EDGAR 10-K Filing

Company CIK: 1976900
Filing Year: 2024
Filename: 1976900_10-K_2024_0001493152-24-051440.json

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ITEM 1. BUSINESS
ITEM 1. BUSINESS
CORPORATE HISTORY
DFP Holdings Limited, a Nevada corporation (the “Company”), was incorporated in the State of Nevada on December 8, 2021.
On December 8, 2021, Mr. Hsu Shou Hung (“Mr. Hsu”), a founder of the Company, was appointed as Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and sole director of the Company. Currently, Mr. Hsu is our sole officer and director.
On March 8, 2022, the Company’s wholly owned subsidiary, DFP Holdings Limited, was formed in Seychelles (the “Seychelles Company”). The Seychelles Company is structured as an intermediate holding company for tax purposes, and operates business through its wholly owned subsidiary, DFP Holdings Limited, a company incorporated in Taiwan (the “Taiwan Company”).
On May 24, 2022, the Company acquired 100% of Tide Holdings Limited, a company incorporated in Seychelles (“TIDE”) from Mr. Hsu for $1.
As of September 30, 2024, Mr. Hsu collectively owns 96,260,000 shares of restricted Common Stock and is a 44.4% shareholder of the Company.
DESCRIPTION OF BUSINESS
We are an emerging educational service company with principal business operations in Taiwan. We offer both online and offline educational services from a wide array of programs and courses centered on business development and management training and self-media production to our learners. Relevant information is available on our website at https://dfpschool.qdm.tw/
We offer various membership tiers to suit our members’ diverse needs and provide a platform for our members to exchange their business information, to host or attend meetings or events and hence to facilitate business opportunities.
REVENUE MODEL
We provide both traditional face to face and online learning types and currently we provide two principal streams of studies including self-media production and business development to the learners in Taiwan, respectively.
The following table provides information about disaggregated revenue based on revenue by service lines:
Year ended September 30, 2024
Year ended September 30, 2023
Type of learning
Studies or membership
Number of Participants
Revenue
Number of Participants
Revenue
$
%
$
%
Offline face to face:
Self-media production (1)
$ 615,387
41.49
$ 239,795
19.72
Business development (2)
632,069
42.61
630,234
51.82
BAS commercial membership (3)(iii)
47,288
3.19
23,028
1.89
Online:
Self-media production (1)
183,392
12.37
318,840
26.22
Subscribed membership (3)(ii)
5,091
0.34
4,233
0.35
Total
1,946
$ 1,483,227
100.00 %
1,614
$ 1,216,130
100.00 %
1. Self-media production study
Our self-media production study aims to teach those entrepreneurs who are interested in promoting their businesses or products through either traditional media or social media. This study covers separate courses with different topics including drafting and editing the promotion contents, presentation skills, filming, recording or live recording, and video submission. We also teach individuals or corporations how to operate social media platforms to gain traffic, to increase followers, and hence increase the sales of their products or services.
For the year ended September 30, 2024, the offline face to face self-media production study attracted 835 person-times participating and generated revenue of $615,387, approximately 42% of the total revenue.
For the year ended September 30, 2024, the online self-media production study attracted 223 person-times participating and generated revenue of $183,392 approximately 12% of the total revenue.
2. Business development study
In relation of the business development study for entrepreneurs, we offer different topics and various duration face to face programs or courses. The subjects or theme of classes include but are not limited to business operations, sales and marketing, leadership and management skills, brand building and analysis, public speaking, capital raising, and business and strategic planning.
For the year ended September 30, 2024, the offline face to face business development study attracted 504 person-times participating and generated revenue of $632,069, approximately 43% of the total revenue.
3. Membership
Potential members may select from the following membership plans which provide a series of services:
i. Free members: Members at the free level can enjoy free and unlimited views of around 200 videos pertaining to branding analysis.
ii. Subscribed members: Members who subscribe to this level can have access to unlimited viewing of around 500 advanced branding analysis videos and several related short videos. This also includes the services available to a free member. Members at this tier are estimated to pay an annual fee of approximately $50.
iii. BAS commercial members: Membership at this level is tailor made for entrepreneurs. In addition to the perks of a free and subscribed member, BAS commercial members are also provided with client weekly commercial meetings (including online and offline) to increase their entrepreneurial opportunities with other professional parties. We also provide business model analysis and sales strategies for their own business development. Finally, we organize training programs for our clients at the BAS commercial member level to improve their business operations and skills. Members at this tier are estimated to pay a registration fee of approximately $167 and an annual fee of approximately $667.
