UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended January 31, ~~2023~~2024

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

Commission File No.333-216645

VITASPRING BIOMEDICAL CO., LTD.

(Exact name of registrant as specified in its charter)

Nevada		37-1836726
State or other jurisdiction of Incorporation or organization		(IRS Employer Identification No.)

5225 Canyon Crest Drive, Suite 71-802, Riverside, CA		92507
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (949) 202-9235

Securities registered pursuant to Section 12(b) of the Act: None

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

Securities registered pursuant to Section 12(g) of the Act: None

None

(Title of class)

None

(Title of class)

Indicate by check mark whether 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 shorter period that the registrant as 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, or 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. Yes ☐ No ☒

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

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

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

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

State the aggregate market value of the voting and non-voting common equity held by non-aﬃliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. On July 31, 2023, $14.93 bid price was reported for our common stock, as the security was not actively quoted or had no bids on that date.

As of ~~November~~March 2611, ~~2025~~2026, the registrant had 207,030,030 shares of common stock issued and outstanding.

TABLE OF CONTENTS

	PART I
ITEM 1	BUSINESS	4
ITEM 1A	RISK FACTORS	10
ITEM 1B	UNRESOLVED STAFF COMMENTS	1015
ITEM 1C	CYBERSECURITY	1015
ITEM 2	PROPERTIES	1016
ITEM 3	LEGAL PROCEEDINGS	1116
ITEM 4	MINE SAFETY DISCLOSURES	1116
	PART II
ITEM 5	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES	1217
ITEM 6	RESERVED	1318
ITEM 7	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	1318
ITEM 7A	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	1724
ITEM 8	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	1825
ITEM 9	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	1926
ITEM 9A	CONTROLS AND PROCEDURES	1926
ITEM 9B	OTHER INFORMATION	1926
ITEM 9C	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	1926
	PART III
ITEM 10	DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT	2027
ITEM 11	EXECUTIVE COMPENSATION	2230
ITEM 12	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	2331
ITEM 13	CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	2431
ITEM 14	PRINCIPAL ACCOUNTANT FEES AND SERVICES	2432
	PART IV
ITEM 15	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	2633

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K for the fiscal year ended January 31, ~~2023~~2024 (this “Report”) is being filed after its original due date. We are working to regain full compliance with our periodic reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Except as otherwise indicated, all information contained in this Report is presented as of January 31, ~~2023~~2024.

This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. These statements relate to our expectations, beliefs, plans, objectives, intentions, and assumptions regarding future events or performance and are not statements of historical fact. Words such as “may,” “will,” “could,” “should,” “expect,” “believe,” “estimate,” “anticipate,” “intend,” “plan,” “continue,” “potential,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

These statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions, and are subject to known and unknown risks, uncertainties, and factors that could cause actual results to differ materially from those expressed or implied. Important factors that could cause such differences include, but are not limited to:

	·	our ability to develop, commercialize, and market our functional-medicine and nutraceutical formulations;
	·	our dependence on third-party research, manufacturing, and supply partners;
	·	our ability to raise additional capital to fund operations;
	·	competition within the biomedical and nutraceutical industries;
	·	loss of key personnel or inability to attract qualified employees and consultants;
	·	regulatory approvals, compliance costs, and potential changes in applicable laws;
	·	disruptions in supply chains or research partnerships;
	·	economic, geopolitical, and market conditions;
	·	inadequacy of insurance coverage for certain losses or liabilities; and
	·	potential asset impairments or other non-cash charges.

Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Readers should not place undue reliance on these statements, which speak only as of the date of this Report. Except as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events, new information, or the occurrence of unanticipated events.

As used in this Report, unless otherwise indicated, the terms “VitaSpring Biomedical,” “VitaSpring,” “we,” “us,” “our,” or the “Company” refer to VitaSpring Biomedical Co. Ltd. All dollar amounts are expressed in U.S. dollars unless otherwise specified.

Readers are urged to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the Securities and Exchange Commission. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in the future operating results over time except as required by law. We believe that our assumptions are based upon reasonable data derived from and known about our business and operations. No assurances are made that actual results of operations or the results of our future activities will not differ materially from our assumptions.

Table of Contents

PART I

Item 1. Business.

Overview

VitaSpring Biomedical Co. Ltd. (“VitaSpring,” the “Company,” “we,” “us,” or “our”), formerly known as Shemn Corp., was incorporated in the State of Nevada on September 6, 2016. We are a development-stage biomedical company engaged in the research, development, and commercialization of products that promote wellness and a healthy lifestyle. The Company began operations in 2019 and underwent a change of ownership effective January 21, 2020, resulting in a new management team and strategic direction. In connection with this ownership change, we filed a Certificate of Amendment to our Articles of Incorporation to change our corporate name to VitaSpring Biomedical Co. Ltd., which became effective on April 21, 2020, following clearance by the Financial Industry Regulatory Authority (“FINRA”). Our fiscal year end is January 31.

We aim to advance the field of cellular and regenerative medicine through investment in research and development of stem cell–based applications and related biomedical innovations. Our strategic objectives include establishing advanced medical research and cell production centers meeting Good Tissue Practice (“GTP”) standards and developing high-quality stem cell preparations for use in regenerative therapies and potential future drug development.

In furtherance of these objectives, we collaborate with affiliated entities and research partners to support the mass production and commercialization of X.msc-related medical projects, including investigational new drugs and clinical trials involving X.exosome, a critical component in skincare and regenerative formulations. Management anticipates that X.msc-based projects will progress to limited hospital implementation within approximately five years, as part of our broader plan to integrate laboratory innovation into clinical application.

Recent Developments

OnUnder ~~March~~new 30management, ~~2020,~~ we ~~filed~~have asuccessfully ~~Certificate~~transitioned ofproprietary ~~Amendment~~patent totechnologies ~~our~~into ~~Articles~~mass-production ofknow-how ~~Incorporation~~focused ~~with~~on allogeneic mesenchymal stem cell (MSC) processing derived from the ~~Nevada~~maternal ~~Secretary~~placenta. This proprietary process allows for efficient and stable culture of ~~State~~more tothan ~~effect~~20 ~~the~~generations ~~corporate~~of ~~name~~sub-cultured ~~change~~MSCs, maintaining consistent viability and exhibiting up to ~~VitaSpring~~1,000 ~~Biomedical~~times ~~Co.~~higher ~~Ltd.~~exosome ~~(the~~concentration ~~“Corporate~~per ~~Action”)~~milliliter compared with conventional MSCs. ~~The~~Leveraging ~~Corporate~~this ~~Action~~know-how, ~~became~~we ~~effective~~intend onto ~~April~~establish ~~21,~~a ~~2020,~~U.S. ~~following~~FDA–regulated ~~completion~~stem cell bank capable of ~~required~~supplying ~~FINRA~~ready-to-use ~~notification~~allogeneic ~~procedures~~MSCs for emergency stem cell transplantation at an affordable cost to patients.

~~Under~~Our ~~new~~research ~~management,~~and wedevelopment ~~have~~team ~~successfully~~has ~~transitioned~~received ~~proprietary~~multiple ~~patent~~honors, ~~technologies~~including ~~into~~the ~~mass-production~~16th, ~~know-how~~17th, ~~focused~~and on18th ~~allogeneic~~Taiwan ~~mesenchymal~~National ~~stem~~Innovation ~~cell~~Awards (~~MSC~~2019–2021) ~~processing derived from the maternal placenta~~. ~~This~~The ~~proprietary~~team ~~process~~has ~~allows~~also ~~for~~participated ~~efficient~~in ~~and~~regenerative ~~stable~~medicine ~~culture~~initiatives ofsponsored ~~more~~by ~~than~~the 20Ministry ~~generations~~ of ~~sub-cultured~~Science ~~MSCs,~~and ~~maintaining~~Technology ~~consistent~~(Taiwan) ~~viability~~from ~~and~~2007 ~~exhibiting~~through ~~up to 1~~2020,~~000~~ ~~times~~including ~~higher~~research ~~exosome~~on ~~concentration~~the ~~per~~mechanisms ~~milliliter~~of ~~compared~~human ~~with~~placenta-derived ~~conventional~~ MSCs. ~~Leveraging~~in ~~this~~various ~~know-how,~~disease ~~we intend to establish a U~~applications.S. ~~FDA–regulated~~These ~~stem~~achievements ~~cell~~underscore ~~bank~~our ~~capable~~scientific ofand ~~supplying~~technological ~~ready-to-use~~foundation ~~allogeneic MSCs~~ for ~~emergency~~advancing ~~stem~~X.msc-related ~~cell~~clinical ~~transplantation~~applications atin anregenerative ~~affordable cost to patients~~medicine.

~~Our~~Principal ~~research~~Products and development team has received multiple honors, including the 16th, 17th, and 18th Taiwan National Innovation Awards (2019–2021). The team has also participated in regenerative medicine initiatives sponsored by the Ministry of Science and Technology (Taiwan) from 2007 through 2020, including research on the mechanisms of human placenta-derived MSCs in various disease applications. These achievements underscore our scientific and technological foundation for advancing X.msc-related clinical applications in regenerative medicine.Services

~~Principal~~We ~~Products~~focus on developing cell-based medical technologies for use in regenerative medicine, preventive health care, beauty, and ~~Services~~anti-aging. Our work is based on a type of stem cell that we call X.msc, as well as exosome-based materials derived from these cells.

Wethis ~~focus~~time, onwe ~~developing~~do ~~cell-based~~not ~~medical~~sell ~~technologies~~any products or treatments for consumer use. inOur ~~regenerative~~current ~~medicine,~~efforts ~~preventive~~are ~~health~~focused ~~care~~on research and development, ~~beauty~~improving our production process, and ~~anti-aging~~evaluating potential future applications. ~~Our~~If ~~work~~we isdecide ~~based~~to oncreate aproducts ~~type~~for ofuse ~~stem~~by ~~cell~~consumers ~~that~~or patients, we ~~call~~will ~~X.msc,~~first asneed ~~well~~to ascomplete ~~exosome-based~~scientific ~~materials derived~~testing ~~from~~and ~~these~~obtain ~~cells~~all required regulatory approvals.

At4 ~~this~~Table ~~time,~~of we do not sell any products or treatments for consumer use. Our current efforts are focused on research and development, improving our production process, and evaluating potential future applications. If we decide to create products for use by consumers or patients, we will first need to complete scientific testing and obtain all required regulatory approvals.Contents

4Our ~~Table~~Research ofand ~~Contents~~Technology

~~Our~~We ~~Research~~believe ~~and~~that ~~Technology~~our research program gives us several advantages in developing cell-based technologies:

· Discovery of X.msc: We ~~believe~~have ~~that~~identified ~~our~~and isolated a special type of mesenchymal stem cell, which we call X.msc. · Safety: Early research ~~program~~suggests ~~gives~~that X.msc do not promote tumor growth and appear to be safe for potential medical use. · Purification Process: We have developed a process that helps us ~~several~~grow ~~advantages~~and inpurify ~~developing~~X.msc so that each batch is consistent and uniform. · Cell Viability: Laboratory results show that X.msc remain active longer and produce more exosomes than typical stem cells. · Cell Stability: We can culture these cells through more than 25 generations while maintaining their natural stem-cell properties. · Growth Medium: We use a proprietary growth formula that helps X.msc multiply efficiently and stay stable. · Exosome Technology: We are developing exclusive exosome-based ~~technologies~~formulas that may be used in skin care, wound healing, or anti-inflammatory research. · Research Applications: We are studying how X.msc may help with tissue repair, immune system balance, and inflammation control. · Ethical Standards: All X.msc cells come from ethically obtained, non-embryonic human placental tissue. We comply with current ethical and legal standards for biomedical research.

