UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended ~~October~~January 31, ~~2025~~ 2026

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

Commission file number: 001-42554

MARWYNN HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Nevada		99-1867981
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

12 Chrysler Unit C Irvine, CA		92618
(Address of Principal Executive Offices)		Zip Code

+1 949-706-9966

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		MWYN		The Nasdaq Stock Market LLC

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 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, a smaller reporting company or an emerging growth company. See the definitions of “accelerated filer”, “large 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 20,194,804 shares of common stock, $0.001 par value, of the registrant issued and outstanding as of ~~December~~March 1813, ~~2025~~ 2026.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report (this “Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Certain statements contained in this Report, which reflect our current views with respect to future events and financial performance, and any other statements of a future or forward-looking nature constitute “forward-looking statements” within the meaning of the federal securities laws. We intend the forward-looking statements to be covered by the applicable safe harbor under the federal securities laws. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” or the negative of these terms or other similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on the information we have when the statements are made or management’s good faith belief as of that time with respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

●

our goals and strategies;

●

our future business development, results of operations and financial condition;

●

expected changes in our corporate services income, costs or expenditures;

●

our dividend policy;

●

our expectations regarding demand for and market acceptance of our products and services;

● our expectation regarding the use of proceeds from this offering;

●

our projected markets and growth in markets;

●

our potential need for additional capital and the availability of such capital;

●

competition in our industry;

●

general economic and business conditions in the markets in which we operate;

●

our ability to meet the Nasdaq Capital Market continued listing requirements;

●

relevant government policies and regulations relating to our business and industry; and

●

assumptions underlying or related to any of the foregoing.

Forward-looking statements necessarily involve risks and uncertainties, and our actual results could differ materially from those anticipated in the forward-looking statements due to a number of factors, including those set forth above under “Risk Factors” and elsewhere in this Report. The factors set forth above under “Risk Factors” and other cautionary statements made in this Report should be read and understood as being applicable to all related forward-looking statements wherever they appear in this Report. The forward-looking statements contained in this Report represent our judgment as of the date of this Report. We caution readers not to place undue reliance on such statements. We operate in an evolving environment where new risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this Report.

Unless the context otherwise requires, the terms “the Company,” “our Company,” “we,” “us,” and “our” refer to Marwynn Holdings, Inc., a Nevada corporation, and its consolidated subsidiaries.

MARWYNN HOLDINGS, INC.

FORM 10-Q

For the Quarterly Period Ended ~~October~~January 31, ~~2025~~ 2026

Table of Contents

		Page No.
PART I - Financial Information (unaudited)		1
ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)	1
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	30
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	4748
ITEM 4.	CONTROLS AND PROCEDURES	4748
PART II - Other Information		4849
ITEM 1.	LEGAL PROCEEDINGS	4849
ITEM 1A.	RISK FACTORS	4849
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	5150
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	5150
ITEM 4.	MINE SAFETY DISCLOSURES	5150
ITEM 5.	OTHER INFORMATION	5150
ITEM 6.	EXHIBITS	5251
SIGNATURES		5352

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

~~MARWYNN~~CONDENSED ~~HOLDINGS,~~CONSOLIDATED ~~INC.~~BALANCE SHEETS

~~CONDENSED CONSOLIDATED~~(Amount ~~BALANCE~~in ~~SHEETS~~U.S. dollars, except for number of shares)

(Amount in U.S. dollars, except for number of shares)

	January 31, 2026 (Unaudited)			April 30, 2025

ASSETS

Current Assets
Cash and cash equivalents	$	295,826		$	871,009
Accounts receivable, net		224,999			194,999
Other receivable		300,000			-
Due from related party		-			193,853
Note receivables		830,000			-
Prepaid expenses and other current assets		954,724			2,812,675
Total Current Assets		2,605,549			4,072,536

Non-Current Assets
Property and equipment, net		5,944			17,694
Intangible assets, net		139,583			177,083
Operating lease right-of-use assets, net		11,579			44,596
Deferred tax assets		-			2,227
Total Non-Current Assets		157,106			241,600

ASSETS FROM DISCONTINUED OPERATIONS		-			10,622,939

TOTAL ASSETS	$	2,762,655		$	14,937,075

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Accounts payable	$	4,578		$	9,682
Accrued expenses and other current liabilities		247,308			6,080
Operating lease liabilities – current		12,207			45,677
Income tax payable		189,940			177,592
Total Current Liabilities		454,033			239,031

LIABILITIES FROM DISCONTINUED OPERATIONS		-			9,726,281

Total Liabilities		454,033			9,965,312

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.001, 5,000,000 shares authorized; 135,000 shares Series A Super Voting Preferred Stock designated, issued and outstanding at January 31, 2026 and April 30, 2025		135			135
Common stock, par value $0.001, 45,000,000 shares authorized; 20,194,804 shares and 17,054,004 shares issued and outstanding at January 31, 2026 and April 30, 2025, respectively		20,195			17,054
Additional Paid-in Capital		10,429,728			8,931,634
Accumulated deficit		(8,141,436	)		(3,977,060	)
Total Stockholders’ Equity		2,308,622			4,971,763

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,762,655		$	14,937,075

	October 31, 2025 (Unaudited)			April 30, 2025
ASSETS
Current Assets
Cash	$	1,361,469		$	871,009
Accounts receivable, net		174,999			194,999
Due from related party		-			193,853
Note receivable		330,000			-
Prepaid expenses and other current assets		631,813			2,812,675
Current assets held for sale associated with discontinued operations of Grand Forest		6,219,209			6,312,451
Total Current Assets		8,717,490			10,384,987
Non-Current Assets
Property and equipment, net		9,861			17,694
Intangible assets, net		152,083			177,083
Operating lease right-of-use assets, net		22,864			44,596
Deferred tax assets		2,227			2,227
Non-current assets held for sales associated with discontinued operations of Grand Forest		3,390,031			4,310,488
Total Non-Current Assets		3,577,066			4,552,088
TOTAL ASSETS	$	12,294,556		$	14,937,075
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	186,121		$	9,682
Accrued expenses and other current liabilities		17,111			6,080
Operating lease liabilities – current		23,643			45,677
Income tax payable		180,775			177,592
Current liabilities held for sale associated with discontinued operations of Grand Forest		6,384,471			6,539,181
Total Current Liabilities		6,792,121			6,778,212
Non-Current Liabilities
Non-current liabilities held for sales associated with discontinued operations of Grand Forest		2,674,768			3,187,100
Total Non-Current Liabilities		2,674,768			3,187,100
Total Liabilities		9,466,889			9,965,312
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.001, 5,000,000 shares authorized; 135,000 shares and 0 shares Series A Super Voting Preferred Stock designated, issued and outstanding at October 31, 2025 and April 30, 2025, respectively		135			135
Common stock, par value $0.001, 45,000,000 shares authorized; 20,194,804 shares and 17,054,004 shares issued and outstanding at October 31, 2025 and April 30, 2025, respectively		20,195			17,054
Additional Paid-in Capital		10,400,437			8,931,634
Accumulated deficit		(7,593,100	)		(3,977,060	)
Total Stockholders’ Equity		2,827,667			4,971,763
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	12,294,556		$	14,937,075

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

* Share and per share data are presented on a retroactive basis to reflect the effects of (i) 1~~.55-for-1 forward stock split of the common stock, and (ii) 4.5-for-1 forward stock split of the Series A Super-Voting Preferred Stock effected on September 9, 2024.~~

~~The~~MARWYNN ~~accompanying~~HOLDINGS, ~~notes are an integral part of these unaudited condensed consolidated financial statements~~INC.

UNAUDITED 1CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

~~MARWYNN~~(Amount ~~HOLDINGS,~~in ~~INC~~U.S. dollars, except for number of shares)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months ended January 31,						For the Nine Months ended January 31,
	2026			2025			2026			2025

Revenue, net	$	1,383,941		$	623,709		$	1,468,941		$	760,583
Cost of revenue		(1,300,286	)		(379,081	)		(1,300,338	)		(428,362	)
Gross profit		83,655			244,628			168,603			332,221

Operating expenses
Selling expenses		(14	)		(25,722	)		(1,314,182	)		(86,338	)
General & administrative expenses		(635,248	)		(134,823	)		(2,388,059	)		(942,574	)

Total operating expenses		(635,262	)		(160,545	)		(3,702,241	)		(1,028,912	)

Income (loss) from operations		(551,607	)		84,083			(3,533,638	)		(696,691	)

Other income (expenses)
Other expenses		(20,654	)		(2,168	)		(4,071	)		(2,168	)
Interest income (expense)		36,143			(115	)		35,390			(115	)
Total other income (expenses), net		15,489			(2,283	)		31,319			(2,283	)

Income (loss) before income tax provision		(536,118	)		81,800			(3,502,319	)		(698,974	)

Income tax provision		(12,218	)		(1,574	)		(15,401	)		(4,668	)

Net income (loss) from continuing operations		(548,336	)		80,226			(3,517,720	)		(703,642	)
Net income (loss) from discontinued operations, net of tax		-			(56,808	)		(646,656	)		284,160

Net loss	$	(548,336	)	$	23,418		$	(4,164,376	)	$	(419,482	)

Net loss per common stock
Basic and diluted*	$	(0.03	)	$	0.00		$	(0.23	)	$	(0.03	)
Weighted average number of common shares outstanding
Basic and Diluted**		20,194,804			15,004,004			18,146,456			15,004,004

~~(Amount~~* inShare Uand per share data are presented on a retroactive basis to reflect the effects of (i) 1.S.55-for-1 ~~dollars~~forward stock split of the common stock, ~~except~~and (ii) 4.5-for-1 ~~number~~forward stock split of ~~shares)~~the Series A Super-Voting Preferred Stock effected on September 9, 2024.

~~(Unaudited)~~** Earnings per share for basic and diluted weighted average shares outstanding are the same due to anti-dilutive effect resulting from the net loss for the three and nine months ended January 31, 2026.

	For the Three Months ended October 31,						For the Six Months ended October 31,
	2025			2024			2025			2024
Revenue, net	$	43,750		$	43,750		$	85,000		$	136,874
Cost of revenue		-			-			(52	)		(49,281	)
Gross profit		43,750			43,750			84,948			87,593
Operating expenses
Selling expenses		(37,800	)		(25,000	)		(1,314,168	)		(60,616	)
General & administrative expenses		(354,736	)		(265,240	)		(1,752,811	)		(807,751	)
Total operating expenses		(392,536	)		(290,240	)		(3,066,979	)		(868,367	)
Loss from operations		(348,786	)		(246,490	)		(2,982,031	)		(780,774	)
Other income (expenses)
Other income (expenses)		20,389			-			16,583			-
Interest income (expense)		(700	)		-			(753	)		-
Total other income, net		19,689			-			15,830			-
Loss before income tax provision		(329,097	)		(246,490	)		(2,966,201	)		(780,774	)
Income tax provision		(1,675	)		(1,568	)		(3,183	)		(3,094	)
Net loss from continuing operations		(330,772	)		(248,058	)		(2,969,384	)		(783,868	)
Net income (loss) from discontinued operations, net of tax		(565,515	)		133,687			(646,656	)		340,968
Net loss	$	(896,287	)	$	(114,371	)	$	(3,616,040	)	$	(442,900	)
Net loss per common stock
Basic and diluted*	$	(0.05	)	$	(0.01	)	$	(0.21	)	$	(0.03	)
Weighted average number of common shares outstanding
Basic and Diluted**		17,190,561			15,004,004			17,122,282			15,004,004

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

* Share and per share data are presented on a retroactive basis to reflect the effects of (i) 1.55-for-1 forward stock split of the common stock, and (ii) 4.5-for-1 forward stock split of the Series A Super-Voting Preferred Stock effected on September 9, 2024.2

**MARWYNN ~~Earnings per share for basic and diluted weighted average shares outstanding are the same due to anti-dilutive effect resulting from the net loss for the three and six months ended October 31~~HOLDINGS, ~~2025 and 2024~~INC.

~~The~~UNAUDITED ~~accompanying~~CONDENSED ~~notes~~CONSOLIDATED ~~are an integral~~STATEMENTS ~~part~~OF ofCHANGES ~~these~~IN ~~unaudited~~STOCKHOLDERS’ ~~condensed consolidated financial statements.~~EQUITY

FOR 2THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026 AND 2025

~~MARWYNN~~(Amount ~~HOLDINGS,~~in ~~INC~~of U.S. dollars, except for number of shares)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

	Preferred shares				Common shares				Additional paid-in		Retained earnings (accumulated			Total stockholders’
	Shares		Amount		Shares		Amount		capital		deficit)			equity
Balance as of April 30, 2025		135,000	$	135		17,054,004	$	17,054	$	8,931,634	$	(3,977,060	)	$	4,971,763

Net loss for the period		-		-		-		-		-		(2,719,753	)		(2,719,753	)

Share-based compensation expense		-		-		-		-		29,292		-			29,292

Balance as of July 31, 2025		135,000		135		17,054,004		17,054		8,960,926		(6,696,813	)		2,281,302

Net loss for the period		-		-		-		-		-		(896,287	)		(896,287	)

Issuance of common stock		-		-		3,140,800		3,141		1,410,219		-			1,413,360

Share-based compensation expense		-		-		-		-		29,292		-			29,292

Balance as of October 31, 2025		135,000		135		20,194,804		20,195		10,400,437		(7,593,100	)		2,827,667

Net loss for the period		-		-		-		-		-		(548,336	)		(548,336	)

Share-based compensation expense		-		-		-		-		29,291		-			29,291

Balance as of January 31, 2026		135,000	$	135		20,194,804	$	20,195	$	10,429,728	$	(8,141,436	)	$	2,308,622

Balance as of April 30, 2024 *		135,000	$	135		15,004,004	$	15,004	$	2,384,891	$	421,417		$	2,821,447

Net loss		-		-		-		-		-		(328,531	)		(328,531	)

Balance as of July 31, 2024		135,000		135		15,004,004		15,004		2,384,891		92,886			2,492,916

Net loss		-		-		-		-		-		(114,369	)		(114,369	)

Balance as of October 31, 2024		135,000		135		15,004,004		15,004		2,384,891		(21,483	)		2,378,547

Net income		-		-		-		-		-		23,418			23,418

Balance as of January 31, 2025		135,000	$	135		15,004,004	$	15,004	$	2,384,891	$	1,935		$	2,401,965

~~FOR~~* ~~THE~~Share ~~THREE~~and ~~AND~~per ~~SIX~~share ~~MONTHS~~data ~~ENDED~~are ~~OCTOBER~~presented 31on a retroactive basis to reflect the effects of (i) 1.55-for-1 forward stock split of the common stock, ~~2025~~and ~~AND~~(ii) 4.5-for-1 forward stock split of the Series A Super-Voting Preferred Stock effected on September 9, 2024.

~~(Amount~~The inaccompanying ~~thousands~~notes ofare ~~U.S.~~an ~~dollars,~~integral ~~except~~part ~~for~~of these ~~number~~unaudited ofcondensed ~~shares)~~consolidated financial statements.

~~(Unaudited)~~3

											Retained
									Additional		earnings			Total
	Preferred shares				Common shares				paid-in		(accumulated			stockholders’
	Shares		Amount		Shares		Amount		capital		deficit)			equity
Balance as of April 30, 2025		135,000	$	135		17,054,004	$	17,054	$	8,931,634	$	(3,977,060	)	$	4,971,763
Net loss for the period		-		-		-		-		-		(2,719,753	)		(2,719,753	)
Share-based compensation expense		-		-		-		-		29,292		-			29,292
Balance as of July 31, 2025		135,000		135		17,054,004		17,054		8,960,926		(6,696,813	)		2,281,302
Net loss for the period		-		-		-		-		-		(896,287	)		(896,287	)
Issuance of common stock		-		-		3,140,800		3,141		1,410,219		-			1,413,360
Share-based compensation expense		-		-		-		-		29,292		-			29,292
Balance as of October 31, 2025		135,000	$	135		20,194,804	$	20,195	$	10,400,437	$	(7,593,100	)	$	2,827,667
Balance as of April 30, 2024		135,000	$	135		15,004,004	$	15,004	$	2,384,891	$	421,417		$	2,821,447
Net loss		-		-		-		-		-		(328,529	)		(328,529	)
Balance as of July 31, 2024		135,000		135		15,004,004		15,004		2,384,891		92,888			2,492,918
Net loss		-		-		-		-		-		(114,371	)		(114,371	)
Balance as of October 31, 2024		135,000	$	135		15,004,004	$	15,004	$	2,384,891	$	(21,483	)	$	2,378,547

MARWYNN HOLDINGS, INC.

*UNAUIDTED ~~Share~~CONDENSED ~~and~~CONSOLIDATED ~~per~~STATEMENTS OF ~~share~~CASH data are presented on a retroactive basis to reflect the effects of (i) 1.55-for-1 forward stock split of the common stock, and (ii) 4.5-for-1 forward stock split of the Series A Super-Voting Preferred Stock effected on September 9, 2024.FLOWS

(Amount 3in U.S. dollars, except for number of shares)

MARWYNN HOLDINGS, INC.

	For the Nine Months ended January 31,
	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(4,164,376	)	$	(419,482	)
Net income (loss) from discontinued operations		(646,656	)		284,160
Net loss from continuing operations		(3,517,720	)		(703,642	)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense		43,749			-
Depreciation and amortization		49,250			39,440
Share-based compensation expense		87,875			-
Change in deferred tax assets		2,227			681
Operating lease expense		35,349			27,699
Changes in operating assets and liabilities:
Accounts receivable		(73,749	)		789,136
Prepaid expenses and other current assets		2,359,334			(380,437	)
Deferred IPO costs		-			(697,750	)
Advance to vendors		(501,382	)		-
Accounts payable		(5,104	)		66,446
Deferred revenue		-			(50,385	)
Income tax payable		12,348			(99,552	)
Accrued expenses and other current liabilities		241,228			(5,333	)
Operating lease liabilities		(35,802	)		(34,425	)

Net cash used in operating activities from continuing operations		(1,302,397	)		(1,048,122	)
Net cash provided by operating activities from discontinued operations		198,788			767,410

Net Cash Used in Operating Activities		(1,103,609	)		(280,712	)

CASH FLOWS FROM INVESTING ACTIVITIES
Note receivables		(830,000	)		-
Other receivable		(300,000	)		-
Cash received from disposal of subsidiary		250,000			-

Net cash used in investing activities from continuing operations		(880,000	)		-
Net cash used in investing activities from discontinued operations		(11,900	)		(56,772	)

Net Cash Used in Investing Activities		(891,900	)		(56,772	)

CASH FLOWS FORM FINANCING ACTIVITIES:
Bank overdraft		-			24,212
Loans from (to) shareholders		193,853			(38,501	)
Proceeds from issuance of common stock		1,413,360			-

Net cash provided by (used in) financing activities from continuing operations		1,607,213			(14,289	)
Net cash used in financing activities from discontinued operations		(382,428	)		(756,961	)

Net Cash Provided by (Used in) Financing Activities		1,224,785			(771,250	)

Net change in cash and cash equivalents		(770,724	)		(1,108,734	)

Cash and cash equivalents, beginning of the period		1,261,874			1,364,780

Cash and cash equivalents, end of the period	$	491,150		$	256,046

ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS:
Cash and equivalents	$	295,826		$	480
Cash and equivalents included in discontinued operations	$	195,324		$	255,566
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income tax	$	19,163		$	312,673
Cash paid for interest	$	5,097		$	32,219

~~CONDENSED~~The accompanying notes are an integral part of ~~CONSOLIDATED~~these ~~STATEMENTS~~unaudited OFcondensed ~~CASH~~consolidated ~~FLOWS~~financial statements.

~~(Amount in U.S. dollars, except for number of shares)~~4

~~(Unaudited)~~MARWYNN HOLDINGS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	For the Six Months ended October 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3,616,040	)	$	(442,900	)
Net income (loss) from discontinued operations		(646,656	)		340,968
Net loss from continuing operations		(2,969,384	)		(783,868	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		32,833			26,293
Amortization of operating lease right-of-use asset		-			15,916
Share-based compensation expense		58,583			-
Operating Lease Expense		23,566			-
Changes in operating assets and liabilities:
Accounts receivable		20,000			797,886
Prepaid expenses and other current assets		2,319,057			(321,113	)
Deferred IPO costs		-			(618,190	)
Advance to vendors		(138,195	)		(320,000	)
Accounts payable		176,440			190,257
Deferred revenue		-			(50,385	)
Tax payable		3,183			3,094
Accrued expenses and other current liabilities		11,032			20,670
Operating lease liabilities		(23,868	)		(22,950	)
Net cash used in operating activities from continuing operations		(486,753	)		(1,062,390	)
Net cash provided by operating activities from discontinued operations		149,343			390,405
Net Cash Used in Operating Activities		(337,410	)		(671,985	)
CASH FLOWS FROM INVESTING ACTIVITIES
Note receivable		(330,000	)		-
Net cash used in investing activities from continuing operations		(330,000	)		-
Net cash used in investing activities from discontinued operations		(11,900	)		(1,748	)
Net Cash Used in Investing Activities		(341,900	)		(1,748	)
CASH FLOWS FORM FINANCING ACTIVITIES:
Loan from (to) shareholder		193,853			(501	)
Proceeds from issuance of common stock		1,413,360			-
Net cash provided by (used in) financing activities from continuing operations		1,607,213			(501	)
Net cash used in financing activities from discontinued operations		(658,461	)		(619,442	)
Net Cash Provided by (Used in) Financing Activities		948,752			(619,943	)
Net change in cash and cash equivalents		269,442			(1,293,676	)
Cash and cash equivalents, beginning of the period		1,261,874			1,364,780
Cash and cash equivalents, end of the period	$	1,531,316		$	71,104
Less: Cash from discontinued operations end of the period	$	169,847		$	71,104
Cash from continuing operations, end of the period	$	1,361,469			-
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income tax	$	-		$	155,020
Cash paid for interest	$	2,964		$	21,587

NOTE 1 — ORGANIZATION AND DESCRIPTION OF BUSINESS

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

Marwynn 4Holdings, Inc. (“Marwynn” or the “Company”), through its wholly-owned subsidiaries, is primarily engaged in providing supply chain management solutions to customers in the United States of America.

~~MARWYNN~~Marwynn ~~HOLDINGS~~was incorporated in the state of Nevada, ~~INC.~~United States ~~NOTES~~of TOAmerica ~~UNAUDITED~~(“U.S.” ~~CONDENSED~~or ~~CONSOLIDATED~~United States) ~~FINANCIAL~~on February 27, ~~STATEMENTS~~2024 as a holding company with no substantial operations of its own.

~~NOTE~~The Company’s business was operated by the following entities: (1) FuAn —Enterprise, Inc (“FuAn”), which was incorporated in the state of California on April ~~ORGANIZATION~~18, ~~AND~~2016. ~~DESCRIPTION~~FuAn OFis a ~~BUSINESS~~food and non-alcoholic beverage supply chain company that specializes in connecting businesses between different regions, particularly between Asia and the U.S. FuAn’s comprehensive supply chain services include the sourcing of Asian food, snacks, and non-alcoholic beverages, and distributing branded goods to mainstream markets, grocery stores and wholesale/warehouse clubs in the U.S. In addition, FuAn provides supply chain consulting, and market expansion support for businesses; (2) Grand Forest Cabinetry Inc (“Grand Forest”), which was incorporated in the state of California, on February 22, 2021. KZS Kitchen Cabinet & Stone Inc (“KZS”) was incorporated in the state of California, on October 11, 2018, and merged with and into Grand Forest on June 1, 2024. Following the merger, all of the home improvement business is now under Grand Forest as the surviving corporation. Grand Forest is an indoor home improvement supply chain provider that focuses on providing high-quality kitchen cabinets, flooring, and home improvement products sourced from international suppliers. The Company disposed of Grand Forest during fiscal year 2026 and it is presented as a discontinued operation in the accompanying unaudited condensed consolidated financial statements. See “Discontinued Operations - Grand Forest” below; and (3) EcoLoopX Corporation (“EcoLoopX”), which was incorporated in the state of California on November 25, 2025, mainly engaged in e-waste reverse supply chain business. Its activities primarily include sourcing recyclable e-waste materials from suppliers and facilitating transactions with customers, as well as logistics management, documentation facilitation, and vendor and partner engagement. The Company believes the expansion into the e-waste reverse supply chain business sector will better align with its long-term growth objectives and enhance its ability to capture emerging market opportunities.

~~Business~~Discontinued Operations - Grand Forest

~~Marwynn~~During ~~Holdings,~~the ~~Inc.~~second ~~(“Marwynn”~~quarter orof ~~the~~fiscal ~~“Company”)~~year 2026, ~~through~~ ~~its~~following ~~wholly-owned subsidiaries,~~approval by isthe ~~primarily~~Board ~~engaged~~of inDirectors ~~providing~~of ~~supply~~the ~~chain~~Company, ~~management~~the ~~solutions~~Company committed to ~~customers~~a inplan ~~the~~to ~~United States~~ dispose of ~~America~~Grand Forest Cabinetry Inc.

On October 27, 2025, Marwynn ~~was~~entered ~~incorporated~~into ina Securities Purchase Agreement with Reli Home Décor Inc., a California corporation (the ~~state~~“Buyer”), solely for the purposes of ~~Nevada~~selling all of the shares it owns in its wholly owned subsidiary Grand Forest. Pursuant to the Purchase Agreement, ~~United~~the Company has agreed to sell all ~~States~~70,000 shares of ~~America~~common ~~(“U.S.”~~stock orof ~~United~~Grand Forest that it owns to the Buyer for an aggregate cash purchase price of $550,000. ~~States~~The Closing is subject to certain customary conditions, including: (i) ~~on February 27~~approval of the transaction by the Company’s board and stockholders, ~~2024 as~~(ii) areceipt of ~~holding~~any ~~company~~required ~~with~~approval from Nasdaq, (iii) the absence of any court order or governmental action prohibiting the transaction, and (iv) no ~~substantial~~applicable ~~operations~~law in effect that would make consummation of the transaction illegal. On December 22, 2025, the Company completed the sale of all of its ~~own~~equity interests of Grand Forest. Following the sale of Grand Forest, the Company is no longer indoor home improvement supply chain provider.

The Company’s business was operated by the following entities: (1) FuAn Enterprise, Inc (“FuAn”), was incorporated in the state of California on April 18, 2016. FuAn is a food and non-alcoholic beverage supply chain company that specializes in connecting businesses between different regions, particularly between Asia and the U.S. FuAn’s comprehensive supply chain services include the sourcing of Asian food, snacks, and non-alcoholic beverages, and distributing branded goods to mainstream markets, grocery stores and wholesale/warehouse clubs in the U.S. In addition, FuAn provides supply chain consulting, and market expansion support for businesses; (2) Grand Forest Cabinetry Inc (“Grand Forest”), was incorporated in the state of California, on February 22, 2021. KZS Kitchen Cabinet & Stone Inc (“KZS”), was incorporated in the state of California, on October 11, 2018, and merged with and into Grand Forest on June 1, 2024. Following the merger, all of the home improvement business is now under Grand Forest as the surviving corporation. Grand Forest is an indoor home improvement supply chain provider that focuses on providing high-quality kitchen cabinets, flooring, and home improvement products sourced from international suppliers.5

~~Discontinued~~As ~~Operations~~of -January ~~Grand~~31, ~~Forest~~2026, the unaudited condensed consolidated financial statements of the Company of continuing operation include the following entities:

During the second quarter of fiscal year 2026, following approval by the Board of Directors of the Company, the Company committed to a plan to dispose of Grand Forest Cabinetry Inc.

Place and date of

% of ownership

Name of entities

incorporation

Direct

Indirect

Principal activities

Marwynn Holdings, Inc.

February 27, 2024, state of Nevada

Parent

Investment Holding

FuAn Enterprise, Inc.

April 18, 2016, State of California

100

Food and beverage supply chain and brand management services

EcoLoopX Corporation

November 25, 2025, State of California

100

E-waste reverse supply chain

OnGrand ~~October~~Forest ~~27,~~Cabinetry ~~2025,~~Inc. ~~Marwynn~~has ~~entered~~been ~~into a Securities Purchase Agreement~~classified ~~with~~as ~~Reli Home Décor Inc.,~~ a ~~California~~discontinued ~~corporation~~operation ~~(the~~as ~~“Buyer”), solely for the purposes~~ of ~~selling~~April ~~all of the shares it owns in its wholly owned subsidiary Grand Forest. Pursuant to the Purchase Agreement~~30, ~~the Company has agreed to sell all 70~~2025,~~000~~ ~~shares of~~and ~~common stock of Grand Forest that it owns to the Buyer~~ for ~~an aggregate cash purchase price of $550,000. The Closing is subject to certain customary conditions, including: (i) approval of~~ the ~~transaction~~three ~~by the Company’s board~~ and ~~stockholders,~~nine ~~(ii)~~months ~~receipt of~~ended ~~any~~January ~~required approval from Nasdaq~~31, ~~(iii)~~2026 ~~the absence of any court order or governmental action prohibiting the transaction,~~ and ~~(iv) no applicable law in effect that would make consummation of the transaction illegal. As of October 31,~~ 2025, ~~the~~and ~~transaction~~is ~~was not closed~~presented ~~yet;~~separately ~~however,~~in the ~~Company~~unaudited ~~recorded~~condensed ~~$413,512~~financial ~~impairment loss as a result of this committed disposal~~statements.

~~The~~Completion ~~Company determined the planned sale~~ of ~~Grand Forest met~~ the “held for sale” criteria and “discontinued operations” criteria in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 205, Presentation of Financial Statements (“FASB ASC 205”), following approval and commitment to the disposal plan by the Board of Directors in the second quarter of fiscal year 2026. Results related to the Grand Forest are included within discontinued operations. Please refer to Note 3, Discontinued Operations for further information about the discontinued business. The Unaudited Condensed Consolidated Balance Sheet and Unaudited Condensed Consolidated Statements of Operations, as well as the notes to the Unaudited Condensed Consolidated Financial Statements, have been reclassified for all periods presented to reflect the discontinuation of Grand Forest in accordance with FASB ASC 205. The discussion in these notes to Unaudited Condensed Consolidated Financial Statements, unless otherwise stated, relates solely to the Company’s continuing operations.IPO

On 5March 12, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with American Trust Investment Services, Inc., as representative of the several underwriters (the “Representative”), pursuant to which the Company issued and sold an aggregate of 2,000,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), in the initial public offering (the “Offering”) pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-284245) and a related prospectus supplements dated March 12, 2025, filed with the Securities and Exchange Commission (“Commission”). The Common Stock was sold at an offering price of $4.00 per share (the “Public Offering Price”), generating gross proceeds to the Company of $8,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses. On March 14, 2025, the Company completed its IPO, and the Company received net proceeds of approximately $7.16 million, after deducting underwriting discounts and commissions and estimated IPO offering expenses payable by the Company.