For the year ended September 30, 2024, 306 person-times subscribed to be the subscribed members and generated membership fees of $5,091 to the Company.
For the year ended September 30, 2024, 78 person-times joined the BAS commercial membership and generated membership fees of $47,288 to the Company, approximately 3% of the total revenue.

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ITEM 1A. RISK FACTORS
ITEM 1A. RISK FACTORS
Not required by smaller reporting companies. We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 1B. UNRESOLVED STAFF COMMENTS
None

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ITEM 2. PROPERTIES
ITEM 2. PROPERTIES
We currently lease two office spaces from an external party. The first office is located at 1F, No. 24, Lane 50, Section 3, Nangang Road, Nangang District, Taipei City, Taiwan, with an area of 353 square feet. The second office, situated nearby, is at 1F, No. 22, Lane 50, Section 3, Nangang Road, Nangang District, Taipei City, and has a total area of 327 square feet.

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ITEM 3. LEGAL PROCEEDINGS
ITEM 3. LEGAL PROCEEDINGS
The Company is not a party to any threatened or pending legal proceedings.

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ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
We have authorized capital stock consisting of 600,000,000 shares of Common Stock, $0.0001 par value per share (“Common Stock”) and 200,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”). As of September 30, 2024, 216,779,700 shares of our Common Stock were issued.
On September 8, 2023, we received a notice of effectiveness from SEC. Since the effectiveness, we have received a ticker symbol “DFPH” and our shares of Common Stock have not been quoted on OTC Markets.
ISSUANCE OF SHARES AND HOLDERS
As of September 30, 2024, we had 216,779,700 shares of our Common Stock, par value $0.0001 issued and outstanding. There were 220 beneficial owners of our Common Stock.
Our Chief Executive Officer, Chief Financial Officer and sole director, Mr. Hsu Shou Hung (“Mr. Hsu”), collectively with his exclusively owned company, Terra Wave Holdings Limited (“TERRA”), holds 96,260,000 shares or 44.4% of the outstanding shares of our Common Stock, comprised of his individual ownership of Common Stock of 86,260,000 shares, as well as 10,000,000 shares held by TERRA.
Between November 1, 2023, to March 5, 2024, the Company sold 2,924,200 shares of unrestricted Common Stock to seventy-seven (77) individuals in a private placement at a price of $0.50 per share, for total proceeds of $1,462,100.
As of the date of this filing, we have 216,779,700 shares of Common Stock issued and outstanding and no shares of Preferred Stock are issued and outstanding.
TRANSFER AGENT AND REGISTRAR
As of the date of this filing, we have engaged Vstock Transfer, LLC as our Company transfer agent.
PENNY STOCK REGULATIONS
The Securities and Exchange Commission has adopted regulations which generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share. Our Common Stock, when and if a trading market develops, may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (generally those with assets more than $1,000,000, or annual incomes exceeding $200,000 individually, or $300,000, together with their spouse).
For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser’s prior written consent to the transaction. Additionally, for any transaction, other than exempt transactions, involving a penny stock, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the Securities and Exchange Commission relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Consequently, the “penny stock” rules may restrict the ability of broker-dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market.
In addition to the “penny stock” rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our Common Stock, which may limit the investors’ ability to buy and sell our stock.
DIVIDEND POLICY
Any future determination as to the declaration and payment of dividends on shares of our Common Stock will be made at the discretion of our Board of Directors out of funds legally available for such purpose. We are under no contractual obligations or restrictions to declare or pay dividends on our shares of Common Stock. In addition, we currently have no plans to pay such dividends. Our Board of Directors currently intends to retain all earnings for use in the business for the foreseeable future.
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
We have not established any compensation plans under which equity securities are authorized for issuance.
RECENT SALES OF UNREGISTERED SECURITIES
Between November 1, 2023, to March 5, 2024, the Company sold 2,924,200 shares of unrestricted Common Stock to seventy-seven (77) individuals in a private placement at a price of $0.50 per share, for total proceeds of $1,462,100.