·Our ~~Discovery of X.msc: We have identified and isolated a special type of mesenchymal stem cell, which we call X.msc. · Safety: Early~~ research ~~suggests~~is ~~that~~still ~~X.msc~~in dothe ~~not~~early ~~promote~~development ~~tumor growth and appear to be safe for potential medical use~~stage. ~~· Purification Process:~~ We have ~~developed~~not ayet ~~process~~completed ~~that~~the ~~helps~~scientific ustesting ~~grow~~or ~~and~~received ~~purify~~the ~~X.msc~~approvals so that ~~each~~would ~~batch~~be isneeded ~~consistent~~to ~~and~~sell ~~uniform.~~any ·medical ~~Cell~~or ~~Viability:~~consumer ~~Laboratory results show that X~~products.~~msc~~ ~~remain~~Any ~~active~~future ~~longer~~products ~~and~~or ~~produce~~treatments ~~more~~based ~~exosomes~~on ~~than~~our ~~typical~~technology ~~stem~~would ~~cells.~~require ·review ~~Cell~~and ~~Stability:~~authorization Weby ~~can~~the ~~culture these cells through more than 25 generations while maintaining their natural stem-cell properties~~U. ~~· Growth Medium: We use a proprietary growth formula that helps X~~S.~~msc~~ ~~multiply~~Food ~~efficiently~~ and ~~stay~~Drug ~~stable.~~Administration ·(FDA) ~~Exosome~~or ~~Technology:~~similar Weagencies ~~are~~in ~~developing~~other ~~exclusive~~countries ~~exosome-based~~before ~~formulas~~they ~~that~~could ~~may~~ be ~~used~~offered in skin care, wound healing, or anti-inflammatory research. · Research Applications: We are studying how X.msc may help with tissue repair, immune system balance, and inflammation control. · Ethical Standards: All X.msc cells come from ethically obtained, non-embryonic human placental tissue. We comply with current ethical and legal standards for ~~biomedical research~~sale.

~~Our~~Research research is still in the early development stage. We have not yet completed the scientific testing or received the approvals that would be needed to sell any medical or consumer products. Any future products or treatments based on our technology would require review and ~~authorization~~Development ~~by the U.S. Food and Drug Administration (FDA) or similar agencies in other countries before they could be offered for sale.~~

~~Research and Development~~ Overview

~~Overview~~We did not conduct any research and development (“R&D”) activities or incur R&D expenses during the fiscal years ended January 31, 2024 and 2023. However, we plan to explore and implement R&D programs in the future once sufficient funding becomes available. Our objective is to advance proprietary cell-based biomedical technologies, including our X.msc mesenchymal stem-cell platform and exosome-based formulations, with a focus on applications for regenerative medicine, preventive health, and functional wellness.

WeFuture ~~did not conduct any research and development (“~~R&D”) ~~activities~~efforts orare ~~incur~~expected ~~R&D~~to ~~expenses~~emphasize ~~during~~scientific ~~the fiscal years ended January 31~~validation, ~~2023~~process ~~and 2022. However~~optimization, ~~we plan to explore~~ and ~~implement~~regulatory ~~R&D~~readiness ~~programs~~as inwe ~~the~~seek ~~future once sufficient funding becomes available. Our objective is~~ to ~~advance~~translate ~~proprietary~~laboratory ~~cell-based~~discoveries ~~biomedical~~into ~~technologies,~~practical ~~including our X.msc mesenchymal stem-cell platform and exosome-based formulations, with a focus on~~ applications ~~for regenerative medicine, preventive health, and functional wellness~~.

~~Future~~Planned ~~R&D~~Focus ~~efforts are expected to emphasize scientific validation, process optimization, and regulatory readiness as we seek to translate laboratory discoveries into practical applications.~~Areas

~~Planned~~When ~~Focus~~funded, ~~Areas~~our R&D initiatives are expected to focus on four primary areas:

~~When~~1. ~~funded,~~Stem-Cell ~~our~~Isolation ~~R&D~~and ~~initiatives are expected to focus on four primary areas:~~Expansion

1We intend refine methods for isolating and expanding X.msc ~~Stem~~cells derived from ethically sourced, non-~~Cell~~embryonic ~~Isolation~~human placental tissue, designed to maintain cell purity, stability, and ~~Expansion~~potency through extended culture generations.

~~We intend refine methods for isolating and expanding X~~2.~~msc~~ ~~cells~~Exosome ~~derived~~Production ~~from ethically sourced, non-embryonic human placental tissue, designed to maintain cell purity, stability,~~ and ~~potency through extended culture generations.~~Characterization

2.We ~~Exosome~~plan ~~Production~~to develop scalable methods to increase the yield and ~~Characterization~~quality of exosomes—the nanosized vesicles secreted by stem cells that play a role in cellular signaling and repair – with potential applications in tissue regeneration and inflammation control.

We5 ~~plan~~Table ~~to develop scable methods to increase the yield and quality~~ of ~~exosomes—the nanosized vesicles secreted by stem cells that play a role in cellular signaling and repair – with potential applications in tissue regeneration and inflammation control.~~Contents

53. ~~Table~~Formulation ofand ~~Contents~~Product Development

3.We ~~Formulation~~aim to design prototype formulations combining exosome and ~~Product~~redox-balance ~~Development~~research for possible use in topical, injectable, or nutraceutical uses. These concepts remain in the pre-commercial exploratory state.

We4. ~~aim~~Process toAutomation ~~design prototype formulations combining exosome~~ and ~~redox-balance~~Quality ~~research for possible use in topical, injectable, or nutraceutical uses. These concepts remain in the pre-commercial exploratory state.~~Control

4.We ~~Process~~expect ~~Automation~~to implement standardized production protocols aligned with Good Tissue Practice (GTP) and ~~Quality~~Good ~~Control~~Manufacturing Practice (GMP) principles to ensure reproducibility and compliance with international regulatory standards. As of the date of this Report, we have not submitted any applications to the FDA or initiated any clinical programs.

WeCollaborations ~~expect to implement standardized production protocols aligned with Good Tissue Practice (GTP)~~ and ~~Good Manufacturing Practice (GMP) principles to ensure reproducibility and compliance with international regulatory standards.~~Partnerships

~~Collaborations~~Although we have not yet initiated formal R&D programs, we intend to collaborate with academic institutions, hospitals, and ~~Partnerships~~affiliated research companies in Taiwan and other regions of Asia-Pacific as development progresses. These relationships are expected to provide access to advanced laboratory infrastructure, scientific expertise, and early-stage data that support our internal development goals. We may also engage external contract research organizations (“CROs”) for specialized testing and validation services as appropriate.

~~Although we have not yet initiated formal~~ R&D programs, we intend to collaborate with academic institutions, hospitals, and affiliated research companies in Taiwan and other regions of Asia-Pacific as development progresses. These relationships are expected to provide access to advanced laboratory infrastructure, scientific expertise, and early-stage data that support our internal development goals. We may also engage external contract research organizations (“CROs”) for specialized testing and validation services as appropriate.Expenditures

We did not incur any R&D ~~Expenditures~~expenses for the fiscal years ended January 31, 2024 and January 31, 2023.

WeFuture ~~did~~expenditures ~~not~~will ~~incur~~vary ~~any~~depend ~~R&D~~on ~~expenses~~the ~~for~~timing ~~the~~and ~~fiscal~~scope ~~years~~of ~~ended~~our ~~January~~planned ~~31,~~R&D ~~2023~~activities and ~~January~~the ~~31,~~availability ~~2022~~of financing.

~~Future~~Intellectual ~~expenditures~~Property ~~will vary depend on the timing~~ and ~~scope~~Data ~~of our planned R&D activities and the availability of financing.~~

~~Intellectual~~As ~~Property~~of the date of this filing, we do not own or hold any issued patents, registered trademarks, or other registered intellectual property rights. Our proprietary assets currently consist of trade secrets, technical know-how, and ~~Data~~research data developed in connection with our exploratory initiatives.

AsWe ofintend ~~the~~to ~~date~~pursue ofintellectual ~~this~~property ~~filing,~~protection wein dothe ~~not~~future ~~own~~through orpatent ~~hold~~and ~~any~~trademark ~~issued~~filings ~~patents,~~once ~~registered~~our ~~trademarks,~~product orcandidates ~~other~~and ~~registered~~technologies ~~intellectual~~reach ~~property~~a ~~rights~~more advanced stage of development. Our ~~proprietary~~strategy ~~assets~~will ~~currently~~focus ~~consist~~on ofsecuring ~~trade~~rights ~~secrets,~~to ~~technical~~key ~~know-how~~processes, formulations, and ~~research~~brand ~~data~~elements ~~developed~~associated ~~in connection~~ with our ~~exploratory~~stem-cell ~~initiatives~~and exosome technologies.

WeTo ~~intend~~protect toour ~~pursue~~confidential ~~intellectual~~information ~~property~~and ~~protection~~technical indata, ~~the~~we ~~future~~intend ~~through~~to ~~patent~~use confidentiality and ~~trademark~~non-disclosure ~~filings~~agreements ~~once~~with ~~our~~employees, ~~product~~consultants, ~~candidates~~advisors, and ~~technologies~~potential ~~reach~~research aor ~~more~~commercial ~~advanced stage of development~~partners. ~~Our~~These ~~strategy~~agreements will ~~focus~~be ondesigned ~~securing~~to ~~rights~~safeguard toour ~~key~~proprietary ~~processes~~information, ~~formulations~~prevent unauthorized disclosure, and ~~brand~~preserve ~~elements~~our ~~associated~~ability ~~with~~to ~~our~~seek ~~stem-cell~~formal ~~and~~intellectual ~~exosome~~property ~~technologies~~protection in the future.

ToWe ~~protect~~also ~~our~~plan ~~confidential~~to ~~information~~implement ~~and~~data ~~technical~~protection ~~data,~~and wecybersecurity ~~intend~~measures to ~~use~~ensure ~~confidentiality~~compliance ~~and non-disclosure agreements~~ with ~~employees,~~applicable ~~consultants,~~privacy ~~advisors,~~ and ~~potential~~data ~~research~~security orregulations ~~commercial~~as ~~partners.~~our ~~These~~operations ~~agreements~~expand ~~will~~and beas ~~designed~~we begin to ~~safeguard~~handle ~~our~~research ~~proprietary~~data ~~information,~~or ~~prevent~~potential ~~unauthorized~~patient ~~disclosure,~~information ~~and~~in ~~preserve~~connection ~~our~~with ~~ability~~future toclinical ~~seek~~or ~~formal~~pre-clinical ~~intellectual property protection in the future~~activities.

WeMarket ~~also~~Opportunity ~~plan to implement data protection~~ and ~~cybersecurity~~Industry measures to ensure compliance with applicable privacy and data security regulations as our operations expand and as we begin to handle research data or potential patient information in connection with future clinical or pre-clinical activities.Background

~~Market Opportunity and~~ Industry ~~Background~~Overview

~~Industry~~We ~~Overview~~operate within the global regenerative-medicine and functional-wellness industry, which combines advances in cell biology, biotechnology, and preventive health. The regenerative-medicine market includes products and research focused on repairing or replacing damaged cells, tissues, and organs, while the nutraceutical and wellness segment focuses on enhancing physiological function and delaying age-related decline.

WeThe ~~operate~~worldwide ~~within the global~~ regenerative-medicine ~~and~~market ~~functional-wellness~~has ~~industry~~grown rapidly over the past decade, ~~which~~driven ~~combines~~by ~~advances~~improvements in stem-cell ~~biology~~science, ~~biotechnology~~exosome research, and ~~preventive~~biomaterial ~~health~~engineering. ~~The~~According ~~regenerative-medicine~~to publicly available industry reports, the market ~~includes~~exceeded ~~products~~$25 billion in 2024 and ~~research~~is ~~focused~~projected onto ~~repairing~~continue orexpanding ~~replacing~~as ~~damaged~~clinical ~~cells,~~adoption ~~tissues,~~increases and ~~organs,~~regulatory ~~while~~frameworks mature. At the ~~nutraceutical~~same time, global demand for preventive health and ~~wellness~~anti-aging ~~segment~~solutions ~~focuses~~has onsurged ~~enhancing~~as ~~physiological~~populations ~~function~~age and ~~delaying~~consumers ~~age-related~~become ~~decline~~more health-conscious.

