# EDGAR Filing Document

**Accession Number:** 0001086303
**File Stem:** 0001213900-23-010578
**Filing Date:** 2023-2
**Character Count:** 76292
**Document Hash:** 802b4ef039eb0f8cf8c50345361c5113
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-010578.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001213900-23-010578

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Heyu Biological Technology Corp
- **CENTRAL INDEX KEY:** 0001086303
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **IRS NUMBER:** 870627910
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26731
- **FILM NUMBER:** 23615900

**BUSINESS ADDRESS:**
- **STREET 1:** 4TH FLOOR, NO.10 BUILDING, XINGLIN BAY
- **STREET 2:** BUSINESS OPERATION CENTER JIMEI DISTRICT
- **CITY:** XIAMEN CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 361022
- **BUSINESS PHONE:** 86 158 5924 0902

**MAIL ADDRESS:**
- **STREET 1:** 4TH FLOOR, NO.10 BUILDING, XINGLIN BAY
- **STREET 2:** BUSINESS OPERATION CENTER JIMEI DISTRICT
- **CITY:** XIAMEN CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 361022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC WEBWORKS INC
- **DATE OF NAME CHANGE:** 19990715

?xml version="1.0" encoding="ASCII"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

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

For the quarterly period ended <u>September 30, 2022</u>

or

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

For the transition period from ___________ to ___________

**Commission file number 000-26731** 

---

| | |
|:---|:---|
| **HEYU BIOLOGICAL TECHNOLOGY CORPORATION** | **HEYU BIOLOGICAL TECHNOLOGY CORPORATION** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Nevada** | **87-0627910** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **Room 1901, Baotuo Building,**<br> **617 Sishui Street,**<br> **Huli District, Xiamen City,**<br> **Fujian Province, China** | **361009** |
| (Address of principal executive offices) | (Zip Code) |

---

**(86) 158 5924 0902**

(Telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

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

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

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

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

As of February 13, 2023, 1,032,466,000 shares of common stock were issued and outstanding.

**TABLE OF CONTENTS**

**Index to Form 10-Q**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [Part I](#a_001) | [Part I](#a_001) | [Part I](#a_001) |
| [FINANCIAL INFORMATION](#a_001) | [FINANCIAL INFORMATION](#a_001) | [FINANCIAL INFORMATION](#a_001) |
| Item 1. | [Financial Statements](#a_002) | 1 |
|  | [Condensed Consolidated Balance Sheets (Unaudited)](#a_003) | 1 |
|  | [Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)](#a_004) | 2 |
|  | [Condensed Consolidated Statement of Cash Flows (Unaudited)](#a_005) | 3 |
|  | [Condensed Consolidated Statements of Stockholders' Deficit (Unaudited)](#a_006) | 4 |
|  | [Notes to Condensed Consolidated Financial Statements (Unaudited)](#a_007) | 5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 14 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#a_009) | 18 |
| Item 4. | [Controls and Procedures](#a_010) | 18 |
| [Part II](#a_011) | [Part II](#a_011) | [Part II](#a_011) |
| [OTHER INFORMATION](#a_011) | [OTHER INFORMATION](#a_011) | [OTHER INFORMATION](#a_011) |
| Item 1. | [Legal Proceedings](#a_012) | 19 |
| Item 1A. | [Risk Factors](#a_013) | 19 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_014) | 19 |
| Item 3. | [Defaults Upon Senior Securities](#a_015) | 19 |
| Item 4. | [Mine Safety Disclosures](#a_016) | 19 |
| Item 5. | [Other Information](#a_017) | 19 |
| Item 6. | [Exhibits](#a_018) | 20 |

---

i

**FORWARD LOOKING STATEMENTS**

This quarterly report on Form 10-Q ("Report"), financial statements, and notes to financial statements contain forward-looking statements that discuss, among other things, future expectations and projections regarding future developments, operations, and financial conditions. Forward-looking statements may appear throughout this Report and other documents we file with the Securities and Exchange Commission (the "SEC"), including without limitation, the following section: Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Report.

Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "may," "could," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. In addition, there is uncertainty about the spread of the Coronavirus Disease 2019 ("COVID-19") and the impact it may have on the Company's operations, the demand for the Company's products or services, global supply chains, and economic activities in general. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

ii

**PART I - FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**Heyu Biological Technology Corporation**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2022** | **December 31,**<br>**2021** |
| ASSETS |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2054 | $4323 |
| &nbsp;&nbsp;&nbsp;Other receivables, net | 23667 | 29608 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 3038 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 28759 | 37377 |
| Non-current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | - | 56172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | - | 56172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $28759 | $93549 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $15728 | $17356 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payable | 327422 | 283874 |
| &nbsp;&nbsp;&nbsp;Advances from customers | 421953 | 471788 |
| &nbsp;&nbsp;&nbsp;Income tax and other taxes payable | 136 | 17 |
| &nbsp;&nbsp;&nbsp;Operating lease liability - current portion | - | 58073 |
| &nbsp;&nbsp;&nbsp;Related party payables | 1076365 | 1072293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1841604 | 1903401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $1841604 | $1903401 |
| Stockholders' Deficit |  |  |
| &nbsp;&nbsp;&nbsp;Common stock ($0.001 par value, 2,000,000,000 shares authorized, 1,032,466,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021) | 1032466 | 1032466 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 17149050 | 17149050 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6497) | (175659) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (19765497) | (19621121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity - HYBT and Subsidiaries | (1590478) | (1615264) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests in subsidiaries | (222367) | (194588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (1812845) | (1809852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Deficit | $28759 | $93549 |

