROCEEDINGS](#a_006) | 22 |
| Item 2 | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#a_007) | 22 |
| Item 3 | [DEFAULTS UPON SENIOR SECURITIES](#a_008) | 22 |
| Item 4 | [MINE SAFETY DISCLOSURES](#a_009) | 22 |
| Item 5 | [OTHER INFORMATION](#a_010) | 22 |
| Item 6 | [EXHIBITS](#a_011) | 22 |
|  | [SIGNATURES](#a_012) | 23 |

---

2 \| Page

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**EVOAIR HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In U.S. Dollars, except share data or otherwise stated)**

**AS OF NOVEMBER 30, 2022 AND AUGUST 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**<br>**(Unaudited)** | **August 31, 2022**<br>**(Audited)** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $166226 | $152304 |
| Accounts receivable | 67657 | 85960 |
| Inventories | 547558 | 618996 |
| Deposit, prepayments and other receivables | 648556 | 831666 |
| Total current assets | **1429997** | **1688926** |
| **Non-current assets** |  |  |
| Property, plant and equipment, net | 568673 | 602755 |
| Operating lease right-of-use assets | 410168 | 442020 |
| Technology-related intangible assets, net | 79336828 | 80376175 |
| Total non-current assets | 80315669 | 81420950 |
| **TOTAL ASSETS** | $**81745666** | $**83109876** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| Accounts payable and accruals | $134559 | $216830 |
| Income tax payable | 225 |  |
| Other payables | 21311 | 31980 |
| Deferred revenue | 433542 | 513072 |
| Hire purchase creditor | 7856 | 10135 |
| Amounts due to shareholders | 2301 | 2301 |
| Operating lease liabilities - current | 127220 | 117686 |
| Total current liabilities | **727014** | **892004** |
| **Non-current liabilities** |  |  |
| Non-current hire purchase creditor | 18420 | 18207 |
| Non-current operating lease liabilities | 314867 | 355186 |
| Total non-current liabilities | **333287** | **373393** |
| **TOTAL LIABILITIES** | **1060301** | **1265397** |
| **Commitments and contingencies (Note 14)** |  |  |
| **Shareholders' equity** |  |  |
| Common stock, 1,000,000,000 authorized; $0.001 par value, 102,003,018 and 101,853,397 shares issued and outstanding as at November 30, 2022 and August 31, 2022 | 102004 | 101854 |
| Additional paid in capital | 89499877 | 89125872 |
| Shares to be issued |  | 75000 |
| Accumulated other comprehensive income | 52157 | 65880 |
| Accumulated deficit | (8838700) | (7465373) |
| Non-controlling interest | (129973) | (58754) |
| Total shareholders' equity | **80685365** | **81844479** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**81745666** | $**83109876** |

---

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

3 \| Page

**EVOAIR HOLDINGS INC.**

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

**(In U.S. Dollars, except share data or otherwise stated)**

**FOR THE THREE MONTHS ENDED NOVEMBER 30, 2022 AND 2021**

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** |
| Revenue | $142685 | 808879 |
| Cost of revenue | 162858 | 707414 |
| **Gross (loss)/profit** | **(20173)** | **101465** |
| **Operating expenses:** |  |  |
| Selling and marketing expenses | 3565 | 12069 |
| General and administrative expenses | 1423382 | 497988 |
| **Total operating expenses** | **1426947** | **510057** |
| **Loss from operation** | **(1447120)** | **(408592)** |
| **Other income/(expense)** |  |  |
| Interest expense | (6) |  |
| Other income | 6983 | 25260 |
| **Total other income/(expense)** | **6977** | **25260** |
| **Loss from operation before income taxes** | **(1440143)** | **(383332)** |
| Income tax expenses | 219 | - |
| **Net loss** | $(1440362) | (383332) |
| **Less: Net loss attributable to non-controlling interests** | (67035) | (108124) |
| **Net loss attributable to equity holders of the Company** | **(1373327)** | **(275208)** |
| **Other comprehensive (loss)/income:** |  |  |
| Foreign currency translation adjustment | (17907) | 187603 |
| **Total comprehensive loss** | **(1391234)** | **(87605)** |
| **Less: net comprehensive (loss)/income attributable to non-controlling interests** | (4184) | 19013 |
| **Net comprehensive loss attributable to equity holders of the Company** | **(1387050)** | **(106618)** |
| **Net loss attributable to equity holders of the Company per common share:** |  |  |
| Basic and diluted | (0.01) | (0.09) |
| **Weighted average number of common shares outstanding:** |  |  |
| Basic and diluted | 101868154 | 2970000 |

---

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

4 \| Page

**EvoAir HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (DEFICIT)**

**(In U.S. Dollars, except share data or otherwise stated)**

**FOR THE THREE MONTHS ENDED NOVEMBER 30, 2022 AND 2021**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | | |
|  | **shares** | **amount** | **Additional**<br> **paid in**<br> **capital** | **Accumulated**<br>**deficit** | **Accumulated Other**<br> **Comprehensive**<br>**income** | **Shares**<br> **to be**<br>**issued** | **Non-controlling**<br>**<br> **interests** |<br>**Total** |
| **Balance as of August 31, 2021** | **2970000** | $**2970** | $**2890471** | $**(2233496)** | $**5696** | $**861883** | $**167967** | $**1695491** |
| Foreign currency translation adjustment |  |  |  |  | 168590 |  | 19013 | **187603** |
| Net loss | - | - | - | (275208) | - | - | (108124) | **(383332)** |
| **Balance as of November 30, 2021** | **2970000** | **2970** | **2890471** | **(2508704)** | **174286** | **861883** | **78856** | $**1499762** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** | | | | | | |
|  | **shares** | **amount** | **Additional**<br> **paid in**<br> **capital** | **Accumulated**<br>**deficit** | **Accumulated other**<br> **comprehensive**<br>**income/ (loss)** | **Shares**<br> **to be**<br>**issued** | **Non-controlling**<br>**<br> **interests** |<br>**Total** |
| **Balance as of August 31, 2022** | **101853397** | $**101854** | $**89125872** | $**(7465373)** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65880** | $**75000** | $**(58754)** | $**81844479** |
| Capital contribution |  |  | 100 |  |  |  |  | **100** |
| Issuance of common stock for Cash | 149621 | 150 | 373905 |  |  | (75000) |  | **299055** |
| Foreign currency translation adjustment |  |  |  |  | (13723) |  | (4184) | **(17907)** |
| Net loss | - | - | - | (1373327) | - | - | (67035) | **(1440362)** |
| **Balance as of November 30, 2022** | **102003018** | $**102004** | $**89499877** | $**(8838700)** | $**52157** | $**-** | $**(129973)** | $**80685365** |