AsOn ofApril ~~October 31~~4, 2025, the ~~unaudited~~Underwriter ~~condensed consolidated financial~~purchased 50,000 additional ~~statements~~shares of the Company’s common stock, at a price of ~~continuing~~$4.00 per ~~operation~~share ~~include~~(the “Over-Allotment Shares”). As a result, the ~~following~~Company ~~entities:~~has raised net proceeds of approximately $184,000, after underwriting discounts and commissions.

	Place and date of	% of ownership
Name of entities	incorporation	Direct		Indirect	Principal activities
Marwynn Holdings, Inc.	February 27, 2024, state of Nevada	Parent			Investment Holding
FuAn Enterprise, Inc.	April 18, 2016, State of California	100	%		Food and beverage supply chain and brand management services

Liquidity and Going Concern

~~Grand~~As ~~Forest~~reflected ~~Cabinetry~~in ~~Inc.~~the ~~has~~accompanying ~~been~~unaudited ~~classified~~consolidated financial asstatements, athe ~~discontinued~~Company ~~operation~~incurred net loss of $548,336 and is$3,517,720 from ~~presented~~continuing ~~separately~~operations for inthe three and nine months ended January 31, 2026, respectively, and had cash outflow from operating activities of $1,302,397 from continuing operations for the nine months ended January 31, 2026. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year from the issuance date of the unaudited condensed consolidated financial statements. The management plans to increase its revenue of FuAn by diversifying its markets from major mass market channels to ethnic supermarkets chains. In addition, FuAn has already finished the setup process to become a vendor to some major food distributors. The Company completed the disposal of Grand Forest Cabinetry Inc. during fiscal year 2026, allowing management to focus on its core supply chain consulting and food distribution business. The Company started the e-waste reverse supply chain business through its new subsidiary EcoLoopX during the three months ended January 31, 2026, to better align with its long-term growth objectives and enhance its ability to capture emerging market opportunities

~~Completion~~The Company had $295,826 cash on hand and working capital of approximately $2.15 million as of January 31, 2026. The Company has historically funded its working capital needs primarily from operations and shareholder loans. The working capital requirements are affected by the ~~IPO~~efficiency of operations and depend on the Company’s ability to increase its revenue. However, the Company may need additional cash resources in the future if the Company experiences changed business conditions or other developments and may also need additional cash resources in the future if the Company wishes to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If it is determined that the cash requirements exceed the Company’s amounts of cash on hand, the Company may seek to issue debt or equity securities or obtain a credit facility from banks or others.

On March 12, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with American Trust Investment Services, Inc., as representative of the several underwriters (the “Representative”), pursuant to which the Company issued and sold an aggregate of 2,000,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), in the initial public offering (the “Offering”) pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-284245) and a related prospectus supplements dated March 12, 2025, filed with the Securities and Exchange Commission (“Commission”). The Common Stock was sold at an offering price of $4.00 per share (the “Public Offering Price”), generating gross proceeds to the Company of $8,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses. On March 14, 2025, the Company completed its IPO, and the Company received net proceeds of approximately $7.16 million, after deducting underwriting discounts and commissions and estimated IPO offering expenses payable by the Company.6

OnNOTE ~~April 4, 2025, the Underwriter purchased~~2 ~~50,000~~— ~~additional shares~~SUMMARY ofOF ~~the~~SIGNIFICANT ~~Company’s~~ACCOUNTING common stock, at a price of $4.00 per share (the “Over-Allotment Shares”). As a result, the Company has raised net proceeds of approximately $184,000, after underwriting discounts and commissions.POLICIES

~~Liquidity~~Basis ~~and~~of ~~Going~~Presentation ~~Concern~~and Consolidation

AsThe ~~reflected in the~~ accompanying unaudited condensed consolidated financial statements, ~~the~~have ~~Company~~been ~~incurred~~prepared ~~net~~in ~~loss~~accordance ofwith ~~$330,772~~U.S. generally ~~and~~accepted ~~$2,969,384~~accounting ~~from~~principles ~~continuing operations~~(“U.S. GAAP”) for ~~the three~~interim ~~and~~financial information ~~six~~with ~~months~~the ~~ended~~instructions ~~October 31,~~to ~~2025,~~the ~~respectively,~~Quarterly ~~and~~Report ~~had~~on ~~cash~~Form ~~outflow~~10-Q ~~from~~and ~~operating~~Article 8 Regulation ~~activities~~S-X. ~~of $486~~Accordingly,~~753~~ ~~from~~they ~~continuing~~do ~~operations~~not include ~~for~~all of the ~~six~~information ~~months~~and ~~ended October~~notes ~~31,~~required ~~2025.~~by ~~These~~GAAP ~~conditions~~for ~~raise~~annual ~~substantial~~financial ~~doubt~~statements. ~~about~~The ~~the~~unaudited ~~Company’s~~condensed ~~ability~~consolidated tofinancial statements ~~continue~~and asnotes ashould ~~going~~be ~~concern~~read ~~within~~in ~~one year~~conjunction ~~from~~with the ~~issuance~~consolidated ~~date~~financial ofstatements ~~the~~and ~~unaudited~~notes ~~condensed~~for ~~consolidated~~the ~~financial~~years ~~statements.~~ended April 30, ~~The~~2025 ~~management~~and ~~plans~~2024 included toin ~~increase~~the ~~its~~Company’s ~~revenue of~~Annual ~~FuAn~~Report byon ~~diversifying~~Form ~~its~~10-K, ~~markets~~as ~~from~~filed ~~major~~with ~~mass~~the ~~market~~Securities ~~channels~~and toExchange ~~ethnic~~Commission on ~~supermarkets~~August ~~chains~~8, 2025. In ~~addition,~~the ~~FuAn~~opinion ~~has~~of ~~already~~management, ~~finished the~~all ~~setup~~adjustments, ~~process~~consisting toof ~~become~~normal aaccruals, ~~vendor~~considered tonecessary ~~some~~for ~~major~~a ~~food~~fair ~~distributors.~~presentation of ~~The~~the ~~Company’s~~interim ~~decision~~financial ofstatements ~~disposing~~have ~~Grand~~been ~~Forest~~included. isResults tofor ~~maximize~~ the ~~efficiency~~three and nine ~~profitability~~months ofended ~~its~~January ~~existing~~31, ~~business~~2026 are not necessarily indicative of ~~supply~~the ~~chain~~results ~~consulting,~~that ~~and~~may ~~supply~~be ~~chain~~expected ~~services~~for ofthe ~~sourcing~~year ~~Asian~~ending April ~~foods~~30, ~~snacks,~~ ~~and~~2026. ~~non-alcoholic~~The ~~beverages,~~unaudited ~~and~~condensed ~~distributing~~consolidated financial ~~branded~~statements ~~goods~~include tothe ~~mainstream~~accounts ~~markets,~~of ~~grocery~~the ~~stores~~Company and ~~wholesale~~its /wholly-owned ~~warehouse~~subsidiaries. ~~clubs~~All intercompany balances and transactions are eliminated in the USconsolidation.

~~The~~Emerging ~~Company~~Growth ~~had $1,361,469 cash on hand and working capital of approximately $2.09 million as of October 31, 2025. The~~ Company has historically funded its working capital needs primarily from operations and shareholder loans. The working capital requirements are affected by the efficiency of operations and depend on the Company’s ability to increase its revenue. However, the Company may need additional cash resources in the future if the Company experiences changed business conditions or other developments and may also need additional cash resources in the future if the Company wishes to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If it is determined that the cash requirements exceed the Company’s amounts of cash on hand, the Company may seek to issue debt or equity securities or obtain a credit facility from banks or others.

The 6Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

~~NOTE~~Further, 2Section —102(b)(1) ~~SUMMARY~~of OFthe ~~SIGNIFICANT~~JOBS ~~ACCOUNTING~~Act ~~POLICIES~~exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

~~Basis~~Use of ~~Presentation and Consolidation~~Estimates

The ~~accompanying~~preparation of the unaudited condensed consolidated financial ~~statements~~ ~~have~~statements ~~been prepared~~ in ~~accordance~~conformity with U.S. ~~generally accepted accounting principles (“U.S.~~ GAAP”) ~~for~~requires ~~interim~~management ~~financial information with the instructions~~ to ~~the~~make ~~Quarterly~~estimates ~~Report on Form 10-Q~~ and ~~Article 8 Regulation~~assumptions ~~S-X.~~that ~~Accordingly,~~affect ~~they~~the doreported ~~not include~~amounts ~~all~~ of assets ~~the information~~ and ~~notes~~liabilities ~~required~~as byof ~~GAAP~~the ~~for~~dates ~~annual~~of ~~financial~~the ~~statements. The~~ unaudited condensed consolidated financial statements, ~~and~~as ~~notes~~well ~~should~~as ~~be read in conjunction with~~ the ~~consolidated~~reported ~~financial~~amounts of ~~statements~~revenues and ~~notes~~expenses ~~for~~during the ~~years~~reporting ~~ended April 30,~~period. ~~2025~~These estimates and ~~2024 included~~judgments ininclude, ~~the~~but ~~Company’s~~are ~~Annual~~not ~~Report~~limited onto, ~~Form~~revenue ~~10-K~~recognition, sales asreturn ~~filed~~allowance, ~~with~~estimates ~~the~~used ~~Securities~~in ~~and~~the ~~Exchange~~lease ~~Commission on August 8~~accounting, ~~2025. In~~ the ~~opinion~~allowance offor ~~management,~~credit ~~all adjustments~~loss, ~~consisting~~income ~~of normal accruals~~taxes, ~~considered~~the ~~necessary~~useful ~~for~~lives aof ~~fair presentation~~long-lived assets ofand ~~the~~assumptions ~~interim~~used ~~financial~~in ~~statements~~assessing ~~have~~impairment ~~been~~of ~~included.~~long-lived assets, ~~Results~~and ~~for~~stock-based ~~the~~compensation. ~~three~~Management ~~and six~~bases ~~months~~its ~~ended~~estimates on ~~October~~historical ~~31,~~experience ~~2025 are~~and ~~not necessarily~~on ~~indicative~~various ofother ~~the~~assumptions ~~results~~believed ~~that~~to ~~may~~ be ~~expected~~reasonable ~~for~~under the ~~year ending April 30~~circumstances, ~~2026.~~the ~~The~~results ~~unaudited~~of ~~condensed~~which ~~consolidated~~form ~~financial~~the ~~statements~~basis ~~include~~for ~~the~~making ~~accounts~~judgments ofabout the ~~Company~~carrying ~~and~~values ~~its~~of ~~wholly-owned~~assets ~~subsidiaries~~and liabilities. ~~All~~Although ~~intercompany~~actual ~~balances~~amounts ~~and~~may ~~transactions~~differ from the estimated amounts, such differences are ~~eliminated~~not inlikely ~~the~~to ~~consolidation~~be material.

~~Emerging Growth Company~~7

~~The~~Cash ~~Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),~~ and itcash may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.equivalents

~~Further,~~Cash ~~Section 102(b)(1) of~~include ~~the~~cash ~~JOBS~~on ~~Act~~hand ~~exempts~~and ~~emerging growth~~demand ~~companies~~deposits ~~from~~that ~~being~~are ~~required~~highly toliquid in ~~comply~~nature ~~with~~and ~~new or revised financial accounting standards until private companies (that is, those that~~ have ~~not~~original ~~had~~maturities awhen ~~Securities~~purchased ~~Act~~of ~~registration~~three months ~~statement declared effective~~ or doless. ~~not~~The ~~have~~Company’s acash ~~class~~is ofmaintained ~~securities~~at ~~registered under the~~financial ~~Exchange Act)~~institutions ~~are~~in ~~required to comply with~~ the ~~new~~United States orof ~~revised financial accounting standards~~America. ~~The~~Deposits ~~JOBS~~in ~~Act~~these ~~provides~~financial ~~that~~institutions amay, ~~company can~~from ~~elect~~time to ~~opt~~time, ~~out~~exceed of the ~~extended~~Federal Deposit ~~transition~~Insurance ~~period~~Corporation ~~and~~(“FDIC”)’s ~~comply~~federally ~~with~~insured ~~the~~limits. ~~requirements~~The ~~that~~standard ~~apply~~insurance toamount ~~non-emerging growth~~is ~~companies~~$250,000 per ~~but~~depositor, ~~any~~per ~~such~~insured ~~election~~bank, tofor ~~opt~~each ~~out~~account isownership ~~irrevocable~~category. The ~~Company~~bank ~~has~~deposits ~~elected~~exceeding ~~not~~the tostandard ~~opt~~insurance ~~out~~amount ofwill ~~such extended transition period which means~~not ~~that~~be ~~when~~covered. aAs ~~standard~~of isJanuary ~~issued~~31, or2026 ~~revised~~ and itApril 30, ~~has~~2025, ~~different~~cash ~~application~~balances ~~dates~~of ~~for~~continuing ~~public~~operations orheld ~~private~~in ~~companies,~~ the ~~Company~~banks, asexceeding anthe ~~emerging~~standard ~~growth~~insurance ~~company~~amount, ~~can~~are $45,826 and ~~adopt~~$621,009, ~~the~~respectively. ~~new~~The orCompany ~~revised~~has ~~standard~~not atexperienced ~~the~~any ~~time~~losses ~~private~~in ~~companies~~accounts ~~adopt~~held ~~the~~in ~~new or revised standard. This may make comparison~~these ~~of the Company’s~~ financial ~~statements~~institutions ~~with~~and ~~another~~believes ~~public~~it ~~company which~~ is ~~neither~~not anexposed ~~emerging~~to ~~growth~~any ~~company~~risks ~~nor~~on anits ~~emerging~~cash ~~growth company~~held ~~which has opted out of using the extended transition period difficult or impossible because of the potential differences~~ in ~~accounting standards~~these ~~used~~financial institutions.

~~Discontinued~~Accounts ~~operations~~Receivable, Net

On ~~October 27~~May 1, ~~2025~~2023, ~~Marwynn~~the ~~entered~~Company ~~into~~adopted aAccounting ~~Securities~~Standards ~~Purchase Agreement~~Update ~~with Reli Home Décor Inc., a California corporation~~ (~~the~~ “~~Buyer~~ASU”), 2016-13 Financial ~~solely~~Instruments — Credit ~~for~~Losses ~~the~~(Topic 326): ~~purposes~~Measurement of ~~selling~~Credit ~~all of the shares~~Losses iton ~~owns~~Financial inInstruments ~~its~~(Accounting ~~wholly~~Standards ~~owned~~Codification ~~subsidiary~~(“ASC”) ~~Grand Forest~~326). AThis ~~component~~standard ofreplaced athe ~~reporting~~incurred ~~entity~~loss ormethodology with aan ~~group~~expected ofloss ~~components~~methodology ~~of a reporting entity~~ that ~~are~~is ~~disposed~~referred ~~or meet the criteria~~ to ~~be classified~~ as ~~held for sale, such as~~ the ~~management~~current ~~having~~expected ~~the~~credit ~~authority~~loss to(“CECL”) ~~approve~~methodology. ~~the~~CECL ~~action,~~requires ~~commits~~an toestimate aof ~~plan~~credit tolosses ~~sell~~for the ~~disposal~~remaining ~~group,~~estimated ~~should~~life beof ~~reported~~the infinancial ~~discontinued~~asset ~~operations~~using ifhistorical ~~the~~experience, ~~disposal~~current ~~represents a strategic shift~~conditions, ~~that~~and ~~has~~reasonable ~~(or~~and ~~will~~supportable ~~have)~~forecasts aand ~~major~~generally ~~effect~~applies onto ~~an entity’s operations and~~ financial ~~results.~~assets ~~Discontinued~~measured ~~operations~~at ~~are~~amortized ~~reported~~cost, ~~when a~~including ~~component~~loan ~~of an entity comprising operations~~ receivables and ~~cash~~held-to-maturity debt ~~flows that can be clearly distinguished~~securities, ~~operationally~~ and ~~for~~some ~~financial~~off-balance sheet ~~reporting purposes,~~credit ~~from~~exposures ~~the~~such ~~rest~~as ofunfunded ~~the~~commitments ~~entity~~to isextend ~~classified~~credit. Financial asassets ~~held~~measured ~~for~~at ~~disposal~~amortized orcost ~~has~~will ~~been~~be ~~disposed~~presented ~~of,~~at if the ~~component~~net ~~either~~amount ~~(1)~~expected ~~represents a~~to ~~strategic~~be ~~shift~~collected orby ~~(2)~~using ~~have a major impact on~~ an ~~entity’s~~allowance ~~financial~~for ~~results and operations~~credit losses. In ~~the~~addition, ~~consolidated~~CECL ~~statements~~made ~~of operations~~changes ~~and~~to ~~comprehensive~~the ~~loss,~~accounting ~~result~~for ~~from~~available-for-sale debt ~~discontinued~~securities. ~~operations~~One issuch ~~reported~~change ~~separately~~is ~~from~~to ~~the~~require ~~income and expenses from continuing~~credit ~~operations~~losses ~~and~~to ~~prior~~be ~~periods are~~ presented onas aan ~~comparative~~allowance ~~basis.~~rather Inthan ~~order~~as toa ~~present~~write-down on ~~the~~available-for-sale debt ~~financial~~securities ~~effects~~if ofmanagement ~~the continuing operations~~does ~~and~~not ~~discontinued~~intend ~~operations,~~to ~~revenues~~sell and ~~expenses~~does ~~arising~~not ~~from~~believe ~~intra-group~~that ~~transactions~~it ~~are~~is ~~eliminated~~more ~~except~~likely ~~for~~than ~~those~~not ~~revenues~~they ~~and expenses~~will ~~that~~be ~~are~~required ~~considered~~ to ~~continue after the disposal of the discontinued operations (see Note 3)~~sell.

~~Use~~The Company adopted ASC 326 and all related subsequent amendments thereto effective May 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 ~~Estimates~~the adoption of CECL.

~~The~~Accounts ~~preparation~~receivable ofrepresents the ~~unaudited~~amounts ~~condensed~~that ~~consolidated~~the ~~financial~~Company ~~statements~~has an inunconditional ~~conformity~~right ~~with~~to ~~U.S. GAAP~~consideration, ~~requires~~which ~~management~~are tostated ~~make~~at ~~estimates~~the ~~and~~historical ~~assumptions~~carrying ~~that~~amount ~~affect~~net ~~the~~of ~~reported~~allowance ~~amounts~~for ofdoubtful ~~assets~~accounts. ~~and~~The ~~liabilities~~Company asmaintains ofallowances ~~the~~for ~~dates~~doubtful ofaccounts ~~the~~for ~~unaudited~~estimated ~~condensed~~losses. ~~consolidated~~The ~~financial~~Company ~~statements,~~reviews asthe ~~well~~accounts asreceivable ~~the~~on ~~reported~~a ~~amounts~~periodic ~~of revenues~~basis and ~~expenses~~makes ~~during~~allowances ~~the~~when ~~reporting~~there ~~period.~~is ~~These~~doubt ~~estimates~~as ~~and~~to ~~judgments~~the ~~include,~~collectability ~~but~~of ~~are~~individual ~~not~~balances. ~~limited~~In ~~to,~~evaluating ~~revenue~~the ~~recognition,~~collectability ~~sales~~of ~~return~~individual ~~allowance~~receivable balances, ~~estimates~~the ~~used~~Company inconsiders ~~the~~many ~~lease~~factors, ~~accounting~~including historical losses, the ~~allowance~~age ~~for~~of ~~credit~~the ~~loss,~~receivable ~~income taxes~~balance, the ~~useful~~customer’s historical ~~lives~~payment ofpatterns, ~~long~~its current credit-~~lived~~worthiness ~~assets~~ and ~~assumptions~~financial ~~used~~condition, inand ~~assessing~~current ~~impairment~~market ofconditions ~~long-lived assets,~~ and ~~stock-based~~economic ~~compensation~~trends. Accounts ~~Management~~are ~~bases~~written ~~its~~off ~~estimates~~against ~~on historical~~the ~~experience~~allowance ~~and~~after onall ~~various~~means ~~other~~of ~~assumptions~~collection ~~believed~~have tobeen beexhausted ~~reasonable~~and ~~under~~ the ~~circumstances,~~potential ~~the~~for ~~results~~recovery ofis ~~which~~considered remote. ~~form~~The ~~the basis~~Company ~~for~~had ~~making~~$43,749 ~~judgments~~and ~~about~~nil ~~the~~allowance ~~carrying~~for ~~values~~credit oflosses ~~assets~~related ~~and~~to ~~liabilities.~~continuing ~~Although~~operations ~~actual~~as ~~amounts~~of ~~may~~January ~~differ~~31, ~~from~~2026 ~~the~~and ~~estimated~~April ~~amounts~~30, ~~such~~2025, ~~differences are not likely to be material~~respectively.

Property 7and Equipment, Net

~~Cash~~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 that extend the useful lives of property and equipment are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts, and any resulting gain or loss is reflected in the unaudited condensed consolidated statement of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives by asset classification are generally as follows:

Cash include cash on hand and demand deposits that are highly liquid in nature and have original maturities when purchased of three months or less. The Company’s cash is maintained at financial institutions in the United States of America. Deposits in these financial institutions may, from time to time, exceed the Federal Deposit Insurance Corporation (“FDIC”)’s federally insured limits. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The bank deposits exceeding the standard insurance amount will not be covered. As of October 31, 2025 and April 30, 2025, cash balances of continuing operations held in the banks, exceeding the standard insurance amount, are $1,111,469 and $621,009, respectively. The Company has not experienced any losses in accounts held in these financial institutions and believes it is not exposed to any risks on its cash held in these financial institutions.

		Estimated Useful Life
Furniture and fixtures		3 – 7 years
Office equipment		3 – 5 years

~~Accounts Receivable, Net~~8

OnImpairment ~~May 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement~~ of Credit Losses on Financial Instruments (Accounting Standards Codification (“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~~Long-~~balance~~Lived 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.Assets

~~The~~Long-lived assets, ~~Company~~which ~~adopted~~include ~~ASC 326~~property and ~~all~~equipment ~~related~~and ~~subsequent amendments~~intangible ~~thereto~~assets, ~~effective~~are ~~May 1,~~reviewed ~~2023,~~for ~~using~~impairment whenever events or changes in circumstances indicate the ~~modified~~carrying ~~retrospective~~amount ~~approach~~of ~~for~~an ~~all~~asset ~~financial~~may not be recoverable. The recoverability of long-lived assets to be held and used is measured atby ~~amortized~~comparing ~~cost~~the ~~and~~carrying amount of an asset to the estimated ~~off-balance sheet~~undiscounted ~~credit~~future ~~exposures~~cash flows expected to be generated by the asset. ~~The~~If ~~was~~the nocarrying ~~transition~~amount ~~adjustment~~of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the ~~adoption~~asset exceeds the fair value of ~~CECL~~the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.

~~Accounts~~The ~~receivable~~Company ~~represent~~evaluates ~~the~~events ~~amounts~~and ~~that~~changes ~~the~~in ~~Company~~circumstances ~~has~~that ~~an unconditional~~could ~~right~~indicate ~~to consideration, which are stated at~~ the ~~historical~~ carrying ~~amount~~amounts ~~net~~ of ~~allowance~~long-lived assets ~~for~~may ~~doubtful~~not ~~accounts~~be recoverable. ~~The~~When ~~Company~~such ~~maintains allowances~~events ~~for~~or ~~doubtful~~changes ~~accounts~~in ~~for~~circumstances ~~estimated~~occur, ~~losses. The~~ the Company ~~reviews~~assesses the ~~accounts~~recoverability ~~receivable~~of onlong-lived assets aby ~~periodic~~determining ~~basis~~whether ~~and~~the ~~makes~~carrying ~~allowances when~~value ~~there~~of issuch ~~doubt~~assets aswill tobe ~~the~~recovered through ~~collectability~~undiscounted ofexpected ~~individual~~future ~~balances~~cash flows. InIf ~~evaluating~~ the ~~collectability~~total of ~~individual receivable balances,~~ the ~~Company~~future ~~considers~~undiscounted ~~many~~cash ~~factors,~~flows ~~including~~is ~~historical~~less ~~losses,~~than the ~~age~~carrying amount of ~~the~~those ~~receivable balance~~assets, the ~~customer’s~~Company ~~historical~~records ~~payment patterns,~~an ~~its~~impairment ~~current~~charge ~~credit-worthiness and~~in ~~financial~~the ~~condition,~~period ~~and~~in ~~current~~which ~~market~~such ~~conditions~~a ~~and~~determination ~~economic~~is ~~trends~~made. ~~Accounts~~If such assets are considered ~~written~~to ~~off~~be ~~against~~impaired, the ~~allowance~~impairment ~~after~~to ~~all~~be ~~means~~recognized ofis ~~collection~~measured ~~have~~by ~~been~~the ~~exhausted~~amount ~~and~~by which the ~~potential~~carrying ~~for~~amount ~~recovery~~of isthe ~~considered~~assets ~~remote.~~exceeds the fair ~~There~~value ~~was~~of nothe ~~allowance~~assets. ~~for~~Based ~~credit~~on ~~losses~~the above analysis, no impairment loss was recognized related to ~~continuing~~these ~~operations~~long-lived assets as of January ~~October~~ 31, ~~2025~~2026 and April 30, 2025.

Income 8Tax

~~Property~~The Company uses the asset and ~~Equipment~~liability method of accounting for income taxes in accordance with FASB ASC Topic 740, ~~Net~~“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.

~~Property~~The ~~and~~Company ~~equipment~~follows ~~are~~FASB ~~stated~~ASC ~~at cost~~Topic 740, ~~net~~which ofprescribes ~~accumulated~~a ~~depreciation~~more-likely-than-not threshold ~~and~~for ~~impairment~~financial ~~losses,~~statement ifrecognition ~~any.~~and ~~Expenditures~~measurement ~~for~~of ~~maintenance~~a ~~and~~tax ~~repairs~~position ~~are~~taken ~~expensed~~or asexpected ~~incurred,~~to ~~while~~be ~~additions,~~taken ~~renewals~~in ~~and~~a ~~improvements that~~tax ~~extend~~return. ~~the~~FASB ~~useful~~ASC ~~lives~~Topic 740 also ofprovides ~~property~~guidance ~~and~~on ~~equipment~~recognition ~~are~~of ~~capitalized.~~income ~~When~~tax assets ~~are~~and ~~retired~~liabilities, orclassification ~~otherwise disposed~~ of, ~~the~~current ~~related cost~~ and ~~accumulated~~deferred ~~depreciation~~income istax ~~removed~~assets and ~~from~~liabilities, ~~the~~accounting ~~respective~~for ~~accounts,~~interest and ~~any~~penalties ~~resulting~~associated ~~gain~~with ortax ~~loss~~positions, isaccounting ~~reflected~~for ~~in the consolidated statement of~~ income. ~~Depreciation~~taxes isin ~~computed~~interim ~~using the straight-line method over the estimated useful lives of the assets. The~~periods, ~~estimated~~and ~~useful~~income ~~lives~~tax ~~by asset classification are generally as follows:~~disclosures.

	Estimated Useful Life
Furniture and fixtures	3 – 7 years
Office equipment	3 – 5 years
Warehouse machinery and equipment	5 – 7 years
Vehicles	5 years

The Company utilizes a two-step approach to evaluate measure uncertain income tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating its tax positions and estimating its tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company includes interest and penalties related to its tax contingencies in income tax expense.

~~Impairment~~Revenue ~~of Long-Lived Assets~~Recognition

~~Long-lived assets,~~In ~~which~~accordance ~~include~~with ~~property~~ASC 606, ~~and~~“Revenue ~~equipment~~from ~~and intangible~~Contracts ~~assets~~with Customers,” ~~are~~revenue ~~reviewed~~is ~~for~~recognized ~~impairment~~when ~~whenever~~a ~~events~~customer orobtains ~~changes~~control ~~in circumstances indicate the carrying amount~~ of anpromised ~~asset~~goods ~~may~~or ~~not be recoverable~~services. The ~~recoverability~~amount of ~~long-lived assets~~revenue recognized toreflects bethe ~~held~~consideration ~~and~~that ~~used is measured by comparing~~ the ~~carrying~~Company ~~amount~~expects ofto anbe ~~asset~~entitled to ~~the~~receive ~~estimated undiscounted~~in ~~future~~exchange ~~cash~~for ~~flows~~these ~~expected~~goods toor beservices. ~~generated~~The Company byrecognizes ~~the~~revenues ~~asset.~~following If the ~~carrying~~five-step model ~~amount~~prescribed ofunder anASU ~~asset~~No. 2014-09: ~~exceeds~~(i) identifies ~~its estimated undiscounted~~contract(s) with ~~future~~a ~~cash~~customer; ~~flows,~~(ii) identifies ~~an impairment charge is recognized by~~ the ~~amount~~performance byobligations ~~which~~in the ~~carrying~~contract; ~~amount~~(iii) determines of the ~~asset~~transaction ~~exceeds~~price; ~~the fair value of~~(iv) allocates the ~~assets.~~transaction ~~Fair~~price ~~value~~to isthe ~~generally~~performance ~~determined~~obligations ~~using~~in the ~~asset’s~~contract; ~~expected~~and ~~future~~(v) recognizes ~~discounted~~revenues ~~cash~~when ~~flows~~ (or ~~market~~as) ~~value,~~it ifsatisfies ~~readily~~the ~~determinable~~performance obligation.

The Company evaluates events and changes in circumstances that could indicate the carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of those assets, the Company records an impairment charge in the period in which such a determination is made. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Based on the above analysis, no impairment loss was recognized related to these long-lived assets as of October 31, 2025 and April 30, 2025.9

~~Income~~The ~~Tax~~Company derives its revenues primarily from three business segments to (i) provide food and beverage supply chain and brand management services, (ii) consulting service related to brand management, and (iii) sale of recyclable e-waste materials.