---

 ****

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

**Heyu Biological Technology Corporation**

**Consolidated Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br> September 30,** | **For the Three Months Ended<br> September 30,** | **For the Nine Months Ended<br> September 30,** | **For the Nine Months Ended<br> September 30,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenue, net | $- | $24784 | $28968 | $78397 |
| Cost of revenue | $- | $7327 | $9623 | $24069 |
| Gross profit | $- | $17457 | $19345 | $54328 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses | - | 522 | 175 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 1516 | 8276 | 163633 | 193905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1516 | 8798 | 163808 | 195113 |
| Income (Loss) on operations | (1516) | 8659 | (144463) | (140785) |
| Other income (expenses) | - | 2 | 87 | (153) |
| Income (Loss) on operations before income taxes | (1516) | 8661 | (144376) | (140938) |
| Income tax expense | - | - | - | - |
| Net income (loss) | $(1516) | $8661 | $(144376) | $(140938) |
| &nbsp;&nbsp;&nbsp;Loss attributable to noncontrolling interests | - | - | - | - |
| Net income (loss) attributable to HYBT shareholders | (1516) | 8661 | (144376) | (140938) |
| Other comprehensive income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 85109 | 30298 | 134967 | (32506) |
| Total comprehensive income (loss) | $83593 | $38959 | $(9409) | $(173444) |
| &nbsp;&nbsp;&nbsp;Total comprehensive income (loss) attributable to noncontrolling interests | - | (74) | 34195 | 29748 |
| Total comprehensive income (loss) attributable to HYBT shareholders | 83593 | 38885 | 24786 | (143696) |
| Net income (loss) per share - basic and diluted | $(0.00) | $0.00 | $(0.00) | $(0.00) |
| Weighted average shares - basic and diluted | 1032466000 | 1032466000 | 1032466000 | 1032466000 |

---

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

**Heyu Biological Technology Corporation**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

**For the Nine Months Ended**

**September 30,**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(144376) | $(140938) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Change in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | - | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | - | (15257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 56172 | 58250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (1628) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other payable | 43548 | 33327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances from customers | - | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability | (58073) | (58453) |
| &nbsp;&nbsp;&nbsp;Net cash used from operating activities | (104357) | (117453) |
| CASH FLOWS FROM INVESTING ACTIVITIES | - | - |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party lending | 4073 | 119076 |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 4073 | 119076 |
| Effect of exchange rate changes on cash | 98015 | (2759) |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (2269) | (1136) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 4323 | 5489 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $2054 | $4353 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |
| Cash paid for interest | $- | $- |
| Cash paid for income tax | $- | $- |

---

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

**Heyu Biological Technology Corporation**

**Condensed Consolidated Statements of Stockholders' Deficit**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Heyu Biological Shareholders' Equity** | **Heyu Biological Shareholders' Equity** | **Heyu Biological Shareholders' Equity** | **Heyu Biological Shareholders' Equity** | **Heyu Biological Shareholders' Equity** | | |
|  | **Common Stock** | **Common Stock** | | | | | |
|  | **Number of<br> shares** | **Par<br> value** | **Additional**<br>**Paid in<br> Capital** | **Accumulated<br> Other**<br>**Comprehensive<br> Income** |<br>**Accumulated<br> Deficit** |<br>**Non -**<br>**controlling<br> Interest** |<br>**Total** |
| **Balance at January 1, 2021** | 1032466000 | 1032466 | 17149050 | (119033) | (19458101) | (228783) | (1624401) |
| Foreign currency translation adjustment |  | - | - | (32506) | - | 29748 | (2758) |
| Loss for the period | - | - | - | - | (140938) | - | (140938) |
| **Balance at September 30, 2021** | 1032466000 | $1032466 | $17149050 | $(151539) | $(19599039) | $(199035) | $(1768097) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | |
|  | **Number of<br> shares** | **Par<br> value** | **Additional**<br>**Paid in<br> Capital** | **Accumulated Other**<br>**Comprehensive<br> Income (Loss)** |<br>**Accumulated<br> Deficit** | **Non –**<br>**controlling<br> Interest** |<br>**Total** |
| **Balance at January 1, 2022** | 1032466000 | 1032466 | 17149050 | (175659) | (19621121) | (194588) | (1809852) |
| Foreign currency translation adjustment |  | - | - | 169162 | - | (27779) | 141383 |
| Loss for the period | - | - | - | - | (144376) | - | (144376) |
| **Balance at September 30, 2022** | 1032466000 | $1032466 | $17149050 | $(6497) | $(19765497) | $(222367) | $(1812845) |

---

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

**Heyu Biological Technology Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

NOTE 1 – THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES

Heyu Biological Technology Corporation (the "Company") was incorporated in the state of Nevada on May 18, 1987, as Asphalt Associates, Inc. and changed its name to Pacific WebWorks in January 1999. From 1999 to 2016 the Company engaged in the development and distribution of web tools software, electronic business storefront hosting, and Internet payment systems for individuals and small to mid-sized businesses. On February 23, 2016, the Company filed a voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the District of Utah, and soon afterwards ceased its business activities. On August 19, 2016, the Company proposed a plan of liquidation and on November 28, 2016, the court entered an order confirming the plan of liquidation and establishing a liquidating trust. On December 28, 2016, all assets and liabilities of the Company were transferred to the liquidating trust.

