UNITED ~~STATES~~STATESSECURITIES ~~SECURITIES~~ AND EXCHANGE ~~COMMISSIONWashington, D.C. 20549~~COMMISSION

~~Form~~WASHINGTON, ~~10-K~~D.C. 20549

~~[X] Annual~~FORM ~~Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934~~10-K

~~For~~ANNUAL ~~the~~REPORT ~~fiscal~~PURSUANT ~~year~~TO ~~ended~~SECTION ~~November~~13 ~~30,~~OR ~~2019~~15(D) OF

~~[ ] Transition~~THE ~~Report~~SECURITIES ~~pursuant~~EXCHANGE toACT ~~Section~~OF ~~13 or 15(d) of the Securities Exchange Act of~~ 1934

For the ~~transition~~fiscal ~~period~~year ~~from~~ended ~~__________~~December to31, ~~__________~~2020

Commission File ~~Number:~~No. 333-216921

FOLKUP DEVELOPMENT INC.

(Exact name of registrant as specified in its charter)

Nevada		32-0499929
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

Unit 17-18, 23/F, Metropole Square

2 On Yiu Street, Sha Tin

New Territories, Hong Kong

(Address of principal executive offices, zip code)

+852 3487-6330

(Registrant’s telephone number, including area code)

____________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

Common Stock, $.001 Par Value

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

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

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

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

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

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

At June 30, 2020, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate market value of the voting common stock held by non-affiliates of the Registrant (without admitting that any person whose shares are not included in such calculation is an affiliate) was approximately $31,233,171.

As of March 25, 2021, there were 9,800,000 shares of the Registrant’s common stock, par value $0.001 per share, outstanding.

FOLKUP DEVELOPMENT INC.

(Exact name of registrant as specified in its charter)

Nevada (State or Other Jurisdiction of Incorporation or Organization) 32-0499929 IRS Employer Identification Number 3799 Primary Standard Industrial Classification Code Number

Mileve Maric Ajnstajn 72,

Novi Beograd, Republic of Serbia 11070

Tel. (315) 359-5955

Email: folkupdevelopment@gmail.com

(Address and telephone number of principal executive offices)

None Securities registered under Section 12(b) of the Exchange Act None Securities registered under Section 12(g) of the Exchange Act

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

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

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 x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes o No x

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

Large accelerated filer o Accelerated filer o Non-accelerated filer x Emerging growth company x Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o Nox

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 3,800,000 common shares issued and outstanding as of February 24, 2020.

TABLE OF CONTENTS

		Page
		Page No.
PART I
Item 1.	~~Description of~~ Business.	4	4
Item 1A.	Risk Factors.	5	13
Item 1B.	Unresolved Staff Comments.	6	13
Item 2	Properties.	6
Item 2.	Properties		13
Item 3.	Legal ~~proceedings.~~Proceedings	6	13
Item 4.	Mine Safety Disclosures.	6	13
PART II
Item 5.	Market for Registrant’s Common Equity, ~~and~~ Related Stockholder Matters. and Issuer Purchases of Equity Securities	6	14
Item 6.	Selected Financial Data.	7	15
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	7	15
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.	8	23
Item 8.	Financial Statements and Supplementary Data.	8	F-1
Item 9.	Changes Inin and Disagreements ~~With~~with Accountants on Accounting and Financial Disclosure.	18	24
Item 9A (T).	Controls and Procedures	18
Item 9A.	Controls and Procedures		24
Item 9B.	Other Information.	19	25
PART III
Item 10	Directors, Executive Officers, Promoters and Control Persons of the Company.	20
Item 10.	Directors, Executive Officers and Corporate Governance		26
Item 11.	Executive Compensation.	21	29
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.	22	31
Item 13.	Certain Relationships and Related Transactions, and Director Independence.	23	32
Item 14.	Principal Accounting Fees and Services.	23	33
PART IV
Item 15.	Exhibits and Financial Statement Schedules	23	34
Signatures
Item 16.	Form 10-K Summary		34
	Signatures		35

32 Table of Contents

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K of Folkup Development Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (i) commercialization of our technology and products, (ii) development and protection of our intellectual property, (iii) the Company’s need for and ability to obtain additional financing, (iv) industry competition, (v) the exercise of the control over us by Hak Yiu Ng, the Company’s President and Chairman of the Board of Directors, and majority shareholder, (vi) other factors over which we have little or no control; and (vii) other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Our management has included projections and estimates in this Form 10-K, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Table of Contents

PART I

~~Item~~ITEM 1. ~~Description of Business~~BUSINESS

~~Forward-looking~~DESCRIPTION ~~statements~~OF BUSINESS

~~Statements~~Our ~~made~~Corporate inHistory ~~this Form 10-K that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act")~~ and ~~Section~~Background 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

~~Financial~~The ~~information~~Company ~~contained~~was inincorporated ~~this~~on ~~report~~July ~~and~~5, in2016, ~~our~~under ~~financial~~the ~~statements~~laws isof ~~stated~~the inState ~~United~~of ~~States dollars and are prepared in accordance with United States generally accepted accounting principles~~Nevada.

~~DESCRIPTION~~On OFJune ~~BUSINESS~~26, 2020, Milena Topolac Tomovic, the then major shareholder, entered into a Stock Purchase Agreement with Hak Yiu Ng, wherein Milena Topolac Tomovic sold 3,000,000 shares of the Company’s common stock, then representing approximately 78.9% of all issued and outstanding shares of common stock, to Mr. Ng.

WeMilena ~~aim~~Topolac toTomovic ~~deliver~~served ~~our products and services~~ as ~~follows~~President, toSecretary, ~~lease~~Treasurer and ~~sell~~a todirector ~~our~~from ~~customers’~~July ~~certain~~5, ~~items~~2016 oruntil ~~means~~her ofresignation ~~what~~on weJuly ~~refer~~6, to2020. asEffective ~~eco-transport.~~from ~~These~~July ~~items~~6, ~~are~~2020, ~~commonly~~Milena ~~known~~Topolac ~~under~~Tomovic ~~the~~resigned ~~names:~~as a ~~segway~~ director, aand ~~gyro-scooter~~from orthe aoffices ~~self-balanced~~of ~~two-wheeled~~President, ~~scooter~~Secretary and Treasurer of, athe ~~self-balanced~~Company. ~~mono-wheeled~~Immediately ~~scooter~~prior ~~and~~to asuch ~~two-wheeled~~resignation, ~~hoverboard~~Ms. WeTopolac ~~expect~~Tomovic, ~~our~~as ~~products~~the ~~and~~sole ~~services~~member toof bethe ~~demanded~~board byof ~~establishments~~directors orat ~~enterprises~~such ~~or events~~time, ~~for~~appointed ~~instance,~~Hak ~~conferences~~Yiu ~~held~~Ng inas ~~large~~a ~~facilities~~director, orand ~~touristic~~as ~~agencies~~President, Secretary and ~~other~~Treasurer ~~establishments~~of orthe ~~organizations~~Company. ~~that~~Mr. ~~face~~Ng was the ~~problem~~Company’s ofsole ~~covering~~officer ~~large~~and ~~distances~~director byuntil ~~employees~~November or25, ~~visitors of theirs~~2020.

~~Our~~On ~~business~~November ~~address~~25, ~~was~~2020, ~~provided~~Hak byYiu ~~our~~Ng ~~registered~~resigned ~~agent~~as Secretary and ~~located~~was atappointed ~~Mileve~~Chairman ~~Maric~~of ~~Ajnstajn~~the ~~72,~~Board ~~Novi~~of ~~Beograd,~~Directors ~~Republic~~ of ~~Serbia~~the ~~11070~~Company. On November 25, 2020, Huang ~~Our~~Zhen ~~telephone~~Kun ~~number~~was isappointed ~~(315)~~Chief ~~359-5955.~~Executive ~~Our~~Officer ~~plan of operation is forward-looking~~ and ~~there~~a isDirector; noLau ~~assurance~~Kit ~~that~~Yan, weMark ~~will~~was ~~ever~~appointed ~~reach~~Chief ~~profitable~~Financial ~~operations.~~Officer, WeSecretary ~~are~~and a ~~development~~Director; ~~stage~~Poon ~~company~~To ~~and~~Ming ~~have~~was ~~generated~~appointed noChief ~~revenue~~Operating asOfficer; ~~for~~Wong ~~the~~Ka ~~year~~Hing ~~ended~~Andrew ~~November~~was ~~30,~~appointed ~~2019.~~Chief ItMarketing isOfficer; ~~likely that we will not be able to achieve profitability~~ and ~~would~~Xu beMing ~~forced~~was toappointed ~~cease~~Chief ~~operations~~Technology ~~due to the lack of funding~~Officer.

~~Business~~The Company does not have any current plans, arrangements, discussions or intentions, whether written or oral, to engage in a merger or acquisition with an identified or unidentified company or person to be used as a vehicle for a private company to become a reporting company.

WeFrom ~~are~~inception auntil ~~company~~we ~~currently~~completed ~~undergoing~~our ~~the~~reverse ~~stage~~acquisition of ~~development.~~Powertech ~~We plan to sell or lease means of ecological urban transportation to companies arranging events~~Holdings, ~~such~~the asprincipal ~~exhibitions~~business of ~~any kind or conferences, where these means mentioned above can be used by~~ the ~~spectators~~Company towas ~~move~~a ~~around~~plan ~~the facilities. We also expect medium sized production companies~~ to ~~lease~~establish ~~our~~a ~~equipment~~business ~~for their employees~~ to ~~move around the warehouses or around the territory where it doesn't violate safety rules. Construction companies may~~ lease orand ~~obtain~~sell ~~our~~certain ~~equipment~~items ~~to provide with it monitoring committees~~ or ~~authorities arriving with inspection, as well as superintendant workers. We expect that the use of ecological~~ means of ~~transportation~~what ~~may~~we ~~help~~referred ~~employees of business entities or customers of event organizations~~ to ~~become~~as ~~more mobile, or to be able to cover larger distances in shorter terms of time~~eco-transport. AtThese ~~an event occasion these~~ items ofare ~~transportation~~commonly ~~can~~known ~~also~~under bethe ~~used~~names: ina ~~additional~~Segway, ~~advertising~~a ~~purposes to attract wider group of customers by being up~~gyro-~~to-date~~scooter or asa ~~advertising~~self-balanced ~~means,~~two-wheeled ~~with promotional stickers being placed on them. At the same time~~scooter, ~~inspecting~~a ~~authorities~~self-balanced ~~may~~mono-wheeled bescooter ~~able~~and toa ~~complete~~two-wheeled ~~their task of inspection in less amount of time, thus becoming more effective~~hoverboard. We ~~plan~~expected toour ~~offer~~products ~~our~~and services to ~~airports, where they will~~ be ~~able~~demanded toby ~~lease~~establishments ~~those~~or ~~units~~enterprises toor ~~passengers~~events, ~~who~~for ~~are in a rush to their terminals~~instance, ~~the~~conferences ~~ones~~held ~~who~~in ~~want to avoid the fatigue after covering~~ large ~~distances between terminals~~facilities, or ~~the~~touristic ~~ones~~agencies ~~with~~and ~~troubles~~other toestablishments ~~walk.~~or Weorganizations ~~also hope~~ that ~~hospitals may turn to us, as in some cases there are patients with restricted mobility who do not require a wheelchair but still~~ face ~~difficulties to walk. Those who did not suffer brain disorders and maintain their balance might use gyro transportation to move around~~ the ~~hospital~~problem ~~territory or facilities. Amusement parks may acquire such means~~ of ~~transportation~~covering tolarge ~~lease~~distances ~~them~~by toemployees ~~their~~or visitors. We expect our gyro vehicles to be demanded by the touristic companies that arrange city tours, thus creating an alternative to walking tours and bus tours. To make our interaction with customers more effective we plan to grant every customer a free training course on how to drive the gyro vehicles and maintain them, what issues may happen due to misuse and how to prevent them, as well as fix minor issues. As an additional service we might collect the sold items to be repaired and find the licensed repair shop on behalf of ~~our customers, while providing a substitute unit instead~~theirs.

4 Table of Contents

~~Customers~~Reverse Acquisition of Powertech Holdings

WeOn ~~expect~~November ~~our~~25, ~~potential~~2020, ~~customers~~the toCompany beentered ~~business~~into ~~entities~~a ~~performing~~Share ~~jobs~~Exchange ~~at,~~Agreement or(the ~~providing~~“Share ~~services~~Exchange atAgreement”), orby ~~maintaining~~and among the ~~services~~Company, orPowertech ~~premises~~Holdings ofCompany ~~museums~~Limited, ~~exhibition~~a ~~centres,~~British ~~trade~~Virgin ~~centres,~~Islands ~~shopping~~corporation ~~malls,~~(“Powertech ~~entertainment centres~~Holdings”), ~~amusement~~and ~~parks,~~the ~~local~~holders ~~parks,~~of ~~construction~~common ~~sites,~~shares ~~hospitals~~of orPowertech ~~airports~~Holdings. WeThe ~~also~~holders ~~may~~of ~~lease~~ the ~~gyro-transportation~~common ~~units~~stock ~~to groups~~ of ~~individuals~~Powertech ifHoldings ~~they~~consisted ~~apply~~of ~~for~~48 itstockholders.

~~Marketing~~Under the terms and conditions of the Share Exchange Agreement, the Company offered, sold and issued 6,000,000 shares of common stock in consideration for all the issued and outstanding shares in Powertech Holdings. Hak Yiu Ng, the Company’s sole officer and director, is the beneficial holder of 4,000,000 common shares, or 76.8%, of the issued and outstanding shares of Powertech Holdings. The effect of the issuance of the 6,000,000 shares issued under the Share Exchange Agreement is that the former shareholders of Powertech holdings acquired 61.2% of the issued and outstanding shares of common stock of the Company.

~~Our~~Immediately ~~steps~~prior ~~are~~to ~~likely~~the closing of the transactions under the Share Exchange Agreement, Mr. Ng was the holder of 3,000,000 shares of common stock, or 78.9%, of the issued and outstanding shares of common stock of the Company. Giving effect to bethe asclosing ~~follows:~~of the transactions under the Share Exchange Agreement, Mr. Ng acquired 4,607,408 shares of common stock of the Company, by virtue of his 76.8% beneficial ownership of Powertech Holdings. The remaining 47 common shareholders of Powertech Holdings acquired 1,392,592 shares of common stock under the Share Exchange Agreement, by virtue of their aggregate of 23.2% beneficial ownership of Powertech Holdings.

-Giving ~~organize~~effect ~~free~~to ~~exhibitions~~the transactions under the Share Exchange Agreement, Mr. Ng is now the beneficial holder of 7,607,408 shares of common stock, or 77.6%, of the issued and ~~workshops~~outstanding ~~for~~shares ~~potential~~of ~~customers;~~common stock of Powertech Holdings.

-As ~~take~~a ~~part~~result inof the ~~exhibitions~~share ~~and~~exchange, ~~workshops~~Powertech ~~that~~Holdings ~~our~~is ~~potential~~now ~~customers~~a ~~may~~wholly-owned ~~have~~subsidiary ~~interest~~of ~~in;~~the Company.

The share exchange transaction with Powertech Holdings was treated as a reverse acquisition, with Powertech Holdings as the acquirer and the Company as the acquired party. Unless the context suggests otherwise, when we refer in this Form 8-K to ~~pay~~business and financial information for ~~the~~periods ~~web~~prior ~~banners~~to onthe consummation of the ~~websites~~reverse ~~where~~acquisition, ~~our~~we ~~potential~~are ~~customers~~referring ~~might~~to ~~see~~the ~~our~~business ~~advertisement;~~and financial information of Powertech Holdings.

-On toNovember ~~release~~25, ~~printed~~2020, ~~advertisement~~the Company’s Board of Directors approved a change in ~~magazines;~~its fiscal year end from November 30 to December 31, effective beginning with the Company’s next fiscal year, which will now begin on January 1, 2021 and end on December 31, 2021 (the “New Fiscal Year”).

-Organization to& ~~order shooting of promotional videos from advertising agencies;~~Subsidiaries

-We tohave ~~pay~~seven ~~for~~operating ~~the SEO (search engine optimization)~~subsidiaries, ~~which~~and ~~helps~~our usorganizational tostructure ~~take~~is ~~place~~as ~~in the top of search inquiries;~~follows:

-5 ~~branding~~Table ~~the gyro-vehicles to the needs~~ of ~~customers, by placing stickers or painting the colors to match the brand identity;~~Contents

~~During~~Overview ~~our~~of ~~marketing~~Powertech ~~campaign we plan to highlight the ability to be more mobile and efficient and to demonstrate this we plan to invite guest stars to take part in our promotional videos.~~Holdings

~~Competition~~Our wholly owned subsidiary, Powertech Holdings was incorporated on September 21, 2020, in the British Virgin Islands.

WeThe ~~believe~~business ~~that narrowing to a very certain groups~~ of ~~customers,~~Powertech byHoldings ~~which~~is wenow ~~mean~~the ~~small~~principal ~~or medium~~ business ~~entities,~~of ~~can help us to target them more precisely. Understanding~~ the ~~needs of our customers will help us to avoid storing a huge amount of various transportation models, but only a few varieties~~Company. ~~The~~Powertech ~~same~~Holdings ~~types~~is ~~of gyro vehicles can be shipped to museums~~organized, ~~exhibition~~through ~~centres~~its ~~and airports~~subsidiaries, ~~whereas~~to aprovide ~~second~~renewable ~~different~~energy ~~type~~products ~~will meet the needs of construction sites, warehouses~~ and ~~small~~solutions ~~factories.~~to ~~The~~customers ~~third~~in ~~sort~~Hong ~~of vehicles will suit the needs of open space establishments like parks~~Kong.

~~Revenue~~Powertech Holdings principal administrative offices are located at Unit 17-18, 23/F, Metropole Square, 2 On Yiu Street, Sha Tin, New Territories, Hong Kong, and our telephone number is +852 3487-6330. Our website is www.sinopowersolar.com.hk.

WeSummary ~~expect~~Financial ~~to have two main income streams: the money that we are likely to receive after:~~Information

a)The ~~selling~~tables orand information below are derived from our audited consolidated financial statements as of December 31, 2020 and 2019.

b) leasing the eco-transportation units.

	December 31, 2020		December 31, 2019
Financial Summary
Cash and Cash Equivalents	$	160,594	$	243,641
Total Assets		3,582,437		1,323,107
Total Liabilities		5,139,803		1,970,017
Total Stockholders’ Deficit	$	1,557,366		646,910

~~Insurance~~Renewable Energy Segment in Hong Kong

WeHong doKong ~~not~~is ~~maintain~~one ~~any~~of ~~insurance~~the ~~and~~most dodensely-populated ~~not~~regions ~~intend to maintain insurance~~ in the ~~future~~world. ~~Because~~According weto dothe ~~not~~Census ~~have~~and ~~any~~Statistics ~~insurance,~~Department ~~if we are made a party~~ of athe ~~products~~Hong ~~liability~~Kong ~~action~~SAR Government, wethe ~~may~~population ~~not~~of ~~have~~Hong ~~sufficient~~Kong ~~funds~~is estimated to ~~defend~~be ~~the litigation~~7.52 Ifmillion ~~that~~in ~~occurs~~mid-2019. aThe ~~judgment~~large ~~could~~population beresults ~~rendered~~in ~~against~~a usserious ~~that~~energy ~~could~~demand ~~cause~~in usmodern ~~to cease operations~~life.

~~Employees;~~Renewable ~~Identification~~energy (“RE”) is one of ~~Certain~~practical ~~Significant~~and ~~Employees~~affordable solutions to the energy needs in Hong Kong. According to the International Renewable Energy Agency, renewables could supply 80% of the world’s electricity by 2050. Although Hong Kong does not have favorable conditions for large-scale commercialized RE power generation, the government has applied RE on a wider and large scale by 2030 as according to the Hong Kong’s Climate Action Plan. Based on the currently mature and commercially available technologies, Hong Kong has about 3-4% of realizable RE potential arising from solar energy. The Hong Kong government spearhead to apply RE in a systematic manner, issue its environmental policy by specifying all new government buildings to have at least 10% rooftop space to install solar power system, while set up a strong budget to do retrofit work for all existing government and public buildings to install rooftop solar power system.

We6 ~~are~~Table aof ~~startup company and currently do not have employees other than, Milena Topolac Tomovic, our sole officer and director. We intend to hire employees on an as needed basis.~~Contents

~~Offices~~The Paris Agreement an ambitious multilateral treaty agreed in December 2015, succeeds the Kyoto Protocol that will expire in 2020. Hong Kong formally signed it on Earth Day, 22 April 2016, and the Paris Agreement came into force on 4th November 2016.