---

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

5 \| Page

**EVOAIR HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In U.S. Dollars, except share data or otherwise stated)**

**FOR THE THREE MONTHS ENDED NOVEMBER 30, 2022 AND 2021**

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(1440362) | (383332) |
| &nbsp;&nbsp;&nbsp;Adjustments for non-cash income and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 35126 | 9188 |
| &nbsp;&nbsp;&nbsp;Amortization | 1065646 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Decrease in accounts receivable | 18303 | 40995 |
| &nbsp;&nbsp;&nbsp;Decrease/(Increase) in inventories | 71438 | (99372) |
| &nbsp;&nbsp;&nbsp;Decrease in deposit, prepayments and other receivables | 183110 | 385836 |
| &nbsp;&nbsp;&nbsp;Decrease in operating lease right-of-use assets | 5553 |  |
| &nbsp;&nbsp;&nbsp;Decrease in accounts payable and accruals | (82046) | (106900) |
| &nbsp;&nbsp;&nbsp;Decrease in deferred revenue | (79530) | (426777) |
| &nbsp;&nbsp;&nbsp;Decrease in operating lease liabilities | (30785) |  |
| &nbsp;&nbsp;&nbsp;(Decrease)/Increase in other payables | (10669) | 480335 |
| &nbsp;&nbsp;&nbsp;Decrease in amounts due to shareholders | - | (59906) |
| **Net cash used in operations** | $(264216) | $(159933) |
| **Cash flows from investing activity** |  |  |
| Purchase of property, plant and equipment | (1044) | (507545) |
| **Net cash used in investing activity** | $(1044) | $(507545) |
| **Cash flows from financing activities** |  |  |
| Proceeds from hire purchase |  | 2809 |
| Payments of hire purchase | (2066) |  |
| Proceeds from issuance of common stock | 299055 |  |
| Proceeds from capital contribution | 100 | - |
| **Net cash generated from financing activities** | $297089 | $2809 |
| Net increase/(decrease) in cash and cash equivalents | 31829 | (664669) |
| Effect of exchange rate changes | (17907) | 187603 |
| Cash and cash equivalents at start of year | 152304 | 1714890 |
| Cash and cash equivalents at end of year | 166226 | 1237824 |

---

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

6 \| Page

**EVOAIR HOLDINGS INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE MONTH ENDED NOVEMBER 30, 2022, AND 2021**

**<u>NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS</u>**

EvoAir Holdings Inc. (formerly Unex Holdings Inc.) (the "Company", "EVOH", "we", "us", or "our") is a corporation established under the corporation laws in the State of Nevada on February 17, 2017. The Company has adopted an August 31 fiscal year end.

On December 20, 2021, the Company and Low Wai Koon ("Dr. Low") entered into a share transfer agreement, (the "EvoAir International Share Transfer Agreement"), pursuant to which Dr. Low agreed to sell all of his ordinary shares of EvoAir International Limited ("EvoAir International") to the Company for the consideration of US$100 ("EvoAir Transaction"). EvoAir International, through its subsidiaries upon completion of the Transactions (defined hereunder), is engaged in the sale of heating, ventilation and air conditioning ("HVAC") products in Asia.

Pursuant to the terms of a share transfer agreement dated December 20, 2021, Dr. Low, the then sole executive officer and director of the Company and the owner of 2,000,000 restricted shares of the Company's ordinary shares representing approximately 67.34% of the Company's then issued and outstanding shares, sold his entire shareholding of the Company to WKL Global Limited ("WKL Global") for an aggregate consideration of $100 ("Change of Control Transaction"). Upon completion of the Change of Control Transaction, WKL Global owned 2,000,000 shares, or approximately 67.34% of the then issued and outstanding ordinary shares of the Company, which resulted in a change of control of the Company.

On December 20, 2021, several transactions took place (together, the "Allotment Transactions") whereby the Company issued and allotted in aggregate 98,809,323 ordinary shares of common stock to certain parties. On completion of the Allotment Transactions, the total number of issued and outstanding shares of common stock of the Company were 101,779,323 ("Enlarged Share Capital"):

(A) On
 December 20, 2021, Dr. Low and Chan Kok Wei entered into a share exchange agreement with WKL Eco Earth Holdings Pte Ltd (" WKL
 Eco Earth Holdings") , pursuant to which Dr. Low and Chan Kok Wei agreed to sell all their ordinary shares of WKL Green
 Energy Sdn Bhd ("WKL Green Energy") to WKL Eco Earth Holdings in consideration for the allotment and issuance to WKL
 Global Limited and Allegro Investment (BVI) Limited of 24,000 shares and 6,000 shares of common stock, respectively, or approximately 0.02 %
 and 0.01 %
 of the Enlarged Share Capital, respectively.

(B) On
 December 20, 2021, Dr. Low, Chan Kok Wei, Ong Bee Chen and certain sellers ("WKLEE Sellers") entered into a share
 exchange agreement with WKL Eco Earth Holdings, pursuant to which Dr. Low, Chan Kok Wei, Ong Bee Chen and WKLEE Sellers agreed to
 sell all their ordinary shares of WKL Eco Earth Sdn Bhd ("WKL Eco Earth") to WKL Eco Earth Holdings in consideration for
 the allotment and issuance to WKL Global Limited, Allegro Investment (BVI) Limited and WKLEE Sellers of 49,320 shares, 8,280 shares and in aggregate 14,400 shares, respectively, of the common stock of the Company, or approximately 0.05 %, 0.009 %
 and in aggregate 0.014 %,
 respectively, of the Enlarged Share Capital.

(C) On
 December 20, 2021, Tan Soon Hock, Ivan Oh Joon Wern and certain relevant interest holders ("Relevant Interest Holders")
 entered into an investment exchange agreement with WKL Eco Earth Holdings, pursuant to which Tan Soon Hock, Ivan Oh Joon Wern
 and the Relevant Interest Holders agreed to sell all relevant interests in the EVOH and its subsidiaries ("EvoAir Group" or the ("Group")) to WKL Eco Earth Holdings in consideration
 for the allotment and issuance of 7,037,762 shares, 2,520,000 shares and in aggregate 6,001,794 shares, respectively, of the common
 stock of the Company, or approximately 6.91 %, 2.48 % and in aggregate 5.90 %, respectively, of the Enlarged Share Capital. The board
 of directors and majority shareholders of the Company have approved the transaction.

(D) On
 December 20, 2021, Dr. Low entered into two deeds of assignment of intellectual properties with WKL Eco Earth Holdings, in respect
 of Dr. Low's patents relating to eco-friendly air-conditioner condenser (external unit), evoair<sup>TM</sup> and the trademarks
 described in the deed of assignment thereunder, and in respect of Dr. Low's patents relating to the portable air-conditioner,
 e-Cond EVO<sup>TM</sup> and the trademarks as described in the deed of assignments thereunder (together, the "IP Assignments").
 Pursuant to the IP Assignments, WKL Global Limited, Allegro Investment (BVI) Limited and certain nominees shall be allotted and issued 63,362,756 shares, 14,297,259 shares and in aggregate 5,487,752 shares, respectively of the Company's common stock or approximately 62.25 %, 14.05 % and in aggregate 5.39 %, respectively of the Enlarged Share Capital in consideration for the IP Assignments.