On April 18, 2018, the Company entered into a share purchase agreement with Mr. Ban Siong Ang and Mr. Dan Masters (the "Share Purchase Agreement"), pursuant to which Mr. Ang acquired 1,021,051,700 shares, representing 98.91% of the issued and outstanding shares of common stock of the Company ("Common Stock"), from Mr. Masters for an aggregate purchase price of $335,000 (the "Share Purchase"). As a result of the Share Purchase, Dan Masters resigned from his positions as the President, Chief Executive Officer, Chief Financial Officer, Secretary and Chairman of the Board of the Company. Such resignations took place in connection with the closing of the Share Purchase and was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. Additionally, all debt due to Mr. Masters from the Company was cancelled as of the closing of the Share Purchase and recognized as contributed capital.

On July 3, 2018, the Company changed its name to Heyu Biological Technology Corporation and applied for a new ticker symbol "HYBT".

During 2018, the Company established the following subsidiaries: (1) HP Technology Limited, a British Virgin Islands business company incorporated on September 20, 2018, and (2) Heyu Healthcare Technology Limited, a Hong Kong company incorporated on March 29, 2018. On November 5, 2018, the Company acquired the following subsidiary: Jiashierle (Xiamen) Healthcare Technology Co., Ltd. ("JSEL"), a limited liability company incorporated under the laws of the People's Republic of China (the "PRC") on November 16, 2017.

On January 17, 2019, JSEL entered into a share transfer agreement (the "Share Transfer Agreement") with Mr. Yu Xu ("Mr. Xu"), an individual with an address at No. 68 Chengde South Road, Qingpu District, Huaian City, Jiangsu Province, the PRC. Mr. Xu owned 90% of the equity interests of Shanghai Kangzi Medical Technology Co., Ltd., a limited liability company organized under the laws of the PRC ("Kangzi"). JSEL received 60% of the outstanding equity interest of Kangzi from Mr. Xu for the purpose of developing a joint venture in selling medical equipment. It was Mr. Xu and JSEL's intention that JSEL would fund the operations of Kangzi in proportion to JSEL's equity interest in Kangzi. At the time of the share transfer, Kangzi owned no assets and conducted no business operation.

Since the beginning of 2019, Mr. Xu has led the core research and development team of Kangzi to develop and manufacture a new medical product, the Submillimeter Wave (Terahertz) Quantized Space Therapy Chamber (the "Chamber"). Utilizing submillimeter waves, the Chamber is a medical equipment designed to treat cancer through cold nuclear fusion caused by cosmic ray muons in an enclosed chamber. We believe that exposure to an appropriate amount of submillimeter waves would accelerate the generation of a large number of cosmic ray muons inside the human body and that such cosmic ray muons could further facilitate cold nuclear fusion, which could reverse the cancer by converting selenium into nickel inside cells.

Our team consists of researchers who have years of extensive experience in medicine and physics. The lead scientist of the team, Mr. Xu, had extensive professional experience in the aforementioned fields and has served as the deputy chief engineer of the New Energy Base of the National Defense-Science and Technology Commission in 1995, the chairman and chief scientist of Shanghai Guangzhui New Energy Technology Co., Ltd. from 2011 to 2019, and the director of Shanghai Hengbian New Energy Research Institute from 2003 to 2008. In 2012, Mr. Xu received the "Harmony-Person of the Year in China" award at the "2011 Harmony China Annual Summit" in Beijing. He was recognized as "Leaping China: One of the Most Influential People of the Year in 2011" by China International Economic and Technical Cooperation Promotion Association, China Elite Culture Promotion Association, and China Outstanding Chinese Merchants Association. Mr. Xu also received the "2013 China Economic Outstanding Contribution Award" from the Organizing Committee of Boau Forum on Asian SME Development.

Pursuant to the terms of the share transfer agreement entered into by JSEL and Kangzi on January 17, 2019, JSEL has the right to monitor and manage all aspects of operation of Kangzi, including its research and development activities relating to the Chamber. As the development of the Chamber enters its final stage, JSEL started accepting pre-orders for the Chamber in September 2019.

The outbreak of the novel coronavirus, commonly referred to as "COVID-19", first found in mainland China, then in Asia and eventually throughout the world, has significantly affected business and manufacturing activities within China, including travel restrictions, widespread mandatory quarantines, and suspension of business activities within China. These measures have caused substantial disruptions to our business operations. We suspended our business operation in early February 2020 due to government mandates. We partially recovered our business operation on February 17, 2020, and on March 1, 2020, most of our staff members returned to the office and we fully resumed our business operations on the same day. Accordingly, our business, results of operations and financial condition were adversely affected. As of the date of this Report, Chinese industries have gradually resumed businesses as government officials started to ease the restrictive measures since April 2020. However, as most of our top management team is an overseas team, due to the international travel ban, we still operate under remote-working conditions, so the business of the Company is still recovering. Our management believes that our revenues will gradually improve as the epidemic and the travel ban are lifted.

On March 17, 2020, we entered into a business service cooperation agreement with Xiamen Qingda Intelligent Technology Co., Ltd., a wholly-owned subsidiary of Cross-strait Tsinghua Research Institute, pursuant to which we agreed to jointly improve the plant based disinfectant spray for treating skin infections and disinfecting wounds. The term of such agreement is three years, and can be renewed upon mutual agreement of both parties. The original plant based disinfectant spray was developed and owned by the Company, while the improved product shall be owned by both the Company and the Cross-strait Tsinghua Research Institute. The Cross-strait Tsinghua Research Institute will receive 2% of gross proceeds from the sales of such improved product.

**Basis of Presentation**

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation.