~~Our~~The ~~business~~key ~~address~~provisions isof atthe ~~Mileve~~Paris ~~Maric~~Agreement ~~Ajnstajn~~call ~~72,~~for ~~Novi~~global ~~Beograd,~~actions ~~Republic~~to of- ~~Serbia~~achieve ~~11070.~~“peak” ~~This~~greenhouse ~~address~~gas ~~was~~(GHG) ~~provided~~emissions byas ~~our~~soon ~~registered~~as ~~agent~~possible ~~service.~~and Weachieve doa ~~not~~balance ~~pay~~between ~~any~~carbon ~~lease~~sources and ~~there~~sinks isin nothe ~~agreement~~second tohalf ~~pay~~of ~~any~~the ~~lease~~21st incentury ~~the future~~(i.e. ~~Our~~to ~~telephone~~reach ~~number~~“carbon isneutrality” ~~(315~~between 2051 and 2100); ~~359~~and, keep global average temperature increase well below 2 degree relative to pre-~~5955~~industrial levels and to pursue efforts to limit it to 1.5 degree

~~Government~~To ~~Regulation~~meet the requirement of the Paris Agreement, Hong Kong has set an ambitious carbon intensity target of 65% to 70% by 2030 using 2005 as the base, which is equivalent to 26% to 36% absolute reduction and a reduction to 3.3-3.8 tonnes on a per capita basis.

WeOur ~~will~~Product be required to comply with all regulations, rules, and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities. We do not believe that regulation will have a material impact on the way we conduct our business. Portfolio

~~Item~~We 1Ainvest, supply and install rooftop and greenfield solar system, and hydroponics farms. ~~Risk~~We ~~Factors~~license technology underlying patents for our following solar and hydroponic farming products:

~~Not~~1. Rooftop ~~applicable~~Solar toPergola ~~smaller~~for ~~reporting~~village ~~companies~~houses (China Patent No. 2019202902287)

A solar pergola using 20 pcs of mono-crystaline solar panels mounted on resilient, high-tensile tempered aluminium structures, 2.5 m high pergoa which meets structural requirement of the Building Code, sustain the strongest typhoon wind load, rust-free and durable, free from daily maintenance. The law allows property owner of village house to use its 350 sq. ft rooftop space for solar power creation. This Rooftop Solar Pergola perfectly meets the need of the village house owners.

~~Item~~Video ~~1B. Unresolved Staff Comments~~links:

~~Not applicable to smaller reporting companies~~https://www. youtube.com/watch?v=zqG_QoRnR1M

~~Item 2~~https://www. ~~Description of Property~~youtube.com/watch?v=xxmFHB3xszY

We7 doTable ~~not~~of ~~own any real estate or other properties.~~ Contents

~~Item 3~~2. Rooftop ~~Legal~~Solar ~~Proceedings~~Glasshouse (Hong Kong Patent No. HK1258743)

WeA ~~know~~solar ofglasshouse, noarchitect designed to meet the legal ~~proceedings~~requirement toof ~~which~~2.5 wemeters ~~are~~high, awith ~~party~~detachable orwind toshield ~~which~~and ~~any~~windows, ofusing ~~our~~20 ~~property~~mono iscrystaline solar panels mounted on resilient and high-tensile tempered aluminium structures, sustains the ~~subject~~strongest ~~which~~wind ~~are~~load ~~pending~~test, ~~threatened~~and orcan ~~contemplated~~be oreasily ~~any~~detached ~~unsatisfied~~and ~~judgments~~removed ~~against~~when usrelocation is needed. It offers perfect extra rooftop space for village house owners, and creates great value for house owners especially in such a densely populated city of Hong Kong. A 350 sq.ft house in Hong Kong can easily cost people HKD4 mil (USD 510,000), and we offer to market only HKD 150,000.

~~Item~~Video ~~4. Mine Safety Disclosures~~links:

~~Not applicable~~https://www.youtube.com/watch?v=wtPABRl3v_E

~~PART~~3. Wheelset IISolar Carport (China Patent No. 2018211576333)

~~Item~~Movable 5.solar ~~Market~~carport with wheels on the pillars, which allows end users to easily move and locate the carports to place as he needs, and at the same time get the best optimal sunshine for ~~Common~~solar ~~Equity~~power harvest. With high efficient mono-crystaline solar panels on resilient and ~~Related~~high-tensile ~~Stockholder~~tempered ~~Matters~~aluminium structure, it sustains strongest monsoon wind load, and at the same time require minimum daily maintenance.

~~Market~~Video ~~Information~~links:

~~There is a limited public market for our common shares~~https://www. ~~Our common shares are not quoted on the OTC Bulletin Board at this time~~youtube. Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects. We cannot assure you that there will be a market in the future for our common stock.com/watch?v=QrlN1krWuUg

~~OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange~~https://www. ~~Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks~~youtube. ~~OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.~~com/watch?v=JDPkK2NnE8M

~~As of February 17, 2020, no shares of our common stock have traded~~https://www.youtube.com/watch?v=SU9yG7P5JKQ

~~Number~~8 Table of ~~Holders~~Contents

As4. Retractile ofSolar ~~February~~Carport ~~17,~~(China ~~2020,~~Patent ~~the 3,800,000 issued and outstanding shares of common stock were held by a total of 41 shareholders of record~~No. 201821962427X）

~~Dividends~~Aluminum alloyed retractile solar carpark pergola, with resilient aluminum structure, designed to let end users extend and retract one side of the carport to allow best utilization of space in densely populated city like Hong Kong, Japan and Singapore. The pergola can be easily moved and located to any place needed. It can be used in combination with Tesla’s energy storage device and EV charging station. It is perfect for end users who own temporarily idle land space.

No5. UND ~~cash~~(Up-N-Down) ~~dividends~~Solar ~~were~~Pergola ~~paid~~(China onPatent ~~our shares of common stock during the fiscal years ended November 30, 2019 and 2018~~No. 2019212562934)

~~Recent~~It ~~Sales~~is a solar pergola with built in motor lifter on each pillars that, allows end users to lift and lower the solar pergola levels when needed. It is perfect for the rooftop owners of ~~Unregistered~~very ~~Securities~~high buildings and of houses near the seashore where monsoon wind can be an issue in typhoon season. The solar pergola can be lowered down to about 1.5 m when typhoon is expected, and be lifted to 2.5 m high in normal days, by simple button press.

~~The Company has 75,000,000, $0~~6.~~001~~ ~~par~~Hydroponic ~~value~~Solar ~~shares~~Greenhouse of(patent ~~common stock authorized.~~pending)

OnSpecially ~~November~~designed 15hydroponic farming greenhouse, ~~2016~~with ~~the~~60% ~~Company~~rooftop ~~issued~~solar 3coverage for energy production. PERC Bifacial Mono-crystaline solar panels are installed on the greenhouse rooftop,~~000,000~~ ~~shares~~leaving ofabout ~~common~~40% ~~stock~~space for sunlight to apenetrate ~~director~~to the hydroponic farming floor for ~~cash~~crop ~~proceeds~~lighting. ofEnergy ~~$3,000~~Storage device can be installed to harvest solar power in day time for use at ~~$0.001~~night, ~~per~~by ~~share~~so doing, crops can be grown in expedited way by using solar powered LED lighting at night.

~~During~~9 ~~October~~Table ~~2017, the Company issued 85,000 shares~~ of ~~common stock for cash proceeds of $2,550 at $0.03 per share.~~Contents

~~During~~6. Tracker-run ~~December~~Solar ~~2017,~~Greenhouse ~~the~~(patent ~~Company issued 240,000 shares of common stock for cash proceeds of $7,200 at $0.03 per share.~~pending)

~~During~~Solar ~~January~~greenhouse ~~2018~~with solar tracker, where a computer programmed motor run tracking mechanism is built in to the ~~Company~~rooftop ~~issued~~structure, 60whereas the solar panels rotates according to the sun’s track,~~000~~ ~~shares~~maintaining ofalways ~~common~~90 ~~stock~~degree ~~for~~angle ~~cash~~facing ~~proceeds~~the ofsun, ~~$1800~~maximizing atsolar $0irradiation harvest which results in much higher solar power yield than conventional mounting structure.03 ~~per~~Power ~~share~~output is 15% higher than fixed tilt structural greenhouse. The motor is programmed in such a manner that, during typhoon day, it turns flat to avoid wind load, while when it rains, it rotates continuous to do auto-cleaning of the solar panels.

~~During~~This ~~February~~product ~~2018,~~is ~~the~~denoted ~~Company~~by ~~issued~~the ~~175,000~~following ~~shares of common stock for cash proceeds of $5,250 at $0.03 per share.~~features:

~~During~~· ~~April~~The ~~2018~~optimum tracking angle is calculated using highly precise astronomical equations based on time, ~~the~~longitude ~~Company~~and ~~issued~~latitude ~~240~~information from a GPS sensor; · The current tilt angle is obtained from a sensor (e.g. an inclinometer); and · By coordinating the two angles,~~000~~ ~~shares~~the ofcontrol ~~common~~system ~~stock~~instructs ~~for~~the ~~cash~~tracking ~~proceeds~~mounting ofsystem $7to follow the sun throughout the day,~~200~~ atwhich ~~$0.03~~increases ~~per~~the ~~share~~total amount of electrical energy produced.

~~There~~7. RPP ~~were~~Solar ~~3,800,000~~Foundation ~~shares~~(Hong ofKong ~~common~~Patent ~~stock issued and outstanding as of November 30, 2018~~No. HK1258742)

6Using Recyclable PP material, die cast solar bucket is an ideal solar foundation that makes flat rooftop solar installation easy and quick. The RPP solar foundation past all static wind tunnel test that sustains strong typhoon wind pressure, and it flexible, durable and movable. It is highly recommended by all architect as the best rooftop solar solution in cities like Hong Kong, Singapore, Tokyo and Taipei. Using RPP solar foundation, a 10 days rooftop solar installation can be done within 2 days.

~~There~~Video ~~were 3,800,000 shares of common stock issued and outstanding as of November 30, 2019.~~links:

~~Purchase of our Equity Securities by Officers and Directors~~https://www.youtube.com/watch?v=U5j9ccLN9Y8&t=28s

~~On November 15, 2016, the Company offered and sold 3,000,000 restricted shares of common stock to our president and director, Milena Topolac Tomovic, for a purchase price of $0~~https://www.001 per share, for aggregate offering proceeds of $3,000, pursuant to Section 4(2) of the Securities Act of 1933 as she is a sophisticated investor and is in possession of all material information relating to usyoutube. ~~Further, no commissions were paid to anyone in connection with the sale of these shares and general solicitation was not made to anyone.~~com/watch?v=26so7RDdKxE

~~Other~~10 ~~Stockholder~~Table ~~Matters~~of Contents

~~None~~8. Off-grid Flexible Solar Panel Solution for RV and Yachts:

~~Item~~Flexible 6Mono-crystaline solar panels, packed with hybrid inverter and battery which can be conveniently used to power cars, yacht, vans, or simply outdoor picnic cars. ~~Selected~~This ~~Financial~~is ~~Data~~a very popular product lines in coastal cities as Hong Kong, Singapore, Kuala Lumpur, Tokyo, etc.

~~Not~~9. HDPE ~~applicable~~Floating toSolar ~~smaller reporting companies.~~Deck:

~~Item~~For 7.fishing ~~Management's~~ponds ~~Discussion~~and water reservoir, HDPE Floating Solar Deck allows solar panels to be laid over the water surface, where solar panels creates solar power, and ~~Analysis~~protect ofpond ~~Financial~~fish ~~Condition~~and prawns from direct sunshine. It helps making water conservation and ~~Results~~at the same time making environmental protection of ~~Operations~~prohibiting over weeding on the fish ponds.

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our ~~actual~~Main results could differ materially from those discussed in the forward-looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.Projects:

~~Results~~We ofactively ~~Operations~~participate ~~for~~ the ~~years~~renewable ~~ended~~energy-related ~~November 30~~projects, ~~2019~~as ~~and November 30, 2018~~follows:

~~Revenue~~EMSD (Electrical and ~~cost~~Mechanical Services Department) of ~~goods~~Hong ~~sold~~Kong Government is responsible to make retrofit work with solar on-grid solution in all 1200 schools, 1500 public toilets, and over 300 public housing estates in Hong Kong. The government as set up a HKD 800 million budget to setup rooftop solar power system in all government buildings and public housing buildings. Powertech’s subsidiary business vehicle, Sinopower Group has installed rooftop solar power system in 68 schools so far, and is planned to continue building 1200 school rooftop solar power systems in the next 18 months.

~~For~~Link Real Estate Investment Trust (“Link REIT”) is the ~~year~~first ~~ended~~real ~~November~~estate ~~30,~~investment ~~2019~~trust ~~and~~listed ~~November~~in 30Hong Kong, ~~2018~~and currently Asia’s largest REIT and one of the ~~Company~~world’s ~~generated~~largest ~~total~~retail ~~revenue~~focused REITs in terms of $0market capitalization. Wholly owned by private and $6institutional investors,~~279~~ ~~from~~with ~~sale~~100% free float, Spanning Hong Kong, Beijing, Shanghai and Guangzhou, the portfolio owned by Link REIT consists of ~~monowheels.~~properties ~~Cost~~with about 9 million sq ft of ~~goods~~retail ~~sold~~space, ~~was~~around $061,000 car park spaces, and $4a multi-purpose project under development in Hong Kong,~~395~~ ~~accordingly.~~as ~~Decrease~~well as properties with about 3 million sq ft of retail and office space in ~~revenue~~Mainland China. It is ~~due~~the desire of Link to nomake ~~operational~~use ~~activity~~the incurrently ~~fiscal~~un-utilized ~~year~~rooftop space to install solar power system to serve the community with clean energy.

~~Operating~~11 ~~expenses~~Table of Contents

~~Total~~Link ~~operating~~Asset ~~expenses~~Management ~~for~~Limited ~~the~~(“Link ~~year~~Asset ~~ended~~Management”), ~~November~~(“Link”; ~~30,~~Hong ~~2019~~Kong ~~and~~stock ~~November~~code: 30823), ~~2018~~announced ~~were~~that ~~$39,082~~it ~~and~~successfully ~~$17,485.~~priced ~~The~~its ~~operating~~green ~~expenses~~convertible ~~for~~bonds (the ~~year~~“Bonds”) ~~ended~~due ~~November 30~~2024, ~~2019~~raising ~~included bank charges of~~ HK$~~28;~~4 ~~depreciation~~billion ~~expense~~at of1.6% ~~$60; audit fees of $9~~p.a.,~~600;~~ ~~consulting~~the ~~service~~lowest ~~fees~~coupon ofrate ~~$18,000;~~achieved ~~professional~~by ~~fees~~Asian ofREITs ~~$10,674;~~over ~~loss~~the onpast ~~disposal~~five ~~of $720~~years. ~~The~~Underscoring ~~operating~~Link’s ~~expenses~~commitment ~~for~~to ~~the~~sustainable ~~year~~development, ~~ended~~the ~~November~~green ~~30,~~convertible ~~2018~~bond ~~included~~issue ~~bank~~marks ~~charges~~the offirst ~~$559;~~ever ~~depreciation~~green ~~expense~~convertible ofbond ~~$240;~~globally ~~legal~~in ~~fees~~the ofreal ~~$2,150;~~estate ~~audit~~sector ~~fees~~and offor ~~$7,750;~~Hong ~~professional~~Kong ~~fees~~issuers. Link ofis ~~$2,391.~~committed ~~Increase~~to build in ~~expenses~~all isthe ~~due~~shopping tomalls ~~significant~~rooftop ~~increase~~solar inpower ~~professional~~system. ~~fees~~And ~~and~~so ~~consulting service~~far, ~~connected~~Powertech ~~with~~have ~~marketing~~completed ~~and~~3 ~~sales~~projects ~~consulting~~for LINK.

~~Net~~Our ~~Loss~~Business model and Business Strategy:

~~The~~EPC ~~net~~(Engineer, ~~loss~~Procurement and Construction): For government and for pseudo-government organisations, and some of the ~~year~~industrial ~~ended~~clients ~~November~~who 30owns industrial and commercial builders, ~~2019~~we offer one stop solution of EPC services, whereas we design, engineer, procure, and ~~November~~install 30solar power system for the clients on BOT basis. Our business strategy for these group of clients is to offer full set of value added service, ~~2018~~not ~~was~~only ~~$39~~doing solar power system installation,~~082~~ but also service like water-proof works, building repairing works. This distinguished us from our competitors that, we carry out waterproof work on the Premises before installing the System by laying over an aluminium foil waterproof asphalt self-adhesive membrane (asphalt base/butyl/ rubber group) to the entire roof of each of the Buildings up to 300mm of the parapet wall. The asphalt self adhesive membrane stop water leakage problem and ~~$11~~at the same time act as reflective layer for solar irradiation to back sides of bi-facial solar panels,~~206~~ ~~accordingly~~which result in higher solar yield. We tailor made all solar mounting system of each project to meet the stringent demand of the legal wind code, making third party wind tunnel test to make sure the system is safe and durable.

~~Liquidity~~Since the fourth quarter of 2020, we have developed and ~~Capital~~built ~~Resources~~the solar plant system and ~~Cash~~generated ~~Requirements~~some income from the sale of the electricity under the government program.

AtIntellectual year ended November 30, 2019, the Company had cash of $5,101 ($33,388 as of November 30, 2018). Furthermore, the Company had a working capital deficit of $24,854 (profit of $13,448 as of November 30, 2018). The decrease in working capital is attributed to increase in liabilities of the Company. Property

~~During~~Our ~~the~~primary ~~year~~patents, ~~ended~~all ~~November~~of ~~30,~~which ~~2019~~are registered in Hong Kong or China, are discussed under the ~~Company~~heading ~~used~~“Exclusive ~~$40~~Patent License Agreements,~~282~~” ofbeginning ~~cash~~on inpage ~~operating~~4 ~~activities~~of ~~due~~this toCurrent ~~its~~Report ~~net~~on ~~loss~~Form 8-K. Additionally, ~~decrease~~we inrely ~~accounts~~on ~~receivable~~a combination of $2trademark laws,~~415~~ trade secrets, ~~increase~~confidentiality inprovisions ~~accounts~~and ~~payable~~other ofcontractual $4provisions to protect our proprietary rights,~~395,~~ ~~retirement~~which ofare ~~equipment~~primarily ofour ~~$720~~brand ~~and~~names, ~~depreciation~~product ofdesigns ~~$60~~and marks.

~~During~~Exclusive ~~the~~Patent ~~year~~License ~~ended November 30, 2019 the Company used no cash in investing activities.~~Agreements

~~During~~Effective November 25, 2020, the ~~year~~Company ~~ended~~entered ~~November~~into 30an Exclusive Patent License Agreement with Fushan Baohua Renewable Energy Co Ltd (PRC) (“Fushan Baohua”), ~~2019~~an entity duly formed and existing under the laws of the People’s Republic of China (the “Fushan Baohua License Agreement”), pursuant to which the Company ~~generated~~has ~~$11~~licensed from Fushan Baohua the patents for the technology underlying Liftable Soar Pergola,~~995~~ Expandable Soar Pergola and Foldable Solar Pergola products of ~~cash~~the Company. The term of the Fushan Baohua License Agreement is for the terms of the underlying patents and covers all countries and territories in ~~financing~~the ~~activities~~world. The Liftable Soar Pergola patent expires on August 5, 2029, the Expandable Soar Pergola patent expires on August 2, 2029, and the Foldable Solar Pergola patent expires on August 2, 2029. The Company paid consideration of $10.00 for entering into the Fushan Baohua License Agreement. Fushan Baohua is controlled by Hak Yiu Ng, the President, Chairman of the Board of Directors and majority stockholder of the Company.

712 Table of Contents

~~During~~Effective November 25, 2020, the ~~year~~Company ~~ended~~entered ~~November~~into 30an Exclusive Patent License Agreement with PowerWatt Engineering Co. Ltd. (“PowerWatt Engineering”), ~~2018~~an entity duly formed an existing under the laws of Hong Kong, (the “PowerWatt Engineering License Agreement”), pursuant to which the Company ~~used~~has $8licensed from PowerWatt Engineering the patents for the technology underlying the Foldable Solar Pergola,~~986~~ The Solar Photovoltaic Sunlight House, and RPP Ballast Solar System products of ~~cash~~the Company. The term of the PowerWatt Engineering License Agreement is for the terms of the underlying patents and covers all countries and territories in ~~operating~~the ~~activities~~world. ~~due~~The toFoldable ~~its~~Solar ~~net~~Pergola ~~loss~~patent expires on November 26, ~~increase~~2028, the Solar Photovoltaic Sunlight House patent registered in ~~accounts~~China ~~receivable~~expires ofon $March 7, 2029, and registered in Hong Kong expires on August 2,~~415~~ 2027, ~~decrease~~and the RPP Ballast Solar System registered in ~~accounts~~China ~~payable~~expires on March 7, 2029, and registered in Hong Kong expires on August 5, 2027. The Company paid consideration of $410.00 for entering into the PowerWatt Engineering License Agreement. PowerWatt Engineering is controlled by Hak Yiu Ng,~~395~~ the President, Chairman of the Board of Directors and ~~depreciation~~majority stockholder of ~~$240~~the Company.