~~The~~Revenue 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~~food ~~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~~beverage 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.sales

~~The~~FuAn ~~Company~~sources ~~follows~~authentic ~~FASB~~premium ~~ASC~~Asian ~~Topic 740,~~foods ~~which~~from ~~prescribes~~various ~~a more-likely-than-not threshold~~suppliers ~~for~~and ~~financial~~then ~~statement~~distributes ~~recognition~~to customers (mainly supermarket and ~~measurement~~grocery ofstores) ain ~~tax~~the ~~position~~U.S. The ~~taken~~Company oraccounts ~~expected~~for torevenue befrom ~~taken~~sales of inauthentic premium Asian foods on a ~~tax~~gross ~~return.~~basis ~~FASB~~as ~~ASC~~the ~~Topic 740 also~~Company ~~provides~~is ~~guidance~~responsible onfor ~~recognition~~fulfilling ofthe ~~income~~promise ~~tax~~to ~~assets~~provide ~~and~~the ~~liabilities,~~desired ~~classification~~authentic premium ofAsian ~~current~~foods products to customers and ~~deferred~~is ~~income~~subject ~~tax~~to ~~assets~~inventory risk before the product ownership and ~~liabilities,~~ ~~accounting~~risk ~~for~~are ~~interest~~transferred and has ~~penalties~~the ~~associated~~discretion ~~with~~in ~~tax~~establishing ~~positions,~~prices. ~~accounting~~All ~~for~~of ~~income~~FuAn’s ~~taxes~~contracts inare ~~interim~~fixed ~~periods,~~price contracts and have one single performance obligation ~~income~~as ~~tax~~the ~~disclosures~~promise is to transfer the individual goods to customers.

The 9sales transaction price is indicated in each purchase order with a Deduct from Invoice (“DFI”) discount which automatically reduces per unit cost on invoice, and payment terms are primarily set as “net 30.” The Company elects to account for shipping and handling as fulfillment activities, and not as a separate performance obligation. The Company’s revenue from sales of authentic premium Asian food products is recognized at a point in time when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. Revenue from the sale of food products is reported net of sales returns and allowance.

~~The~~Consulting ~~Company~~services utilizes a two-step approach to evaluate measure uncertain income tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating its tax positions and estimating its tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company includes interest and penalties related to its tax contingencies in income tax expense.revenue

Consulting services revenue primarily consists of service income from providing supply chain and brand management services proposals and solutions to customers to help them optimize their inventory management and product distribution strategy, to reduce delivery times, shipping costs and diversify distribution channels. The Company’s contracts with customers for supply chain and brand management services are fixed-price contracts. The Company also believes that it serves as a principal in this type of transaction because it has the latitude in establishing prices with customers, and is responsible for bearing the related costs to complete the designated services. It normally takes a few months up to one year to complete the designated services. Revenue ~~Recognition~~is recognized over the service period.

~~In accordance with ASC 606, “~~Revenue from ~~Contracts~~recyclable with Customers,” revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these goods or services. The Company recognizes revenues following the fivee-~~step model~~waste ~~prescribed~~materials under ASU No. 2014-09: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when (or as) it satisfies the performance obligation.sales

Revenue from recyclable e-waste materials consists primarily of sales of recyclable and recycled items, including metals, plastics, paper, electronic waste, and processed feedstock, to traders and downstream commercial customers. Currently, the Company’s customers for these transactions are primarily located in Hong Kong. The Company is ~~derives~~in the process of expanding its ~~revenues~~customer ~~primarily~~base ~~from~~and ~~two~~is ~~business~~actively ~~segments~~developing relationships with potential customers in the United States.. The Company recognizes revenue on a gross basis as it acts as the principal in these arrangements. The Company obtains control of the materials prior to ~~(i) provide~~transfer, ~~food~~has ~~and~~discretion ~~beverage~~in ~~supply~~establishing ~~chain~~pricing, and ~~brand~~bears ~~management~~inventory ~~services,~~risk before control is transferred to the customer. Customer contracts are generally fixed-price arrangements and ~~(ii) consulting~~typically ~~service~~include ~~related~~a single performance obligation of selling of the e-waste materials. Revenue is recognized at a point in time when control of the materials transfers to ~~brand~~the ~~management~~customer, which generally occurs upon delivery in accordance with the contractual shipping terms. Customer contracts generally do not include variable consideration, material rights of return, or significant financing components.

~~Revenue~~Sales ~~from~~Returns ~~food~~ and ~~beverage sales~~Allowances

~~FuAn~~For ~~sources~~food ~~authentic premium Asian foods from various suppliers~~ and ~~then~~ ~~distributes~~beverage, ~~to customers (mainly supermarket and grocery stores) in~~ the ~~U.S. The~~ Company ~~accounts~~accrues ~~for~~estimated ~~revenue from~~ sales ofreturns ~~authentic~~based ~~premium Asian foods~~ on apast ~~gross~~experience ~~basis~~and as the ~~Company~~current istrend ~~responsible~~of ~~for fulfilling the promise to provide the desired authentic premium Asian foods products to customers and is subject to inventory risk before the~~ product ~~ownership~~sales. There ~~and~~was no allowance ~~risk~~for ~~are~~sales ~~transferred~~returns ~~and~~for ~~has~~continuing ~~the~~operations ~~discretion~~as ~~in establishing prices. All~~ of ~~FuAn’s~~January ~~contracts~~31, ~~are~~2026 ~~fixed price contracts~~ and ~~have~~April ~~one~~30, ~~single performance obligation as the promise is to transfer the individual goods to customers~~2025.

The sales transaction price is indicated in each purchase order with a Deduct from Invoice (“DFI”) discount which automatically reduces per unit cost on invoice, and payment terms are primarily set as “net 30.” The Company elects to account for shipping and handling as fulfillment activities, and not as a separate performance obligation. The Company’s revenue from sales of authentic premium Asian food products is recognized at a point in time when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. Revenue from the sale of food products is reported net of sales returns and allowance.10

~~Consulting~~Disaggregation ~~services~~of ~~revenue~~Revenue

~~Consulting~~The ~~services~~following ~~revenue~~table ~~primarily~~provides ~~consists~~information ofabout ~~service~~disaggregated ~~income from~~revenue ~~providing~~from ~~supply~~continuing ~~chain~~operations ~~and~~by ~~brand management services proposals and solutions to customers to help them optimize their inventory management and~~ product ~~distribution~~or strategy, to reduce delivery times, shipping costs and diversify distribution channels. The Company’s contracts with customers for supply chain and brand management services are fixed-price contracts. The Company also believes that it serves as a principal in this type of transaction because it has the latitude in establishing prices with customers, and is responsible for bearing the related costs to complete the designated services. It normally takes a few months up to one year to complete the designated services. Revenue is recognized over the service ~~period.~~type:

Sales Returns and Allowances

	For the three months ended January 31
	2026		2025
	(unaudited)		(unaudited)

Revenue from food and beverage sales	$	340,192	$	579,960
Revenue from consulting services		43,749		43,749
Revenue from recyclable e-waste materials sales		1,000,000		-
Total revenues	$	1,383,941	$	623,709

For food and beverage, the Company accrues estimated sales returns based on past experience and the current trend of product sales. There was no allowance for sales returns for continuing operations as of October 31, 2025 and April 30, 2025.

	For the nine months ended January 31
	2026		2025
	(unaudited)		(unaudited)

Revenue from food and beverage sales	$	340,192	$	624,846
Revenue from consulting services		128,749		135,737
Revenue from recyclable e-waste materials sales		1,000,000		-
Total revenues	$	1,468,941	$	760,583

Cost 10of Revenues

~~Disaggregation~~Cost of ~~Revenue~~revenues consists of merchandise purchase costs, labor and other costs, duty and freight-in costs, packaging costs, processing and sorting costs, and labor costs associated with providing consulting services to customers.

~~The~~Shipping ~~following~~and ~~table~~Handling ~~provides information about disaggregated revenue from continuing operations by product or service type:~~Costs

	For the three months ended October 31
	2025		2024
	(Unaudited)		(Unaudited)
Revenue from food and beverage sales	$	-	$	-
Revenue from consulting services		43,750		43,750
Total revenues	$	43,750	$	43,750

Shipping and handling costs include costs incurred for delivery of the products to customers, and are included in selling expenses. Shipping and handling costs from continuing operations were $1,681 and $722 for the three months ended January 31, 2026 and 2025, respectively. Shipping and handling costs from continuing operations were $1,681 and $838 for the nine months ended January 31, 2026 and 2025, respectively.

	For the six months ended October 31
	2025		2024
	(Unaudited)		(Unaudited)
Revenue from food and beverage sales	$	-	$	44,886
Revenue from consulting services		85,000		91,988
Total revenues	$	85,000	$	136,874

Operating Expenses

~~Cost~~Operating expenses primarily consist of ~~Revenues~~selling expenses and general and administrative (“G&A”) expenses. Selling expenses mainly consist of advertising and marketing expenses, sales commission and showroom maintenance expenses. G&A expenses mainly consist of payroll expense, office and auto leasing, contracted labor, food testing, consulting, deprecation and insurance expenses. All costs associated with selling and general and administrative function are expensed as incurred.

~~Cost~~Segment of revenues consists of merchandise purchase costs, warehousing labor and other costs, duty and freight-in costs, packaging costs, and labor costs associated with providing consulting services to customers.Information

~~Shipping~~An operating segment is a component of the Company that engages in business activities from which it may earn revenue and ~~Handling~~incur ~~Costs~~expenses and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief financial officer, the Company’s chief operating decision maker (the “CODM”) in order to allocate resources and assess the performance of the segment.

Shipping and handling costs include costs incurred for delivery of the products to customers, and are included in selling expenses. Shipping and handling costs from continuing operations were $nil and nil for the three months ended October 31, 2025 and 2024, respectively. Shipping and handling costs from continuing operations were $nil and $116 for the six months ended October 31, 2025 and 2024, respectively.11

~~Operating~~In ~~Expenses~~accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the CODM, reviews operating results by the revenue of different products. Based on management’s assessment, the Company has determined that it has three operating segments as defined by ASC 280, including sale of food and beverage, consulting services and sale of e-waste materials.

~~Operating~~The ~~expenses~~following ~~primarily~~tables ~~consist~~present ofsummary ~~selling~~information ~~expenses~~by ~~and~~segment ~~general and~~for ~~administrative (“G&A”) expenses. Selling expenses mainly consist of advertising and marketing expenses, sales commission~~the three ~~and~~months ~~showroom~~ended ~~maintenance~~January ~~expenses. G&A expenses mainly consist of payroll expense~~31, ~~office~~2026 and ~~auto leasing~~2025, ~~contracted labor, food testing, consulting, deprecation and insurance expenses. All costs associated with selling and general and administrative function are expensed as incurred.~~respectively:

Segment Information

	For the three months ended January 31, 2026 (unaudited)
	Sale of food and beverage			Consulting services			Sale of e-waste materials			Total
Sales	$	340,192		$	43,749		$	1,000,000		$	1,383,941
Cost of sales		270,666			58,746			970,874			1,300,286
Operating expenses		146,649			55,500			433,113			635,262
Loss from operations		(77,123	)		(70,497	)		(403,987	)		(551,607	)
Other income (expense), net		22,720			(7,231	)		-			15,489
Income tax provision		(5,674	)		1,036			(7,580	)		(12,218	)
Net loss	$	(60,077	)	$	(76,692	)	$	(411,567	)	$	(548,336	)

Capital expenditure	$	-		$	-		$	-		$	-

An operating segment is a component of the Company that engages in business activities from which it may earn revenue and incur expenses and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief financial officer, the Company’s chief operating decision maker (the “CODM”) in order to allocate resources and assess the performance of the segment.

	For the three months ended January 31, 2025 (unaudited)
	Sale of food and beverage			Consulting services			Total
Sales	$	579,960		$	43,749		$	623,709
Cost of sales		328,182			50,899			379,081
Operating expense		131,893			28,652			160,545
Income (loss) from operations		119,885			(35,802	)		84,083
Other expense, net		(1,876	)		(407	)		(2,283	)
Income tax provision		(2,820	)		1,246			(1,574	)
Net income (loss)	$	115,189		$	(34,963	)	$	80,226

Capital expenditure	$	-		$	-		$	-

1112

InThe ~~accordance~~following ~~with~~tables ~~ASC 280,~~present ~~Segment~~summary ~~Reporting, operating segments are defined as components of an enterprise about which separate financial~~ information ~~is available that is evaluated regularly~~ by ~~the CODM~~segment or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for ~~making operating decisions and assessing performance as~~ the ~~source for determining the Company’s~~ nine ~~reportable~~months ~~segments.~~ended ~~Management,~~January ~~including the CODM~~31, ~~reviews~~2026 operating results by the revenue of different products. Based on management’s assessment, the Company has determined that it has two operating segments as defined by ASC 280, including sale of food and ~~beverage~~2025, ~~and consulting services.~~respectively:

The following tables present summary information by segment for the three months ended October 31, 2025 and 2024, respectively:

	For the nine months ended January 31, 2026 (unaudited)
	Sale of food and beverage			Consulting services			Sale of e-waste materials			Total
Sales	$	340,192		$	128,749		$	1,000,000		$	1,468,941
Cost of sales		270,666			58,798			970,874			1,300,338
Operating expenses		2,862,498			406,630			433,113			3,702,241
Loss from operations		(2,792,972	)		(336,679	)		(403,987	)		(3,533,638	)
Other income, net		22,720			8,599			-			31,319
Income tax provision		(5,674	)		(2,147	)		(7,580	)		(15,401	)
Net loss	$	(2,775,926	)	$	(330,227	)	$	(411,567	)	$	(3,517,720	)

Capital expenditure	$	-		$	-		$	-		$	-
Total reportable assets	$	1,701,082		$	1,032,487		$	29,086		$	2,762,655

	For the three months ended October 31, 2025 (Unaudited)
	For the nine months ended January 31, 2025 (unaudited)
	Sale of food and beverage			Consulting services			Total
Sales	$	-		$	43,750		$	43,750
Revenues, net	$	624,846		$	135,737		$	760,583
Cost of sales		-			-			-
Cost of revenues		351,915			76,447			428,362
Operating expense		247,237			145,299			392,536
Operating expenses		739,530			289,382			1,028,912
Loss from operations		(~~247~~466,~~237~~599	)		(~~101~~230,~~549~~092	)		(~~348~~696,~~786~~691	)
Other income, net					19,689			19,689
Other expenses, net		(1,876	)		(407	)		(2,283	)
Income tax expense		(3,835	)		(~~1,675~~833	)		(14,~~675~~668	)
Net loss	$	(~~247~~472,~~237~~310	)	$	(83231,~~535~~332	)	$	(~~330~~703,~~772~~642	)
Capital expenditure	$	-—		$	-—		$	-—
Total reportable assets	$	1,536,226		$	—		$	1,536,226

	For the three months ended October 31, 2024 (Unaudited)
	Sale of food and beverage			Consulting services			Total
Sales	$	-		$	43,750		$	43,750
Cost of sales		-			-			-
Operating expense		270,758			19,482			290,240
Income (loss) from operations		(270,758	)		24,268			(246,490	)
Other income (expense), net					-			-
Income tax expense					(1,568	)		(1,568	)
Net income (loss)	$	(270,758	)	$	22,700		$	(248,058	)
Capital expenditure	$	-		$	-		$	-

As of January 31, 2026 and April 30, 2025, all of the Company’s assets are located in the United States.

For 12the nine and three months ended January 31, 2026, the Company generate revenue from the U.S. was $382,727 and $354,775 and from Hong Kong and China was $1,086,214 and $1,029,166, respectively.

~~The~~For ~~following~~the ~~tables~~nine ~~present~~and ~~summary~~three ~~information~~months byended ~~segment~~January ~~for~~31, 2025, the ~~six~~ Company generate ~~months~~revenue ~~ended~~from ~~October~~the 31U.S. was $623,710 ~~2025~~and $594,543 and ~~2024~~from Hong Kong and China was $136,873 and $29,166, respectively:.

	For the six months ended October 31, 2025 (Unaudited)
	Sale of food and beverage			Consulting services			Total
Sales	$	-		$	85,000		$	85,000
Cost of sales		-			52			52
Operating expense		2,715,849			351,130			3,066,979
Loss from operations		(2,715,849	)		(266,182	)		(2,982,031	)
Other expense, net		-			15,830			15,830
Income tax expense		-			(3,183	)		(3,183	)
Net loss	$	(2,715,849	)	$	(253,535	)	$	(2,969,384	)
Capital expenditure	$	-		$	-		$
Total reportable assets	$	2,685,316					$	2,685,316

Fair Value of Financial Instruments

	For the six months ended October 31, 2024 (Unaudited)
	Sale of food and beverage			Consulting services			Total
Revenues, net	$	44,886		$	91,988		$	136,874
Cost of revenues		23,733			25,548			49,281
Operating expenses		607,636			260,731			868,3672
Loss from operations		(586,483	)		(194,291	)		(780,774	)
Income tax expense		1,015			2,079			3,094
Net loss	$	(587,498	)	$	(196,370	)	$	(783,868	)
Capital expenditure	$	—		$	—		$	—
Total reportable assets	$	1,707,120		$	—		$	1,707,120

The Company applies the fair value measurement accounting standard in accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” whenever other accounting pronouncements require or permit fair value measurements. Fair value is defined in ASC 820-10 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels (Level 1 is the highest priority and Level 3 is the lowest priority):

~~For~~● ~~the three~~Level ~~and~~1 ~~six~~— ~~months~~Observable ~~ended~~inputs ~~October~~that ~~31,~~reflect ~~2025~~quoted ~~and~~prices ~~2024, and~~for asidentical ~~of October 31, 2025 and April 30, 2025, all of the Company’s~~ assets ~~are~~or ~~located~~liabilities in ~~the~~active ~~United States and substantial portion of the revenue was derived from customers located in the United States~~markets.

● 13Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, or other observable inputs that can be corroborated by observable market data.

~~Fair~~● ~~Value~~Level of3 ~~Financial~~— ~~Instruments~~Unobservable inputs that are not supported by market data. Unobservable inputs are developed based on the best information available, which might include the Company’s own data.

The Company applies the fair value measurement accounting standard in accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” whenever other accounting pronouncements require or permit fair value measurements. Fair value is defined in ASC 820-10 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels (Level 1 is the highest priority and Level 3 is the lowest priority):13

●Unless ~~Level~~otherwise 1disclosed, —the ~~Observable~~fair ~~inputs~~value ~~that~~of ~~reflect~~the ~~quoted~~Company’s financial ~~prices~~instruments, ~~for~~including ~~identical~~cash, accounts receivable, inventories, prepaid expenses and other current assets, orshort-term loan payable, accounts payable, accrued expenses and other current liabilities inand ~~active~~deferred ~~markets~~revenue approximate the fair value of the respective assets and liabilities as of January 31, 2026 and April 30, 2025 based upon the short-term nature of the assets and liabilities.

●The ~~Level~~Company 2believes ~~— Inputs other than quoted prices included in Level 1~~ that ~~are~~the ~~observable~~carrying ~~for~~amount ~~the~~of ~~asset~~long-term loan approximates orits ~~liability~~fair ~~either~~value ~~directly~~at orJanuary ~~indirectly~~31, ~~including~~2026 ~~quoted~~and ~~prices for similar assets or liabilities in active markets~~April 30, ~~quoted~~2025 ~~prices~~based ~~for~~on ~~identical~~the orterms ~~similar~~of ~~assets~~the orborrowings ~~liabilities~~and incurrent ~~inactive~~market ~~markets,~~rates as orthe ~~other~~rates ~~observable~~of ~~inputs~~the ~~that~~borrowings ~~can~~are bereflective ~~corroborated~~of bythe ~~observable~~current market ~~data~~rates.

~~● Level 3 — Unobservable inputs that are not supported by market data. Unobservable inputs are developed based on the best information available, which might include the Company’s own data.~~Leases

~~Unless~~Under ~~otherwise~~ASC 842, ~~disclosed~~“Leases,” ~~the~~a ~~fair~~contract ~~value~~is ofor contains a lease when the Company’s ~~financial instruments,~~has ~~including~~the ~~cash,~~right ~~accounts~~to ~~receivable,~~control ~~inventories,~~the ~~prepaid~~use ~~expenses~~of ~~and~~an ~~other~~identified ~~current~~asset. ~~assets,~~The ~~short-term loan~~Company ~~payable, accounts~~determines ~~payable,~~if ~~accrued~~an ~~expenses~~arrangement ~~and~~is a ~~other~~lease ~~current~~at ~~liabilities~~inception ~~and~~of ~~deferred~~the ~~revenue~~contract, ~~approximate~~which is the ~~fair~~date ~~value~~on ofwhich the ~~respective~~terms ~~assets and~~of ~~liabilities~~the ascontract ofare ~~October~~agreed 31to, ~~2025~~and the agreement creates enforceable rights and ~~April 30,~~obligations. ~~2025~~The ~~based~~commencement ~~upon~~date of the ~~short-term nature~~lease ofis the ~~assets~~date ~~and~~that ~~liabilities~~the lessor makes an underlying asset available for use by the Company.

The Company ~~believes~~determines ~~that~~if the ~~carrying~~lease ~~amount~~is an operating or finance lease at the lease commencement date based upon the terms of ~~long-~~the lease and the nature of the asset. The lease term ~~loan~~ used to calculate ~~approximates~~the ~~its~~lease ~~fair~~liability ~~value~~includes atoptions ~~October~~to ~~31,~~extend ~~2025~~or terminate the lease when it is reasonably certain that the option will be exercised. Marwynn’s warehouse and ~~April 30,~~office ~~2025~~lease ~~based~~is onclassified as an operating lease, reflected in the ~~terms~~operating lease right-of-use assets, ~~the~~current ~~borrowings~~portion of operating lease liabilities and non-current portion ~~market~~of ~~rates~~operating lease liabilities on the unaudited condensed consolidated balance sheets. Marwynn’s equipment lease is classified as a finance lease, reflected in the ~~rates~~property and equipment, current portion of ~~the~~finance ~~borrowings~~lease ~~are~~liabilities ~~reflective~~and non-current portion of finance lease liabilities on the ~~current~~consolidated ~~market~~balance ~~rates~~sheets.

~~Leases~~The lease liability for both operating lease and finance lease is measured at the present value of future lease payments, discounted using the discount rate for the lease at the commencement date. As the Company is typically unable to determine the implicit rate, the Company uses an incremental borrowing rate based on the lease term and economic environment at commencement date. 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 right-of-use (“ROU”) asset is initially measured as the amount of lease liability, adjusted for any initial lease costs, prepaid lease payments, and reduced by any lease incentives.

~~Under~~ROU ~~ASC 842,~~assets ~~“Leases,”~~are areviewed ~~contract~~for isimpairment ~~or contains a lease~~ when ~~the~~indicators ~~Company has the right to control the use~~ of animpairment are ~~identified asset~~present. ~~The~~ROU ~~Company~~assets ~~determines~~from ifoperating anand ~~arrangement~~finance isleases aare ~~lease at~~subject ~~inception~~to of the ~~contract,~~impairment ~~which~~guidance isin ~~the~~ASC 360, ~~date on which the terms of the contract are agreed to~~“Property, ~~and the agreement creates enforceable~~Plant, ~~rights~~ and ~~obligations.~~Equipment,” ~~The~~as ~~commencement~~ROU ~~date~~assets ofare ~~the~~long-lived nonfinancial ~~lease is the date that the lessor makes an underlying asset available for use by the Company~~assets.

~~The~~ROU ~~Company~~assets ~~determines~~are iftested ~~the~~for ~~lease~~impairment isindividually anor ~~operating~~as orpart ~~finance~~of ~~lease~~an atasset ~~the~~group ~~lease~~if ~~commencement~~the ~~date~~cash ~~based~~flows ~~upon~~related ~~the~~to ~~terms of~~ the ~~lease~~ROU ~~and~~assets ~~the~~are ~~nature~~not ofindependent from the ~~asset.~~cash ~~The~~flows ~~lease~~of ~~term~~other ~~used~~assets toand ~~calculate~~liabilities. ~~the~~An ~~lease~~asset ~~liability~~group ~~includes~~is ~~options~~the tounit ~~extend~~of oraccounting ~~terminate~~for ~~the~~long-lived assets ~~lease~~to ~~when~~be itheld isand ~~reasonably~~used, ~~certain~~which ~~that~~represents the ~~option~~lowest ~~will~~level befor ~~exercised.~~which ~~Marwynn’s~~identifiable ~~warehouse~~cash ~~and~~flows ~~office~~are ~~lease~~largely isindependent ~~classified~~of asthe ancash ~~operating~~flows ~~lease,~~of ~~reflected~~other ingroups ~~the~~of ~~operating~~assets ~~lease~~and liabilities. The right-of-use ~~assets, current portion~~(“ROU”) ofasset ~~operating~~is ~~lease~~initially ~~liabilities~~measured ~~and~~as ~~non-current portion~~the amount of ~~operating~~ lease ~~liabilities~~liability, onadjusted ~~the~~for ~~consolidated~~any ~~balance~~initial ~~sheets. Marwynn’s equipment~~ lease iscosts, ~~classified~~prepaid ~~as a finance~~ lease payments, ~~reflected~~and inreduced by ~~the~~any ~~property~~lease ~~and~~incentives. ~~equipment,~~There ~~current~~was no impairment ~~portion~~ of ~~finance~~the ~~lease~~Company’s ~~liabilities and~~ROU ~~non-current portion~~assets as of ~~finance~~January ~~lease~~31, ~~liabilities~~2026 onand ~~the consolidated balance sheets~~April 30, 2025.

Statement 14of Cash Flows

~~The~~In ~~lease~~accordance ~~liability~~with ~~for~~ASC 230, ~~both~~“Statement ~~operating lease and finance lease is measured at the present value~~ of ~~future~~Cash ~~lease payments~~Flows,” cash ~~discounted~~flows ~~using~~from the ~~discount~~Company’s ~~rate~~operations ~~for~~are ~~the~~formulated ~~lease~~based atupon the ~~commencement~~local ~~date.~~currencies Asusing the ~~Company is~~average ~~typically~~exchange ~~unable to determine the implicit~~ rate, ~~the~~in ~~Company uses an incremental borrowing rate based on~~ the ~~lease term and economic~~ ~~environment at commencement date~~period. ~~The~~As ~~Company’s incremental borrowing rate is~~ a ~~hypothetical~~result, ~~rate~~amounts ~~based~~related onto ~~its understanding of what its credit rating would be. The ROU~~ assets ~~include adjustments for prepayments~~ and ~~accrued~~liabilities ~~lease~~reported ~~payments.~~on ~~The~~the ~~right-of-use (“ROU”) asset~~unaudited iscondensed ~~initially~~consolidated ~~measured~~statements ~~as the amount~~ of ~~lease~~cash ~~liability,~~flows will ~~adjusted~~not ~~for~~necessarily ~~any~~agree ~~initial~~with ~~lease~~changes ~~costs,~~in ~~prepaid~~the ~~lease~~corresponding ~~payments,~~balances ~~and~~on ~~reduced by~~the ~~any~~balance ~~lease incentives~~sheets.

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.14

~~ROU~~Related ~~assets~~Parties ~~are tested for impairment individually or as part of an asset group if the cash flows related to the ROU assets 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 right-of-use (“ROU”) asset is initially measured as the amount of lease liability, adjusted for any initial lease costs, prepaid lease payments, and reduced by any lease incentives. There was no impairment of the Company’s ROU assets as of October 31, 2025 and April 30, 2025.Transactions

~~Statement~~The ofCompany ~~Cash~~identifies ~~Flows~~related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards.

InParties, ~~accordance~~which ~~with~~can ~~ASC 230,~~be ~~“Statement~~a ofcorporation ~~Cash~~or ~~Flows~~individual,~~” cash~~ ~~flows~~are ~~from~~related if the Company’s ~~operations~~has ~~are~~the ~~formulated~~ability, ~~based~~directly ~~upon~~or indirectly, to control the ~~local~~other ~~currencies~~party ~~using~~or ~~the~~exercise ~~average~~significant ~~exchange~~influence ~~rate~~over the other party in ~~the~~making ~~period~~financial and operational decisions. As aCompanies ~~result,~~are ~~amounts~~also considered to be related if they are subject to ~~assets~~common ~~and~~control ~~liabilities~~or ~~reported~~common significant oninfluence. ~~the~~Transactions ~~unaudited~~between ~~condensed~~related ~~consolidated~~parties ~~statements~~commonly occurring in the normal course of ~~cash~~business ~~flows~~are ~~will~~related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not ~~necessarily~~be ~~agree~~given ~~with~~accounting recognition. ~~changes~~While inASC ~~the~~does ~~corresponding~~not ~~balances~~provide onaccounting ~~the~~or ~~balance~~measurement ~~sheets~~guidance for such transactions, it nonetheless requires their disclosure.

~~Related~~Share-based ~~Parties and Transactions~~Compensation

The Company ~~identifies~~accounts ~~related~~for ~~parties~~share-based compensation awards to officers, directors, employees, and ~~accounts~~ for, ~~discloses related~~acquiring ~~party~~goods ~~transactions~~and services from nonemployees in accordance with FASB ASC ~~850~~ Topic 718, “~~Related~~Compensation – ~~Party~~Stock ~~Disclosures~~Compensation”, which requires that share-based payment transactions be measured based on the grant-date fair value of the equity instrument issued and ~~other~~recognized ~~relevant~~as ~~ASC~~compensation ~~standards~~expense over the vesting period. The Company accounts for forfeitures when they occur.

~~Parties,~~Earnings ~~which~~(loss) ~~can~~per beCommon a corporation or individual, are related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.Stock

~~Share-~~Basic earnings (loss) per common stock is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similar to basic net income (loss) per share 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 pertaining to warrants, stock options, and similar instruments had been issued and if the additional common shares were dilutive. Diluted earnings (loss) per share are based ~~Compensation~~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 unvested restricted stock, 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). Potential common stock that has an anti-dilutive effect (i.e., those that increase income per common stock or decrease loss per common stock) are excluded from the calculation of diluted loss per share. For the three months ended January 31, 2026 and 2025, the Company 0 dilutive share with anti-dilutive effect. For the nine months ended January 31, 2026 and 2025, the Company had 15,984 and 0 dilutive share with anti-dilutive effect.