Set forth below is a listing of the sale of shares of unrestricted Common Stock between November 1, 2023 to March 5, 2024:
Name Number of
Shares
Lin Yueh Feng 60,000
Hsu Tsui Lien 60,000
Chou Yu Ju 60,000
Chen Pei Ru 60,000
Lu Po Wei 40,000
Lim Yee Ching 6,000
Liu Chia Ling 60,000
Lee Shih Pin 60,000
Chen Yu Ching 40,000
Chang Che Chih 40,000
Lai Tung Ning 60,000
Chen Jie Yu 60,000
Lee Huai Ku 40,000
Chang Po Hsuan 20,000
Yang Ke Yu 80,000
Lin Yi Ying 90,000
Chen Yung Sheng 40,000
Liu Jui Hsin 40,000
Chan Chih Chieh 80,000
Digital Content Culture Sdn. Bhd. 22,000
Yang Hsin Hua 20,000
Yang Hui Chun 30,000
Lin Fang Yu 80,000
Chen Yu Huei 40,000
Hsieh Meng Hua 30,000
Lai Nyok Pek 4,400
Huang Wei Chin 60,000
Chen Hsi Chen 60,000
Tsan Jui Chin 30,000
Liu Chun O 15,000
Chen Chun Chieh 20,000
Chen Hsiao Wei 60,000
Hung Yuan Hung 60,000
Chang Kai Chia 70,000
Wu Yu Ti 30,000
Yang Hui Chao 30,000
Liao Yu Chen 30,000
Lu Shu Ju 60,000
Lin Xuan Zhen 30,000
Hu Shu Ning 30,000
Lai Wen Hui 30,000
Chiu Shih Jung 30,000
Fang Yun Hsuan 60,000
Hsiang Ming Hung 22,000
Liao Bo Cheng 30,000
How Sok Sin 4,400
Lin Geng Ru 16,000
Yi Jen Yu 80,000
Chang Chun Kai 40,000
Chiu Huai Yi 30,000
Chang Shu Ting 30,000
Gao Wei Qing 30,000
Chang Te Yi 30,000
Kao Hao Shen 60,000
Shao Hui Ling 60,000
Hsu Shu Yuak 30,000
Cheng Cheng Han 12,000
Chien Fu Ching 30,000
Lin Hui Ru 60,000
Chen Pin Chen 30,000
Ho Yu Ling 30,000
Hsu Kai Chia 30,000
Hsu Chen Yu 30,000
Huang Pi Wen 20,000
Zhang Han Sheng 30,000
Hsu Yan Ling 30,000
Liao Ling Hsin 40,000
Liao Kuo Yu 40,000
Ho Hung Ying 40,000
Yeh Yin Hsuan 30,000
Tan Wy Yee 22,000
Ng Sae Lim 22,000
Cindy Chan Yin Wan 22,000
Lau Yoke Chan 4,000
Lee Phay Ying 4,000
Jazamine Foo Lee Wei 4,000
Lai Chin Hong 4,400
Total 2,924,200
PURCHASES OF EQUITY SECURITIES BY THE REGISTRANT AND AFFILIATED PURCHASERS
We have not repurchased any shares of our Common Stock during the fiscal year ended September 30, 2024.

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ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. [RESERVED]

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
DFP Holdings Limited (the “Company” or “we”) was incorporated in the State of Nevada on December 8, 2021, and has a fiscal year end of September 30.
GOING CONCERN
For the year ended September 30, 2024, the Company incurred a net loss of $334,397 and used cash in operations of $235,188. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that its financial statements are issued. In addition, the Company’s independent registered public accounting firm, in their report on the Company’s September 30, 2024, audited financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The Company’s financial statements included elsewhere in this annual report do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
Management estimates that the current funds on hand will be sufficient to continue operations through the next six months. The Company’s ability to continue as a going concern is dependent upon its ability to continue to implement its business plan to increase its customer base and realize increased revenues. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for assumptions used in impairment testing of long-term assets and the accrual of potential liabilities.
REVENUE RECOGNITION
The Company recognizes revenue in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, following the five-step model prescribed by ASC 606, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.
The Company’s revenue consists of revenue from delivering online and in-person media and leadership training courses. Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company recognizes revenue from subscription services ratably over the subscription period. The Company recognizes deferred revenue at each period end for contracts that have been paid but which the related service has not been performed or delivered. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue.
RECENT ACCOUNTING PRONOUNCEMENTS
See Note 1 to the Consolidated Financial Statements.
RESULTS OF OPERATIONS
2024:
For the year ended September 30, 2024, we generated revenue of $1,483,227.
