UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended September 30, ~~2024~~2025

☐ 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 333-202948

FUSE GROUP HOLDING INC.

(Exact name of registrant as specified in its charter)

Nevada		47-1017473
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

805 W. Duarte Rd., Suite 102
Arcadia, CA		91007
(Address of principal executive offices)		(Zip Code)

Registrant’s Telephone Number: (626) 977-0000

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

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

None

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 past 90 days. Yes ☒ 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 ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See 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	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

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

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

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

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

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

The aggregate market value of the Registrant’s Common Stock held by non-affiliates of the Registrant based upon the closing price of the Registrant’s Common Stock as of March 2831, ~~2024~~2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $191,~~815~~835,~~902~~010 (based on 427,~~161~~057,~~493~~730 shares of common stock outstanding held by non-affiliates on such date at $0.4726 per share). On September 19, 2024, the Company effected a 1-for-5 reverse stock split of the Company’s authorized shares of common stock, par value $0.001, accompanied by a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”).

The number of outstanding shares of Registrant’s Common Stock, $0.001 par value, was 13,297,143 shares as of December 1824, ~~2024~~2025.

Auditor Firm ID:

2485

Auditor Name:

Simon & Edward, LLP

Auditor Location:

California

FUSE GROUP HOLDING INC.

Annual Report on Form 10-K for Fiscal Year Ended September 30, ~~2024~~2025

PART I
ITEM 1 – BUSINESS	51
ITEM 1A – RISK FACTORS	84
ITEM 1C - CYBERSECURITY	128
ITEM 2 – PROPERTIES	139
ITEM 3 – LEGAL PROCEEDINGS	139
ITEM 4 – MINE SAFETY DISCLOSURES	139
PART II
ITEM 5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	1410
ITEM 6 – [Reserved]	1410
ITEM 7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	1511
ITEM 7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	1914
ITEM 8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	1914
ITEM 9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	2015
ITEM 9A – CONTROLS AND PROCEDURES	2216
ITEM 9B - OTHER INFORMATION	2317
ITEM 9C - DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	2317
PART III
ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	2418
ITEM 11 – EXECUTIVE COMPENSATION	2519
ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS	2620
ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	2721
ITEM 14 – PRINCIPAL ACCOUNTING FEES AND SERVICES	2721
PART IV
ITEM 15 – EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	2822
Signature	3024

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NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K for the fiscal year ended September 30, ~~2024~~2025 (“Annual Report”) of Fuse Group Holding Inc. (together with our direct or indirect subsidiaries, “we,” “us,” “our” or “the Company”) includes forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Other than statements of historical fact, all statements made in this Annual Report are forward-looking, including, but not limited to (a) our projected sales, profitability, and cash flows, (b) our growth strategies, (c) anticipated trends in our industry, (d) our future financing plans and (e) our anticipated needs for working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions. The following important factors, among others, could affect our future results and could cause those results to differ materially from those expressed in such forward-looking statements:

●	the uncertainty of profitability based upon our history of losses;
●	risks related to failure to obtain adequate financing on a timely basis and on acceptable terms to continue as going concern;
●	risks related to our development of new business and international operations and currency exchange fluctuations;
●	other risks and uncertainties related to our business plan and business strategy.

Any or all of our forward-looking statements in this report may turn out to be inaccurate. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual future results may vary materially as a result of various factors, including, without limitation, the risks outlined under “Item 1A. Risk Factors” in this Annual Report. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.

Our financial statements are stated in United States dollars ($) and are prepared in accordance with United States Generally Accepted Accounting Principles. All references to “common stock” refer to the common shares in our capital stock.

We undertake no obligation to update forward-looking statements to reflect subsequent events, changed circumstances or the occurrence of unanticipated events.

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PART I

ITEM 1 – BUSINESS

Overview and History

Fuse Group Holding Inc. (the “Company” or “Fuse Group” or “we”) was incorporated under the laws of the State of Nevada on December 24, 2013. Fuse Group currently develops business opportunities in the mining, biotech and consulting areas. On December 6, 2016, the Company incorporated Fuse Processing, Inc. (“Processing”) in the State of California. Processing seeks business opportunities in mining and is currently investigating potential mining targets in Asia and North America. Fuse Group is the sole shareholder of Processing. In March 2017, Processing acquired 100% ownership of Fuse Trading Limited (“Trading”) for HKD1 ($0.13). Trading had no operations prior to the acquisition by Processing, and Trading was expected to be engaged in mining-related businesses. On April 22, 2022, Processing transferred 100% ownership of Trading to an unrelated third party for HKD1. On May 3, 2018, the Company incorporated Fuse Technology Inc. in the State of Nevada, which changed its name to Fuse Biotech Inc. on November 30, 2020. Fuse Group is the sole shareholder of Fuse Biotech Inc. (“Fuse Biotech”). Currently, Fuse Biotech seeks business opportunities in the biotech area.

Fuse Group and Processing provide consulting services to mining industry clients to find acquisition targets within the parameters set by the clients, when the mine owner is considering selling its mining rights. The services of Fuse Group and Processing include due diligence on the potential mine seller and the mine, such as ownership of the mine and whether the mine meets all operation requirements and/or is currently in operation.

The Company ishas been diversifying its business to new growth area of consulting services, especially in the catering and culinary consulting service business.

On January 4, 2017, Processing entered into a Consulting and Strategist Agreement with a consulting company for a six-month term. On July 3, 2017, Processing and the consulting company extended the Consulting and Strategist Agreement until January 3, 2018 at no additional cost, and the Agreement was subsequently extended to July 3, 2018. The consultant provides Processing with market research, exploration and advice on business development opportunities in certain countries, and other general business advisory services. Processing paid a deposit of $1,325,000 for the consulting fee, of which, $325,000 was expensed as a consulting fee based on the agreement, and the remaining $1,000,000 of which would have been refunded to the Company if the Company had not made an investment and/or entered into a business relationship in Mexico. The consulting company found acquisition targets for the Company, and on June 22, 2018, the Company entered into a Memorandum of Understanding (“MOU”) with a seller to purchase concessions rights to five mineral locations located in different areas of Mexico for $1,000,000. Upon execution of the MOU, the Company acquired the exclusive right to purchase the concessions rights to mines from the seller until September 30, 2018. The parties entered into an oral agreement that the Company would pay a purchase price of $1,000,000 to purchase concessions rights to five mineral locations that would be consolidated into a local company in Mexico upon the approval from the Mexican government allowing the transfer of all mining concession to a Mexican company.

On February 9, 2021, the Company and Processing entered into a Share Exchange Agreement (the “Agreement”) with Choo Keam Hui, Goh Hau Guan, Lim Hui Sing, Teh Boon Nee and Tia Chai Teck (collectively as the “Sellers”). Pursuant to the Agreement, the Company agreed to issue to the Sellers in aggregate of 14,285,715 shares (pre-reverse split shares) of common stock of the Company (the “Fuse Shares”) in exchange of all the outstanding shares of Portafolio en Investigacion Ambiental S.A. de C.V., a Mexican company ("“Portafolio”) owned by the Sellers. Portafolio owns concessions rights to five mineral locations and the five mines have not been explored and have no operations, no existing contracts for the sale of output, no permits or licenses to conduct mining operations. Portafolio only has five concessions to explore for minerals and owns no facilities or equipment. There is no assurance that we will be able to obtain the surface rights and permits that are necessary to extract the minerals from the areas covered by the concessions. The Company is waiting for the Sellers to complete the transfer process for the equity interest of Portafolio to the Processing to complete the transaction which is subject to the Mexican government approval and has not happened yet.

Stock certificates for 14,285,715 shares (pre-reverse split shares) were prepared by the Company for the closing of the transaction contemplated in the Agreement but were not delivered to the Sellers. After reevaluation of the Agreement, the Company determined that the transaction was incorrectly recorded, as such stock certificates remained in the custody of the Company and not delivered (i.e. provided as consideration) to the Sellers. On October 20, 2021, the Company cancelled these stock certificates.

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On April 29, 2019, the Board of Directors (“BOD”) of the Company approved an amendment to the Company’s Articles of Incorporation (the “Amendment”) to change its name from Fuse Enterprises Inc. to Fuse Group Holding Inc. Also on April 29, 2019, stockholders holding a majority of the Company’s outstanding capital stock approved the Amendment. The Amendment was filed with the Secretary of State for the State of Nevada on April 30, 2019, and became effective on May 13, 2019. On May 29, 2019, the Company changed its trading symbol on OTC Markets from FNST to FUST.

On September 19, 2024, the Company filed a Certificate of Change with the State of Nevada (the “Certificate”) to effect a 1-for-5 reverse stock split of the Company’s authorized shares of common stock, par value $0.001 (the “Common Stock”), accompanied by a corresponding decrease in the Company’s issued and outstanding shares of Common Stock (the “Reverse Stock Split”), effective upon filing. Following the Reverse Stock Split, the number of authorized shares of Common Stock of the Company shall be reduced from 375,000,000 to 75,000,000.

On March 11, 2021, Fuse Group and Fuse Biotech entered into a Share Exchange Agreement with E-Mo Biotech Holding Inc., a company incorporated under the laws of Nevada (the “E-Mo Biotech”), Qiyi Xie, a resident of California (“Xie”), Quan Qinghua, a citizen and resident of China (“Quan”), Jing Li, a citizen and resident of China (“Li”) and HWG Capital Sdn Bhd, a company incorporated under laws of Malaysia (“HWG” and hereinafter collectively with Xie, Quan and Li, the “Sellers”). Pursuant to the Agreement, the Company will issue the Sellers 100,000,000 shares (pre-reverse split shares) of Company’s common stock (the “Fuse Shares”) for all the issued and outstanding shares of E-Mo Biotech (the “E-Mo Shares”) owned by the Sellers. E-Mo Biotech Holding Inc. is a start-up, development-stage company involving in vaccine, immunological treatment and diagnostic product research and development and has no commercial sales of vaccines, treatments, or diagnostic products. The acquisition was not completed, and the Fuse Shares were not issued. On September 30, 2021, the Company and Fuse Biotech entered into a Termination Agreement with E-Mo Biotech, the Sellers, effective on September 30, 2021. Pursuant to the Termination Agreement, the parties agreed to terminate the Share Exchange Agreement, which was originally entered into by and among the Company, Fuse Biotech, the Sellers and E-Mo Biotech on March 11, 2021.

On June 30, 2023, the Company received a written notice from Liu Marketing (M) SDN BHD (the “Lender”), pursuant to certain Convertible Promissory Notes made by the Company in favor of Lender on February 15, 2022, March 23, 2022, June 9, 2022, July 1, 2022, August 19, 2022, October 6, 2022, November 7, 2022, December 16, 2022, January 30, 2023, February 24, 2023, April 10, 2023 and May 29, 2023 (the “Notes”), that the Lender elected to convert all of the Notes balances (including principal and interest of the Notes) of $716,767 for 1,592,816 shares of common stock of the Company (the “Shares”) at the conversion price of $0.45 (pre-reverse split) per share. On July 7, 2023, the Shares were issued to the Lender pursuant to an exemption from registration under Regulation S, promulgated under the Securities Act of 1933, as amended.

On December 13, 2023, the Company entered into a Consulting Agreement (the “Agreement”) with Beijing Jixiang Fengqi Tech Company Limited, a company organized under the laws of China (the “Customer”). Pursuant to the Agreement, the Company will provide consulting services to the Customer, including marketing research, competitive analysis and business development strategy in North America as well as marketing strategies, product development, identifying and partnering with local businesses or distributors and other general business advisory services. The Agreement has a term of one year from December 13th, 2023 to December 12th, 2024 and may be renewed by the parties. For the services rendered by the Company as required by the Agreement, the Customer agrees to pay a service fee to the Company of $10,000 per month, payable monthly. The ~~Company~~Agreement ishas innot ~~the~~been ~~process~~renewed toupon ~~renew~~its ~~the~~expiration ~~Agreement~~as ~~with~~of ~~the~~December ~~Customer~~12, 2024.

On December 28, 2023, the Company entered into a Letter of Intent (“LOI”) with Beijing Catering Inc., a company incorporated in California (the “Beijing Catering”) and Fengyuan Jia, an individual and shareholder owns 100% equity interest of Beijing Catering (the “Seller”). Beijing Catering owns and operates a Yomie Yogurt store in California, and Seller intends to sell, and the Company intends to purchase from the Seller, all issued and outstanding equity interest of Beijing Catering at the total purchase price to be negotiated by the parties and confirmed in the definitive agreement. The LOI is intended to reflect the parties’ agreement on terms, but is not intended to be binding as it is subject to the due diligence and execution of definitive documents, except for the provisions of “Confidentiality” and “Governing Law”. The parties plan to close the transaction no later than 120 days from the date of the LOI, unless mutually extended by the parties. The LOI terminates if the closing does not occur before the 120 days period or has not been extended or if either party provides a written notice of termination to other parties. On April 25, 2024, the parties entered into a LOI Extension Agreement to extend the deadline for the closing of potential acquisition to May 31, 2024. The potential acquisition of Beijing Catering has not been closed on or before May 31, 2024 and parties did not reach an agreement to further extend the deadline. Pursuant to the LOI, it has expired and terminated as of May 31, 2024.

On May 15, 2024, the Company received a written notice from Liu Marketing (M) SDN BHD (the “Lender”), pursuant to certain Convertible Promissory Note made by the Company in favor of Lender on June 29, 2023 (the “Note”), that the Lender elected to convert all of the Note balances (including principal and interest of the Note) of $51,319 for 114,043 shares (pre-reverse split shares) of common stock of the Company (the “Shares”) at the conversion price of $0.45 (pre-reverse split) per share.

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Research and Development Activities

Other than time spent researching our business development, we have not spent any funds on research and development activities to date. We do not currently plan to spend any funds on research and development activities in the near future.

We are not aware of any environmental laws that have been enacted, nor are we aware of any such laws contemplated for the future, that affect our current operations.

Human Capital Resources

We understand that our success depends on our ability to attract, train and retain our employees. We strive to attract, recruit, and retain employees through competitive compensation and benefit programs, and development opportunities that support career growth and advancement opportunities, and employee engagement initiatives that foster a strong Company culture. The success of our business is fundamentally connected to the well-being of our people. Accordingly, we are committed to the health, safety and wellness of our employees.

Employees

As of the date of this Annual Report we have two employees, all of which are full-time. Our officers and directors are responsible for planning, developing and operational duties, and will continue to do so throughout the early stages of our growth.

Reports to Securities Holders

We file an annual report that includes audited financial information which is available to our shareholders. We will make our financial information equally available to any interested parties or investors through compliance with the disclosure rules for a small business issuer under the Securities Exchange Act of 1934. We are subject to disclosure filing requirements including filing Form 10-K annually and Form 10-Q quarterly. In addition, we will file Forms 8-K from time to time as required. We do not intend to voluntarily file the above reports if our obligation to file such reports is suspended under the Exchange Act. The shareholders and public may read and copy any materials that we file with the Securities and Exchange Commission, (“SEC” or “Commission”), at the SEC’s Public Reference Room at 100 F Street NE, Washington, DC 20549.