~~The~~6 ~~worldwide~~Table ~~regenerative-medicine~~of market has grown rapidly over the past decade, driven by improvements in stem-cell science, exosome research, and biomaterial engineering. According to publicly available industry reports, the market exceeded $25 billion in 2024 and is projected to continue expanding as clinical adoption increases and regulatory frameworks mature. At the same time, global demand for preventive health and anti-aging solutions has surged as populations age and consumers become more health-conscious.Contents

6Emerging ~~Table of Contents~~Trends

~~Emerging~~Several ~~Trends~~trends are shaping our industry and creating opportunities for VitaSpring:

~~Several~~· ~~trends~~Growth of Cell-Based Therapies – Advances in mesenchymal stem-cell (“MSC”) science and exosome applications are ~~shaping~~moving ~~our~~from experimental research to clinical and commercial development. · Preventive and Personalized Medicine – Healthcare is shifting toward prevention and individualized treatment based on cellular diagnostics and targeted biological interventions. · Regulatory Evolution – Governments in the United States and Asia are developing clearer pathways for cell-therapy and biologics approval, increasing investor confidence and accelerating commercialization timelines. · Integration of Biotechnology and Aesthetics – The intersection between regenerative medicine and the beauty industry is expanding rapidly, particularly in skin repair and ~~creating~~anti-inflammatory applications. · Asia-Pacific Leadership – Countries such as Taiwan, Japan, and South Korea are at the forefront of stem-cell innovation, providing opportunities for ~~VitaSpring:~~collaboration and technology transfer.

·Market ~~Growth~~Opportunity of Cell-Based Therapies – Advances in mesenchymal stem-cell (“MSC”) science and exosome applications are moving from experimental research to clinical and commercial development. · Preventive and Personalized Medicine – Healthcare is shifting toward prevention and individualized treatment based on cellular diagnostics and targeted biological interventions. · Regulatory Evolution – Governments in the United States and Asia are developing clearer pathways for cell-therapy and biologics approval, increasing investor confidence and accelerating commercialization timelines. · Integration of Biotechnology and Aesthetics – The intersection between regenerative medicine and the beauty industry is expanding rapidly, particularly in skin repair and anti-inflammatory applications. · Asia-Pacific Leadership – Countries such as Taiwan, Japan, and South Korea are at the forefront of stem-cell innovation, providing opportunities for collaboration and technology transfer.VitaSpring

~~Market~~We ~~Opportunity~~believe ~~for~~ VitaSpring is positioned to participate in these long-term growth trends by focusing on cell-based technologies that bridge biomedical research and functional wellness. We intend to develop an X.msc stem-cell platform and exosome formulations that will be designed to address multiple potential markets, including:

We· ~~believe~~Regenerative ~~VitaSpring~~Medicine is– ~~positioned~~Supplying toallogeneic ~~participate~~MSCs and exosome materials for use in ~~these~~research, ~~long-term~~clinical ~~growth~~trials, ~~trends~~and bypotential ~~focusing~~therapeutic ondevelopment. · Biomedical Research and Manufacturing Services – Providing contract cell-~~based~~production, ~~technologies~~purification, ~~that~~and ~~bridge~~quality-control ~~biomedical~~services ~~research~~to laboratories and ~~functional~~hospitals ~~wellness~~that lack internal cell-processing capacity. We· ~~intend~~Preventive toHealth ~~develop~~and anAnti-Aging ~~X.msc~~– ~~stem~~Developing future consumer-~~cell~~facing ~~platform~~formulations ~~and~~derived from our exosome ~~formulations~~research ~~that~~for ~~will~~skincare beand ~~designed~~tissue-repair toapplications. ~~address~~· ~~multiple~~Collaborative ~~potential~~R&D ~~markets~~– Partnering with universities, ~~including:~~hospitals, and biotechnology firms to co-develop new cellular technologies and expand applications for our intellectual property.

·Competitive Regenerative Medicine – Supplying allogeneic MSCs and exosome materials for use in research, clinical trials, and potential therapeutic development. · Biomedical Research and Manufacturing Services – Providing contract cell-production, purification, and quality-control services to laboratories and hospitals that lack internal cell-processing capacity. · Preventive Health and Anti-Aging – Developing future consumer-facing formulations derived from our exosome research for skincare and tissue-repair applications. · Collaborative R&D – Partnering with universities, hospitals, and biotechnology firms to co-develop new cellular technologies and expand applications for our intellectual property.Landscape

~~Competitive~~The ~~Landscape~~regenerative medicine industry is highly fragmented and competitive, comprising early-stage research companies, established biotechnology firms, and university-affiliated laboratories. Competition is based on factors such as scientific credibility, intellectual property protection, manufacturing capability, clinical outcomes, and regulatory compliance.

~~The~~We ~~regenerative~~currently ~~medicine~~operate ~~industry~~at isan ~~highly~~early ~~fragmented~~development stage and ~~competitive,~~face ~~comprising~~competition ~~early-stage~~from ~~research~~both ~~companies,~~domestic ~~established~~and ~~biotechnology~~international ~~firms,~~companies pursuing stem-cell and ~~university~~exosome-~~affiliated~~based ~~laboratories~~technologies. ~~Competition~~Many isof ~~based~~these oncompetitors ~~factors~~have ~~such~~significantly asgreater ~~scientific~~financial, ~~credibility~~technical, ~~intellectual~~and ~~property~~research ~~protection~~resources, ~~manufacturing~~as ~~capability,~~well ~~clinical~~as ~~outcomes,~~established regulatory and ~~regulatory~~commercial ~~compliance~~infrastructures.

WeDespite ~~currently~~these ~~operate~~challenges, atwe anbelieve ~~early~~our ~~development~~emerging ~~stage~~platform and ~~face~~development ~~competition~~strategy ~~from~~may ~~both~~offer ~~domestic~~certain ~~and international companies pursuing stem~~long-~~cell~~term ~~and exosome-based technologies. Many of these competitors have significantly greater financial~~advantages, ~~technical, and research resources, as well as established regulatory and commercial infrastructures.~~including:

~~Despite~~· ~~these~~Proprietary ~~challenges,~~technical weknow-how ~~believe~~related ~~our~~to ~~emerging~~cell ~~platform~~culture, purification, and ~~development~~expansion ~~strategy~~processes that may ~~offer~~enhance ~~certain~~exosome yield and cell viability; · Ethical sourcing protocols that utilize non-embryonic human placental tissue; · Strategic relationships in Asia, a region recognized for leadership in regenerative medicine and cell-therapy innovation; and · A long-term ~~advantages,~~objective ~~including:~~to establish a Good Tissue Practice (“GTP”)–compliant cell-production and storage facility to support future research and clinical applications.

·As ~~Proprietary~~the ~~technical~~industry ~~know-how related to cell culture~~evolves, ~~purification,~~we ~~and~~intend ~~expansion~~to ~~processes~~differentiate ~~that~~ourselves ~~may~~through ~~enhance~~process ~~exosome~~reliability, ~~yield~~scientific ~~and cell viability; · Ethical sourcing protocols that utilize non-embryonic human placental tissue; · Strategic relationships in Asia~~validation, ~~a region recognized for leadership in regenerative medicine~~ and ~~cell-therapy~~adherence ~~innovation; and · A long-term objective~~ to ~~establish~~emerging ainternational ~~Good~~standards ~~Tissue~~for ~~Practice~~quality ~~(“GTP”)–compliant cell-production~~ and ~~storage facility to support future research and clinical applications~~safety.

As7 ~~the~~Table ~~industry~~of ~~evolves, we intend to differentiate ourselves through process reliability, scientific validation, and adherence to emerging international standards for quality and safety.~~Contents

~~7 Table of Contents~~Outlook

~~Outlook~~The regenerative-medicine and functional-health markets are expected to remain among the fastest-growing segments in the life-sciences industry. As research validation improves and regulatory frameworks mature, we believe opportunities will expand for companies like VitaSpring that can deliver scientifically credible, ethically sourced, and commercially scalable cell-based technologies.

~~The~~Business ~~regenerative-medicine~~Model and ~~functional-health~~Revenue markets are expected to remain among the fastest-growing segments in the life-sciences industry. As research validation improves and regulatory frameworks mature, we believe opportunities will expand for companies like VitaSpring that can deliver scientifically credible, ethically sourced, and commercially scalable cell-based technologies.Strategy

~~Business~~We ~~Model~~are building a biomedical platform that integrates cell-based science, regenerative medicine, and ~~Revenue~~functional ~~Strategy~~wellness. Our business model combines research-driven innovation with a long-term plan to develop, license, and commercialize proprietary technologies derived from our X.msc mesenchymal stem-cell and exosome programs. Because we remain in the development stage, we currently generate only limited revenue. Our strategy focuses on creating intellectual property, establishing production know-how, and forming partnerships that can translate our technologies into scalable commercial opportunities.

WeBusiness are building a biomedical platform that integrates cell-based science, regenerative medicine, and functional wellness. Our business model combines research-driven innovation with a long-term plan to develop, license, and commercialize proprietary technologies derived from our X.msc mesenchymal stem-cell and exosome programs. Because we remain in the development stage, we currently generate only limited revenue. Our strategy focuses on creating intellectual property, establishing production know-how, and forming partnerships that can translate our technologies into scalable commercial opportunities.Model

~~Business~~· ~~Model~~Research and Technology Development – We intend to invest in R&D to improve cell isolation, culture, and exosome production methods. Our near-term objective is to generate data and proprietary processes that can be licensed or used in future clinical and commercial programs. · Contract Manufacturing and Research Services – We intend to pursue a production platform to offer cell-culture, purification, and testing services to third-party laboratories, hospitals, and research organizations that lack their own stem-cell facilities. These services may provide early revenue and industry exposure while advancing standardization of our technology. · Product Commercialization and Licensing – Over the longer term, we intend to develop and license cell-based products, exosome formulations, and related wellness applications. We expect commercialization to occur through direct sales, distribution partnerships, or out-licensing arrangements once regulatory approvals are obtained.

·Revenue Research and Technology Development – We intend to invest in R&D to improve cell isolation, culture, and exosome production methods. Our near-term objective is to generate data and proprietary processes that can be licensed or used in future clinical and commercial programs. · Contract Manufacturing and Research Services – We intend to pursue a production platform to offer cell-culture, purification, and testing services to third-party laboratories, hospitals, and research organizations that lack their own stem-cell facilities. These services may provide early revenue and industry exposure while advancing standardization of our technology. · Product Commercialization and Licensing – Over the longer term, we intend to develop and license cell-based products, exosome formulations, and related wellness applications. We expect commercialization to occur through direct sales, distribution partnerships, or out-licensing arrangements once regulatory approvals are obtained.Strategy

· Direct Product Sales: Sale of biomedical or wellness products, such as exosome-based formulations and stem-cell derivatives, subject to applicable regulatory clearances. · Licensing and Royalties: Granting rights to use our cell lines, culture technology, or manufacturing processes in exchange for upfront fees and royalties on product sales. · Contract Research and Manufacturing Fees: Providing laboratory and process-development services to third-party researchers and institutions for a fixed or milestone-based fee. · Collaborative and Joint-Venture Revenue: ~~Strategy~~Entering partnerships with academic, hospital, or commercial entities to co-develop specific applications, sharing both costs and revenues. · Consulting and Technology Transfer: Offering technical expertise and training related to cell-culture and exosome manufacturing methods.