The ~~Company~~following ~~accounts~~table ~~for~~sets ~~share-based~~forth ~~compensation awards~~the tocomputation ~~officers,~~of ~~directors,~~basic ~~employees,~~ and ~~for acquiring goods and services from nonemployees in accordance with FASB ASC Topic 718,~~diluted ~~“Compensation~~net –loss ~~Stock~~per ~~Compensation”, which requires that~~ share~~-based~~ ~~payment~~for ~~transactions be measured based on~~ the ~~grant-date fair~~three ~~value~~months ofended ~~the~~January ~~equity~~31, ~~instrument~~2026 ~~issued~~ and ~~recognized as compensation expense over the vesting period. The Company accounts for forfeitures when they occur.~~2025:

	For the three months ended January 31, (unaudited)
	2026			2025
Net (loss) income attributable to the Company from continuing operations	$	(548,336	)	$	80,226
Net loss attributable to the Company from discontinued operations		-			(56,808	)
Weighted average common stock outstanding - basic		20,194,804			15,004,004
Weighted average common stock outstanding - diluted		20,194,804	*		15,004,004
Net (loss) income per share of common stock from continuing operations - basic	$	(0.03	)	$	0.00
Net loss per share of common stock from discontinued operations - basic	$	-		$	(0.00	)
Net (loss) income per share of common stock from continuing operations - diluted	$	(0.03	)	$	0.00
Net loss per share of common stock from discontinued operations - diluted	$	-		$	(0.00	)

~~Earnings (loss) per Common Stock~~15

~~Basic~~The ~~earnings~~following ~~(loss)~~table ~~per~~sets ~~common~~forth ~~stock is computed by dividing net income (loss) by~~ the ~~weighted~~computation ~~average number~~ of ~~common shares outstanding for the period. Diluted EPS is computed similar to~~ basic net income (loss) per share 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 pertaining to warrants, stock options, and ~~similar instruments had been issued and if the~~diluted ~~additional~~net ~~common shares were dilutive. Diluted earnings (~~loss) per share ~~are 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 unvested~~nine restricted stock, 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). Potential common stock that has an anti-dilutive effect (i.e., those that increase income per common stock or decrease loss per common stock) are excluded from the calculation of diluted loss per share. For the three months ended ~~October~~January 31, ~~2025~~ ~~and~~2026 ~~2024, the Company 0 dilutive share with anti-dilutive effect. For the six months ended October 31, 2025~~ and ~~2024, the Company had 31,683 and 0 dilutive share with anti-dilutive effect.~~2025:

The following table sets forth the computation of basic and diluted net loss per share for the three months ended October 31, 2025 and 2024:

	For the nine months ended January 31, (unaudited)
	2026			2025
Net loss attributable to the Company from continuing operations	$	(3,517,720	)	$	(703,642	)
Net (loss) income attributable to the Company from discontinued operations		(646,656	)		284,160
Weighted average common stock outstanding - basic		18,146,456			15,004,004
Weighted average common stock outstanding - diluted		18,146,456	*		15,004,004
Net loss per share of common stock from continuing operations - basic	$	(0.19	)	$	(0.05	)
Net (loss) income per share of common stock from discontinued operations - basic	$	(0.04	)	$	0.02
Net loss per share of common stock from continuing operations - diluted	$	(0.19	)	$	(0.05	)
Net loss per share of common stock from discontinued operations -diluted	$	(0.04	)	$	0.02

	For the three months ended October 31, (unaudited)
	2025			2024
Net loss attributable to the Company from continuing operations	$	(330,772	)	$	(248,058	)
Net income (loss) attributable to the Company from discontinued operations		(565,515	)		133,687
Weighted average common stock outstanding - basic		17,190,561			15,004,004
Weighted average common stock outstanding - diluted*		17,190,561			15,004,004
Net loss per share of common stock from continuing operations - basic	$	(0.02	)	$	(0.02	)
Net income (loss) per share of common stock from discontinued operations - basic	$	(0.03	)	$	0.01
Net loss per share of common stock from continuing operations - diluted	$	(0.02	)	$	(0.02	)
Net income (loss) per share of common stock from discontinued operations - diluted	$	(0.03	)	$	0.01

*	Loss per share for basic and diluted weighted average shares outstanding are the same due to anti-dilutive effect resulting from the net loss for the three and nine months ended January 31, 2026. There were no diluted shares outstanding for the three and nine months ended January 31, 2026.

~~The~~Commitments ~~following table sets forth the computation of basic~~ and ~~diluted net loss per share for the six months ended October 31, 2025 and 2024:~~Contingencies

	For the six months ended October 31, (unaudited)
	2025			2024
Net loss attributable to the Company from continuing operations	$	(2,969,384	)	$	(783,868	)
Net income (loss) attributable to the Company from discontinued operations		(646,656	)		340,968
Weighted average common stock outstanding - basic		17,122,282			15,004,004
Weighted average common stock outstanding - diluted*		17,122,282			15,004,004
Net loss per share of common stock from continuing operations - basic	$	(0.17	)	$	(0.05	)
Net income (loss) per share of common stock from discontinued operations - basic	$	(0.04	)	$	0.02
Net loss per share of common stock from continuing operations - diluted	$	(0.17	)	$	(0.05	)
Net loss per share of common stock from discontinued operations -diluted	$	(0.04	)	$	0.02

Certain conditions may exist as of the date the unaudited condensed consolidated 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’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel 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. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company’s unaudited condensed consolidated 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, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. As of January 31, 2026 and April 30, 2025, the Company has no such contingencies.

*Concentration ~~Loss~~of ~~per~~Credit ~~share for basic and diluted weighted average shares outstanding are the same due to anti-dilutive effect resulting from the net loss for the three and six months ended October 31, 2025 and 2024.~~Risk

Financial 16instruments that potentially subject the Company to credit risk consist primarily of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

~~Commitments~~For the three months ended January 31, 2026, three customers accounted for 72%, 15% and 10% ~~Contingencies~~of the Company’s total revenues from continuing operations, respectively. For the three months ended January 31, 2025, one customer accounted for 93% of the Company’s total revenues from continuing operations, respectively.

Certain conditions may exist as of the date the consolidated 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’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel 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. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company’s consolidated 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, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. As of October 31, 2025 and April 30, 2025, the Company has no such contingencies.16

~~Concentration~~For the nine months ended January 31, 2026, two customers accounted for 68% and 14% of ~~Credit~~the ~~Risk~~Company’s total revenues from continuing operations, respectively. For the nine months ended January 31, 2025, one customer accounted for 76% of the Company’s total revenues from continuing operations, respectively.

~~Financial~~As ~~instruments~~of ~~that~~January, ~~potentially~~31, ~~subject~~2026, ~~the~~four ~~Company~~customers toaccounted ~~credit risk~~for 26 ~~consist~~%, ~~primarily~~26%, 26% and 22% of ~~accounts~~the ~~and other receivables. The~~ Company’s ~~does~~total ~~not~~outstanding ~~require~~accounts ~~collateral~~receivable orbalance ~~other~~from ~~security~~continuing tooperations, ~~support these receivables~~respectively. ~~The~~ ~~Company~~As ~~conducts~~of ~~periodic~~April 30, ~~reviews~~2025, ofthree ~~the~~customers ~~financial~~accounted ~~condition~~for 34%, 33% and 33% ~~payment~~of ~~practices~~the ofCompany’s ~~its~~total ~~customers~~outstanding toaccounts ~~minimize~~receivable balance ~~collection~~from ~~risk~~continuing ~~on accounts~~operations, ~~receivable~~respectively.

For the three months ended ~~October~~January 31, ~~2025~~2026, three ~~customers~~vendors accounted for 75% 3415%, ~~33%~~ and 3310% of the Company’s total ~~revenues~~purchases from continuing operations~~, respectively~~. For the three months ended ~~October~~ January 31, ~~2024~~2025, the ~~three~~Company ~~customers~~had one vendor accounted for 34 100%, ~~33 % and 33%~~ of the Company’s total ~~revenues~~purchase from continuing operations, respectively.

For the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026, three ~~customers~~vendors accounted ~~for 34~~75%, 3415%, and 3210% of the Company’s total ~~revenues~~purchases from continuing operations~~, respectively~~. For the ~~six~~nine months ended ~~October~~ January 31, ~~2024~~2025, ~~three~~the ~~customers~~Company had two vendors accounted for 5776%, ~~21 %~~ and 2112% of the Company’s total ~~revenues~~purchase from continuing operations, respectively.

As of ~~October~~January 31, ~~2025~~2026, ~~three~~no ~~customers~~vendor accounted for 34more than 10%~~, 33%~~ ~~and 33%~~ of the Company’s total outstanding accounts ~~receivable~~payable balance from continuing operations~~, respectively~~. As of April 30, 2025, ~~three~~one ~~customers~~vendor accounted for 3465%~~, 33%~~ ~~and 33%~~ of the Company’s total outstanding accounts ~~receivable~~payable balance from continuing operations~~, respectively~~.

~~For~~Recent ~~the~~Accounting three months ended October 31, 2025, the Company had no vendors accounted for more than 10% of the Company’s total purchases from continuing operations. For the three months ended October 31, 2024, the Company had no vendor accounted for more than 10% of the Company’s total purchase from continuing operations, respectively.Pronouncements

~~For~~The Company considers the ~~six~~applicability ~~months~~and ~~ended~~impact ~~October~~of ~~31,~~all ~~2025,~~ASUs. Management periodically reviews new accounting standards that are issued. Under the ~~Company~~Jumpstart ~~had~~Our noBusiness ~~vendors accounted~~Startups ~~for~~Act ~~more~~of 2012, ~~than~~as ~~10%~~amended (the of“JOBS Act”), the Company’s ~~total~~meets ~~purchases~~the ~~from~~definition ~~continuing~~of ~~operations.~~an ~~For~~emerging ~~the~~growth ~~six~~company ~~months~~and ~~ended~~has ~~October~~elected ~~31,~~the extended transition ~~2024,~~period ~~the~~for ~~Company~~complying ~~had~~with ~~one~~new ~~vendor~~or ~~accounted~~revised ~~for 91%~~accounting ofstandards, which delays the ~~Company’s~~adoption ~~total~~of ~~purchase~~these ~~from~~accounting ~~continuing~~standards ~~operations,~~until ~~respectively~~they would apply to private companies.

AsIn of October 31 2023, ~~2025~~the FASB issued ASU No. 2023-06, “Disclosure ~~one~~Improvements — Codification ~~vendor~~Amendments ~~accounted~~in ~~for~~Response to the SEC’s Disclosure Update and Simplification Initiative.” ~~81%~~The ofASU amends the ~~Company~~disclosure or presentation requirements related to various subtopics in the FASB ASC. The ASU was issued in response to the SEC’s August 2018 final amendments in ~~total~~Release ~~outstanding~~No. 33-10532, Disclosure ~~accounts~~Update ~~payable~~and ~~balance~~Simplification that ~~from~~updated ~~continuing~~and ~~operations~~simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated. AsThe guidance in ASU 2023-06 is intended to align GAAP requirements with those of ~~April~~the SEC and to facilitate the application of GAAP for all entities. The amendments introduced by ASU 2023-06 are effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, ~~2025~~2027. If, ~~one~~by ~~vendor~~June 30, ~~accounted~~2027, the SEC has not removed the applicable requirements from its existing regulations, the pending content of the associated amendment will be removed from the ASC and will not become effective for ~~65%~~ any entities. Early adoption is permitted. The adoption of ASU 2023-06 is not expected to have a material impact on the Company’s ~~total~~unaudited ~~outstanding~~condensed ~~accounts~~consolidated ~~payable~~financial ~~balance~~statements ~~from~~or ~~continuing~~related ~~operations~~disclosures.

~~Recent~~On ~~Accounting~~November ~~Pronouncements~~4, 2024, the FASB issued an ASU No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”) to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales; selling, general, and administrative expenses; and research and development). The amendments in the ASU require disclosure in the notes to financial statements of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: 1. Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e). 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same tabular disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4. Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its related disclosures.

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.17

In 17January 2025, the FASB issued ASU 2025-01 Income Statement-Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued ASU 2024-03 on November 4, 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in annual reporting period. The FASB’s intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard to determine its impact on its disclosures.

In ~~October 2023~~March 2025, the FASB issued ASU ~~No. 2023~~2025-~~06, “Disclosure Improvements~~ 02— ~~Codification~~Liabilities (405): Amendments ~~in Response~~ to ~~the~~ SEC’s ~~Disclosure~~Paragraphs ~~Update~~Pursuant ~~and Simplification Initiative.” The ASU amends the disclosure or presentation requirements related~~ to ~~various subtopics in the FASB ASC. The ASU was issued in response to the~~ SEC’s ~~August 2018~~Staff ~~final~~Accounting ~~amendments~~Bulletin ~~in Release~~ No. ~~33-10532, Disclosure~~ ~~Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated~~122. The ~~guidance~~amendments in ~~ASU 2023-06 is intended~~this toUpdate ~~align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. The amendments introduced by ASU 2023-06~~ are effective ifimmediately and ~~the~~on ~~SEC~~a ~~removes~~fully ~~the~~retrospective ~~related~~basis ~~disclosure~~to orannual ~~presentation~~periods ~~requirement~~beginning ~~from~~after ~~its~~December ~~existing regulations by June 30~~15, ~~2027~~2024. ~~If,~~The byCompany ~~June 30,~~is ~~2027,~~currently ~~the~~evaluating ~~SEC has not removed~~ the ~~applicable requirements from its existing regulations, the~~effect ~~pending content~~ of ~~the associated amendment will be removed from the ASC and will not become effective for any entities. Early~~ adoption is ~~permitted. The adoption~~ of ~~ASU 2023-06 is~~this ~~not~~standard ~~expected~~ to ~~have~~its unaudited acondensed ~~material impact on the Company’s~~ consolidated financial statements orand ~~related~~ disclosures.

OnIn ~~November~~May 42025, ~~2024,~~ the FASB issued an ASU ~~No. 2024~~2025-03, ~~Disaggregation of~~Business ~~Income~~Combinations ~~Statement Expenses~~ (~~“ASU 2024-03”~~Topic 805) ~~to improve the disclosures about a public business entity’s expenses~~ and ~~address~~ ~~requests~~Consolidation ~~from~~(Topic ~~investors~~810): ~~for~~Determining ~~more~~the ~~detailed~~Accounting ~~information~~Acquirer ~~about~~in the ~~types~~Acquirer ~~of expenses~~ in ~~commonly~~the ~~presented~~Acquisition ~~expense captions (such as cost~~ of ~~sales;~~a ~~selling,~~Variable ~~general,~~Interest ~~and administrative expenses; and research and development)~~Entity. The amendments inprovide ~~the~~guidance ~~ASU~~on ~~require~~identifying ~~disclosure in~~ the ~~notes~~accounting toacquirer ~~financial~~in ~~statements~~transactions ofinvolving ~~specified~~a ~~information~~variable ~~about~~interest ~~certain costs and expenses~~entity. The amendments are ~~require~~effective ~~that~~for ~~at each interim and~~ annual reporting ~~period~~periods anbeginning ~~entity:~~after 1.December ~~Disclose the amounts of (a) purchases of inventory~~15, ~~(b) employee compensation~~2026, ~~(c) depreciation, (d) intangible asset amortization,~~ and ~~(e)~~interim ~~depreciation,~~reporting ~~depletion,~~period ~~and~~within ~~amortization~~those ~~recognized~~annual ~~as part of oil- and gas-producing activities~~periods. ~~(or~~Early ~~other~~adoption ~~amounts of depletion expense) included in each relevant expense caption. A relevant expense caption~~ is anpermitted ~~expense~~as ~~caption presented on the face~~ of the ~~income~~beginning ~~statement within continuing operations that contains any~~ of ~~the~~an ~~expense~~interim ~~categories~~or ~~listed~~annual inreporting ~~(a)–(e)~~period. 2. ~~Include~~The ~~certain~~Company ~~amounts~~is ~~that~~currently ~~are~~evaluating ~~already required to be disclosed under current generally accepted accounting principles in~~ the ~~same~~impact ~~tabular disclosure as the other disaggregation requirements. 3. Disclose a qualitative description~~ of ~~the~~this ~~amounts~~amendment ~~remaining~~and indoes ~~relevant expense~~not ~~captions~~expect that ~~are not separately disaggregated quantitatively. 4) Disclose~~ the ~~total~~adoption ~~amount~~ of ~~selling~~this ~~expenses~~guidance ~~and,~~will inhave ~~annual reporting~~a ~~periods,~~material animpact ~~entity’s~~on ~~definition~~its offinancial ~~selling~~position, ~~expenses. The Company is currently evaluating the impact that the adoption~~results of ~~ASU~~operations, ~~2024-03~~or ~~will~~cash ~~have on its related disclosures~~flows.

In ~~January~~May 2025, the FASB issued ASU 2025-~~01 Income~~04, ~~Statement~~Compensation -~~Reporting~~ ~~Comprehensive~~Stock ~~Income – Expense Disaggregation Disclosures~~ Compensation (~~Subtopic~~Topic ~~220-40~~18). ~~The FASB issued ASU 2024-03 on November 4, 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026,~~ and ~~interim~~Revenue ~~reporting~~from ~~periods~~contracts ~~beginning~~with ~~after~~Customers ~~December~~(Topic ~~15,~~606): ~~2027.~~Clarifications ~~Following~~to ~~the issuance of ASU 2024~~Share-~~03,~~Based ~~the~~Consideration ~~FASB~~Payable ~~was asked~~ to ~~clarify~~a ~~the~~Customer. The ~~initial~~amendments ~~effective~~provide ~~date~~guidance ~~for entities that do not have an annual reporting period that ends~~ on ~~December~~identifying ~~31 (referred to as non-calendar year-end entities). Because of how~~ the ~~effective~~accounting ~~date~~acquirer ~~guidance~~in ~~was~~transactions ~~written,~~involving a ~~non-calendar~~variable ~~year-end~~interest entity. ~~may~~The ~~have~~amendments ~~concluded~~clarify ~~that it would be required to initially adopt~~ the ~~disclosure~~accounting ~~requirements~~for ~~in ASU 2024~~share-03based inconsideration anpayable ~~interim~~to ~~reporting~~a ~~period,~~customer ~~rather than~~under inTopic ~~annual~~718 ~~reporting~~and ~~period~~Topic 606. The ~~FASB’s~~amendments ~~intent~~are ~~in the basis~~ effective for ~~conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first~~ annual reporting ~~period beginning after December 15~~periods, ~~2026,~~including ~~and~~ interim reporting ~~periods~~period within those annual ~~reporting~~ periods, beginning after December 15, ~~2027~~2026. Early adoption is permitted. The Company is currently evaluating the impact of this amendment and does not expect that the adoption of this guidance ~~standard~~will tohave ~~determine~~a ~~its~~material impact on its ~~disclosures~~financial position, results of operations, or cash flows.

In ~~March~~July 2025, the FASB issued ASU 2025-~~02—Liabilities~~05, Financial Instruments – Credit Losses (~~405~~Topic 326): ~~Amendments~~ toMeasurement ~~SEC~~of ~~Paragraphs~~Credit ~~Pursuant~~Losses tofor ~~SEC~~Accounts ~~Staff~~Receivable ~~Accounting~~and ~~Bulletin~~Contract NoAssets. ~~122.~~ The amendments inprovide ~~this~~a ~~Update~~practical expedient ~~are~~and, ~~effective~~if ~~immediately~~ applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract onassets. aThe ~~fully~~amendments ~~retrospective~~are ~~basis~~effective tofor annual reporting periods beginning after December 15, ~~2024~~2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not been issued or made available for issuance. The Company is currently evaluating the ~~effect~~ impact of this amendment and does not expect that the adoption of this ~~standard~~guidance towill ~~its unaudited~~have ~~condensed~~a ~~consolidated~~material impact on its financial ~~statements~~position, ~~and~~results ~~disclosures~~of operations, or cash flows.

The 18Company’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 unaudited condensed financial statement presentation or disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquirer in the Acquisition of a Variable Interest Entity. The amendments provide guidance on identifying the accounting acquirer in transactions involving a variable interest entity. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting period within those annual periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of this amendment and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations, or cash flows.18

InNOTE ~~May~~3 — DISCONTINUED 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation (Topic 18) and Revenue from contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments provide guidance on identifying the accounting acquirer in transactions involving a variable interest entity. The amendments clarify the accounting for share-based consideration payable to a customer under Topic 718 and Topic 606. The amendments are effective for annual reporting periods, including interim reporting period within those annual periods, beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact of this amendment and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations, or cash flows.OPERATIONS

InOn ~~July~~October 27, 2025, ~~the~~Marwynn ~~FASB~~entered ~~issued~~into ~~ASU~~a ~~2025-05,~~Securities ~~Financial~~Purchase ~~Instruments –~~Agreement ~~Credit~~with ~~Losses~~Reli ~~(Topic~~Home ~~326):~~Décor ~~Measurement~~Inc., solely for the purposes of ~~Credit~~selling ~~Losses~~all ~~for~~of ~~Accounts~~the ~~Receivable~~shares ~~and~~it ~~Contract~~owns ~~Assets.~~in ~~The~~its ~~amendments~~wholly ~~provide~~owned asubsidiary ~~practical~~Grand Forest. ~~expedient~~Pursuant ~~and,~~to ifthe ~~applicable~~Purchase Agreement, anthe ~~accounting~~Company ~~policy~~has ~~election~~agreed to ~~simplify~~sell ~~the~~all 70,000 shares ~~measurement~~ of ~~credit~~common ~~losses~~stock ~~for~~of ~~certain~~Grand ~~receivables~~Forest ~~and~~that ~~contract~~it ~~assets.~~owns ~~The~~to ~~amendments~~the ~~are~~Buyer ~~effective~~ for ~~annual~~an ~~reporting~~aggregate ~~periods~~cash ~~beginning~~purchase ~~after~~price ~~December~~of 15$550,000. The ~~2025,~~transaction ~~and~~was ~~interim~~closed ~~reporting~~on ~~periods~~December ~~within those~~22, ~~annual reporting periods~~2025. ~~Early~~The ~~adoption~~Company recorded is$226,381 ~~permitted~~gain inon ~~any~~disposal ~~interim~~of orthe ~~annual~~subsidiary, ~~period~~which inwas ~~which~~different ~~financial~~between ~~statements~~the ~~have~~selling ~~not~~price ~~been issued~~of or$550,000 ~~made~~and ~~available~~the ~~for~~carrying ~~issuance.~~value of ~~The~~the ~~Company~~net isassets ~~currently~~of ~~evaluating~~$323,619 of the ~~impact~~disposal entity. As of ~~this~~January ~~amendment~~31, ~~and~~2026, ~~does~~the ~~not~~Company ~~expect~~received ~~that~~total ~~the~~payment ~~adoption~~ of ~~this~~$250,000 ~~guidance~~and ~~will~~had ~~have~~ a receivable ~~material~~of ~~impact~~$300,000 onwas ~~its~~recorded ~~financial~~as ~~position,~~other ~~results~~receivable ofat ~~operations,~~the orunaudited ~~cash~~condensed ~~flows~~consolidated balance sheets.

The ~~Company’s~~Condensed ~~management~~Unaudited ~~does~~Consolidated ~~not~~Balance ~~believe~~Sheet ~~that~~and ~~any~~Condensed ~~other recently~~Unaudited ~~issued~~Consolidated Statements of Operations, ~~but~~and ~~not~~the ~~yet~~notes ~~effective,~~to ~~authoritative~~the ~~guidance,~~Condensed ifUnaudited ~~currently~~Consolidated ~~adopted~~Financial Statements, ~~would~~were ~~have~~retroactively reclassified afor ~~material~~all ~~impact~~periods onpresented to reflect the ~~Company’s~~discontinuation ~~unaudited condensed~~of ~~financial~~Grand ~~statement~~Forest ~~presentation~~in oraccordance ~~disclosures~~with FASB ASC 205.

~~NOTE~~The ~~3 — DISCONTINUED~~following ~~OPERATIONS~~table summarizes the carrying value of the assets and liabilities of the disposed group as of December 22, 2025 and April 30, 2025.

On October 27, 2025, Marwynn entered into a Securities Purchase Agreement with Reli Home Décor Inc., solely for the purposes of selling all of the shares it owns in its wholly owned subsidiary Grand Forest. Pursuant to the Purchase Agreement, the Company has agreed to sell all 70,000 shares of common stock of Grand Forest that it owns to the Buyer for an aggregate cash purchase price of $550,000. As of October 31, 2025, the transaction was not closed yet. The Company anticipates that the transaction will be completed prior to the end of December 31, 2025.

	As of December 22, 2025 (unaudited)			As of April 30, 2025 (unaudited)
ASSETS
Cash and Cash Equivalents	$	195,324		$	390,865
Account receivables, net		858,242			873,431
Inventories, net		5,332,898			4,784,269
Prepaid expenses and other current assets		295,338			263,887
Total current assets		6,681,802			6,312,452

Deferred tax assets, net		249,769			249,769
Property and equipment, net		187,222			252,809
Less: impairment allowance		(22,843	)		-
Operating lease right-of-use assets, net		3,226,475			3,753,656
Less: impairment allowance		(385,033	)		-
Finance lease right-of-use assets, net		47,404			54,253
Less: impairment allowance		(5,636	)		-

Total non-current assets		3,297,358			4,310,487

TOTAL ASSETS	$	9,979,160		$	10,622,939

LIABILITIES
Short-term loan payable	$	100,000		$	100,000
Account Payable		5,213,167			3,875,088
Accrued expenses and other current liabilities		679,840			883,369
Operating lease liabilities – current		997,311			922,247
Financing lease liability – current		10,465			12,249
Income tax payable		74,751			50,019
Auto loan payable - current		9,581			12,547
Due to related parties		4,698			683,662
Total current liabilities		7,089,813			6,539,181

Operating lease liabilities – non-current		2,500,340			3,107,642
Finance lease liabilities – non-current		32,368			45,940
Auto loan payable - non-current		33,020			33,518
Total non-current liabilities		2,565,728			3,187,100

TOTAL LIABILITIES	$	9,655,541		$	9,726,281

The Company determined that the planned sale of Grand Forest met the “held for sale” criteria and “discontinued operations” criteria in accordance with FASB ASC 205 following approval and commitment to a disposal plan by the Board of Directors in the second quarter of fiscal year 2026. Accordingly, results related to Grand Forest are included within discontinued operations. The Condensed Consolidated Balance Sheet and Condensed Consolidated Statements of Operations, and the notes to the Condensed Consolidated Financial Statements, were retroactively reclassified for all periods presented to reflect the discontinuation of Grand Forest in accordance with FASB ASC 205.19

The ~~Company~~following ~~measured~~table presents the ~~sale~~components of ~~Grand~~discontinued ~~Forest~~operations reported atin the ~~lower~~unaudited ofcondensed ~~carrying value~~consolidated orstatements ~~fair~~of ~~value~~operations ~~less~~for ~~cost~~the toperiods ~~sell~~ended atDecember ~~each~~22, ~~reporting~~2025 ~~period.~~and ~~During~~ the three months and nine months ended ~~October~~January 31, 2025, ~~the Company recorded $413,512 of loss on assets held for sale based on the estimated fair value of Grand Forest at that time.~~(unaudited):

The estimated fair value as of October 31, 2025 was derived based on the 100% income approach. The discounted cash flow method, or the “DCF Method,” was used under the income approach to estimate the present value of the future economic benefits expected to be generated by the Grand Forest business based on projected cash flows.

	For the period from November 1, 2025 to December 22, 2025			For the three months ended January 31, 2025			For period from May 1, 2025 to December 22, 2025			For the nine months ended January 31, 2025
Revenue, net	$	1,449,720		$	2,081,051		$	6,702,808		$	7,437,980

Cost of revenue		(1,161,296	)		(1,207,904	)		(4,437,066	)		(3,995,249	)

Gross profit		288,424			873,147			2,265,742			3,442,731

Operating expenses:
Selling expenses		(28,168	)		(139,157	)		(544,246	)		(396,200	)
General & administrative expenses		(464,872	)		(816,024	)		(2,156,748	)		(2,613,035	)
Total operating expenses		(493,040	)		(955,181	)		(2,700,994	)		(3,009,235	)

(Loss) income from operations		(204,616	)		(82,034	)		(435,252	)		433,496

Other income (expenses):
Other income (expenses)		(2,590	)		4,395			(1,770	)		4,135
Impairment loss		-			-			(413,512	)		-
Gain on disposal		226,381			-			226,381			-
Interest expense		(812	)		(1,640	)		(4,140	)		(32,104	)
Total other income (expenses), net		222,979			2,755			(193,040	)		(27,969	)

(Loss) income before income tax expense		18,363			(79,279	)		(628,293	)		405,527

Income tax provision		(18,363	)		22,471			(18,363	)		(121,367	)

Net (loss) income from discontinued operations, net of tax	$	-		$	(56,808	)	$	(646,656	)	$	284,160

1920

~~The~~NOTE ~~following~~4 — ACCOUNTS ~~table summarizes the carrying value of the assets and liabilities of the disposed group as of October 31~~RECEIVABLE, ~~2025 and April 30, 2025.~~NET

	As of October 31, 2025 (Unaudited)			As of April 30, 2025 (Unaudited)
ASSETS
Cash and Cash Equivalents	$	169,847		$	390,865
Account receivables, net		1,090,592			873,431
Inventories, net		4,634,308			4,784,269
Prepaid expenses and other current assets		324,463			263,887
Total current assets held for sale		6,219,210			6,312,452
Deferred tax assets, net		249,769			249,769
Property and equipment, net		196,315			252,809
Less: impairment allowance		(22,843	)		-
Operating lease right-of-use assets, net		3,309,018			3,753,656
Less: impairment allowance		(385,033	)		-
Finance lease right-of-use assets, net		48,440			54,253
Less: impairment allowance		(5,636	)		-
Total non-current assets held for sale		3,390,030			4,310,487
TOTAL ASSETS HELD FOR SALE	$	9,609,240		$	10,622,939
LIABILITIES
Short-term loan payable	$	100,000		$	100,000
Account Payable		4,384,491			3,875,088
Deferred revenue		612,336			-
Accrued expenses and other current liabilities		206,258			883,369
Operating lease liabilities – current		978,065			922,247
Financing lease liability – current		10,310			12,249
Income tax payable		50,019			50,019
Auto loan payable - current		9,581			12,547
Due to related parties		33,410			683,662
Total current liabilities held for sale		6,384,470			6,539,181
Operating lease liabilities – non-current		2,605,823			3,107,642
Finance lease liabilities – non-current		40,671			45,940
Auto loan payable - non-current		28,275			33,518
Total non-current liabilities held for sale		2,674,769			3,187,100
TOTAL LIABILITIES HELD FOR SALE	$	9,059,239		$	9,726,281

Accounts receivable, net were $224,999 and $194,999 as of January 31, 2026 and April 30, 2025, respectively.