~~During the year ended November 30, 2018 the Company used no cash in investing activities.~~Competition

~~During~~We ~~the~~believe ~~year~~that ~~ended~~there ~~November~~are about 20 market competitors with business in Hong Kong, but by registered capital, we are largest, and now about 30% of total market share. Some of our major competitors are: Nefin Solar Asset Limited, ~~2018~~Amosolar Limited, ~~the~~CLP ~~Company~~Energy ~~generated~~Services ~~$29~~(Holding) Limited,~~695~~ ofand ~~cash~~Widex inSolar ~~financing~~Energy ~~activities.~~Technology Limited.

~~Our~~Government ~~auditors~~Regulation ~~have~~and ~~issued a “going concern” opinion, meaning that there is substantial doubt we can continue as an on-going business for the next twelve months unless we obtain additional capital.~~ Approvals

~~Management~~We ~~believes~~are ~~that~~subject ~~current trends toward lower capital investment in start-up companies pose the most significant challenge~~ to the ~~Company’s~~general ~~success~~laws ~~over the next year and~~ in ~~future~~Hong ~~years.~~Kong ~~Additionally, the Company will have to meet all the financial disclosure~~ and ~~reporting~~China ~~requirements~~governing ~~associated~~businesses ~~with~~including ~~being~~labor, aoccupational ~~publicly~~safety ~~reporting company. The Company’s management will have to spend additional time on policies~~ and ~~procedures~~health, togeneral ~~make sure it is compliant with various regulatory requirements~~corporations, ~~especially~~intellectual ~~that~~property ~~of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement is business plan~~ and ~~impede~~other ~~the~~similar ~~speed of its operations~~laws.

~~Limited~~Product ~~operating~~liability ~~history;~~claims ~~need~~may arise if any of our solar and hydroponic products have a harmful effect on a consumer, who may make a claim for ~~additional~~damages ~~capital~~or compensation as an injured party. The General Principles of the Civil Law of HKSAR, states that manufacturers and sellers of defective products causing property damage or injury shall incur civil liabilities for such damage or injuries.

~~There~~We isare nosubject ~~historical~~to ~~financial~~a ~~information~~number ~~about~~of uslocal ~~upon~~laws ~~which~~and toregulations ~~base~~that aninvolve ~~evaluation~~matters such as privacy, rights of ~~our~~publicity, ~~performance.~~data Weprotection, ~~are~~content inregulation, aintellectual ~~start-up~~property, ~~stage~~competition, protection of ~~operations~~minors, ~~and~~consumer ~~have~~protection, ~~generated~~taxation ~~limited~~or ~~revenues~~other ~~since inception~~subjects. WeMany ~~cannot~~of ~~guarantee~~these ~~that~~laws weand ~~will~~regulations beare ~~successful~~still inevolving ~~our~~and ~~business~~being ~~operations.~~tested ~~Our~~in ~~business~~courts isand ~~subject~~could tobe ~~risks~~interpreted ~~inherent~~ in ~~the~~ways ~~establishment~~that ofcould aharm ~~new~~our business. ~~enterprise~~In addition, ~~including~~the ~~limited~~application ~~capital~~and ~~resources~~interpretation of these laws and ~~possible~~regulations ~~cost~~often ~~overruns~~are ~~due~~uncertain, toparticularly ~~price~~in the new and ~~cost~~rapidly ~~increases~~evolving industry in ~~services~~which ~~and~~we ~~products~~operate.

~~Off-Balance Sheet Arrangements~~Employees

~~The~~As ~~Company~~of ~~does not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on~~ the ~~Company's~~date ~~financial condition~~hereof, ~~changes~~we inhave ~~financial~~30 ~~condition,~~full-time ~~revenues or expenses, results of operations, liquidity, capital expenditures or capital resources~~employees.

~~Item~~Description ~~7A.~~of ~~Quantitative and Qualitative Disclosures about Market Risk~~Properties

~~Not~~Our ~~applicable~~executive tooffices ~~smaller~~are ~~reporting~~located ~~companies~~at Unit 17-18, 23/F, Metropole Square, 2 On Yiu Street, Sha Tin, New Territories, Hong Kong, and our telephone number is +852 3487-6330. We do not own any real estate or other physical properties.

~~Item~~Bankruptcy 8.or ~~Financial~~Similar ~~Statements and Supplementary Data~~Proceedings

8We have never been subject to bankruptcy, receivership or any similar proceeding.

~~FOLKUP~~ITEM ~~DEVELOPMENT INC~~1A. RISK FACTORS

~~FINANCIAL~~As ~~STATEMENTS~~a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

~~YEARS~~ITEM ~~ENDED~~1B. ~~NOVEMBER~~UNRESOLVED ~~30,~~STAFF ~~2019 AND NOVEMBER 30, 2018~~COMMENTS

~~Table of Contents~~None.

		Page
Report of Independent Registered Public Accounting Firm		14
Balance Sheets as of November 30, 2019 and November 30, 2018		15
Statements of Operations for the years ended November 30, 2019 and November 30, 2018		16
Statement of Changes in Stockholders’ Equity for the years ended November 30, 2019 and November 30, 2018		17
Statements of Cash Flows for the years ended November 30, 2019 and November 30, 2018		18
Notes to Financial Statements		19

ITEM 2. PROPERTIES

9We currently do not own any physical property or real property. Our executive offices are located at Unit 17-18, 23/F, Metropole Square, 2 On Yiu Street, Sha Tin, New Territories, Hong Kong. We believe that this space is adequate for our present operations.

~~Report~~ITEM of3. ~~Independent~~LEGAL ~~Registered~~PROCEEDINGS ~~Public Accounting Firm~~

ToThere are no pending legal proceedings to which the ~~Board~~Company is a party or in which any director, officer or affiliate of ~~Directors~~the ~~and~~Company, ~~Shareholders~~any owner of ~~FolkUp~~record ~~Development~~or ~~Inc~~beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.

~~Opinion~~ITEM on4. ~~the~~MINE ~~Financial~~SAFETY ~~Statements~~DISCLOSURES

~~We have audited the accompanying balance sheets of FolkUp Development Inc~~None. (“the Company”) as of November 30, 2019 and 2018, and the related statements of operations, changes in stockholders’ equity, and cash flows for each of the years in the two-year period ended November 30, 2019, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of November 30, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the two-year period ended November 30, 2019, in conformity with accounting principles generally accepted in the United States of America.

~~Going~~13 ~~Concern~~Table of Contents

~~The~~PART accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company generated no revenue during the year ended November 30, 2019 and has not completed efforts to establish revenue sufficient to pay operating costs. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.II

~~Basis~~ITEM ~~for~~5. ~~Opinion~~MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

~~These~~Since ~~financial~~April ~~statements~~1, ~~are~~2019, ~~the~~our ~~responsibility~~common ofstock ~~the~~has ~~Company’s~~been ~~management.~~quoted ~~Our responsibility is to express an opinion~~ on the ~~Company’s~~OTCPink ~~financial~~tier ~~statements~~of ~~based~~the onOTC ~~our~~Markets ~~audits~~Group Inc., Weunder ~~are~~the asymbol ~~public~~“FLDI.” ~~accounting~~On ~~firm~~September ~~registered~~22, ~~with~~2020, the ~~Public~~last ~~Company~~day ~~Accounting~~our ~~Oversight~~common ~~Board~~stock ~~(United~~traded ~~States)~~on ~~(PCAOB) and are required to be independent with respect to~~ the ~~Company~~OTC inMarkets, ~~accordance with~~ the ~~U.S.~~closing ~~federal~~bid ~~securities~~price ~~laws~~on ~~and~~ the ~~applicable~~OTCPink ~~rules~~tier ~~and~~for ~~regulations~~our ofcommon ~~the~~stock ~~Securities~~was ~~and Exchange Commission and the PCAOB~~$6.00.

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

~~Our~~As ~~audits included performing procedures to assess the risks~~ of ~~material~~March ~~misstatement of the financial statements~~25, ~~whether due to error or fraud~~2021, ~~and~~there ~~performing~~were ~~procedures that respond to those risks. Such procedures included examining~~9, ~~on a test basis~~800,000 ~~evidence~~shares ~~regarding~~of ~~the~~common ~~amounts~~stock ~~and~~issued ~~disclosures in the financial statements. Our audits also included evaluating the accounting principles used~~ and ~~significant~~outstanding ~~estimates~~held ~~made~~ by ~~management,~~approximately as52 ~~well~~stockholders asof ~~evaluating~~record, ~~the~~and ~~overall~~no ~~presentation~~shares of ~~the~~preferred ~~financial~~stock ~~statements.~~or WeSeries ~~believe~~A ~~that~~Preferred ~~our~~Stock ~~audits~~issued ~~provide~~or ~~a reasonable basis for our opinion~~outstanding.

~~FRUCI & ASSOCIATES II, PLLC~~Dividends

We have ~~served~~not asdeclared any dividends and we do not plan to declare any dividends in the ~~Company’s~~foreseeable ~~auditor~~future. ~~since~~There ~~2019~~are no restrictions in our Articles of Incorporation or Bylaws that prevent us from declaring dividends. The Nevada Revised Statutes, however, prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

~~Spokane~~· we would not be able to pay our debts as they become due in the usual course of business; or · our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights of stockholders who have preferential rights superior to those receiving the distribution, ~~Washington~~unless otherwise permitted under our Articles of Incorporation.

~~February~~Recent ~~28,~~Sales ~~2020~~of Unregistered Securities

10There are no unreported sales of equity securities at December 31, 2020.

~~FOLKUP~~Securities ~~DEVELOPMENT~~Authorized ~~INC.~~for Issuance Under Equity Compensation Plans

~~Balance~~We ~~sheets~~have not established any compensation plans under which equity securities are authorized for issuance.

ASPenny OFStock ~~NOVEMBER 30, 2019 AND NOVEMBER 30, 2018~~Regulations

The SEC has adopted regulations that generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share. Our Common Stock, when and if a trading market develops, may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (~~Audited~~generally those with assets in excess of $1.00 million, or annual incomes exceeding $200,000 individually, or $300,000 million, together with their spouse).

ASSETS		November 30, 2019	November 30, 2018
Current Assets
Cash and Cash Equivalents	$	5,101	$ 33,388
Accounts Receivable		-	2,415
Total Current Assets			35,803
Fixed Assets
Equipment, net		-	780
Total Fixed Assets			780
Total Assets	$	5,101	$ 36,583
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Current Liabilities
Accounts Payable	$	-	$ 4,395
Related Party Loans		29,955	17,960
Total Current Liabilities		29,955	22,355
Total Liabilities		29,955	22,355
Stockholders’ Equity
Common stock, par value $0.001; 75,000,000 shares authorized, 3,800,000 and 3,800,000 shares issued and outstanding accordingly		3,800	3,800
Additional paid in capital		23,200	23,200
Accumulated deficit		(51,854)	(12,772)
Total Stockholders’ Equity		(24,854)	14,228
Total Liabilities and Stockholders’ Equity	$	5,101	$ 36,583

For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser’s prior written consent to the transaction. Additionally, for any transaction, other than exempt transactions, involving a penny stock, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the SEC relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Consequently, the “penny stock” rules may restrict the ability of broker-dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market.

~~See~~14 ~~accompanying~~Table ~~notes, which are an integral part~~ of ~~these financial statements as of November 30, 2019~~Contents

11Purchases of Equity Securities by the Registrant and Affiliated Purchasers

~~FOLKUP~~We ~~DEVELOPMENT~~did ~~INC~~not purchase any of our shares of common stock or other securities during the year ended December 31, 2020.

~~Statements~~ITEM of6. ~~operations~~SELECTED FINANCIAL DATA

~~YEARS~~As ~~ENDED~~a ~~NOVEMBER~~“smaller 30reporting company,” ~~2019~~as ~~AND~~defined ~~NOVEMBER~~in 30Rule 12b-2 of the Exchange Act, ~~2018~~we are not required to provide the information called for by this Item.

~~(Audited)~~ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

		Year ended November 30, 2019	Year ended November 30, 2018
Revenues	$	-	6,279
COGS		-	4,395
Gross Profit		-	1,884
OPERATING EXPENSES
Consulting Service Fees		18,000	-
Professional Fees		10,674	2,391
Other General and Administrative Expenses		10,408	10,699
TOTAL OPERATING EXPENSES		(39,082)	(13,090)
NET INCOME (LOSS) FROM OPERATIONS		(39,082)	(11,206)
PROVISION FOR INCOME TAXES		-	-
NET INCOME (LOSS)	$	(39,082)	(11,206)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.01)	(0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		3,800,000	3,656,726

Comparison of the Years Ended December 31, 2020 and 2019

~~See~~The ~~accompanying~~following ~~notes,~~table ~~which~~sets ~~are~~forth ancertain ~~integral~~operational ~~part~~data offor ~~these~~the ~~financial~~years ~~statements as of November 30, 2019~~indicated:

	Fiscal Years Ended December 31,
	2020			2019
Revenues, net	$	2,593,376		$	2,150,997
Cost of revenue		(2,050,375	)		(1,805,076	)
Gross profit		543,001			345,921
Sales and marketing expenses		(518,481	)		(267,126	)
General and administrative expenses		(947,507	)		(678,325	)
Total operating expenses		(1,465,988	)		(945,451	)
Total other income		15,762			589
Loss before income taxes		(907,225	)		(598,941	)
Income tax expense		-			-
Net loss		(907,225	)		(598,941	)

~~FOLKUP~~Revenue. ~~DEVELOPMENT~~We ~~INC~~generated revenues of $2,593,376 and $2,150,997 for the fiscal years ended December 31, 2020 and 2019. The increase is revenue is attributable to the completion of renewable energy projects and solutions during 2020, whose contracts were entered into during 2019.

~~Statements~~During the twelve months ended December 31, 2020 and 2019, the following customer accounted for 10% or more of ~~changes~~our intotal ~~stockholder’s~~net ~~equity~~revenues:

YEARS ENDED NOVEMBER 30, 2019 AND NOVEMBER 30, 2018

	Year ended December 31, 2020					December 31, 2020
	Revenues		Percentage of revenues			Accounts receivable
Mak Hang Kei (HK) Construction Limited	$	901,643		35	%	$	32,427
Taclon Industries Limited		504,093		19	%		-

Total:	$	1,405,736		54	%	$	32,427

(Audited)

Year ended

December 31, 2019

December 31, 2019

Revenues

Percentage of revenues

Accounts receivable

Hung Hing Off-Set Printing Co Ltd

336,080

	Common Stock		Additional Paid-in	Deficit Accumulated during the Development	Total Stockholders’
	Shares	Amount	Capital	Stage	Equity
Balance, November 30, 2017	3,085,000	$ 3,085	$ 2,465	$ (1,566)	$ 3,984
Shares issued	715,000	715	20,735	-	21,450
Net loss for the year ended November 30, 2018	-	-	-	(11,206)	(11,206)
Balance, November 30, 2018	3,800,000	$ 3,800	$ 23,200	$ (12,772)	$ 14,228
Net loss for the year ended November 30, 2019	-	-	-	(39,082)	(39,082)
Balance, November 30, 2019	3,800,000	$ 3,800	$ 23,200	$ (51,854)	$ (24,854)

All of the Company’s major customers are located in Hong Kong.

~~See~~15 ~~accompanying~~Table ~~notes, which are an integral part~~ of ~~these financial statements as of November 30, 2019~~Contents

13Cost of Revenue. Cost of revenue included material supplies, labor and sub-contractor fees, share of electricity revenue generated, and the costs of maintaining and operating the renewable energy assets. The increase of cost of revenue is attributable to the launch of renewable energy projects and solutions.

~~FOLKUP~~During ~~DEVELOPMENT~~the ~~INC.~~twelve months ended December 31, 2020 and 2019, the following vendors accounted for 10% or more of our total cost of revenues:

Statements of cash flows

Year ended

December 31, 2020

December 31,

2020

Purchases

Percentage of purchases

Accounts

payable

Press Metal International Technology Ltd

349,276

487,948

YEARS ENDED NOVEMBER 30, 2019 AND NOVEMBER 30, 2018

Year ended

December 31, 2019

December 31,

2019

Purchases

Percentage of purchases

Accounts

payable

Powerwatt Engineering Co. Ltd.

1,205,571

~~(Audited)~~All of the Company’s major vendors are located in Hong Kong and the People’s Republic of China.

	Year ended November 30, 2019	Year ended November 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (39,082)	$ (11,206)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Accounts Receivable	2,415	(2,415)
Accounts Payable	(4,395)	4,395
Loss on Disposal	720	-
Depreciation Expense	60	240
CASH FLOWS USED IN OPERATING ACTIVITIES	(40,282)	(8,986)
CASH FLOWS FROM FINANCING ACTIVITIES
Related Party Loans	11,995	8,245
Capital Stock	-	21,450
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	11,995	29,695
NET INCREASE(DECREASE) IN CASH	(28,287)	20,709
Cash, beginning of period	33,388	12,679
Cash, end of period	$ 5,101	$ 33,388
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$ 0	$ 0
Income taxes paid	$ 0	$ 0

Gross Profit. We achieved a gross profit of $543,001 and $345,921 for the fiscal years ended December 31, 2020 and 2019, respectively. The increase in gross profit is primarily attributable to the completion of renewable energy projects and solutions during 2019 fiscal year.

~~See~~Sales ~~accompanying~~and ~~notes,~~Marketing ~~which~~Expenses ~~are~~(“S&M”). anWe ~~integral~~incurred ~~part~~S&M expenses of ~~these~~$518,481 ~~financial~~and ~~statements~~$267,126 asfor ofthe ~~November~~fiscal 30years ended December 31, 2020 and 2019, respectively. The increase in G&A is primarily attributable to more marketing expense in the launch of our renewable energy projects and solutions.

14General and Administrative Expenses (“G&A”). We incurred G&A expenses of $947,507 and $678,325 for the fiscal years ended December 31, 2020 and 2019, respectively. The increase in G&A is primarily attributable to more overheads and staff expense in the launch of our renewable energy projects and solutions.

~~FOLKUP~~Other ~~DEVELOPMENT~~Income ~~INC~~(Expenses), net. We incurred net other income of $15,762 for the fiscal year ended December 31, 2020, as compared to a net income of $589 for the fiscal year ended December 31, 2019. Our net other income for the year ended December 31, 2020 and 2019 consisted primarily of government subsidy and interest income.

~~Notes~~Income toTax Expense. We recorded income tax expense of $0 and $0 for the ~~audited~~fiscal ~~financial~~years ~~statements~~ended December 31, 2020 and 2019. No income expense was incurred in both 2020 and 2019 fiscal years.

~~NOVEMBER~~Net 30Loss. During the year ended December 31, 2020, we incurred a net loss of $907,225, as compared to $598,941 for the year ended December 31, 2019.

~~Note~~Liquidity 1and ~~– ORGANIZATION~~Capital ~~AND NATURE OF BUSINESS~~Resources

~~FOLKUP~~As ~~DEVELOPMENT~~of ~~INC.~~December ~~(“the~~31, ~~Company”~~2020, “we”, ~~“us”~~had orcash ~~“our”)~~and ~~was~~cash ~~incorporated~~equivalents ~~in the State~~ of ~~Nevada on July 5~~$160,594, ~~2016. We aim to deliver our services as follows~~deposits, toprepayments ~~lease~~ and ~~sell~~other toreceivables ~~our customers certain items or means~~ of ~~what we refer to as eco-transport. These items are commonly known under the names: a segway~~$1, ~~a gyro-scooter or a self-balanced two-wheeled scooter~~031,566, apurchase ~~self-balanced~~deposits ~~mono-wheeled~~of ~~scooter and a two-wheeled hoverboard. We expect our services to be demanded by establishments or enterprises or events~~$1, ~~for instance~~800,332 ~~conferences~~and ~~held~~accounts inand ~~large~~retention ~~facilities.~~receivables ~~The business location is in Beograd, Republic~~ of ~~Serbia~~$83,169.

~~Note~~As 2of ~~– GOING~~December ~~CONCERN~~31, 2019, we had cash and cash equivalents of $243,641, accounts and retention receivables of $155,221, deposits, prepayments and other receivables of $95,999, and purchase deposits of $676,090.