EvoAir Transaction, Change of Control Transaction and Allotment Transactions are collectively to be referred to as the "Transactions". The closing of the Transaction (the "Closing") occurred on December 20, 2021 (the "Closing Date").

From and after the Closing Date, at which time EvoAir International transferred its HVAC business to the Company, the Company's primary operations will consist of the prior operations of EvoAir International.

7 \| Page

EvoAir International is a company incorporated in the British Virgin Islands ("BVI") on November 17, 2021. Effective from the December 20, 2021, it wholly owns WKL Eco Earth Holdings, a company incorporated in Singapore on July 12, 2018, which in turn wholly owns (a) WKL Eco Earth, a Malaysian company incorporated on May 17, 2017, and (b) WKL Green Energy, a Malaysian company incorporated on October 24, 2017. WKL Eco Earth Holdings acquired (c) EvoAir Manufacturing (M) Sdn Bhd ("EvoAir Manufacturing") on April 19, 2021, a Malaysian company incorporated on March 22, 2019, as well as acquiring (d) WKL EcoEarth Indochina Co Ltd ("WKL EcoEarth Indochina"), a Cambodia company incorporated on February 4, 2021 (e) WKL Guanzhe Green Technology Guangzhou Co Ltd ("WKL Guanzhe"), a Chinese company incorporated on April 6, 2021. EvoAir Manufacturing wholly owns (f) Evo Air Marketing (M) Sdn Bhd ("Evo Air Marketing"), a Malaysian company incorporated on February 2, 2021.

On June 15, 2022, the Company filed a Certificate of Amendment (the "Amendment") to the Articles of Incorporation with Nevada's Secretary of State to change the name of the Company from Unex Holdings Inc. to EvoAir Holdings Inc. (the "Name Change"), and the Name Change became market effective on November 4, 2022. Effective on November 11, 2022, the Company's shares began trading under the new ticker symbol "EVOH".

**<u>Details of the Company's subsidiaries:</u>**

SUMMARY OF CONSOLIDATED SUBSIDIARIES

---

| | |
|:---|:---|
| **Subsidiaries of EVOH** | **Attributable interest** |
| EvoAir International Limited (British Virgin Islands) | 100% |
| **Subsidiary of EvoAir International Limited** |  |
| WKL Eco Earth Holdings Pte Ltd (Singapore) | 100% |
| **Subsidiaries of WKL Eco Earth Holdings Pte Ltd** |  |
| WKL Eco Earth Sdn Bhd (Malaysia) | 100% |
| WKL Green Energy Sdn Bhd (Malaysia) | 100% |
| EvoAir Manufacturing (M) Sdn Bhd (Malaysia) | 67.5% |
| WKL EcoEarth Indochina Co Ltd (Cambodia) | 55% |
| WKL Guanzhe Green Technology Guangzhou Co Ltd (China) | 55% |
| **Subsidiary of EvoAir Manufacturing (M) Sdn Bhd** |  |
| Evo Air Marketing (M) Sdn Bhd (Malaysia) | 100% |

---

**<u>NOTE 2 – CHANGE OF CONTROL</u>**

Pursuant to the terms of a share transfer agreement dated December 20, 2021, Dr. Low, the then sole executive officer and director of the Company and the owner of 2,000,000 restricted shares of the Company's ordinary shares representing 67.34% of the Enlarged Share Capital, sold his entire shareholding of the Company to WKL Global for an aggregate consideration of $100. Upon completion of the Change of Control Transaction, WKL Global Limited then owned 2,000,000 shares, or approximately 67.34% of Enlarged Share Capital, which resulted in a change of control of the Company.

**<u>NOTE 3 – GOING CONCERN</u>**

The Company's financial statements as of November 30, 2022, is prepared using generally accepted accounting principles in the United States of America ("U.S. GAAP") applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established a sustainable ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern.

As of November 30, 2022, and August 31, 2022, the Company had an accumulated deficit of $8,838,700 and $7,465,373 respectively. The Company incurred net loss of $1,440,362 and $383,332 for three months ended November 30, 2022, and November 30, 2021, respectively. The cash used in operating activities were $264,216 and $159,933 for the three months ended November 30, 2022, and November 30, 2021, respectively. It was brought to the attention of the Management to assess going concern considering all facts and circumstances about the foreseeable future of the Company as well as its assets and liabilities on the basis that it will be able to realize and discharge them in the normal course of business.

With the injection of a viable business into the Company ("New Business") contemplated under the Transaction (defined in Note 1), the Management believes that the actions to be taken by the Management to further implement the business plans for the New Business including expansion in product offerings, geographical expansion, generate revenue through expansion of revenue streams and customer base (retail, commercial and industrial as well as private label and licensing clientele), improvement of profitability by achieving economies of scale provide the opportunity for the Company to continue as a going concern. In addition, the Company is also working on raising additional funding to finance the operations as well as business expansion.

The unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and, accordingly financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

8 \| Page

**<u>NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>**

**Basis of Presentation and Principles of Consolidation**

The accompanying unaudited condensed consolidated financial statements have been prepared by the Group in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC").

The unaudited condensed consolidated financial statements include the accounts of EvoAir International, WKL Eco Earth Holdings and its subsidiaries namely (i) 100% owned WKL Eco Earth, (ii) 100% owned WKL Green Energy, (iii) 67.5% owned EvoAir Manufacturing (which includes its wholly owned subsidiary Evo Air Marketing), (iv) 55% owned WKL EcoEarth Indochina, and (v) 55% owned WKL Guanzhe.

As WKL Eco Earth and WKL Green Energy were under common control at the time of the Transaction, it is required under U.S. GAAP to account for this common control acquisition in a manner similar to the pooling of interest method of accounting. Under this method of accounting, EVOH's condensed consolidated balance sheets as of November 30, 2022, and August 31, 2022, reflect WKL Eco Earth and WKL Green Energy on a historical carryover basis in the assets and liabilities instead of reflecting the fair market value of the assets and liabilities.

All intercompany accounts and transactions have been eliminated on consolidation. In the opinion of the Management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with U.S. GAAP.

The non-controlling interests are presented in the unaudited condensed consolidated balance sheets, separately from equity attributable to the stockholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the condensed consolidated statements of operations and comprehensive loss as an allocation of the total loss for the year between non-controlling interest holders and the stockholders of the Company.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Key estimates in the accompanying unaudited condensed consolidated financial statements include, *inter-alia*, revenue recognition, allowances for doubtful accounts and product returns, provisions for obsolete inventory, valuation of long-lived assets and Rights of Use ("ROU") assets (including lease liabilities), and deferred income tax asset valuation allowances. Actual results could differ materially from these estimates.

**Fiscal Year End**

The Company operates on a fiscal year basis with the fiscal year ending on August 31.