For the year ended September 30, 2024, operating expenses were $1,796,758, including instructional costs and services of $538,674, general and administrative expenses of $1,196,102, and general and administrative expenses to related party of $61,982 respectively.
For the year ended September 30, 2024, the Company has incurred a net loss of $334,397.
2023:
For the year ended September 30, 2023, we generated revenue of $1,216,130.
For the year ended September 30, 2023, operating expenses were $1,910,632, including instructional costs and services of $333,409, general and administrative expenses of $765,209, general and administrative expenses to related party of $362,014 and impairment of prepaid application development fee to related party of $450,000, respectively.
For the year ended September 30, 2023, the Company has incurred a net loss of $714,332.
Liquidity and Capital Resources
For the year ended September 30, 2024, the Company incurred a net loss of $334,397 and used cash in operations of $235,188. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that its financial statements are issued. In addition, the Company’s independent registered public accounting firm, in their report on the Company’s September 30, 2024, audited financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The Company’s financial statements included elsewhere in this annual report do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
The Company’s ability to continue as a going concern is dependent upon its ability to continue to implement its business plan to increase its customer base and realize increased revenues. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.
Cash Used in Operating Activities
Net cash used in operating activities was $235,188 for the year ended September 30, 2024. The cash used in operating activities was primarily consist of net loss, increase in other current assets deposit, increase in prepaid expenses-related party, increase in deposits, decrease in accounts payable and accrued liabilities, reduction in lease liability contra by depreciation and amortization and increase in deferred revenue.
Net cash used in operating activities was $215,101 for the year ended September 30, 2023. The cash used in operating activities was primarily consist of net loss, increase in other current assets deposit, increase in prepaid expenses-related party contra by depreciation and amortization, increase in impairment of prepaid application development fee-related party, increase in accounts receivable, increase in accounts payable and accrued liabilities and increase in deferred revenue.
Cash Used in Investing Activity
Net cash used in investing activity was $57,426 for the year ended September 30, 2024. The cash used in investing activity solely consist of purchase of property and equipment.
Net cash used in investing activity was $465,399 for the year ended September 30, 2023. The cash used in investing activities was consist of purchase of property and equipment and increase prepaid application development fee-related party.
Cash Provided by (Used in)Financing Activity
Net cash provided by financing activities was $1,460,509 for the year ended September 30, 2024. The cash provided by financing activities primarily consists of proceeds from the sale of common stock.
Net cash used in financing activities was $9,370 for the year ended September 30, 2023. The cash used in financing activity solely consist of repayment to officer.
OFF-BALANCE SHEET ARRANGEMENTS
As of September 30, 2024, we have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements required by this item are in PART IV of this Annual Report.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

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ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9A. CONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
Under the supervision and with the participation of our management, including our principal executive and financial officer, we are responsible for conducting an evaluation of the effectiveness of the design and operation of our internal controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission (“SEC”) reports is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive and financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of September 30, 2024 due to material weaknesses in our internal control over financial reporting as described below.
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15. Internal control over financial reporting is defined in Rule 13a-15(f) and 15(d)-15(f) under the Exchange Act as a process designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of published financial statements. Management conducted an assessment of the Company’s internal control over financial reporting as of September 30, 2024, based on the framework and criteria established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013) (COSO). Based on the assessment, management concluded that, as of September 30, 2024, the Company’s internal controls over financial reporting was not effective.
We identified material weaknesses in our internal controls over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.
The material weaknesses identified include (i) the Company did not maintain a functioning independent audit committee and did not maintain an independent board; (ii) the Company had inadequate segregation of duties; and (iii) the Company had an insufficient number of personnel with an appropriate level of U.S. GAAP knowledge and experience and ongoing training in the application of U.S. GAAP and SEC disclosure requirements commensurate with the Company’s financial reporting requirements.
Notwithstanding the identified material weaknesses, management has concluded that the Financial Statements included in this Annual Report on Form 10-K present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the periods disclosed in conformity with U.S. GAAP.
Planned remediation of material weaknesses
Management is actively engaged in developing and implementing remediation plans to address the material weaknesses described above. These remediation efforts are ongoing and include or are expected to include preparation of written documentation of our internal control policies and procedures, and to increase personnel and technical accounting expertise within the accounting function.
CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING
There was no change in our internal controls over financial reporting that occurred during the period covered by this Report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
This annual report does not include an attestation report of the Company’s registered independent public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered independent public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report on Form 10-K.