~~The~~We ~~accompanying~~believe ~~financial~~that ~~statements~~our ~~have~~current ~~been~~cash prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company generated no revenues for the year ended November 30, 2019. The Company currently has losses and ~~has~~other ~~not~~sources ~~completed its efforts to establish a stabilized source~~ of ~~revenues~~liquidity ~~sufficient~~discussed tobelow ~~cover~~are ~~operating~~adequate ~~costs over an extended period of time. These factors raise substantial doubt about the Company’s ability~~ to ~~continue~~support asgeneral aoperations ~~going concern within one year after the date that the financial statements are issued. Management anticipates that the Company will be dependent,~~ for ~~the~~at ~~near~~least ~~future, on additional investment capital to fund operating expenses. Management evaluates that lack of revenues can affect to~~ the ~~entity’s~~next ~~ability~~12 ~~to meet its obligations~~months. The ability of the Company to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern is dependent on management’s plans, which include further implementation of its business plan. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

Note 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

	Years Ended December 31,
	2020			2019
Net cash used in operating activities	$	(1,116,411	)	$	(214,421	)
Net cash used in investing activities		(349,992	)		(14,765	)
Net cash provided by financing activities		1,386,804			302,180

~~Basis~~Net ofCash ~~presentation~~Used In Operating Activities.

~~The~~For ~~accompanying~~the ~~financial~~year ~~statements~~ended ~~have~~December ~~been~~31, ~~prepared~~2020, net cash used in ~~accordance~~operating ~~with~~activities ~~generally~~was ~~accepted~~$1,116,411, ~~accounting~~which ~~principles~~consisted primarily of a net loss of $907,225, offset by a decrease in ~~the~~accounts ~~United~~and ~~States~~retention receivables of ~~America.~~$72,052, ~~The~~an ~~Company’s~~increase ~~yearend~~in isdeposits, ~~November~~prepayments 30and other receivables of $935,567, an increase in purchase deposits of $1,124,242, an increase in contract liabilities of $600,213, a decrease in accrued liabilities and other payables of $22,906, and increase in accounts payables of $1,100,268, depreciation of plant and equipment of $18,340, depreciation of energy assets of $3,703 and depreciation of right-of-use assets of $78,953.

~~Use~~For the year ended December 31, 2019, net cash used by operating activities was $214,421, which consisted primarily of ~~Estimates~~a net loss of $598,941, offset by an increase in accounts and retention receivables of $155,221, an increase in deposits, prepayments and other receivables of $76,502, an increase in purchase deposits of $316,669, an increase in contract liabilities of $845,549, an increase in accrued liabilities and other payables of $66,103, depreciation of plant and equipment of $6,073, depreciation of right-of-use assets of $11,818 and loss on disposal of plant and equipment of $3,369.

~~The~~We ~~preparation~~expect ofto ~~financial~~continue ~~statements in conformity with generally accepted accounting principles requires management~~ to ~~make~~rely ~~estimates~~on ~~and~~cash ~~assumptions~~generated ~~that~~through ~~affect~~financing ~~the~~from ~~reported~~our ~~amounts~~existing ofshareholders ~~assets~~ and ~~liabilities~~private ~~and~~placements ~~disclosure~~ of ~~contingent~~our ~~assets~~securities, ~~and~~however, ~~liabilities~~to atfinance ~~the~~our ~~date~~operations ~~the financial statements~~ and ~~the~~future ~~reported amount of revenues and expenses during the reporting period~~acquisitions. ~~Actual results could differ from those estimates.~~

~~Cash~~16 ~~and~~Table ~~Cash~~of ~~Equivalents~~Contents

~~The~~Net ~~Company~~Cash ~~considers~~Used ~~all~~In ~~highly~~Investing ~~liquid investments with the original maturities of three months or less to be cash equivalents~~Activities. ~~The Company had $5,101 of cash as of November 30, 2019 and $33,388 as of November 30, 2018.~~

~~Depreciation~~For the year ended December 31, ~~Amortization~~2020, net cash used in investing activities was $349,992, consisting primarily of purchases of plant and ~~Capitalization~~equipment of $61,052 and purchases of energy asset of $288,940.

~~The~~For ~~Company~~the ~~records~~year ~~depreciation~~ended ~~and~~December ~~amortization~~31, ~~when~~2019, ~~appropriate~~net ~~using~~cash ~~straight-line~~used ~~balance~~in ~~method~~investing ~~over~~activities ~~the~~was ~~estimated~~$14,765, ~~useful~~consisting ~~life~~primarily of ~~the~~purchases ~~assets. We estimate that the useful life~~ of ~~sport~~plant ~~equipment is five years. Expenditures for maintenance~~ and ~~repairs~~equipment ~~are~~of ~~charged to expense as incurred. Additions~~$15,150 ~~major renewals~~ and ~~replacements~~proceeds ~~that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed~~ from ~~the~~disposal ~~appropriated~~of ~~accounts~~plant and ~~the~~equipment ~~resultant~~of ~~gain or loss is included in net income~~$385.

~~Income~~Net ~~Taxes~~Cash Provided By Financing Activities.

~~Income~~For ~~taxes are computed using~~ the ~~asset~~year ~~and~~ended ~~liability~~December ~~method. Under~~31, ~~the asset and liability method~~2020, ~~deferred~~net ~~income~~cash ~~tax~~provided ~~assets~~by ~~and~~financing ~~liabilities~~activities ~~are~~was ~~determined~~$1,386,804, ~~based~~consisting onprimarily ~~the~~of ~~differences~~proceeds ~~between~~from ~~the~~bank ~~financial reporting~~ and ~~tax~~other ~~bases~~borrowings of ~~assets~~$768,941, ~~and~~advances ~~liabilities~~from ~~and~~a ~~are~~director ~~measured~~of ~~using~~$696,259 ~~the currently enacted tax rates~~ and ~~laws. A~~payment ~~valuation~~of ~~allowance~~lease isliabilities ~~provided for the amount~~ of ~~deferred tax assets that~~$78, ~~based on available evidence, are not expected to be realized~~396.

15For the year ended December 31, 2019, net cash provided by financing activities was $302,180, consisting primarily of advances from a director of $314,432 and payment of lease liabilities of $12,252.

~~FOLKUP~~Going ~~DEVELOPMENT INC.~~Concern

~~Notes~~The financial statements contain an explanatory paragraph expressing substantial doubt about our ability to ~~the~~continue ~~audited~~operating as a going concern. The financial statements have been prepared “assuming that we will continue as a going concern,” which states that we will realize our assets and satisfy any liabilities and commitments in the ordinary course of business.

~~NOVEMBER~~We 30will need to raise funds to fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common stock. If we are successful in completing equity financing, ~~2019~~existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our 12-month plan of operation and ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our 12-month plan of operation and our business will fail.

~~Fair~~Off-Balance ~~Value~~Sheet ~~of Financial Instruments~~Arrangements

ASWe ~~topic~~have ~~820~~no ~~"Fair~~outstanding ~~Value Measurements and Disclosures" establishes a three~~off-~~tier~~balance ~~fair~~sheet ~~value hierarchy~~guarantees, ~~which~~interest ~~prioritizes~~rate ~~the~~swap ~~inputs~~transactions inor ~~measuring~~foreign ~~fair~~currency ~~value~~contracts. ~~The~~We ~~hierarchy~~do ~~prioritizes~~not ~~the~~engage ~~inputs into three levels based on the extent to which inputs used~~ in ~~measuring~~trading ~~fair~~activities ~~value~~involving ~~are~~non-exchange ~~observable~~traded ~~in the market~~contracts.

~~These~~Limited ~~tiers~~Business ~~include:~~History; Need for Additional Capital

Level 1:	defined as observable inputs such as quoted prices in active markets;
Level 2:	defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3:	defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

There is no historical financial information about the Company upon which to base an evaluation of our performance. We have not generated any revenues from our business. We cannot guarantee we will be successful in our business plans. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration and/or development, and possible cost overruns due to price and cost increases in services. We have no intention of entering into a merger or acquisition within the next twelve months and we have a specific business plan and timetable to complete our 12-month plan of operation based on the success of the primary offering.

~~The~~We ~~carrying~~anticipate ~~value~~that additional funding, if required, will be in the form of ~~cash~~equity ~~and~~financing from the ~~Company’s~~sale ~~loan~~of our common stock. However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from ~~shareholder~~the ~~approximates~~sale ~~its~~of ~~fair~~shares ~~value~~to ~~due~~fund additional expenditures. We do not currently have any arrangements in place for any future equity financing. Our limited operating history and our lack of significant tangible capital assets makes it unlikely that we will be able to ~~their~~obtain ~~short-term~~significant ~~maturity~~debt financing in the near future. If such financing is not available on satisfactory terms, we may be unable to continue or expand our business. Equity financing could result in additional dilution to existing shareholders.

~~Basic~~17 ~~Income~~Table ~~(Loss)~~of ~~Per Share~~Contents

~~The~~Summary Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of ~~outstanding~~Significant ~~common~~Accounting shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of November 30, 2019 and November 30, 2018 there were no potentially dilutive debt or equity instruments issued or outstanding. Policies

~~Revenue~~· ~~Recognition~~Basis of presentation

~~The~~These ~~Company~~accompanying ~~recognizes~~consolidated ~~revenue~~financial instatements ~~accordance~~have ~~with~~been ~~Accounting~~prepared ~~Standards~~in ~~Codification~~accordance ~~No.~~with ~~605,~~generally ~~“Revenue~~accepted ~~Recognition”~~accounting ~~("ASC-605").~~principles ~~“ASC-605”~~in ~~requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3)~~ the ~~selling~~United ~~price~~States ~~is fixed and determinable; and (4) collectability is reasonably assured. Determination~~ of ~~criteria~~America (3)“US ~~and (4~~GAAP”) ~~are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts~~. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. For the year ended November 30, 2019 and 2018 the Company has generated no revenue and $6,279 accordingly.

~~Stock-Based~~· ~~Compensation~~Use of estimates and assumptions

~~Stock-based~~In ~~compensation~~preparing isthese ~~accounted~~consolidated ~~for~~financial atstatements, ~~fair~~management ~~value~~makes inestimates ~~accordance~~and ~~with~~assumptions ~~ASC~~that ~~Topic~~affect ~~718. To date,~~ the ~~Company~~reported ~~has~~amounts ~~not~~of ~~adopted~~assets ~~a stock option plan~~ and ~~has~~liabilities ~~not~~in ~~granted~~the ~~any~~balance ~~stock~~sheet ~~options.~~and ~~Certain~~revenues ~~prior~~and ~~year~~expenses ~~amounts~~during ~~have been reclassified for consistency with~~ the ~~current~~years ~~year presentation~~reported. ~~These~~Actual ~~reclassifications~~results ~~had~~may nodiffer ~~effect~~from onthese ~~the reported results of operations~~estimates.

~~Recent~~· ~~Accounting~~Basis ~~Pronouncements~~of consolidation

WeThe ~~have~~consolidated ~~reviewed~~financial ~~all~~statements include the ~~recently~~financial ~~issued,~~statements ~~but~~of ~~not~~the ~~yet~~Company ~~effective,~~and ~~accounting~~its ~~pronouncements~~subsidiaries. ~~and~~All wesignificant dointer-company ~~not~~balances ~~believe~~and ~~any~~transactions ofwithin ~~these~~the ~~pronouncements~~Company ~~will~~ have abeen ~~material~~eliminated ~~impact~~upon ~~on the Company~~consolidation.

~~Note~~· 4Cash ~~– FIXED~~and ~~ASSETS~~cash equivalents

AsCash ofand ~~November~~cash ~~30,~~equivalents ~~2018~~are ~~the~~carried ~~Company~~at ~~purchased~~cost 2and ~~monowheels~~represent ~~for~~cash $1on hand,~~200.~~ Asdemand ofdeposits ~~November~~placed ~~30,~~with ~~2019~~banks ~~purchased~~or ~~monowheels~~other ~~were~~financial ~~retired~~institutions and ~~removed.~~all ~~Loss~~highly onliquid ~~disposal~~investments ~~amounted~~with ~~$720~~an original maturity of three months or less as of the purchase date of such investments.

16· Accounts receivable

~~FOLKUP~~Accounts ~~DEVELOPMENT~~receivable ~~INC~~are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers.

~~Notes~~· toPurchase ~~the audited financial statements~~deposits

~~NOVEMBER~~Purchase 30deposits represent deposit payments made to vendors for procurement, ~~2019~~which are interest-free, unsecured and relieved against accounts payable when materials are received by the Company.

~~Note~~• 5Energy ~~– LOAN FROM DIRECTOR~~assets

~~For~~Energy ~~the~~assets ~~year~~consist ~~ended~~of ~~November~~cost 30of materials, ~~2019~~outside contract services, ~~our~~deposits ~~sole~~and ~~director~~project ~~has~~development ~~loaned~~costs toincurred ~~the~~in ~~Company~~connection ~~$11,995.~~with ~~Loan~~the isconstruction ~~unsecured,~~of ~~non-interest~~renewable ~~bearing~~energy ~~and~~plants ~~due~~which onowned ~~demand~~by the Company. ~~The~~These ~~balance~~amounts ~~due~~are capitalized and amortized to cost of revenues in the ~~director~~consolidated ~~was~~statements ~~$29,955~~of asoperations on a straight-line basis over the terms of ~~November~~the ~~30,~~related ~~2019~~contracts.

AsRoutine ofmaintenance ~~November~~costs ~~30,~~are ~~2018,~~expensed ~~our~~as ~~sole~~incurred ~~director~~in ~~has loaned to~~ the ~~Company~~consolidated ~~$17,960.~~statements ~~This~~of ~~loan~~operations isto ~~unsecured,~~the ~~non-interest~~extent ~~bearing~~that ~~and~~such ~~due~~maintenance ondo ~~demand.~~not ~~The~~extend ~~balance due to~~ the ~~director~~life ~~was $17,960 as~~ of ~~November~~the ~~30, 2018~~asset.

~~Note~~· 6Plant ~~– COMMON~~and ~~STOCK~~equipment

~~The~~Plant ~~Company~~and ~~has~~equipment 75are stated at cost less accumulated depreciation and accumulated impairment losses,~~000,000,~~ $0if any.~~001~~ ~~par~~Depreciation ~~value~~is ~~shares~~calculated ofon ~~common~~the ~~stock~~straight-line ~~authorized.~~basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

There were 3,800,000 shares of common stock issued and outstanding as of November 30, 2019.

		Expected useful lives
Office equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		5 years

OnExpenditures ~~November~~for ~~15,~~repairs ~~2016~~and ~~the~~maintenance ~~Company~~are ~~issued~~expensed 3as incurred. When assets have been retired or sold,~~000,000~~ ~~shares~~the ofcost ~~common~~and ~~stock~~related toaccumulated adepreciation ~~director~~are ~~for~~removed ~~cash~~from ~~proceeds~~the ofaccounts ~~$3,000~~and atany ~~$0.001~~resulting ~~per~~gain ~~share~~or loss is recognized in the results of operations.

~~During~~18 ~~October~~Table ~~2017, the Company issued 85,000 shares~~ of ~~common stock for cash proceeds of $2,550 at $0.03 per share.~~Contents

~~During~~· ~~December~~Impairment ~~2017, the Company issued 240,000 shares~~ of ~~common~~long-lived ~~stock for cash proceeds of $7,200 at $0.03 per share.~~assets

~~During~~In ~~January~~accordance ~~2018,~~with the ~~Company~~provisions ~~issued~~of 60ASC Topic 360,~~000~~ ~~shares~~“Impairment or Disposal of ~~common~~Long-Lived ~~stock~~Assets”, all long-lived assets such as energy assets and plant and equipment held and used by the Company are reviewed for ~~cash~~impairment ~~proceeds~~whenever events or changes in circumstances indicate that the carrying amount of ~~$1800~~an atasset $0may not be recoverable.03 ~~per~~Recoverability ~~share~~of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

~~During~~· ~~February~~Revenue ~~2018, the Company issued 175,000 shares of common stock for cash proceeds of $5,250 at $0.03 per share.~~recognition

~~During~~The ~~April~~Company ~~2018~~adopted Accounting Standards Codification (“ASC”) 606 – Revenue from Contracts with Customers” (“ASC 606”) as of January 1, 2020 using the modified retrospective method. This method allows the Company ~~issued~~to ~~240~~apply ASC 606 to new contracts entered into after January 1,~~000~~ ~~shares~~2020, ofand ~~common~~to ~~stock~~its existing contracts for ~~cash~~which ~~proceeds~~revenue ofearned $7through December 31,~~200~~ at2019 $0has been recognized under the guidance in effect prior to the effective date of ASC 606.03 ~~per~~The ~~share~~revenue recognition processes the Company applied prior to adoption of ASC 606 align with the recognition and measurement guidance of the new standard, therefore adoption of ASC 606 did not require a cumulative adjustment to opening equity.

~~There~~Under ~~were~~ASC 3606,~~800~~ a performance obligation is a promise within a contract to transfer a distinct good or service,~~000~~ ~~shares~~or a series of ~~common~~distinct ~~stock~~goods ~~issued~~and services, to a customer. Revenue is recognized when performance obligations are satisfied and ~~outstanding~~the ascustomer obtains control of ~~November~~promised 30goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, ~~2018~~a contract’s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps:

~~Note~~• 7identify ~~– COMMITMENTS~~the ~~AND~~contract ~~CONTINGENCIES~~with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied.

~~Milena~~The ~~Topolac~~Company ~~Tomovic~~recognizes revenue when or as it satisfies a performance by transferring a good or service to the customer at a point in time, ~~our~~generally ~~sole~~upon ~~officer~~the completion of the projects under fixed price contracts. Under these fixed price contracts, the Company receives an agreed-upon amount for providing products and ~~director~~services specified in the contract, ~~has~~a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Revenue from the sale of electricity to ~~provide~~an electricity supplier in Hong Kong is recognized at the ~~premises~~time ~~under~~the electricity is supplied from the ~~office~~energy ~~needs~~assets ~~for~~on ~~free~~the ~~use~~basis of periodic meter readings. ~~Office~~Revenues ~~location~~are ismeasured ~~Mileve~~at ~~Maric~~the ~~Ajnstajn~~fair ~~72,~~value ~~11070~~of ~~Novi~~the ~~Beograd~~consideration received or receivable, ~~Republic~~which ofis ~~Serbia~~calculated based on the predetermined tariff established by the electricity supplier under certain government program.

~~Note~~Contract 8assets ~~– INCOME~~primarily ~~TAXES~~relate to the Company’s rights to consideration for work completed but not billed as of the balance sheet date on contracts with customers. The contract assets are transferred to receivables when the rights become unconditional. The Company has contract assets on contracts that are generally long-term and have revenues that are recognized upon the completion.

~~The~~Contract ~~Company~~liabilities ~~adopted~~primarily ~~the~~related ~~provisions~~to ofbillings ~~uncertain~~and ~~tax~~payments ~~positions~~received ~~as addressed~~ in ~~ASC~~advance ~~740-10-65-1. As a result~~ of ~~the~~revenue ~~implementation of ASC 740-10-65-1, the Company~~ recognized ~~no increase in the liability for unrecognized tax benefits~~. As of ~~November~~December 3031, ~~2019~~2020 the Company had net operating loss carry forwards of $51,854 that may be available to reduce future years’ taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and ~~accordingly~~2019, the Company ~~has~~received ~~recorded~~cash aconsideration ~~valuation~~from ~~allowance~~customers ~~for~~before the ~~deferred~~performance ~~tax~~obligations ~~asset~~were ~~relating to these tax loss carry-forwards~~satisfied. The valuation allowance at November 30, 2019 was approximately $10,889. The net change in valuation allowance during the year ended November 30, 2019 was $8,207. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized.

~~The~~· ~~ultimate~~Cost ~~realization~~ of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of November 30, 2019. All tax years since inception remains open for examination by taxing authorities.revenues

17Cost of revenues consists primarily of raw materials, the fees paid to contractors and labor costs, which are directly attributable to the construction of solar-related projects.

~~FOLKUP~~Cost ~~DEVELOPMENT~~of ~~INC~~revenues also include the share of electricity revenue generated, and the costs of maintaining and operating the renewable energy assets which owned by the Company, including the depreciation charge.

~~Notes~~19 toTable ~~the~~of ~~audited financial statements~~Contents

~~NOVEMBER~~· ~~30,~~Income ~~2019~~taxes

The ~~provision~~Company adopted the ASC 740 Income tax provisions of paragraph 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for ~~Federal~~unrecognized income tax ~~consists~~benefits ofaccording to the ~~following:~~ provisions of paragraph 740-10-25-13.