The condensed consolidated financial statements of the Company as of and for the nine months ended September 30, 2022 and 2021 are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as of September 30, 2022, the results of its operations for the nine months ended September 30, 2022 and 2021, and its cash flows for the nine months ended September 30, 2022 and 2021. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The balance sheet as of December 31, 2021 has been derived from the Company's audited financial statements included in the Form 10-K for the year ended December 31, 2021.

The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company's Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2021.

As of September 30, 2022, the details of the consolidating subsidiaries are as follows:

---

| | | |
|:---|:---|:---|
| **Name of Company** | **Jurisdiction of<br> Formation** | **Attributable<br> equity<br> interest %** |
| HP Technology Limited | &nbsp;&nbsp;British Virgin Islands | 100% |
| Heyu Healthcare Technology Limited | &nbsp;&nbsp;Hong Kong | 100% |
| JSEL | &nbsp;&nbsp;PRC | 100% |
| Kangzi | &nbsp;&nbsp;PRC | 60% |

---

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities. As of September 30, 2022, the Company considered the economic implications of the COVID-19 pandemic on its significant judgments and estimates. Given the impact and other unforeseen effects on the global economy from the COVID-19 pandemic, these estimates required increased judgment, and actual results could differ from these estimates.

**Cash Equivalents**

The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Company's cash that is held in bank accounts in the PRC and Hong Kong is not protected by Federal Deposit Insurance Corporation ("FDIC") insurance or any other similar insurance in the PRC, or Hong Kong.

**Accounts receivable and allowance for doubtful accounts**

Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts taking into consideration various factors, including but not limited to historical collection experience and credit-worthiness of the debtors, as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability.

**Inventories**

Inventories consist of finished goods, work in process, and raw materials. Inventories are stated at the lower of cost or market value. The Company applies the weighted average cost method to its inventory.

**Leases**

The Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

Operating leases are included in operating lease right-of-use ("ROU") assets and short-term and long-term lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets.

ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Adoption of the standard resulted in the initial recognition of $215,298 of ROU assets and $215,298 of lease liabilities on our consolidated balance sheet related to office space lease commitment on September 1, 2019.

**Foreign Currency**

For fiscal year 2021, the Company's principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Company's subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of shareholders' equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,<br> 2022** | **December 31,<br> 2021** |
| RMB: US$ exchange rate | 7.1098 | 6.3588 |

---

---

| | | |
|:---|:---|:---|
|  | **Nine Months ended<br> September 30,** | **Nine Months ended<br> September 30,** |
|  | **2022** | **2021** |
| RMB: US$ exchange rate | 6.6001 | 6.4499 |

---

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

**General and administrative costs**

General and administrative expenses include personnel expenses for executive, finance, and internal support personnel. In addition, general and administrative expenses include fees for bad debt costs, professional legal and accounting services, insurance, office space, banking and merchant fees, and other overhead-related costs.

**Income Taxes**

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes. Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC Topic 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC Topic 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions. It prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

**Capital Structure**

The Company had 2,000,000,000 shares of common stock authorized, par value $0.001 per share, with 1,032,466,000 shares issued and outstanding as of September 30, 2022, and December 31, 2021.

**Earnings (loss) per share**

Basic net income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive.

Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be antidilutive.

For the nine months ended September 30, 2022 and 2021, there were no potentially dilutive shares.

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2022** | **2021** |
| Statement of Operations Summary Information: |  |  |
| Net loss | $(144376) | $($100554) |
| Weighted-average common shares outstanding - basic and diluted | 1032466000 | 1032466000 |
| Net loss per share, basic and diluted | $(0.00) | $(0.00) |

---

NOTE 2 – GOING CONCERN

During the nine months ended September 30, 2022, the Company was unable to generate cash flows sufficient to support its operations despite Kangzi's business operation and was dependent on related party advances from the current controlling shareholder. In addition, the Company had experienced recurring net losses, and had an accumulated deficit of $19,765,497 and working capital deficit of $1,812,845 as of September 30, 2022. These factors raise doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

There can be no assurance that sufficient funds required during the next year or thereafter will be generated from any future operations or that funds will be available from external sources such as debt or equity financings or other potential sources. If the Company is unable to raise capital from external sources when required, there will be a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company's existing stockholders. Management is now seeking an operating company with which to merge or acquire. In the foreseeable future, the Company will rely on related parties, such as its controlling shareholder, to provide advances to funds general corporate purposes and any potential acquisitions of profitable investments. There is no assurance, however, that the Company will achieve its objectives or goals.

NOTE 3 – CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, 2022** | **As of <br> December 31,<br> 2021** |
| Bank Deposits-China & HK | 2054 | 4323 |
|  | $**2054** | $**4323** |

---

NOTE 4 – OTHER RECEIVABLE

Other receivable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, 2022** | **As of <br> December 31,<br> 2021** |
| Rental and POS machine deposits | 13954 | 15603 |
| Others | 9713 | 14005 |
| Less: Allowance for doubtful accounts | - | - |
|  | $**23667** | $**29608** |

---

Management periodically reviews account balance. If any indication occurs, the allowance for doubtful debts would be recognized. No such allowance has been recognized during the nine months ended September 30, 2022.