Accounts 20receivable by aging bucket as of January 31, 2026 and April 30, 2025, consisted of the following:

The following table presents the components of discontinued operations reported in the consolidated statements of operations for the three months and six months ended October 31, 2025 and 2024 (unaudited):

Accounts receivable by aging bucket	Balance as of January 31, 2026 (unaudited)		Balance as of April 30, 2025
Less than six months	$	137,499	$	131,249
Seven to nine months		43,750		43,750
Ten to twelve months		43,750		20,000
Total accounts receivable, net	$	224,999	$	194,999

	For the three months ended October 31, 2025			For the three months ended October 31, 2024			For the six months ended October 31, 2025			For the six months ended October 31, 2024
Revenue, net	$	2,950,379		$	2,607,445		$	5,253,088		$	5,356,929
Cost of revenue		(1,926,209	)		(1,392,113	)		(3,275,770	)		(2,787,345	)
Gross profit		1,024,170			1,215,332			1,977,318			2,569,584
Operating expenses:
Selling expenses		(355,717	)		(134,930	)		(516,079	)		(257,043	)
General & administrative expenses		(818,088	)		(869,321	)		(1,691,876	)		(1,797,011	)
Total operating expenses		(1,173,805	)		(1,004,251	)		(2,207,955	)		(2,054,054	)
Income (loss) from operations		(149,635	)		211,081			(230,637	)		515,530
Other income (expenses):
Other income (expenses)		(949	)		(2,069	)		821			(260	)
Impairment loss		(413,512	)					(413,512	)
Interest expense		(1,419	)		(16,702	)		(3,328	)		(30,464	)
Total other expense, net		(415,880	)		(18,771	)		(416,019	)		(30,724	)
Income (loss) before income tax expense		(565,515	)		192,310			(646,656	)		484,806
Income tax expense		-			(58,623	)		-			(143,838	)
Net income (loss) from discontinued operations	$	(565,515	)	$	133,687		$	(646,656	)	$	340,968

As of the date of this report, subsequent collection of the outstanding accounts receivable from continuing operations as of January 31, 2026 was nil, and subsequent collection of the outstanding accounts receivable from continuing operations as of April 30, 2025 was $105,000.

NOTE 215 — NOTE RECEIVABLES

~~NOTE~~On 4May 10, 2025, the Company’s subsidiary FuAn entered into a short-term note receivable agreement with a third-party company Bio Essence Pharmaceutical Inc. (“BEP”) to lend $500,000 —to Bio Essence at a fixed annual interest rate of ~~ACCOUNTS~~10% ~~RECEIVABLE~~with maturity date on December 10, ~~NET~~2025. As of January 31, 2026, the Company had received $170,000 repayments from BEP. As of the reporting date, the Company and BEP is in the process of renewing the maturity date.

~~Accounts~~On ~~receivable~~June 5, ~~net~~2025 ~~were~~and ~~$174~~July 10,~~999~~ ~~and~~2025, the Company advanced $~~194~~100,~~999~~000 and $90,000, respectively, to BEP as ofa ~~October~~short-term ~~31, 2025~~borrowing ~~and~~with ~~April 30~~no interest. On August 4, 2025, ~~respectively~~the company received full repayment of $190,000 from BEP.

~~Accounts~~On November 19, 2025, the Company entered into a short-term note receivable agreement bywith ~~aging~~a ~~bucket~~third asparty ofcompany ~~October~~Valemi 31Inc. (“Borrower”), ~~2025~~pursuant ~~and~~to ~~April 30~~which the Company loaned $500,000 to the Borrower. ~~2025,~~The ~~consisted~~note bears interest rate of ~~the~~9% ~~following:~~per annum, calculated on a simple interest basis, and is secured by corporate and personal guarantees. The outstanding principal balance and any accrued but unpaid interest are due and payable in full on May 18, 2026.

Accounts receivable by aging bucket	Balance as of October 31, 2025 (unaudited)		Balance as of April 30, 2025
Less than six months	$	128,750	$	131,249
Seven to nine months		43,675		43,750
Ten to twelve months		2,574		20,000
Total accounts receivable, net	$	174,999	$	194,999

As of January 31,2026, the outstanding balance of note receivables was $830,000 and accrued interest receivable was $19,680. Interest income of $15,735 and $36,347 was recognized during the three and nine months ended January 31, 2026.

AsNOTE of6 — PREPAID ~~the~~EXPENSES ~~date~~AND ofOTHER ~~this~~CURRENT report, subsequent collection of the outstanding accounts receivable from continuing operations as of October 31, 2025 was $15,000, and subsequent collection of the outstanding accounts receivable from continuing operations as of April 30, 2025 was $105,000.ASSETS

~~NOTE~~Prepaid ~~5 — NOTE~~expenses ~~RECEIVABLE~~and other current assets, consisted of the following:

On May 10, 2025, the Company’s subsidiary FuAn entered into a short-term note receivable agreement with a third-party company Bio Essence Pharmaceutical Inc. (“BEP”) to lend $500,000 to Bio Essence at a fixed annual interest rate of 10% with maturity date on December 10, 2025. The Company received $170,000 repayment from BEP as of October 31, 2025.

	January 31, 2026 (unaudited)		April 30, 2025
Advance to vendors⁽ⁱ⁾	$	501,382	$	185,218
Security deposits⁽ⁱⁱ⁾		11,913		12,072
Prepaid service fee⁽ⁱⁱⁱ⁾		416,385		2,615,385
Accrued interest receivable^(iv)		7,500		—
Others		17,544		—
Total	$	954,724	$	2,812,675

On(i) ~~June~~Advance 5,to ~~2025~~vendors ~~and~~represents ~~July~~cash 10paid to various vendors for inventory purchase. Advances to vendors are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the realization of the advance becomes doubtful. The Company uses the aging method to estimate the allowance for credit loss for unrealizable balances. In addition, ~~2025~~at each reporting date, the Company ~~advanced~~generally ~~$100~~determines the adequacy of allowance for credit loss by evaluating all available information,~~000~~ and ~~$90,000,~~ ~~respectively,~~then torecords ~~BEP~~specific asallowances afor ~~short-term~~those ~~borrowing~~advances ~~with~~based noon ~~interest~~the specific facts and circumstances. OnAs ~~August~~of 4January 31, 2026 and April 30, 2025, ~~the~~there ~~company~~was ~~received~~no ~~full~~credit ~~repayment~~loss recorded as management believed that all of ~~$190,000 from BEP~~the advance to vendor balances were fully realizable.

~~As of October 31,2025, the outstanding balance of note receivable was $330,000.~~21

~~NOTE~~(ii) ~~6 — PREPAID~~Security ~~EXPENSES~~deposits ~~AND~~represent ~~OTHER~~rental ~~CURRENT~~security ~~ASSETS~~payment to the landlords for its warehouse and office facilities, which will be refunded upon maturity of the lease.

(iii) Prepaid ~~expenses~~service ~~and~~fee ~~other~~represents ~~current~~various ~~assets~~service agreements that the Company entered during fiscal year ended April 2025 for supply chain management service, ~~consisted~~logistics management service, market expanding and financial consulting services. The balances as of January 31, 2026, represented the ~~following:~~unamortized remaining balance based on the agreements.

	October 31, 2025 (unaudited)		April 30, 2025
Advance to vendors(i)	$	183,639	$	185,218
Security deposits(ii)		11,982		12,072
Prepaid service fee(iii)		430,297		2,615,385
Others		5,895		—
Total	$	631,813	$	2,812,675

^(iv)

Accrued interest receivable represents interest earned but not yet received on the Company’s $500,000 promissory notes with Valemi Inc and BEP.

~~(i)~~NOTE ~~Advance~~7 — PROPERTY toAND vendors represents cash paid to various vendors for inventory purchase. Advances to vendors are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the realization of the advance becomes doubtful. The Company uses the aging method to estimate the allowance for credit loss for unrealizable balances. In additionEQUIPMENT, at each reporting date, the Company generally determines the adequacy of allowance for credit loss by evaluating all available information, and then records specific allowances for those advances based on the specific facts and circumstances. As of October 31, 2025 and April 30, 2025, there was no credit loss recorded as management believed that all of the advance to vendor balances were fully realizable.NET

~~(ii)~~Property ~~Security deposits represent rental security payment to the landlords for its warehouse~~ and ~~office facilities~~equipment, ~~which~~net ~~will~~consisted ~~be refunded upon maturity~~ of the ~~lease.~~following:

(iii) Prepaid service fee represents various service agreements that the Company entered during fiscal year ended April 2025 for supply chain management service, logistics management service, market expanding and financial consulting services. The balances as of October 31, 2025, represented the unamortized remaining balance based on the agreements.

	January 31, 2026 (unaudited)			April 30, 2025
Furniture and fixture	$	23,127		$	23,127
Less: accumulated depreciation		(17,183	)		(5,433	)
Property and equipment, net	$	5,944		$	17,694

Depreciation 22expenses from continuing operations were $3,917 and $647 for the three months ended January 31, 2026 and 2025, respectively. Depreciation expenses from continuing operations were $11,750 and $1,940 for the nine months ended January 31, 2026 and 2025, respectively.

NOTE 78 — ~~PROPERTY~~INTANGIBLE ~~AND EQUIPMENT~~ASSETS, NET

~~Property~~Intangible ~~and equipment~~asset, net consisted of the following:

	October 31, 2025 (unaudited)			April 30, 2025
	January 31, 2026 (unaudited)			April 30, 2025
Furniture and fixture	$	23,127		$	23,127
Software	$	250,000		$	250,000
Less: accumulated depreciation		(13,266	)		(5,433	)
Less: accumulated amortization		(110,417	)		(72,917	)
Property and equipment, net	$	9,861		$	17,694
Intangible assets, net	$	139,583		$	177,083

~~Depreciation~~On ~~expenses~~November 19, ~~from~~2023, ~~continuing~~the ~~operations~~Company ~~were~~purchased ~~$3,917~~a ~~and~~supply chain cloud management system from a third-party vendor at a cost of $~~647~~0.25 million. ~~for~~This ~~the~~is ~~three~~a ~~months~~packaged ~~ended~~software ~~October~~with 31multiple modules and functions, ~~2025~~including accounting and ~~2024~~reporting, ~~respectively.~~purchase ~~Depreciation~~order ~~expenses~~processing ~~from~~and ~~continuing~~supply ~~operations were~~chain $7management,~~833~~ data gathering and $1analysis,~~293~~ ~~for~~etc. The ~~the six~~Company ~~months~~amortizes ~~ended~~this ~~October~~software ~~31,~~over ~~2025~~an ~~and~~estimated ~~2024,~~useful ~~respectively~~life of five years.

~~NOTE 8 — INTANGIBLE ASSETS, NET~~22

~~Intangible~~Amortization ~~asset~~expenses for the three months ended January 31, 2026 ~~net~~and ~~consisted~~2025 ofwere ~~the~~$12,500 and ~~following:~~$12,500, respectively.

	October 31, 2025 (unaudited)			April 30, 2025
Software	$	250,000		$	250,000
Less: accumulated amortization		(97,917	)		(72,917	)
Intangible assets, net	$	152,083		$	177,083

Amortization expenses for the nine months ended January 31, 2026 and 2025 were $37,500 and $37,500, respectively.

OnAs ~~November 19, 2023, the Company purchased a supply chain cloud management system from a third-party vendor at a cost~~ of ~~$0.25 million.~~January ~~This is a packaged software with multiple modules and functions~~31, ~~including accounting and reporting~~2026, ~~purchase~~the ~~order~~estimated ~~processing~~future ~~and~~amortization ~~supply chain management, data gathering and analysis, etc.~~expenses ~~The~~of ~~Company~~the ~~amortizes~~intangible ~~this~~assets ~~software~~were ~~over~~as ~~an estimated useful life of five years.~~follow:

Amortization expenses for the three months ended October 31, 2025 and 2024 were $12,500 and $12,500, respectively.

12 months ending January 31,	Amortization expenses
2027	$	50,000
2028		50,000
2029		39,583
2030		-
Total	$	139,583

~~Amortization~~NOTE ~~expenses for the~~9 ~~six~~— ACCRUED ~~months~~EXPENSES ~~ended~~AND ~~July~~OTHER ~~31,~~CURRENT ~~2025 and 2024 were $25,000 and $25,000, respectively.~~LIABILITIES

AsAccrued ofexpenses ~~October~~and ~~31,~~other ~~2025,~~current ~~the~~liabilities ~~estimated~~consisted ~~future amortization expenses~~ of the ~~intangible assets were as follow~~following:

12 months ending October 31,	Amortization expenses
	January 31, 2026 (unaudited)		April 30, 2025
2026	$	50,000
Payroll and payroll tax payable	$	1,899	$	2,008
2027		50,000
Sales tax payable		-		372
2028		50,000
Credit card payable		369		3,700
2029		2,083
Professional fee payable		245,040		-
Total	$	~~152~~247,~~083~~308	$	6,080

As 23of January 31, 2026, professional fees payable primarily consisted of outstanding legal fees related to SEC filing compliance services provided by the Company’s SEC counsel, as well as fees for legal services associated with acquisitions and discontinued operations, audit fees for potential acquisitions, and Nasdaq listing fees.

NOTE 910 — ~~ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES~~LEASE

~~Accrued~~Operating ~~expenses and other current liabilities consisted of the following:~~lease

	October 31, 2025 (unaudited)		April 30, 2025
Payroll and payroll tax payable	$	1,911	$	2,008
Sales tax payable		-		372
Credit card payable		15,200		3,700
Total	$	17,111	$	6,080

On January 19, 2024, FuAn entered into a sublease agreement with the landlord to lease an office in Irvine, California with a lease term of 27 months. The lease commenced on February 1, 2024, and will expire on April 30, 2026. The monthly rental payment is $3,825 for the period from February 1, 2024 to January 31, 2025, $3,978 for the period from February 1, 2025 to January 31, 2026, and $4,137 for the period from February 1, 2026 to April 30, 2026.

~~NOTE~~Total 10lease expenses from continuing operations amounted to $11,783 —and $11,783 ~~LEASE~~for the three months ended January 31, 2026 and 2025, respectively. Total lease expenses from continuing operations amounted to $35,349 and $35,349 for the nine months ended January 31, 2026 and 2025, respectively. Total lease expenses from discontinued operations amounted to $292,009 and $292,009 for the three months ended January 31, 2026 and 2025, respectively. Total lease expenses from discontinued operations amounted to $876,027 and $876,027 for the nine months ended January 31, 2026 and 2025, respectively. The Company’s ROU assets and lease liabilities are recognized using an effective interest rate of 10.50%, which was determined using the Company’s incremental borrowing rate.

~~Operating~~As of January 31, 2026 and April 30, 2025, the average remaining term of the lease is 0.25 years and 1.0 years, respectively.

Total lease expenses from continuing operations amounted to $11,783 and $11,783 for the three months ended October 31, 2025 and 2024, respectively. Total lease expenses from continuing operations amounted to $23,566 and $23,566 for the six months ended October 31, 2025 and 2024, respectively. Total lease expenses from discontinued operations amounted to $292,009 and $292,009 for the three months ended October 31, 2025 and 2024, respectively. Total lease expenses from discontinued operations amounted to $584,018 and $584,018 for the six months ended October 31, 2025 and 2024, respectively. The Company’s operating ROU assets and lease liabilities ~~are recognized using an effective interest rate of 10.50%,~~were ~~which~~as ~~was determined using the Company’s incremental borrowing rate.~~follows:

As of October 31, 2025 and April 30, 2025, the average remaining term of the lease is 0.5 years and 1.0 years, respectively.

	January 31, 2026 (unaudited)			April 30, 2025
Operating ROU:
Operating lease right-of-use assets	$	94,441			94,441
Less: accumulated amortization of ROU assets		(82,862	)		(49,845	)
ROU assets, net	$	11,579		$	44,596

Operating lease liabilities:
Operating lease liabilities, current	$	12,207		$	45,677
Operating lease liabilities, non-current		-			-
Total lease liabilities	$	12,207		$	45,677

~~The~~As ~~Company’s~~of ~~operating~~January ~~ROU~~31, ~~assets~~2026, ~~and~~future maturity of the Company’s operating lease liabilities ~~were~~ is as follows:

	October 31, 2025 (unaudited)			April 30, 2025
Years Ending January 31,	Operating lease liabilities
Operating ROU:
2027	$	12,411
Operating lease right-of-use assets	$	94,441			94,441
Total lease payments		12,411
Less: accumulated amortization of ROU assets		(71,577	)		(49,845	)
Less: imputed interest		(204	)
ROU assets, net	$	22,864		$	44,596
Total lease liabilities	$	12,207
Operating lease liabilities:
Operating lease liabilities, current	$	23,643		$	45,677
Operating lease liabilities, non-current		-			-
Total lease liabilities	$	23,643		$	45,677

NOTE 2411 — INCOME TAXES

AsMarwynn ofis ~~October~~a ~~31,~~Nevada ~~2025,~~holding ~~future maturity~~company ofsubject ~~the~~to 21% ~~Company’s~~corporate ~~operating~~federal ~~lease~~income ~~liabilities~~tax rate. There is no state income tax rate because no state income tax is levied in Nevada. Marwynn is a holding company and does not have active operations as ~~follows:~~of January 31, 2026.

Years Ending October 31,	Operating lease liabilities
2026	$	24,345
Total lease payments		24,345
Less: imputed interest		(702	)
Total lease liabilities	$	23,643

FuAn and EcoLoopX were incorporated in the State of California, and are subject to 21% corporate federal income tax rate and 8.84% California state income tax rate. Marwynn, FuAn and EcoLoopX file separate corporate income tax returns instead of a consolidated income tax return.

~~NOTE~~For 11the ~~— INCOME~~three ~~TAXES~~months ended January 31, 2026, and 2025, the provision for income taxes consisted of the following:

Marwynn is a Nevada holding company subject to 21% corporate federal income tax rate. There is no state income tax rate because no state income tax is levied in Nevada. Marwynn is a holding company and does not have active operations as of October 31, 2025.

	Three months ended January 31, 2026 (unaudited)		Three months ended January 31, 2025 (unaudited)
Current:
Federal income tax expense	$	6,045	$	818
State income tax expense		3,946		756
Deferred:
Federal income tax expense		2,227		—
State income tax expense		—		—
Total income tax expense	$	12,218	$	1,574

FuAn and Grand Forest were incorporated in the State of California, and are subject to 21% corporate federal income tax rate and 8.84% California state income tax rate. Marwynn, FuAn and Grand Forest file separate corporate income tax returns instead of a consolidated income tax return.24

~~For~~The ~~the three~~following ~~months~~table ~~ended~~reconciles ~~October~~the ~~31,~~Company’s ~~2025,~~effective ~~and~~income tax ~~2024,~~rate for the three ~~provision for~~months ~~income~~ended ~~taxes~~January ~~consisted~~31, of2026 ~~the~~and ~~following~~2025:

	Three months ended October 31, 2025 (unaudited)			Three months ended October 31, 2024 (unaudited)
	Three months ended January 31, 2026 (unaudited)			Three months ended January 31, 2025 (unaudited)
Current:
Federal statutory rate		(21.0	)%		21.0	%
Federal income tax expense	$	838		$	816
State statutory rate, net of effect of state income tax deductible to federal income tax		(6.88	)%		6.98	%
State income tax expense		837			752
Permanent difference – penalties, interest, and others		0.31	%		2.71	%
Deferred:
Valuation allowance		29.85	%		(28.77	)%
Federal income tax expense		—			—
Effective tax rate		2.28	%		1.92	%
State income tax expense		—			—
Total income tax expense	$	1,675		$	1,568

For 24the nine months ended January 31, 2026, and 2025, the provision for income taxes consisted of the following:

The following table reconciles the Company’s effective income tax rate for the six months ended October 31, 2025 and 2024:

	Nine months ended January 31, 2026 (unaudited)		Nine months ended January 31, 2025 (unaudited)
Current:
Federal income tax expense	$	7,699	$	2,427
State income tax expense		5,475		2,241
Deferred:
Federal income tax expense		2,227		—
State income tax expense		—		—
Total income tax expense	$	15,401	$	4,668

	Three months ended October 31, 2025 (unaudited)			Three months ended October 31, 2024 (unaudited)
Federal statutory rate		(21.0	)%		(21.0	)%
State statutory rate, net of effect of state income tax deductible to federal income tax		(6.98	)%		(6.98	)%
Permanent difference – penalties, interest, and others		0.51	%		2.10	%
Valuation allowance		27.98	%		26.52	%
Effective tax rate		0.51	%		0.64	%

The following table reconciles the Company’s effective income tax rate for the nine months ended January 31, 2026 and 2025:

For the six months ended October 31, 2025, and 2024, the provision for income taxes consisted of the following:

	Nine months ended January 31, 2026 (unaudited)			Nine months ended January 31, 2025 (unaudited)
Federal statutory rate		(21.0	)%		(21.0	)%
State statutory rate, net of effect of state income tax deductible to federal income tax		(6.98	)%		(6.98	)%
Permanent difference – penalties, interest, and others		0.15	%		1.37	%
Valuation allowance		28.27	%		27.28	%
Effective tax rate		0.44	%		0.67	%

	Six months ended October 31, 2025 (unaudited)		Six months ended October 31, 2024 (unaudited)
Current:
Federal income tax expense	$	1,655	$	1,609
State income tax expense		1,528		1,485
Deferred:
Federal income tax expense		—		—
State income tax expense		—		—
Total income tax expense	$	3,183	$	3,094

~~The~~Deferred ~~following~~tax ~~table~~assets ~~reconciles~~and liabilities are recognized for the ~~Company’s~~expected ~~effective~~future ~~income~~tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax ~~rate~~rates in effect for the ~~six~~ ~~months~~year ~~ended~~in ~~October~~which ~~31,~~the ~~2025~~differences ~~and~~are ~~2024~~expected to reverse. Deferred taxes are comprised of the following:

	Six months ended October 31, 2025 (unaudited)			Six months ended October 31, 2024 (unaudited)
	January 31, 2026 (unaudited)			April 30, 2025
Federal statutory rate		(21.0	)%		(21.0	)%
Deferred tax assets:
State statutory rate, net of effect of state income tax deductible to federal income tax		(6.98	)%		(6.98	)%
Operating lease liabilities, net of ROU	$	127		$	303
Permanent difference – penalties, interest, and others		0.11	%		0.94	%
Depreciation		3,055			-
Valuation allowance		27.98	%		27.44	%
Bad debt expense		9,187			-
Effective tax rate		0.11	%		0.40	%
NOL		2,191,384			122,022
Valuation allowance		(2,203,753	)		(120,098	)
Deferred tax assets, net	$	-		$	2,227

Uncertain 25tax positions

~~Deferred~~The Company evaluates each uncertain tax ~~assets~~position (including the potential application of interest and ~~liabilities~~penalties) ~~are~~based ~~recognized for~~on the ~~expected~~technical ~~future~~merits, ~~tax~~and ~~consequences~~measures ofthe ~~differences~~unrecognized ~~between~~benefits associated with the ~~carrying~~tax positions. ~~amounts~~As of ~~assets~~January 31, 2026 and ~~liabilities~~April 30, 2025, the Company had $16,899 and ~~their~~$12,131 accrued ~~respective~~interest ~~tax~~and penalties related ~~bases~~to ~~using~~understated ~~enacted~~income tax ~~rates~~payments, inrespectively. ~~effect~~For ~~for~~ the ~~year~~three inmonths ~~which~~ended January 31, 2026 and 2025, the ~~differences~~Company ~~are~~recorded ~~expected~~$1,585 and $1,574 of interest and penalties related to ~~reverse~~understated income tax payments, respectively. ~~Deferred~~ ~~taxes~~For ~~are~~the ~~comprised~~nine months ended January 31, 2026 and 2025, the Company recorded $4,768 and $4,668 of ~~the~~interest ~~following:~~and penalties related to understated income tax payments, respectively.

	October 31, 2025 (unaudited)			April 30, 2025
Deferred tax assets:
Operating lease liabilities, net of ROU	$	218		$	303
Finance lease liabilities, net of ROU		-			-
NOL		179,138			122,022
Valuation allowance		(177,129	)		(120,098	)
Deferred tax assets, net	$	2,227		$	2,227

NOTE 12 — RELATED PARTY TRANSACTIONS

~~Uncertain~~The ~~tax~~Company’s ~~positions~~related party transactions from continuing operations consisted of the following:

~~The~~Due ~~Company~~from ~~evaluates~~a each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of October 31, 2025 and April 30, 2025, the Company had $15,314 and $12,131 accrued interest and penalties related to understated income tax payments, respectively. For the three months ended October 31, 2025 and 2024, the Company recorded $1,675 and $1,568 of interest and penalties related to understated income tax payments, respectively. For the six months ended October 31, 2025 and 2024, the Company recorded $3,183 and $3,094 of interest and penalties related to understated income tax payments, respectively.party

NOTE 12 — RELATED PARTY TRANSACTIONS

Name of Related Party	Nature	Relationship	January 31, 2026 (unaudited)		April 30, 2025
Yin Yan	Other receivable	Chief Executive Officer (“CEO”) and owned 81% of equity interest of FuAn (before reorganization) and owns 40% of common shares and 100% of preferred shares of Marwynn	$	—		193,853
Total			$	—	$	193,853

~~The~~As of April 30, 2025, due from a related party was the advances payment that the Company’s paid to the related party. ~~transactions~~On ~~from~~May ~~continuing~~20, ~~operations~~2025, the Company received the full repayment from ~~consisted~~this related party. As of ~~the~~January ~~following:~~31, 2026, there was no balance of due from a related party for continuing operations.

~~Due~~NOTE ~~from a related party~~13 — STOCKHOLDERS’ EQUITY

Name of Related Party	Nature	Relationship	October 31, 2025 (unaudited)		April 30, 2025
Yin Yan	Other receivable	Chief Executive Officer (“CEO”) and owned 81% of equity interest of FuAn (before reorganization) and owns 40% of common shares and 100% of preferred shares of Marwynn	$	—		193,853
Total			$	—	$	193,853

Prior to April 2024, Grand Forest borrowed interest free funds from its stockholders as working capital and recorded such borrowings as due to related parties. On April 19, 2024, three stockholders of Grand Forest converted total of $700,000 related party other payable in exchange for 70,000 common shares of Grand Forest, which constituted 100% equity interest of Grand Forest. On April 25, 2024, theses stockholders transferred 70,000 Grand Forest shares into Marwynn in exchange for 4,976,244 common shares of Marwynn.

AsOn of April 30 19, ~~2025~~2024, ~~due~~one ~~from~~stockholder aof ~~related~~KZS ~~party~~converted $100,000 related ~~was~~party ~~the~~other ~~advances~~payable ~~payment~~in ~~that~~exchange 10,000 common ~~the~~shares ~~Company~~of ~~paid~~KZS, torepresenting 33% ~~the~~equity ~~related~~interest ~~party.~~of KZS. On ~~May 20~~April 25, 2024, ~~2025~~this stockholder transferred 10,000 KZS ~~the~~shares ~~Company~~into ~~received~~Marwynn ~~the~~in ~~full~~exchange ~~repayment~~for 710,892 common ~~from~~shares ~~this related~~of ~~party~~Marwynn. In Asaddition, another stockholder of ~~October~~KZS 31transferred 20,000 KZS ~~2025,~~shares ~~there~~that ~~was~~he noowned ~~balance~~from original capital contribution (representing 67% equity interest of ~~due~~KZS) ~~from~~into aMarwynn ~~related~~in ~~party~~exchange for 1,421,784 common ~~continuing~~shares ~~operations~~of Marwynn.

~~NOTE~~On 13April —29, 2024, all the stockholders of FuAn transferred their ~~STOCKHOLDERS’~~100% ~~EQUITY~~equity interest in FuAn to Marwynn in exchange for 7,399,084 common shares of Marwynn.

~~Prior~~Marwynn towas ~~April 2024,~~incorporated ~~Grand~~in ~~Forest~~the ~~borrowed~~state ~~interest~~of ~~free~~Nevada ~~funds~~on February 27, ~~from~~2024. ~~its~~The ~~stockholders~~Company asis ~~working~~authorized ~~capital~~to ~~and~~issue 45,000,000 shares ~~recorded~~of ~~such~~common ~~borrowings~~stock, asand 5,000,000 shares ~~due~~of topreferred ~~related~~stock, par ~~parties~~value $0.001 (“Preferred OnStock”), ~~April~~of which 19135,000 shares ~~2024,~~of ~~three~~Preferred ~~stockholders~~Stock have been designated as “Series A Super Voting Preferred Stock.” Each share of ~~Grand~~common ~~Forest~~stock ~~converted~~is ~~total~~entitled to one (1) vote and each share of ~~$700,000~~Series ~~related~~A ~~party~~Super Voting ~~other~~Preferred ~~payable~~Stock inis ~~exchange~~entitled ~~for 70~~to one thousand (1,000 ~~common~~) ~~shares~~votes on any matter on which action of ~~Grand~~the ~~Forest,~~stockholders of the corporation ~~which~~is ~~constituted~~sought. The Series ~~100%~~A ~~equity~~Super ~~interest~~Voting ofPreferred ~~Grand~~Stock ~~Forest~~will vote together with the common stock. OnThe ~~April~~holders of Series ~~25,~~A ~~2024,~~Super Voting ~~theses~~Preferred ~~stockholders~~Stock ~~transferred~~shall not be entitled to receive dividends of any kind or be entitled to any liquidation preference. The Series ~~70,000 Grand~~A ~~Forest~~Preferred ~~shares~~Stock shall not be subject to conversion into ~~Marwynn~~common instock ~~exchange~~or ~~for~~other equity authorized to be issued by the Company. The Series ~~4,976,244 common~~A Super ~~shares~~Voting Preferred is redeemable at the election of ~~Marwynn~~the holder at a redemption price of $0.001 per share.