**Cash and Cash Equivalents**

The Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. The Company places its cash with a high credit quality financial institution.

WKL Guanzhe's business is primarily conducted in China and substantially all of its revenue is denominated in Chinese Renminbi ("RMB"). The government of People's Republic of China ("PRC") imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade.

**Comprehensive Gain or Loss**

ASC 220 "Comprehensive Income," establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As of November 30, 2022, and August 31, 2022, the Company established that there are items that represented components of comprehensive income and, therefore, has included a statement of comprehensive income/loss in the financial statements.

**Foreign Currency Translation**

The functional currency of Chinese operations is RMB. The functional currency of the Company's Singapore operations is Singapore dollars ("SGD"). The functional currency of the Company's Malaysia operations is Ringgit Malaysia ("RM"). The Management has adopted ASC 830 "Foreign Currency Matters" for transactions that occur in foreign currencies. Monetary assets denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Average monthly rates are used to translate revenue and expenses.

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Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective periods.

Assets and liabilities of the Company's operations are translated into the reporting currency, United States Dollars ("US$"), at the exchange rate in effect at the balance sheet dates. Revenue and expenses are translated at average rates in effect during the reporting periods. Equity transactions are recorded at the historical rate when the transaction occurred. The resulting translation adjustment is reflected as accumulated other comprehensive income/loss, a separate component of shareholders' equity in the statement of changes in equity/deficit.

**Accounts Receivable and Allowance for Doubtful Accounts**

Accounts receivable are recorded at the net value of face amount less any allowance for doubtful accounts. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in our existing accounts receivable. An allowance for doubtful accounts is recorded in the period when loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging and other factors. The Company reviews the allowance for doubtful accounts on a regular basis, and all past due balances are reviewed individually for collectability. An account receivable is written off after all collection effort has ceased. Recoveries of receivables previously written off are recorded when received. Interest is not charged on past due accounts.

As of November 30, 2022, and August 31, 2022, our accounts receivable amounted to $67,657 and $85,960, respectively, with no allowance for doubtful accounts for both periods.

**Inventories**

Inventories consist primarily of finished goods, raw materials, and work-in-process ("WIP") from WKL Eco Earth, WKL EcoEarth Indochina, WKL Guanzhe, and EvoAir Manufacturing.

We value inventory at the lower of cost or net realizable value. We determine the cost of inventory using the standard cost method, which approximates actual cost based on a first-in, first-out method. All other costs, including administrative costs, are expensed as incurred.

**Deposit, Prepayments and Other Receivables**

Deposit, prepayments and other receivables are comprised of prepayments paid to vendors to initiate orders and prepaid services fees and are classified as current assets if such amounts are to be recognized within one year from the balance sheet date.

**Property, Plant and Equipment**

Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related capitalized assets. Property, plant and equipment are depreciated over 5 to 10 years.

---

| | |
|:---|:---|
|  | **Useful lives** |
| Plant and machineries | 5 years |
| Office equipment | 5 years |
| Vehicles | 5 years |
| Furniture and equipment | 10 years |
| Renovation | 10 years |

---

Repair and maintenance costs are charged to expense as incurred. At the time of retirement or other disposition of property, plant and equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.

**Intangible Assets and Other Long-Lived Assets**

The Company's intangible assets consist of patents and trademarks related to assignments of intellectual properties by Dr. Low into WKL Eco Earth Holdings under the IP Assignments as contemplated in Note 1. The intangible assets are recorded at fair market value and are amortized using the straight-line method over an estimated life of 20 years for both patents and trademarks.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If identifiable intangibles are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value.

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**Revenue Recognition**

Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company does not disaggregate its revenue streams as the economic factors underlying the contracts are similar and provide no significant distinction. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

**Deferred Revenue**

The Company collects deposits from customers in advance for some business contracts. The customer payments received in advance are recorded as deferred revenue on the balance sheet. The Company recognized $433,542, and $513,072 deferred revenue as of November 30, 2022, and August 31, 2022, respectively.

**Leases**

We have entered into operating agreements primarily for office and factory. We determine if an arrangement is a lease at inception. For all classes of underlying assets, we elect not to recognize right of use assets or lease liabilities when a lease has a lease term of 12 months or less at the commencement date and does not include an option to purchase the underlying asset that we are reasonably certain to exercise. Operating lease assets and liabilities are included on our unaudited condensed consolidated balance sheet as of November 30, 2022 and August 31, 2022.

Operating lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease assets also include any prepaid lease payments and lease incentives. Our lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We generally use the base, non-cancellable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.

Our lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. We combine fixed payments for non-lease components with our lease payments and account for them together as a single lease component, which increases the amount of our lease assets and liabilities.

**Income Taxes**

The Company utilizes ASC Topic 740, "Income Taxes," which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the unaudited condensed consolidated financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is "more likely-than-not" that a deferred tax asset will not be realized.

The Company's practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of operations.

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**Measurement of Fair Value**

The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories:

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

Level 2: Observable market-based inputs or inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

**Earnings (Loss) per Share**

The Company computes basic and diluted earnings (loss) per share amounts in accordance with ASC Topic 260, "Earnings per Share." Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. As of November 30, 2022, the Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.

**Recently Issued Accounting Pronouncements**

Except for rules and interpretive releases of the SEC under the authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ ("ASC") is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future financial statements.

In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 adds a current expected credit loss ("CECL") impairment model to U.S. GAAP that is based on expected losses rather than incurred losses. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within the year of adoption. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect the application of the CECL impairment model to have a significant impact on its allowance for uncollectible amounts for accounts receivable.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted.

The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

**<u>NOTE 5 INVENTORIES</u>**

Inventories consist of the following:

SUMMARY OF INVENTORIES

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br> **2022** | **August 31,**<br> **2022** |
| Finished goods | $315415 | $385102 |
| Raw materials and supplies | 126671 | 162820 |
| Work in progress | 105472 | 71074 |
| Total inventory on hand | $547558 | $618996 |

---

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**<u>NOTE 6 DEPOSIT, PREPAYMENTS AND OTHER RECEIVABLES</u>**

Deposit, prepayments, and other receivables consists of the following:

SCHEDULE OF DEPOSIT PREPAYMENTS AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br> **2022** | **August 31,**<br> **2022** |
| Deposits and Prepayment | 41241 | 61270 |
| Other receivables (Advances to suppliers) | 607315 | 770396 |
| Total | 648556 | 831666 |

---

**<u>NOTE 7 PROPERTY, PLANT AND EQUIPMENT, NET</u>**

Property, plant, and equipment consist of the following:

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br> **2022** | **August 31,**<br> **2022** |
| Plant and machineries | $465385 | $464019 |
| Office equipment | 55330 | 55587 |
| Vehicles | 71837 | 71860 |
| Furniture and equipment | 26570 | 26577 |
| Renovation | 134272 | 134309 |
|  | 753396 | 752352 |
| Less: Accumulated depreciation | (184723) | (149597) |
| Property, plant and equipment, net | $568673 | $602755 |

---

Depreciation expense for the three months ended November 30, 2022, was $35,126.