		As of November 30, 2019	As of November 30, 2018
Non-current deferred tax assets:
Net operating loss carry forward	$	(10,889)	(2,682)
Valuation allowance	$	10,889	2,682
Net deferred tax assets	$	-	-

The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.

~~The~~· ~~actual~~Uncertain tax ~~benefit at the expected rate of 21% differs from the expected tax benefit for the years ended November 30, 2019 and 2018 as follows:~~positions

		Year ended November 30, 2019	Year ended November 30, 2018
Computed “expected” tax expense (benefit)	$	(8,207)	(2,353)
Change in valuation allowance	$	8,207	2,353
Actual tax expense (benefit)	$	-	-

The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the years ended December 31, 2020 and 2019.

~~Note~~· 9Foreign ~~– SUBSEQUENT~~currencies ~~EVENTS~~translation

InTransactions ~~accordance~~denominated ~~with~~in ~~SFAS~~currencies ~~165~~other ~~(ASC~~than ~~855-10)~~ the ~~Company~~functional ~~has~~currency ~~analyzed~~are ~~its~~translated ~~operations~~into ~~subsequent~~the tofunctional ~~November~~currency ~~30,~~at ~~2019~~the toexchange rates prevailing at the ~~date~~dates ~~these~~of ~~financial~~the ~~statements~~transaction. ~~were~~Monetary ~~issued,~~assets and ~~has~~liabilities ~~determined~~denominated ~~that~~in itcurrencies ~~does~~other ~~not~~than ~~have~~the ~~any~~functional ~~material~~currency ~~subsequent~~are ~~events~~translated tointo ~~disclose~~the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in ~~these~~the ~~financial~~consolidated ~~statements~~statement of operations.

~~Item~~The 9reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. ~~Changes~~In addition, the Company is operating in Hong Kong and maintain its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and ~~Disagreements~~liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ~~Accountants~~ASC Topic 830-30, “ Translation of Financial Statement”, using the exchange rate on ~~Accounting~~the balance sheet date. Revenues and ~~Financial~~expenses ~~Disclosure~~are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of changes in stockholder’s equity.

On· ~~March~~Retirement ~~19,~~plan 2019 “BHARAT PARIKH & ASSOCIATES CHARTERED ACCOUNTANTS” resigned as the independent registered public accounting firm for FOLKUP DEVELOPMENT INC. On April 7, 2019, the Company engaged Fruci & Associates II, PLLC as its new independent registered public accounting firm. The change of the Company’s independent registered public accounting firm from BHARAT PARIKH & ASSOCIATES CHARTERED ACCOUNTANTS to Fruci & Associates II, PLLC as approved unanimously by our board of directors with no disagreements with auditors.costs

~~Item~~Contributions 9Ato retirement plans (Twhich are defined contribution plans) ~~Controls~~are charged to general and ~~Procedures~~administrative expenses in the accompanying statements of operation as the related employee service is provided.

~~Management’s~~· ~~Report~~Comprehensive ~~on Internal Controls over Financial Disclosure Controls and Procedures~~income

~~Management~~ASC isTopic ~~responsible~~220,“Comprehensive ~~for~~Income”, ~~establishing~~establishes ~~and~~standards ~~maintaining~~for ~~adequate internal control over financial~~ reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and ~~the~~display ~~preparation~~ of ~~financial~~comprehensive ~~statements~~income, ~~for~~its ~~external~~components ~~purposes~~and inaccumulated ~~accordance with accounting principles generally accepted in the United States of America~~balances. ~~Because~~Comprehensive ofincome ~~its~~as ~~inherent~~defined ~~limitations,~~includes ~~internal~~all ~~control~~changes ~~over~~in ~~financial~~equity ~~reporting~~during ~~may~~a ~~not~~period ~~prevent~~from ornon-owner ~~detect misstatements~~sources. ~~Also,~~Accumulated ~~projections~~other ofcomprehensive ~~any~~income, ~~evaluation~~as ofpresented ~~effectiveness~~in ~~to future periods are subject to~~ the ~~risk~~accompanying ~~that~~consolidated ~~controls~~statements ~~may become inadequate because~~ of changes in ~~conditions~~stockholders’ equity, orconsists ~~that the degree~~ of ~~compliance~~changes ~~with~~in ~~the~~unrealized ~~policies~~gains ~~or procedures may deteriorate. Under the supervision~~ and ~~with~~losses ~~the~~on ~~participation~~foreign ofcurrency ~~management,~~translation. ~~the~~This ~~Company~~comprehensive ~~conducted~~income anis ~~evaluation~~not ofincluded ~~the effectiveness of the Company’s internal control over financial reporting as of November 30, 2019 using the criteria established~~ in ~~“Internal Control - Integrated Framework” issued by~~ the ~~Committee~~computation of ~~Sponsoring~~income ~~Organizations~~tax ofexpense ~~the~~or ~~Treadway Commission (“COSO”) (Internal Control – Integrated Framework (2013 Framework)~~benefit.

A· ~~material~~Segment ~~weakness is a deficiency, or combination of deficiencies, in internal control over financial~~ reporting~~, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be~~

18ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in consolidated financial statements. For the years ended December 31, 2020 and 2019, the Company operates in one reportable operating segment in project construction. Since the fourth quarter of 2020, the Company commenced the sale of electricity through the energy assets.

~~prevented~~· or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of November 30, 2019, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.Leases

~~1.We~~The doCompany ~~not~~adopted ~~have~~Topic an842, ~~Audit~~Leases ~~Committee~~(“ASC ~~– While not being legally obligated to have an audit committee~~842”), itusing is the ~~management’s~~modified ~~view~~retrospective ~~that~~approach ~~such~~through a ~~committee,~~cumulative-effect ~~including~~adjustment aand ~~financial~~utilizing ~~expert member, is an utmost important entity level control over~~ the ~~Company’s~~effective ~~financial~~date ~~statement. Currently the Board~~ of ~~Directors~~January ~~acts~~1, in2020 ~~the~~as ~~capacity~~its date of ~~the~~initial ~~Audit Committee~~application, ~~and~~with ~~does~~prior ~~not~~periods ~~include~~unchanged aand ~~member~~presented ~~that~~in isaccordance ~~considered~~with tothe beprevious ~~independent~~guidance ofin ~~management~~Topic to840, ~~provide~~Leases ~~the~~(“ASC ~~necessary oversight over management’s activities~~840”).

2At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present.We ~~did~~Leases ~~not~~with ~~maintain~~a ~~appropriate~~term ~~cash~~greater ~~controls~~than –one Asyear are recognized on the balance sheet as right-of-use ~~November~~(“ROU”) 30assets, ~~2019,~~lease ~~the~~liabilities and long-term lease liabilities. The Company has elected not ~~maintained~~to ~~sufficient~~recognize ~~internal~~on ~~controls~~the ~~over~~balance ~~financial~~sheet ~~reporting~~leases ~~for~~with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the ~~cash~~present ~~process~~value of lease payments over the expected remaining lease term. However, ~~including~~certain ~~failure~~adjustments to ~~segregate~~the ~~cash~~right-of-use ~~handling~~asset ~~and~~may ~~accounting~~be ~~functions,~~required ~~and~~for ~~did~~items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not ~~require~~readily ~~dual~~determinable. ~~signature~~As ona result, the Company’s ~~bank~~utilizes ~~accounts.~~its ~~Alternatively~~incremental borrowing rates, which are the ~~effects~~rates ofincurred ~~poor~~to ~~cash~~borrow ~~controls~~on ~~were~~a ~~mitigated~~collateralized bybasis ~~the~~over ~~fact~~a ~~that~~similar ~~the~~term ~~Company~~an ~~had~~amount ~~limited~~equal ~~transactions~~to the lease payments in ~~their~~a ~~bank~~similar ~~accounts~~economic environment.

~~3.We~~20 ~~did~~Table ~~not implement appropriate information technology controls – As at November 30, 2019, the Company retains copies~~ of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors. Contents

~~Accordingly,~~In ~~the~~accordance ~~Company~~with ~~concluded~~the ~~that~~guidance ~~these~~in ~~control~~ASC ~~deficiencies~~842, ~~resulted~~components inof a ~~reasonable~~lease ~~possibility~~should ~~that~~be asplit ~~material~~into ~~misstatement~~three ofcategories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the ~~annual~~fixed orand ~~interim~~in-substance ~~financial~~fixed ~~statements~~contract ~~will~~consideration ~~not~~(including beany ~~prevented~~related orto ~~detected~~non-components) must be allocated based on athe ~~timely~~respective ~~basis~~relative byfair values to the ~~company’s~~lease ~~internal~~components ~~controls~~and non-lease components.

AsLease expense is recognized on a ~~result~~straight-line ofbasis over the ~~material~~lease ~~weaknesses~~terms. ~~described~~Lease ~~above,~~expense ~~management~~includes ~~has~~amortization ~~concluded~~of ~~that~~ the ~~Company~~ROU ~~did~~assets ~~not~~and ~~maintain~~accretion ~~effective~~of ~~internal~~the ~~control~~lease ~~over~~liabilities. ~~financial~~Amortization ~~reporting~~of ROU assets is calculated as the periodic lease cost less accretion of ~~November~~the ~~30,~~lease ~~2019~~liability. ~~based~~The onamortized ~~criteria~~period ~~established~~for inROU ~~Internal~~assets ~~Control-~~is ~~Integrated~~limited ~~Framework~~to ~~issued~~the byexpected ~~COSO.~~lease term.

~~System~~The ofCompany ~~Internal~~has ~~Control~~elected ~~over~~a ~~Financial~~practical ~~Reporting~~expedient to combine the lease and non-lease components into a single lease component. The Company also elected the short-term lease measurement and recognition exemption and does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.

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

AnThe ~~evaluation~~Company ~~was~~calculates ~~conducted~~net ~~under~~loss ~~the~~per ~~supervision~~share ~~and~~in accordance with ~~the~~ASC ~~participation~~Topic of260, ~~our~~“Earnings ~~management~~per ofShare.” ~~the~~Basic ~~effectiveness~~income ofper ~~the~~share ~~design~~is ~~and~~computed ~~operation~~by ofdividing ~~our~~the ~~disclosure~~net ~~controls~~loss ~~and~~by ~~procedures~~the asweighted-average number of ~~November~~common ~~30,~~shares ~~2019.~~outstanding ~~Based~~during onthe ~~that~~year. ~~evaluation,~~Diluted ~~our~~loss ~~management~~per ~~concluded~~share ~~that~~is ~~our~~computed ~~disclosure~~similar ~~controls~~to ~~and~~basic ~~procedures~~loss ~~were~~per ~~not~~share ~~effective~~except asthat ofthe ~~such~~denominator ~~date~~is increased to ~~ensure~~include ~~that~~the ~~information~~number ~~required~~of toadditional becommon ~~disclosed~~shares ~~in the reports~~ that wewould ~~file~~have orbeen ~~submit~~outstanding ~~under~~if the ~~Exchange~~potential ~~Act,~~common isstock ~~recorded,~~equivalents ~~processed,~~had ~~summarized~~been issued and ~~reported~~if ~~within~~ the ~~time~~additional ~~periods~~common ~~specified~~shares inwere ~~SEC rules and forms~~dilutive.

~~Changes~~· inRelated ~~Internal Control over Financial Reporting~~parties

~~There~~The ~~was no change in the~~ Company’s ~~internal~~follows ~~control over financial reporting during~~ the ~~quarterly~~ASC ~~period covered by this report that has materially affected~~850-10, orRelated isParty ~~reasonably~~for ~~likely~~the toidentification ~~materially~~of ~~affect,~~related ~~the~~parties ~~Company’s~~and ~~internal~~disclosure ~~control~~of ~~over~~related ~~financial~~party ~~reporting~~transactions.

~~Item~~Pursuant ~~9B.~~to ~~Other~~section ~~Information~~850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

~~None~~The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

19· Commitments and contingencies

~~PART~~The ~~III~~Company follows the ASC 450-20, Commitments to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

~~Item~~21 ~~10.~~Table ~~Directors, Executive Officers, Promoters and Control Persons~~ of ~~the Company~~Contents

~~DIRECTORS~~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, ~~EXECUTIVE~~then ~~OFFICERS~~the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, ~~PROMOTER~~or ~~AND~~is ~~CONTROL~~probable ~~PERSONS~~but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

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

Name and Address of Executive Officer and/or Director	Age	Position
Milena Topolac Tomovic Mileve Maric Ajnstajn 72, Novi Beograd, Republic of Serbia 11070	62	President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer)

·	Fair value of financial instruments

~~Milena~~The ~~Topolac~~Company ~~Tomovic~~follows ~~has~~paragraph ~~acted~~825-10-50-10 asof ~~our~~the ~~President,~~FASB ~~Treasurer,~~Accounting ~~Secretary~~Standards ~~and~~Codification ~~sole~~for ~~Director~~disclosures ~~since~~about wefair ~~incorporated~~value onof ~~July~~its 5,financial ~~2016.~~instruments ~~Ms.~~and ~~Topolac~~has ~~Tomovic~~adopted ~~owns~~paragraph ~~79%~~820-10-35-37 of the ~~outstanding~~FASB ~~shares~~Accounting ofStandards ~~our~~Codification ~~common~~(“Paragraph ~~stock. As~~820-10-35-37”) ~~such,~~to itmeasure ~~was~~the ~~unilaterally~~fair ~~decided~~value ~~that~~of Msits financial instruments. ~~Topolac~~Paragraph ~~Tomovic~~820-10-35-37 ~~was~~of ~~going~~the toFASB beAccounting ~~our~~Standards ~~sole~~Codification ~~President,~~establishes ~~Chief~~a ~~Executive~~framework ~~Officer,~~for ~~Treasurer,~~measuring ~~and~~fair ~~Chief~~value ~~Financial~~in ~~Officer,~~generally ~~Chief~~accepted ~~Accounting~~accounting ~~Officer~~principles (GAAP), ~~Secretary~~ and ~~sole~~expands ~~member~~disclosures ofabout ~~our~~fair ~~board~~value ~~of directors~~measurements. ~~Our~~To ~~sole~~increase ~~officer~~consistency and ~~director,~~comparability ~~Ms.~~in ~~Tomovic,~~fair ~~has~~value ~~more~~measurements ~~than~~and 20related ~~years~~disclosures, ofparagraph ~~business~~820-10-35-37 ~~management experience. She graduated from University~~ of ~~Belgrade~~the inFASB ~~1980.~~Accounting ~~Since~~Standards ~~1980~~Codification ~~until~~establishes ~~1995~~a ~~she~~fair ~~worked~~value inhierarchy ~~“BelStroy~~which ~~Industry”~~prioritizes ~~construction~~the ~~company.~~inputs ~~She~~to ~~started~~valuation ~~her~~techniques ~~career~~used into ~~“BelStroy~~measure ~~Industry”~~fair asvalue ainto ~~specialist~~three at(3) ~~project~~broad ~~management department and finished as a head of department~~levels. ~~Since~~The ~~1995~~fair ~~till~~value ~~2005,~~hierarchy ~~Ms.~~gives ~~Tomovic~~the ~~was~~highest apriority ~~sole~~to ~~proprietor~~quoted ofprices ~~construction~~(unadjusted) ~~company~~ in ~~Belgrade.~~active ~~Since~~markets ~~2005~~for ~~till~~identical ~~2016,~~assets ~~she~~or ~~was~~liabilities aand ~~business~~the ~~owner~~lowest ofpriority ~~“Tom~~to ~~Gradevinske~~unobservable ~~Mashine”~~inputs. The ~~company~~three ~~operated~~(3) inlevels ~~the business~~ of ~~small-sized~~fair ~~construction~~value ~~vehicle~~hierarchy ~~sales~~defined ~~and~~by ~~leasing.~~paragraph We820-10-35-37 ~~believe~~of ~~that~~the ~~Ms.~~FASB ~~Topolac~~Accounting ~~Tomovic’s~~Standards ~~specific~~Codification ~~experience,~~are ~~qualifications~~described ~~and~~below: ~~skills will enable to develop our business.~~

During the past ten years, Ms. Topolac Tomovic has not been the subject to any of the following events:

Level 1		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3		Pricing inputs that are generally observable inputs and not corroborated by market data.

~~1.Any~~Financial ~~bankruptcy~~assets ~~petition~~are ~~filed~~considered byLevel or3 ~~against~~when ~~any~~their ~~business~~fair ofvalues ~~which~~are ~~Ms.~~determined ~~Topolac~~using ~~Tomovic~~pricing ~~was~~models, adiscounted ~~general~~cash ~~partner~~flow methodologies or ~~executive~~similar ~~officer~~techniques ~~either~~and at ~~the~~least ~~time~~one ofsignificant ~~the~~model ~~bankruptcy~~assumption or ~~within~~input ~~two~~is ~~years prior to that time~~unobservable.

~~2.Any~~The ~~conviction~~fair value hierarchy gives the highest priority to quoted prices (unadjusted) in aactive ~~criminal~~markets ~~proceeding~~for identical assets or ~~being~~liabilities ~~subject~~and the lowest priority to aunobservable ~~pending~~inputs. ~~criminal~~If ~~proceeding~~the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

~~3.An~~The ~~order,~~carrying ~~judgment,~~amounts orof ~~decree~~the Company’s financial assets and liabilities, ~~not~~such ~~subsequently~~as ~~reversed~~cash and cash equivalents, ~~suspended~~accounts orand ~~vacated~~retention receivables, ordeposits, ~~any~~prepayments ~~court~~and ofother ~~competent~~receivables, ~~jurisdiction~~amount due from a director, ~~permanently~~contract orassets ~~temporarily~~and ~~enjoining~~liabilities, ~~barring~~accrued liabilities and other payables, ~~suspending~~operating orlease ~~otherwise~~liabilities ~~limiting~~and ~~Ms.~~amount ~~Topolac~~due ~~Tomovic’s~~to ~~involvement~~a indirector, ~~any~~approximate ~~type~~their fair values because of ~~business,~~the ~~securities~~short ormaturity ~~banking~~of ~~activities~~these instruments.

~~4.Found~~· byRecent aaccounting court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. pronouncements

~~5.Was~~From time to time, new accounting pronouncements are issued by the ~~subject~~Financial ofAccounting ~~any~~Standard ~~order,~~Board ~~judgment~~(“FASB”) or ~~decree,~~other ~~not~~standard ~~subsequently~~setting ~~reversed,~~bodies ~~suspended~~and oradopted ~~vacated,~~by ofthe ~~any~~Company ~~Federal~~as orof ~~State~~the ~~authority~~specified ~~barring,~~effective ~~suspending~~date. orUnless otherwise ~~limiting~~discussed, ~~for~~the ~~more~~Company ~~than~~believes 60that ~~days~~ the ~~right~~impact toof ~~engage~~recently inissued ~~any~~standards ~~activity~~that ~~described~~are innot ~~paragraph~~yet ~~(f)(3)(i)~~effective ofwill ~~this~~not ~~section,~~have ora tomaterial beimpact ~~associated~~on ~~with~~its ~~persons~~financial ~~engaged~~position inor ~~any~~results ~~such~~of ~~activity~~operations upon adoption.

~~6.Was~~Recently ~~found~~Adopted byAccounting a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated. Standards

~~7.Was~~In June 2016, the ~~subject~~FASB ~~of,~~issued orguidance athat ~~party~~affects toloans, trade receivables and any ~~Federal~~other orfinancial ~~State~~assets ~~judicial~~that orhave ~~administrative~~the ~~order,~~contractual ~~judgment,~~right ~~decree,~~to orreceive ~~finding~~cash. Under the new guidance, ~~not~~an ~~subsequently~~entity ~~reversed~~is required to recognize expected credit losses rather than incurred losses for financial assets. The new guidance is effective for fiscal years beginning after December 15, ~~suspended~~2019 orand ~~vacated~~interim periods within those fiscal years. The Company adopted the new guidance effective January 1, ~~relating~~2020, with no material impact to anthe ~~alleged~~Company’s ~~violation~~consolidated financial position, results of: operations or cash flows.