·8 ~~Direct~~Table ~~Product Sales: Sale~~ of biomedical or wellness products, such as exosome-based formulations and stem-cell derivatives, subject to applicable regulatory clearances. · Licensing and Royalties: Granting rights to use our cell lines, culture technology, or manufacturing processes in exchange for upfront fees and royalties on product sales. · Contract Research and Manufacturing Fees: Providing laboratory and process-development services to third-party researchers and institutions for a fixed or milestone-based fee. · Collaborative and Joint-Venture Revenue: Entering partnerships with academic, hospital, or commercial entities to co-develop specific applications, sharing both costs and revenues. · Consulting and Technology Transfer: Offering technical expertise and training related to cell-culture and exosome manufacturing methods.Contents

Pricing and Customer Approach

We anticipate a business-to-business (B2B) model, serving institutional and clinical clients rather than direct retail customers. Pricing for products or services will be based on the complexity of manufacturing, exclusivity of technology, and market benchmarks within the regenerative-medicine industry. We intend to maintain flexibility to accommodate long-term partnerships and regional licensing arrangements.

Long-Term Objectives

	·	Establish VitaSpring as a recognized supplier of ethically sourced, high-quality stem-cell materials.
	·	Build a diversified revenue base through product sales, service income, and licensing fees.
	·	Leverage partnerships in Asia, Europe, and North America to expand market access.
	·	Achieve sustainable profitability while maintaining regulatory compliance and scientific integrity.

8Strategic ~~Table~~Partnerships ofand ~~Contents~~Alliances

~~Strategic~~We ~~Partnerships~~are still in the development stage and ~~Alliances~~continue to build our network of collaborations and strategic alliances. At this time, we have not established any formal partnerships in North America, but we maintain affiliations and research relationships in Taiwan and other parts of Asia. These relationships provide access to laboratory facilities, scientific expertise, and collaborative opportunities in regenerative-medicine research. We plan to form strategic partnerships with universities, hospitals, contract manufacturers, and biotechnology firms to accelerate development, streamline regulatory compliance, and expand market reach. We expect these alliances to play an important role in scaling our X.msc and exosome technologies, supporting clinical validation, and creating distribution channels for future biomedical and wellness products.

WeCompetitive are still in the development stage and continue to build our network of collaborations and strategic alliances. At this time, we have not established any formal partnerships in North America, but we maintain affiliations and research relationships in Taiwan and other parts of Asia. These relationships provide access to laboratory facilities, scientific expertise, and collaborative opportunities in regenerative-medicine research. We plan to form strategic partnerships with universities, hospitals, contract manufacturers, and biotechnology firms to accelerate development, streamline regulatory compliance, and expand market reach. We expect these alliances to play an important role in scaling our X.msc and exosome technologies, supporting clinical validation, and creating distribution channels for future biomedical and wellness products.Landscape

~~Competitive~~The ~~Landscape~~regenerative-medicine and biotechnology industries are highly competitive and characterized by rapid innovation, scientific advancement, and evolving regulation. We intend to compete with both early-stage biotechnology firms and established life-science companies engaged in stem-cell and exosome research. Key competitive factors include scientific credibility, cell-production quality, intellectual-property protection, cost efficiency, and regulatory compliance. Many of our competitors have greater financial, technical, and marketing resources than we do.

~~The~~Regulatory regenerative-medicine and biotechnology industries are highly competitive and characterized by rapid innovation, scientific advancement, and evolving regulation. We intend to compete with both early-stage biotechnology firms and established life-science companies engaged in stem-cell and exosome research. Key competitive factors include scientific credibility, cell-production quality, intellectual-property protection, cost efficiency, and regulatory compliance. Many of our competitors have greater financial, technical, and marketing resources than we do. Matters

~~Regulatory~~Our ~~Matters~~operations will be subject to domestic and international laws and regulations governing biomedical research, cell storage, and manufacturing. Although we are not yet producing or selling products that require regulatory approval from the U.S. Food and Drug Administration (“FDA”), we intend to align our procedures with Good Tissue Practice (GTP) and Good Manufacturing Practice (GMP) standards to prepare for future regulatory submissions. As we expand internationally, we may also be subject to laws relating to biological exports, clinical-trial oversight, and biotechnology transfer. We will implement appropriate compliance systems and oversight mechanisms prior to the commercial launch of any regulated products.

~~Our~~Employees ~~operations will be subject to domestic~~ and ~~international~~Human ~~laws~~Capital and regulations governing biomedical research, cell storage, and manufacturing. Although we are not yet producing or selling products that require regulatory approval from the U.S. Food and Drug Administration (“FDA”), we intend to align our procedures with Good Tissue Practice (GTP) and Good Manufacturing Practice (GMP) standards to prepare for future regulatory submissions. As we expand internationally, we may also be subject to laws relating to biological exports, clinical-trial oversight, and biotechnology transfer. We will implement appropriate compliance systems and oversight mechanisms prior to the commercial launch of any regulated products.Resources

~~Employees~~As of January 31, 2026, we had no full-time employees other than our sole executive who holds all of our officer positions. Our operations are currently conducted by a network of contractors, consultants, scientists, and ~~Human~~research ~~Capital~~partners ~~Resources~~who support our technical and administrative needs. As we progress toward commercialization, we intend to expand our organization by hiring key personnel in the areas of research and development, quality assurance, regulatory affairs, and business development. We plan to recruit individuals with biomedical, biotechnology, and cell-science experience, and to build a culture that values technical excellence, collaboration, and integrity.

AsRecruitment ~~of November 12, 2025, we had no full-time employees other than our executive officers. Our operations are currently conducted by a network of contractors, consultants, scientists,~~ and research partners who support our technical and administrative needs. As we progress toward commercialization, we intend to expand our organization by hiring key personnel in the areas of research and development, quality assurance, regulatory affairs, and business development. We plan to recruit individuals with biomedical, biotechnology, and cell-science experience, and to build a culture that values technical excellence, collaboration, and integrity. Retention

~~Recruitment~~We believe our ability to attract and ~~Retention~~retain talent will be critical to our success. We aim to maintain a work environment that emphasizes scientific curiosity, teamwork, and respect, while offering competitive compensation, professional growth opportunities, and a mission-driven culture focused on improving health and wellness through biotechnology. When we obtain the necessary capital and expand, we plan to establish programs that promote employee development, inclusion, and ethical conduct. We expect to retain qualified professionals by offering engaging research opportunities, clear advancement paths, and a collaborative culture that encourages innovation and accountability.

We9 ~~believe~~Table ~~our~~of ability to attract and retain talent will be critical to our success. We aim to maintain a work environment that emphasizes scientific curiosity, teamwork, and respect, while offering competitive compensation, professional growth opportunities, and a mission-driven culture focused on improving health and wellness through biotechnology. When we obtain the necessary capital and expand, we plan to establish programs that promote employee development, inclusion, and ethical conduct. We expect to retain qualified professionals by offering engaging research opportunities, clear advancement paths, and a collaborative culture that encourages innovation and accountability.Contents

Legal Proceedings

We are not currently subject to any legal proceedings ~~as discussed in Item 3~~. See Item 3. Legal Proceedings for information related to our former officers and director.

Facilities

Our facilities are discussed in Item 2.

Seasonality

None.

9Available ~~Table of Contents~~Information

~~Available~~Our ~~Information~~filings with the Securities and Exchange Commission (“SEC”) are available at www.sec.gov. These filings include annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, as well as any amendments thereto. We make these filings available free of charge on our website as soon as reasonably practicable after filing with the SEC.

Our filings with the Securities and Exchange Commission (“SEC”) are available at www.sec.gov. These filings include annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, as well as any amendments thereto. We make these filings available free of charge on our website as soon as reasonably practicable after filing with the SEC.

Item 1A. Risk Factors.

WeAn ~~are~~investment in our common stock involves a ~~smaller~~high ~~reporting~~degree ~~company~~of risk. You should carefully consider the risks described below, together with all other information contained in this Annual Report on Form 10-K, including our financial statements and the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risks described below are not ~~required~~the only risks we face. Additional risks and uncertainties not presently known to ~~provide~~us ~~this~~or ~~information~~that we currently deem immaterial may also materially adversely affect our business, financial condition, results of operations, liquidity, prospects, and the market price of our common stock. If any of the following risks occur, the trading price of our common stock could decline significantly, and you may lose all or part of your investment.

RISKS RELATED TO OUR FINANCIAL CONDITION, LIQUIDITY AND GOING CONCERN

Substantial doubt exists regarding our ability to continue as a going concern.

We have not generated revenue during the fiscal years ended January 31, 2024 and 2023. As of January 31, 2024, we had cash of $13, total assets of $137,342, total liabilities of $3,487,531, an accumulated deficit of $4,506,581, and a stockholders’ deficit of $3,350,189. We have incurred recurring losses since inception and expect to continue incurring losses for the foreseeable future. Based on our current cash position and expected expenditures, we do not have sufficient liquidity to fund operations for the next twelve months without additional financing.

Our financial statements have been prepared assuming we will continue as a going concern. Management has concluded that substantial doubt exists regarding our ability to continue as a going concern within twelve months from the issuance of our financial statements. Our independent registered public accounting firm has included a going concern explanatory paragraph in prior audit reports.

Based on our current cash position and expected operating expenditures, we do not have sufficient liquidity to fund operations for the next twelve months without additional financing. We do not have written agreements with related parties that contractually defer repayment of these obligations.

We have no committed financing arrangements and no revenue-generating operations. Our ability to continue operations depends entirely upon raising additional capital or obtaining continued financial support from related parties. There can be no assurance that such capital will be available on acceptable terms, if at all. If we are unable to secure adequate funding, we may be forced to significantly curtail or cease operations, seek protection under applicable insolvency laws, or liquidate our assets.

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Our liabilities substantially exceed our assets, which may impair our ability to obtain financing and satisfy uplisting requirements.

Our negative stockholders’ equity position may adversely affect investor confidence and impair our ability to obtain financing on favorable terms. Certain trading platforms and exchanges impose minimum stockholders’ equity requirements. Our current financial condition may limit our ability to satisfy such requirements, thereby restricting our ability to uplist our common stock to OTCQB or a national securities exchange. Certain markets, including the OTCQB and the national securities exchanges, require minimum stockholders’ equity thresholds that we currently do not meet.

We may not be able to satisfy our obligations as they become due.

A substantial portion of our liabilities consists of unsecured obligations to related parties and vendors. These obligations may be payable on demand. If creditors demand repayment or decline to extend payment terms, we may be unable to satisfy such obligations when due, which could result in default, litigation, or insolvency proceedings.

RISKS RELATED TO OUR DEVELOPMENT-STAGE STATUS AND BUSINESS STRATEGY

We have not commenced commercial operations and have no history of revenue generation.

Although we describe a long-term strategy involving regenerative medicine technologies, including potential stem-cell and exosome-based applications, we have not commenced commercial manufacturing, distribution, or revenue-generating activities. We did not incur research and development expenses in fiscal 2024 or fiscal 2023, have not initiated clinical trials, and have not obtained regulatory approvals. Our limited operating history makes it difficult for investors to evaluate our prospects. As of the date of this Annual Report, we are not actively developing, manufacturing, or marketing any products.

Our business model is speculative and subject to significant execution risk.

	·	Our future success depends on numerous factors, including:
	·	Securing sufficient capital;
	·	Recruiting qualified personnel;
	·	Obtaining regulatory approvals;
	·	Protecting intellectual property;
	·	Establishing manufacturing capabilities;
	·	Entering into strategic partnerships;
	·	Achieving market acceptance.

Each of these elements involves significant uncertainty. Failure in any of these areas could materially adversely affect our business.

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We may change our business strategy.

Given our financial condition and development-stage status, we may revise or modify our business strategy. Such changes may expose us to additional risks and uncertainties and may not result in successful operations.

RISKS RELATED TO REGULATORY MATTERS

If we pursue regenerative medicine or biologic-based products, we will be subject to extensive regulatory requirements.