NOTE 5 – ADVANCES TO SUPPLIERS

Advances to suppliers consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, 2022** | **As of<br> December 31,<br> 2021** |
| Purchases of scientific research equipment | 3038 | 3446 |
|  | $**3038** | $**3446** |

---

NOTE 6 – OPERATING LEASE RIGHT-OF-USE ASSET AND LIABILITIES

On September 1, 2019, the Company entered in a lease agreement for office space, the right-of-use asset is recognized as following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30,<br> 2022** | **As of <br> December 31,<br> 2021** |
| Operating lease right-of-use asset | &nbsp;&nbsp;&nbsp;&nbsp; - | 56172 |
|  | $**-**  | $**56172** |

---

Operating lease liability consist both current and noncurrent component as the following:

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,<br> 2022** | **As of <br> December 31,<br> 2021** |
| Operating lease liability - current portion | &nbsp;&nbsp;&nbsp;&nbsp;- | 58073 |
| Operating lease liability | - | - |
|  | $**-**  | $**58073** |

---

ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow.

---

| | |
|:---|:---|
|  | **September 30,<br> 2022** |
| Weighted Average Remaining Lease Term(Year) | - |
| Weighted Average Discount Rate | 4.75% |

---

NOTE 7 – ADVANCES FROM CUSTOMERS

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30,<br> 2022** | **As of <br> December 31,<br> 2021** |
| Advances from customers<sup>(1)</sup> | 421953 | 471788 |
|  | $**421953** | $**471788** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On October 15, 2019, JSEL entered into a clinical cooperation agreement (the "Clinical Cooperation Agreement") with Shenzhen Saikun Biotechnology Co., Ltd. ("Saikun"). Pursuant to the Clinical Cooperation Agreement, Saikun agreed to pay JSEL 5.5 million RMB as the total preordering payment. 1.5 million RMB and 1.5 million RMB were delivered to JSEL respectively on September 7 and September 27, 2019. The parties are working on the timing for payment of the remaining 2.5 million RMB due under the Clinical Cooperation Agreement. In exchange, JSEL is obligated to purchase all the components of the Chamber from Kangzi, fully assemble it, and conduct a clinical trial with Saikun, third-party hospital partners, and patients using the Chamber. Specifically, after receiving the full amount of payment from Saikun, JSEL shall transport the Chamber to its preferred location, properly install it, and conduct a clinical trial that lasts at least one month.

NOTE 8 – ACCRUED EXPENSES AND OTHER PAYABLES

Accrued expenses and other payables consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30,<br> 2022** | **As of <br> December 31,<br> 2021** |
| Accrued payroll | 174946 | 166337 |
| Other Payables | 152476 | 117537 |
|  | $**327422** | $**283874** |

---

Accrued payroll includes all company employee payroll liabilities as of September 30, 2022, and other payables contains employee reimbursements.

Operating lease liability consist both current and noncurrent component as the following:

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,<br> 2022** | **As of <br> December 31,<br> 2021** |
| Operating lease liability - current portion | &nbsp;&nbsp;&nbsp;&nbsp;- | 58073 |
| Operating lease liability | - | - |
|  | $**-**  | $**58073** |

---

NOTE 9 – RELATED PARTY TRANSACTIONS

As of September 30, 2022 and December 31, 2021, the Company owed related parties $1,076,365 and $1,072,293, respectively. As the Company has just started business activities in March 2019, all expenses incurred during this reporting period are paid by two of our shareholder, Mr. Hungseng Tan and Mr. Ban Siong Ang, who are also directors of the Company. Expenses mainly included auditing, consulting and legal advisory expenses, government registration expenses, and payrolls.

NOTE 10 – EQUITY

The Company had not recorded any equity transactions during the nine months ended September 30, 2022.

The Company had not recorded any equity transactions during the year ended December 31, 2021.

NOTE 11 – INCOME TAXES

The Company is subject to U.S. Federal tax laws. The Company has not recognized an income tax benefit for its operating losses in the United States because the Company does not expect to commence active operations in the United States.

Heyu Healthcare Technology Limited was incorporated in Hong Kong and is subject to Hong Kong profits tax at a tax rate of 16.5%. Since Heyu Healthcare Technology Limited had no taxable income during the reporting period, it has not paid Hong Kong profits taxes. Heyu Healthcare Technology Limited has not recognized an income tax benefit for its operating losses in Hong Kong because the Company does not expect to commence active operations in Hong Kong.

The Company has been conducting and plans to continue to conduct its major operations in the PRC through JSEL in accordance with the relevant tax laws and regulations. The corporate income tax rate in China is 25%. The Company has not paid PRC profits taxes, since it had no taxable income during the reporting period.

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

***Overview***

Heyu Biological Technology Corporation (the "Company" or "we") was incorporated in the state of Nevada on May 18, 1987, as Asphalt Associates, Inc. and changed its name to Pacific WebWorks in January 1999. From 1999 to 2016, the Company engaged in the development and distribution of web tools software, electronic business storefront hosting, and Internet payment systems for individuals and small to mid-sized businesses.

On July 3, 2018, the Company changed its name to Heyu Biological Technology Corporation and applied for a new ticker symbol HYBT.

On January 17, 2019, Jiashierle (Xiamen) Healthcare Technology Co., Ltd. ("JSEL"), a limited liability company organized under the laws of the People's Republic of China (the "PRC"), and an indirect wholly owned subsidiary of the Company, entered into a Share Transfer Agreement (the "Share Transfer Agreement") with Mr. Yu Xu ("Mr. Xu"), an individual who owned 90% of the equity interests of Shanghai Kangzi Medical Technology Co., Ltd., a limited liability company organized under the laws of the PRC ("Kangzi"). Pursuant to the Share Transfer Agreement, Mr. Xu transferred 60% of the equity interests of Kangzi to JSEL on January 17, 2019 for the purpose of developing a joint venture in the business of selling medical equipment. In return, JSEL would fund the operations of Kangzi in proportion to its equity interest in Kangzi. Kangzi owned no assets and conducts no business operation of its own. As a result, as of January 17, 2019, Kangzi became an indirect subsidiary of the Company.