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ITEM 9B. OTHER INFORMATION
ITEM 9B. OTHER INFORMATION
Insider Trading Arrangements
During the year ended September 30, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement”.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Biographical information regarding the sole officer and director of the Company is provided below:
NAME
AGE
POSITION
Hsu Shou Hung
President, Chief Executive Officer, Chief Financial Officer, Chairman of Board of Directors
The sole officer and director named above will serve until the next annual meeting of the stockholders or until his respective resignation or removal from office. Thereafter, directors are anticipated to be elected for one-year terms at the annual stockholders’ meeting. Officers will hold their positions at the pleasure of the Board of Directors, absent any employment agreement, of which none currently exists or is contemplated.
Set forth below is a brief description of the background and business experience of our sole officer and director.
Mr. Hsu has been our Chief Executive Officer, Chief Financial Officer and Director since the Company’s incorporation. Mr. Hsu has over 20 years of management experience. From 1999 to 2009, he was the general manager of Lead International Financial Advisory Co., Ltd., a company focusing on international financial products sales. From 2003 to 2005, he was a Distinguished Lecturer at Fuxin Enterprise Management Consulting CO., Ltd. From 2005 to 2007, he was a Distinguished Lecturer at Guangzhou Benchmark Enterprise Management Co., Ltd. From 2008 to 2009 he was a Distinguished Lecturer at Beijing Wenhe Fanglue Information Co., Ltd. From 2012 to 2016, Mr. Hsu was the General Management at Oriental Ivy International Co., Ltd., a company that offers retail and wholesale cosmetics. From 2012 to 2017, Mr. Hsu was a General Manager at Suzhou Shuiyue Ivy Trading Co., Ltd., a cosmetic retailer. From 2017 to present, Mr. Hsu has served as a general manager of Shanghai Haoguan Enterprise Management Consulting Co., Ltd., a corporation that provides business management consulting, corporate education, and training. Mr. Hsu holds a bachelor’s degree in Statistics at Tamkang University, Taiwan.
Mr. Hsu brings to the Board of Directors his business leadership and extensive experience in consultancy, education services and training.
TERM OF OFFICE
All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company’s Bylaws provide that the Board of Directors will consist of no less than three members. Officers are elected by and serve at the discretion of the Board of Directors.
DIRECTOR INDEPENDENCE
Our Board of Directors is currently composed of one member who does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (though the Company may have a plan to list on the NASDAQ Global Market later). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our Board of Directors has not made a subjective determination as to our director that no relationships exist which, in the opinion of our Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our Board of Directors made these determinations, our Board of Directors would have reviewed and discussed information provided by our director and us regarding to our director’s business and personal activities and relationships as they may relate to us and our management.
CERTAIN LEGAL PROCEEDINGS
No director, nominee for director, or executive officer of the Company has appeared as a party in any legal proceeding material to an evaluation of his ability or integrity during the past five years.
SIGNIFICANT EMPLOYEES AND CONSULTANTS
Other than our sole officer and director, we currently have no other significant employees.
AUDIT COMMITTEE AND CONFLICTS OF INTEREST
Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is an early exploration stage company and has only two directors, and to date, such directors have been performing the functions of such committees. Thus, there is a potential conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.
There are no family relationships among our directors or officers. Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors.
SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than ten percent of a registered class of our equity securities, file reports of ownership and changes in ownership with the SEC. Executive officers, directors and greater-than-ten percent stockholders are required by SEC regulations to furnish us with all Section 16(a) forms they file. Specific due dates for these reports have been established and the Company is required to report in this report any failure to file by these dates.
All filing requirements were satisfied by the Company’s officers, directors, and ten-percent holders.
In making these statements, we have relied on the written representation of our officers and directors or copies of the reports that they have filed with the Commission.
CODE OF ETHICS
We have not adopted a formal Code of Ethics. The Board of Directors evaluated the business of the Company and the number of employees and determined that since the business is operated by a small number of persons, general rules of fiduciary duty and federal and state criminal, business conduct and securities laws are adequate ethical guidelines. In the event our operations, employees and/or Directors expand in the future, we may take actions to adopt a formal Code of Ethics.
SHAREHOLDER PROPOSALS
Our Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Directors. The Board of Directors believes that, given the stage of our development, a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level. Our Company does not currently have any specific or minimum criteria for the election of nominees to the Board of Directors and we do not have any specific process or procedure for evaluating such nominees. The Board of Directors will assess all candidates, whether submitted by management or shareholders, and make recommendations for election or appointment.