On April 1924, 2024, ~~one~~the ~~stockholder~~Company ofentered ~~KZS~~a ~~converted~~Subscription ~~$100,000 related~~Agreement ~~party~~with ~~other~~an ~~payable~~individual ~~in exchange 10~~investor,~~000 common~~ ~~shares~~pursuant ofto ~~KZS,~~the ~~representing 33%~~subscription ~~equity~~agreement, ~~interest~~on ~~of KZS. On~~ April 2530, 2024, ~~this~~the ~~stockholder~~Company ~~transferred~~issued 10186,000 ~~KZS shares into Marwynn in exchange for 710,892~~ common shares of Marwynn~~. In~~ ~~addition,~~at ~~another stockholder of KZS transferred~~$2.50 ~~20,000 KZS~~per ~~shares~~share ~~that~~to hethe ~~owned~~investor ~~from original capital contribution (representing 67% equity interest of KZS) into Marwynn in exchange~~ for ~~1,421,784 common~~ ~~shares~~proceeds of ~~Marwynn~~$300,000.

On April 2924, 2024, ~~all~~ the ~~stockholders~~Company ofentered ~~FuAn~~a ~~transferred~~Subscription ~~their 100%~~Agreement ~~equity~~with ~~interest~~another inindividual ~~FuAn~~investor, pursuant to ~~Marwynn~~the insubscription ~~exchange~~agreement, ~~for~~on April 730,~~399~~ 2024,~~084~~ the Company issued 310,000 common shares of Marwynn at $2.50 per share to the investor for proceeds of $500,000.

~~Marwynn~~On ~~was incorporated in the state of Nevada on February~~April 2725, ~~2024.~~ ~~The Company is authorized to issue 45~~2024,~~000,000 shares~~ ofMarwynn ~~common stock,~~ and ~~5,000,000 shares~~ ofMarwynn’s ~~preferred~~CEO ~~stock, par~~Yin ~~value~~Yan ~~$0.001~~ (~~“Preferred Stock”), of which 135,000 shares of Preferred Stock have been designated as “Series A~~also ~~Super~~the ~~Voting~~initial ~~Preferred~~major ~~Stock.”~~stockholder ~~Each share~~ of ~~common stock is entitled to one (1~~Marwynn) ~~vote~~ ~~and~~entered ~~each~~into ~~share~~a of Series A Super Voting Preferred Stock isPurchase ~~entitled~~Agreement ~~to one thousand~~ (~~1,000~~“Purchase Agreement”), ~~votes~~pursuant onto ~~any matter on which action of~~ the ~~stockholders~~purchase ofagreement, ~~the~~Marwynn’s ~~corporation is~~CEO ~~sought. The Series~~purchased ~~A Super Voting Preferred Stock will vote together with the common stock. The holders of Series~~135,000 Asuper ~~Super Voting~~voting ~~Preferred~~preferred ~~Stock shall not be entitled to receive dividends of any kind or be entitled to any liquidation preference. The Series A Preferred Stock shall not be subject to conversion into common~~ stock ~~or other equity authorized to be issued by the Company. The Series A~~for ~~Super Voting Preferred is redeemable at the election of the holder at a redemption price of~~ $030.~~001 per share.~~

On ~~April~~September 249, 2024, the Company ~~entered~~filed aan ~~Subscription~~Amended ~~Agreement~~and Restated ~~with~~Articles anof ~~individual~~Incorporation ~~investor,~~to ~~pursuant~~effect to(i) 1.55-for-1 forward stock split of the ~~subscription~~Company’s ~~agreement~~common stock, onand ~~April~~(ii) ~~30,~~4.5-for-1 forward stock ~~2024,~~split of the Company’s ~~issued~~Series ~~186,000~~A Super-Voting ~~common shares~~Preferred ofStock. ~~Marwynn~~Share atand ~~$2.50~~ per share todata in the ~~investor~~consolidated ~~for~~financial statements ~~proceeds~~and ofnotes ~~$300,000~~to consolidated financial statements are presented on a retroactive basis to reflect the forward stock split.

OnInitial ~~April 24,~~public ~~2024,~~offering (the Company entered a Subscription Agreement with another individual investor, pursuant to the subscription agreement, on April 30, 2024, the Company issued 310,000 common shares of Marwynn at $2.50 per share to the investor for proceeds of $500,000.“IPO”)

On ~~April 25~~March 12, ~~2024~~2025, ~~Marwynn and Marwynn’s CEO Yin Yan (also~~ the ~~initial~~Company ~~major stockholder of Marwynn)~~ entered into aan ~~Series A~~underwriting ~~Super~~agreement with ~~Voting~~American ~~Preferred~~Trust ~~Stock~~Investment ~~Purchase~~Services, ~~Agreement~~Inc (the “~~Purchase Agreement~~Underwriter”), ~~pursuant~~in toconnection with the ~~purchase agreement, Marwynn~~Company’s ~~CEO~~IPO ~~purchased~~of ~~135~~2,000,000 ~~super~~shares of ~~voting~~Class ~~preferred~~A common stock, ~~for~~ at a price of $304.00 per share, less underwriting discounts and commissions.

OnThe ~~September 9,~~IPO ~~2024,~~closed ~~the~~on ~~Company~~March ~~filed~~14, an2025, ~~Amended~~ and ~~Restated Articles of Incorporation to effect (i) 1.55-for-1 forward stock split of~~ the Company’s ~~common~~received ~~stock,~~net ~~and (ii) 4.5-for-1 forward~~proceeds ~~stock split~~ of ~~the~~approximately ~~Company’s Series~~$7.16 Amillion, ~~Super-Voting Preferred~~after ~~Stock.~~deducting ~~Share~~underwriting discounts and ~~per~~commissions ~~share~~and ~~data~~estimated inIPO ~~the~~offering ~~consolidated~~expenses ~~financial~~payable ~~statements~~by ~~and notes to consolidated financial statements are presented on a retroactive basis to reflect~~ the ~~forward stock split~~Company.

On 27April 4, 2025, the Underwriter purchased 50,000 additional shares of the Company’s common stock, at a price of $4.00 per share (the “Over-Allotment Shares”). As a result, the Company has raised net proceeds of approximately $184,000, after underwriting discounts and commissions.

~~Initial~~The ~~public~~Company ~~offering~~also (agreed to issue to the Representative (or its permitted assignees) a warrant (“~~IPO~~Representative Warrant”) to purchase up to 100,000 shares of Common Stock (and up to 115,000 shares of Common Stock assuming the Representative’s option is exercised in full), which is equal to 5% of the shares sold in the Offering, exercisable for cash or on a cashless basis at a per share price equal to $4.80 per share. The Representative Warrant will be exercisable at any time, and from time to time, in whole or in part, after 180 days from March 11, 2025, and will expire on March 11, 2030. The Company accounted for the warrants issued based on the FV method under FASB ASC Topic 505, and the FV of the warrants was calculated using the Black-Scholes model under the following assumptions: life of 5 years, volatility of 100%, risk-free interest rate of 4.03% and dividend yield of 0%. The FV of the warrants issued at the grant date was $321,681. The warrants issued in this financing were classified as equity instruments.

On March 12, 2025, the Company entered into an underwriting agreement with American Trust Investment Services, Inc (the “Underwriter”) in connection with the Company’s IPO of 2,000,000 shares of Class A common stock, at a price of $4.00 per share, less underwriting discounts and commissions.27

~~The~~Following ~~IPO~~is ~~closed~~a onsummary ~~March~~of ~~14, 2025, and~~ the ~~Company~~activities ~~received net proceeds~~ of ~~approximately~~warrants ~~$7.16 million,~~for ~~after~~the ~~deducting underwriting discounts and commissions and estimated IPO offering expenses payable~~period byended ~~the~~January ~~Company.~~31, 2026:

On April 4, 2025, the Underwriter purchased 50,000 additional shares of the Company’s common stock, at a price of $4.00 per share (the “Over-Allotment Shares”). As a result, the Company has raised net proceeds of approximately $184,000, after underwriting discounts and commissions.

	Number of Warrants		Exercise Price		Weighted Average Remaining Contractual Term in Years
Outstanding as of April 30, 2025		100,000	$	4.80		4.95
Exercisable as of April 30, 2025		—	$	—		—
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—
Outstanding as of January 31, 2026 (unaudited)		100,000	$	4.80		4.20
Exercisable as of January 31, 2026 (unaudited)		—	$	—		—

~~The Company also agreed to issue to the Representative (or its permitted assignees) a warrant (“Representative Warrant”) to purchase up to 100,000 shares of Common~~ Stock ~~(and~~Purchase up to 115,000 shares of Common Stock assuming the Representative’s option is exercised in full), which is equal to 5% of the shares sold in the Offering, exercisable for cash or on a cashless basis at a per share price equal to $4.80 per share. The Representative Warrant will be exercisable at any time, and from time to time, in whole or in part, after 180 days from March 11, 2025, and will expire on March 11, 2030. The Company accounted for the warrants issued based on the FV method under FASB ASC Topic 505, and the FV of the warrants was calculated using the Black-Scholes model under the following assumptions: life of 5 years, volatility of 100%, risk-free interest rate of 4.03% and dividend yield of 0%. The FV of the warrants issued at the grant date was $321,681. The warrants issued in this financing were classified as equity instruments.Agreement

~~Following~~On isOctober 28, 2025, the Company entered into and closed a ~~summary~~stock ofpurchase agreement with certain investors, pursuant to which the ~~activities~~subscribers ofagreed, ~~warrants~~subject ~~for~~to the ~~period~~terms and conditions of the agreement, to ~~ended~~purchase ~~October~~an 31aggregate of 3,140,800 shares ~~2025:~~of common stock, par value $0.001 per share, at a purchase price of $0.45 per Share, for aggregate gross proceeds of approximately $1,413,360.

	Number of Warrants		Exercise Price		Weighted Average Remaining Contractual Term in Years
Outstanding as of April 30, 2025		100,000	$	4.80		4.95
Exercisable as of April 30, 2025		—	$	—		—
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—
Outstanding as of October 31, 2025 (unaudited)		100,000	$	4.80		4.45
Exercisable as of October 31, 2025 (unaudited)		—	$	—		—

As of January 31, 2026 and April 30, 2025, total number of shares of common stock issued and outstanding was 20,194,804 shares and 17,054,004, respectively, at par value of $0.001 per share; total number of shares of preferred stock issued and outstanding was 135,000 shares. The number of authorized and outstanding common stock were retrospectively applied as if the transaction occurred at the beginning of the period presented.

Stock-based ~~Purchase Agreement~~compensation

On ~~October~~July 2824, ~~2025~~2024, the ~~Company~~Board ~~entered~~of ~~into~~Directors granted ~~and~~non-qualified ~~closed a~~ stock ~~purchase agreement~~options ~~with~~to ~~certain~~each ~~investors,~~of ~~pursuant~~its tothree ~~which~~independent ~~the~~directors. ~~subscribers~~Each ~~agreed,~~director ~~subject~~received options to purchase 31,000 shares of the ~~terms~~Company’s ~~and~~common ~~conditions~~stock at an exercise price of ~~the~~$1.6129 per ~~agreement,~~share. toThe ~~purchase an~~stock ~~aggregate~~options ofhave ~~3,140,800~~a ~~shares~~term of 10 years and ~~common~~are ~~stock,~~vested ~~par~~in ~~value~~three ~~$0.001~~equal ~~per~~annual ~~share,~~installments atbeginning aon ~~purchase~~the ~~price~~first anniversary of ~~$0.45~~the ~~per~~grant ~~Share~~date, ~~for~~subject ~~aggregate~~to ~~gross~~continued service ~~proceeds~~as ofa ~~approximately~~director ~~$1,413,360~~on each applicable vesting date.

AsThe grant-date fair value of ~~October~~the ~~31,~~stock ~~2025~~options awarded ~~and~~to ~~April 30,~~directors ~~2025~~was $351,500, total ~~number~~compensation ofexpense ~~shares of~~related ~~common~~to ~~stock~~these ~~issued~~options ~~and~~will ~~outstanding~~be ~~was 20,194,804 shares~~recognized ~~and~~on ~~17,054,004,~~a ~~respectively,~~straight-line atbasis ~~par~~over the ~~value~~three-year ofvesting $0period.~~001 per~~ ~~share; total~~For ~~number~~the ofthree ~~shares~~and ofnine ~~preferred~~months ~~stock~~ended ~~issued~~January ~~and~~31, ~~outstanding~~2026, ~~was~~the Company recognized $29,291 ~~135~~and $87,~~000~~875 ~~shares.~~share-based compensation ~~The~~expense ~~number~~for ofthe ~~authorized~~options ~~and~~to ~~outstanding common~~the ~~stock~~three ~~were~~directors. ~~retrospectively~~As ~~applied~~of asJanuary if31, ~~the~~2026 ~~transaction~~and ~~occurred~~April at30, ~~the~~2025, ~~beginning~~unrecognized ofcompensation ~~the~~expense related ~~period~~to ~~presented~~these options was $173,545 and $261,420, respectively.

~~Shares-based~~Following ~~compensation~~is a summary of the activities of stock options for the nine months ended January 31, 2026:

On July 24, 2024, the Board of Directors granted non-qualified stock options to each of its three independent directors. Each director received options to purchase 31,000 shares of the Company’s common stock at an exercise price of $1.6129 per share. The stock options have a term of 10 years and are vested in three equal annual installments beginning on the first anniversary of the grant date, subject to continued service as a director on each applicable vesting date.

	Number of Stock Options		Exercise Price		Weighted Average Remaining Contractual Term in Years
Outstanding as of April 30, 2025		93,000	$	1.61		9.23
Exercisable as of April 30, 2025		—	$	—		—
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—
Outstanding as of January 31, 2026 (unaudited)		93,000	$	1.61		8.48
Exercisable as of January 31, 2026 (unaudited)		62,000	$	1.61		8.48

~~The~~NOTE ~~grant-date~~14 fair value of the stock options awarded to directors was $351,500, total compensation expense related to these options will be recognized on a straight-line basis over the three-year vesting period. For the three and six months ended October 31, 2025, the Company recognized $29,292— ~~and~~SUBSEQUENT $58,584 share-based compensation expense for the options to the three directors. As of October 31, 2025 and April 30, 2025, unrecognized compensation expense related to these options was $202,836 and $261,420, respectively.EVENTS

~~Following~~The isCompany afollows ~~summary~~the ofguidance ~~the~~in ~~activities~~FASB ASC 855-10 for the disclosure of ~~stock~~subsequent ~~options~~events. ~~for~~The Company evaluated subsequent events through the ~~six~~date the unaudited condensed consolidated financial statements ~~months~~were ~~ended~~issued ~~October~~and ~~31,~~determined ~~2025:~~the Company has following subsequent event that needs to be disclosed.

	Number of Stock Options		Exercise Price		Weighted Average Remaining Contractual Term in Years
Outstanding as of April 30, 2025		93,000	$	1.61		9.23
Exercisable as of April 30, 2025		—	$	—		—
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—
Outstanding as of October 31, 2025 (unaudited)		93,000	$	1.61		8.73
Exercisable as of October 31, 2025 (unaudited)		62,000	$	1.61		8.73

On February 10, 2026, Marwynn issued a press release announcing the signing of a non-binding Letter of Intent (“LOI”) to acquire a 51% equity interest in DJ Mex Corp. (“DJ Mex”), a U.S.-based operator specializing in electronic-waste sourcing, logistics coordination, and recyclable materials trading. Following the Company’s due diligence, in March 2026, the Company has decided not to pursue the acquisition of DJ Mex.

~~NOTE 14 — SUBSEQUENT EVENTS~~29

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 unaudited condensed consolidated financial statements were issued and determined the Company has following subsequent event that needs to be disclosed.

On November 19, 2025, the board of directors of Marwynn approved to explore and expand Company’s supply-chain management operations to include sourcing, logistics coordination, trading facilitation, documentation management, and commercial operations related to electronic waste and recyclable materials, without engaging in any physical processing, dismantling, recycling, or hazardous operations (“E-Waste Reverse Supply Chain Business”).

On November 19, 2025, the board of directors approved the formation of a wholly owned subsidiary to operate within the electronic waste supply chain business (“E-Waste Reverse Supply Chain Business”). The subsidiary, EcoLoopX Corporation, was incorporated in the state of California on November 25, 2025, and is intended to provide non-operational supply chain services. It will not engage in any physical processing, dismantling, recycling, or hazardous materials handling. Instead, its activities will be limited to coordination, sourcing, logistics management, documentation facilitation, vendor and partner engagement, and compliance support. The Company believes that concentrating its resources in the food and beverage and expanding into the e-waste reverse supply chain business sector will better align with its long-term growth objectives and enhance its ability to capture emerging market opportunities.

During the second quarter of fiscal year 2026, following approval by the Board of Directors of the Company, the Company committed to a plan to dispose of Grand Forest Cabinetry Inc.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. As discussed in the section titled “Special Note Regarding Forward-Looking Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions, or projections, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under Part II - Item 1A Risk Factors of this Report, in the “Risk Factors” section of our annual report on Form 10-K for the fiscal year ended April 30, 2025 and in the audited consolidated financial statements and notes included therein (collectively, the “2025 Annual Report”), as well as in our unaudited condensed consolidated financial statements and the related notes included in this Report. Pursuant to Instruction 2 to paragraph (b) of Item 303 of Regulation S-K promulgated by the SEC, in preparing this discussion and analysis, we have presumed that readers have access to and have read the disclosure under the same heading contained in the 2025 Annual Report. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. References to “we”, “us”, “our,” or the “Company” are to Marwynn Holdings, Inc. and its wholly-owned operating subsidiaries, except where the context requires otherwise.

Business Overview and Recent Development

Marwynn Holdings, Inc. (“Marwynn” or the “Company”) was incorporated in the state of Nevada, United States of America (“USA”) on February 27, 2024. The Company is a holding company with no material operations of its own, Marwynn conducts substantially all its operations through its wholly-owned subsidiaries.

FuAn Enterprise, Inc (“FuAn”), a subsidiary of Marwynn, was incorporated in the state of California on April 18, 2016. FuAn is a food and non-alcoholic beverage supply chain company that specializes in connecting businesses between different regions, particularly between Asia and the U.S. FuAn’s comprehensive supply chain services include the sourcing of Asian food, snacks, and non-alcoholic beverages, and distributing branded goods to mainstream markets, grocery stores and wholesale/warehouse clubs in the U.S. In addition, FuAn provides supply chain consulting, and market expansion support for businesses. With a focus on sourcing Asian foods and non-alcoholic beverages, FuAn aims at becoming a leading importer and distributor of premium Asian foods and non-alcoholic beverages to the U.S. markets.

~~Grand~~On ~~Forest~~December ~~Cabinetry Inc (“Grand Forest”)~~22, ~~a subsidiary of Marwynn~~2025, ~~was~~the ~~incorporated~~Company incompleted the ~~state~~sale of ~~California~~all onof ~~February 22,~~its equity ~~2021.~~interests of Grand Forest isCabinetry anInc. ~~indoor~~(“Grand ~~home~~Forest”) ~~improvement~~to ~~supply~~a ~~chain provider that focus on providing high~~third-~~quality kitchen~~party ~~cabinets,~~buyer. ~~flooring,~~Following ~~and~~the ~~home~~sale ~~improvement~~of ~~products sourced from international suppliers.~~ Grand Forest, the ~~focuses~~Company onis ~~sourcing~~no ~~high-quality products~~longer ~~from~~indoor ~~reliable~~home ~~overseas~~improvement ~~suppliers~~supply ~~and~~chain ~~distributing them to customers across the U~~provider.S.

On ~~October~~November 2719, 2025, the ~~Company~~board ~~entered~~of ~~into~~directors aapproved ~~Securities~~the ~~Purchase~~formation ~~Agreement~~of toa ~~sell~~wholly ~~all~~owned ofsubsidiary ~~the~~to ~~issued~~operate ~~and~~within ~~outstanding~~the ~~equity~~electronic ~~interests~~waste ofsupply ~~Grand~~chain ~~Forest~~business ~~to a third~~(“E-~~party~~Waste ~~buyer~~Reverse ~~(the~~Supply ~~“Transaction~~Chain Business”). ~~Our~~The ~~stockholders~~subsidiary, ~~have~~EcoLoopX ~~approved the Transaction~~Corporation, ~~and~~was ~~pending~~incorporated in the ~~completion~~state of ~~the~~California ~~Transaction,~~on ~~Grand~~November ~~Forest~~25, ~~will~~2025, ~~cease~~and toprovides benon-operational ~~a subsidiary~~supply ofchain ~~the Company~~services. AsIt ofdoes ~~the~~not ~~date~~engage ~~hereof,~~in ~~Grand~~any ~~Forest~~physical ~~remains~~processing, adismantling, ~~wholly-owned~~recycling, ~~subsidiary~~or ofhazardous ~~the~~materials ~~Company~~handling. ~~See~~ ~~“Risk~~Instead, ~~Factors”~~its activities ~~under~~are ~~Part~~limited IIto -coordination, ~~Item~~sourcing, 1Alogistics ~~Risk~~management, ~~Factors~~documentation ~~for~~facilitation, avendor ~~discussion~~and ofpartner ~~the~~engagement, ~~potential~~and ~~risks~~compliance support. ~~associated~~The ~~with~~Company believes that concentrating its resources in the ~~Transaction~~food and ~~the~~beverage ~~Company’s~~and ~~post~~expanding into the e-~~Transaction~~waste reverse supply ~~operations.~~chain ~~The~~business ~~Company~~sector ~~anticipates~~will ~~that~~better ~~the~~align ~~transaction~~with ~~will~~its belong-term ~~completed~~growth ~~prior~~objectives toand ~~the~~enhance ~~end~~its ofability ~~December~~to ~~31,~~capture ~~2025~~emerging market opportunities.

On February 10, 2026, we issued a press release announcing the signing of a non-binding Letter of Intent (“LOI”) to acquire a 51% equity interest in DJ Mex Corp. (“DJ Mex”), a U.S.-based operator specializing in electronic-waste sourcing, logistics coordination, and recyclable materials trading. Following our due diligence, in March 2026, the Company decided not to pursue the acquisition of DJ Mex.

On November 19, the board of directors approved the formation of a wholly owned subsidiary to operate within the electronic waste supply chain business (“E-Waste Reverse Supply Chain Business”). The subsidiary, EcoLoopX Corporation, was incorporated in the state of California on November 25, 2025, and is intended to provide non-operational supply chain services. It will not engage in any physical processing, dismantling, recycling, or hazardous materials handling. Instead, its activities will be limited to coordination, sourcing, logistics management, documentation facilitation, vendor and partner engagement, and compliance support. The Company believes that concentrating its resources in the food and beverage and expanding into the e-waste reverse supply chain business sector will better align with its long-term growth objectives and enhance its ability to capture emerging market opportunities.

Business Trends and Uncertainties

During ~~the~~2025 ~~first~~and ~~quarter~~continuing ofinto ~~2025~~2026, the United States has introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, including on product imports from almost all countries and individualized higher tariffs on certain other countries, such as China. Some of these tariff announcements have since been followed by announcements of limited exemptions and temporary pauses. In February 2026, the U.S. Supreme Court invalidated tariffs predicated on the International Emergency Economic Powers Act (IEEPA), ruling that such taxing authority rests with Congress. In response, the administration has transitioned to alternative statutory frameworks, such as Section 122, while continuing to maintain Section 232 and Section 301 duties. This shifting landscape remains characterized by a complex series of temporary surcharges, targeted exemptions, and ongoing litigation regarding importer refunds. Our current food and non-alcohol beverage business relies heavily on international supply chains and imported products. This dependence exposes us to risks associated with shifting global trade policies, tariffs, and geopolitical tensions, particularly in the Asia-Pacific region, and could negatively impact affect our business in multiple ways, including increased costs of our products. These tariffs have introduced additional volatility into our procurement and logistics operations and may increase our cost of goods sold.

For our food and non-alcoholic beverage supply chain business, we have temporarily paused certain imports from China and are actively pursuing alternative sourcing strategies, including domestic suppliers and international partners in lower-risk regions. While we have temporarily paused imports from China, future sourcing decisions may change depending on market conditions, supplier availability, and trade policies. In addition, trade-related disruptions—such as shipping delays, port congestion, or container shortages—can create further uncertainty and may require expedited shipping or last-minute ~~procurement~~ procurement efforts at elevated cost. While these changes are intended to mitigate future exposure, they may result in near-term transitional costs, logistical inefficiencies, and supplier onboarding challenges. Diversifying our supply base can also increase production and transportation costs and introduce operational complexity. During the quarter ended January 31, 2026, we had two primary vendors located in Taiwan and New Zealand. As we continue to expand our business operations and develop relationships with new suppliers and retail partners, we may encounter additional risks associated with supplier reliability, product quality control, logistics coordination, and regulatory compliance across multiple jurisdictions. Our expansion efforts may also require increased working capital, new operational infrastructure, and additional personnel, which could increase our operating expenses. We are actively working with Costco and other retailers to introduce new products that are less sensitive to the tariff tensions between the U.S. and China. However, there can be no assurance that these efforts will be successful or that such measures will fully offset the challenges posed by current trade policies.

We ~~are~~continue ~~closely~~ monitoring the fluid nature of proposed tariffs and ~~any~~ any impact they may have on our operations and will continue to monitor macroeconomic conditions and evaluate the financial and operational impact of ongoing trade policy shifts. These risks could intensify depending on future developments and we are actively incorporating these considerations into our future operation planning, including assessing pricing actions, cost-control measures, and long-term sourcing strategies.

If tariffs escalate or global inflationary trends persist, our customers may face greater economic strain, which could in turn affect demand for our products. We remain focused on maintaining operational flexibility and adapting our supply chain to navigate these uncertainties and support long-term business performance. See “Risk Factors” discussed in our 2024 Annual Report, for additional information.

We are also entering the E-Waste Reverse Supply Chain Business, which focuses on coordination, sourcing, logistics management, documentation facilitation, vendor and partner engagement, and compliance support related to discarded electronic products. The Company will not engage in any physical processing, dismantling, recycling, or hazardous materials handling. Although we will not handle e-waste directly, this business line may still be subject to evolving environmental regulations, data security laws, and global commodity pricing pressures. We are actively evaluating operational and regulatory risks, and exploring long-term strategies for scalable and compliant growth in this area.

Key Factors that Affect Our Results of Operations

Operating cost increase after initial public offering

As a result of our initial public offering, we are subject to increased operating costs related to our listing on The Nasdaq Capital Market and we are subject to increased costs related to our compliance with Securities Act and Exchange Act periodic reporting annual audit expenses, the legal service expenses, and related consulting services expenses.

Competition

The supply chain industry is highly competitive, with a wide range of players offering various services such as logistics, transportation, warehousing, and distribution. Competitors range from large multinational corporations to small and medium-sized enterprises, each with their own strengths and capabilities. Supply chain disruptions often occur due to natural disasters or geopolitical events. We see talent shortage and skills gap in supply chain management. We also face regulatory compliance and trade restrictions. Security and data privacy are also concerns in global trade as well as fluctuations in exchange rates and raw material prices.

Competition for sale of food and beverages varies and includes market demand, supplier relationships, logistics and distribution, regulatory compliance and expanding into new markets. Satisfying diverse consumer preferences and staying ahead of trends are imperative.

The ~~home~~e-waste ~~remodeling~~reverse ~~business~~supply chain industry is highly competitive~~, fragmented,~~ and ~~evolving.~~includes Asestablished arecycling ~~result~~companies, ~~competition~~third-party ~~for~~logistics ~~customers~~providers, ~~for~~environmental ~~our~~service ~~products and services from a variety of retailers~~firms, ~~suppliers,~~and ~~service~~specialized ~~providers,~~supply ~~and~~chain ~~distributors~~coordinators. ~~and~~Key ~~manufacturers~~participants ~~that~~range ~~sell~~from ~~products~~large ~~directly~~integrated towaste ~~their~~management ~~respective~~companies ~~customer~~such ~~bases.~~as ~~These~~Waste ~~competitors~~Management, ~~range~~Inc. ~~from~~and ~~suppliers~~Republic ~~like us~~Services, Inc. to ~~multi~~dedicated e-~~channel,~~waste torecyclers ~~exclusively~~such ~~online~~as ~~retailers.~~Sims ~~The~~Lifecycle ~~internet~~Services. ~~facilitates~~In ~~competitive~~addition, ~~entry~~smaller ~~and~~regional ~~increases~~operators ~~the~~and ~~level~~logistics-focused ofservice ~~competition~~providers wecompete ~~face~~ for ~~customer~~vendor ~~experience,~~relationships ~~price transparency, quality, product availability~~ and ~~assortment,~~compliance-driven ~~and delivery options~~contracts.

International Trade Policies

Current uncertainties about increases in tariffs of imported products from countries may have an adverse effect on our operations. Throughout 2025 and into early 2026, the United States implemented expansive trade policy actions, significantly increasing import tariffs on a global scale. In ~~April~~February ~~2025~~2026, the U.S. ~~government~~Supreme ~~increased~~Court ~~import~~invalidated tariffs ~~across~~predicated aon ~~wide~~the ~~range~~International ofEmergency ~~countries~~Economic atPowers ~~various~~Act ~~rates~~(IEEPA), ~~including~~ruling onthat ~~product~~such ~~imports~~taxing ~~from~~authority ~~almost~~rests ~~all~~with ~~countries~~Congress. In ~~and~~response, ~~individualized~~the ~~higher~~administration has transitioned to alternative statutory frameworks, such as Section 122, while continuing to maintain ~~tariffs~~Section on232 ~~certain~~and ~~countries~~Section 301 duties. Based on the tariffs enacted and currently in effect, we anticipate incurring incremental tariff costs, additional costs that we may incur on products shipped to our customers, and costs as a result of pauses on certain of our product imports, in particular products from China. We expect to offset the impact of the enacted tariffs on our revenues with supply chain adjustments, sources of supply or manufacturing locations, and additional cost savings actions. For our food and non-alcoholic beverage supply chain business, we have temporarily paused certain imports from China and are actively pursuing alternative sourcing strategies, including domestic suppliers and international partners in lower-risk regions. We are actively working with Costco and our other customers to introduce new products that are less sensitive to the tariff tensions between the U.S. and China. During the quarter ended January 31, 2026, we had two new food-supply vendors from Taiwan and New Zealand. However, if other additional tariffs are adopted, we would incur additional tariff costs that could be material. We are actively evaluating the potential impacts of these proposed tariffs, as well as our ability to mitigate their related impacts, this may affect our revenue and cost of revenues.