Any future commercialization efforts may subject us to regulation by the U.S. Food and Drug Administration and comparable foreign regulatory authorities. Regulatory approval processes require extensive preclinical and clinical data and may take years to complete. Regulatory authorities may impose additional requirements, delay approvals, or deny approval altogether. We have not yet established FDA-compliant manufacturing facilities or submitted any investigational or marketing applications.

Failure to obtain or maintain regulatory approvals would prevent commercialization.

Even if approvals are obtained, regulatory authorities may impose post-marketing requirements, restrict indications, suspend approvals, or withdraw approval. Regulatory compliance requires substantial financial and managerial resources.

The regulatory landscape for stem-cell and exosome technologies is evolving.

Regulatory authorities have increased scrutiny of regenerative medicine therapies. Changes in regulatory policy, interpretation, or enforcement priorities may adversely affect our ability to develop or commercialize products.

RISKS RELATED TO INTELLECTUAL PROPERTY

We do not currently hold issued patents.

As of the date of this report, we do not own issued patents, nor do we have any pending patent applications. We also do not own any registered trademarks. Our competitive position relies primarily on trade secrets and proprietary know-how. Trade secrets are difficult to protect, and we may not be able to prevent unauthorized disclosure or use.

We may become involved in intellectual property disputes.

If we develop technologies in the future, we may face claims of infringement from third parties. Defending against such claims could be costly and time-consuming. We may be required to pay damages, enter into licensing agreements on unfavorable terms, or cease certain operations.

RISKS RELATED TO RELATED-PARTY TRANSACTIONS AND CONFLICTS OF INTEREST

We have significant obligations to related parties, including a former officer who is involved in criminal proceedings unrelated to us.

As of January 31, 2024, we owed approximately $2,411,000 to a related-party vendor, which is owned by our former officer, and $425,482 in advances from related parties, including advances made by a former Chief Executive Officer and Chairman of the Board. These obligations are unsecured, and are not subject to formal long-term repayment schedules, and may be payable on demand. The continuation of related-party financial support is not assured.

The former officer referenced above is involved in criminal proceedings relating to the alleged unauthorized use of intellectual property that was not owned by us and did not arise from our operations. We are not a party to these proceedings, and the allegations do not involve our assets, intellectual property, or current management. Nevertheless, because this individual is a creditor of us, developments in such proceedings could affect repayment discussions, restructuring negotiations, or future financing arrangements. In addition, public association with former management may result in reputational harm or investor concern.

If related parties demand repayment of outstanding amounts or cease providing financial support, our liquidity and ability to continue operations could be materially adversely affected.

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Our governance structure may increase conflict-of-interest risk.

We currently have a single director who also serves as our sole executive officer. We do not have independent directors or standing committees. We have not adopted a formal related-party transaction policy. This structure may increase the risk of conflicts of interest and reduce oversight of management decisions.

RISKS RELATED TO FORMER MANAGEMENT AND LEGAL PROCEEDINGS

Former officers are involved in civil and criminal proceedings that could indirectly affect us.

Certain former officers and directors are involved in legal proceedings in Taiwan relating to alleged unauthorized use of intellectual property. Although we are not a named party, these proceedings may result in reputational harm, disruption of business relationships, or derivative claims.

We may be subject to litigation.

We may become involved in disputes related to intellectual property, contracts, securities laws, or other matters. Litigation is inherently uncertain and may result in substantial costs, diversion of management resources, or adverse judgments.

RISKS RELATED TO INTERNAL CONTROL OVER FINANCIAL REPORTING

We have identified a material weakness in internal control over financial reporting.

Management concluded that our internal control over financial reporting was not effective as of January 31, 2024 due to insufficient segregation of duties and lack of personnel with appropriate U.S. GAAP and SEC reporting expertise. If we fail to remediate this material weakness, we may be unable to prevent or detect material misstatements in our financial statements.

If we fail to remediate this material weakness, we may be unable to timely file reports with the SEC, which could result in loss of quotation eligibility or trading market restrictions.

RISKS RELATED TO CAPITAL RAISING AND DILUTION

We will require substantial additional capital to execute our business strategy.

We anticipate funding operations through equity offerings, convertible securities, strategic partnerships, or related-party financing. Such financings may be highly dilutive and may include terms unfavorable to existing stockholders. Our net operating loss carryforwards may be limited under Section 382 of the Internal Revenue Code.

Future issuances of securities may dilute existing stockholders and depress our stock price.

We may issue additional shares of common stock or securities convertible into common stock at prices below current market value. Such issuances may include warrants, anti-dilution adjustments, or other terms that adversely affect existing stockholders.

Our net operating loss carryforwards may be limited under Section 382 of the Internal Revenue Code, which could reduce or eliminate their value.

As of January 31, 2024, we had federal net operating loss (“NOL”) carryforwards. Our ability to utilize these NOLs to offset future taxable income, if any, may be significantly limited under Section 382 of the Internal Revenue Code of 1986, as amended (“Section 382”), if we experience an “ownership change” as defined in Section 382.

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In general, an ownership change occurs if the percentage of our stock owned by one or more “5-percent shareholders” increases by more than 50 percentage points over a rolling three-year testing period. Because our stock ownership is relatively concentrated and because we may issue additional equity or convertible securities in future financings, we may experience an ownership change under Section 382. An ownership change could materially limit the amount of NOLs that may be utilized annually to offset taxable income. In certain circumstances, such limitations could effectively eliminate the benefit of our NOL carryforwards.

In addition, if we undergo a significant change in business operations or experience future ownership changes, our ability to utilize our NOLs could be further limited. Any such limitation could reduce the potential tax benefits available to us and may adversely affect our financial condition and results of operations.

There can be no assurance that our NOL carryforwards will be available to offset future taxable income, even if we achieve profitability.

RISKS RELATED TO UPLISTING AND MARKET STATUS

Because we currently have a stockholders’ deficit and lack independent directors, we may not satisfy the financial and governance requirements necessary to uplist to OTCQB or a national securities exchange.

We are contemplating uplist our common stock. Uplisting requires compliance with financial, corporate governance, and market-based criteria, including minimum bid price, stockholders’ equity thresholds, and independent board requirements. Our current financial condition and governance structure may prevent us from meeting such criteria. We may need to effect a reverse stock split to meet minimum bid price requirements, which could adversely affect stockholder value.

Our common stock is thinly traded and may experience significant volatility.

Our common stock trades on the OTC Pink marketplace, which generally has lower liquidity and greater volatility than national securities exchanges. Limited trading volume may result in substantial price fluctuations.

Our common stock may be subject to penny stock regulations.

If our common stock is deemed a penny stock, broker-dealers may be subject to additional regulatory requirements before effecting transactions, which may reduce liquidity and investor interest.

RISKS RELATED TO CYBERSECURITY AND DATA PROTECTION

We do not maintain a formal cybersecurity risk management framework.

We do not employ dedicated cybersecurity personnel and rely on third-party service providers. A cybersecurity breach could result in operational disruption, reputational damage, regulatory scrutiny, or financial loss.

GENERAL RISK FACTORS

Economic conditions may adversely affect our ability to raise capital.

Adverse economic conditions, including inflation, rising interest rates, and market volatility, may reduce investor appetite for speculative investments and impair our ability to obtain financing.

An investment in our common stock is highly speculative.

Given our development-stage status, lack of revenue, minimal liquidity, significant liabilities, material weakness in internal controls, governance limitations, regulatory uncertainty, and dependence on future financing, an investment in our common stock is highly speculative and may result in the loss of your entire investment.

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We may become subject to securities class action litigation or stockholder derivative actions, which could result in substantial costs and diversion of management attention.

Companies with limited operating histories, development-stage business models, minimal revenues, recurring losses, or significant stock price volatility frequently become the target of securities class action litigation or stockholder derivative lawsuits. Given our development-stage status, going-concern uncertainty, dependence on future financing, related-party transactions, material weakness in internal control over financial reporting, and limited trading liquidity, we may be particularly susceptible to such litigation.

Securities class action lawsuits are often brought against companies following periods of stock price volatility, reverse stock splits, dilutive financings, restatements, regulatory developments, or public disclosures regarding internal control deficiencies. Such lawsuits typically allege violations of federal securities laws, including claims under Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, or under Sections 11 and 12 of the Securities Act in connection with securities offerings. Even if such claims are without merit, defending against them can be costly, time-consuming, and disruptive to our operations.

In addition, we may become subject to stockholder derivative actions alleging breach of fiduciary duties by our officers or director, particularly given our governance structure, related-party transactions, and development-stage operations. Such actions may seek monetary damages, corporate governance changes, or other equitable relief.

The costs of defending securities litigation or derivative actions may be significant and may exceed the limits of our directors’ and officers’ liability insurance coverage, if any. Adverse judgments, settlements, or regulatory findings could materially adversely affect our financial condition, liquidity, reputation, and ability to raise capital. Furthermore, even the initiation of litigation could result in negative publicity, investor concern, and diversion of management attention from our business.

If we are unable to successfully defend against such claims or manage associated costs, our business, financial condition, and results of operations could be materially adversely affected.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

As of the date of this Annual Report, we have not yet adopted a formal, written cybersecurity risk management policy or enterprise-wide cybersecurity governance framework. However, we are aware of the growing risks associated with cybersecurity threats and are in the early stages of assessing and developing appropriate controls to identify and mitigate such risks in proportion to our size, scale, and operational complexity. We intend to implement a formal cybersecurity risk assessment and governance policy by Q1Q3 2026. This process will include third-party vendor risk assessment, incident response protocols, and reporting mechanisms to management and the sole director.

Risk management and strategy

While we do not currently have dedicated cybersecurity personnel or a Chief Information Security Officer (CISO), responsibility for cybersecurity-related matters currently resides with our senior management team. Management oversees the implementation of basic safeguards, including secure login credentials, limited network access, and offsite data backups. We rely on third-party cloud-based software and IT vendors for the majority of our infrastructure and data storage, and we depend on their built-in security protocols.

We have not yet experienced any known material cybersecurity incidents. However, the lack of a formal cybersecurity risk management framework may expose us to vulnerabilities that could have an adverse effect on our operations, financial position, or reputation if not appropriately addressed in the future. We are currently evaluating the need for a more structured cybersecurity program and anticipate allocating resources to strengthen our risk management processes as we grow.

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Governance

Cybersecurity oversight is provided by our executive officers, who periodically review cybersecurity considerations as part of their general oversight of business operations and IT needs. The Board of Directors has not yet established a dedicated cybersecurity committee or delegated specific oversight responsibility to an existing committee. Cybersecurity risks, to the extent material, are discussed by management with the Board on an ad hoc basis.

Our management team is responsible for monitoring industry trends, consulting with outside IT vendors, and taking basic steps to protect company systems and data. Although none of our executive officers have formal cybersecurity credentials, we recognize the importance of increasing our capabilities in this area as we scale our operations and infrastructure.

Item 2. Properties.

We do not own any real property and currently lease our offices located at 5225 Canyon Crest Drive, Suite 71-802, Riverside, CA 92507. Our lease is for a virtual office space, and our rent is $25 per month. Our telephone number (949) 289-6789. During fiscal 2023 and 2024, we maintained a branch office were located at 1F., No. 95, Sec. 1, Xintai 5th Rd., Xizhi Dist., New Taipei City, Taiwan, where the former management team operated. From August 2021 to July 2024, we maintained our principal executive offices at 400 Spectrum Center Dr., Suite 1620, Irvine, CA 92618. In May 2025, we located our executive offices to 5225 Canyon Crest Dr., Suite 710, Riverside, CA 92507. The Riverside location ~~serve~~serves as our current executive office as of the date of this report.

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Item 3. Legal Proceedings.

From time to time, we may be involved in routine litigation incidental to the conduct of our business. We are not currently involved in any legal proceedings, and we are not aware of any pending or potential legal actions against us.