The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

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ITEM 1A – RISK FACTORS

An investment in the Company’s common stock involves a high degree of risk. In addition to the following risk factors, you should carefully consider the risks, uncertainties and assumptions discussed herein, and in other documents that the Company subsequently files with the SEC, that update, supplement or supersede such information for which documents are incorporated by reference into this Report. Additional risks not presently known to the Company, or which the Company considers immaterial based on information currently available, may also materially adversely affect the Company’s business. If any of the events anticipated by the risks described herein occur, the Company’s business, cash flow, results of operations and financial condition could be adversely affected, which could result in a decline in the market price of the Company’s common stock, causing you to lose all or part of your investment.

We are a “smaller reporting company” and we cannot be certain if the reduced reporting requirements applicable to smaller reporting companies will make our shares of common stock less attractive to investors.

We are currently a “smaller reporting company”, meaning we are not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent company that is not a smaller reporting company and have a public float of less than $250 million and annual revenues of less than $100 million during the most recently completed fiscal year. Smaller reporting companies are able to provide simplified executive compensation disclosures in their filings; are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that independent registered public accounting firms provide an attestation report on the effectiveness of internal control over financial reporting; and have certain other decreased disclosure obligations in their SEC filings, including, among other things, only being required to provide two years of audited financial statements in annual reports.

Decreased disclosures in our SEC filings due to our status as a “smaller reporting company” may make it harder for investors to analyze the Company’s results of operations and financial prospects.

We lack an operating history. There is no assurance our future operations will result in profitable revenues. If we cannot generate sufficient revenues to operate profitably, our business will fail.

We were incorporated on December 24, 2013, and as of September 30, ~~2024~~2025, we had accumulated a deficit of $78,~~949~~233,~~380~~082. We have a limited operating history upon which an evaluation of our future success or failure can be made. Based upon current plans, we expect to continue generating revenues. However, our revenues may not be sufficient to cover our operating costs. We cannot guarantee we will be successful in generating significant revenues in the future. Failure to achieve a sustainable sales level will cause us to go out of business.

Our success depends substantially on the continued retention of certain key personnel and our ability to hire and retain qualified personnel in the future to support our growth.

If our senior executive or other key personnel are unable or unwilling to continue in their present positions, our business may be disrupted and our financial condition and results of operations may be materially and adversely affected. We are dependent upon Mr. Umesh Patel, our chief executive officer (“CEO”) and chief financial officer (“CFO”) and director. The loss of the service of Mr. Patel for any reason could significantly adversely impact our business and results of operations. Competition for senior management in the U.S. is intense and the pool of qualified candidates is very limited. Accordingly, we cannot guarantee that the services of our senior executive and other key personnel will continue to be available to us, or that we will be able to find a suitable replacement for them if they were to leave.

We face intense competition in our industry. If we are unable to compete successfully, our business will be seriously harmed.

The market for mining, catering and culinary consulting services is highly competitive and has low barriers to entry. Our competitors vary in size and in the variety of services they offer. Many of our current and potential competitors have longer operating histories, significantly greater financial, technical, marketing and other resources, and an established client base. These competitors may be able to adapt more quickly to new or emerging technologies and changes in customer requirements. They may also be able to devote greater resources to the promotion and sales of their services than we can, or may adopt more aggressive pricing policies. If we fail to compete successfully against our competitors, our revenue could decline and our business could be harmed.

We don’t have an audit committee. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results. As a result, current and potential shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our stock.

Management determined our internal audit function is also deficient due to insufficient qualified resources to perform internal audits and we have not established an Audit Committee of our Board of Directors (“BOD”).

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We are a smaller reporting company with limited resources. Currently, we do not have an audit committee and has not implemented appropriate information technology controls and is lack of sufficient accounting personnel with the appropriate level of knowledge, experience and training in U.S. GAAP and SEC reporting requirements as we have given priority in the use of the limited resources to the development of our business. Therefore, we cannot assure investors that we will be able to maintain effective internal controls over financial reporting based on criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework.

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 the company’s annual or interim financial statements will not be prevented or detected on a timely basis. For these reasons, we are considering the costs and benefits associated with improving and documenting our disclosure controls and procedures and internal controls and procedures, which includes (i) hiring additional personnel with sufficient U.S. GAAP experience and (ii) implementing ongoing training in U.S. GAAP requirements for our accounting and other finance personnel. If the result of these efforts are not successful, or if material weaknesses are identified in our internal control over financial reporting, our management will be unable to report favorably as to the effectiveness of our internal control over financial reporting and/or our disclosure controls and procedures, and we could be required to further implement expensive and time-consuming remedial measures and potentially lose investor confidence in the accuracy and completeness of our financial reports which could have an adverse effect on our stock price and potentially subject us to litigation.

We do not have a majority of independent directors on our Board and the Company has not voluntarily implemented various corporate governance measures, in the absence of which shareholders may have more limited protections against interested director transactions, conflicts of interest and similar matters.

Federal legislation, including the Sarbanes-Oxley Act of 2002, resulted in the adoption of various corporate governance measures designed to promote the integrity of the corporate management and the securities markets. Some of these measures have been adopted in response to legal requirements. Others have been adopted by companies in response to the requirements of national securities exchanges, such as the NYSE or the NASDAQ Stock Market, on which their securities are listed. Among the corporate governance measures that are required under the rules of national securities exchanges are those that address board of directors’ independence, audit committee oversight, and the adoption of a code of ethics. We have not yet adopted any of these other corporate governance measures and since our securities are not yet listed on a national securities exchange, we are not required to do so.

Our BOD is comprised of two individuals, one of whom is also our executive officer.

We have not adopted corporate governance measures such as an audit or other independent committee of our Board. If we expand our Board membership in future periods to include additional independent directors, we may seek to establish an audit and other committees of our Board. It is possible that if our BOD included independent directors and if we were to adopt some or all of these corporate governance measures, shareholders would benefit from somewhat greater assurance that internal corporate decisions were being made by disinterested directors and that policies had been implemented to define responsible conduct.

For example, at present in the absence of audit, nominating and compensation committees comprised of independent directors, decisions concerning matters such as compensation packages or employment contracts to our senior officers are made by a majority of directors who have an interest in the outcome of the matters being decided. However, as a general rule, the Board, in making its decisions, determines first that the terms of such transaction are no less favorable to us that those that would be available to us with respect to such a transaction from unaffiliated third parties. The Company executes the transaction between executive officers and the Company once it was approved by the BOD.

Prospective investors should bear in mind our current lack of corporate governance measures in formulating their investment decisions.

Landbond Home Limited, our largest shareholder, will have control over key decision making as a result of its control of a substantial amount of our voting stock.

As of December 1824, ~~2024~~2025, Landbond Home Limited (“Landbond”), and its sole director and beneficial owner, Mr. Yong Zhang, directly and indirectly ~~owned~~owns 4,209,373 shares, or 31.7%, of our ~~then~~ outstanding common stock. Landbond’s beneficial ownership of 31.7% of our issued and outstanding common stock gives ~~give~~ it significant influence to the outcome of matters submitted to shareholders for approval in the future, including the election of directors and any merger, consolidation, or sale of all or substantially all of their respective assets. This concentrated ownership could delay, defer, or prevent a change of control, merger, consolidation, or sale of all or substantially all of their respective assets that other shareholders support, or conversely this concentrated control could result in the consummation of such a transaction that other shareholders do not support. This concentrated ownership could also discourage a potential investor from acquiring our common stock, due to the limited voting power of such shares. As a shareholder, even a major shareholder, Landbond is entitled to vote its shares in its own interests, which may not always be in the interests of our shareholders generally.

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The Company is subject to the 15(d) reporting requirements under the Securities Exchange Act of 1934 which does not require a company to file all the same reports and information as fully reporting company.

Pursuant to Section 15(d), we are required to file periodic reports with the SEC, such as annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. That filing obligation will generally apply even if our reporting obligations have been suspended automatically under section 15(d) of the Exchange Act prior to the due date for the Form 10-K.

On the first day of any fiscal year after fiscal year 2016 and provided the Company has fewer than 300 shareholders, the Company is not required to file these reports. If the reports are not filed, the investors will have reduced visibility as to the Company and its financial condition. In addition, as a filer subject to Section 15(d) of the Exchange Act, the Company is not required to prepare proxy or information statements; our common stock will not be subject to the protection of the going private regulations; the company will be subject to only limited portions of the tender offer rules; our officers, directors, and more than ten percent shareholders are not required to file beneficial ownership reports about their holdings in our company; that these persons will not be subject to the short-swing profit recovery provisions of the Exchange Act; and that more than five percent holders of classes of your equity securities will not be required to report information about their ownership positions in the securities.

An occurrence of an uncontrollable event such as the COVID-19 pandemic may negatively affect our operations and financial results.

In December 2019, a novel strain of coronavirus, causing a disease referred to as COVID-19, was reported and has spread to multiple countries, including the United States. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of office buildings and facilities in the US.

Our business and services and results of operations was ~~have been~~ adversely affected ~~and could continue to be adversely affected~~ by the COVID-19 pandemic. The effects of quarantines, travel restrictions, and the temporary closure of office buildings ~~have~~ negatively impacted our business development, and disrupted or delayed our ~~current~~ mine projects and services to our clients during the outbreak. These and similar, and perhaps more severe, disruptions of pandemic in our operations could negatively impact our business, operating results and financial condition.

Quarantines, travel restrictions, shelter-in-place and other restrictions related to COVID-19 ~~have~~ impacted our abilities to visit mines in Mexico and Asian counties as well as meeting with potential clients and miner owners for our consulting business and our own investment in mine projects during the outbreak.

The global economy was materially negatively affected by COVID-19 and it is difficult to predict any new variants or outbreak of COVID-19, however, a widespread pandemic could result in significant disruption of global financial markets, reducing our ability to access capital, which could negatively affect our liquidity. In addition, a recession or market correction resulting from the outbreak of a pandemic could materially affect our business and the value of our common stock.

Further, as we do not have access to a revolving credit facility, there can be no assurance that we would be able to secure commercial debt financing in the future in the event that we require additional capital. We currently believe that our financial resources will be adequate to see us through the next 12 months. However, in the event that we do need to raise capital in the future, the outbreak-related instability in the securities markets could adversely affect our ability to raise additional capital.

In general, our business could be adversely affected by the effects of epidemics, including, but not limited to, COVID-19, avian influenza, severe acute respiratory syndrome (SARS), the influenza A virus, the Ebola virus, or other outbreaks. In response to an epidemic or other outbreaks, government and other organizations may adopt regulations and policies that could lead to severe disruption to our daily operations, including temporary closure of our offices and other facilities. These severe conditions may cause us and/or our business partners to make internal adjustments, including but not limited to, temporarily closing down business, limiting business hours, and setting restrictions on travel and/or visits with clients and partners for a prolonged period of time. Various impacts arising from severe conditions may cause business disruption, resulting in material adverse effects to our financial condition and results of operations.

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If our costs and demands upon management increase disproportionately to the growth of our business and revenue as a result of complying with the laws and regulations affecting public companies, our operating results could be harmed.

As a public company, we do and will continue to incur significant legal, accounting, and other expenses, including costs associated with public company reporting requirements. We also have incurred and will incur costs associated with ~~current~~ corporate governance requirements, including requirements under Section 404 and other provisions of Sarbanes-Oxley, as well as rules implemented by the SEC and the OTC Markets on which our common stock is traded. The expenses incurred by public companies for reporting and corporate governance purposes have increased dramatically over the past several years. These rules and regulations have increased our legal and financial compliance costs substantially and make some activities more time consuming and costly. If our costs and demands upon management increase disproportionately to the growth of our business and revenue, our operating results could be harmed.

We do not intend to pay dividends and there may be fewer ways in which you can make a gain on any investment in the Company.

We have never paid any cash dividends and currently do not intend to pay any dividends for the foreseeable future. To the extent that we require additional funding currently not provided for in our financing plan, our funding sources may likely prohibit the payment of a dividend. Because we do not intend to declare dividends, any gain on an investment in the Company will need to come through appreciation of the stock’s price.

We may engage in future acquisitions involving significant expenditures of cash, the incurrence of debt or the issuance of stock, all of which could have a materially adverse effect on our operating results.

As part of our business strategy, we review acquisition and strategic investment prospects that we believe would offer strategic growth opportunities. From time to time, we review investments in new businesses and we expect to make investments in, and to acquire, businesses, products or technologies in the future. In the event of future acquisitions, we may expend significant cash, incur substantial debt and/or issue equity securities and dilute the percentage ownership of current shareholders, all of which could have a material adverse effect on our operating results and the price of our common stock. We cannot guarantee we will be able to successfully integrate any businesses, products, technologies or personnel that we may acquire in the future, and our failure to do so could have a material adverse effect on our business, operating results and financial condition.

There is a very limited public market for our common stock and therefore, our investors may not be able to sell their shares.

Our common stock is listed on the over-the-counter exchange, and is thinly traded. As a result, shareholders may be unable to liquidate their investments, or may encounter considerable delay in selling shares of our common stock. If an active trading market does develop, the market price of our common stock is likely to be highly volatile due to, among other things, the nature of our business and because we are a public company with a limited operating history. Further, even if a public market develops, the volume of trading in our common stock will presumably be limited and likely be dominated by a few individual shareholders. The limited volume, if any, will make the price of our common stock subject to manipulation by one or more shareholders and will significantly limit the number of shares that one can purchase or sell in a short period of time. The market price of our common stock may also fluctuate significantly in response to the following factors, most of which are beyond our control:

- variations in our quarterly operating results;

- changes in general economic conditions;

- price competition or pricing changes by us or our competitors;

- new services offerings or other actions by our competitors;

- loss of a major customer, partner or joint venture participant; and

- the addition or loss of key managerial and collaborative personnel.

The equity markets have, on occasion, experienced significant price and volume fluctuations that have affected the market prices for many companies’ securities and that have often been unrelated to the operating performance of these companies.

Any such fluctuations may adversely affect the market price of our common stock, regardless of our actual operating performance. As a result, shareholders may be unable to sell their shares, or may be forced to sell them at a loss.

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

Global cybersecurity threats can range from uncoordinated individual attempts to gain unauthorized access to our emails or files to sophisticated and targeted measures known as advanced persistent threats. Cybersecurity incidents, depending on their nature and scope, could potentially result in the misappropriation, destruction, corruption or unavailability of data and confidential or proprietary information (our own or that of third parties) and the disruption of business operations. While no cybersecurity attack to date has had a material impact on our financial condition, results of operations or liquidity, the threat remains and the potential consequences of a material cybersecurity incident include reputational damage, litigation with third parties, and increased cybersecurity protection and remediation costs, which in turn could adversely affect our competitiveness and results of operations.

Our common stock was accepted for quotation on the OTCQB, as a result, the application of the “Penny Stock” rules could adversely affect the market price of our common shares and increase your transaction costs to sell those shares. The SEC has Rule 3A51-1, which establishes the definition of a “Penny Stock,” for the purposes relevant to us, as any equity security that has market price of less than $5.00 per share or within an exercise price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, Rule 15G-9 require:

- that a broker or dealer approve a person’s account for transactions in penny stocks; and

- the broker or dealer receive from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased.