~~i.Any~~22 ~~Federal~~Table orof ~~State securities or commodities law or regulation; or~~ Contents

20In August 2018, the FASB issued guidance which modifies certain disclosure requirements over fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, including all interim periods within that fiscal year. The Company adopted the new guidance effective January 1, 2020. The Company does not currently classify any of its derivative contracts or restoration plan assets as Level 3 assets or liabilities, nor did the Company have any transfers amongst fair value levels during the year ended December 31, 2020. As a result, the guidance did not have an impact on Company’s the fair value measurement disclosures upon adoption.

iiIn January 2017, the FASB issued guidance which eliminates the second step from the traditional two-step goodwill impairment test.~~Any~~ ~~law~~Under orcurrent ~~regulation~~guidance, ~~respecting~~an ~~financial~~entity ~~institutions~~performed orthe ~~insurance~~first ~~companies~~step ~~including~~of the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount; if an impairment loss was indicated, ~~but~~the ~~not~~entity ~~limited~~computed the implied fair value of goodwill to determine whether an impairment loss existed, aand ~~temporary~~if orso, ~~permanent~~the ~~injunction~~amount to recognize. Under the new guidance, ~~order~~an ofimpairment ~~disgorgement~~loss oris ~~restitution~~recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value (the Step 1 test), ~~civil~~with ~~money~~no ~~penalty~~further ortesting ~~temporary~~required. orAny ~~permanent~~impairment ~~cease-~~loss recognized is limited to the amount of goodwill allocated to the reporting unit. The new guidance is effective for public companies that are Securities and~~-desist~~ ~~order,~~Exchange orCommission ~~removal~~(“SEC”) orregistrants ~~prohibition~~for ~~order;~~fiscal oryears beginning after December 15, 2019. The Company adopted the new guidance on January 1, 2020, and applied the guidance prospectively to its goodwill impairment tests.

~~iii.Any~~Accounting ~~law~~Standards orNot ~~regulation~~Yet ~~prohibiting~~Adopted ~~mail~~as orof ~~wire~~December ~~fraud~~31, ~~or fraud in connection with any business entity; or~~ 2020

~~8.Was~~In ~~the~~December ~~subject of~~2019, orthe aFASB ~~party~~issued ~~to,~~new ~~any~~guidance ~~sanction~~to orsimplify ~~order,~~the ~~not~~accounting ~~subsequently~~for ~~reversed,~~income ~~suspended~~taxes orby ~~vacated,~~removing ofcertain ~~any~~exceptions ~~self-regulatory~~to ~~organization~~the ~~(as~~general ~~defined~~principles inand ~~Section~~also ~~3(a)(26)~~simplification of ~~the~~areas ~~Exchange~~such ~~Act~~as ~~(15~~franchise ~~U.S.C. 78c(a)(26)))~~taxes, ~~any~~step-up ~~registered~~in tax basis goodwill, separate entity ~~(as~~financial ~~defined~~statements inand ~~Section~~interim ~~1(a)(29)~~recognition of ~~the~~enactment ~~Commodity~~of ~~Exchange~~tax ~~Act~~laws (7or Urate changes.~~S.C.~~ ~~1(a)(29))),~~The ornew ~~any~~guidance ~~equivalent~~is ~~exchange~~effective for fiscal years beginning after December 15, ~~association~~2020 and interim periods within those fiscal years, ~~entity~~with orearly ~~organization~~adoption ~~that~~permitted. ~~has~~The ~~disciplinary~~Company ~~authority~~is ~~over~~currently ~~its~~evaluating ~~members~~the orimpact ~~persons~~of ~~associated~~this ~~with~~new aguidance ~~member~~on its consolidated financial statements.

~~TERM~~In OFMarch ~~OFFICE~~2020, the FASB issued guidance to address certain accounting consequences from the anticipated transition from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The new guidance contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based on matches the index of the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

~~Our~~ITEM Director is appointed to hold office until the next annual meeting of our stockholders or until her respective successor is elected and qualified, or until she resigns or is removed in accordance with the provisions of the Nevada Revised Statues7A. ~~Our~~QUANTITATIVE ~~officers~~AND ~~are~~QUALITATIVE ~~appointed~~DISCLOSURES byABOUT ~~our~~MARKET ~~Board of Directors and hold office until removed by the Board or until their resignation.~~RISK

~~DIRECTOR~~As ~~INDEPENDENCE~~a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

~~Our~~23 ~~Board~~Table of Directors is currently composed of one member, Milena Topolac Tomovic, who does not qualify as an independent director. In addition, our board of directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Had our Board of Directors made these determinations, our board of directors would have reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management.Contents

~~COMMITTEES~~ITEM OF8. ~~THE~~FINANCIAL ~~BOARD OF DIRECTORS~~STATEMENTS

~~Our~~FOLKUP ~~Board~~DEVELOPMENT ofINC. ~~Directors~~Consolidated ~~has~~Financial noStatements ~~committees.~~For WeThe doYears ~~not~~Ended ~~have~~December ~~a standing nominating~~31, ~~compensation~~2020 orAnd ~~audit committee.~~2019

Item 11. Executive Compensation

		Page

Report of Independent Registered Public Accounting Firm		F-2

Consolidated Balance Sheets as of December 31, 2020 and 2019		F-3

Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2020 and 2019		F-4

Consolidated Statements of Cash Flows for the Years Ended December 31, 2020 and 2019		F-5

Consolidated Statements of Changes in Stockholders’ Deficit for the Years Ended December 31, 2020 and 2019		F-6

Notes to Consolidated Financial Statements		F-7 – F-20

~~MANAGEMENT~~F-1 ~~COMPENSATION~~Table of Contents

~~The~~REPORT ~~following~~OF ~~tables~~INDEPENDENT ~~set~~REGISTERED ~~forth~~PUBLIC ~~certain~~ACCOUNTING ~~information about compensation paid, earned or accrued for services by our Executive Officer as of November 30, 2019 and November 30, 2018:~~FIRM

~~Summary~~The ~~Compensation~~Board ~~Table~~of Director and Stockholder of

Name and Principal Position	Period	Salary ($)	Bonus ($)	Stock Awards ($)		Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	All Other Compensation ($)	All Other Compensation ($)		Total ($)
Milena Topolac Tomovic, President, Secretary and Treasurer	November 30, 2019	-0-	-0-	-0-		-0-	-0-	-0-	-0-		-0-
	November 30, 2018	-0-	-0-		-0-	-0-	-0-	-0-		-0-	-0-

FOLKUP DEVELOPMENT INC.

~~There~~Opinion ~~are~~on ~~no current employment agreements between~~ the ~~Company~~Financial ~~and its Officer.~~Statements

21We have audited the accompanying consolidated balance sheets of Folkup Development Inc. (the ‘Company’) as of December 31, 2020 and 2019, and the related consolidated statements of operations and comprehensive loss, changes in stockholders’ deficit and cash flows for the years ended December 31, 2020 and 2019, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for the years ended December 31, 2020 and 2019, in conformity with accounting principles generally accepted in the United States of America.

~~Ms.~~Going ~~Topolac~~Concern Tomovic currently devotes approximately twenty hours per week to manage the affairs of the Company. She has agreed to work with no remuneration until such time as the Company receives sufficient revenues necessary to provide management salaries. At this time, we cannot accurately estimate when sufficient revenues will occur to implement this compensation, or what the amount of the compensation will be.Uncertainty

~~There~~The ~~are~~accompanying nofinancial ~~annuity,~~statements ~~pension~~have orbeen ~~retirement~~prepared ~~benefits~~assuming ~~proposed~~that tothe beCompany ~~paid~~will continue as a going concern. As discussed in note 2 to the ~~officer~~financial orstatements, ~~director~~as orof ~~employees~~December in31, 2020, the ~~event~~Company has suffered from an accumulated deficit of ~~retirement~~$1,906,054 atand ~~normal~~working ~~retirement~~capital ~~date~~deficit ~~pursuant~~of $1,814,519. These factors create an uncertainty as to ~~any~~the ~~presently~~Company’s ~~existing~~ability ~~plan~~to ~~provided~~continue oras ~~contributed~~a going concern. Management’s plans in regard to bythese ~~the~~matters ~~Company~~are oralso ~~any~~described ofin ~~its~~note ~~subsidiaries,~~2. ifThe financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~Director~~Basis ~~Compensation~~for Opinion

~~The~~These ~~following~~financial ~~table~~statements ~~sets~~are ~~forth~~the ~~director~~responsibility ~~compensation~~of asthe ofCompany’s ~~November~~management. ~~30,~~Our ~~2019~~responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and ~~November~~are ~~30,~~required ~~2018:~~to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Name	Period	Fees Earned or Paid in Cash ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	Nonqualified Deferred Compensation Earnings		All Other Compensation ($)	Total ($)
Milena Topolac Tomovic	November 30, 2019	-0-	-0-	-0-	-0-	-0-		-0-	-0-
	November 30, 2018	-0-	-0-	-0-	-0-		-0-	-0-	-0-

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

~~Item~~Our ~~12.~~audits ~~Security~~included ~~Ownership~~performing procedures to assess the risks of ~~Certain~~material ~~Beneficial~~misstatement ~~Owners~~of the financial statements, whether due to error or fraud, and ~~Management~~performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and ~~Related~~disclosures ~~Stockholder~~in ~~Matters~~the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

~~SECURITY~~/s/ ~~OWNERSHIP~~JP OFCENTURION ~~CERTAIN~~& ~~BENEFICIAL~~PARTNERS, ~~OWNERS AND MANAGEMENT~~PLT

~~The~~JP ~~following~~CENTURION ~~table~~& ~~sets forth certain information concerning the number of shares of our common stock owned beneficially as of November 30~~PARTNERS, 2019 by: each person (including any group), known to us to own more than five percent (5%) of any class of our voting securities, our director, and or our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown.PLT

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percent of class
Common Stock	Milena Topolac Tomovic Mileve Maric Ajnstajn 72, Novi Beograd, Republic of Serbia 11070	3,000,000 shares of common stock (direct)	79%

March 31, 2021

AWe ~~beneficial~~have ~~owner~~served of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: voting power, which includes the power to vote, or to direct the voting of shares; and investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as ~~of which~~ the ~~information~~Company’s isauditor ~~provided.~~since In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights2020. ~~As of November 30, 2019, there were 3,800,000 shares of our common stock issued and outstanding.~~

~~Item~~Kuala ~~13.~~Lumpur, ~~Certain Relationships and Related Transactions~~Malaysia

~~Other~~F-2 ~~than~~Table ~~Ms. Topolac Tomovic’ purchase~~ of founders shares from the Company as stated below, there is nothing of value (including money, property, contracts, options or rights of any kind), received or to be received, by Ms. Topolac Tomovic, directly or indirectly, from the Company.Contents

OnFOLKUP ~~November~~DEVELOPMENT ~~15, 2016, we issued a total of 3,000,000 shares of restricted common stock to Milena Topolac Tomovic, our sole officer and director in consideration of $3,000~~INC. ~~Further, Ms. Topolac Tomovic has advanced funds to us. As of November 30,~~

22CONSOLIDATED BALANCE SHEETS

~~2019,~~AS ~~Ms.~~OF ~~Topolac~~DECEMBER ~~Tomovic has advanced to us $29~~31,~~955.~~ ~~Ms.~~2020 ~~Topolac~~AND Tomovic will not be repaid from the proceeds of this offering. There is no due date for the repayment of the funds advanced by Ms. Topolac Tomovic. Ms. Topolac Tomovic will be repaid from revenues of operations if and when we generate revenues to pay the obligation. There is no assurance that we will ever generate sufficient revenues from our operations. The obligation to Ms. Topolac Tomovic does not bear interest. There is no written agreement evidencing the advancement of funds by Ms. Topolac Tomovic or the repayment of the funds to Ms. Topolac Tomovic. The entire transaction was oral. We have a verbal agreement with Ms. Topolac Tomovic that, if necessary, she will loan the Company funds to complete the registration process.2019

~~Item~~(Currency ~~14.~~expressed ~~Principal~~in ~~Accountant~~United ~~Fees~~States ~~and~~Dollars ~~Services~~(“US$”), except for number of shares)

During fiscal year ended November 30, 2019, we incurred approximately $7,600 in fees to BHARAT PARIKH & ASSOCIATES CHARTERED ACCOUNTANTS, resigned principal independent accountants, for professional services rendered in connection with the audit of our November 30, 2018 financial statements and for the reviews of our financial statements for the quarters ended February 28, 2019, May 31, 2019 and $2,000 in fees to Fruci & Associates II, PLLC our current principal independent accountants, for professional services for the review of our financial statements for the quarter ended August 31, 2019. During fiscal year ended November 30, 2019, we incurred no tax fees, no audit-related fees and no other fees.

	As of December 31,
	2020			2019
ASSETS
Current assets:
Cash and cash equivalents	$	160,594			243,641
Accounts and retention receivables		83,169			155,221
Deposits, prepayments and other receivables		1,031,566			95,999
Purchase deposits		1,800,332			676,090

Total current assets		3,075,661			1,170,951

Non-current assets:
Energy assets		285,236			-
Plant and equipment		64,161			21,362
Right-of-use assets		157,379			130,794

Total non-current assets		506,776			152,156

TOTAL ASSETS	$	3,582,437		$	1,323,107

LIABILTIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Contract liabilities	$	2,158,374		$	1,558,161
Accounts payables		1,100,268			-
Accrued liabilities and other payables		129,393			152,299
Operating lease liabilities		88,537			70,375
Borrowings		588,279			-
Amount due to a director		825,329			129,199

Total current liabilities		4,890,180			1,910,034

Non-current liability
Operating lease liabilities		68,961			59,983
Borrowings		180,662			-

TOTAL LIABILITIES		5,139,803			1,970,017

Commitments and contingencies		-			-

STOCKHOLDERS’ DEFICIT
Common stock, $0.001 par value; 75,000,000 shares authorized; 9,800,000 and 6,000,000 shares issued and outstanding as of December 31, 2020 and 2019, respectively		9,800			6,000
Additional paid in capital		351,583			351,583
Accumulated other comprehensive loss		(7,120	)		(3,760	)
Accumulated deficit		(1,906,054	)		(1,000,733	)

Total Folk Development Inc. shareholders’ deficit		(1,551,791	)		(646,910	)
Non-controlling interest		(5,575	)		-
		(1,557,366	)		(646,910	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	3,582,437		$	1,323,107

~~During~~See ~~fiscal~~accompanying ~~year~~notes ~~ended November 30, 2018, we incurred approximately $7,750 in fees~~ to ~~our~~consolidated ~~principal independent accountants for professional services rendered in connection with the audit of our November 30, 2017~~ financial statements ~~and for the reviews of our financial statements for the quarters ended February 28, 2018, May 31, 2018, and August 31, 2018~~.

~~PART~~F-3 IVTable of Contents

~~Item~~FOLKUP ~~15.~~DEVELOPMENT ~~Exhibits~~INC.

~~The~~CONSOLIDATED ~~following~~STATEMENTS ~~exhibits~~OF ~~are included as part of this report:~~OPERATIONS

31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1		Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

AND COMPREHENSIVE LOSS

~~SIGNATURES~~FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

~~Pursuant~~(Currency toexpressed ~~the requirements of the Securities Act of 1933, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized~~ in ~~the~~United ~~City~~States ofDollars ~~Belgrad, Republic of Serbia, on February 28, 2020.~~(“US$”))

FOLKUP DEVELOPMENT INC. By: /s/ Milena Topolac Tomovic Name: Milena Topolac Tomovic Title: President, Treasurer and Secretary (Principal Executive, Financial and Accounting Officer)

	Years ended December 31,
	2020			2019

Revenue, net	$	2,593,376			2,150,997

Cost of revenue		(2,050,375	)		(1,805,076	)

Gross profit		543,001			345,921

Operating expenses:
Sales and marketing expenses		(518,481	)		(267,126	)
General and administrative expenses		(912,095	)		(617,005	)
Professional fee		(35,412	)		(61,320	)
Total operating expenses		(1,465,988	)		(945,451	)

Other income (expense):
Interest income		51			231
Sundry income		85,374			358
Interest expense		(69,663	)		-

Total other income		15,762			589

LOSS BEFORE INCOME TAXES		(907,225	)		(598,941	)

Income tax expense		-			-

NET LOSS		(907,225	)		(598,941	)

Net loss attribute to non-controlling interest		5,704			-

Net loss attributable to Folkup Development Inc.		(901,521	)		(598,941	)

Other comprehensive loss:
Foreign currency translation loss		(3,360	)		(3,902	)

COMPREHENSIVE LOSS	$	(910,585	)	$	(602,843	)

Net loss per share – Basic and diluted	$	(0.14	)	$	(0.10	)

Weighted average common shares outstanding – Basic and diluted		6,384,153			6,000,000

23See accompanying notes to consolidated financial statements.

F-4

Table of Contents

FOLKUP DEVELOPMENT INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”))

	Years ended December 31,
	2020			2019

Cash flow from operating activities:
Net loss	$	(907,225	)	$	(598,941	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of energy assets		3,703			-
Depreciation of plant and equipment		18,340			6,073
Depreciation of right-of-use assets		78,953			11,818
Loss on disposal of plant and equipment		-			3,369

Change in operating assets and liabilities:
Accounts and retention receivables		72,052			(155,221	)
Deposits, prepayments and other receivables		(935,567	)		(76,502	)
Purchase deposits		(1,124,242	)		(316,669	)
Contract liabilities		600,213			845,549
Accounts payables		1,100,268			-
Accrued liabilities and other payables		(22,906)			66,103
Net cash used in operating activities		(1,116,411	)		(214,421	)

Cash flow from investing activities:
Purchase of plant and equipment		(61,052	)		(15,150	)
Purchase of energy assets		(288,940	)		-
Proceeds from disposal of plant and equipment		-			385

Net cash used in investing activities		(349,992	)		(14,765	)

Cash flow from financing activities:
Proceeds from borrowings		768,941			-
Advances from a director		696,259			314,432
Payment of lease liabilities		(78,396	)		(12,252	)

Net cash generated from financing activities		1,386,804			302,180

Effect on exchange rate change on cash and cash equivalents		(3,448	)		(3,937	)

Net change in cash and cash equivalents		(83,047	)		69,057

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		243,641			174,584

CASH AND CASH EQUIVALENTS, END OF YEAR	$	160,594		$	243,641

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for tax	$	-		$	-
Cash paid for interest	$	66,064		$	-

See accompanying notes to consolidated financial statements.

F-5

Table of Contents

FOLKUP DEVELOPMENT INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	Common stock				Additional		Accumulated other			Non-						Total
	No. of shares		Amount		paid in capital		comprehensive (loss) income			controlling interest			Accumulated deficit			stockolder’s deficit

Balance as of January 1, 2019 (restated)		6,000,000	$	6,000	$	351,583	$	142		$	-		$	(401,792	)	$	(44,067	)
											-
Foreign currency translation adjustment		-		-		-		(3,902	)		-			-			(3,902	)
Net loss for the year		-		-		-		-			-			(598,941	)		(598,941	)

Balance as of December 31, 2019		6,000,000	$	6,000	$	351,583	$	(3,760	)	$	-		$	(1,000,733	)	$	(646,910	)

Balance as of January 1, 2020		6,000,000	$	6,000	$	351,583	$	(3,760	)	$	-		$	(1,000,733	)	$	(646,910	)

Shares issued for acquisition of legal acquirer		3,800,000		3,800		-		-			-			(3,800	)		-
Non-controlling interest from investment in a subsidiary		-		-		-		-			129			-			129
Foreign currency translation adjustment		-		-		-		(3,360	)		-			-			(3,360	)
Net loss for the year		-		-		-		-			(5,704	)		(901,521	)		(907,225	)

Balance as of December 31, 2020		9,800,000	$	9,800	$	351,583	$	(7,120	)	$	(5,575	)	$	(1,906,054	)	$	(1,557,366	)

See accompanying notes to consolidated financial statements.

F-6

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

Folkup Development Inc. (“the Company” or “FLDI”) was incorporated on July 5, 2016 under the laws of the State of Nevada. The Company through its subsidiaries, mainly provides the renewable energy products and solutions to the customers in Hong Kong.

On November 25, 2020, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Powertech Holdings Company Limited (“PHCL”), a limited liability company incorporated in British Virgin Islands, and its shareholders. Pursuant to the Share Exchange Agreement, the shareholders of PHCL agree to sell its aggregate of 5,209,000 ordinary shares representing 100% of the issued and outstanding ordinary shares of PHCL. As consideration, the shareholders of PHCL were received 6,000,000 shares of the Company’s common stock, at a value of $4.5 per share, for an aggregate value of $27 million.

Because the Company is a shell company, PHCL will comprise the ongoing operations of the combined entity and its senior management will serve as the senior management of the combined entity, PHCL is deemed to be the accounting acquirer for accounting purposes. The transaction will be treated as a recapitalization of the Company. Accordingly, the consolidated assets, liabilities and results of operations of the Company will become the historical financial statements of PHCL, and the Company’s assets, liabilities and results of operations will be consolidated with PHCL beginning on the acquisition date. PHCL was the legal acquiree but deemed to be the accounting acquirer. The Company was the legal acquirer but deemed to be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition are those of the accounting acquirer (PHCL). After completion of the Share Exchange Transaction, the Company’s consolidated financial statements include the assets and liabilities, the operations and cash flow of the accounting acquirer.