As previously disclosed in our ~~Current~~Company’s ~~Report on~~ Form 810-K ~~filed~~for ~~with~~ the ~~Securities~~fiscal year ended January 31, 2023, and ~~Exchange~~in ~~Commission~~our Report on Form 8-K filed August 11, 2025, certain of our former officers ~~and~~are ~~our~~involved ~~director~~in ~~are~~civil ~~subject~~and ofcriminal ~~legal~~ proceedings in Taiwan. ~~These~~relating ~~matters~~to doalleged ~~not~~unauthorized ~~involve~~use ~~us,~~of proprietary know-how and weintellectual property. We are not a named party to ~~any~~these ~~of the~~ proceedings. ~~referenced~~Please inrefer to the Form 8-K for additional information regarding those matters.

~~Please~~As ~~refer~~of toJanuary 31, 2024, and through the ~~Form~~date ~~8-K~~of ~~for~~issuance ~~additional~~of ~~information~~these ~~regarding~~financial ~~those~~statements, management is not aware of any developments that would cause us to conclude that these matters will have a material adverse effect on our financial condition or results of operations.

Item 4. Mine Safety Disclosures.

Not applicable.

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PART II

Market Information

Our common stock is quoted on the OTC Pink marketplace under the symbol “VSBC.” The OTC Pink is a decentralized, quotation-driven market operated by OTC Markets Group, Inc. Because this market is not a national securities exchange, the prices quoted for our stock may not reflect actual trading transactions or represent reliable market values. Quotes are inter-dealer quotations without retail markup.

There is very limited public trading in our common stock. During the fiscal years ended January 31, ~~2022~~2024 and January 31, ~~2021~~2023, trading volume was minimal, and no consistent bid or ask quotations were reported. As a result, we are unable to provide high and low bid quotations for the respective fiscal quarters.

	High		Low
Fiscal Quarters for the Fiscal Year ended January 31, 2023(1)
Fiscal Quarters for the Fiscal Year ended January 31, 2024(1)
January 31, 2024	$	15.00	$	15.00
October 31, 2023	$	16.00	$	15.00
July 31, 2023	$	16.00	$	15.00
April 30, 2023	$	15.20	$	14.60
Fiscal Quarters for the Fiscal Year Ended January 31, 2023
January 31, 2023	$	15.30	$	12.00
October 31, 2022	$	16.50	$	10.00
July 31, 2022	$	16.50	$	10.00
April 30, 2022	$	15.00	$	14.00
Fiscal Quarters for the Fiscal Year Ended January 31, 2022
January 31, 2022	$	19.50	$	14.00
October 31, 2021	$	15.80	$	15.10
July 31, 2021	$	15.80	$	11.04
April 30, 2021	$	13.19	$	8.00

Because our stock trades infrequently and with low volume, investors may have difficulty buying or selling shares at desired prices or at all. We make no representation that an active or liquid trading market exists or will develop in the future.

As of January 31, ~~2023~~2024, there were approximately ~~538~~636 shareholders of record of our common stock. This number does not include beneficial owners who hold their shares in “street name” through brokerage firms or other nominees.

As of ~~November~~January 1231, ~~2025~~2026, we had 207,030,030 shares of common stock issued and outstanding. ~~The~~held ~~increase~~by in706 ~~outstanding shares since January 31, 2023, reflects share issuances for services, financing, and other corporate purposes subsequent to the fiscal year end~~shareholders.

Dividends

We have never declared or paid dividends on our common stock and do not expect to pay dividends in the foreseeable future. Our sole director will decide whether to declare dividends in the future, and that decision will depend on many factors, including our earnings, cash needs, financial condition, capital requirements, legal and contractual restrictions, and any other factors our sole director considers relevant.

At this time, we plan to retain any available funds and future earnings to support the growth and development of our business. As a result, investors should not expect to receive cash dividends on our common stock in the near term.

There can be no assurance that we will ever declare or pay cash dividends on our common stock.

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Equity Compensation Plan Information

AsOur ofstock-based ~~November~~compensation ~~12,~~programs ~~2025,~~are welong-term doretention ~~not~~programs ~~have~~that ~~any~~are ~~equity~~intended ~~compensation~~to ~~plans~~attract, orretain ~~other~~and ~~arrangements that~~ provide incentives for ~~the issuance of our common stock to~~ employees, officers, ~~our~~and ~~sole director~~directors, orand ~~consultants.~~to Noalign ~~shares~~stockholder ofand ~~our~~employee ~~common stock have been authorized or reserved for issuance under any equity compensation plan, whether approved by shareholders or not~~interests.

12Under ~~Table~~the stock-based compensation plan, we may grant Incentive Stock Options (“ISO”), Non-statutory Stock Options (“NSO”), Restricted Stock (“RS”) and Restricted Stock Units (“RSU). ISO and NSO are granted under service conditions. RS and RSU are granted under vesting criteria set by the Administrator and could be based upon the achievement of ~~Contents~~Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. Stock options granted to employees generally vest over a four-year period, although certain grants may vest over a longer or shorter period. Stock options granted to non-employees generally vest over a one-year period.

Recent Sales of Unregistered Securities

Between December 1, ~~2022~~2023, and January 31, ~~2023~~2024, ~~the~~we ~~Company~~did ~~issued~~not ~~510,000~~issue any shares of common stock to a service provider for services rendered.

~~There~~Between ~~were~~December ~~207~~1,~~030~~ 2022,~~030~~ and ~~206~~January 31,~~520~~ 2023,~~030~~ we issued 510,000 shares of common stock ~~issued~~to asa ofservice ~~January~~provider ~~31,~~for ~~2023~~services ~~and 2022, respectively~~rendered.

~~Excluding~~There ~~shares issued under stock-based compensation plans that had not yet vested, there~~ were ~~152~~207,~~075~~030,~~197~~030 and ~~118~~207,~~592~~030,~~297~~030 shares of common stock ~~outstanding~~issued as of January 31, ~~2023~~2024 and ~~2022~~2023, respectively.

Excluding shares issued under stock-based compensation plans that had not yet vested, there were 185,048,097 and 152,075,197 shares of common stock outstanding as of January 31, 2024 and 2023, respectively.

All of the above issuances were made in offshore transactions to non-U.S. persons and were exempt from registration under the Securities Act of 1933, as amended, pursuant to Regulation S. No underwriters were involved, and no commissions or other remuneration were paid in connection with these issuances.

Transfer Agent

Our transfer agent is Empire Stock Transfer, Inc., located at 1859 Whitney Mesa Dr., Henderson, NV 89014. They can be reached by telephone at (702) 818-5898 or by facsimile at (702) 974-1444.

Additional Information

Copies of our annual reports on Form 10−K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed with the Securities and Exchange Commission (“SEC”) are available free of charge through the SEC’s website at www.sec.gov. These filings are accessible as soon as reasonably practicable after we electronically file or furnish them with the SEC.

The information contained in our filings, including any forward-looking statements, is made as of the date of the respective document. We do not undertake any obligation to update such statements or documents, except as required by applicable law.

Item 6. [Reserved].

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements, ~~including~~and ~~the~~related notes ~~thereto,~~included ~~appearing~~ elsewhere in this Annual Report on Form 10-K. This ~~section~~discussion contains forward-looking statements that involve risks and uncertainties~~, and reflect our plans, estimates and beliefs~~. Our actual results ~~could~~may differ materially from those ~~discussed~~anticipated ~~below~~due to various factors, including those set forth above under “Risk Factors.” ~~See~~Also, see “Special Note Regarding Forward-Looking Statements.”

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Forward-Looking Statements

This ~~annual~~Annual ~~report~~Report contains forward-looking statements. These statements relate to future events or our future financial performance. 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.

As used in this annual report, the terms “we,” “us,” “our,” or “the Company,” mean VitaSpring Biomedical Co., Ltd., unless otherwise indicated.

All dollar amounts refer to US dollars unless otherwise indicated.

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Overview

We are a development-stage biomedical and nutraceutical company focused on cell-based technologies for regenerative and preventative health applications. engaged in the research, development, and commercialization of products that promote wellness and a healthy lifestyle. We began limited operations in 2019 and underwent a change of ownership effective January 21, 2020, resulting in a new management team and strategic direction. In connection with this ownership change, we filed a Certificate of Amendment to our Articles of Incorporation to change our corporate name to VitaSpring Biomedical Co. Ltd., which became effective on April 21, 2020, following clearance by the Financial Industry Regulatory Authority (“FINRA”).

As of the date of this filing, we have not commenced principal revenue-generating operations and have generated limited revenues since inception. Our operations have been limited to organizational activities, administrative functions, and preparation for future service offerings. We currently have no full-time employees other than our sole executive officer and director.

Development-Stage Status

Although we describe a long-term business strategy involving regenerative medicine technologies, as of January 31, 2024:

	·	We were not engaged in commercial manufacturing or distribution.
	·	We were not conducting clinical trials.
	·	We had not incurred research and development expenses.
	·	We had not obtained FDA or other regulatory approvals.

Our ability to transition to operational status will require substantial additional capital and regulatory compliance infrastructure.

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Results of Operation

For the year ended January 31, ~~2023~~2024 compared to year ended January 31, ~~2022~~2023

	Year EndedJanuary 31,2023			Year EndedJanuary 31,2022
	Year EndedJanuary 31,2024			Year EndedJanuary 31,2023
Revenues	$	-		$	~~5,613,200~~-
Cost of Goods Sold		~~3,333,000~~-			3,~~545~~333,~~200~~000
Gross (Loss) Profit		~~(3,333,000~~-	)		2(3,~~068~~333,000	)
Operating Expenses		~~844~~1,~~836~~118,562			~~941~~844,~~336~~836
(Loss) Income from Operations		(41,~~177~~118,~~836~~562	)		1(4,~~126~~177,~~664~~836	)
Other Income		~~8,059~~-			-8,059
(Loss) Income Before Income Taxes		(41,~~169~~118,~~777~~562	)		1(4,~~126~~169,~~664~~777
Provision for Income Taxes		~~5,381~~-			~~(217~~5,~~104~~381	)
Net (Loss) Income	$	(41,~~164~~118,~~396~~562	)	$	~~909~~(4,~~560~~164,396
Basic and Diluted EPS	$	(0.0201	)		(0.0002
Weighted Average Shares Outstanding		~~206~~207,~~521~~030,~~427~~030			~~205~~206,~~983~~521,~~864~~427

Revenue

We generated no revenue during the fiscal ~~year~~years ended January 31, ~~2023,~~2024 ~~compared~~and ~~with $5~~2023,~~613,200~~ ~~during the prior year~~respectively. ~~The decrease was due to the completion of certain product sales in fiscal 2022 that did not recur in fiscal 2023.~~ We are currently focusing on restructuring our product strategy and developing long-term partnerships rather than pursuing short-term sales.

Cost of Goods Sold

Cost of goods sold was $~~3,333,000~~0 in fiscal ~~2023~~2024 compared with $3,~~545~~333,~~200~~000 in fiscal ~~2022~~2023. ~~Although~~The ~~revenue~~decrease ~~declined~~is todue ~~zero, we continued~~ to ~~incur~~our ~~costs~~lack ~~related~~of to inventory, ~~laboratory~~purchases ~~operations,~~ and ~~product development~~sales. ~~These costs were associated with maintaining research activity and quality-control procedures necessary to preserve production capacity for future commercialization.~~

Gross (Loss )/Profit

WeOur ~~recorded a~~ gross loss ofwas $0 for the year ended January 31, 2024, compared to $3,333,000 for the year ended January 31, 2023, ~~compared with~~ a ~~gross~~decrease ~~profit~~ of $23,~~068~~333,000, inor ~~fiscal 2022~~100%. The ~~swing~~decrease toin a loss was primarily the result of the absence of sales inand ~~fiscal~~purchases ~~2023~~of ~~while~~product ~~fixed~~in ~~production~~fiscal ~~and~~2024 ~~development~~compared ~~costs~~to ~~continued~~2023.