In order to approve a person’s account for transactions in penny stocks, the broker or dealer must:

- obtain financial information and investment experience objectives of the person; and

- make a reasonable determination that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.

The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to the penny stock market, which, in highlight form:

- sets forth the basis on which the broker or dealer made the suitability determination; and

- that the broker or dealer received a signed, written agreement from the investor prior to the transaction.

Generally, brokers may be less willing to execute transactions in securities subject to the “penny stock” rules. This may make it more difficult for investors to dispose of our common stock and cause a decline in the market value of our stock.

ITEM 1C – CYBERSECURITY

As a smaller reporting company with limited business, we currently do not have formalized cybersecurity measures, a dedicated cybersecurity team or specific protocols in place to manage cybersecurity risks. As of the date of this report, we have not adopted an incident response plan as our only access to internet is the use of email account by large websites such as google and yahoo. Our business is managed by only one person, Mr. Umesh Patel, our Chief Executive Office, Chief Financial Officer and director and he is the person oversea our cybersecurity as well. We have a small board with ~~two~~three members including Mr. Patel, who will report and discuss the updates on cybersecurity matters, including material risks and threats to ~~another~~other two non-executive ~~director~~directors of the board.

Given our current stage of cybersecurity development, we have not experienced any significant cybersecurity incidents to date. However, we recognize that the absence of a formalized cybersecurity framework may leave us vulnerable to cyberattacks, data breaches and other cybersecurity incidents. Such events could potentially lead to unauthorized access to, or disclosure of business information, result in litigation costs and negatively impact our reputation among customers and partners.

As of the date of this report, the Company is not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition and that are required to be reported in this report. For further discussion of the risks associated with cybersecurity incidents, see the cybersecurity risk factors in Item 1A. Risk Factors in this report.

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ITEM 2 – PROPERTIES

We lease office space in Arcadia, California for monthly rent of approximately $2,200 pursuant to a lease with a term from December 31, 2018 to November 30, 2021. On February 28, 2022, the Company renewed lease for three more years, commencing on December 1, 2021. The new monthly base rent is $2,243 payable on the first day of each month, with a 6% increase each year. The lease has expired on November 30, 2024. The Company ishas ~~currently~~been negotiating with the landlord for the renewal of the lease. After November 30, 2024, the Company paid lease amount $2,535 month by month.

ITEM 3 – LEGAL PROCEEDINGS

We may from time to time be party to litigation and subject to claims incident to the ordinary course of business. As we grow and gain prominence in the marketplace we may become party to an increasing number of litigation matters and claims. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of these matters could materially affect our future results of operations, cash flows or financial position. We are not currently a party to any legal proceedings.

ITEM 4 – MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

On August 8, 2016, our common stock was approved for trading on OTCQB under the trading symbol FSNT. Prior to that time, there was no public market for our stock. On May 29, 2019, the Company changed its trading symbol on OTC Markets from FNST to FUST.

Holders.

As of December 1824, ~~2024~~2025, there were 78 record holders of the Company’s common stock and 13,297,143 shares of our Common Stock issued and outstanding.

Dividends.

The Company has not paid any cash dividends to date and does not anticipate or contemplate paying dividends in the foreseeable future. It is the present intention of management to utilize all available funds for the development of the Company’s business.

Securities Authorized for Issuance Under Equity Compensation Plans

None.

Recent Sales of Unregistered Securities and Use of Proceeds

The Company did not make any sales of unregistered securities during the fiscal year ended September 30, ~~2024~~2025 that were not previously disclosed in a quarterly report on Form 10-Q or a current report on Form 8-K.

ITEM 6 – [RESERVED]

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ITEM 7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from the results described in or implied by these forward-looking statements as a result of various factors, including those discussed below and elsewhere in the Annual Report on Form 10-K, particularly under the heading “Risk Factors” and those set forth from time to time in our other filings with the SEC.

Overview

Fuse Group Holding Inc. (the “Company” or “Fuse Group” or “we”) was incorporated under the laws of the State of Nevada on December 24, 2013. Fuse Group ~~currently~~ develops business opportunities in the mining, biotech and consulting areas. On December 6, 2016, the Company incorporated Fuse Processing, Inc. (“Processing”) in the State of California. Processing seeks business opportunities in mining and is currently investigating potential mining targets in Asia and North America. Fuse Group is the sole shareholder of Processing. In March 2017, Processing acquired 100% ownership of Fuse Trading Limited (“Trading”) for HKD1 ($0.13). Trading had no operations prior to the acquisition by Processing, and Trading was expected to be engaged in mining-related businesses. On April 22, 2022, Processing transferred 100% ownership of Trading to an unrelated third party for HKD1. On May 3, 2018, the Company incorporated Fuse Technology Inc. in the State of Nevada, which changed its name to Fuse Biotech Inc. on November 30, 2020. Fuse Group is the sole shareholder of Fuse Biotech Inc. (“Fuse Biotech”). Currently, Fuse Biotech seeks business opportunities in the biotech area.

The Company ishas been diversifying its business to new growth area of consulting services, especially in the catering and culinary consulting service business.

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In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, and the pandemic ~~has~~ resulted in quarantines, travel restrictions, and the temporary closure of office buildings and facilities in the US. Our business and services and results of operations were adversely affected during the outbreak of COVID-19. The pandemic negatively impacted our business development, and disrupted or delayed our mine projects and services to our clients. Quarantines, travel restrictions, shelter-in-place and other restrictions related to COVID-19 impacted our abilities to visit mines in Mexico and Asian counties as well as to meet with potential clients and mine owners for our consulting business and our own investment in mine projects. The businesses are back to normal in the U.S. and in California, however, the U.S. and global growth forecast are still uncertain, which would seriously affect people’s investment desires in mines in Mexico, Asia and internationally.

We received a $49,600 Paycheck Protection Program loan (“PPP loan”) and a $105,500 Economic Injury Disaster Loan (“EIDL loan”) from US Small Business Administration (“the SBA”) during the year ended September 30, 2020. The forgiveness of $49,600 PPP loan was approved in June 2021.

On June 30, 2023, the Company received a written notice from Liu Marketing (M) SDN BHD (the “Lender”), pursuant to certain Convertible Promissory Notes made by the Company in favor of Lender on February 15, 2022, March 23, 2022, June 9, 2022, July 1, 2022, August 19, 2022, October 6, 2022, November 7, 2022, December 16, 2022, January 30, 2023, February 24, 2023, April 10, 2023 and May 29, 2023 (the “Notes”), that the Lender elected to convert all of the Notes balances (including principal and interest of the Notes) of $716,767 for 1,592,816 shares (pre-reverse split shares) of common stock of the Company (the “Shares”) at the conversion price of $0.45 (pre-reverse split) per share. On July 7, 2023, the Shares were issued to the Lender pursuant to an exemption from registration under Regulation S, promulgated under the Securities Act of 1933, as amended.

On December 13, 2023, the Company entered into a Consulting Agreement (the “Agreement”) with Beijing Jixiang Fengqi Tech Company Limited, a company organized under the laws of China (the “Customer”). Pursuant to the Agreement, the Company will provide consulting services to the Customer, including marketing research, competitive analysis and business development strategy in North America as well as marketing strategies, product development, identifying and partnering with local businesses or distributors and other general business advisory services. The Agreement had a term of one year from December 13th, 2023 to December 12th, 2024 and may be renewed by the parties. For the services rendered by the Company as required by the Agreement, the Customer agrees to pay a service fee to the Company of $10,000 per month, payable monthly. The ~~Company~~Agreement ishas innot ~~the~~been ~~process~~renewed toupon ~~renew~~its ~~the~~expiration ~~Agreement~~as ~~with~~of ~~the~~December ~~Customer~~12, 2024.

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~~Results~~Table of ~~operations for the years ended September 30, 2024 and 2023~~Contents

On March 21, 2025, the Company entered into a Convertible Promissory Notes Purchase Agreement with Chen Fei Li, a Chinese citizen (the “Purchaser”). Pursuant to the agreement, the Company sold a Convertible Promissory Note to the Purchaser for a principal amount of $40,000. The Note bears interest at the rate of 3% per annum, which is payable on March 20, 2026 and 2027. The Note will mature on the date that is twenty-four months from the date that the purchase price of the Note is paid to the Company. Any outstanding principal and interest on the Note may be converted to shares of common stock of the Company at the holder’s option at a conversion price of $0.33 per share at any time until the total outstanding balance of the Note is paid.

On May 1, 2025, Fuse Group Holding Inc. (the “Company”), entered into a Convertible Promissory Note Purchase Agreement (the “Agreement”) with Chen Fei Li, a Chinese citizen (the “Purchaser”). Pursuant to the Agreement, the Company sold a Convertible Promissory Note to the Purchaser with a principal amount of $30,000 (the “Note”). The Note bears interest at the rate of 3% per annum, which are payable on May 1 of 2026 and 2027. The Note will mature on the date that is twenty-four months from the date that the purchase price of the Note is paid to the Company. Any outstanding principal and interest on the Note may be converted to the shares of common stock of the Company at the holder’s option at a conversion price of $0.33 per share at any time until the total outstanding balance of the Note is paid.

Results of operations for the year ended September 30, 2025 and 2024

Revenue and Cost of Revenue

We develop our business in mining and investigate potential mining targets in Asia and North America. In addition to our own investment in mining businesses, we provide consulting services to clients which are mining business investors with potential mine acquisition targets within the specific parameters set by those clients, where the mine owner is considering selling its mining rights. Our services include due diligence on the potential mine seller and the mine, such as ownership of the mine and whether the mine meets all operation requirements and/or is currently in operation. We also provide consulting services for the business development in the U.S., especially in the catering and culinary consulting services business.

For the year ended September 30, ~~2024~~2025, the Company recorded revenue of $~~332~~45,~~024~~942 for the services provided. Our revenue for the year ended September 30, ~~2023~~2024 was ~~nil~~$332,024. Our cost of revenues for the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024 was nil and nil, respectively, resulting in a gross profit of $~~332~~45,~~024~~942 and ~~nil~~$332,024 for the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024, respectively. The revenues were generated from the hospitality industry consulting service for both the year ending September 30, 2025 and 2024. The decrease in revenue was mainly due to the lower demands from clients and less consulting services provided.

Costs and Expenses

The major components of our expenses for the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024 are in the table below:

	2024		2023		Increase (Decrease)
	2025		2024		Increase (Decrease)
General and administrative	$	~~345~~323,~~710~~804	$	~~393~~345,~~119~~710	$	(4721,~~409~~906	)
Consulting fees		~~19,667~~-		6219,~~000~~667		(4219,~~333~~667	)
Total operating expenses	$	~~365~~323,~~377~~804	$	~~455~~365,~~119~~377	$	(8941,~~742~~573	)

The decrease in our ~~operating~~general and administrative expenses for the year ended September 30, ~~2024~~2025, compared to the year ended September 30, ~~2023~~2024, was mainly due to a decrease in ~~auditing~~personnel ~~fee~~costs by $2231,~~000~~159, a decrease in ~~payroll~~professional ~~expense~~fee by $125,~~501~~737, a decrease in ~~travel~~office expense by $72,~~270~~615, and a decrease in ~~professional~~license and regulatory fee by $51,~~594~~655, partly offset by an increase in auto expense by $21,813.

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Non-operating income (expenses), net

Net non-operating ~~expense~~expenses ~~was~~were $43,~~608~~440 for the year ended September 30, ~~2024~~2025, compared to net non-operating expenses ~~was~~of $174,~~283~~608 for the year ended September 30, ~~2023~~2024. For the year ended September 30, ~~2024~~2025, non-operating ~~income~~expenses ~~mainly~~ consisted of ~~interest~~only ~~expense on EIDL of $4,167 and~~ interest expense ~~on convertible notes~~ of $~~937~~3, ~~which was partly offset by other income of $496~~440. For the year ended September 30, ~~2023~~2024, non-operating expenses mainly consisted of interest expense ~~on EIDL~~ of $45,~~600~~104, ~~and~~which ~~interest~~was ~~expense~~partly onoffset by ~~convertible~~other ~~notes~~income of $~~12,683~~496.

Liquidity and Capital Resources

The table below provides selected working capital information as of September 30, ~~2024~~2025 and ~~2023~~2024:

	September 30, 2024			September 30, 2023
	September 30, 2025			September 30, 2024
Total current assets	$	8534,~~374~~678		$	3985,~~256~~374
Total current liabilities		~~152~~390,~~786~~293			93152,~~134~~786
Working capital (deficit)	$	(67355,~~412~~615	)	$	(5367,~~878~~412	)

Liquidity

During the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024, we had net loss of $40283,~~361~~702 and net loss of $~~474~~40,~~802~~361, respectively.

If we are not successful in developing the mining and consulting service business and establishing profitability and positive cash flow, additional capital may be required to maintain ongoing operations. We have explored and continue to explore options to obtain additional financing to fund future operations as well as other possible courses of action. Such actions may include, but are not limited to, securing lines of credit, sales of debt or equity securities (which may result in dilution to existing shareholders), loans and cash advances from other third parties or banks, and other similar actions. There can be no assurance we will be able to obtain additional funding (if needed), on acceptable terms or at all, through a sale of our common stock, loans from financial institutions, or other third parties, or any of the actions discussed above. If we cannot sustain profitable operations, and additional capital is unavailable, lack of liquidity could have a material adverse effect on our business viability, financial position, results of operations and cash flows.

Cash Flows

The table below, for the periods indicated, provides selected cash flow information for the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024:

	2024			2023
	2025			2024
Net cash used in operating activities	$	(60289,~~009~~894	)	$	(~~439~~60,~~770~~009	)
Net cash provided by financing activities		~~101~~243,~~022~~453			~~433~~101,~~362~~022
Net increase in cash	$	41,013		$	(6,408	)
Net (decrease) increase in cash	$	(46,441	)	$	41,013

Cash Flows from Operating Activities

Our cash used in operating activities for the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024 was $60289,~~009~~894 and $~~439~~60,~~770~~009, respectively. The ~~decrease~~ increase in cash outflow during the year ended September 30, ~~2024~~2025 was mainly due to ~~decreased~~an increased cash outflow resulted from aan ~~decrease~~increase in net loss after noncash adjustments by $~~434~~267,~~441~~763, ~~but~~despite ~~partly~~we ~~offset~~had by a decreased cash ~~inflow on accrued interest by $11,746, increased cash~~ outflow on other ~~payables~~payable by $4012,~~345,~~886 and ~~increased~~a ~~cash~~decreased cash outflow on ~~payment of~~ lease ~~liability~~payment by $125,~~541~~110.

Cash Flows from Investing Activities

During the ~~years~~year ended September 30, ~~2024~~2025, and ~~2023~~2024, we did not have any investing activities.