On November 25, 2020, the Company’s Board of Directors approved a change in its fiscal year end from November 30 to December 31, effective beginning with the Company’s next fiscal year, which will now begin on January 1, 2021 and end on December 31, 2021 (the “New Fiscal Year”).

Description of subsidiaries

Name	Place of incorporation and kind of legal entity	Principal activities	Particulars of registered/ paid up share capital	Effective interest held

Powertech Holdings Company Limited	British Virgin Islands	Investment holding	5,209,000 ordinary shares at par value of US$0.0001	100%

Sinopower Holdings International Co. Limited	Hong Kong	Sales and marketing	1,000 ordinary shares for HK$1,000	100%

SinoPower Solar Energy Engineering Co. Limited	Hong Kong	Solar-related projects	10,000 ordinary shares for HK$10,000	100%

SinoPower Holding (Hong Kong) Co. Limited	Hong Kong	Engineering design, installation and construction of solar power system and project development	1,000,000,000 ordinary shares for HK$10,000,001	100%

SolarPower Investment Company Limited (formerly Byconcept Hong Kong Co. Limited)	Hong Kong	Dormant	10,000 ordinary shares for HK$10,000	100%

SinoPower Solar Energy Co. Limited	Hong Kong	Dormant	10,000 ordinary shares for HK$10,000	100%

SinoPower Solar Investment Co. Limited	Hong Kong	Dormant	10,000 ordinary shares for HK$10,000	100%

HongKong Hydroponics Company Limited	Hong Kong	Operation of hydroponics business	10,000 ordinary shares for HK$10,000	90%

The Company and its subsidiaries are hereinafter referred to as (the “Company”).

F-7

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

2. GOING CONCERN UNCERTAINTIES

The accompanying consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company has suffered from a working capital deficit and an accumulated deficit of $1,814,519 and $1,906,054 at December 31, 2020, respectively. The Company incurred a continuous loss of $907,225 during the year ended December 31, 2020. In addition, with respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international economies and global trades and if repercussions of the outbreak are prolonged, could have a significant adverse impact on the Company’s business.

The continuation of the Company as a going concern through December 31, 2021 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes.

·	Basis of presentation

These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

·	Use of estimates and assumptions

In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates.

·	Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

·	Cash and cash equivalents

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

·	Accounts receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of December 31, 2020 and 2019, there was no allowance for doubtful accounts.

Included in accounts receivables and retention receivables of $76,784 and $6,385 as of December 31, 2020 and 2019, respectively. Retention receivables are interest-free and recoverable at the end of the retention period of one to two years.

F-8

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Purchase deposits

Purchase deposits represent deposit payments made to vendors for procurement, which are interest-free, unsecured and relieved against accounts payable when materials are received by the Company.

·	Energy assets

Energy assets consist of cost of materials, outside contract services, deposits and project development costs incurred in connection with the construction of renewable energy plants which are owned by the Company. These amounts are capitalized and amortized to cost of revenues in the consolidated statements of operations on a straight-line basis over the terms of the related contracts.

Routine maintenance costs are expensed as incurred in the consolidated statements of operations to the extent that such maintenance do not extend the life of the asset.

·	Plant and equipment

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

		Expected useful lives
Office equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		5 years

Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

·	Impairment of long-lived assets

In accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as energy assets and plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. There has been no impairment charge for the years presented.

F-9

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Revenue recognition

The Company adopted Accounting Standards Codification (“ASC”) 606 – Revenue from Contracts with Customers” (“ASC 606”) as of January 1, 2020 using the modified retrospective method. This method allows the Company to apply ASC 606 to new contracts entered into after January 1, 2020, and to its existing contracts for which revenue earned through December 31, 2019 has been recognized under the guidance in effect prior to the effective date of ASC 606. The revenue recognition processes the Company applied prior to adoption of ASC 606 align with the recognition and measurement guidance of the new standard, therefore adoption of ASC 606 did not require a cumulative adjustment to opening equity.

Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract’s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps:

	•	identify the contract with a customer;
	•	identify the performance obligations in the contract;
	•	determine the transaction price;
	•	allocate the transaction price to performance obligations in the contract; and
	•	recognize revenue as the performance obligation is satisfied.

The Company recognizes revenue when or as it satisfies a performance by transferring a good or service to the customer at a point in time, generally upon the completion of the projects under fixed price contracts. Under these fixed price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Revenue from the sale of electricity to an electricity supplier in Hong Kong is recognized at the time the electricity is supplied from the energy assets on the basis of periodic meter readings. Revenues are measured at the fair value of the consideration received or receivable, which is calculated based on the predetermined tariff established by the electricity supplier under certain government program.

Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed as of the balance sheet date on contracts with customers. The contract assets are transferred to receivables when the rights become unconditional. The Company has contract assets on contracts that are generally long-term and have revenues that are recognized upon the completion.

Contract liabilities primarily related to billings and payments received in advance of revenue recognized. As of December 31, 2020 and 2019, the Company received cash consideration from customers before the performance obligations were satisfied.

·	Cost of revenues

Cost of revenues consists primarily of raw materials, the fees paid to contractors and labor costs, which are directly attributable to the construction of solar-related projects.

Cost of revenues also include the share of electricity revenue generated, and the costs of maintaining and operating the renewable energy assets which owned by the Company, including the depreciation charge.

F-10

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Income taxes

The Company adopted the ASC 740 Income tax provisions of paragraph 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of paragraph 740-10-25-13.

·	Uncertain tax positions

·	Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statement of operations.

The reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintain its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of changes in stockholder’s equity.

Translation of amounts from HKD into US$ has been made at the following exchange rates for the years ended December 31, 2020 and 2019:

	December 31, 2020		December 31, 2019
Year-end HKD:US$ exchange rate		0.12898		0.12840
Annual average HKD:US$ exchange rate		0.12892		0.12762

F-11

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Retirement plan costs

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service is provided.

·	Comprehensive income

ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statements of changes in stockholders’ equity, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.

·	Segment reporting

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in consolidated financial statements. For the years ended December 31, 2020 and 2019, the Company operates in one reportable operating segment in project construction. Since the fourth quarter of 2020, the Company has commenced the sale of electricity through the energy assets.

Leases

The Company adopted Topic 842, Leases (“ASC 842”), using the modified retrospective approach through a cumulative-effect adjustment and utilizing the effective date of January 1, 2020 as its date of initial application, with prior periods unchanged and presented in accordance with the previous guidance in Topic 840, Leases (“ASC 840”).

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (“ROU”) assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

Lease expense is recognized on a straight-line basis over the lease terms. Lease expense includes amortization of the ROU assets and accretion of the lease liabilities. Amortization of ROU assets is calculated as the periodic lease cost less accretion of the lease liability. The amortized period for ROU assets is limited to the expected lease term.

The Company has elected a practical expedient to combine the lease and non-lease components into a single lease component. The Company also elected the short-term lease measurement and recognition exemption and does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.

F-12

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Net loss per share

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

·	Related parties

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

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

The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

·	Commitments and contingencies

The Company follows the ASC 450-20, Commitments to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

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

F-13

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

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

·	Fair value of financial instruments

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below:

Level 1		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3		Pricing inputs that are generally observable inputs and not corroborated by market data.

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

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

The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, accounts and retention receivables, deposits, prepayments and other receivables, amount due from a director, contract assets and liabilities, accrued liabilities and other payables, operating lease liabilities and amount due to a director, approximate their fair values because of the short maturity of these instruments.

F-14

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Recently Adopted Accounting Standards

In June 2016, the FASB issued guidance that affects loans, trade receivables and any other financial assets that have the contractual right to receive cash. Under the new guidance, an entity is required to recognize expected credit losses rather than incurred losses for financial assets. The new guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted the new guidance effective January 1, 2020, with no material impact to the Company’s consolidated financial position, results of operations or cash flows.

In August 2018, the FASB issued guidance which modifies certain disclosure requirements over fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, including all interim periods within that fiscal year. The Company adopted the new guidance effective January 1, 2020. The Company does not currently classify any of its derivative contracts or restoration plan assets as Level 3 assets or liabilities, nor did the Company have any transfers amongst fair value levels during the year ended December 31, 2020. As a result, the guidance did not have an impact on Company’s the fair value measurement disclosures upon adoption.

In January 2017, the FASB issued guidance which eliminates the second step from the traditional two-step goodwill impairment test. Under current guidance, an entity performed the first step of the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount; if an impairment loss was indicated, the entity computed the implied fair value of goodwill to determine whether an impairment loss existed, and if so, the amount to recognize. Under the new guidance, an impairment loss is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value (the Step 1 test), with no further testing required. Any impairment loss recognized is limited to the amount of goodwill allocated to the reporting unit. The new guidance is effective for public companies that are Securities and Exchange Commission (“SEC”) registrants for fiscal years beginning after December 15, 2019. The Company adopted the new guidance on January 1, 2020, and applied the guidance prospectively to its goodwill impairment tests.

Accounting Standards Not Yet Adopted as of December 31, 2020

In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The new guidance is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements.

F-15

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

In March 2020, the FASB issued guidance to address certain accounting consequences from the anticipated transition from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The new guidance contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based on matches the index of the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

4. ENERGY ASSETS

Energy assets consisted of the following:

	As of December 31,
	2020			2019

Energy assets	$	288,940		$	-
Less: accumulated depreciation		(3,703	)		-
Less: foreign translation difference		(1	)		-
	$	285,236		$	-

Depreciation expense for the years ended December 31, 2020 and 2019 were $3,703 and $0, respectively.

5. PLANT AND EQUIPMENT

Plant and equipment consisted of the following:

	As of December 31,
	2020			2019

Office equipment	$	21,668		$	15,638
Furniture and fixtures		18,178			14,827
Leasehold improvement		51,671			-
Foreign translation difference		225			88
		91,742			30,553
Less: accumulated depreciation		(27,478	)		(9,138	)
Less: foreign translation difference		(103	)		(53	)
	$	64,161		$	21,362

Depreciation expense for the years ended December 31, 2020 and 2019 were $18,340 and $6,073, respectively.

F-16

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

6. AMOUNT DUE TO A DIRECTOR

As of December 31, 2020 and 2019, the Company’s director, Mr. Ng made temporary advances to the Company for its working capital, which is unsecured, interest-free and has no fixed terms of repayment.

7. LEASE

As of December 31, 2020, the Company entered into one workshop under operating lease with a lease term of 2 years, commencing from November 16, 2020.

Right of use assets and lease liability – right of use are as follows:

	As of December 31
	2020		2019

Right-of-use assets	$	157,379	$	130,794

The lease liability – right of use is as follows:

	As of December 31
	2020		2019

Current portion	$	88,537	$	70,375
Non-current portion		68,961		59,983

Total	$	157,498	$	130,358

The weighted average discount rate for the operating lease is 2.75%.

As of December 31, 2020, the operating lease payment of $157,498 will become matured in the next 12 months.

8. BORROWINGS

As of December 31, 2020, the borrowings consisted of the followings:

	As of December 31
	2020		2019

Bank loans	$	253,005	$	-
Other borrowings		515,936		-

Total	$	768,941	$	-

Current portion	$	588,279	$	-
Non-current portion		180,662		-

Total	$	768,941	$	-

The borrowings are due to two financial institutions in Hong Kong which are repayable in a term of 1 to 3 years, with 12 to 36 monthly installments at interest rate ranging from 2.75% to 20.25% per annum.

At December 31, 2020, the borrowings of the Company were secured by:

●

Personal guarantee by the directors of the Company; and

●

Legal charge over the leasehold land and buildings owned by the Company’s director and a related party, Mr. Ng Hak Yiu and Mr. Lo Man Hoi;

9. STOCKHOLDERS’ DEFICIT

Common stock

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

On November 25, 2020, the Company issued 6,000,000 shares of its common stock to consummate the reverse acquisition with Powertech Holdings Company Limited.

As of December 31, 2020, the Company has a total of 9,800,000 shares of its common stock issued and outstanding.

F-17

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

10. LOSS PER SHARE

Net loss per share is provided in accordance with FASB ASC 260-10, “Earnings per share”. Basic net income (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued, unless doing so is anti-dilutive.

The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2020 and 2019:

	Years ended December 31
	2020			2019

Net loss for the year	$	907,225		$	598,941

Weighted average common shares outstanding:
-Basic and diluted		6,384,153			6,000,000

Net loss per share
-Basic and diluted	$	(0.14	)	$	(0.10	)

11. INCOME TAX

The Company is subject to taxes in the governing jurisdictions in which its subsidiaries operate. The effective tax rate in the period presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate, as follows:

United States

The Company is registered in the State of Nevada and is subject to the tax laws of United States.

The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the periods presented. Deferred tax asset is not provided for as the tax losses may not be able to carry forward after a change in substantial ownership of the Company in November 2020.

For the years ended December 31, 2020 and 2019, there was no operation in the United States of America.

F-18

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

BVI

Under the current BVI law, the Company is not subject to tax on income.

Hong Kong

The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current year, after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2020 and 2019 is as follows:

	Years ended December 31,
	2020			2019

Loss before income taxes	$	(907,225	)	$	(598,941	)
Statutory income tax rate		16.5	%		16.5	%
Income tax expense at statutory rate		(149,692	)		(98,825	)
Tax effect of non-deductible items		5,313			1,171
Tax effect of non-taxable items		(3,769	)		(2,890	)
Net operating loss		148,148			100,544
Income tax expense	$	-		$	-

The following table sets forth the significant components of the deferred tax assets of the Company as of December 31, 2020 and 2019:

	As of December 31,
	2020			2019

Deferred tax assets:
Net operating loss carryforwards
- United States	$	-		$	-
- Hong Kong		148,148			100,544

		148,148			100,544
Less: valuation allowance		(148,148	)		(100,544	)
Deferred tax assets, net	$	-		$	-

As of December 31, 2020, the Company has provided for a full valuation allowance against the deferred tax assets of $148,148 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

F-19

Table of Contents

FOLKUP DEVELOPMENT INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

12. PENSION COSTS

The Company is required to make contribution to their employees under a government mandatory defined contribution scheme for its eligible full-times employees in Hong Kong. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. During the years ended December 31, 2020 and 2019, $32,523 and $17,942 contributions were made accordingly.

13. RELATED PARTY TRANSACTIONS

From time to time, the director of the Company advanced funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and have no fixed terms of repayment.

For the years ended December 31, 2020 and 2019, the Company purchased the materials totaling $124,061 and $1,205,571 from its related companies, respectively.

Also, for the years ended December 31, 2020 and 2019, the Company was granted with the right to use the patents to their products at no fee charge by its related companies, which were controlled by the director of the Company. The management determined that such cost was nominal and did not recognize the patent expense in its financial statements.

Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the years presented.

14. CONCENTRATIONS OF RISK

The Company is exposed to the following concentrations of risk:

(a) Major customers

For the years ended December 31, 2020 and 2019, the customers who accounts for 10% or more of the Company’s revenues and its outstanding receivable balances as at year-end dates, are presented as follows:

	Year ended December 31, 2020						December 31, 2020
Customer	Revenues		Percentage of revenues				Accounts receivable

Customer A	$	901,643		35	%		$	32,427
Customer B		504,093		19	%			-

Total:	$	1,405,736		54	%	Total:	$	32,427

	Year ended December 31, 2019						December 31, 2019
Customer	Revenues		Percentage of revenues				Accounts receivable

Customer C	$	336,080		16	%		$	-

Total:	$	336,080		16	%	Total:	$	-

All of the Company’s major customers are located in Hong Kong.

F-20

Table of Contents

(b) Major vendors

For the year ended December 31, 2020, one vendor represented more than 10% of the Company’s purchases. This vendor accounted for 17% of the Company’s purchases amounting to $349,276 with $487,948 accounts payables at December 31, 2020.

For the year ended December 31, 2019, one vendor, a related company to the Company, accounts for 10% or more of the Company’s purchases. This vendor accounted for 67% of the Company’s purchases amounting to $1,205,571 with $0 account payable at December 31, 2019.

All of the Company’s major vendors are located in Hong Kong and the People’s Republic of China.

As the Company has no significant interest-bearing assets, the Company’s income and operating cash flows are substantially independent of changes in market interest rates.

The Company’s interest-rate risk arises from borrowings. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of December 31, 2020, borrowings were at variable interest rates.

(d) Credit risk

Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

(e) Economic and political risk

The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations.

(f) Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

15. COMMITMENTS AND CONTINGENCIES

As of December 31, 2020 and 2019, the Company has no material commitments or contingencies.

16. SUBSEQUENT EVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2020, up through the date the Company issued the audited consolidated financial statements. During the period, the Company had no material subsequent events.

F-21

Table of Contents

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation and supervision of our President and our Chief Financial Officer, is responsible for our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Disclosure controls and procedures are controls and other procedures that are 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 under SEC rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management, including our President and our Chief Executive Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures as of December 31, 2020. Based on this evaluation, our management concluded that as of December 31, 2020 these disclosure controls and procedures were not effective at the reasonable assurance level. As discussed below, our internal control over financial reporting is an integral part of our disclosure controls and procedures.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Internal control over financial reporting is a process, including policies and procedures, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.

Our President and our Chief Financial Officer performed an evaluation of our internal control over financial reporting under the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on the results of this assessment, our management concluded that our internal control over financial reporting was not effective as of December 31, 2020, based on such criteria. Deficiencies existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses. The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (i) lack of a majority of independent members and a lack of a majority of outside directors on our Board, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; and (ii) inadequate segregation of duties consistent with control objectives. Management believes that the lack of a majority of outside directors on our Board results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

Auditor’s Report on Internal Control over Financial Reporting

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only management’s report in this Annual Report.

Table of Contents

Changes in Internal Controls over Financial Reporting

In connection with our continued monitoring and maintenance of our controls procedures as part of the implementation of Section 404 of the Sarbanes-Oxley Act, we continue to review, test, and improve the effectiveness of our internal controls. There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter and since the year ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitation on the Effectiveness of Internal Controls

The effectiveness of any system of internal control over financial reporting is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting can only provide reasonable, not absolute, assurances. In addition, 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. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business but cannot assure that such improvements will be sufficient to provide us with effective internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

Table of Contents

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The following table sets forth the names and ages of our current directors and executive officers, the principal offices and positions held by each person, and the year such director or officer commenced serving in such capacity:

Name	Age	Positions

Hak Yiu NG	58	President, Treasurer and Chairman of the Board of Directors
HUANG Zhen Kun	40	Chief Executive Officer and Director
LAU Kit Yan, Mark	40	Chief Financial Officer, Secretary and Director
POON To Ming	63	Chief Operating Officer
WONG Ka Hing Andrew	43	Chief Marketing Officer
XU Ming	35	Chief Technology Officer

Hak Yiu NG

President, Treasurer and Chairman of the Board of Directors

Hak Yiu NG, also known as and previously disclosed on Current Report on Form 8-K filed with the Securities and Exchange Commission on August 27, 2020, as “Benson Wu,” has served as our President, Treasurer and a Director since May 27, 2020. Mr. Ng also served as Secretary from July 6, 2020 until November 25, 2020, and on November 25, 2020, Mr. Ng became Chairman of the Board of Directors. Since May 2018, Mr. Ng has served as the Chairman of SinoPower Holding (Hong Kong) Co. Ltd. (“Sinopower”), one of our subsidiaries, based in Hong Kong, since 2018, and served as a director of Sinopower from 2009 to 2018. Since 2018, Mr. Ng has also served an investment consultant to Victor Aluminum Group. Mr. Ng attended The Hong Kong Polytechnic University from 1984 to 1987, where he obtained a degree in Business Management. He subsequently obtained an MBA from the University of South Australia, which he attended in 1991 and 1992. Mr. Ng’s knowledge of Sinopower and his business experience led to our conclusion that Mr. Ng should be serving as a member of our board of directors in light of our business and structure.

HUANG Zhen Kun

Chief Executive Officer and Director

HUANG Zhen Kun has served as our Chief Executive Officer and a Director since November 25, 2020. Since June 2016, Mr. Huang has served as Chief Executive Officer of SinoPower Holding (Hong Kong) Co., Ltd., one of our subsidiaries. From June 2016 until April 2018, Mr. Huang served as General Manager for Shenzhen City E-Parking Intelligent Holding Co., Ltd. From May 2017 until April 2018, Mr. Huang served as General Manager for Shenzhen City E-Parking Intelligent Holding Co., Ltd. From January 2009 until May 2016, Mr. Huang served as Sale Director of Israel ROMIDOT Ltd., and from December 2005 until December 2008, he served as Israel ROMIDOT Ltd.’s Marketing Manager. In 2014, Mr. Huang obtained an undergraduate degree from Guangdong University of Finance, in China. Mr. Huang’s management experience and skills led to our conclusion that he should serve as a director in light of our business and structure.