Since the beginning of 2019, Mr. Xu has led the core research and development team of Kangzi to develop and manufacture a new medical product, the Submillimeter Wave (Terahertz) Quantized Space Therapy Chamber (the "Chamber"). Utilizing submillimeter waves, the Chamber is a medical equipment designed to treat cancer through cold nuclear fusion caused by cosmic ray muons in an enclosed chamber. Specifically, we believe that exposure to an appropriate amount of submillimeter waves could accelerate the generation of a large number of cosmic ray muons inside the human body and that such cosmic ray muons could further facilitate cold nuclear fusion, which could reverse the process of cancer by converting selenium into nickel inside cells.

The core research and development team consists of researchers who have extensive experience in medicine and physics. The lead scientist of the team, Mr. Xu, served as the deputy chief engineer of the New Energy Base of the National Defense-Science and Technology Commission in 1995, the director of Shanghai Hengbian New Energy Research Institute from 2003 to 2008, and the chairman and chief scientist of Shanghai Guangzhui New Energy Technology Co., Ltd. from 2011 to 2019. In 2012, Mr. Xu was awarded the "Harmony Person of the Year in China" at the "2011 Harmony China Annual Summit" in Beijing. He was also jointly recognized as "Leaping China: One of the Most Influential People of the Year in 2011" by China International Economic and Technical Cooperation Promotion Association, China Elite Culture Promotion Association, and China Outstanding Chinese Merchants Association. In 2013, the Organizing Committee of Boau Forum on Asian Small and Medium Enterprise Development awarded Mr. Xu "2013 China Economic Outstanding Contribution Award."

Pursuant to the terms of the Share Transfer Agreement, JSEL has the right to monitor and manage all aspects of operation of Kangzi, including its research and development activities relating to the Chamber. As the development of the Chamber enters its final stage at Kangzi, JSEL started accepting pre-orders for the Chamber in September 2019. On October 15, 2019, JSEL entered into a clinical cooperation agreement (the "Clinical Cooperation Agreement") with Shenzhen Saikun Biotechnology Co., Ltd. ("Saikun"). Pursuant to the Clinical Cooperation Agreement, Saikun agreed to pay JSEL RMB5.5 million as the total pre-order payment. RMB1.5 million and RMB1.5 million were delivered to JSEL on September 7 and September 27, 2019, respectively. The parties are currently working on the timing for payment of the remaining RMB2.5 million due under the Clinical Cooperation Agreement. In exchange, JSEL is obligated to purchase all the components of a Chamber from Kangzi, fully assemble it, and conduct a clinical trial with Saikun, third-party hospital partners, and patients using the Chamber. Specifically, after receiving the full amount of payment from Saikun, JSEL shall transport the Chamber to Saikun's preferred location, properly install it, and conduct a clinical trial that lasts at least one month. During the clinical trial, JSEL shall provide training sessions regarding the proper operation of the Chamber to Saikun's employees. Both Saikun and JSEL are obligated to find third-party hospitals that will agree to act as partners to co-host the clinical trial and patients who will voluntarily undergo treatment provided by the Chamber. While Saikun is responsible for various expenses related to the clinical trial, JSEL is responsible for communicating with patients receiving treatment and other patient-related administrative matters. When JSEL determines that Saikun is capable of properly operating the Chamber and managing activities related to the Chamber, Saikun may request JSEL to move the Chamber to a location designated by Saikun and reinstall it. Furthermore, upon the successful completion of the clinical trial, JSEL shall provide Saikun governmental permits necessary for the operation of the Chamber, and Saikun shall operate the Chamber and provide related services to patients under the supervision of JSEL. In addition, JSEL shall transfer the right of using the Chamber and any beneficiary right affiliated with using the Chamber to Saikun upon receiving the full amount of payment from Saikun. JSEL, nevertheless, owns all the intellectual property rights affiliated with the Chamber. If the two parties decide to terminate the Clinical Cooperation Agreement prior to the expiration of its term, Saikun's right of using the Chamber during the term is still effective as long as its use of the Chamber does not infringe any of JSEL's intellectual property rights affiliated with the Chamber. The two parties agreed that the term of the Clinical Cooperation Agreement would not end until Kangzi successfully obtains permits issued by relevant government entities supervising development and sale of medical equipment.

To prepare for mass production of the Chambers, Kangzi is conducting clinical experiments to make further improvements on the Chamber and adjusting features of the mass-production mold for the Chambers. As its long-term business strategy, Kangzi focuses on researching, developing, and manufacturing high-technology medical equipment while targeting both individual and institutional customers. It plans to mass-produce the Chambers in small and medium sizes, establish operation centers to sell the Chambers in various cities across China, and initiate advertising and marketing campaigns on different media platforms. Kangzi will also monetize on services provided to customers who use the Chambers and other medical products. As of the date of this Report, we are still in the clinical experiment phase and Kangzi is still in the process of obtaining official governmental permits from relevant government authorities to produce and sell the Chambers on a national scale. There is no assurance that we will obtain the official governmental permits.