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Cash Flows from Financing Activities

Our cash provided by financing activities for the ~~years~~year ended September 30, ~~2024~~2025 was $243,453, and ~~2023~~cash provided by financing activities for the year ended September 30, 2024 was $101,022 ~~and $433,362, respectively~~. For the year ended September 30, ~~2024~~2025, cash provided by financing activities consisted of ~~cash~~proceeds ~~advance~~ from ~~our~~convertible ~~CEO~~notes ~~which~~of ~~was~~ $~~103~~70,~~550~~000, ~~for~~and ~~Company’s~~proceeds ~~working~~from ~~capital~~loan ~~needs~~payable of $294,567, which was partly offset by repayment to related party of $117,369 and repayment to EIDL loan of $23,~~528~~745. For the year ended September 30, ~~2023~~2024, cash provided by financing activities consisted of ~~proceeds~~cash advance from ~~issuance~~related ofparty ~~convertible notes~~ of $~~400~~103,~~000,~~550 ~~and~~for ~~cash~~Company’s ~~advance~~working ~~from~~capital ~~CEO of $35~~needs,~~973,~~ which was partly offset by repayment to EIDL loan of $2,~~611~~528.

Recent Accounting Pronouncements

See Note 2 to the Consolidated Financial Statements.

Off Balance Sheet Arrangements

As of September 30, ~~2024~~2025, we did not have any off-balance-sheet arrangements.

ITEM 7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information called for by this item is included in the Company’s consolidated financial statements beginning on page F-1 of this Annual Report on Form 10-K.

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

Changes in Registrant’s Certifying Accountant

~~(A)~~ On August ~~April 5~~21, ~~2022~~2025, the Board of Directors of Fuse Group Holding Inc. (the “Company”) approved the dismissal of ~~Paris,~~KCCW ~~Kreit~~Accountancy Corp. ~~& Chiu CPA LLP~~ (“~~Paris Kreit~~KCCW”) as the Company’s independent registered public accounting firm, effective immediately.

~~Paris Kreit~~KCCW’s audit reports on the Company’s consolidated financial statements as of and for the fiscal years ended September 30, ~~2021~~2024 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the audit reports on the consolidated financial statements of the Company for the fiscal years ended September 30, ~~2021~~2024 contained an uncertainty about the Company’s ability to continue as a going concern.

During the fiscal years ended September 30, ~~2021~~2024, and in the subsequent interim period through ~~April~~August 420, ~~2022~~2025, there were (i) no disagreements between the Company and ~~Paris~~KCCW ~~Kreit~~ on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of ~~Paris Kreit~~KCCW, would have caused ~~Paris~~KCCW ~~Kreit~~ to make reference to the subject matter of the disagreement in their reports on the financial statements for such years, and (ii) no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K, except as noted in the following paragraph:

During the fiscal years ended September 30, ~~2021~~2024, and through the interim period ended ~~April~~August 420, ~~2022~~2025, there were the following “reportable events” (as such term is defined in Item 304 of Regulation S-K). As disclosed in Part I, Item 4 of the Company’s Form 10-Q for the quarter ended ~~December~~June 3130, ~~2021~~2025, the Company’s management determined that the Company’s internal controls over financial reporting ~~were~~was not effective as of the end of such period due to the existence of material weaknesses related to the following:

1. We do not have an Audit Committee. While we are not legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is of the utmost importance for entity-level control over the Company’s financial statements. Currently, the Board of Directors acts in the capacity of an audit committee.

2. We did not implement appropriate information technology controls. As of ~~December~~August 3120, ~~2021~~2025, the Company was retaining copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors.

3. We currently lack sufficient accounting personnel with the appropriate level of knowledge, experience and training in U.S. GAAP and SEC reporting requirements. We have one employee assigned to a position that involves processing financial information, resulting in a lack of segregation of duties so that all journal entries and account reconciliations are reviewed by someone other than the preparer, heightening the risk of error or fraud.

These material weaknesses have not been remediated as of the date of dismissal of ~~Paris Kreit~~KCCW.

On August ~~April 5~~21, ~~2022~~2025, the Company’s Board of Directors approved the engagement of ~~KCCW~~Simon ~~Accountancy~~& ~~Corp.~~Edward, LLP (“~~KCCW~~Simon & Edward”), as the Company’s independent registered public accounting firm, effective as of ~~April~~August 521, ~~2022~~2025. The Board of Directors also approved Simon ~~KCCW~~& Edward to act as the Company’s independent registered public accounting firm for the fiscal year ending September 30, ~~2022~~ 2025.

During the Company’s two most recent fiscal years ~~ended September 30, 2021~~ and through ~~April~~August 420, ~~2022~~2025, neither the Company nor anyone on its behalf consulted Simon ~~KCCW~~& Edward regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the consolidated financial statements of the Company; or (ii) any matter that was either the subject of a disagreement or a reportable event as described above; and there was neither a written report nor was oral advice provided to the Company by ~~KCCW~~Simon & Edward that was an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issue.

(B) On January 6, 2022, the Board of Directors of the Company approved the dismissal of Prager Metis CPAs, LLP ("Prager Metis") as the Company’s independent registered public accounting firm, effective immediately.15

Prager Metis’s audit reports on the Company’s consolidated financial statements as of and for the fiscal years ended September 30, 2020 and 2019 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the audit reports on the consolidated financial statements of the Company for the fiscal years ended September 30, 2020 and 2019 contained an uncertainty about the Company’s ability to continue as a going concern.

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During the two fiscal years ended September 30, 2020 and 2019, and in the subsequent interim period through January 5, 2022, there were (i) no disagreements between the Company and Prager Metis on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Prager Metis, would have caused Prager Metis to make reference to the subject matter of the disagreement in their reports on the financial statements for such years, and (ii) no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K, except as noted in the following paragraph:

During the two fiscal years ended September 30, 2020 and 2019, and through the interim period ended January 5, 2022, there were the following “reportable events” (as such term is defined in Item 304 of Regulation S-K). As disclosed in Part I, Item 4 of the Company’s Form 10-Q for the quarter ended June 30, 2021, the Company’s management determined that the Company’s internal controls over financial reporting were not effective as of the end of such period due to the existence of material weaknesses related to the following:

2. We did not implement appropriate information technology controls. As of June 30, 2021, the Company was retaining copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors.

These material weaknesses have not been remediated as of the date of dismissal of Prager Metis.

On January 6, 2022, the Company’s Board of Directors approved the engagement of Paris, Kreit & Chiu CPA LLP (“Paris Kreit”), as the Company’s independent registered public accounting firm, effective as of January 6, 2022. The Board of Directors also approved Paris Kreit to act as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2021.

During the Company’s two fiscal years ended September 30, 2021 and through January 5, 2022, neither the Company nor anyone on its behalf consulted Paris Kreit regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the consolidated financial statements of the Company; or (ii) any matter that was either the subject of a disagreement or a reportable event as described above; and there was neither a written report nor was oral advice provided to the Company by Paris Kreit that was an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issue.

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ITEM 9A – CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls

In connection with the preparation of this annual report, an evaluation was carried out by the Company’s management, with the participation of the principal executive officer and the principal financial officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act (“Exchange Act”) as of the fiscal year ended September 30, ~~2024~~2025. This evaluation was conducted with the participation of our chief executive officer (“CEO”) and chief financial officer (“CFO”).

Disclosure controls are controls and other procedures that are designed to ensure that information that we are required to be disclosed in the reports we file pursuant to the Securities Exchange Act of 1934 is recorded, processed, summarized and reported.

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applies its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management’s control objectives.

With the participation of management, our CEO and CFO evaluated the effectiveness of the design and operation of our disclosure controls and procedures at the conclusion of the period ended September 30, ~~2024~~2025. Based upon this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were ineffective in ensuring that material information required to be disclosed is included in the reports that we file with the SEC.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”) for the Company. ICFR is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the U.S. ICFR includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements; providing reasonable assurance that receipts and expenditures of Company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of Company assets that could have a material effect on our financial statements would be prevented or detected on a timely basis. Because of the inherent limitations of ICFR, misstatements may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the ICFR to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management, with the participation of the CEO and CFO, assessed the effectiveness of our ICFR as of September 30, ~~2024~~2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework. Based on this assessment, management, with the participation of the CEO and CFO, believes that, as of September 30, ~~2024~~2025, our ICFR reporting is not effective based on those criteria. If we are unable to remediate the material weakness, or other control deficiencies are identified, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of ICFR as of September 30, ~~2024~~2025, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

2. We did not implement appropriate information technology controls. As of September 30, ~~2024~~2025, the Company was retaining copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors.

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As a result of the material weaknesses described above, management concluded the Company did not maintain effective ICFR as of September 30, ~~2024~~2025 based on criteria established in Internal Control—Integrated Framework issued by COSO (2013 framework).

We have taken certain actions to remediate the material weakness related to our lack of U.S. GAAP experience. We engaged an outside CPA with U.S. GAAP knowledge and experience to supplement our current internal accounting personnel and assist us in the preparation of our financial statements to ensure that our financial statements are prepared in accordance with U.S. GAAP. The Company’s operations are relatively uncomplicated; the Company had limited sales and expenses. The Company maintains adequate policies and procedures for ensuring that receipts and expenditures of Company assets are made in accordance with management authorization; and any investing and financing activities are made with both management and Board authorization, and any unauthorized expenses or usage of the Company’s assets that could have a material effect on our financial statements would be prevented or detected on a timely basis. The Company also keeps accounting records for each of the Company’s transactions including expenses, assets purchase, prepayments, notes receivable and payable that in reasonable detail accurately and fairly reflect the transaction; and for providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements.

We have limited capital resources and have given priority in the use of those resources to the development of our business. As our operations grow and become more complex, we intend to hire additional personnel in financial reporting and other areas. However, there can be no assurance of when, if ever, we will be able to remediate the identified material weaknesses.

Changes in Internal Control over Financial Reporting

Other than discussed above, there has been no changes in the Company’s internal control over financial reporting that occurred during the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm regarding ICFR. As a smaller reporting company, the management’s report is not subject to attestation by the Company’s registered public accounting firm.

ITEM 9B – OTHER INFORMATION

None.

ITEM 9C – DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable

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PART III

ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Directors and Executive Officers

The following table sets forth as of December 1824, ~~2024~~2025 the names, positions and ages of our current executive officers and directors. Our directors serve until the next meeting of shareholders or until their successors are elected and qualified. Our officers are elected by the Board and their terms of office are, except to the extent governed by an employment contract, at the discretion of the Board.

Name of Current Director and/or Executive Officer	Age	Position(s)
Umesh Patel (1)	6869	Director, Chief Executive Officer and Chief Financial Officer
Man Shek (Alex) Ng (2)	54	Director
Kai Xu (2)	27	Director
Anming Jiang (2)	33	Director

(1)	Mr. Patel has served as a director and the Company’s CEO since February 15, 2017 and Chief Financial Officer since November 28, 2022.
(2)	Each of Mr. NgXu ~~has~~and ~~served~~Mr. Jiang was appointed as a director ~~and~~of the ~~Company’s~~Board ~~CFO~~on ~~since~~September ~~November 28~~15, ~~2022~~2025.

Umesh Patel

Mr. Patel has served as a director and a member of the audit committee, the nominating committee, and the chairman of the compensation committee of the Board of Northann Corp. since May 23, 2024. Mr. Patel has served as a director and a member of audit committee, compensation committee and nominating and corporate governance committee of the Board of Nova Lifestyle, Inc. (NASDAQ: NVFY), a distributor of contemporary styled residential and commercial furniture, since October 2016. Mr. Patel became the Chairman of the audit committee of Nova Lifestyle, Inc. since July 2020. Mr. Patel has also served as a managing partner of DviBri LLC, a California-based consulting company providing services to private companies interested in conducting initial public offerings, along with other associated securities and investment services, since December 2009. Mr. Patel has been a consultant and coordinator for Eos-Petro Inc., an international and domestic petroleum exploration and production company based in Southern California from March 2013 to December 2019. Mr. Patel received his Bachelor of Commerce degree specializing in audits and accounts, and an Associate degree in hotel management and catering from Maharaja Sayaji Rao University in Baroda, India in 1978. The Board believes Mr. Patel is well qualified to serve as a member of the Board and as the Company’s CEO and CFO due to his extensive business, regulatory and investment experience.

~~Man Shek (Alex) Ng~~Kai Xu

Mr. Kai NgXu ~~served~~has asworked anat ~~executive~~Shanghai ~~director~~Weixun ~~and~~Education ~~corporate~~Technology ~~secretary of Antelope Enterprise Holdings Limited (Nasdaq: AEHL, formerly known as China Ceramics~~ Co., Ltd.) ~~from~~since ~~October 2017 to October 2022 and its operations manager from~~ July ~~2017 to October 2017~~2023. Mr. NgXu ~~was~~worked ~~the~~at ~~corporate~~Shanghai ~~secretary~~Ruitian ofInvestment ~~Nova~~and Technology ~~Lifestyle~~Co., ~~Inc~~Ltd., ~~(NASDAQ: NVFY)~~ from ~~June~~February ~~2011~~2022 tountil ~~October~~July ~~2016~~2023. Mr. NgXu received his ~~Bachelor~~dual bachelor’s ~~degree~~degrees in ~~Economics~~Literature and Science from ~~York~~Shandong University in ~~Toronto,~~China ~~Ontario, Canada~~ in ~~1994~~2020. ~~and~~Mr. ~~received~~Xu aobtained ~~Certificate~~his inmaster’s ~~Securities~~degree ~~Course~~of Science in ~~1998~~Finance, aspecializing ~~Certificate~~ in ~~Technical~~Wealth ~~Analysis Course in 2001~~ and Asset aManagement, ~~Certificate~~from inWashington ~~Derivatives~~University ~~Course~~ in ~~2002 from The Canadian Securities Institute~~St. ~~The~~Louis, ~~Board believes Mr~~U.S. Ngin ~~is well qualified to serve as a member of the Board due to his extensive business, operation and public company experience~~2022.

Anming Jiang

Mr. Anming Jiang has served as the head of the international trade department of Sinopharm Traditional Chinese Medicine Co., Ltd. since 2013. Mr. Jiang received his bachelor’s degree in Business Administration from Zhuhai City Polytechnic in 2013.

Given the Company’s limited operations, it has not adopted a code of ethics applicable to its principal executive officer and principal financial officer. Our Board will revisit this issue in the future to determine if, and when, adoption of a code of ethics is appropriate. In the meantime, our management intends to promote honest and ethical conduct, full and fair disclosure in our reports to the SEC, and comply with applicable governmental laws and regulations.

Section 16(a) Beneficial Ownership Reporting Compliance

The Company’s officers and directors are not subject to Section 16(a).

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ITEM 11 – EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

We currently have one executive officer: Mr. Umesh Patel who is our CEO and CFO. The executive, along with other individuals who served in those positions during the last fiscal year, comprise our “Named Executive Officers” (NEOs) for purposes of applicable SEC disclosure regulations.

Compensation Objectives

We operate in a highly competitive and rapidly changing industry. The key objectives of our executive compensation programs are to:

●

attract, motivate and retain executives who drive our success and industry leadership; and provide each executive with a base salary on the market value of that role, and

●

the individual’s demonstrated ability to perform that role.

Employment Agreements

We currently don’t have an employment agreement with Mr. Umesh Patel, our CEO and CFO.