**<u>NOTE 8 – INTANGIBLE ASSETS</u>**

The below table summarizes the identifiable intangible assets as of November 30, 2022, and August 31, 2022:

SUMMARIZES OF INTANGIBLE ASSETS

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br> **2022** | **August 31,**<br> **2022** |
| Technology 1-Portable Air Cooler | $27438763 | $27438763 |
| Technology 2-Condensing Unit | 55709004 | 55709004 |
|  | 83147767 | 83147767 |
| Less: Accumulated amortization | (3810939) | (2771592) |
| Intangible assets, net | $79336828 | $80376175 |

---

Amortization expense for intangible assets for the three months ended November 30, 2022, was $1,039,347.

**<u>NOTE 9 ACCOUNTS PAYABLE, ACCRUALS, AND OTHER PAYABLES</u>**

Account payables and accruals, and other payables consist of the following:

SCHEDULE OF ACCOUNTS PAYABLES ACCRUALS AND OTHER PAYABLE

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br> **2022** | **August 31,**<br> **2022** |
| Accounts payable | $46949 | $110782 |
| Accruals | 87835 | 106048 |
| Other payables | 21311 | 31980 |
| Total | $156095 | $248810 |

---

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**<u>NOTE 10 RELATED PARTY TRANSACTIONS</u>**

**Amounts due to shareholders**

Amounts due to shareholders are non-interest bearing, unsecured, have no fixed repayment term, and are not evidenced by any written agreement. The Company reported amount due to shareholders of $2,301 as of both November 30, 2022, and August 31, 2022.

**ECo Awareness Sdn Bhd**

ECo Awareness Sdn Bhd is related to a common shareholder. ECo Awareness Sdn Bhd was our main distributor for E-cond<sup>Life</sup> product. Eco Awareness Sdn Bhd has been re-designated as distributor in October 2021.

The sales generated from ECo Awareness Sdn Bhd amounted to $0 and $13,471 during the three month ended November 30, 2022, and November 30, 2021, respectively. The accounts receivable from ECo Awareness Sdn Bhd amounted to $0 as of both November 30, 2022, and August 31, 2022.

The purchases from ECo Awareness Sdn Bhd amounted to $0 and $15,111 during the three month ended ended November 30, 2022, and November 30, 2021, respectively. The accounts payable due to ECo Awareness Sdn Bhd amounted to $0 as of both November 30, 2022, and August 31, 2022.

**<u>NOTE 11 SHAREHOLDERS' EQUITY</u>**

On December 16, 2021, the Company has increased the authorized common stock from 75,000,000 shares with a par value of $0.001 per share to 1,000,000,000 shares with a par value of $0.001 per share.

During the three months period ended November 30, 2022, the Company issued 119,621 shares of common stock, par value $0.001 per share at a per share purchase price of $2.50 for gross proceeds of $299,055, as part of a series of offerings by the Company for an aggregate of up to 6,000,000 shares of Common Stock at a per share purchase price of $2.50.

During the three months period ended November 30, 2022, the Company also issued 30,000 shares of common stock, for gross proceeds of $75,000 received during the 3 months ended August 31 2022. As such, the Company had $0 shares to be issued on November 30, 2022.

During the three months period ended November 30, 2022, the Company received cash proceeds of $100 from capital contribution.

As of November 30, 2022, and November 30, 2021, the Company had 102,003,018 and 2,970,000 shares of its common stock issued and outstanding, respectively.

**<u>NOTE 12 INCOME TAXES</u>**

The Company's operating subsidiaries are governed by the Income Tax Law, which is concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws ("the Income Tax Laws"). We are routinely undergoing examinations in the jurisdictions in which we operate.

The Company has operations in Singapore, Malaysia, Cambodia, BVI, and China that are subject to taxes in the jurisdictions in which they operate, as follows:

*Singapore*

WKL Eco Earth Holdings is incorporated in Singapore, and under the current tax laws of Singapore, its standard corporate income tax rate is 17%.

*Malaysia*

WKL Eco Earth, WKL Green Energy and Evoair Manufacturing (including its 100% subsidiary Evo Air Marketing) are incorporated in Malaysia and are subject to common corporate income tax rate at 24%.

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*Cambodia*

WKL EcoEarth Indochina is incorporated in Cambodia, and under the current tax laws of Cambodia, its standard corporate tax rate is 20%.

*BVI*

EvoAir International is incorporated in BVI, and a BVI Business Company is exempt from the BVI income tax.

*China*

WKL Guanzhe is incorporated in China. Under the current tax law in the PRC, WKL Guanzhe is subject to the enterprise income tax rate of 25%.

Due to the Company's net loss position, there was no provision for income taxes recorded. As a result of the Company's losses to date, there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded.

The components of net deferred tax assets are as follows:

SCHEDULE OF COMPONENTS ON NET DEFERRED TAX ASSET

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br> **2022** | **August 31,**<br> **2022** |
| Net operating loss carry-forward | $8839000 | $7470000 |
| Less: valuation allowance | (8839000) | (7470000) |
| Net deferred tax asset | - | - |

---

The Company had net operating loss carry forwards for tax purposes of approximately $8,839,000 at November 30, 2022, and approximately $7,470,000 at August 31, 2022, which may be available to offset future taxable income. Utilization of the net operating loss carry forwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 381 of the Internal Revenue Code of 1986, as amended. The annual limitation may result in the expiration of net operating loss carry forwards before utilization.

**<u>NOTE 13 ROU ASSET AND LEASES</u>**

A lease is defined as a contract that conveys the right to control the use of identifiable tangible property for a period of time in exchange for consideration. On February 28, 2022, the Company adopted ASC Topic 842 which primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee including the Company's leases of office and factory. The Company elected to not recognize ROU assets and lease liabilities arising from short-term leases with initial lease terms of twelve months or less (deemed immaterial) on the accompanying consolidated balance sheets.

ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on the effective interest, the effective amortization on the lease liability. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.

When measuring lease liabilities for leases that were classified as operating leases as of November 30, 2022, and August 31, 2022, the Company discounted lease payments using its estimated incremental borrowing rate of 10%.

The following is a summary of ROU asset and operating lease liabilities:

SUMMARY OF ROU ASSET AND OPERATING LEASE LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **November 30,**<br> **2022** | **August 31,**<br> **2022** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;ROU asset | $410168 | $442020 |
| Liabilities: |  |  |
| Current: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | $127220 | $117686 |
| Non-current |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 314867 | 355186 |
| &nbsp;&nbsp;&nbsp;**Total lease liabilities** | $442087 | $472872 |

---

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As of November 30, 2022, remaining maturities of lease liabilities were as follows:

SCHEDULE OF MATURITIES OF LEASE LIABILITIES

---

| | |
|:---|:---|
|  | Operating lease |
| 2023 | $127220 |
| 2024 | 133838 |
| 2025 | 101470 |
| 2026 | 62878 |
| 2027 and thereafter | 16681 |
| Total | $442087 |

---

**<u>NOTE 14 COMMITMENTS AND CONTINGENCIES</u>**

*Litigation and Claims*

On October 8, 2021, a filing (the "Filing") was made with the Kuala Lumpur High Court by a reseller (the "Reseller") of the Company's INCU ionic nano copper solution (the "Solution") and the Reseller's related party (together with the Reseller, the "Plaintiffs").