A shareholder who wishes to communicate with our Board of Directors may do so by directing a written request addressed to our President, at the address appearing on the first page of this Information Statement.

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ITEM 11. EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION
The following tables set forth certain information about compensation paid, earned or accrued for services by our Chief Executive Officer and Chief Financial Officer for the fiscal years ended September 30, 2024, and 2023:
SUMMARY COMPENSATION TABLE
Name and principal position Year Salary ($) Bonus ($) Stock Compensation ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Nonqualified Deferred Compensation Earnings ($) All Other Compensation ($) Total ($)
Hsu Shou Hung (1)
Chief Executive Officer, Chief Financial Officer 45,506 - - - - - - $ 45,506
Hsu Shou Hung (1)
Chief Executive Officer, Chief Financial Officer 18,321 22,500 - - - - - $ 40,821
(1) On December 8, 2021, Mr. Hsu, a founder of the Company, was appointed as Chief Executive Officer, Chief Financial Officer, and sole director of the Company. The Company have not adopted or established a formal policy or procedure for determining the amount of compensation paid to our executive officers and only began to pay Mr. Hsu from September 1, 2022 onwards.
Mr. Hsu has an informal agreement with the Company whereas he was compensated approximately $45,506 (NT$1,454,135) and $40,821 (NT$1,270,000) for his services provided to the Company for the year ended September 30, 2024 and 2023 respectively.
STOCK OPTION GRANTS
We have not granted any stock options to our executive officers since our incorporation.
EMPLOYMENT AGREEMENTS
Save except for an informal agreement with our sole officer and director, Mr. Hsu Shou Hung for the year ended September 30, 2024, we do not have an employment or consulting agreement with any officers or directors.
COMPENSATION DISCUSSION AND ANALYSIS
DIRECTOR COMPENSATION
Our Board of Directors does not currently receive any consideration for their services as members of the Board of Directors. The Board of Directors reserves the right in the future to award the members of the Board of Directors cash or stock-based consideration for their services to the Company, which awards, if granted shall be in the sole determination of the Board of Directors.
EXECUTIVE COMPENSATION PHILOSOPHY
Our Board of Directors determines the compensation given to our executive officers in their sole determination. Our Board of Directors reserves the right to pay our executive or any future executives a salary, and/or issue them shares of Common Stock in consideration for services rendered and/or to award incentive bonuses which are linked to our performance, as well as to the individual executive officer’s performance. This package may also include long-term stock-based compensation to certain executives, which is intended to align the performance of our executives with our long-term business strategies. Additionally, while our Board of Directors has not granted any performance base stock options to date, the Board of Directors reserves the right to grant such options in the future, if the Board in its sole determination believes such grants would be in the best interests of the Company.
INCENTIVE BONUS
The Board of Directors may grant incentive bonuses to our executive officer and/or future executive officers in its sole discretion, if the Board of Directors believes such bonuses are in the Company’s best interest, after analyzing our current business objectives and growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability of such executives.
LONG-TERM, STOCK BASED COMPENSATION
To attract, retain and motivate executive talent necessary to support the Company’s long-term business strategy we may award our executive and any future executives with long-term, stock-based compensation in the future, at the sole discretion of our Board of Directors, which we do not currently have any immediate plans to award.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Information relating to beneficial ownership of Common Stock by our principal shareholders and management is based upon information furnished by each person using “beneficial ownership” concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.
The following table lists, as of September 30, 2024, the number of shares of Common Stock of the Company that are beneficially owned by (i) each person or entity known to the Company to be the beneficial owner of more than 5% of our outstanding Common Stock; (ii) each officer and director of the Company; and (iii) all officers and directors if any as a group.
The percentages below are calculated based on 216,779,700 shares of our Common Stock issued and outstanding as of September 30, 2024. We do not have any outstanding warrant, options, or other securities exercisable for or convertible into shares of our Common Stock.
Name of Beneficial Owner Number of Common Stock Owned Percentage of Ownership
Sole Officer and Director
Hsu Shou Hung (1) 96,260,000 44.4 %
5% Shareholders
CPN Investment Limited (2) 15,000,000 6.92 %
Leader Capital Holdings Corp. (3) 15,000,000 6.92 %
(1) The above row for Mr. Hsu Shou Hung is inclusive of his share ownership in the Company via Terra Wave Holdings Limited (“TERRA”). TERRA is owned exclusively by Mr. Hsu and is the beneficial owner of 10,000,000 shares of our Common Stock. In his personal name, Mr. Hsu Shou Hung beneficially owns and controls approximately 86,260,000 shares of our Common Stock.