Summary Compensation of Named Executive Officers

The following table summarizes the compensation earned by, awarded to or paid to our named executive officers in the years ended September 30, ~~2024~~2025 and ~~2023~~2024:

Name and Principal Position	Year Ended	Salary ($)	~~Salary ($)~~		Bonus ($)	~~Bonus ($)~~		Stock Awards	~~Stock Awards~~		Option Awards	~~Option Awards~~		Non-Equity Incentive Plan Compensation ($)	~~Non-Equity Incentive Plan Compensation ($)~~		Non-Qualified Deferred Compensation Earnings ($)	~~Non-Qualified Deferred Compensation Earnings ($)~~		All Other Compensation ($)	~~All Other Compensation ($)~~		Total ($)	~~Total ($)~~
Umesh Patel (1)	~~2024~~2025		80,667	~~88,000~~		-	-		-	-		-	-		-	-		-	-		-	-		80,667	~~88,000~~
	2023			88,000			-			-			-			-			-			-			88,000
	2024		88,000			-			-			-			-			-			-			88,000

(1)	Mr. Patel was appointed as the CEO and a director on February 15, 2017 and as the CFO on November 28, 2022.

Outstanding Equity Awards at September 30, ~~2024~~2025

There were no outstanding stock options and stock awards held by our NEOs as of September 30, ~~2024~~2025.

Compensation of Directors

Our directors did not receive compensation for their service on the BOD for the fiscal years ended September 30, ~~2024~~2025 and ~~2023~~2024.

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ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

Security Ownership of Certain Beneficial Owners and Management

The following table provides information concerning beneficial ownership of our capital stock as of December 1824, ~~2024~~2025 by:

	●	each shareholder or group of affiliated shareholders who owns more than 5% of our outstanding capital stock;

	●	each of our named executive officers;

	●	each of our directors; and

	●	all of our directors and executive officers as a group.

The following table lists the number of shares and percentage of shares beneficially owned based on 13,297,143 shares of our Common Stock outstanding as of December 1824, ~~2024~~2025. On September 19, 2024, the Company effected a 1-for-5 reverse stock split of the Company’s authorized shares of common stock, par value $0.001, accompanied by a corresponding decrease in the Company’s issued and outstanding shares of common stock.

Beneficial ownership is determined in accordance with the SEC rules, and generally includes voting power and/or investment power with respect to the securities held. Shares of Common Stock subject to options and warrants currently exercisable or exercisable within 60 days of December 18 24, ~~2024~~2025 or issuable upon conversion of convertible securities which are currently convertible or convertible within 60 days of December 18 24, ~~2024~~2025 are deemed outstanding and beneficially owned by the person holding those options, warrants or convertible securities for purposes of computing the number of shares and percentage of shares beneficially owned by that person, but are not deemed outstanding for purposes of computing the percentage beneficially owned by any other person. Except as indicated in the footnotes to this table, and subject to applicable community property laws, the persons or entities named have sole voting and investment power with respect to all shares of our Common Stock shown as beneficially owned by them.

Unless otherwise indicated in the footnotes, the principal address of each of the shareholders below is c/o Fuse Group Holding Inc., 805 W. Duarte Rd., Suite 102, Arcadia, CA 91007.

	Shares Beneficially Owned
Name of Beneficial Owner	Number		Percent
Directors, Named Executive Officers and 5% Shareholders
Landbond Home Limited (1)		4,209,373		31.7	%
E Zhao		1,397,537		10.5	%
Cuixia Sun		1,318,537		9.9	%
Chau-Ho Chen		1,308,537		9.8	%
Cuixia Sun		1,308,537		9.8	%
Umesh Patel, CEO, CFO and director (2)		632,503		4.8	%
Man Shek (Alex) Ng, director		-		-	%
Kai Xu, director		-		-	%
All current directors and executive officers as a group (2 persons)		632,503		4.8	%
Anming Jiang, director		-		-	%
All current directors and executive officers as a group (3 persons)		632,503		4.8	%

(1)	Mr. Yong Zhang is the sole director and beneficial owner of the securities held of record by Landbond Home Limited.

(2) Including 32,503 shares that are directly owned by Umesh Patel and 600,000 shares owned by Umesh Patel and Trupit Patel Family Trust.

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ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Related Transactions

As of September 30, ~~2024~~2025, the Company had advance of $~~139~~22,~~523~~154 from its CEO, for the Company’s working capital needs. The advance from its CEO did not bear any interest, and payable upon demand. Other than that, we did not enter into any transactions with our directors, officers, persons who own more than five percent of our common stock and any other related parties, or with their relatives and entities they control.

Director Independence

Our board of directors has determined that Mr. Kai ~~Man~~Xu ~~Shek~~and ~~(Alex)~~Mr. NgAnming isJiang ~~qualifies~~are qualified as “independent” as the term is defined by Nasdaq Rule as 5605(a)(2).

ITEM 14 – PRINCIPAL ACCOUNTING FEES AND SERVICES

The following table shows the fees that we paid or accrued for audit and other services for fiscal years ended September 30, ~~2024~~2025 and ~~2023~~2024. All of the services described in the following fee table were approved in conformity with the BOD’s pre-approval process.

	2024		2023
	2025		2024
Audit Fees	$	49,000		57,000
Audit Fees – KCCW Accountancy Corp.	$	24,000		49,000
Tax Fees		-		3,300
Audit Fees – Simon & Edward LLP		27,000		-
All Other Fees		-		6,000
Tax Fees		-		-
Total	$	49,000		66,300
All Other Fees		-		-
Total	$	51,000		49,000

Audit Fees

The amounts set forth opposite “Audit Fees” above reflect the aggregate fees billed or billable by KCCW Accountancy Corp. and Simon & Edward LLP.

On April 5, 2022, the Company’s Board of Directors approved the engagement of KCCW Accountancy Corp. (“KCCW”), as the Company’s independent registered public accounting firm, effective as of April 5, 2022. ~~The Board of Directors also approved~~ KCCW ~~to act as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2022. KCCW~~ provided professional services for the audit of our fiscal year ~~2022~~2024 financial statement and review of our quarterly financial statements ~~and~~for ~~$8,000 was paid to KCCW during the~~ fiscal year ended September 30, ~~2022~~2025. ~~KCCW provided professional services for the audit of our fiscal year 2023 financial statement and review of our quarterly financial statements and~~ $4149,000 was paid to KCCW during the fiscal year ended September 30, ~~2023. KCCW provided professional services for the audit of our fiscal year~~ 2024 ~~financial statement~~ and ~~review of our quarterly financial statements and~~ $4924,000 was paid to KCCW during the fiscal year ended September 30, ~~2024~~2025.

On August 21, 2025, the Company’s Board of Directors approved the engagement of Simon & Edward, LLP (“Simon & Edward”) as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2025. During the fiscal year ended September 30, 2025, Simon & Edward provided professional services for the audit of our annual financial statements.

Our policy is to pre-approve all audit and permissible non-audit services performed by the independent accountants. These services may include audit services, audit-related services, tax services and other services. Under our policy, pre-approval is generally provided for particular services or categories of services, including planned services, project based services and routine consultations. In addition, the BOD may also pre-approve particular services on a case-by-case basis. Our BOD approved all services that our independent accountants provided to us in the past two fiscal years.

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PART IV

ITEM 15 – EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) (1) FINANCIAL STATEMENTS:

The following financial statements, including notes thereto and the independent auditors’ report with respect thereto, are filed as part of this Annual Report on Form 10-K, starting on page F-1 hereof.

(b) EXHIBITS:

Exhibit Index

Exhibit Number	~~Description~~	Description
3.1	~~Articles of Incorporation. Incorporated by reference to the Company’s Registration Statement on Form S-1 filed with the SEC on March 24, 2015.~~	Articles of Incorporation. Incorporated by reference to the Company’s Registration Statement on Form S-1 filed with the SEC on March 24, 2015.
3.2	~~Certificate of Change, dated May 19, 2017. Incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on June 2, 2017.~~	Certificate of Change, dated May 19, 2017. Incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on June 2, 2017.
3.3	~~Certificate of Change, date April 30, 2019. Incorporated by reference to the Company’s Current Report on Form 8-K filed with SEC on May 1, 2019.~~	Certificate of Change, date April 30, 2019. Incorporated by reference to the Company’s Current Report on Form 8-K filed with SEC on May 1, 2019.
3.4	~~Bylaws. Incorporated by reference to the Company’s Registration Statement on Form S-1 filed with the SEC on March 24, 2015.~~	Bylaws. Incorporated by reference to the Company’s Registration Statement on Form S-1 filed with the SEC on March 24, 2015.
3.5	~~Amended and Restated Bylaws. Incorporated by reference to the Company’s Current Report on Form 8-K filed with SEC on May 1, 2019.~~	Amended and Restated Bylaws. Incorporated by reference to the Company’s Current Report on Form 8-K filed with SEC on May 1, 2019.
3.6	~~Certificate of Change, date September 19, 2024. Incorporated by reference to the Company’s Current Report on Form 8-K filed with SEC on September 23, 2024.~~	Certificate of Change, date September 19, 2024. Incorporated by reference to the Company’s Current Report on Form 8-K filed with SEC on September 23, 2024.
10.1	Consulting and Strategist Agreement, by and between the Fuse Processing, Inc. and Brilliant Star Investment Inc., dated January 4, 2017. Incorporated by reference to the Company’s Form 10-Q filed on May 11, 2017.	Consulting and Strategist Agreement, by and between Fuse Processing, Inc. and Brilliant Star Investment Inc., dated January 4, 2017. Incorporated by reference to the Company’s Form 10-Q filed on May 11, 2017.
10.2	Consulting and Strategist Agreement, by and between the Company and Risun Intelligent Technology Co., Limited, dated August 1, 2018., incorporated by reference to the Company’s Form 10-K filed on December 31, 2018.	Share Exchange Agreement by and among the Company, Fuse Processing, Inc., Choo Keam Hui, Goh Hau Guan, Lim Hui Sing, Teh Boon Nee and Tia Chai Teck dated on February 9, 2021, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 16, 2021, amended on September 28, 2021.
10.3	Share Exchange Agreement by and among the Company, Fuse Processing, Inc., Choo Keam Hui, Goh Hau Guan, Lim Hui Sing, Teh Boon Nee and Tia Chai Teck dated on February 9, 2021, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 16, 2021, amended on September 28, 2021.	Share Exchange Agreement by and among the Company, Fuse Biotech, Inc. E-Mo Biotech Holding Inc., Qiyi Xie, Quan Qinghua, Jing Li and HWG Capital Sdn Bhd dated on March 11, 2021, incorporated by reference to the Company’s Current Report on Form 8-K filed on March 17, 2021, amended on October 1, 2021.
10.4	Share Exchange Agreement by and among the Company, Fuse Biotech, Inc. E-Mo Biotech Holding Inc., Qiyi Xie, Quan Qinghua, Jing Li and HWG Capital Sdn Bhd dated on March 11, 2021, incorporated by reference to the Company’s Current Report on Form 8-K filed on March 17, 2021, amended on October 1, 2021.	Termination Agreement by and among the Company, Fuse Biotech, Inc. E-Mo Biotech Holding Inc., Qiyi Xie, Quan Qinghua, Jing Li and HWG Capital Sdn Bhd dated on September 30, 2021. incorporated by reference to the Company’s Current Report on Form 8-K filed on October 1, 2021.
10.5†	Employment Agreement by and between the Company and Mr. Michael Viotto, dated August 22, 2021, incorporated by reference to the Company’s Current Report on Form 8-K filed on August 23, 2021.
10.6	Termination Agreement by and among the Company, Fuse Biotech, Inc. E-Mo Biotech Holding Inc., Qiyi Xie, Quan Qinghua, Jing Li and HWG Capital Sdn Bhd dated on September 30, 2021. incorporated by reference to the Company’s Current Report on Form 8-K filed on October 1, 2021.
10.7	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated February 15, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 18, 2022.
10.8	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated February 15, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 18, 2022.
10.9	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated March 23, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on March 24, 2022.
10.10	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated March 23, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on March 24, 2022.
10.11	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated June 9, 2022, incorporated by reference to the Company’s quarterly report on Form 10-Q filed on August 12, 2022.
10.12	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated June 9, 2022, incorporated by reference to the Company’s quarterly report on Form 10-Q filed on August 12, 2022.
10.13	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated July 1, 2022, incorporated by reference to the Company’s quarterly report on Form 10-Q filed on August 12, 2022
10.14	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated July 1, 2022, incorporated by reference to the Company’s quarterly report on Form 10-Q filed on August 12, 2022.
10.15†	Employment Agreement, dated August 22, 2022, between Fuse Group Holding Inc. and Michael Viotto, incorporated by reference to the Company’s Current Report on Form 8-K filed on August 23, 2022.
10.16	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated August 19, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on August 24, 2022.

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10.17	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated August 19, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on August 24, 2022.
10.5		Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated January 30, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 3, 2023.
10.18	Convertible Promissory Note Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated October 6, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on November 14, 2022.
10.6		Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated January 30, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 3, 2023.
10.19	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated October 6, 2022 incorporated by reference to the Company’s Current Report on Form 8-K filed on November 14, 2022.
10.7		Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated February 24, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.20	Convertible Promissory Note Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn Bhd, dated November 7, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on November 14, 2022.
10.8		Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated February 24, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.21	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated November 7, 2022, incorporated by reference to the Company’s Current Report on Form 8-K filed on November 14, 2022.
10.9		Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated April 10, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.22	Convertible Promissory Note Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn Bhd, dated December 16, 2022, incorporated by reference to the Company’s Annual Report on Form 10-K filed on December 29, 2022.
10.10		Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated April 10, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.23	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated December 16, 2022 incorporated by reference to the Company’s Annual Report on Form 10-K filed on December 29, 2022.
10.11		Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated May 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on May 30, 2023.
10.24	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated January 30, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 3, 2023.
10.12		Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated May 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on May 30, 2023.
10.25	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated January 30, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on February 3, 2023.
10.13		Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated June 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on July 6, 2023.
10.26	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated February 24, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.14		Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated June 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on July 6, 2023.
10.27	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated February 24, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.15		Consulting Agreement by and between Fuse Group Holding, Inc. and Beijing Jixiang Fengqi Tech Company Limited, dated December 13, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on December 15, 2023.
10.28	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated April 10, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.16		Convertible Promissory Note Purchase Agreement by and between Fuse Group Holding, Inc. and Chen Fei Li, dated March 21, 2025, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 10, 2025.
10.29	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated April 10, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 13, 2023.
10.17		Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Chen Fei Li, dated March 21, 2025, incorporated by reference to the Company’s Current Report on Form 8-K filed on April 10, 2025
10.30	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated May 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on May 30, 2023.
10.18		Convertible Promissory Note Purchase Agreement by and between Fuse Group Holding, Inc. and Chen Fei Li, dated May 1, 2025, incorporated by reference to the Company’s Current Report on Form 8-K filed on May 2, 2025.
10.31	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated May 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on May 30, 2023.
10.19		Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Chen Fei Li, dated May 1, 2025, incorporated by reference to the Company’s Current Report on Form 8-K filed on May 2, 2025.
10.32	Convertible Promissory Notes Purchase Agreement by and between Fuse Group Holding, Inc. and Liu Marketing (M) Sdn. Bhd, dated June 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on July 6, 2023.
21.1		Subsidiaries of the Registrant*
10.33	Convertible Promissory Note, issued by Fuse Group Holding, Inc. to Liu Marketing (M) Sdn. Bhd., dated June 29, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on July 6, 2023.
31.1		Rule 13a-14(a) Certification of Principal Executive Officer and Principal Financial Officer of Registrant*
10.34	Consulting Agreement by and between Fuse Group Holding, Inc. and Beijing Jixiang Fengqi Tech Company Limited, dated December 13, 2023, incorporated by reference to the Company’s Current Report on Form 8-K filed on December 15, 2023.
32.1		Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Registrant. *
21.1	Subsidiaries of the Registrant*
101.INS		Inline XBRL Instance Document*
31.1	Rule 13a-14(a) Certification of Principal Executive Officer and Principal Financial Officer of Registrant*
101.SCH		Inline XBRL Taxonomy Extension Schema Document*
32.1	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Registrant. *
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.INS	Inline XBRL Instance Document*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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)

* Filed herewith † Management agreement.