Operating Expenses

Operating expenses ~~totaled~~were $~~844~~1,~~836~~118,562 infor ~~fiscal~~the ~~2023~~year ended January 31, 2024, compared with $~~941~~844,~~336~~836 infor the prior fiscal ~~2022~~year, aan ~~decrease~~increase of ~~approximately~~ $96237,~~500~~726, or 1032.4%. The ~~decrease~~increase primarily reflects ~~lower~~higher professional-service fees and general administrative costs, ~~partially offset by continuing~~ expenses for rent, consulting, and compliance associated with our public-company status. We continue to carefully manage overhead while maintaining core research and corporate functions.

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Other Income

WeOur ~~recorded~~ other income of$0 for the year ended January 31, 2024 compared with $8,059 in the prior fiscal ~~2023~~year, ~~which~~a ~~primarily~~decrease ~~represents miscellaneous~~of $8,059, or 100.0%. The decrease is due to a reduction in non-operating income., ~~There~~which was noa ~~comparable~~one-time ~~amount~~occurrence in ~~fiscal 2022~~2023.

Provision for Income Taxes

~~Our~~We have no income tax ~~expense~~provision ~~was~~for ~~$5,381~~the inyear ~~fiscal~~ended ~~2023~~January 31, 2024 compared ~~with~~to aour income tax ~~benefit~~expense of $~~217~~5,~~104~~381 in ~~fiscal~~the ~~2022.~~prior ~~The~~fiscal ~~variance~~year, ~~primarily~~a ~~reflects~~decrease ~~the~~of ~~change~~$5,381, ~~from~~or ~~profitability~~100.0%. inThe ~~2022~~variance toprimarily areflects ~~loss in 2023 and~~ adjustments to deferred tax items.

Net (Loss) ~~Income~~

AsOur ~~a result of the foregoing, we recorded a~~ net loss ofwas $41,~~164~~118,~~396~~562 for the year ended January 31, ~~2023~~2024, compared with net income of $~~909~~4,~~560~~164,396 for the year ended January 31, ~~2022.~~2023, ~~The~~a ~~decline~~decrease of ~~approximately~~ $53,045,834, or 73.1%. ~~million~~The ~~was~~decrease ~~driven~~is ~~mainly~~primarily bydue to the ~~absence~~decrease in cost of ~~revenue~~goods sold and ~~the~~a ~~continuation~~reduction ofin ~~fixed~~administrative ~~operating costs~~expenses.

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Liquidity and Capital Resources

As of January 31, 2023, we had cash and cash equivalents of approximately $29,656, compared with $107,212 at January 31, 2022. The decrease of approximately $77,500 was mainly due to cash used in our operations. Overview

WeFor ~~have~~the ~~funded~~fiscal ~~our~~year ~~activities~~ended ~~primarily~~January ~~through equity issuances~~31, ~~shareholder advances~~2024, ~~and limited revenue from product sales in 2022. Although~~ we generated ~~profits~~a innet ~~fiscal~~loss ~~2022~~of $1,118,562 wecompared ~~incurred~~to a net loss of $4~~.16~~,164,396 ~~million~~for inthe fiscal ~~2023.~~year Weended ~~continue~~January to31, ~~rely~~2023. onAlthough ~~external~~we ~~funding~~significantly ~~and~~reduced ~~available cash balances to meet~~ our ~~working-capital~~net ~~needs.~~loss ~~Management~~year ~~believes~~over ~~that~~year, ~~additional~~operating ~~capital~~cash ~~will~~flow beremained ~~required~~negative toin ~~support~~both ~~operations over the next twelve months~~periods.

WeOur ~~expect~~liquidity toremains ~~continue to require additional capital to support operations~~constrained, ~~research,~~with ~~and~~cash ~~regulatory~~on ~~initiatives.~~hand ~~Management~~of is$13 ~~exploring~~at ~~potential~~January ~~sources~~31, ~~of financing~~2024, ~~including~~compared ~~private~~to ~~placements~~$29,656 ofat ~~equity~~January or31, ~~debt securities and strategic partnerships~~2023. ~~There~~We isdo nonot ~~assurance~~have ~~that~~any ~~additional~~cash ~~funding will be available on acceptable terms~~equivalents. ~~If we cannot secure sufficient financing, we may need to delay or scale back parts of our business plan.~~

We ~~believe~~have funded our ~~current~~activities ~~cash~~primarily ~~resources~~through ~~will~~equity ~~not~~issuances, beand ~~sufficient~~shareholder advances. and continue to ~~fund~~rely ~~planned~~on ~~operations~~external ~~for~~funding ~~the~~and ~~next~~available ~~twelve~~cash ~~months~~balances ~~without~~to ~~additional~~meet our working-capital needs. ~~The~~We ~~continuation~~believe ofthat ~~our~~additional ~~business~~capital ~~depends~~will onbe ~~our~~required ~~ability~~ to ~~raise~~support ~~funds~~operations ~~and~~over ~~generate~~the ~~future~~next ~~revenue~~twelve months.

We are exploring potential sources of financing, including private placements of equity or debt securities and strategic partnerships. There is no assurance that additional funding will be available on acceptable terms. If we cannot secure sufficient financing, we may need to delay or scale back parts of our business plan as our current cash resources will not be sufficient to fund planned operations for the next twelve months without additional capital. The continuation of our business depends on our ability to raise funds and generate future revenue.

Operating Activities

Net cash used in operating activities was $7734,~~556~~920 for the year ended January 31, ~~2023~~2024, compared ~~with~~to $~~269~~77,~~631~~556 ~~used~~for in the ~~prior~~ year. ~~The~~ended ~~reduced~~January ~~outflow~~31, ~~primarily reflects tighter working-capital management and non-cash adjustments that partially offset the fiscal~~ 2023 ~~net loss~~.

~~Key~~Operating cash flows were primarily impacted by $1,118,562 in net loss offset by non-cash ~~items~~adjustments ~~included~~totaling $356,406, which is comprised of depreciation of $15,062, ~~amortization~~impairment of ~~right-~~equipment of $10,499, non-~~use~~cash ~~assets~~lease expense of $~~204~~166,~~273~~030, and stock-based compensation of $~~190~~164,~~365~~865.

~~Changes~~Working ~~in working-~~capital ~~accounts—such~~was asincreased ~~higher~~by a reduction in accounts receivable of $~~2.54~~380,000, ~~million~~an ~~and~~increase ~~increased~~in accounts payable and other payables of $1283,938, and advances from related party of $205,523.18 ~~million—also~~These ~~affected~~were ~~cash~~offset ~~flow~~by an increase in prepaid expenses of $27,422 and a reduction in operating lease liability of $169,647.

The significant reduction in accounts receivable reflects improved collections and/or reduced credit sales during the period. The increase in accounts payable and related-party advances indicates continued reliance on vendor financing and related-party support to fund operations.

Net cash used in operating activities of $77,556 in fiscal 2023 was driven by a net loss of $4,164,396, offset by a working capital improvement from accounts receivable of $2,538,390, an increase in accounts payable and other payables of $1,179,417, stock-based compensation of $190,365, and non-cash lease expenses of $204,273.

The operating cash used in fiscal 2023 was materially lower than the net loss due to substantial reductions in receivables and increases in payables, suggesting working capital compression rather than operating profitability.

Investing Activities

We had no investing cash flows during fiscal ~~2023,~~2024 ~~compared~~or ~~with $72,997 used in fiscal 2022 for purchases of equipment~~2023. We expect future investing activities toonce ~~include~~we ~~additional~~obtain ~~spending for laboratory equipment, production facilities, and technology development as~~ funding ~~permits~~.

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Financing Activities

WeNet ~~had~~cash noprovided by financing ~~inflows~~activities inwas ~~fiscal 2023, compared with~~ $505,~~000~~277 ~~of proceeds from the sale of common stock~~ in fiscal ~~2022. We also issued common stock in lieu of shareholder receivables totaling $164~~2024,~~865~~ incompared ~~2023~~to ~~and~~no ~~$152,773~~financing ~~in 2022, which were non-~~cash ~~transactions.~~inflows ~~We may seek additional equity or debt financing~~ in ~~future~~fiscal ~~periods to support ongoing operations~~2023.

WeOur ~~expect to continue to rely on equity~~ financing ~~and,~~inflow ~~where~~in ~~available,~~fiscal ~~strategic~~2024 ~~partnerships~~consisted orentirely ~~grants~~of toadvances ~~meet~~from ~~our~~a ~~capital~~related ~~needs~~party. ~~Our~~We ~~ability~~did tonot raise ~~additional~~ capital ~~will~~from ~~depend~~third-party ondebt ~~market~~or ~~conditions,~~equity ~~investor~~issuances ~~interest,~~during ~~and~~either ~~our~~fiscal ~~progress in commercializing our stem-cell and biomedical technologies~~year.

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We expect to continue to rely on related-party funding, equity financing and, where available, strategic partnerships or grants to meet our capital needs. Our ability to raise additional capital will depend on market conditions, investor interest, and our progress in commercializing our stem-cell and biomedical technologies.

We experienced a net decrease in cash of $29,643 and $77,556 in fiscal 2024 and 2023, respectively. Cash at January 31, 2024 was $13, representing a critically low liquidity position.

Material Trends and Uncertainty

The primary liquidity drivers during the periods presented were working capital fluctuations rather than operational cash generation. The reduction in accounts receivable in both periods significantly mitigated operating cash burn; however, this source of liquidity is non-recurring and cannot be relied upon in future periods.

Future cash requirements will depend on:

	·	Revenue growth and collection cycles;
	·	Ability to control operating expenses;
	·	Lease obligations;
	·	Vendor payment terms; and
	·	Access to capital markets or private financing.

Capital Requirements and Liquidity Outlook

We do not currently maintain committed credit facilities, institutional debt financing, or significant cash reserves. We believe that our existing cash resources will not be sufficient to fund operations for the next twelve months without additional financing. To meet our capital needs, we plan to seek related-party advances, additional equity issuances, or debt financing and may also pursue strategic partnerships or licensing opportunities. There is no assurance that such financing will be available on favorable terms or at all. IfFailure weto ~~cannot~~secure ~~obtain~~additional ~~adequate~~capital ~~funding,~~could wematerially ~~may~~adversely ~~need~~affect toour ~~delay~~business, ~~scale~~financial ~~back~~condition, orand ~~discontinue~~ability ~~some~~to ofcontinue ~~our~~as ~~business~~a ~~activities~~going concern.

Going Concern

WeThe ~~evaluate~~accompanying ~~our~~financial ~~ability~~statements tohave ~~continue~~been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern. inAs ~~accordance~~of ~~with~~January ~~ASC~~31, ~~205-40~~2024, ~~Presentation~~the Company had cash of ~~Financial~~$13, ~~Statements~~total —current ~~Going~~assets ~~Concern.~~of ~~This~~$23,627, ~~evaluation~~and ~~requires~~total uscurrent toliabilities ~~assess~~of ~~whether~~$3,487,531, ~~conditions~~resulting orin ~~events~~a ~~raise~~working ~~substantial~~capital ~~doubt~~deficit ~~about~~of ~~our~~$3,463,904. ~~ability~~The toCompany ~~meet~~incurred ~~our~~a ~~obligations~~net asloss ~~they~~of ~~become~~$1,118,562 ~~due~~and ~~during~~negative ~~the~~cash ~~twelve~~flows ~~months~~from ~~following~~operating activities of $34,920 for the ~~issuance~~year ended January 31, 2024. The Company also has an accumulated deficit of ~~these~~$4,506,581 ~~financial~~as ~~statements~~of January 31, 2024.