The Reseller was authorized by WKL Eco Earth's sole distributor of the Solution (the "WKL Distributor") to resell the Solution together with a diffuser with a capacity of not more than 1000ml through a tripartite agreement (the "Tripartite Agreement") entered into between (a) the Reseller, (b) the WKL Distributor and (c) a solution packaging company (the "Packaging Company"). WKL Eco Earth was not a party to the Tripartite Agreement and did not directly authorize or engage the Reseller in the resale of the Solution.

In the Filing, the Plaintiffs claimed against (i) WKL Eco Earth; (ii) Dr. Low; (iii) Chan Kok Wei, (iv) the Packaging Company and (v) two directors of the Packaging Company for loss and damages arising from an alleged breach of contract, defamation and tort of inducement. The Plaintiffs also alleged that pursuant to the Tripartite Agreement, WKL Eco Earth was prohibited from selling the Solution to any party other than the WKL Distributor and allow for the resale of the Solution by the Plaintiffs without limitation, and that the Plaintiffs were not confined in their resale of the Solution to a diffuser with a capacity of not more than 1000ml.

The Company believes the claims are without merit and will defend itself against the claims.

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. The outcome of the above case very much depends on the evidence produced and the weight of the Court places on the evidence. As it stands, WKL has a probability of success in its Counterclaim against the parties. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

**<u>NOTE 15 SUBSEQUENT EVENTS</u>**

In accordance with FASB ASC 855-10 Subsequent Events, the Company has analyzed its operations subsequent to November 30, 2022, to the date these unaudited condensed consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

**Forward-looking Statements**

This Quarterly Report contains forward-looking statements relating to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "intends", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors which may cause our or our industry's actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results, later events or circumstances or to reflect the occurrence of unanticipated events.

In this report unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares of our capital stock.

The management's discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. GAAP.

**General Overview**

EvoAir Holdings Inc. is a corporation established under the corporation laws in the State of Nevada on February 17, 2017. The Company has adopted an August 31 fiscal year end.

On December 20, 2021, the Company and Dr. Low entered into the "EvoAir International Share Transfer Agreement, pursuant to which Dr. Low agreed to sell all of his ordinary shares of EvoAir International to the Company for the consideration of US$100 ("EvoAir Transaction"). EvoAir International, through its subsidiaries upon completion of the Transactions, is engaged in the sale of HVAC products in Asia.

Pursuant to the terms of a share transfer agreement dated December 20, 2021, Dr. Low, the then sole executive officer and director of the Company and the owner of 2,000,000 restricted shares of the Company's ordinary shares representing approximately 67.34% of the Company's then issued and outstanding shares, sold his entire shareholding of the Company to WKL Global for an aggregate consideration of $100. Upon completion of the Change of Control Transaction, WKL Global owned 2,000,000 shares, or approximately 67.34% of the then issued and outstanding ordinary shares of the Company, which resulted in a change of control of the Company.

EvoAir International is a company incorporated in the British Virgin Islands on November 17, 2021. Effective from the December 20, 2021, it wholly owns WKL Eco Earth Holdings, a company incorporated in Singapore on July 12, 2018, which in turn wholly owns (a) WKL Eco Earth, a Malaysian company incorporated on May 17, 2017, and (b) WKL Green Energy a Malaysian company incorporated on October 24, 2017. WKL Eco Earth Holdings acquired (c) EvoAir Manufacturing on April 19, 2021, a Malaysian company incorporated on March 22, 2019, as well as acquiring (d) WKL EcoEarth Indochina, a Cambodia company incorporated on February 4, 2021, (e) WKL Guanzhe Green Technology Guangzhou, a Chinese company incorporated on April 6, 2021. EvoAir Manufacturing wholly owns (f) Evo Air Marketing, a Malaysian company incorporated on February 2, 2021.

On June 15, 2022, the Company filed a Certificate of Amendment (the "Amendment") to the Articles of Incorporation with Nevada's Secretary of State to change the name of the Company from Unex Holdings Inc. to EvoAir Holdings Inc. (the "Name Change"), and the Name Change became market effective on November 4, 2022. Effective on November 11, 2022, the Company's shares began trading under the new ticker symbol "EVOH".

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**Results of Operations**

The following summary of our operations should be read in conjunction with our unaudited condensed consolidated financial statements for the three months ended November 30, 2022, as compared to the three months ended November 30, 2021.

*Three Months Ended November 30, 2022, versus Three Months Ended November 30, 2021*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | |
|  | **November 30,** | **November 30,** | | |
|  | **2022** | **2021** |<br>**Changes** |<br>**%** |
| Revenue | $142685 | $808879 | $(666194) | (82)% |
| Cost of revenue | 162858 | 707414 | (544556) | (77)% |
| Gross (loss)/profit | (20173) | 101465 | (121638) | (120)% |
| Operating expenses | 1426947 | 510057 | 916890 | 180% |
| Loss from operation | (1447120) | (408592) | (1038528) | 254% |
| Other income | 6977 | 25260 | (18283) | (72)% |
| Net Loss | $(1440143) | $(383332) | (1056811) | 276% |

---

The Company generated revenues of $142,685 in the three months ended November 30, 2022, as compared to $808,879 in the three months ended November 30 2021, a decrease in revenue of $666,194. The decline in revenue for the comparative figures is mainly due to the decrease in sales in air purifier products as a result of rollbacking of preventative measures taken by businesses and public from spreading infection as the World and society progresses towards living with Covid-19. The Company is building up its traction for the evoair<sup>TM</sup> hybrid air-conditioners in 3 months ended November 2022.

Cost of revenue was $162,858 or 114% of revenue for the three months ended November 30, 2022, as compared to $707,414 or 87% of revenue in the same financial period in 2021. Cost of revenues includes production costs and purchases of goods. Higher cost of revenue is attributable to manufacturing and related costs for evoair<sup>TM</sup> products, comprising material costs, labor cost, research and development ("R&D") for product improvement, product testing and inspection, factory rental, depreciation expense as well as sample products for market penetration. The higher cost of revenue than revenue in the 3 months ended November 30, 2022 is attributable to the lack of economies of scale and the Company has yet to achieve optimal production efficiency.