~~† Management agreement.~~23

Table of Contents

	Page
Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID: 2851)	F-2
Report of Independent Registered Public Accounting Firm (PCAOB ID: 2485)	F-2
Report of Independent Registered Public Accounting Firm (PCAOB ID: 2851)	F-3
Balance Sheets	F-4
Statements of Operations	F-5
Statements of Changes in Shareholders’ Equity	F-6
Statements of Cash Flows	F-7
Notes to Financial Statements	F-8

F-1

Table of Contents

Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors of

Fuse Group Holding Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheet of Fuse Group Holding Inc. and subsidiaries (the “Company”) as of September 30, 2025, the related consolidated statements of operations, changes in stockholders’ deficit, and cash flows for the year ended September 30, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025, and the results of its operations and its cash flows for the year ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Going Concern Uncertainty

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 3 to the consolidated financial statements, the Company has incurred recurring operating losses, an accumulated deficit, and negative cash flows from operating, which raises substantial doubt about its ability to continue as a going concern. Management’s evaluation of the events and conditions and management’s plans regarding these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the Board of Directors and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ Simon & Edward, LLP

We have served as the Company’s auditor since 2025.
PCAOB ID: 2485
Rowland Heights, California
December 29, 2025.

F-2

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Fuse Group Holding, Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance ~~sheets~~sheet of Fuse Group Holding, Inc. and its subsidiaries (the “Company”) as of September 30, 2024 ~~and 2023~~, and the related consolidated statements of operations, changes in shareholders’ deficit, and cash flows for the ~~years~~year then ended and the related notes (collectively referred to as “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 ~~and 2023~~, and the results of its operations and its cash flows for the ~~years~~year ended September 30, 2024 ~~and 2023~~, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, as of September 30, 2024 ~~and 2023~~, the Company had recurring losses from operations, an accumulated deficit, and a negative cash flows from operating activities. As such, there is substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

F-2

Description of the Matter

Revenue Recognition

As discussed in Note 2 to the consolidated financial statements, for the Company’s service revenue, revenue is recognized when the consulting service is provided to the customer.

The revenue recognized depicts the transfer of promised services to its customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. The Company’s revenue from services is generally recognized at a point in time when consulting services are completed. The related revenue will be recognized when the underlying services are completed and rendered to the customer.

How We Addressed the Matter in Our Audit

Our audit procedures over determining the timing and amount of revenue recognition involved, among others, evaluation of management’s assessment in regard to the identification of performance obligation of service revenue. We evaluated the appropriateness of management's recognition of revenue within the context of the five-step model prescribed by ASC 606, Revenue from Contracts with Customers, and evaluated whether management’s conclusions were appropriate.

We sent out a confirmation letter to the customer and confirmed the following:

a) Amount billed by the Company during the year ended September 30, 2024.

b) Terms of the arrangement, including the performance obligation agreed upon between the customer and the Company.

c) Whether the agreed services have been performed by the Company.

/s/ KCCW Accountancy Corp.

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

Diamond Bar, California

December 26, 2024

F-3

Table of Contents

FUSE GROUP HOLDING INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	SEPTEMBER 30, 2024			SEPTEMBER 30, 2023
	September 30,			September 30,
	2025			2024
ASSETS
CURRENT ASSETS
Current Assets
Cash and equivalents	$	67,601		$	26,588
Cash and cash equivalents	$	21,160		$	67,601
Prepaid expenses		13,000			12,668
Prepaid expenses and other receivable		13,518			13,000
Right-of-use asset, net		~~4,773~~-			-4,773
Total current assets		85,374			39,256
Total Current Assets		34,678			85,374
NON-CURRENT ASSETS
TOTAL ASSETS	$	34,678		$	85,374
Property and equipment, net		-			455
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Right-of-use asset, net		-			32,494
Current Liabilities
Total non-current assets		-			32,949
Accrued interest	$	1,005		$	-
TOTAL ASSETS	$	85,374		$	72,205
Other payable		-			6,414
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Other payables	$	6,414		$	25,715
Accrued interest on convertible notes		-			382
Lease liability		5,038			29,128
Loan payable		1,811			1,936
Due to related party		139,523			35,973
Total current liabilities		152,786			93,134
NON-CURRENT LIABILITIES
Convertible notes		-			50,000
Lease liability		-			5,038
Loan payable		99297,~~387~~134			~~101~~1,~~790~~811
Total non-current liabilities		99,387			156,828
Due to related party		22,154			139,523
TOTAL LIABILITIES		252,173			249,962
Total Current Liabilities		320,293			152,786
CONTINGENCIES AND COMMITMENTS
Loan payable		94,886			99,387
STOCKHOLDERS’ DEFICIT
Convertible notes payable		70,000			-
Common stock, par value $0.001 per share, 75,000,000 shares authorized;13,296,986 and 13,274,177 shares issued and outstanding at September 30, 2024 and 2023 *		13,297			13,274
TOTAL LIABILITIES		485,179			252,173
Additional paid-in capital		7,769,284			7,717,988
CONTINGENCIES AND COMMITMENTS		-			-
Accumulated deficit		(7,949,380	)		(7,909,019	)
Stockholders’ Deficit
Total stockholders' deficit		(166,799	)		(177,757	)
Common stock: 75,000,000 shares authorized; $0.001 par value 13,297,143 and 13,296,986 shares issued and outstanding at September 30, 2025 and 2024, respectively *		13,297			13,297
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	85,374		$	72,205
Additional Paid-in Capital		7,769,284			7,769,284
Accumulated deficit		(8,233,082	)		(7,949,380	)
Total Stockholders’ Deficit		(450,501	)		(166,799	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	34,678		$	85,374

*	retroactively reflect 1-for-5 reverse stock split effective on September 19, 2024

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

F-4

Table of Contents

FUSE GROUP HOLDING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	FOR THE YEARS ENDED SEPTEMBER 30,
	Year Ended
	2024			2023
	September 30,
Revenue	$	332,024		$	-
	2025			2024
Revenue	$	45,942		$	332,024
Cost of revenue		-			-
Gross profit		332,024			-
Gross Profit		45,942			332,024
Operating expenses
Operating Expenses
General and administrative		~~345~~323,~~710~~804			~~393~~345,~~119~~710
Consulting		19,667			62,000
Consulting fees		-			19,667
Total operating expenses		365,377			455,119
Total Operating Expenses		323,804			365,377
Loss from operations		(33277,~~353~~862	)		(~~455~~33,~~119~~353	)
Non-operating income (expenses)
Interest expense		(53,~~104~~440	)		(175,~~283~~104	)
Other income		~~496~~-			-496
Total non-operating expenses, net		(43,~~608~~440	)		(174,~~283~~608	)
Loss before income tax		(37281,~~961~~302	)		(~~472~~37,~~402~~961	)
Income tax		2,400			2,400
Provision for income tax		2,400			2,400
Net loss	$	(40283,~~361~~702	)	$	(~~474~~40,~~802~~361	)
Basic weighted average shares outstanding *		13,282,835			13,030,669
Basic and dilutive net loss per common share
Basic loss per share	$	(0.00	)	$	(0.04	)
Basic and dilutive	$	(0.02	)	$	(0.00	)
Weighted average number of common shares outstanding *
Basic and dilutive		13,297,143			13,282,835

*	retroactively reflect 1-for-5 reverse stock split effective on September 19, 2024

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

F-5

Table of Contents

FUSE GROUP HOLDING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

	Common Stock				Additional Paid-in		Accumulated
	Shares *		Amount		~~Paid-in~~ Capital		Deficit			Total
Balance at September 30, 2022		12,955,614	$	12,956	$	7,001,539	$	(7,434,217	)	$	(419,722	)
Balance at September 30, 2023		13,274,177	$	13,274	$	7,717,988	$	(7,909,019	)	$	(177,757	)
Conversion of note into common shares		318,563		318		716,449		-			716,767
Net loss		-		-		-		(474,802	)		(474,802	)
Balance at September 30, 2023		13,274,177		13,274		7,717,988		(7,909,019	)		(177,757	)
Net loss		-		-		-		(40,361	)		(40,361	)
Conversion of note into common shares		22,809		23		51,296		-			51,319
Net loss		-		-		-		(40,361	)		(40,361	)
Balance at September 30, 2024		13,296,986	$	13,297	$	7,769,284	$	(7,949,380	)	$	(166,799	)
Issuance of shares for fractional rounding due to stock reverse split		157		-		-		-			-
Net loss		-		-		-		(283,702	)		(283,702	)
Balance at September 30, 2025		13,297,143	$	13,297	$	7,769,284	$	(8,233,082	)	$	(450,501	)

*	retroactively reflect 1-for-5 reverse stock split effective on September 19, 2024

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

F-6

Table of Contents

FUSE GROUP HOLDING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	FOR THE YEARS ENDED SEPTEMBER 30,
	Year Ended
	2024			2023
	September 30,
CASH FLOWS FROM OPERATING ACTIVITIES:
	2025			2024
Net loss	$	(40,361	)	$	(474,802	)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(283,702	)	$	(40,361	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization		455			1,821
Depreciation expense		-			455
Operating lease expense		284,~~772~~805			28,772
Changes in assets and liabilities:
Changes in operating assets and liabilities:
Prepaid expenses		(~~332~~518	)		(~~650~~332	)
Other payables		(19,300	)		21,045
Other payable		(6,414	)		(19,300	)
Accrued interest		~~937~~1,005			~~12,683~~937
Payment of lease liability		(305,~~180~~070	)		(2830,~~639~~180	)
Net cash used in operating activities		(60,009	)		(439,770	)
Net Cash (Used in) Operating Activities		(289,894	)		(60,009	)
CASH FLOWS FROM FINANCING ACTIVITIES:
CASH FLOWS FROM INVESTING ACTIVITIES		-			-
Proceeds from convertible notes		-			400,000
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loan payable		(2,528	)		(2,611	)
Proceeds from convertible notes		70,000			-
Due to related party		103,550			35,973
Proceeds from loan payable		294,567			-
Net cash provided by financing activities		101,022			433,362
Repayment of loan payable		(3,745	)		(2,528	)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS		41,013			(6,408	)
Advances from (repayment to) related party		(117,369	)		103,550
CASH AND EQUIVALENTS, BEGINNING OF YEAR		26,588			32,996
Net Cash Provided by Financing Activities		243,453			101,022
CASH AND EQUIVALENTS, END OF YEAR	$	67,601		$	26,588
Net change in cash and cash equivalents		(46,441	)		41,013
Supplemental cash flow data:
Cash and cash equivalents, beginning of period		67,601			26,588
Income tax paid	$	2,400		$	2,400
Cash and cash equivalents, end of period	$	21,160		$	67,601
Interest paid	$	4,167		$	4,600
SUPPLEMENTAL CASH FLOW INFORMATION:
Supplemental disclosure of non-cash financing activities
Cash paid for income taxes	$	2,400		$	2,400
Conversion of note into common shares	$	51,319		$	716,767
Cash paid for interest	$	2,435		$	4,167
NON-CASH INVESTING AND FINANCING ACTIVITIES
Common shares issued for conversion of note	$	-		$	51,319

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

F-7

Table of Contents

FUSE GROUP HOLDING INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization and Operations

Fuse Group Holding Inc. (the “Company” or “Fuse Group” or “We”) was incorporated under the laws of the State of Nevada on December 24, 2013. Fuse Group ~~currently~~ develops business opportunities in the mining and biotech areas. On December 6, 2016, the Company incorporated Fuse Processing, Inc. (“Processing”) in the State of California. Processing seeks business opportunities in mining and isinvestigates ~~currently investigating~~ potential mining targets in Asia and North America. Fuse Group is the sole shareholder of Processing.

Fuse Group and Processing provide consulting services to mining industry clients to find mine acquisition targets within the parameters set by the clients, when the mine owner is considering selling its mining rights. The services of Fuse Group and Processing include due diligence on the potential mine seller and mine, such as ownership and whether the mine meets all operational requirements and/or is currently in operation.

The Company has been diversifying its business to new growth area of consulting services, especially in the catering and culinary consulting service business.

In March 2017, Processing acquired 100% ownership of Fuse Trading Limited (“Trading”) for HKD1 ($0.13). Trading had no operations prior to the acquisition by Processing. Trading was seeking mining-related business opportunities in Asia. On April 22, 2022, Processing entered into a Share Transfer Agreement to transfer 100% ownership of Trading to an unrelated party for HKD1. There was no gain or loss recognized from the ownership transfer of Trading. Trading did not have any assets or business operations as of the date of transfer.

On May 3, 2018, the Company incorporated Fuse Technology Inc. in the State of Nevada, which changed its name to Fuse Biotech Inc. on November 30, 2020. Fuse Group is the sole shareholder of Fuse Biotech Inc. (“Fuse Biotech”). Fuse Biotech seeks business opportunities in the biotech area.

On April 29, 2019, the Board of Directors of the Company approved an amendment to the Company’s Articles of Incorporation (“Amendment”) to change its name from Fuse Enterprises Inc. to Fuse Group Holding Inc. Also on April 29, 2019, stockholders holding a majority of the Company’s outstanding capital stock approved the Amendment. The Amendment was filed with the Secretary of State for the State of Nevada on April 30, 2019 and became effective May 13, 2019. On May 29, 2019, the Company changed its trading symbol on OTC Markets from FNST to FUST.

On February 9, 2021, Fuse Group and Processing entered into a Share Exchange Agreement (the “Agreement”) with five individuals who own Portafolio en Investigacion Ambiental S.A. de C.V., a Mexican company (“Portafolio”). Pursuant to the Agreement, the Company agreed to issue 2,857,143 (or 14,285,715 pre-reverse split) shares of Company’s common stock for all the shares of Portafolio they owned. Portafolio owns concessions rights to five mineral locations in Mexico. The five mines have not been explored and have no operations, no facilities or equipment, no existing contracts for the sale of output, and no permits or licenses to conduct mining operations other than five concessions to explore. There is no assurance that we will be able to obtain the surface rights and permits that are necessary to extract the minerals from the areas covered by the concessions. The transfer of shares of Portafolio to Processing are subject to Mexican government approval, which has not happened yet.