(2) Mr. Lin Yi Hsiu (“Mr. Jeff Lin”) is the sole shareholder of CPN Investment Limited (“CPN”).
(3) Mr. Lin Yi Hsiu (“Mr. Jeff Lin”), Chief Executive Officer and a director of Leader Capital Holdings Corp. (“LCHC”), collectively with his beneficially owned or controlled companies, ultimately holds 58,537,778 shares of common stock of LCHC, or approximately 28.35% of LCHC’s total issued and outstanding shares of common stock.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
On December 8, 2021, Mr. Hsu Shou Hung (“Mr. Hsu”), a founder of the Company, was appointed as Chief Executive and Financial Officer, President, Secretary, Treasurer, and sole director of the Company. Currently, Mr. Hsu is our sole officer and director. As of September 30, 2024, Mr. Hsu collectively owns 96,260,000 shares, or 44.4%, of the Company’s restricted Common Stock.
At September 30, 2024 and 2023, $2,666 and $4,257, respectively, are due to Mr. Hsu for advances to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.
Mr. Lin Yi Hsiu (“Jeff Lin”) is Chief Executive Officer and a director of Leader Capital Holdings Corp. (“LCHC”). LCHC owns 15,000,000 shares of the Company’s restricted Common Stock and is a 6.92% shareholder in the Company. In addition, CPN Investment Limited (“CPN”), a company wholly owned by Jeff Lin, owns 15,000,000 shares of the Company’s restricted Common Stock, and is also a 6.92% shareholder of the Company.
LCHC, through its wholly owned subsidiary, LOC Weibo Co., Limited (“LOC”) provides IT and maintenance services to the Company. Leader Financial Asset Management Limited (“LFAML”), another company wholly owned by Jeff Lin, provides consulting and company secretarial services to the Company.
For the year ended September 30, 2024, and 2023, the Company incurred the following fees to LCHC and affiliates:
Paid to: Description Year ended
September 30, 2024 Year ended
September 30, 2023
LCHC IT services $ 30,500 $ 30,000
LOC IT services 31,482 32,014
LFAML Secretarial fees - -
LFAML Consulting fees - 300,000
Subtotal 61,982 362,014
LCHC Prepaid application development fees - 450,000
Total $ 61,982 $ 812,014
At September 30, 2024 and 2023, $30,397 and $25,357, respectively, were prepaid expenses to LCHC and affiliates for IT and maintenance expenses.
During fiscal 2022 and 2023, the Company prepaid a total of $900,000 to LCHC for the development of two mobile applications. $450,000 was paid in fiscal 2022, and $450,000 was paid in fiscal 2023. Management determined that it was more likely than not that the application developments would not be utilized as originally intended and performed an impairment analysis. As a result, an impairment loss of $450,000 was recorded in fiscal 2022, and another impairment loss of $450,000 was recorded in fiscal 2023, for the prepaid app development fees.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Below is the aggregate amount of fees billed for professional services rendered by our principal accountants with respect to our last two fiscal years:
Year ended
September 30, 2024 Year ended
September 30, 2023
Audit fees $ 28,500 $ 27,500
Audit related fees - -
Total $ 28,500 $ 27,500
The category of “Audit fees” includes fees for our annual audit, quarterly review fees.
The category of “Audit-related fees” includes employee benefit plan audits, internal control reviews and accounting consultation.
All the professional services rendered by principal accountants for the audit of our annual financial statements that are normally provided by the accountant in connection with statutory and regulatory filings or engagements by Weinberg & Company, P.A. (2024 and 2023) were approved by our Board of Directors.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) Exhibits
The following exhibits are filed or “furnished” herewith:
Number
Description
3.1
Certificate of Incorporation (1)
3.2
By-laws (1)
31.1
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
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*
Cover Page Interactive Data File (embedded within the Inline XBRL document)*
(1) Previously filed and incorporated in the Company’s Registration Statement, Amendment No.3 to Form S-1 (File No. 333-271858) with the Securities and Exchange Commission on September 6, 2023.
* Filed herewith.
XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.