Table of Contents

LAU Kit Yan, Mark

Chief Financial Officer, Secretary and Director

LAU Kit Yan, Mark has served as our Chief Financial Officer, Secretary and a Director since November 25, 2020. From May 2019 to April 2020, Mr. Lau served as Senior Manager, performing finance and accounting functions, for Synergy Solution Management Group Limited, of Hong Kong. Mr. Lau has over 20 years’ work experience in finance, accounting, corporate finance and organization strategic planning. In 2012, Mr. Lau obtained a Bachelor of Accountancy from the University of South Australia. Mr. Lau’s background in finance and accounting led to our conclusion that he should serve as a director in light of our business and structure.

POON To Ming

Chief Operating Officer

POON To Ming has served as our Chief Operating Officer since November 25, 2020. Since December 2019, Mr. Poon has served as Chief Operating Officer of SinoPower Holding (Hong Kong) Co., Ltd., one of our subsidiaries. Since 2012, Mr. Poon has served Founding Chairman of HK21 Youth Association. Since 2013, Mr. Poon has served as Chief Executive Officer of HK Hydroponics Planting Group Limited. Since 2014, Mr. Poon has served as Chief Executive Officer of Smart Green Farm. From 1978 until 2012, Mr. Poon served as a Royal Hong Kong Police Officer. He received the Outstanding Police Officer Award in Hong Kong from 2005 until 2009, and the Civil Service Outstanding Service Award in Hong Kong in 2007 and 2009.

WONG Ka Hing Andrew

Chief Marketing Officer

WONG Ka Hing Andrew has served as our Chief Marketing Officer since November 25, 2020. Since January 2019, Mr. Wong has served as Chief Marketing Officer of SinoPower Holding (Hong Kong) Co., Ltd., one of our subsidiaries. From January 2013 to January 2019, Mr. Wong served as Project Manager for GL Events Hong Kong Ltd. From 2013 to 2019, Mr. Wong served as a Director of Inspiration IT (HK) Ltd. In 2012, Mr. Wong obtained a bachelor degree from Hong Kong Baptist University.

XU Ming

Chief Technology Officer

XU Ming has served as our Chief Technology Officer since November 25, 2020. Since January 2019, Mr. Xu has served as Chief Technology Officer of SinoPower Holding (Hong Kong) Co., Ltd., one of our subsidiaries. From January 2017 until December 2018, Mr. Xu was Senior Project Manager at Guangdong Quanmei Energy Group. From December 2018 until December 2019, Mr. Xu was Technical Director at Sunlight New Energy (Guangzhou) Co., Ltd. From April 2015 until January 2017, Mr. Xu was Technical Manager at Shenzhen City Rui Tai Solar Engineering Co., Ltd. In 2008, Mr Xu obtained a bachelor degree from Hetao University of Inner Mongolia, in China.

Director Qualifications

We believe that our directors should have the highest professional and personal ethics and values, consistent with our values and standards. They should have broad experience at the policy-making level in business or banking. They should be committed to enhancing stockholder value and should have sufficient time to carry out their duties and to provide insight and practical wisdom based on experience. Their service on other boards of public companies should be limited to a number that permits them, given their individual circumstances, to perform responsibly all director duties for us. Each director must represent the interests of all stockholders. When considering potential director candidates, the Board also considers the candidate’s character, judgment, diversity, age and skills, including financial literacy and experience in the context of our needs and the needs of the Board.

Term of Office

All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company’s Bylaws provide that the Board of Directors will consist of no less than one member. Officers are elected by and serve at the discretion of the Board of Directors.

Table of Contents

Director Independence

Our board of directors is currently composed of three members, none of whom qualifies as an independent director in accordance with the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests, such as that a director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management.

Involvement in Certain Legal Proceedings

To our knowledge, our directors and executive officers have not been involved in any of the following events during the past ten years:

	·	Any bankruptcy petition filed by or against such person or any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
	·	Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
	·	Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting his involvement in any type of business, securities or banking activities or to be associated with any person practicing in banking or securities activities;
	·	Being found by a court of competent jurisdiction in a civil action, the SEC or the Commodity Futures Trading Commission to have violated a Federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;
	·	Being subject of, or a party to, any Federal or state judicial or administrative order, judgment decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of any Federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
	·	Being subject of or party to any sanction or order, not subsequently reversed, suspended, or vacated, of any self-regulatory organization, any registered entity or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Significant Employees and Consultants

The Company is managed by its six officers, three of whom also serve as directors.

Audit Committee and Conflicts of Interest

Since we do not have an audit, compensation or governance and nominating committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is an early stage company and has only one director, and to date, such director has been performing the functions of such committees. Thus, there is a potential conflict of interest in that our sole director and officer has the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.

Family Relationships

There are no family relationships among our directors or officers. Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors.

Stockholder Communications With the Board Of Directors

We have not implemented a formal policy or procedure by which our stockholders can communicate directly with our Board of Directors. Nevertheless, every effort has been made to ensure that the views of stockholders are heard by the Board of Directors or individual directors, as applicable, and that appropriate responses are provided to stockholders in a timely manner. We believe that we are responsive to stockholder communications, and therefore have not considered it necessary to adopt a formal process for stockholder communications with our Board. During the upcoming year, our Board will continue to monitor whether it would be appropriate to adopt such a process.

Table of Contents

Code of Ethics

The Company has not adopted a code of ethics that applies to its principal executive officers, principal financial officer, principal accounting officer or controller, and persons performing similar functions.

Employment Agreements

We have no employment agreements with any of our directors.

Indemnification Agreements

We have no indemnification agreements with our officers, directors or any other person.

ITEM 11. EXECUTIVE COMPENSATION

The following tables set forth certain information about compensation paid, earned or accrued for services by our President and all other executive officers (collectively, the “Named Executive Officers”) in the fiscal years ended December 31, 2020 and 2019:

SUMMARY COMPENSATION TABLE

The table below summarizes all compensation awarded to, earned by, or paid to our officers for all services rendered in all capacities to us for the fiscal periods indicated.

										Non-Equity
										Incentive		Nonqualified
Name and						Stock		Option		Plan		Deferred		All Other
Principal Position	Year	Salary ($)		Bonus ($)		Awards ($)		Awards ($)		Compensation($)		Compensation($)		Compensation($)		Total ($)
Milena	2020		0		0		0		0		0		0		0		0
Topolac Tomovic (1)	2019		0		0		0		0		0		0		0		0

Hak Yiu	2020		0		0		0		0		0		0		0		0
Ng (2)	2019		0		0		0		0		0		0		0		0

Huang	2020		0		0		0		0		0		0		0		0
Zhen Kun (3)	2019		0		0		0		0		0		0		0		0

Lau Kit	2020		0		0		0		0		0		0		0		0
Yan, Mark (4)	2019		0		0		0		0		0		0		0		0

Poon To	2020		0		0		0		0		0		0		0		0
Ming (5)	2019		0		0		0		0		0		0		0		0

Wong Ka Hing	2020		0		0		0		0		0		0		0		0
Andrew (6)	2019		0		0		0		0		0		0		0		0

Xu	2020		0		0		0		0		0		0		0		0
Ming (7)	2019		0		0		0		0		0		0		0		0

___________

(1) Appointed President, Secretary, Treasurer and a Director on July 5, 2016; resigned from all such positions on July 6, 2020.

(2) Appointed President, Secretary, Treasurer and a Director on July 6, 2020. Appointed as Chairman of the Board of Directors and resigned as Secretary on November 25, 2020.

(3) Appointed Chief Executive Officer and a Director on November 25, 2020.

(4) Appointed Chief Financial Officer, Secretary and a Director on November 25, 2020.

(5) Appointed Chief Operating Officer on November 25, 2020.

(6) Appointed Chief Marketing Officer on November 25, 2020.

(7) Appointed Chief Technology Officer on November 25, 2020.

Table of Contents

Employment Contracts, Termination of Employment, Change-in-Control Arrangements

The Company has no employment agreements with its officers or any significant employee and did not enter into any employment contracts, termination of employment, or change-in-control arrangements during the year ended December 31, 2020.

Option Exercises and Fiscal Year-End Option Value Table.

There were no stock options exercised by the named executive officers as of the end of the fiscal period ended December 31, 2020.

Long-Term Incentive Plans and Awards

There were no awards made to a named executive officer, under any long-term incentive plan, as of the end of the fiscal period ended December 31, 2020.

We currently do not pay any compensation to our directors serving on our board of directors.

STOCK OPTION GRANTS

The following table sets forth stock option grants and compensation or the fiscal year ended December 31, 2020:

	Option Awards										Stock Awards
Name	Number of Securities Underlying Unexercised Options (#) Exercisable		Number of Securities Underlying Unexercised Options (#) Unexercisable		Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)		Option Exercise Price ($)		Option Expiration Date		Number of Shares or Units of Stock That Have Not Vested (#)		Market Value of Shares or Units of Stock That Have Not Vested ($)		Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)		Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)
Milena Topolac Tomovic (1)		-0-		-0-		-0-	$	-0-		N/A		-0-		-0-		-0-		-0-

Hak Yiu Ng (2)		-0-		-0-		-0-	$	-0-		N/A		-0-		-0-		-0-		-0-

Huang Zhen Kun (3)		-0-		-0-		-0-	$	-0-		N/A		-0-		-0-		-0-		-0-

Lau Kit Yan, Mark (4)		-0-		-0-		-0-	$	-0-		N/A		-0-		-0-		-0-		-0-

Poon To Ming (5)		-0-		-0-		-0-	$	-0-		N/A		-0-		-0-		-0-		-0-

Wong Ka Hing (6)		-0-		-0-		-0-	$	-0-		N/A		-0-		-0-		-0-		-0-

Xu Ming (7)		-0-		-0-		-0-	$	-0-		N/A		-0-		-0-		-0-		-0-

_________

(1) Appointed President, Secretary, Treasurer and a Director on July 5, 2016; resigned from all such positions on July 6, 2020.

(2) Appointed President, Secretary, Treasurer and a Director on July 6, 2020. Appointed as Chairman of the Board of Directors and resigned as Secretary on November 25, 2020.

(3) Appointed Chief Executive Officer and a Director on November 25, 2020.

(4) Appointed Chief Financial Officer, Secretary and a Director on November 25, 2020.

(5) Appointed Chief Operating Officer on November 25, 2020.

(6) Appointed Chief Marketing Officer on November 25, 2020.

(7) Appointed Chief Technology Officer on November 25, 2020.

Table of Contents

DIRECTOR COMPENSATION

The following table sets forth director compensation or the fiscal year ended December 31, 2020:

Name	Fees Earned or Paid in Cash ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation($)		Nonqualified Deferred Compensation Earnings ($)		All Other Compensation($)		Total ($)

Milena Topolac Tomovic (1)		-0-		-0-		-0-		-0-		-0-		-0-		-0-
Hak Yiu Ng (2)		-0-		-0-		-0-		-0-		-0-		-0-		-0-
Huang Zhen Kun (3)		-0-		-0-		-0-		-0-		-0-		-0-		-0-
Lau Kit Yan, Mark (4)		-0-		-0-		-0-		-0-		-0-		-0-		-0-

______________

(1) Appointed President, Secretary, Treasurer and a Director on July 5, 2016; resigned from all such positions on July 6, 2020.

(2) Appointed President, Secretary, Treasurer and a Director on July 6, 2020. Appointed as Chairman of the Board of Directors and resigned as Secretary on November 25, 2020.

(3) Appointed Chief Executive Officer and a Director on November 25, 2020.

(4) Appointed Chief Financial Officer, Secretary and a Director on November 25, 2020.

We currently do not pay any compensation to our directors for serving on our board of directors.

Narrative to Director Compensation Table

The following is a narrative discussion of the material information that we believe is necessary to understand the information disclosed in the previous table.

No compensation solely in his capacity as a director of the Company. All travel and lodging expenses associated with corporate matters are reimbursed by us, if and when incurred.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table lists, as of March 25, 2021, the number of shares of common stock of our Company that are beneficially owned by (i) each person or entity known to our Company to be the beneficial owner of more than 5% of the outstanding common stock; (ii) each officer and director of our Company; and (iii) all officers and directors as a group. Information relating to beneficial ownership of common stock by our principal shareholders and management is based upon information furnished by each person using “beneficial ownership” concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.

Table of Contents

The percentages below are calculated based on 3,800,000 shares of our common stock issued and outstanding as March 25, 2021. We do not have any outstanding warrant, options or other securities exercisable for or convertible into shares of our common stock.

Title of Class	Name and Address of Beneficial Owner (2)	Amount and Nature of Beneficial Ownership		Percent of Common Stock (1)

Common Stock	Hak Yiu Ng (3)		7,607,408		77.6	%
Common Stock	Huang Zhen Kun (4)		230,371		2.3	%
Common Stock	Lau Kit Yan, Mark (5)		172,788		1.7	%
Common Stock	Poon To Ming (6)		34,788		*
Common Stock	Wong Ka Hing Andrew (7)		74,870		*
Common Stock	Xu Ming (8)		74,870		*
All directors and executive officers as a group (6 persons)			8,195,095		83.6	%

______________

(1) As of November 25, 2020, we had 9,800,000 shares of common stock outstanding.

(2) Unless otherwise noted, the address of each person listed is c/o Folkup Development Inc., Unit 17-18, 23/F, Metropole Square, 2 On Yiu Street, Sha Tin, New Territories, Hong Kong, and our telephone number is +852 3487-6330.

(3) Appointed President, Secretary, Treasurer and a Director on July 6, 2020. Appointed as Chairman of the Board of Directors and resigned as Secretary on November 25, 2020.

(4) Appointed Chief Executive Officer and a Director on November 25, 2020.

(5) Appointed Chief Financial Officer, Secretary and a Director on November 25, 2020.

(6) Appointed Chief Operating Officer on November 25, 2020.

(7) Appointed Chief Marketing Officer on November 25, 2020.

(8) Appointed Chief Technology Officer on November 25, 2020.

*Less than 1%.

ITEM 13. CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Related Party Transactions

On November 25, 2020, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”), by and among the Company, Powertech Holdings Company Limited, a British Virgin Islands corporation (“Powertech Holdings”), and the holders of common shares of Powertech Holdings. The holders of the common stock of Powertech Holdings consisted of 48 stockholders.

Under the terms and conditions of the Share Exchange Agreement, the Company offered, sold and issued 6,000,000 shares of common stock in consideration for all the issued and outstanding shares in Powertech Holdings. Hak Yiu Ng, the Company’s sole officer and director, is the beneficial holder of 4,000,000 common shares, or 76.8%, of the issued and outstanding shares of Powertech Holdings. The effect of the issuance of the 6,000,000 shares issued under the Share Exchange Agreement represents 61.2% of the issued and outstanding shares of common stock of the Company.

Immediately prior to the closing of the transactions under the Share Exchange Agreement, Mr. Ng was the holder of 3,000,000 shares of common stock, or 78.9%, of the issued and outstanding shares of common stock of the Company. Giving effect to the closing of the transactions under the Share Exchange Agreement, Mr. Ng acquired 4,607,408 shares of common stock of the Company, by virtue of his 76.8% beneficial ownership of Powertech Holdings. The remaining 47 common shareholders of Powertech Holdings acquired 1,392,592 shares of common stock under the Share Exchange Agreement, by virtue of their aggregate of 23.2% beneficial ownership of Powertech Holdings.

Giving effect to the transactions under the Share Exchange Agreement, Mr. Ng is now the beneficial holder of 7,607,408 shares of common stock, or 77.6%, of the issued and outstanding shares of common stock of the Company.

As a result of the share exchange, Powertech Holdings is now a wholly-owned subsidiary of the Company.

Table of Contents

Effective November 25, 2020, the Company entered into an Exclusive Patent License Agreement with Fushan Baohua Renewable Energy Co Ltd (PRC) (“Fushan Baohua”), an entity duly formed and existing under the laws of the People’s Republic of China (the “Fushan Baohua License Agreement”), pursuant to which the Company has licensed from Fushan Baohua the patents for the technology underlying Liftable Soar Pergola, Expandable Soar Pergola and Foldable Solar Pergola products of the Company. The term of the Fushan Baohua License Agreement is for the terms of the underlying patents and covers all counties and territories in the world. The Liftable Soar Pergola patent expires on August 5, 2029, the Expandable Soar Pergola patent expires on August 2, 2029, and the Foldable Solar Pergola patent expires on August 2, 2029. The Company paid consideration of $10.00 for entering into the Fushan Baohua License Agreement. Fushan Baohua is controlled by Hak Yiu Ng, the President, Chairman of the Board of Directors and majority stockholder of the Company.

Effective November 25, 2020, the Company entered into an Exclusive Patent License Agreement with PowerWatt Engineering Co. Ltd. (“PowerWatt Engineering”), an entity duly formed an existing under the laws of Hong Kong, pursuant to which the Company has licensed from PowerWatt Engineering the patents for the technology underlying the Foldable Solar Pergola, The Solar Photovoltaic Sunlight House, and RPP Ballast Solar System products of the Company. The term of the PowerWatt Engineering License Agreement is for the terms of the underlying patents and covers all territories in the world. The Foldable Solar Pergola patent expires on November 26, 2028, the Solar Photovoltaic Sunlight House patent registered in China expires on March 7, 2029, and registered in Hong Kong expires on August 2, 2027, and the RPP Ballast Solar System registered in China expires on March 7, 2029, and registered in Hong Kong expires on August 5, 2027. The Company paid consideration of $10.00 for entering into the PowerWatt Engineering License Agreement. PowerWatt Engineering is controlled by Hak Yiu Ng, the President, Chairman of the Board of Directors and majority stockholder of the Company.

Director Independence

Our board of directors is currently composed of one member, who does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management.

Our board of directors has not separately designated and standing committees. Accordingly, the duties customarily performed by an audit committee, compensation committee, and governance and nominating committee are performed by our board of directors.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

For the year ended December 31, 2020 and 2019, the total fees charged to the company for audit services, including quarterly reviews were $50,000 and $7,600, for audit-related services were $0 and $0 and for tax services and other services were $0 and $0, respectively.

Table of Contents

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE

(a) The following Exhibits, as required by Item 601 of Regulation SK, are attached or incorporated by reference, as stated below.

Number		Description

2.1		Share Exchange Agreement, dated November 25, 2020, by and among Folkup Development Inc., a Nevada corporation, Powertech Holdings Company Limited, a British Virgin Islands corporation, and the holders of common stock of Powertech Holdings Company Limited. (3)
3.1		Articles of Incorporation, dated July 5, 2016 (1)
3.2		Bylaws (2)
21.1		Subsidiaries of the Registrant*
31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS		XBRL Instance Document*
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*

_______________

(1)	Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-216921), filed with the Securities and Exchange Commission on March 24, 2017.
(2)	Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-216921), filed with the Securities and Exchange Commission on March 24, 2017.
(3)	Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 333-216921) dated filed with the Securities and Exchange Commission on November 27, 2020.

*Filed herewith.

ITEM 16. FORM 10-K SUMMARY

None.

Table of Contents

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FOLKUP DEVELOPMENT INC.

Date: March 31, 2021	By:	/s/ Hak Yiu Ng
	Name:	Hak Yiu Ng
	Title:	President (principal executive officer)

Date: March 31, 2021	By:	/s/ Lau Kit Yan, Mark
	Name:	Lau Kit Yan, Mark
	Title:	Chief Financial Officer (principal accounting officer and principal financial officer)

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Hak Yiu Ng and Lau Kit Yan, and each of them, as his true and lawful attorney-in-fact and agents with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments to this Annual Report on Form 10-K of Folkup Development Inc. for the fiscal year ended December 31, 2020, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, grant unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the foregoing, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents, or his substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Power of Attorney has been signed by the following persons in the capacities and on the dates stated.

Date: March 31, 2021	By:	/s/ Hak Yiu Ng
	Name:	Hak Yiu Ng
	Title:	President, Treasurer, and Chairman of the Board of Directors (principal executive officer)

Date: March 31, 2021	By:	/s/ Huang Zhen Kun
	Name:	Huang Zhen Kun
	Title:	Chief Executive Officer

Date: March 31, 2021	By:	/s/ Lau Kit Yan, Mark
	Name:	/s/ Lau Kit Yan, Mark
	Title:	Chief Financial Officer, Secretary and Director (principal accounting officer and principal financial officer)

Date: March 31, 2021	By:	/s/ Poon To Ming
	Name:	Poon To Ming Chief Operating Officer

Date: March 31, 2021	By:	/s/ Wong Ka Hing Andrew
	Name:	Wong Ka Hing Andrew
	Title:	Chief Marketing Officer

Date: March 31, 2021	By:	/s/ Xu Ming
	Name:	Xu Ming
	Title:	Chief Technology Officer

Filing Compare · Folkup Development Inc.