Gross loss was $20,173 or negative gross profit margin of 14% for the three months ended November 30, 2022, as compared to gross profit of $101,465 in the same financial period in 2021 or 13% of revenue. The decrease of gross profit is mainly due to the Company commercialized evoair<sup>TM</sup> products with higher cost of revenue from manufacturing and related costs as well as lack of economy of scale during commercialization stage. The Company anticipates improvement of income and gross profit margin with the improvement of revenue streams from distributor and dealership model, projects as well as licensing model.

Operating expenses were $1,426,947 for the three months ended November 30, 2022, compared to $510,057 in the corresponding period in 2021, an increase of $916,890. The increases in operating expenses were mainly due to the commencement of amortization of intangible assets starting from December 2021.

The net loss for the three months ended November 30, 2022, was $1,440,143 as compared to $383,332 for the corresponding period in 2021. The continuous net loss is attributable to the Group's focused effort in creating the infrastructure and resource to meet the business expansion needs of the Group's as well as lack of economies of scale.

**Liquidity and Capital Resources**

*Working Capital*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of**<br>**November 30,**<br>**2022** | **As of**<br>**August 31,**<br>**2022** |<br>**Changes** |<br>**%** |
| Current Assets | $1429997 | $1688926 | $(258929) | (15)% |
| Current Liabilities | 727014 | 892004 | (164990) | (18)% |
| Working Capital | 702983 | 796922 | (93939) | (12)% |

---

As at November 30, 2022, our company's current liabilities stood at $727,014, which included accounts payable and accruals of $134,784, other payables of $21,311, current portion hire purchase creditor $7,856, amount due to shareholders $2,301, current portion operating lease liabilities of $127,220, and the deferred revenue of $433,542.

As at November 30, 2022 our company had a positive working capital of $702,983 compared with the positive working capital of $796,922 as at August 31, 2022.

18 \| Page

*Cash Flows*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30,**<br>**2022** | **November 30,**<br>**2021** |<br>**Changes** |<br>**%** |
| Cash flows used in operating activities | $(264216) | $(159933) | (104283) | 65% |
| Cash flows used in investing activity | (1044) | (507545) | 506501 | (100)% |
| Cash flows generated from financing activities | 297089 | 2809 | 294280 | 10476% |
| Net changes in cash | 31829 | (664669) | 696669 | (105)% |

---

The Company's cash and cash equivalents stood at $166,226 as of November 30, 2022. Cash used in operating activities for the three months ended November 30, 2022, was $264,216. This resulted primarily from a net loss of $1,440,362 which was offset by depreciation of $35,126, amortization of $1,065,646, decrease in operating lease $25,232, decrease in inventories of $71,438, decrease in deposit, prepayment and other receivables of $183,110, decrease in accounts receivable of $18,303, decrease in accounts payable and accruals of $82,046, and decrease in other payable of $10,669.

Cash used in investing activities resulted from purchase of property plant and equipment amounting to $1,044 for the three months ended November 30, 2022.

Cash generated from financing activities resulted from the proceeds from capital raising amounting to $299,055, proceeds from capital contribution amounting to $100, and payments of hire purchase amounting to $2,066 during the three months ended November 30, 2022.

**Seasonality**

The Company's business is not subject to seasonality.

**Off-Balance Sheet Arrangements**

As of the date of this Quarterly Report on Form 10-Q, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

**Critical Accounting Policies**

*Revenue recognition*

Our revenue recognition policy is in compliance with ASC 606, *Revenue from Contracts with Customers* that revenue is recognized when a customer obtains control of promised goods and is recognized in an amount that reflects the consideration that we expect to receive in exchange for those goods. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that we expect to receive in exchange for those goods. We apply the following five-step model in order to determine this amount:

(i) identification
 of the promised goods and services in the contract;

(ii) determination
 of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the
 contract;

(iii) measurement
 of the transaction price, including the constraint on variable consideration;

(iv) allocation
 of the transaction price to the performance obligations; and

(v) recognition
 of revenue when (or as) the Company satisfies each performance obligation.

We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, we review the contract to determine which performance obligations we must deliver and which of these performance obligations are distinct. We recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, our performance obligations are transferred to customers at a point in time, typically upon delivery for local sales and upon shipment of the products for export sale.

For all reporting periods, we have not disclosed the value of unsatisfied performance obligations for all product revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules.

19 \| Page

*Estimates and Assumptions*

In preparing our unaudited condensed consolidated financial statements, we use estimates and assumptions that affect the reported amounts and disclosures. Our estimates are often based on complex judgments, probabilities and assumptions that we believe to be reasonable, but that are inherently uncertain and unpredictable. We are also subject to other risks and uncertainties that may cause actual results to differ from estimated amounts. Significant estimates in 2023 and 2022 include the assumptions used to value tax liabilities, derivative financial instruments, the estimates of the allowance for deferred tax assets, the accounts receivable allowance, impairment of intangible assets and long-lived assets and inventory write-offs.

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets which could impact our estimates and assumptions. We have assessed the impact and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

*Going Concern*

As of November 30, 2022, and August 31, 2021, the Company had an accumulated deficit of $8,838,700 and $7,465,373 respectively. The Company incurred net loss of $1,440,362 and $383,332 for three months ended November 30, 2022, and November 30, 2021, respectively. The cash used in operating activities were $264,216 and $159,933 for the three months ended November 30, 2022, and November 30, 2021, respectively. It was brought to the attention of the Management to assess going concern considering all facts and circumstances about the foreseeable future of the Company as well as its assets and liabilities on the basis that it will be able to realize and discharge them in the normal course of business.

With the injection of a New Business contemplated under the Transaction, the Management believes that the actions to be taken by the Management to further implement the business plans for the New Business including expansion in product offerings, geographical expansion, generate revenue through expansion of revenue streams and customer base (retail, commercial and industrial as well as private label and licensing clientele), improvement of profitability by achieving economies of scale provide the opportunity for the Company to continue as a going concern. In addition, the Company is also working on raising additional funding to finance the operations as well as business expansion.

The unaudited condensed consolidated financials have been prepared assuming that the Company will continue as a going concern and accordingly financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

*Material Commitments*

We have no material commitments as of November 30, 2022.

*Recent Accounting Pronouncements*

Except for rules and interpretive releases of the SEC under the authority of federal securities laws and a limited number of grandfathered standards, the ASC is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future financial statements.

In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 adds the CECL impairment model to U.S. GAAP that is based on expected losses rather than incurred losses. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within the year of adoption. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect the application of the CECL impairment model to have a significant impact on its allowance for uncollectible amounts for accounts receivable.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted.

The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

20 \| Page

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

**ITEM 4. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

Our Management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-14(a)(e) and 15d-14(a) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's Management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our Management of the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2022. Based on our Management's evaluation under the framework in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, our Management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

A material weakness is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. In connection with the assessment described above, Management identified the following control deficiencies that represent material weaknesses at November 30, 2022:

● Due to our
 limited resources, we do not have enough accounting personnel with extensive experience in maintaining books and records and preparing
 financial statements in accordance with U.S. GAAP which could lead to untimely identification and resolution of accounting matters
 inherent in our financial transactions in accordance with U.S. GAAP.