Three Months Ended ~~October~~January 31, ~~2025~~2026 compared to Three Months Ended ~~October~~January 31, ~~2024~~2025

Revenues from ~~contining~~continuing operations

We derive our revenues from (i) sale of food and beverage, ~~and~~ (ii) consulting services, and (iii) sale of recyclable e-waste materials. The following table presents our revenues by product and service types and as percentage of our total revenues for the periods presented.

	For the three months ended October 31,
	For the three months ended January 31,
	2025					2024					Variance
	2026					2025					Variance
	USD	~~USD~~	Percent	~~Percent~~		USD	~~USD~~	Percent	~~Percent~~		Amount	~~Amount~~		Percent	~~Percent~~
Sale of Food and Beverage	$	-340,192		-%24.58	%	$	-579,960		-92.99	%	$	-(239,768	)		-(41.34	)%
Consulting Services		43,~~750~~749		~~100~~3.16	%		43,~~750~~749		~~100~~7.01	%		-			-	%
Total Revenues	$	43,750		100	%	$	43,750		100.00	%	$	-			-	%
Sale of recyclable e-waste materials		1,000,000		72.26	%		-		-	%		1,000,000			100.00	%
Total Revenues	$	1,383,941		100	%	$	623,709		100.00	%	$	760,232			121.89	%

Sales of food and beverage

There ~~was~~were no$340,192 ~~revenue~~and $579,960 from sales of food and beverage accounted for the three months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025, respectively. We are actively seeking new retailers and working with them to introduce new products that are less sensitive to the tariff tensions between the U.S. and China.

We also plan to increase our revenue by diversifying our markets from major mass market channels to ethnic supermarkets chains. In addition, we already finished the setup process to become a vendor to some major food distributors. Our decision of disposing Grand Forest is to maximize the efficiency and profitability of its existing business of supply chain consulting, and supply chain services of sourcing Asian foods, snacks, and non-alcoholic beverages, and distributing branded goods to mainstream markets, grocery stores and wholesale / warehouse clubs in the US.

Consulting services

~~Revenue~~There were $43,749 and $43,749 from consulting services accounted for ~~100~~3.16% and ~~100~~7.01% of total revenues for the three months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025, respectively. Revenue from consulting services remained relatively consistent for the three months ended ~~October~~January 31, ~~2025~~2026 compared to the three months ended ~~October~~ January 31, ~~2024~~2025. We started our consulting services business in March 2024 through providing supply chain and brand management services proposals and solutions to customers to help them optimize their inventory management and product distribution strategy, to reduce delivery times, shipping costs and diversify distribution channels.

~~Costs~~Sales of ~~Revenues~~recyclable ~~associated~~e-waste ~~with contining operations~~materials

There were $1,000,000 from sales of recyclable e-waste materials for the three months ended January 31, 2026. We ~~incur~~started our ~~costs~~recyclable ~~from~~service ~~(i) sale~~in ofJanuary ~~food~~2026 through focusing on coordination, sourcing, logistics management, documentation facilitation, vendor and ~~beverage~~partner engagement, and ~~(ii)~~compliance ~~consulting~~support ~~services~~related to discarded electronic products.

~~Cost~~Costs of ~~revenues~~Revenues ~~from~~associated ~~sale of food and beverage~~with ~~was~~continuing nil for the three months ended October 31, 2025 and 2024, as there were no sales for food and beverage. Our cost of revenues from sale of food and beverage primarily includes inventory costs, storage and freight costs.operations

~~Cost~~We ofincur ~~revenues~~our ~~associated~~costs ~~with~~from ~~our~~(i) sale ~~consulting~~of food ~~services~~and ~~was~~beverage, ~~immaterial~~(ii) consulting services, and ~~primarily~~(iii) ~~consisted~~sale of ~~labor~~recyclable ~~costs~~e-waste materials.

	For the three months ended January 31,
	2026					2025					Variance
	USD		Percent			USD		Percent			Amount			Percent
Sale of Food and Beverage	$	270,666		20.81	%	$	328,181		86.57	%	$	(57,515	)		(17.53	)%
Consulting Services		58,746		4.52	%		50,900		13.43	%		7,846			15.41	%
Sale of recyclable e-waste materials		970,874		74.67	%				%			970,874			100.00	%
Total Cost of Revenues	$	1,300,286		100.00	%	$	379,081		100.00	%	$	921,205			243.01	%

Cost of revenues from sale of food and beverage was $270,666 and $328,182 for the three months ended January 31, 2026 and 2025, respectively. Our cost of revenues from sale of food and beverage primarily includes inventory costs, storage and freight costs.

Cost of revenue from consulting service was $58,746 and $50,900 for the three months ended January 31, 2026 and 2025, respectively. Cost of revenues associated with our consulting services was immaterial and primarily consisted of labor costs.

Cost of revenue from sale of recyclable e-waste materials was $970,874 for the three months ended January 31, 2026. Our cost of revenues from sale of recyclable materials primarily consisted of purchasing recyclable materials.

Results of Operations

Comparison of the three months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025

The following table summarizes our unaudited condensed consolidated results of operations and as percentage of our total revenues for the period presented.

	For the three months ended October 31,
	For the three months ended January 31,
	2025			% of Revenues			2024			% of Revenues			Dollar Increase (Decrease)			Percent Increase (Decrease)
	2026			% of Revenues			2025			% of Revenues			Dollar Increase (Decrease)			Percent Increase (Decrease)
Revenues, net	$	431,~~750~~383,941			100.00	%	$	43623,~~750~~709			100.00	%	$	-760,232			-121.89	%
Cost of revenues		-(1,300,286	)		-(93.96	)%		-(379,081	)		-(60.78	)%		-(921,205	)		-243.01	%
Gross profit		4383,~~750~~655			~~100~~6.0004	%		43244,~~750~~628			~~100~~39.0022	%		-(160,973	)		-(65.80	)%
Selling expenses		(~~37,800~~14	)		(860.40001	)%		(25,~~000~~722	)		(574.1412	)%		~~(12~~25,~~800~~708	)		51(99.2095	)%
General and administrative expenses		(~~354~~635,~~736~~248	)		(~~810~~45.8390	)%		(~~265~~134,~~240~~823	)		(~~606~~21.2662	)%		(89500,~~496~~425	)		33371.7417	%
Total operating expenses		(~~392~~635,~~536~~262	)		(~~897~~45.2390	)%		(~~290~~160,~~240~~545	)		(~~663~~25.4174	)%		(~~102~~474,~~296~~717	)		35295.2569	%
Loss from operations		(348,786	)		(797.23	)%		(246,490	)		(563.41	)%		(102,296	)		41.50	%
Income (loss) from operations		(551,607	)		(39.86	)%		84,083			13.48	%		(635,690	)		(756.03	)%
Total other income, net		19,689			45.00	%		-			-	%		19,689			100.00	%
Total other income(expense),net		15,489			1.12	%		(2,283	)		(0.37	)%		17,772			(778.45	)%
Loss before income tax provision		(329,097	)		(752.22	)%		(246,490	)		(563.41	)%		(82,607	)		33.51	%
Income (loss) before income tax provision		(536,118	)		(38.74	)%		81,800			13.12	%		(617,918	)		(755.40	)%
Income tax provision		(112,~~675~~218	)		(30.8388	)%		(1,~~568~~574	)		(30.5825	)%		(~~107~~10,644	)		6676.8224	%
Net loss to the Company from continuing operations		(330,772	)		(756.05	)%		(248,058	)		(566.99	)%		(82,714	)		33.34	%
Net income (loss) to the Company from continuing operations		(548,336	)		(39.62	)%		80,226			12.86	%		(628,562	)		(783.49	)%
Net income (loss) to the Company from discontinued operations, net of tax		~~(565,515~~-	)		~~(1,292.61~~-	)%		~~133~~(56,~~687~~808	)		~~305~~(9.5711	)%		~~(699~~56,~~202~~808	)		(~~523~~100.0100	)%
Net loss	$	(896,287	)		(2,048.66	)%	$	(114,371	)		(261.42	)%	$	(781,916	)		683.67	%
Net income (loss)	$	(548,336	)		(39.62	)%	$	23,418			3.75	%	$	(571,754	)		(2,441.52	)%

Revenues from continuing operations

Revenues for the three months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025 were $431,~~750~~383,941 and $43623,~~750~~709, respectively, ~~mainly~~an ~~from~~increase ~~the~~of ~~consulting~~$760,232 ~~services~~or we121.89%. ~~provided~~The increase of revenue was primarily attributed to increased sale of recyclable e-waste materials by $1,000,000, partially offset by decreased sale of food imports and distribution by $239,768.

Cost of revenues associated with continuing operations

The following table presents our costs of revenues by products and services provided as percentage of total cost of revenues for the periods presented.

		For the three months ended October 31,
	For the three months ended January 31,
		2025					2024					Variance
	2026					2025					Variance
	USD	~~USD~~	Percent	~~Percent~~		USD	~~USD~~	Percent	~~Percent~~		Amount	~~Amount~~		Percent	~~Percent~~
Sale of Food and Beverage	$	-270,666		-20.81	%	$	-328,181		-86.57	%	$	-(57,515	)		-(17.53	)%
Consulting Services		-58,746		-4.52	%		-50,900		-13.43	%		-7,846			-15.41	%
Total Cost of Revenues	$	-		-	%	$	-		-	%	$	-			-	%
Sale of recyclable e-waste materials		970,874		74.67	%					%		970,874			100.00	%
Total Cost of Revenues	$	1,300,286		100.00	%	$	379,081		100.00	%	$	921,205			243.01	%

Cost of revenues for the three months ended ~~October~~January 31, ~~2025~~2026, and ~~2024~~2025 was ~~nil~~$1,300,286 and $379,081, respectively. The increase in cost of revenues was primarily attributable to higher costs associated with the Company’s new operating segment of recyclable e-waste materials, which commenced operations in January 2026.

Gross profit and gross margin associated with continuing operations

The following table presents our gross profit and gross margin by products and services provided as percentage of total revenues for the periods presented.

	For the three months ended October 31,
	For the three months ended January 31,
	2025						2024
	2026						2025
	Gross profit			Profit Margin to Total Revenues			Gross profit			Profit Margin to Total Revenues
Sale of Food and Beverage	$	-69,526			-5.02	%	$	-251,779			-40.37	%
Consulting Services		43(14,~~750~~997	)		~~100~~(1.0008	)%		43(7,~~750~~151	)		~~100~~(1.0015	)%
Gross Profit and Gross Margin	$	43,750			100.00	%	$	43,750			100.00	%
Sale of recyclable e-waste materials		29,126			2.10	%		-			-	%
Gross Profit and Gross Margin	$	83,655			6.04	%	$	244,628			39.22	%

The following table presents our gross margin by products and services provided as a percentage of its corresponding categories.

	For the three months ended January 31,
	2026			2025
Sale of food and beverage		20.44	%		43.41	%
Consulting services		(34.28	)%		(16.34	)%
Sale of recyclable e-waste materials		2.91	%		-	%

The gross profit for the three months ended January 31, 2026 and 2025 was $83,655 and $244,628, respectively, a decrease of $160,973 or 65.80%. The blended gross profit margin was 6.04% for the three months ended January 31, 2026 compared with 39.22% for the same period in 2025. Gross profit for sale of food and beverage decreased by 72.39% for the three months ended January 31, 2026 due to no sales to Costco. Gross profit for consulting services decreased by 109.74% for the three months ended January 31, 2026. Gross profit from the sale of recyclable e-waste materials increased by 100.0% for the three months ended January 31, 2026, primarily driven by new business that commenced in January 2026.

Selling expenses associated with continuing operations

Our selling expenses were $~~37,800~~14 for the ~~three~~ three months ended ~~October~~January 31, ~~2025~~2026, as compared to $25,~~000~~722 for the three months ended ~~October~~January 31, ~~2024~~2025, representing an ~~increase~~decrease of $1225,~~800~~708, or 5199.2095%. The ~~increase~~decrease in the selling expenses was mainly due to (1) ~~increased~~decreased payroll expenses of $1225,~~500~~000, or 50100.00% due to ~~increased~~decreased ~~hourly~~number ~~pay~~of ~~rate~~salespersons, and (2) slightly ~~increased~~decreased postage and shipping expenses of $~~300~~708, or ~~100~~98.0006% as compared to the same period in 2025 ~~2024~~ resulting from decreased shipping costs incurred for sending product samples for exploring new products for customers. Selling expenses accounted for 860.40001% and 574.1412% of our total revenues for the three months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025, respectively.

General and administrative expenses associated with continuing operations

Our general and administrative expenses were $~~354~~635,~~736~~248 for the three months ended ~~October~~January 31, ~~2025~~2026, as compared to $~~265~~134,~~240~~823 for the three months ended ~~October~~January 31, ~~2024~~2025, reflecting an increase of $89500,~~496~~425 or 33371.7417%. The increase in general and administrative expenses was mainly due to increased professional fee by $54340,~~957~~941 or 34608.5788% as compared to the same period of ~~2024~~2025, resulting from increased ~~audit, accounting and~~ consulting expenses asfor abusiness ~~result~~development and offinancial ~~being~~advisory ~~a public company~~services, increased ~~rent~~bad debt expense by $2443,~~186,~~749 or ~~169~~100.9500% as compare to the same period of ~~2024~~2025, ~~and~~ increased ~~insurance expenses~~rent expense by $3624,~~234~~186, or ~~100~~169.0095% as ~~compared~~compare to the same period inof ~~2024~~2025, ~~which~~resulting ~~was~~from ~~mainly~~new ~~due~~office tolease ~~increased~~of ~~director~~Marwynn, ~~and~~increased ~~officer~~ insurance ~~expenses.~~ ~~The increased general administrative~~ expenses ~~were partly offset~~ by ~~decreased payroll expenses by~~ $3524,~~645~~643, or 81100.2000% as compared to the same period in ~~2024~~2025, ~~the~~which ~~decrease~~ was mainly ~~from~~due ~~decreased~~to ~~number~~increased ofdirector ~~employees~~and ofofficer ~~FuAn,~~insurance expenses and ~~decreased~~increased ~~meal~~director compensation expense for our directors and ~~entertainment~~officers ~~expenses~~ by $359,~~164~~291 or 100~~.00~~% as compared to the same period ofin ~~2024 for the purpose of saving the Company’s operating costs~~2025.

~~General~~The ~~and~~increased general administrative expenses ~~accounted~~ ~~for~~were ~~810.83%~~partly ~~and~~offset ~~606~~by decreased subcontract labor cost by $9,000 or 100.2600% ofas ~~our~~compared ~~total~~to ~~revenues~~the ~~for~~same ~~the~~period ~~three~~in ~~months~~2025, ~~ended~~the ~~October~~decrease ~~31,~~was ~~2025~~mainly from ~~and~~no ~~2024,~~contract ~~respectively~~labor in 2026.

General and administrative expenses accounted for 45.90% and 21.62% of our total revenues for the three months ended January 31, 2026 and 2025, respectively.

Other income (expenses), net

Other income was $1915,~~689~~489 ~~and~~for ~~nil~~the three months ended January 31, 2026. Other expenses were $2,283 for the three months ended ~~October~~January 31, 2025.The ~~and~~increase ~~2024,~~in ~~respectively~~other income was mainly due to the increase of interest income.

Net ~~loss~~income (loss) from continuing operations

We had a net loss from continuing operations of $~~330~~548,~~772~~336 for the three months ended ~~October~~January 31, ~~2025~~2026, compared to net income from continuing operations of $~~248~~80,~~058~~226 for the three months ended ~~October~~January 31, ~~2024~~2025, representing an increase net loss of $82628,~~714~~562, or 33783.3449%. The increase in our net loss from continuing operations was mainly due to increased operating expenses and decreased gross profit as described above.

Net 35loss from discontinued operations

~~Net~~We ~~income~~had (a loss) from discontinued operations of nil for the period from November 1, 2025 to the period ended December 31, 2025, compared to a loss from discontinued operations of $56,808 for the three months ended January 31, 2025, representing a decrease loss of $56,808, or 100.00%.

WeNet ~~had a loss from discontinued operations of $565,515 for the three months ended October 31, 2025, compared to an~~ income ~~from discontinued operations of $133,687 for the three months ended October 31, 2024, representing a decrease of $699,202, or 523.01%.~~(loss)

~~Net~~As a result of the above, we had a net loss of $548,336 for the three months ended January 31, 2026, compared to a net income of $23,418 for the three months ended January 31, 2025, an increase of net loss of $571,754 or 2,441.52%, which was mainly resulting from increased consulting fee, insurance expense and decreased gross profit.

As a result of the above, we had a net loss of $896,287 for the three months ended October 31, 2025, compared to a net loss of $114,371 for the three months ended October 31, 2024, an increase of net loss of $781,916 or 683.67%, which was mainly resulting from increased audit, accounting and consulting fee, and insurance expense.36

~~Six~~Nine Months Ended ~~October~~January 31, ~~2025~~2026 compared to ~~Six~~Nine Months Ended ~~October~~January 31, ~~2024~~2025

Revenues from continuing operations

We derive our revenues from (i) sale of food and beverage, ~~and~~ (ii) consulting services and (iii) sale of recyclable e-waste materials. The following table presents our revenues by product and service types and as percentage of our total revenues for the periods presented.

	For the six months ended October 31,
	For the nine months ended January 31,
	2025					2024					Variance
	2026					2025					Variance
	USD		Percent			USD		Percent			Amount			Percent
Sale of Food and Beverage	$	-340,192		-23.16	%	$	44624,~~886~~846		3282.7915	%	$	(44284,~~886~~654	)		(~~100~~45.0056	)%
Consulting Services		85128,~~000~~749		~~100~~8.0076	%		91135,~~988~~737		6717.2185	%		(6,988	)		(75.6015	)%
Total Revenues	$	85,000		100.00	%	$	136,874		100.00	%	$	(51,874	)		(37.90	)%
Sale of recyclable e-waste materials		1,000,000		68.08	%		-		-	%		1,000,000			100.00	%
Total Revenues	$	1,468,941		100.00	%	$	760,583		100.00	%	$	708,358			93.13	%

Sales of food and beverage

Sales of food and beverage accounted for ~~nil~~23.16% and 3282.7915% of total sales for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025, respectively. Sales of food and beverage decreased by $44284,~~886~~654 or ~~100~~45.0056% from $44624,~~886~~846 for the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025 to ~~nil~~$340,192 for the ~~six~~nine months ended ~~October~~January 31,~~2025~~2026. The decrease in our sales was primarily due to ~~cease~~decease of the purchase orders from Costco. We are actively seeking new retailers and working with them to introduce new products that are less sensitive to the tariff tensions between the U.S. and China.

Consulting services

Revenue from consulting services accounted for ~~100~~8.0076% and 6717.2185% of total revenues for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025, respectively. Revenue from consulting services decreased by $6,988, or 75.6015% from $91135,~~988~~737 for the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025 to $85128,~~000~~749 for the ~~six~~nine months ended ~~October~~January 31, ~~2025.~~ 2026. We started our consulting services business in March 2024 through providing supply chain and brand management services proposals and solutions to customers to help them optimize their inventory management and product distribution strategy, to reduce delivery times, shipping costs and diversify distribution channels.

Sales 36of recyclable materials

Revenue from sales of recyclable materials accounted for 68.08% and nil of total revenues for the nine months ended January 31, 2026 and 2025, respectively. Revenue from sales of recyclable materials increased by $1,000,000, or 100% from nil for the nine months ended January 31, 2025 to $1,000,000 for the nine months ended January 31, 2026. We started our recyclable service in January 2026 through focusing on coordination, sourcing, logistics management, documentation facilitation, vendor and partner engagement, and compliance support related to discarded electronic products.

Costs of Revenues associated with continuing operations

We incur our costs from (i) sale of food and beverage, and (ii) consulting services, and (iii) sale of recyclable e-waste materials. The following table presents our costs of revenues as percentage of its corresponding revenue for the periods presented.

	For the six months ended October 31,
	For the nine months ended January 31,
	2025					2024					Variance
	2026					2025					Variance
	USD		Percent			USD		Percent			Amount			Percent
Sale of Food and Beverage	$	-270,666		-79.56	%	$	23351,~~733~~914		5256.8732	%	$	(2381,~~773~~248	)		(~~100~~23.0009	)%
Consulting Services		5258,798		045.0667	%		2576,~~548~~448		2756.7732	%		(2517,~~496~~650	)		(9923.8009	)%
Total Cost of Revenues	$	52		0.06	%	$	49,281		36.00	%	$	(49,229	)		(99.89	)%
Sale of recyclable e-waste materials		970,874		97.09	%		-		-	%		970,874			100.00	%
Total Cost of Revenues	$	1,300,338		88.52	%	$	428,362		56.32	%	$	871,976			(203.56	)%

Cost of revenues from sale of food and beverage decreased by $23,773, or 100.00% from $23,773 for the six months ended October 31, 2024, to nil for the six months ended October 31, 2025. Our cost of revenues from sale of food and beverage primarily includes inventory costs, storage and freight costs. The decrease in our cost of revenues for sale of food and beverage was mainly due to cease of purchase orders from Costco, we did not have any orders from Costco for the six months ended October 31, 2025 and 2024.37

Cost of revenues from sale of food and beverage decreased by $81,248, or 23.09% from $351,914 for the nine months ended January 31, 2025, to $270,666 for the nine months ended January 31, 2026. Our cost of revenues from sale of food and beverage primarily includes inventory costs, storage and freight costs. The decrease in our cost of revenues for sale of food and beverage was mainly due to decrease sale of food and beverage for the nine months ended January 31, 2026 and 2025.

Cost of revenues associated with our consulting services was immaterial and primarily consisted of labor costs.

Our cost of revenue from sale of recyclable materials was $970,874 and nil for the nine months ended January 31, 2026 and 2025, respectively. Our cost of revenues from sale of recyclable e-waste materials primarily consisted of purchasing recyclable materials.

Results of Operations

Comparison of the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025

The following table summarizes our unaudited condensed consolidated results of operations and as percentage of our total revenues for the period presented.

	For the six months ended October 31,
	For the nine months ended January 31,
	2025			% of Revenues			2024			% of Revenues			Dollar Increase (Decrease)			Percent Increase (Decrease)
	2026			% of Revenues			2025			% of Revenues			Dollar Increase (Decrease)			Percent Increase (Decrease)
Revenues, net	$	851,~~000~~468,941			100.00	%	$	~~136~~760,~~874~~583			100.00	%	$	~~(51~~708,~~874~~358	)		~~(37~~93.9013	)%
Cost of revenues		(521,300,338	)		(088.0652	)%		(49428,~~281~~362	)		(3656.0032	)%		49(871,~~229~~976	)		~~(99~~203.8956	)%
Gross profit		84168,~~948~~603			9911.9448	%		87332,~~593~~221			6443.0068	%		(2163,~~645~~618	)		(349.0225	)%
Selling expenses		(1,314,~~168~~182	)		(~~1,546~~89.0846	)%		(6086,~~616~~338	)		(4411.2935	)%		(1,~~253~~227,~~552~~844	)		21,~~068~~422.0214	%
General and administrative expenses		(12,~~752~~388,~~811~~059	)		(~~2,062~~162.1357	)%		(~~807~~942,~~751~~574	)		(~~590~~123.1493	)%		(~~945~~1,~~060~~445,485	)		~~117~~153.0036	%
Total operating expenses		(3,~~066~~702,~~979~~241	)		(~~3,608~~252.2103	)%		(~~868~~1,~~367~~028,912	)		(~~634~~135.4328	)%		(2,~~198~~673,~~612~~329	)		~~253~~259.1982	%
Loss from operations		(23,~~982~~533,~~031~~638	)		(~~3,508~~240.2756	)%		(~~780~~696,~~774~~691	)		(~~570~~91.4360	)%		(2,~~201~~836,~~257~~947	)		~~281~~407.9320	%
Total other income, net		15,830			18.62	%		-			-	%		15,830			100.00	%
Total other income (expense), net		31,319			2.13	%		(2,283	)		(0.30	)%		33,602			(1,471.84	)%
Loss before income tax provision		(23,~~966~~502,~~201~~319	)		(~~3,489~~238.6542	)%		(~~780~~698,~~774~~974	)		(~~570~~91.4390	)%		(2,~~185~~803,~~427~~345	)		~~279~~401.9107	%
Income tax provision		(315,~~183~~401	)		(31.7405	)%		(34,~~094~~668	)		(20.2661	)%		(8910,733	)		2229.8893	%
Net loss from continuing operations		(23,~~969~~517,~~384~~720	)		(~~3,493~~239.3947	)%		(~~783~~703,~~868~~642	)		(~~572~~92.6951	)%		(2,~~185~~814,~~516~~078	)		~~278~~399.8193	%
Net income (loss) from discontinued operations, net of tax		(646,656	)		(~~760~~44.7702	)%		~~340~~284,~~968~~160			~~249~~37.1136	%		(~~987~~930,~~624~~816	)		(~~289~~327.6557	)%
Net loss	$	(34,~~616~~164,~~040~~376	)		(~~4,254~~283.1650	)%	$	(~~442~~419,~~900~~482	)		(~~323~~55.5815	)%	$	(3,~~173~~744,~~140~~894	)		~~716~~892.4574	%

Revenues from continuing operations

Revenues for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025 were $851,~~000~~468,941 and $~~136~~760,~~874~~583, respectively, aan ~~decrease~~increase of $51708,~~874~~358 or 3793.9013%. The ~~decrease~~increase of revenues was primarily ~~attributed~~ attributed to increased sale of recyclable e-waste materials by $1,000,000, partially offset by decreased sale of food imports and distribution by $44284,~~886~~654, and decreased consulting services by $6,988.

Cost of revenues associated with continuing operations

The following table presents our costs of revenues by products and services provided as percentage of total cost of revenues for the periods presented.

	For the six months ended October 31,
	For the nine months ended January 31,
	2025					2024					Variance
	2026					2025					Variance
	USD		Percent			USD		Percent			Amount			Percent
Sale of Food and Beverage	$	-270,666		-79.56	%	$	23351,~~733~~914		5256.8732	%	$	(2381,~~733~~248	)		(~~100~~23.0009	)%
Consulting Services		5258,798		045.0667	%		2576,~~548~~448		5256.0332	%		(2517,~~496~~650	)		(9923.8009	)%
Total Cost of Revenues	$	52		0.06	%	$	49,281		36.00	%	$	(49,229	)		(99.89	)%
Sale of recyclable e-waste materials		970,874		97.09	%		-		-	%		970,874			100.00	%
Total Cost of Revenues	$	1,300,338		88.52	%	$	428,362		56.32	%	$	871,976			203.56	%

Cost of revenues for the ~~six~~nine months ~~ended~~ ~~October~~ended January 31, ~~2025~~2026, and ~~2024~~2025 was $521,300,338 and $49428,~~281~~362, respectively, aan ~~decrease~~increase of $49871,~~229~~976 or 99203.8956%. The ~~decrease~~increase in cost of revenues in the same period of ~~2025~~2026 was primarily attributed to increased cost form sale of recyclable e-waste materials by $970,874, or 100.00%, partially offset by decreased cost from sale of food and beverage by $2381,~~733~~248, or ~~100~~23.0009% and decreased cost from consulting service by $2517,~~496~~650, or 9923.8009%. Cost of revenues for sale of food and beverage as a percentage of total revenues was 0 79.0056% and 5256.8732%, respectively, for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025. Cost of revenues for consulting services as a percentage of total revenues was 045.0667% and 5256.0332%, respectively, for the ~~six~~nine months ended ~~October~~January 31, 2026 and 2025. Cost of revenues for sale of recyclable e-waste materials as a percentage of total revenues was 97.09% and ~~2024~~nil, respectively, for the nine months ended January 31, 2026 and 2025.

Gross profit and gross margin associated with continuing operations

The following table presents our gross profit and gross margin by products and services provided as percentage of total revenues for the periods presented.

	For the six months ended October 31,
	For the nine months ended January 31,
	2025					2024
	2026					2025
	Gross profit		Profit Margin to Total Revenues			Gross profit		Profit Margin to Total Revenues
Sale of food and beverage	$	-69,526		-4.73	%	$	21272,~~153~~932		1535.4588	%
Consulting services		8469,~~948~~951		994.9476	%		6659,~~440~~289		487.5480	%
Gross profit and gross margin	$	84,948		99.94	%	$	87,593		64.00	%
Sale of recyclable e-waste materials		29,126		1.98	%		-		-	%
Gross profit and gross margin	$	168,603		11.48	%	$	332,221		43.68	%

The following table presents our gross margin by products and services provided as a percentage of its corresponding categories.

	For the six months ended October 31,
	For the nine months ended January 31,
	2025			2024
	2026			2025
Sale of food and beverage		-20.44	%		4743.1368	%
Consulting services		9954.9433	%		7243.2368	%
Sale of recyclable e-waste materials		2.91	%		-	%

The gross profit for the ~~six~~nine months ended January ~~October~~ 31, ~~2025~~2026 and ~~2024~~2025 was $84168,~~948~~603 and $87332,~~593~~221, respectively, a decrease of $2163,~~645~~618 or 349.0225%. The blended gross profit margin was 99 11.9448% for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 compared with 6443.0068% for the same period in ~~2024~~2025. Gross profit for sale of food and beverage decreased by ~~100~~74.0053% for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 due to no sales to Costco. Gross profit for consulting services increased by 2717.8698% for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026. Gross profit from the sale of recyclable materials increased by 100.0% for the nine months ended January 31, 2026, primarily driven by new business that commenced in January 2026.

Selling expenses associated with continuing operations

Our selling expenses were $1,314,~~168~~182 for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026, compared to $6086,~~616~~338 for the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025, representing an increase of $1,~~253~~227,~~552~~844, or 21,~~068~~422.0214%. The increase in the selling expenses was mainly due to (1) increased advertising and marketing expenses of $1,239,500, or 11,804.76%. To attract new customers, increase our market share and improve operation efficiency, we entered into several consulting agreements for business development, market expansion, supply chain management, and strategic financial plan and support advisory services, (2) ~~increased~~slightly ~~payroll expenses of $12,500, or 119.05% due to~~ increased ~~hourly pay rate, and (3) slightly increased~~ shipping expenses of $1844,~~552,~~ or 14100.7872% as compared to the same period in ~~2024~~2025 resulting from shipping costs incurred for sending product samples for exploring new products for customers., which was partly offset by decreased payroll expenses of $12,500, or 16.67%. Selling expenses accounted for ~~1,546~~89.0846% and 4411.2935% of our total revenues for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025, respectively.