In addition to business activities related to the Chamber, the Company is also conducting research, development, manufacturing, and sale of healthcare equipment and plant-based disinfectant spray for treating skin infections and disinfecting wounds. On March 17, 2020, we entered into a business service cooperation agreement with Xiamen Qingda Intelligent Technology Co., Ltd., a wholly-owned subsidiary of Cross-strait Tsinghua Research Institute, pursuant to which the parties agreed to jointly improve a plant-based disinfectant spray for treating skin infections and disinfecting wounds. The term of such agreement is three years, and the agreement can be renewed upon mutual agreement of both parties. The original plant-based disinfectant spray was developed and owned by the Company, while the improved product shall be owned by both the Company and Cross-strait Tsinghua Research Institute. The Cross-strait Tsinghua Research Institute will receive 2% of the gross proceeds from sales of such improved product. In the near future, the Company aims to standardize the production and sale of healthcare equipment and plant-based disinfectant spray, while increasing its brand awareness in the healthcare markets.

Since the first quarter of 2020, there has been a worldwide impact from the COVID-19 pandemic. Government regulations and shifting social behaviors have limited or closed non-essential transportation, government functions, business activities and person-to-person interactions. In some cases, the relaxation of such trends has been followed by actual or contemplated returns to stringent restrictions on gatherings or commerce, including in parts of the U.S., and the rest of the world. Global trade conditions and consumer trends that originated during the pandemic continue to persist and may also have long-lasting adverse impact on us and our industries independently of the progress of the pandemic. We cannot predict the duration or direction of current global trends or their sustained impact. Ultimately, we continue to monitor macroeconomic conditions to remain flexible and to optimize and evolve our business as appropriate, and attempt to accurately project demand and infrastructure requirements globally and deploy our production, workforce and other resources accordingly.

***Liquidity and Capital Resources***

As of September 30, 2022, we had assets of $28,759, which consisted of current assets of $2,054 in cash, $23,667 in other receivables, and $3,038 as advances to suppliers. We had liabilities of $1,841,604, which consisted of current liabilities of $15,728 in accounts payable, $327,422 in accrued expenses and other payables, $421,953 in advances from customers, $136 in taxes payable, and $1,076,365 in related party payables. We had an accumulated deficit of $19,765,497.

As of December 31, 2021, we had assets of $37,377, which mainly consisted of $4,323 in cash and cash equivalents, $29,608 in other receivables, and $3,446 in operating lease right-of-use. As of December 31, 2021, we had liabilities of $1,903,401, which mainly consisted of $17,356 in accounts payable, $471,788 in advances from customers, $17 in other taxes payables, $1,072,293 in related party payables, and $58,073 in operating lease liabilities. We also had an accumulated deficit of $19,621,121.

In light of the impacts of the COVID-19 outbreak, if we are required to operate in a challenging economic environment in China, or incur unanticipated capital expenditures, or decide to accelerate growth, we may need additional financing. As of September 30, 2022, we had borrowed a total of $1,076,365 from our stockholders for working capital purposes. The loan is unsecured, non-interest bearing and payable on demand. We cannot guarantee, however, that additional financing, if required, would be available on favorable terms, if at all. Such financing may include the use of additional debt or the sale of the Company's equity interests. Any financing which involves the sale of the Company's equity interests or instruments that are convertible into the Company's equity interests could result in immediate and possibly significant dilution to our existing shareholders.

***Results of Operations***

*Comparison of the Nine Months Ended September 30, 2022 and 2021*

Our revenues during the nine months ended September 30, 2022, were $28,968, and cost of revenues was $9,623, as compared to revenues of $78,397 and cost of revenues $24,069 for the same period in 2021, respectively. The decrease in our revenue were mainly due to the worsened situation of COVID-19 outbreak.

We had incurred selling expenses of $175 and administrative expenses of $163,633 during the nine months ended September 30, 2022, as compared to $1,208 and $193,905 for the same period in 2021, respectively. The decrease in selling expenses was mainly due to fewer advertising expenses for our products in the quarter ended September 30, 2022 compared with the same period in 2021, selling expenses. The decrease in administrative expenses was mainly due to rent expenses during the period.

***Going Concern***

The accompanying financial statements are presented on a going concern basis. The Company's financial condition raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2022, the Company had an accumulated deficit of $19,765,497, and a net loss of $144,376 for the nine months ended September 30, 2022. It is relying on advances from its directors, Mr. Hungseng Tan and Mr. Ban Siong Ang, to meet its limited operating expenses.

In light of the impacts of the COVID-19 outbreak, if the economic environment in China worsens, or if we incur unanticipated capital expenditures or decide to accelerate growth, we may need additional financing. As of September 30, 2022, we had borrowed a loan from our stockholders for working capital purposes. The loan is unsecured, non-interest bearing and payable on demand. We cannot guarantee, however, that additional financing, if required, would be available on favorable terms, if at all. Such financing may include the use of additional debt or the sale of the Company's equity interests. Any financing which involves the sale of the Company's equity interests or instruments that are convertible into the Company's equity interests could result in immediate and possibly significant dilution to our existing stockholders.

***Off-Balance Sheet Arrangements***

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, revenues, or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

**ITEM 3 QUANTITATIVE AND QUALITATIVE ABOUT MATERIAL RISKS**

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a "smaller reporting company," as defined by Rule 229.10(f)(1).

**ITEM 4. CONTROLS AND PROCEDURES**

 ****

***Evaluation of Disclosure Controls and Procedures***

Management has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934), as of the end of the period covered by this Report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were not effective as a result of a material weakness primarily related to a lack of a sufficient number of personnel with appropriate training and experience in accounting principles generally accepted in the United States of America, or U.S. GAAP. In the future, we also intend to hire more personnel with sufficient training and experience in U.S. GAAP.