Stock certificates for 2,857,143 (or 14,285,715 pre-reverse split) shares were prepared for the closing of the Agreement which was entered into by the Company and Processing with the five individuals who own Portafolio on February 9, 2021. The stock certificates were prepared by the Company, but not delivered to the sellers. After reevaluation of the Agreement, the Company determined that the transaction was incorrectly recorded, as such stock certificates remained in the custody of the Company and not delivered (i.e. provided as consideration) to the sellers. On October 20, 2021, the Company cancelled these stock certificates.

On March 11, 2021, Fuse Group and Fuse Biotech entered into a Share Exchange Agreement with E-Mo Biotech Holding Inc., a company incorporated under the laws of Nevada (the “E-Mo Biotech”), Qiyi Xie, a resident of California (“Xie”), Quan Qinghua, a citizen and resident of China (“Quan”), Jing Li, a citizen and resident of China (“Li”) and HWG Capital Sdn Bhd, a company incorporated under laws of Malaysia (“HWG” and hereinafter collectively with Xie, Quan and Li, the “Sellers”). Pursuant to the agreement, the Company agreed to issue the Sellers 20,000,000 (or 100,000,000 pre-reverse split) shares of Company’s common stock (the “Fuse Shares”) for all the issued and outstanding shares of E-Mo Biotech (the “E-Mo Shares”) owned by the Sellers. E-Mo Biotech Holding Inc. is a start-up, development-stage company involving in vaccine, immunological treatment and diagnostic product research and development and has no commercial sales of vaccines, treatments, or diagnostic products. The acquisition was not completed and the Fuse Shares were not issued. On September 30, 2021, the Company and Fuse Biotech entered into a Termination Agreement with E-Mo Biotech, Qiyi Xie, Quan Qinghua, Jing Li and HWG Capital Sdn Bhd, effective on September 30, 2021. Pursuant to the Termination Agreement, the parties agreed to terminate the Share Exchange Agreement, which was originally entered into by and among the Company, Fuse Biotech, the Sellers and E-Mo Biotech on March 11, 2021.

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On September 19, 2024, the Company’s Board of Directors approved a reverse stock split of its authorized and issued and outstanding shares of common stock, par value $0.001 per share, at a ratio of 1-for-5, which become effective on September 19, 2024. After the reverse stock split, every 5 issued and outstanding shares of the Company’s Common Stock were converted automatically into one share of the Company’s Common Stock without any change in the par value per share. The total number of shares of Common Stock authorized for issuance will then be reduced by a corresponding proportion from 375,000,000 shares to 75,000,000 shares of Common Stock. All share and per share amounts have been retroactively adjusted to reflect the reverse stock split for all periods presented.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Principle of Consolidation

The consolidated financial statements include the accounts of Fuse Group and its subsidiaries, Processing, ~~Trading,~~ and Biotech. All significant inter-company accounts and transactions and balances were eliminated in consolidation.

Reclassification

Certain prior period’s accounts have been reclassified in conformity with current period’s presentation. These reclassifications had no effect on the reported results of operations.

Cash

The Company considers all highly liquid instruments with an original maturity of three months or less to be considered cash equivalents. The carrying value of these investments approximates fair value. The Company had $6721,~~601~~ 160 and $2667,~~588~~ 601 in cash at September 30, 2025 ~~2024~~ and ~~2023~~2024, respectively.

Use of Estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The significant areas requiring the use of management estimates include, but are not limited to, the estimated useful life and residual value of property, plant and equipment, recognition and measurement of deferred income taxes and the valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to the consolidated financial statements.

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Fair Value Measurements and Disclosures

The carrying amounts of certain of the Company’s financial instruments, including cash and equivalents, accrued liabilities and accounts payable, approximate their fair value due to their short maturities. FASB ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial instruments held by the Company. The carrying amounts reported in the balance sheets for current liabilities qualify as financial instruments and are a reasonable estimate of their fair value because of the short period of time between the origination of such instruments and their expected realization and the current market rate of interest.

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FASB ASC Topic 820, “Fair Value Measurements,” defines fair value, and establishes a three-level valuation hierarchy for disclosures that enhances disclosure requirements for fair value measures. The three levels are defined as follows:

	●	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

	●	Level 2 inputs to the valuation methodology include other than those in level 1 quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

	●	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and other payables, approximate their fair value because of the short maturity of those instruments.

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

As of September 30, ~~2024~~2025 and ~~2023~~2024, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value on a recurring basis.

Credit Losses

On October 1, 2023, the Company adopted ASU 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC 326). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities if management does not intend to sell and does not believe that it is more likely than not they will be required to sell.

The Company adopted ASC 326 and all related subsequent amendments thereto effective October 1, 2023, using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The was no transition adjustment of the adoption of CECL.

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The Company’s accounts receivable and prepaid expenses in the balance sheet are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluate the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, credit-worthiness of customers and debtors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers and debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

Expected credit losses are recorded as allowance for credit losses on the consolidated statements of income. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. In the event the Company recovers amount that is previously reserved for, the Company will reduce the specific allowance for credit losses.

Accounts Receivable

Accounts receivable represent the amounts that the Company has an unconditional right to consideration, which are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. The Company had $0 accounts receivable on September 30, ~~2024~~2025 and ~~2023~~2024.

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Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any. Expenditures for maintenance and repairs are expensed as incurred; while additions, renewals and improvements are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets and estimated lives as follows:

Computer and office equipment	5 years
Office furniture	7 years
Leasehold decoration and renovation	10 years

Related Parties

The Company follows subtopic 850-10 of the FASB ASC for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, related parties include: (a) affiliates of the Company; (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions eliminated in the preparation of financial statements is not required in those statements.

The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

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Contingencies

The Company follows FASB ASC 450-20 to account for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.

In assessing loss contingencies related to legal proceedings pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates it is probable that a material loss was incurred and the amount of the liability can be reasonably estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

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Revenue Recognition

The Company follows FASB Accounting Standards Update (“ASC 606”), Revenue from Contracts with Customers.

The core principle underlying FASB ASC 606 is that the Company recognizes revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized when control of goods and services transfers to a customer, in an amount that reflects the consideration it expects to receive for those goods.

The Company recognizes revenues following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation. For the Company’s mine information service, revenue is recognized when the mine information is forwarded to the client. The services of Fuse Group and Processing include due diligence on the potential mine seller and the mine, such as ownership of the mine and whether the mine meets all operation requirements and/or is currently in operation. In addition, the Company expanded its business to provide consulting service to clients in hospitality industry. The Company recognized revenue for both mine information service and hospitality industry consulting service when service is fully provided, usually within a few months. For the year ended September 30, 2025 and 2024, total revenue of $45,942 and $332,024 consisted of hospitality industry consulting service revenue.

Income Tax

The Company uses the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets also include the prior years’ net operating losses carried forward. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

FUnder FASB ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-12likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statement of operations. As of September 30, 2025, the Company had no unrecognized tax benefits and there were no charges during the year ended September 30, 2025, and accordingly, the Company did not recognize any interest or penalties related to unrecognized tax benefits. There was no accrual for uncertain tax position as of September 30, 2025. The Company files a U.S. income tax return. With few exceptions, the U.S. income tax returns filed for the years ending on September 30, 2021 and thereafter are subject to examination by the relevant taxing authorities.

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Under FASB ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statement of operations. As of September 30, 2024, the Company had no unrecognized tax benefits and there were no charges during the years ended September 30,2024 and 2023, and accordingly, the Company did not recognize any interest or penalties related to unrecognized tax benefits. There was no accrual for uncertain tax position as of September 30, 2024. The Company files a U.S. income tax return. With few exceptions, the U.S. income tax returns filed for the years ending on September 30, 2020 and thereafter are subject to examination by the relevant taxing authorities.

Earnings (Loss) per Share

Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similar to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares, warrants and stock options had been issued and if the additional common shares were dilutive. Diluted EPS is based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding options and warrants, and the if-converted method for the outstanding convertible instruments. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later) and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, outstanding convertible instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later).

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For the years ended September 30, 2025 and 2024, approximately 212,121 and 0 shares issuable upon conversion of notes were excluded from the diluted loss per share calculation as their effect would be anti-dilutive.

Cash Flows Reporting

The Company follows paragraph 230-10-45-24 of FASB ASC for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect Method”) as defined by paragraph 230-10-45-25 of FASB ASC to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of FASB ASC.

Leases

The Company determines if an arrangement contains a lease at the inception of a contract under ASC Topic 842. At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, Right of Use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU assets include adjustments for prepayments and accrued lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.

The Company leases premises for office under non-cancellable operating lease. Operating lease payments are expensed over the term of lease. The Company’s current lease does not include options to extend nor any restrictions or covenants. Under the terms of the lease agreements, the Company has no legal or contractual asset retirement obligations at the end of the lease. Operating leases are included in operating lease ROU assets and operating lease liabilities (current and non-current), on the consolidated balance sheets.

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A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option. Hence, the Company does not recognize any operating lease ROU assets and operating lease liabilities for short-term leases.

ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets. ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The Company recognized no impairment of ROU assets as of September 30, 2024 ~~and 2023~~.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all ASUs. Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in the ASU are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable “investors to better understand an entity’s overall performance” and assess “potential future cash flows.” The ~~amendments~~Company inhas adopted ASU 2023-07 ~~are effective~~ for ~~all~~the ~~public~~year ~~entities~~ended ~~for~~September ~~fiscal years beginning after December 15~~30, ~~2023,~~2025 and ~~interim~~Management ~~periods~~believes ~~within~~that ~~fiscal~~no ~~years~~significant ~~beginning~~segment ~~after~~expenses ~~December~~need ~~15, 2024~~separate disclosure. ~~The Company’s management does not believe the adoption of ASU 2023-07 will have a material impact on its financial statements and disclosures.~~

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In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements and disclosures.

The Company’s management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

Note 3 – Going Concern

The accompanying consolidated financial statements were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

As reflected in the accompanying consolidated financial statements, the Company had an accumulated deficit of $78,~~949~~233,~~380~~ 082 at September 30, ~~2024~~2025, the Company incurred net loss of $40283,~~361~~ 702 for the year ended September 30, ~~2024~~2025, and the Company had cash outflow from operating activities of $60289,~~009~~ 894 for the year ended September 30, ~~2024~~2025. These raise substantial doubt about the Company’s ability to continue as a going concern.

Management intends to raise additional funds by way of a private or public offering, or by obtaining loans from banks or others. While the Company believes in the viability of its strategy to generate sufficient revenue and in its ability to raise additional funds on reasonable terms and conditions, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering or loans from banks or others.

The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.

Note 4 – Property and Equipment

Property and equipment at September 30, 2025 and 2024 consisted of the following：

	September 30, 2025			September 30, 2024
Computer equipment	$	1,852		$	1,852
Less accumulated depreciation		(1,852	)		(1,852	)
Computer equipment, net		-			-

Office furniture		12,746			12,746
Less accumulated depreciation		(12,746	)		(12,746	)
Office furniture, net		-			-
Total property and equipment, net	$	-		$	-

Depreciation for the year ended September 30, 2025 and 2024 was nil and $455, respectively.

Note 5 – Prepaid Expenses and Other Receivable

As of September 30, 2025, prepaid expenses consisted of prepaid OTC listing fee of $13,350 and other receivable of $168. As of September 30, 2024, prepaid expenses mainly consisted of prepaid OTC listing fee of $13,000.

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Note 4 – Property and Equipment

Property and equipment at September 30, 2024 and 2023 consisted of the following：

	September 30, 2024			September 30, 2023
Computer equipment	$	1,852		$	1,852
Less accumulated depreciation		(1,852	)		(1,852	)
Computer equipment, net		-			-
Office furniture		12,746			12,746
Less accumulated depreciation		(12,746	)		(12,291	)
Office furniture, net		-			455
Total property and equipment, net	$	-		$	455

Depreciation for the years ended September 30, 2024 and 2023 was $455 and $1,821, respectively.

Note 5 – Prepaid Expenses

As of September 30, 2024 and 2023, the Company had current prepaid expenses of $13,000 and $12,668, respectively.

As of September 30, 2024, prepaid expense consisted of prepaid OTC listing fee of $13,000. As of September 30, 2023, prepaid expense mainly consisted of prepaid OTC listing fee of $12,500.

Note 6 – Convertible Notes

Convertible notes at September 30, ~~2024~~2025 and ~~2023~~2024 consisted of the following:

	Convertible Notes
	September 30, 2024		September 30, 2023
	September 30, 2025		September 30, 2024
Convertible notes – current	$	-	$	-
Convertible notes – non-current		-		50,000
Convertible notes – non-current, interest at 3% per annum payable on March 20, 2026 and 2027, mature 24-month from March 21, 2025, convertible to common stock at $0.33 per share		40,000		-
Accrued interest		-		382
Convertible notes – non-current, interest at 3% per annum payable on May 1, 2026 and 2027, mature 24-month from May 1, 2025, convertible to common stock at $0.33 per share		30,000		-
Total outstanding balance	$	-	$	50,382
Accrued interest		1,005		-
Total outstanding balance	$	71,005	$	-

On June 3029, 2023, the Company ~~received~~entered into a ~~written~~Convertible Promissory ~~notice~~Notes ~~from~~Purchase Agreement with Liu Marketing (M) SDN BHD, a company incorporated under the laws of Malaysia (the “~~Lender~~Purchaser”). Pursuant to the agreement, ~~pursuant~~the toCompany ~~certain~~sold a Convertible Promissory ~~Notes~~Note ~~made~~to by the ~~Company~~Purchaser infor ~~favor~~a principal amount of ~~Lender~~$50,000. onThe ~~February~~Note bears ~~15,~~interest ~~2022,~~at ~~March~~the ~~23,~~rate ~~2022~~of 3% per annum, which is payable on June 9,29 ~~2022,~~of ~~July~~2024 1,and ~~2022,~~2025. ~~August~~The ~~19,~~Note ~~2022,~~will ~~October~~mature 6,on ~~2022,~~the ~~November~~date 7,that ~~2022,~~is twenty-four months from ~~December~~the ~~16,~~date ~~2022,~~that ~~January~~the ~~30,~~purchase ~~2023,~~price ~~February~~of 24the Note is paid to the Company. Any outstanding principal and interest on the Note may be converted to shares of common stock of the Company at the holder’s option at a conversion price of $2.25 (or $0.45 pre-reverse split) per share at any time until the total outstanding balance of the Note is paid. On May 15, ~~2023~~2024, ~~April~~the 10Company received a written notice from Liu Marketing (M) SDN BHD (the “Lender”), ~~2023~~pursuant ~~and~~to ~~May~~the Convertible Promissory Note made by the Company in favor of Lender on June 29, 2023 (the “~~Notes~~Note”), that the Lender elected to convert all of the ~~Notes~~Note balances (including principal and interest of the ~~Notes~~Note) of $~~716~~51,~~767~~ 319 for ~~318~~ 22,~~563~~ 809 (or 1 114,~~592,816~~ 043 pre-reverse split shares) shares of common stock of the Company (the “Shares”) at the conversion price of $2.25 (or $0.45 pre-reverse split) per share. ~~On July 7, 2023, the Shares were issued to the Lender pursuant to an exemption from registration under Regulation S, promulgated under the Securities Act of 1933, as amended.~~

On March ~~June 29~~21, ~~2023~~2025, the Company entered into a Convertible Promissory Notes Purchase Agreement with ~~Liu~~Chen ~~Marketing~~Fei ~~(M) SDN BHD~~Li, a ~~company~~Chinese ~~incorporated~~citizen ~~under the laws of Malaysia~~ (the “Purchaser”). Pursuant to the agreement, the Company sold a Convertible Promissory Note to the Purchaser for a principal amount of $5040,000 ~~and the conversion price is $2~~.25 ~~(or $0.45 pre-reverse split) per share.~~ The Note bears interest at the rate of 3% per annum, which is payable on ~~June~~March 2920, of2026 ~~2024~~ and ~~2025~~2027. The Note will mature on the date that is twenty-four months from the date that the purchase price of the Note is paid to the Company. Any outstanding principal and interest on the Note may be converted to shares of common stock of the Company at the holder’s option at a conversion price of $~~2.25 (or $~~0.~~45 pre-reverse split)~~ 33 per share at any time until the total outstanding balance of the Note is paid. On May 15, 2024, the note holder notified the Company to convert all the principal and interest of the note to the shares of common stock of the Company at a conversion price of $2.25 (or $0.45 pre-reverse split) per share. This note including principal of $50,000 and accrued interest of $1,320 was converted into 22,809 (or 114,043 pre-reverse split) shares of the Company’s common stock on May 15, 2024.