General and administrative expenses associated with continuing operations

Our general and administrative expenses were $12,~~752~~388,~~811~~059 for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026, compared to $~~807~~942,~~751~~574 for the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025, reflecting an ~~increase~~ increase of $~~945~~1,~~060~~445,485 or ~~117~~153.0036%. The increase in general and administrative expenses was mainly due to increased professional fee by $~~928~~1,~~935~~269,719 or ~~178~~ 220.7044% as compared to the same period of ~~2024~~2025, resulting from increased ~~audit,~~consulting ~~accounting~~expenses for financial advisory services and ~~consulting~~increased ~~expenses~~legal expense related to disposal of subsidiary, increased rent expense by $70,926 or 100.00% as acompared ~~result~~to the same period in 2025, resulting from new office lease of ~~being~~Marwynn, increased director compensation expense by $117,875 or 100.00% as compared to the asame ~~public~~period ~~company~~in 2025, and increased insurance expenses by $7297,~~469~~112, or 100.00% as compared to the same period in ~~2024~~2025, which was mainly ~~due~~ due to increased ~~director~~directors and ~~officer~~officers insurance expenses. The increased general administrative expenses were partly offset by decreased ~~payroll~~ payroll expenses by $5850,~~475~~380 or 5736.9407% as compared to the same period in ~~2024~~2025, the decrease was mainly from decreased ~~number~~gross pay of one of employees of FuAn, decreased subcontract labor cost by $27,000 or 100.00% as compared to the same period of 2025, and decreased meal and entertainment expenses by $34,~~875~~874 or 99.95% as compared to the same period of ~~2024~~2025 for the purpose of saving the Company’s operating costs.

General and administrative expenses accounted for ~~2,062~~162.1357% and ~~590~~123.1493% of our total revenues for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 and ~~2024~~2025, respectively.

Other income (expenses), net

Other income were $1531,~~830~~319 for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026, compared to other ~~income~~expenses of ~~nil~~$2,283 for the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025. For the ~~six~~nine months ~~ended~~ ~~October~~ended January 31, ~~2025~~2026, other income mainly consisted of other income of $ 2,803, and interest income of $ 2036,~~612,~~347 which was partly offset ~~with~~ with other expenses of $6,~~832~~874, and interest expense of $~~753~~957. For the nine months ended January 31, 2025, other expenses mainly consisted of other expenses of $2,168 and interest expense of $115.

Net loss from continuing operations

We had a net loss from continuing operations of $23,~~969~~517,~~384~~720 for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026, compared to $~~783~~703,~~868~~642 for the ~~six~~ nine months ended ~~October~~January 31, ~~2024~~2025, representing an increase of $2,~~185~~814,~~516~~078, or ~~278~~399.8193%. The increase in our net loss from continuing operations was mainly due to increased operating expenses and decreased gross profit as described above.

Income (loss) from discontinued operations

We had a net loss from discontinued operations of $646,656 for the ~~six~~period ~~months~~from ~~ended~~May ~~October~~1, 312025 to December 22, 2025, compared to a net income from discontinued operations of $~~340~~284,~~968~~160 for the ~~six~~nine months ended ~~October~~ January 31, ~~2024~~2025, representing a decrease net income from discontinued operations of $~~987~~930,~~624~~816, or ~~289~~327.6557%.

Net loss

As a result of the above, we had a net loss of $34,~~616~~164,~~040~~376 for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026, compared to a net loss of $~~442~~419,~~900~~482 for the ~~six~~nine months ended ~~October~~ January 31, ~~2024~~2025, representing an increase of net loss of $3,~~173~~744,~~140~~894 or ~~716~~892.4574%. The increase was mainly resulting from ~~decreased revenue and~~ increased ~~audit,~~legal ~~accounting~~ and consulting fee, and insurance expense and decreased gross profit.

Liquidity and Capital Resources

We assess our liquidity in terms of our ability to generate adequate amounts of cash to meet current and future needs. We have funded our working capital, operations and other capital requirements in the past primarily by equity financing, borrowing from related parties, cash flow from operations, and bank loans.

In assessing our liquidity, we monitor and analyze our cash on-hand, our ability to generate sufficient revenue sources, the collection of our accounts receivable, our ability to obtain additional financial support in the future, and our operating and capital expenditure commitments. As reflected in our unaudited condensed consolidated financial statements, we had cash balance of approximately $10.3630 million as of ~~October~~January 31, ~~2025~~2026. We also had accounts receivable, net balance of approximately $0.1722 million as of ~~October~~January 31, ~~2025~~2026, among which approximately ~~$15,000~~none ~~or 8.7%~~ has been collected as of the date of this report.

Our working capital amounted to approximately $2.0915 million as of ~~October~~January 31, ~~2025~~2026. Currently, we are working to improve our liquidity and capital sources primarily through cash flows from operation, debt financing, and financial support from our principal stockholder. In order to fully implement our business plan and sustain continued growth, we may also seek equity financing from outside investors.

However, as reflected in the accompanying unaudited condensed consolidated financial statements, the Company had net loss from continuing operations of approximately $23.9752 million for the nine months ended January 31, 2026 and net loss from discontinued operations of approximately $0.65 million for the ~~six~~period ~~months~~ ended ~~October~~December 3122, 2025 and cash outflow from operating activities from continuing operations of approximately $01.4930 million for the nine months ended January 31, 2026 and cash inflow from operating activities from discontinued operations of approximately $0.15 20 million for the ~~six~~period ~~months~~ ended ~~October~~December 3122, 2025. The management plans to increase its revenue of FuAn by diversifying its markets from major mass market channels to ethnic supermarkets chains. The Company expects to increase sales through FuAn’s distribution channels in the near future. The Company’s decision of disposing Grand Forest is to maximize the efficiency and profitability of its existing business of supply chain consulting, and supply chain services of sourcing Asian foods, snacks, and non-alcoholic beverages, and distributing branded goods to mainstream markets, grocery stores and wholesale / warehouse clubs in the US.

The Company has historically funded its working capital needs primarily from operations. The working capital requirements are affected by the efficiency of operations and depend on the Company’s ability to increase its revenue. The working capital requirements are affected by the efficiency of operations and depend on the Company’s ability to increase its revenue. However, the Company may need additional cash resources in the future if the Company experiences changed business conditions or other developments and may also need additional cash resources in the future if the Company wishes to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If it is determined that the cash requirements exceed the Company’s amounts of cash on hand, the Company may seek to issue debt or equity securities or obtain a credit facility. Based on above reasons, there is a substantial doubt about the Company’s ability to continue as a going concern for the next 12 months from the issuance of the unaudited condensed consolidated financial statements.

~~The following table summarizes our cash flows for the six months ended October 31,2025 and 2024, respectively.~~41

	Six Months Ended October 31
	2025			2024
Net cash used in operating activities for continuing operations	$	(486,753	)	$	(1,062,390	)
Net cash provided by operating activities for discontinued operations		149,343			390,405
Net cash used in operating activities		(337,410	)		(682,541	)
Net cash used in investing activities for continuing operations		(330,000	)		-
Net cash used in investing activities for discontinued operations		(11,900	)		(1,748	)
Net cash used in investing activities		(341,900	)		(1,748	)
Net cash provided by (used in) financing activities for continuing operations		1,607,213			(501	)
Net cash used in financing activities for discontinued operations		(658,461	)		(619,442	)
Net cash provided by (used in) financing activities		948,752			(619,943	)
Increase (decrease) in cash		269,442			(1,293,676	)
Cash, beginning of the period		1,261,874			1,364,780
Cash, end of the period	$	1,531,316		$	71,104

The following table summarizes our cash flows for the nine months ended January 31,2026 and 2025, respectively.

	Nine Months Ended January 31
	2026			2025
Net cash used in operating activities for continuing operations	$	(1,302,397	)	$	(1,048,122	)
Net cash provided by operating activities for discontinued operations		198,788			767,410
Net cash used in operating activities		(1,103,609	)		(280,712	)
Net cash used in investing activities for continuing operations		(880,000	)		-
Net cash used in investing activities for discontinued operations		(11,900	)		(56,722	)
Net cash used in investing activities		(891,900	)		(56,722	)
Net cash provided by (used in) financing activities for continuing operations		1,607,213			(14,289	)
Net cash used in financing activities for discontinued operations		(382,428	)		(756,961	)
Net cash provided by (used in) financing activities		1,224,785			(771,250	)
Decrease in cash		(770,724	)		(1,108,734	)
Cash, beginning of the period		1,261,874			1,364,780
Cash, end of the period	$	491,150		$	256,046

Net cash used in operating activities

Net cash outflow from operating activities from continuing operations increased ~~decreased~~ by $~~575~~254,~~637~~275 for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026 comparing with the ~~six~~nine months ended ~~October~~ January 31, ~~2024~~2025, mainly resulting from (a) ~~decreased~~increased ~~cash~~net ~~outflow~~loss onfrom ~~prepaid~~continued ~~expenses~~operations ~~and~~of ~~other~~$2,814,78 ~~current~~with ~~assets~~adding back of non-cash adjustments to net loss by $2150,~~640~~630,~~170,~~ (b) increased ~~decreased~~cash ~~payment~~ outflow on ~~deferred~~advance ~~IPO~~to ~~costs~~vendors by $~~618~~501,~~910~~382, (c) ~~decreased~~increased ~~cash~~outstanding ~~outflow~~accounts onreceivable ~~advance to vendor~~ by $~~181~~862,~~805~~885, and (d) decreased cash ~~outflow~~inflow on ~~deferred revenue~~accounts payable by $5071,~~385~~550, which was partly offset by (ea) ~~increased~~decreased ~~outstanding~~cash ~~accounts~~outflow ~~receivable~~on prepaid expenses and other current assets by $~~777~~2,~~886~~739,771, ~~and~~(b) decreased payment on deferred IPO costs by $697,750, (fc) ~~increased~~decreased ~~net~~cash ~~loss~~outflow ~~from~~on accrued expense and other ~~continuing~~current ~~operations~~liabilities ofby $2246,~~185~~561,~~516~~ ~~with~~(d) ~~adding-back of~~decreased ~~non-~~cash ~~adjustments~~ tooutflow ~~net~~on ~~loss~~income tax payable by 72$111,~~773~~900, and (e) decreased cash outflow on deferred revenue by $50,385.

Net cash provided by operating activities from discontinued operations was $~~149~~198,~~343~~788 and $~~390~~767,~~405~~410 for the ~~six~~period ~~months~~ ended ~~October~~December 3122, 2025 and ~~2024~~nine months ended January 31, 2025, respectively.

Net cash used in investing activities

Net cash used in investing activities from continuing operations was $~~330~~880,000 for the ~~six~~nine months ended ~~October~~January 31, ~~2025~~2026, compared to nil for the same period in ~~2024~~2025. The net cash used in investing activities in ~~2025~~2026 mainly consisted of loans made to Bio Essence Pharmaceutical totaling $330,000, loans made to Valemi Inc. totaling $500,000 and other receivable on discontinued subsidiary of $300,000 , which was partly offset by receivable from disposal of subsidiary of $250,000.

Net cash used in investing activities from discontinued operations was $11,900 and $156,~~748~~772 for the ~~six~~period ~~months~~ ended ~~October~~December 3122, 2025 and ~~2024~~nine months ended January 31, 2025, respectively.

Net cash used in financing activities

Net cash provided by financing activities from continuing operations was $1,607,213 for the ~~six~~nine months ended ~~October~~January 31, 2025, compared to net cash used in financing activities of $~~501~~14,289 for the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025. The net cash provided by financing activities in ~~2025~~2026 mainly consisted of repayment of loan from shareholder of $193,853 and proceeds from issuance of common stock of $1,413,360. The net cash used in financing activities in ~~2024~~2025 mainly consisted of loan to shareholder of $38,501 but offset with changes in bank overdraft of $24,212.

Net cash used in financing activities from discontinued operations was $~~658~~382,~~461~~428 and $~~619~~756,~~442~~961 for the ~~six~~period ~~months~~ ended ~~October~~December 3122, 2025 and ~~2024~~nine months ended January 31, 2025, respectively.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of ~~October~~January 31, ~~2025~~2026 and April 30, 2025.

Critical Accounting Policies and Estimates

Our discussion and analysis of our ~~financial~~ financial condition and results of operations are based upon our unaudited condensed consolidated financial statements. These financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the unaudited condensed consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe that the critical accounting policies as disclosed in this report reflect the more significant judgments and estimates used in preparation of our unaudited condensed consolidated financial statements. Further, as an emerging growth company, we elected to use the extended transition period for complying with new or ~~revised~~ revised accounting standards that have different effective dates for emerging growth companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements and contained in our subsequent filings with the SEC may not be comparable to other public companies.

The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our unaudited condensed consolidated financial statements:

Critical Accounting Estimates

The preparation of the Unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. These estimates and judgments include, but are not limited to, revenue recognition, sales return allowance, the allowance for ~~bad~~credit ~~debt~~losses, valuation allowance of deferred tax assets, income taxes, the useful lives of long-lived assets and assumptions used in assessing impairment of long-lived assets. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Although actual amounts may differ from the estimated amounts, such differences are not likely to be material.

Critical Accounting Policies

Accounts Receivable, Net

On May 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (Accounting Standards Codification (“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 May 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.

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 allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including historical losses, the age of the receivable balance, the customer’s historical payment patterns, its current credit-worthiness and financial condition, and current market conditions and economic trends. Accounts are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As ~~There~~of ~~was~~January no31, 2026 and April 30, 2025, the allowance for credit losses related to continuing operations aswere ~~of October 31~~$43,749 ~~2025~~ and ~~April~~ 30nil, ~~2025~~ respectively. As of ~~October~~December 3122, 2025 and April 30, 2025, the allowance for credit losses for discontinued operations were $557,201 and $557,201, respectively.

Revenue Recognition

In accordance with ASC 606, “Revenue from Contracts with Customers,” revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these goods or services. The Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when (or as) it satisfies the performance obligation.

The Company derives its revenues primarily from ~~two~~three business segments to provide (i) food and beverage supply chain and brand management services, ~~and~~ (ii) Consulting service related to brand management and (iii) sale of recyclable e-waste materials.

Revenue from food and beverage sales

FuAn sources authentic premium Asian foods from various suppliers and then distributes to customers (mainly supermarket and grocery stores) in the U.S. The Company accounts for revenue from sales of authentic premium Asian foods on a gross basis as the Company is responsible for fulfilling the promise to provide the desired authentic premium Asian foods products to customers and is subject to inventory risk before the product ownership and risk are transferred and has the discretion in establishing prices. All FuAn’s contracts are fixed price contracts and have one single performance obligation as the promise is to transfer the individual goods to customers.

4344

Consulting services revenue

Revenue from recyclable e-waste materials sales

Revenue from recyclable e-waste materials consists primarily of sales of recyclable and recycled items, including metals, plastics, paper, electronic waste, and processed feedstock, to traders and downstream commercial customers. Currently, the Company’s customers for these transactions are primarily located in Hong Kong. The Company is in the process of expanding its customer base and is actively developing relationships with potential customers in the United States. The Company recognizes revenue on a gross basis as it acts as the principal in these arrangements. The Company obtains control of the materials prior to transfer, has discretion in establishing pricing, and bears inventory risk before control is transferred to the customer. Customer contracts are generally fixed-price arrangements and typically include a single performance obligation of selling of the e-waste materials. Revenue is recognized at a point in time when control of the materials transfers to the customer, which generally occurs upon delivery in accordance with the contractual shipping terms. Customer contracts generally do not include variable consideration, material rights of return, or significant financing components

Sales Returns and Allowances

For food and beverage, the Company accrues estimated sales returns based on past experience and current trend of product sales. There was no allowance for sales returns for continuing operations as of ~~October~~January 31, ~~2025~~2026 and April 30, 2025. As of ~~October~~December 3122, 2025 and April 30, 2025, the allowance for sales returns for discontinued operations were ~~$171~~205,~~905~~988 and $205,988, respectively.

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.

The Company utilizes a two-step approach to recognizing and measuring uncertain income tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating our tax positions and estimating its tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company includes interest and penalties related to its tax contingencies in income tax expense.

Recently Issued Accounting Pronouncements

In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements — Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” The ASU amends the disclosure or presentation requirements related to various subtopics in the FASB ASC. The ASU was issued in response to the SEC’s August 2018 final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated. The guidance in ASU 2023-06 is intended to align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. The amendments introduced by ASU 2023-06 are effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. If, by June 30, 2027, the SEC has not removed the applicable requirements from its existing regulations, the pending content of the associated amendment will be removed from the ASC and will not become effective for any entities. Early adoption is permitted. The adoption of ASU 2023-06 is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures.

On November 4, 2024, the FASB issued an ASU No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”) to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales; selling, general, and administrative expenses; and research and development). The amendments in the ASU require disclosure in the notes to financial statements of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: 1. Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e). 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same tabular disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4) Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its related disclosures.

In January 2025, the FASB issued ASU 2025-01 Income Statement-Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued ASU 2024-03 on November 4, 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in annual reporting period. The FASB’s intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard to determine its impact on its disclosures.

In March 2025, the FASB issued ASU 2025-02—Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. The amendments in this Update are effective immediately and on a fully retrospective basis to annual periods beginning after December 15, 2024. The Company is currently evaluating the effect of adoption of this standard to its unaudited condensed consolidated financial statements and disclosures.

In May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation (Topic 18) and Revenue from contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments provide guidance on identifying the accounting acquirer in transactions involving a variable interest entity. The amendments clarify the accounting for share-based consideration payable to a customer under Topic 718 and Topic 606. The amendments are effective for annual reporting periods, including interim reporting period within those annual periods, beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact of this amendment and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations, or cash flows.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not been issued or made available for issuance. The Company is currently evaluating the impact of this amendment and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations, or cash flows.

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 unaudited condensed financial statement presentation or disclosures.

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ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

ITEM 4 - CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were not effective as of the end of the quarter ended ~~October~~January 31, ~~2025~~2026. We did not maintain effective controls over certain aspects of the financial reporting process because: (i) we lack sufficient personnel with a level of accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements, and (ii) there is inadequate segregation of duties due to our limited number of accounting personnel. We intend to take appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies in the future when our financial assets and our operations would support the requirements of additional personnel. However, due to our size and our financial resources, remediating the several identified weaknesses has not been possible and may not be economically feasible now or in the future.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is a process designed under the supervision of the Company’s principal executive officer and principal financial officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurances with respect to financial statement preparation and presentation. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Change in Internal Control over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting during the three months ended ~~October~~January 31, ~~2025~~2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. To the best knowledge of management, there are no material legal proceedings pending against the Company.

ITEM 1A – RISK FACTORS

An investment in our common stock involves a high degree of risk. You should carefully consider the risk factors set forth in the section captioned “Risk Factors” in our Form 10-K filed with the SEC on August 8, 2025 before making an investment decision. If any of the risks actually occur, our business, financial condition or results of operations could suffer. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment. You should read the section captioned “Special Note Regarding Forward-Looking Statements” above for a discussion of what types of statements are forward-looking statements, as well as the significance of such statements in the context of this Report. The risks described in the Registration Statement are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition or future results. Except as set forth below, there have been no material changes to our previously reported risk factors.

~~Risks~~The ~~Related~~Company tomay ~~the~~be ~~Grand~~delisted ~~Forest~~from ~~Disposal Transaction~~the Nasdaq.

On ~~October~~January 2729, ~~2025~~2026, Marwynn Holdings, Inc. (the “Company”) ~~entered~~received ~~into~~ a ~~Securities~~written ~~Purchase~~notice ~~Agreement~~ (the “~~Purchase~~Notice”) ~~Agreement~~from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), indicating that the Company is not in compliance with ~~Reli~~the ~~Home~~minimum ~~Décor Inc~~bid price requirement of $1.,00 per ashare ~~California~~under ~~corporation~~the Nasdaq Listing Rules (the “~~Buyer~~Listing Rules”),. ~~solely~~Based ~~for~~on the ~~purposes~~closing bid price of ~~selling~~the ~~all~~Company’s oflisted securities for the ~~shares~~last it30 ~~owns~~consecutive inbusiness ~~its~~days ~~wholly~~from ~~owned subsidiary~~December 15, ~~Grand~~2025 ~~Forest~~to ~~Cabinetry~~January ~~Inc.~~28, a2026, ~~California~~the ~~corporation~~Company ~~(“Grand~~no ~~Forest”~~longer meets the minimum bid price requirement set forth in the Listing Rules 5550(a)(2). The ~~transactions~~Notice ~~contemplated~~is ~~herein~~only isa notification of deficiency and has no current effect ~~referred~~on tothe aslisting ~~“Transaction”~~or trading of the Company’s securities on the Nasdaq Capital Market.

The announcement and pendency of the Transaction, whether or not consummated, may adversely affect The Company’s business.

The announcement and pendency of the Transaction, whether or not consummated, may adversely affect the trading price of the Company’s common stock, its business or its relationships with customers, suppliers and employees. In addition, pending the completion of the Transaction, the Company may be unable to attract and retain key personnel and the focus and attention of the company’s management and employee resources may be diverted from operational matters during the pendency of the Transaction.

The Company cannot be sure if or when the Transaction will be completed.

The closing of the Transaction is subject to the satisfaction or waiver of various conditions. The Company cannot guarantee that the closing conditions set forth in the Securities Purchase Agreement will be satisfied. If the Company is unable to satisfy the closing conditions in the Buyer’s favor or if other mutual closing conditions are not satisfied, the Buyer will not be obligated to complete the Transaction. In the event that the Transaction is not completed, the announcement of the termination of the Securities Purchase Agreement may adversely affect the trading price of the Company’s common stock, its business and operations or its relationships with customers, suppliers and employees.

If the Transaction is not completed, the Company’s Board of Directors, in discharging its fiduciary obligations to the Company’s stockholders, may evaluate other strategic alternatives that may be available, which such alternatives may not be as favorable to the Company as the Transaction.

The Company’s stockholders will not receive any of the proceeds of the Transaction.

The proceeds from the Transaction will be paid directly to the Company. As discussed elsewhere in this information statement, the Company’s Board of Directors has not made any definitive plans with respect to the use of proceeds from the Transaction. If the Transaction is consummated, the Company expects that it may use all or a portion of the proceeds from the transaction to, among other things: (i) repay outstanding indebtedness, (ii) reinvest into its remaining businesses, or (iii) pursue strategic acquisitions. The amounts and timing of the Company’s actual expenditures, however, will depend upon numerous factors, and the Company may find it necessary or advisable to use portions of the proceeds from the Transaction for different or presently non-contemplated purposes.

The Company’s management will have broad discretion over the use of proceeds from the Transaction and could spend the proceeds in ways that do not improve its results of operations or enhance the value of its common stock. The failure by management to apply these funds effectively could result in financial losses that could have a material adverse effect on the Company’s business or cause the price of its common stock to decline.

The Company’s operations will be curtailed and the Company will have limited sources of revenue following the Transaction, which may negatively impact the value and liquidity of the Company’s common stock.

Upon the closing of the Transaction, the size of the Company’s business operations will be reduced and its sources of revenue will be limited to its Food Supply Chain Business. Although the Company’s Board of Directors may use a portion of the proceeds from the Transaction to support the business operations remaining following the Transaction, there can be no assurance that the Company will be successful at carrying out the operations of its remaining businesses or that it will be successful at generating revenue. A failure by the Company to secure additional sources of revenue following the closing of the Transaction could negatively impact the value and liquidity of its common stock.

The Company will continue to incur the expense of complying with public company reporting requirements following the closing of the Transaction.

After the Transaction, the Company will continue to be required to comply with the applicable reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), even though compliance with such reporting requirements is economically burdensome.

The Company may be delisted from the Nasdaq following the consummation of the Transaction.

The Company’s SEC reporting obligations as a public company will not be impacted as a result of the closing of the Transaction and, following the completion of the Transaction, the Company expects that its common stock will continue to be listed on the Nasdaq Capital Market. However, it is not possible to predict the trading price of the Company’s common stock following the closing of the Transaction or the impact that the Transaction may have on the Company’s remaining business.

In order to maintain the listing of the Company’s common stock on the Nasdaq, the Company’s common stock must comply with certain continued listing requirements, including having:

●

at least two registered and active market makers, one of which may be a market maker entering a stabilizing bid;

●

a minimum bid price of at least $1.00 per share;

●

at least 300 total holders (including both beneficial holders and holders of record, but excluding any holder who is directly or indirectly an executive officer, director or the beneficial holder of more than 10% of the total shares outstanding); and

●

at least 500,000 publicly held shares with a market value of at least $1.0 million (excluding any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding).

The Company must also meet at least one of the following continued listing standards:

●

stockholders’ equity of at least $2.5 million;

●

market value of the Company’s common stock of at least $35 million; or

●

net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.

The Company believes that it will continue to meet NASDAQ’s continued listing requirements following the completion of the Transaction. No assurances, however, can be given that the Company will continue to satisfy these requirements as some of these requirements are outside of the Company’s direct control, such as the bid price of its common stock, the number of holders of its common stock and the value of its publicly held shares. If the Company is unable to meet these requirements, NASDAQ may take action to delist the Company’s common stock. In such a case, the Company may appeal NASDAQ’s determination to delist its common stock, but such appeal may not be successful.49

The Company believes that it will regain compliance and meet NASDAQ’s continued listing requirements. No assurances, however, can be given that the Company will be able to regain compliance, and continue to satisfy these requirements as some of these requirements are outside of the Company’s direct control, such as the bid price of its common stock, the number of holders of its common stock and the value of its publicly held shares. If the Company is unable to meet these requirements, NASDAQ may take action to delist the Company’s common stock. In such a case, the Company may appeal NASDAQ’s determination to delist its common stock, but such appeal may not be successful.

If the Company’s common stock is delisted from NASDAQ, the Company expects that its common stock would begin trading on the over-the-counter markets. The delisting of the Company’s common stock could result in a reduction in its trading price and would substantially limit the liquidity of the Company’s common stock. In addition, delisting could materially adversely impact the Company’s ability to raise capital or pursue strategic restructuring, refinancing or other transactions. Delisting from NASDAQ could also have other negative results, including the potential loss of confidence by institutional investors.

The Company, and not its stockholders, will receive the proceeds from the Transaction. The Company’s Board of Directors has not made any definitive plans with respect to the use of proceeds from the Transaction. If the Transaction is consummated, the Company expects that it may use all or a portion of the proceeds from the transaction to, among other things: (i) repay outstanding indebtedness, (ii) reinvest into its remaining businesses, or (iii) pursue strategic acquisitions. The amounts and timing of the Company’s actual expenditures, however, will depend upon numerous factors, and the Company may find it necessary or advisable to use portions of the proceeds from the Transaction for different or presently non-contemplated purposes.

ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

~~Unregistered Sales of Equity Securities~~None.

On October 28, 2025, Marwynn Holdings, Inc. (the “Company”) entered into and closed a stock purchase agreement (the “Agreement”) with certain investors (collectively, the “Subscribers”), pursuant to which the Subscribers agreed, subject to the terms and conditions of the Agreement, to purchase an aggregate of 3,140,800 shares of common stock, par value $0.001 per share (the “Shares”), at a purchase price of $0.45 per Share, for aggregate gross proceeds of approximately $1,413,360 (the “Offering”). Each Subscriber has represented that it is an accredited investor within the meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (“Securities Act”), and has such knowledge and experience in financial and business matters that the Subscriber is capable of evaluating the merits and risks of the Subscriber’s purchase as contemplated by the Agreement. The Shares to be issued under the Agreements are made in reliance on the exemption from registration afforded by Regulation S as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act.

Use of Proceeds from Our Initial Public Offering

On March 14, 2025, we consummated our initial public offering (“IPO”) of 2,000,000 shares of our common stock at an offering price of $4.00 per share, for gross proceeds of $8,000,000. On April 4, 2025, we closed on the partial exercise of the over-allotment option by American Trust Investment Services, Inc., as the representative of the underwriters (the “Representative”) to purchase an additional 50,000 additional shares our common stock at the IPO price of $4.00 per share, for additional gross proceeds of $200,000. All of the shares of common stock issued and sold in our IPO were registered under the Securities Act pursuant to a registration statement on Form S-1, as amended (File No: 333-284245), which was declared effective by the SEC on March 11, 2025 (the “Registration Statement”). We paid the Representative an aggregate of approximately $656,000 in underwriting discounts and commissions, and incurred offering expenses of approximately $1,000,000. No payments for such expenses were made to our directors or officers or their associates, holders of 10% or more of any class of our equity securities, or to our affiliates.

There has been no material change in our planned use of proceeds from our IPO as described in the final prospectus filed with the SEC pursuant to Rule 424(b). As described in such final prospectus, we have used IPO proceeds to develop our supply chain management and additional functionalities of our system and expand sales and distribution channels in order to reach a broader customer base.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4 - MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5 - OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

During the quarter ended ~~October~~January 31, ~~2025~~2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6 - EXHIBITS

The following exhibits are filed as part of this Report.

Exhibit No.		Description of Exhibit
2.1		Securities Purchase Agreement Entered into Between the Company and Reli Home Décor Inc., Dated October 27, 2025 (Incorporated herein by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on October 28, 2025)
10.1		Form of Stock Purchase Agreement (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 29, 2025)
31.1		Section 302 Certification – Chief Executive Officer
31.2		Section 302 Certification – Chief Financial Officer
32.1*		Section 906 Certification – Chief Executive Officer
32.2*		Section 906 Certification – Chief Financial Officer
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	These certifications are not deemed filed by the SEC and are not to be incorporated by reference in any filing we make under the Securities Act or the Exchange Act, irrespective of any general incorporation language in any filings.

5251

SIGNATURES

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

Dated: December 22, 2025	MARWYNN HOLDINGS, INC.
Dated: March 17, 2026	MARWYNN HOLDINGS, INC.
	By:	/s/ Yin Yan
	Name:	Yin Yan
	Title:	Chief Executive Officer
		(Principal Executive Officer)
	By:	/s/ Shengnan Xu
	Name:	Shengnan Xu
	Title:	Chief Financial Officer
		(Principal Financial Officer)
		(Principal Financial and Accounting Officer)

5352

Filing Compare · Marwynn Holdings, Inc.