● The Company has insufficient
 written policies and procedures for accounting and financial reporting, which led to inadequate financial statement closing process.

● The
 Company has a lack of segregation of duties, a lack of audit committee or independent governance/oversight.

**Changes in Internal Controls over Financial Reporting**

There have been no changes in the Company's internal control over financial reporting during the three months period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect the Company's internal control over financial reporting.

21 \| Page

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

On October 8, 2021, a filing (the "Filing") was made with the Kuala Lumpur High Court by a reseller (the "Reseller") of the Company's INCU ionic nano copper solution (the "Solution") and the Reseller's related party (together with the Reseller, the "Plaintiffs").

The Reseller was authorized by WKL Eco Earth's sole distributor of the Solution (the "WKL Distributor") to resell the Solution together with a diffuser with a capacity of not more than 1000ml through a tripartite agreement (the "Tripartite Agreement") entered into between (a) the Reseller, (b) the WKL Distributor and (c) a solution packaging company (the "Packaging Company"). WKL Eco Earth was not a party to the Tripartite Agreement and did not directly authorize or engage the Reseller in the resale of the Solution.

In the Filing, the Plaintiffs claimed against (i) WKL Eco Earth; (ii) Dr. Low; (iii) Chan Kok Wei, (iv) the Packaging Company and (v) two directors of the Packaging Company for loss and damages arising from an alleged breach of contract, defamation and tort of inducement. The Plaintiffs also alleged that pursuant to the Tripartite Agreement, WKL Eco Earth was prohibited from selling the Solution to any party other than the WKL Distributor and allow for the resale of the Solution by the Plaintiffs without limitation, and that the Plaintiffs were not confined in their resale of the Solution to a diffuser with a capacity of not more than 1000ml.

The Company believes the claims are without merit and will defend itself against the claims.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

The Management is not aware of any unregistered sales of equity securities and use of proceeds.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

No senior securities were issued and outstanding during the three-month period ended November 30, 2021.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable to our Company.

**ITEM 5. OTHER INFORMATION**

None.

**ITEM 6. EXHIBITS**

Exhibits:

---

| |
|:---|
| [10.1 Stock Purchase Agreement dated February 26, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221009099/ex10-1.htm) |
| [10.2 Share Transfer Agreement between Low Wai Koon and Unex Holdings Inc., dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-1.htm) |
| [10.3 Share Transfer Agreement between Low Wai Koon and WKL Global Limited, dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-2.htm) |
| [10.4 Share Transfer Agreement between Low Wai Koon and Evoair International Limited, dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-3.htm) |
| [10.5 Form of Share Exchange Agreement between certain sellers and WKL Eco Earth Holdings Pte. Ltd. whereby Unex Holdings Inc. is the Issuer, dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-4.htm) |
| [10.6 Form of Share Exchange Agreement between certain sellers and WKL Eco Earth Holdings Pte. Ltd. whereby Unex Holdings Inc. is the Issuer, dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-5.htm) |
| [10.7 Form of Investment Exchange Agreement between certain Seller and WKL Eco Earth Holdings Pte. Ltd. whereby Unex Holdings Inc. is the Issuer, dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-6.htm) |
| [10.8 Form of Deed of Assignment between Low Wai Koon and WKL Eco Earth Holdings Pte Ltd, dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-7.htm) |
| [10.9 Form of Deed of Assignment between Low Wai Koon and WKL Eco Earth Holdings Pte Ltd, dated December 20, 2021\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315221032121/ex2-8.htm) |
| [10.10 Form of Subscription Agreement between Wong Hon Wai and Unex Holdings Inc., dated June 3, 2022\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315222016029/ex10-1.htm) |
| [10.11 Supplemental Agreement between Wong Hon Wai and Unex Holdings Inc., dated October 19, 2022\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315222030095/ex10-2.htm) |
| [10.12 Form of Subscription Agreement between Regulation S Investors and Unex Holdings Inc., dated October 25, 2022\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315222029521/ex10-1.htm) |
| [10.13 Form of Subscription Agreement between Regulation D Investors and Unex Holdings Inc., dated October 25, 2022\*](https://www.sec.gov/Archives/edgar/data/1700844/000149315222029521/ex10-2.htm) |
| [31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)](ex31-1.htm) |
| [32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002](ex32-1.htm) |
| 101. INS XBRL Instance Document |
| 101. SCH XBRL Taxonomy Extension Schema Document |
| 101. CAL XBRL Taxonomy Extension Calculation Linkbase Document |
| 101. DEF XBRL Taxonomy Extension Definition Document |
| 101. LAB XBRL Taxonomy Extension Label Linkbase Document |
| 101. PRE XBRL Taxonomy Extension Presentation Linkbase Document |

---

\*Previously filed

22 \| Page

**SIGNATURES**

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | EvoAir Holdings Inc. | EvoAir Holdings Inc. |
| Dated: January 17, 2023 | By: | */s/ Low Wai Koon* |
|  |  | Low Wai Koon<br> President and Chief Executive Officer |
| Dated: January 17, 2023 | By: | */s/ Ong Bee Chen* |
|  |  | Ong Bee Chen<br> Chief Financial Officer |

---

23 \| Page

## Exhibit 31.1

**Exhibit 31.1**

Certification of Chief Executive Officer pursuant to Securities Exchange

Act of 1934 Rule 13a-14(a) or 15d-14(a).

I, Low Wai Koon, certify that:

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

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

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

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we 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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

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

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

5. The registrant's other certifying officer 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.

---

| | | |
|:---|:---|:---|
|  | EvoAir Holdings Inc. | EvoAir Holdings Inc. |
| January 17, 2023 | By: | */s/ Low Wai Koon* |
|  | Name: | Low Wai Koon |
|  | Title: | President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

Certification of Chief Financial Officer pursuant to Securities Exchange

Act of 1934 Rule 13a-14(a) or 15d-14(a).

I, Ong Bee Chen, certify that:

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

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

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

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we 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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

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

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

5. The registrant's other certifying officer 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.

---

| | | |
|:---|:---|:---|
|  | EvoAir Holdings Inc. | EvoAir Holdings Inc. |
| January 17, 2023 | By: | */s/ Ong Bee Chen* |
|  | Name: | Ong Bee Chen |
|  | Title: | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of EvoAir Holdings Inc. (the "Company") on Form 10-Q for the quarter ended November 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Low Wai Koon, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| January 17, 2023 | By: | */s/ Low Wai Koon* |
|  | Name: | Low Wai Koon |
|  | Title: | President and Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of EvoAir Holdings Inc. (the "Company") on Form 10-Q for the quarter ended November 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ong Bee Chen, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| January 17, 2023 | By: | */s/ Ong Bee Chen* |
|  | Name: | Ong Bee Chen |
|  | Title: | Chief Financial Officer |

---