On May 1, 2025, the Company, entered into a Convertible Promissory Note Purchase Agreement with Chen Fei Li, a Chinese citizen (the “Purchaser”). Pursuant to the Agreement, the Company sold a Convertible Promissory Note to the Purchaser with a principal amount of $30,000 (the “Note”). The Note bears interest at the rate of 3% per annum, which are payable on May 1 of 2026 and 2027. The Note will mature on the date that is twenty-four months from the date that the purchase price of the Note is paid to the Company. Any outstanding principal and interest on the Note may be converted to the shares of common stock of the Company at the holder’s option at a conversion price of $0.33 per share at any time until the total outstanding balance of the Note is paid.

As of September 30, 2025, the Company had outstanding convertible notes and accrued interest of $70,000 and $1,005, respectively. As of September 30, 2024, the Company had outstanding convertible notes and accrued interest of $Nil and $Nil, respectively. For year ended September 30, 2025 and 2024, the Company recorded $1,005 and $937 interest expense for the convertible promissory notes, respectively.

Note 7– Other Payables

As of September 30, 2025 and 2024, the Company had other payables of $0 and $6,414, respectively. As of September 30, 2024, other payables mainly consisted of salary payable of $4,801, and payroll tax payable of $1,613.

Note 8 – Loans Payable

On June 24, 2020, Fuse Biotech received $105,400 from the Economic Injury Disaster Loan (“EIDL loan”) from the SBA after deducting $100 Uniform Commercial Code (“UCC”) handling charge and filing fee. This is a low-interest federal disaster loan for working capital to small businesses and non-profit organizations of any size suffering substantial economic injury as a result of the Coronavirus (COVID-19), to help the businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. This loan has annual interest of 3.75% and is not forgivable. The maturity of the loan is 30 years, instalment payments including principal and interest of $515 monthly will begin 12 months from the date of loan approval date. For the year ended September 30, 2025 and 2024, the Company recorded $2,435 and $4,167 interest expense for the EIDL loan, respectively. For the year ended September 30, 2025 and 2024, the Company made $6,180 and $6,695 (including principal and interest) repayment of the EIDL loan, respectively.

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As of September 30, ~~2024~~2025, the ~~Company~~future ~~had~~minimum ~~outstanding~~principal ~~convertible~~amount ~~notes and accrued interest~~ of $0EIDL ~~and~~loan ~~$0,~~to ~~respectively.~~be Aspaid ofby ~~September~~years ~~30,~~are ~~2023,~~as ~~the Company had outstanding convertible notes and accrued interest of $50,000 and $382, respectively.~~follows:

Note 7 – Other Payables

Year Ending September 30,	Amount
2026	$	2,567
2027		2,567
2028		2,567
2029		2,567
2030		2,567
Thereafter		84,618
Total	$	97,453

~~As of September 30, 2024 and 2023,~~ During the ~~Company~~year ~~had~~ended ~~other payables of $6,414 and $25,715, respectively. As of~~ September 30, ~~2024~~2025, ~~other~~Processing ~~payables~~received ~~mainly~~total ~~consisted~~loans of ~~salary payable of~~ $4270,~~801~~085 ~~and~~from ~~payroll~~Sansage ~~tax~~Capital ~~payable~~Co. ~~of $1,613~~Limited. AsThe ofloans ~~September~~are ~~30,~~non-interest bearing ~~2023,~~with ~~other~~no ~~payables~~stated ~~mainly~~maturity ~~consisted of salary payable of $7,764, accrued professional fee of $16,000, and payroll tax payable of $1,951~~dates.

~~Note~~On September 829, –2025, ~~Loans~~Processing ~~Payable~~received a loan of $24,482 from Jiaming Dong. The loan is non-interest bearing with no stated maturity date.

On June 24, 2020, Fuse Biotech received $105,400 from the Economic Injury Disaster Loan (“EIDL loan”) from the SBA after deducting $100 Uniform Commercial Code (“UCC”) handling charge and filing fee. This is a low-interest federal disaster loan for working capital to small businesses and non-profit organizations of any size suffering substantial economic injury as a result of the Coronavirus (COVID-19), to help the businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. This loan has annual interest of 3.75% and is not forgivable. The maturity of the loan is 30 years, installment payments including principal and interest of $515 monthly will begin 12 months from the date of loan approval date. For the years ended September 30, 2024 and 2023, the Company recorded $4,167 and $4,600 interest expense for the EIDL loan, respectively. For the years ended September 30, 2024 and 2023, the Company made $6,695 and $7,211 (including principal and interest) repayment of the EIDL loan, respectively.

As of September 30, 2024, the future minimum principal amount of loan payments to be paid by year are as follows:

Year Ending September 30,	Amount
2025	$	1,811
2026		2,496
2027		2,591
2028		2,690
2029		2,792
Thereafter		88,818
Total	$	101,198

Note 9 – Due to Related Party

As of September 30, ~~2024~~2025 and ~~2023~~2024, the Company had advance of $~~139~~22,~~523~~ 154 and $35139,~~973~~ 523 from its CEO, respectively, for the Company’s working capital needs. The advance from its CEO did not bear any interest and was payable upon demand.

Note 10 – Income Tax

At September 30, ~~2024~~2025 and ~~2023~~2024, the Company had net operating loss (“NOL”) ~~carryforwards~~carry-forwards for income tax purposes. For federal income tax purposes, NOLs arising in tax years beginning after 2017 may only reduce 80% of a taxpayer’s taxable income and may be carried forward indefinitely; for California income tax purposes, the entire NOL can be carried forward up to 20 years. However, the coronavirus Aid, Relief and Economic Security Act (“the CARES Act”), issued in March 2020, provides tax relief to both corporate and noncorporate taxpayers by adding a five-year ~~carryback~~carry-back period and temporarily repealing the 80% limitation for NOLs arising in 2018, 2019 and 2020. The Company estimated NOL carry-forwards for Federal ~~and California~~ income tax purposes of $5.38 44 million ~~and $5.34 million for each of Federal and California state~~ at September 30, ~~2024, respectively~~2025. No tax benefit was reported with respect to these NOL carry-forwards in the accompanying consolidated financial statements because the Company believes the realization of the Company’s net deferred tax assets for the NOL for both federal and California State of approximately $1.50 58 million as of September 30, ~~2024~~2025, was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are fully offset by a full valuation allowance.

~~F-16~~Components of deferred tax assets as of September 30, 2025 and 2024 are as follows:

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	September 30, 2025			September 30, 2024
Net deferred tax assets:
Expected income tax benefit from NOL carry-forwards	$	1,578,206		$	1,502,064
Allowance for non-current prepaid expense		-			279,836
Lease expense under ASU 842		-			168
Less valuation allowance		(1,578,206	)		(1,782,068	)
Deferred tax assets, net of valuation allowance	$	-		$	-

Components of deferred tax assets as of September 30, 2024 and 2023 are as follows:

	September 30, 2024			September 30, 2023
Net deferred tax assets:
Expected income tax benefit from NOL carry-forwards	$	1,502,064		$	1,490,909
Allowance for non-current prepaid expense		279,836			279,836
Lease expense under ASU 842		168			468
Less valuation allowance		(1,782,068	)		(1,771,213	)
Deferred tax assets, net of valuation allowance	$	-		$	-

Income Tax Provision in the Statements of Operations

A reconciliation of the consolidated federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes for the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024 is as follows:

	2024			2023
	2025			2024
Federal statutory income tax expense (benefit) rate		(21.00	)%		(21.00	)%
State statutory income tax (benefit) rate, net of effect of state income tax deductible to federal income tax		(06.6613	)%		(60.4866	)%
Change in valuation allowance on net operating loss carry-forwards		27.98	%		27.9998	%
Effective income tax rate		60.3285	%		06.5132	%

Note 11 – Revenue, Cost of Revenue and Major Customers

Fuse Group and Processing provide consulting services to clients for their business development in North America, as well as mining industry acquisition consultation and target search.

For the ~~years~~year ended September 30, ~~2024~~2025 and ~~2023~~2024, the Company recorded consulting revenue of $~~332~~45,~~024~~ 942 and $0 332,024 for the services provided, respectively.

~~For the year ended September 30, 2024, the Company had one customer which accounted for 100% of the Company’s revenue.~~F-16

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For the year ended September 30, 2025, the Company had two customers, which accounted for 43.4% and 56.6% of the Company’s revenue.

For the year ended September 30, 2024, the Company had one customer, which accounted for 100% of the Company’s revenue.

Note 12 – Acquisition of Mining Rights in Mexico

On February 9, 2021, Fuse Group and Processing entered into a Share Exchange Agreement with five individuals who owned Portafolio. Pursuant to the agreement, the Company would issue, in lieu of $1,000,000 cash payment, and deliver to the five sellers 2,857,143 (or 14,285,715 pre-reverse split) shares of common stock of the Company for all the outstanding shares of Portafolio (the “Mexican Shares”) owned by these five sellers upon closing when the five sellers deliver all outstanding shares of Portafolio. Portafolio owns concessions rights to five mineral locations in Mexico. There are no business, no mining operations, no existing contracts for the sale of output, and no permits or licenses to conduct mining operations other than the concessions to explore the five mineral locations. The acquisition has not been completed yet as of September 30, ~~2024~~2025 as the Company was waiting for the completion of the transfer of Mexican Shares from the sellers to the Processing. The transfer of shares of Portafolio to Processing is subject to Mexican government approval, which has not happened yet.

Note 13 – Commitments

Lease Commitment

Effective December 1, 2018, the Company entered a three-year lease for an office in the city of Arcadia, California. The monthly base rent is $2,115 payable on the first day of each month, with a 3% increase each year. The lease expired on November 30, 2021. On February 28, 2022, the Company renewed the lease for three more years, commencing on December 1, 2021. The new monthly base rent is $2,243 payable on the first day of each month, with a 6% increase each year. The lease expired on November 30, 2024. The Company is currently negotiating with the landlord for the renewal of the lease.

F-17

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The components of lease costs, lease term and discount rate with respect to the office lease with an initial term of more than 12 months are as follows:

	For the Years Ended September 30,
	2024			2023
Operating Lease costs	$	28,772		$	28,772
Weighted Average Remaining Lease Term		0.17			1.17
Weighted Average Discount Rate		5	%		5	%

The following is a schedule of maturities of lease liabilities as of September 30, 2024:

For the year ending September 30,	Operating Leases
2025	$	5,070
Less: imputed interest		(32	)
Total lease liabilities		5,038
Less: current portion		5,038
Lease liabilities – non-current portion	$	-

Consulting and Service Agreements

	1)	On April 1, 2017, the Company entered into a strategic consulting agreement with a consulting company with a term of one year. The consulting company provides the Company the strategic advice on business development and marketing. The compensation to the consulting company is $50,000 per year, payable in equal installments at the end of each month. The agreement was extended to March 31, 2023 with the same terms. On April 1, 2023, the Company and the consulting company mutually agreed to extend the consultancy agreement for another year to March 31, 2024 at no further cost. The agreement expired and terminated without renewal on March 31, 2024.
	2)	Exploratory Drilling Agreement and Related Costs. On April 1, 2018, the Company entered into a contract with an individual owner of a mining concession in Mexico. The mine is located in Mexico, in the state of Sinaloa, Badiraguato municipality, Nocoriba village. The latitude is 25.2520000 and the longitude is -107.225500. The Company started drilling within the concession 10HAAS. For the years ended September 30, 2024 and 2023, the Company spent $0 on this mine. If the project is successful, the Company will receive 3% equity in the mine (which percentage will be paid upon successful completion of exploration and drilling of the mine). The mine owner has been in discussion with a potential buyer to purchase this mine. The buyer has analyzed the report of the minerals of this mine, but the project was delayed during the outbreak of the COVID-19 pandemic. The buyer wants more details of the minerals and will conduct more exploration itself to confirm the results of mineral analysis and reserves. The mine owner and Fuse Group have agreed to put Fuse’s exploration on hold until this buyer completes its analysis in preparation for making the acquisition decision.

Exploratory Drilling Agreement and Related Costs. On April 1, 2018, the Company entered into a contract with an individual owner of a mining concession in Mexico. The mine is located in Mexico, in the state of Sinaloa, Badiraguato municipality, Nocoriba village. The latitude is 25.2520000 and the longitude is -107.225500. The Company started drilling within the concession 10HAAS. For the year ended September 30, 2025 and 2024, the Company spent $0 on this mine. If the project is successful, the Company will receive 3% equity in the mine (which percentage will be paid upon successful completion of exploration and drilling of the mine). The mine owner has been in discussion with a potential buyer to purchase this mine. The buyer has analyzed the report of the minerals of this mine, but the project was delayed during the outbreak of the COVID-19 pandemic. The buyer wants more details of the minerals and will conduct more exploration itself to confirm the results of mineral analysis and reserves. The mine owner and Fuse Group have agreed to put Fuse’s exploration on hold until this buyer completes its analysis in preparation for making the acquisition decision.

Note 14 – Subsequent Events

The Company follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated subsequent events through the date the financial statements were issued and determined the Company did not have any material subsequent events to disclose in its consolidated financial statements.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

	Fuse Group Holding Inc.
	By:	/s/ Umesh Patel
		Umesh Patel
Date: December 26, 2024		Chief Executive Officer and Chief Financial Officer
Date: December 29, 2025		Chief Executive Officer and Chief Financial Officer
		(principal executive officer, principal financial officer and accounting officer)

Name and Title		Date
/s/ Umesh Patel
Umesh Patel		December 2629, ~~2024~~2025
Chief Executive Officer, Chief Financial Officer and Director (principal executive officer, principal financial officer and accounting officer)
/s/ Man Shek (Alex) Ng
/s/ Kai Xu
Man Shek (Alex) Ng		December 26, 2024
Kai Xu		December 29, 2025
Director
(Director)
/s/ Anming Jiang
Anming Jiang		December 29, 2025
(Director)

3024

Filing Compare · FUSE GROUP HOLDING INC.