***Changes in Internal Control over Financial Reporting***

There was no change in our internal control over financial reporting that occurred during the quarterly period ended September 30, 2022, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within any company have been detected.

**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. There are currently no legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition, or operating results.

**ITEM 1A. RISK FACTORS**

Smaller reporting companies are not required to provide the information required by this item.

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

There were no unregistered sales of equity securities during the period covered by this Report.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

None.

**ITEM 6. – EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit Description** |
| 3.1<sup>(1)</sup> | [Articles of Incorporation.](http://www.sec.gov/Archives/edgar/data/1086303/000102048899000036/0001020488-99-000036.txt) |
| 3.2<sup>(2)</sup> | [Certificate of Amendment.](http://www.sec.gov/Archives/edgar/data/1086303/000121390018008800/f8k070518ex3-1_heyubiol.htm) |
| 3.3<sup>(3)</sup> | [Certificate of Amendment.](http://www.sec.gov/Archives/edgar/data/1086303/000121390018010168/f8k080318ex3-1_heyubio.htm) |
| 3.4<sup>(4)</sup> | [Certificate of Amendment.](http://www.sec.gov/Archives/edgar/data/1086303/000108630318000043/exhibit3.1heyu_ex3z1.htm) |
| 3.5<sup>(5)</sup> | [By-Laws.](http://www.sec.gov/Archives/edgar/data/1086303/000102048899000036/0001020488-99-000036.txt) |
| 3.6<sup>(6)</sup> | [First Amendment to the By-Laws.](http://www.sec.gov/Archives/edgar/data/1086303/000121390018015439/f10q0918ex3-6_heyu.htm) |
| 3.7<sup>(7)</sup> | [Second Amendment to the By-Laws.](http://www.sec.gov/Archives/edgar/data/1086303/000121390019011838/f8k070119ex3-1_heyubio.htm) |
| 31.1\* | [Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](f10q0922ex31-1_heyubio.htm) |
| 31.2\* | [Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](f10q0922ex31-2_heyubio.htm) |
| 32.1\*\* | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](f10q0922ex32-1_heyubio.htm) |
| 32.2\*\* | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](f10q0922ex32-2_heyubio.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

(1) Filed as an exhibit to the Company's Registration Statement on Form 10-12G, as filed with the SEC on July 16, 1999, and incorporated herein by this reference.

(2) Filed as an exhibit to the Company's Form 8-K, as filed with the SEC on July 6, 2018, and incorporated herein by reference.

(3) Filed as an exhibit to the Company's Form 8-K, as filed with the SEC on August 3, 2018, and incorporated herein by reference.

(4) Filed as an exhibit to the Company's Form 8-K, as filed with the SEC on September 14, 2018, and incorporated herein by reference.

(5) Filed as an exhibit to the Company's Registration Statement on Form 10-12G, as filed with the SEC on July 16, 1999, and incorporated herein by this reference.

(6) Filed as an exhibit to the Company's Quarterly Report on Form 10-Q, as filed with the SEC on November 13, 2018, and incorporated herein by this reference.

(7) Filed as an exhibit to the Company's Form 8-K, as filed with the SEC on July 1, 2019, and incorporated herein by reference.

\* Filed herewith.

\*\* In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1 and 32.2 herewith are deemed to accompany this Form 10-Q and will not be deemed filed for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act.

**<u>SIGNATURES</u>**

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

---

| | | |
|:---|:---|:---|
|  | **<u>Heyu Biological Technology Corporation</u>** | **<u>Heyu Biological Technology Corporation</u>** |
| Dated: February 13, 2023 | By: | */s/ Ban Siong Ang* |
|  | Name: | Ban Siong Ang |
|  | Title: | Chief Executive Officer |
| Dated: February 13, 2023 | By: | */s/ Bo Lyu* |
|  | Name: | Bo Lyu |
|  | Title: | Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Ban Siong Ang, certify that:

I have reviewed this report on Form 10-Q of Heyu Biological Technology Corporation;

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;

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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

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

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

Date: February 13, 2023

---

| |
|:---|
| /s/ Ban Siong Ang |
| Ban Siong Ang |
| Chairman of the Board of Directors, Chief Executive Officer, and President (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Bo Lyu, certify that:

I have reviewed this report on Form 10-Q of Heyu Biological Technology Corporation;

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;

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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

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

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

Date: February 13, 2023

---

| |
|:---|
| /s/ Bo Lyu |
| Bo Lyu |
| Chief Financial Officer (Principal Financial Officer and Principal Accounting 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**

The undersigned hereby certifies, in his capacity as an officer of Heyu Biological Technology Corporation (the "**Company**"), for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1) The Quarterly Report of the Company on Form 10-Q for the quarter ended September 30, 2022 (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 results of operations of the Company.

Date: February 13, 2023

---

| |
|:---|
| /s/ Ban Siong Ang |
| Ban Siong Ang |
| Chairman of the Board of Directors, <br> Chief Executive Officer, and President <br> (Principal Executive Officer and Director) |

---

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.

## 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**

The undersigned hereby certifies, in his capacity as an officer of Heyu Biological Technology Corporation (the "**Company**"), for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of her knowledge:

(1) The Quarterly Report of the Company on Form 10-Q for the quarter ended September 30, 2022 (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 results of operations of the Company.

Date: February 13, 2023

---

| |
|:---|
| <u>By: /s/ Bo Lyu</u> |
| Bo Lyu |
| Chief Financial Officer<br> (Principal Financial Officer and<br> Principal Accounting Officer) |

---

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.