~~Our~~The ~~financial~~Company’s ~~statements~~minimal ~~have~~cash ~~been~~balance, ~~prepared~~recurring ~~assuming~~operating welosses, ~~will~~and significant working capital raise substantial doubt about its’ ability to continue as a going concern. Aswithin ~~disclosed~~one inyear ~~Note~~after 2the ~~to our~~ financial statements, asare ofissued. ~~January~~The ~~31,~~Company ~~2023,~~has wehistorically ~~had~~financed anits ~~accumulated~~operations ~~deficit~~through ofadvances ~~$3,388,019~~from related parties and ~~negative~~equity ~~cash~~issuances. ~~flow~~Management ofplans ~~$77,556,~~to ~~and~~continue ~~limited~~seeking ~~operations~~additional capital through equity financing, ~~which~~strategic ~~raise~~partnerships, ~~substantial~~and ~~doubt~~related-party ~~about~~support ~~our~~in ~~ability~~order to ~~continue~~fund asoperating aexpenses ~~going~~and ~~concern.~~meet ~~Our~~its ~~continued~~obligations ~~existence~~as isthey ~~dependent~~become ~~upon~~due. ~~our~~However, ~~ability~~there tocan ~~obtain~~be ~~additional~~no ~~funding~~assurance ~~and~~that ~~implement~~such afinancing ~~business~~will ~~plan~~be ~~that~~available ~~generates~~on ~~sustainable~~acceptable ~~revenues~~terms, or at all.

See “Risk Factors – Substantial doubt exists regarding our ability to continue as a going concern.”

Off-Balance Sheet Arrangements

As of the date of this Annual Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

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Plan of Operation and Funding

We expect that working capital requirements will continue to be funded through a combination of ~~our~~related-party ~~existing~~advances ~~funds~~ and ~~further~~ issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

~~Existing~~Without ~~working capital,~~ further related-party advances ~~and~~or ~~debt~~equity ~~instruments~~issuances, ~~and~~our ~~anticipated~~ cash ~~flow~~flows are not expected to be adequate to fund our operations over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and ~~debt~~related-party ~~instruments~~advances. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and ~~debt~~related-party ~~issuances~~advances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

Critical Accounting Policies and Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosures. The Company’s significant accounting policies are described in Note 4 to the financial statements. Management considers the following policies to be critical because they involve significant judgments and assumptions, and because different assumptions could materially affect the Company’s financial condition or results of operations. Critical estimates are those estimates that in accordance with U.S. GAAP, involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial statements. Management has determined that our most critical accounting estimates are those relating to fair value of financial instruments.

16 Table of Contents

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) ordinarily requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. However, for the fiscal year ended January 31, ~~2023~~2024, our operations and financial statement items did not require the use of any significant estimates or assumptions. All amounts presented are based on actual, readily determinable values, and no material judgments or estimation methodologies were applied.

Fair Value of Financial Instruments

The Company follows ASU 2022-03, ASC Subtopic “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASC 820”), which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

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Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying amounts shown of the Company’s financial instruments including cash and cash equivalents and accounts payable approximate fair value due to the short-term maturities of these instruments.

Income Taxes and Deferred Tax Assets

We account for income taxes using the liability method under ASC 740. Deferred tax assets are recognized for temporary differences between financial statement and tax bases of assets and liabilities. A valuation allowance is established when it is more likely than not that all or part of a deferred tax asset will not be realized. Determining the amount of valuation allowance requires significant judgment in estimating future taxable income, applicable tax strategies, and the expected timing of reversals of temporary differences.

Material Commitments

None.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment during the next twelve months.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

We are a smaller reporting company and not required to provide this information.

1724 Table of Contents

Item 8. Financial Statements and Supplementary Data.

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (PCAOB ID: 6723)		F-1
Report of Independent Registered Public Accounting Firm		~~F-2~~
Balance Sheets as of January 31, 2023 and 2022		F-3
Balance Sheets as of January 31, 2024 and 2023		F-2
Statements of Operations for the years ended January 31, 2023 and 2022		F-4
Statements of Operations for the years ended January 31, 2024 and 2023		F-3
Statement of Changes in Stockholders’ (Deficit) Equity for the years ended January 31, 2023 and 2022		F-5
Statement of Changes in Stockholders’ (Deficit) Equity for the years ended January 31, 2024 and 2023		F-4
Statements of Cash Flows for the years ended January 31, 2023 and 2022		F-6
Statements of Cash Flows for the years ended January 31, 2024 and 2023		F-5
Notes to the Financial Statements		F-~~7 - F-18~~6

~~18 Table of Contents~~F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders of

VitaSpring Biomedical Co. Ltd.

5225 Canyon Crest Drive,

Suite 71-802,

Riverside,

CA 92507

Opinion on the Financial Statements

We have audited the accompanying balance sheet of VitaSpring Biomedical Co. Ltd. (the “Company”) as of January 31, ~~2023~~2024 and the related statement of operations, statement of changes in stockholders’ (deficit) equity, and statement of cash flows for the fiscal year ended January 31, ~~2023~~2024, and the related notes and schedules (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 January 31, ~~2023~~2024 and the results of its operations and its cash flows for the fiscal year ended January 31, ~~2023~~2024, in conformity with the accounting principles generally accepted in the United States of America.

Going Concern

The 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 incurred an accumulated deficit of $34,~~388~~506,~~019~~581 and a negative cash flow from operations amounting to $7734,~~556~~920 for year ended January 31, ~~2023~~2024. This raises 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.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our 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 are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the 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.

Critical Audit Matters

The critical audit matters communicated below are matters arising from current year audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.

JP CENTURION & PARTNERS PLT

We have served as the Company’s auditor since 2025.

Kuala Lumpur, Malaysia

~~November~~March 2811, ~~2025~~2026

PCAOB ID: 6723

F-1 Table of Contents

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors of VitaSpring Biomedical Co., Ltd

Opinion on the Financial Statements

We have audited the accompanying balance sheets of VitaSpring Biomedical Co., Ltd (the “Company”) as of January 31, 2022 and 2021, and the related statements of operations, changes in stockholders’ equity, and cash flows for each of the years in the two-year period ended January 31, 2022, and the related notes and schedules (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 January 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the two-year period ended January 31, 2022, in conformity with the accounting principles generally accepted in the United States of America.

Going Concern Uncertainty

The 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’s recurring losses from operations, available cash and accumulated deficit raise substantial doubt about its 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.

Basis of Opinion

These financial statements are the responsibility of the Company's management. Our 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 are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our 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.

Critical Audit Matters

Critical audit matters are matters arising from the current year audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. We determined that there are no critical audit matters.

Supplementary Information

The supplemental information contained in Schedule I has been subjected to audit procedures performed in conjunction with the audit of the Company’s financial statements. The supplemental information is the responsibility of the Company’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with accounting principles generally accepted in the United States of America. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

Very truly yours,

Douglas E. Faulkner, CPA

Kho & Patel, Certified Public Accountants A Professional Corporation

San Dimas, California March 31, 2022

We have served as the Company’s auditor since 2020.

F-2

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VITASPRING BIOMEDICAL CO., LTD

BALANCE SHEETS

	January 31,			January 31,
	2023			2022
	2024			2023
ASSETS				(Restated)
CURRENT ASSETS
Cash and cash equivalents	$	29,656		$	107,212
Cash	$	13		$	29,656
Accounts receivable, net of allowance for credit loss accounts of $33,632 and $0, respectively		380,000			2,952,022
Accounts receivable, net of allowance for credit loss accounts of $33,632		-			380,000
Prepaid expenses		~~27,422~~-			227,~~634~~422
Total current assets		437,078			3,061,868
Deposits		23,614			-
Total current assets		23,627			437,078
LONG-TERM ASSETS
Equipment, net		49,574			64,636
Equipment and vehicle, net		24,063			49,574
Operating lease right-of-use asset		~~255~~89,~~682~~652			~~459~~255,~~955~~682
Deposits		~~23,614~~-			1723,614
Total long-term assets		~~328~~113,~~870~~715			~~542~~328,~~205~~870
Total assets	$	~~765~~137,~~948~~342		$	3765,~~604,073~~948
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable – related party	$	2,411,000		$	1,251,500
Accounts payable - related party	$	2,411,000		$	2,411,000
Income tax payable		218,714			210,923
Accounts payable and other payables		339,001			55,063
Operating lease liabilities		169,647			181,103
Income tax payable		218,714			218,714
Other payables		55,063			-
Operating lease liabilities		93,334			169,647
Advances from related party		~~214~~425,~~682~~482			94214,~~358~~682
Total current liabilities		3,~~069~~487,~~106~~531			13,~~737~~069,~~884~~106
LONG-TERM LIABILITIES
LONG-TERM LIABILITY
Operating lease liabilities, net of current		~~93,334~~-			~~282~~93,~~469~~334
Deferred tax liability		-			6,181
Total long-term liability		-			93,334
Total long-term liabilities		93,334			288,650
Total liabilities		3,487,531			3,162,440
Total liabilities		3,162,440			2,026,534
COMMITMENTS AND CONTINGENCIES		-			-
STOCKHOLDERS’ EQUITY
STOCKHOLDERS' DEFICIT
Common stock, $0.0001 par value, 500,000,000 and 500,000,000 shares, respectively authorized 207,030,030 and 206,520,030 shares issued, respectively		20,703			20,652
Common stock, $0.0001 par value, 500,000,000 shares authorized 207,030,030 shares issued.		20,703			20,703
Additional paid-in capital		~~970~~1,~~824~~135,689			~~780~~970,~~510~~824
(Accumulated deficit)/Retained earnings		(3,388,019	)		776,377
Accumulated deficit		(4,506,581	)		(3,388,019	)
Total stockholders’ (deficit)/equity		(2,396,492	)		1,577,539
Total stockholders' deficit		(3,350,189	)		(2,396,492	)
Total liabilities and stockholders’ equity	$	765,948		$	3,604,073
Total liabilities and stockholders' deficit	$	137,342		$	765,948

F-3

Table of Contents

VITASPRING BIOMEDICAL CO., LTD

STATEMENTS OF OPERATIONS

	Years ended
	January 31,
	2023			2022
	2024			2023
				(Restated)
Revenues	$	-		$	-
Revenues	$	-		$	5,613,200
Cost of goods sold		-			3,333,000
Cost of goods sold		3,333,000			3,545,200
Gross profit		-			(3,333,000	)
Gross (loss)/profit from operations		(3,333,000	)		2,068,000
Operating Expenses
Selling, general and administrative expenses		~~844~~1,~~836~~118,562			~~941~~844,~~336~~836
(Loss)/Income from operations		(4,177,836	)		1,126,664
Loss from operations		(1,118,562	)		(4,177,836	)
Other income
Other income		~~8,059~~-			-8,059
Total other income, net		8,059			-
Total other income		-			8,059
Net (loss)/income from operations before provision for income taxes		(4,169,777	)		1,126,664
Net loss from operations before provision for income taxes		(1,118,562	)		(4,169,777	)
Provision for income tax (expense) credit		5,381			(217,104	)
Provision for income tax expense (benefit)		-			(5,381	)
Net (loss)/income (loss)	$	(4,164,396	)	$	909,560
Net loss	$	(1,118,562	)	$	(4,164,396	)
Net (loss)/income per share: Basic and diluted		(0.02	)		0.00
Net loss per share: Basic and diluted		(0.01	)		(0.02	)
Weighted average number of shares outstanding:
Weighted average number of shares outstanding: Basic and diluted		207,030,030			206,521,427
Basic and diluted		206,521,427			205,983,864

F-4

Table of Contents

VITASPRING BIOMEDICAL CO., LTD

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE YEARS ENDED JANUARY 31, ~~2023~~2024 AND ~~2022~~2023

	Number ofShares			CommonStock			AdditionalPaid-In Capital		RetainedEarnings (Accumulated Deficit)			Total Stockholders’ Equity (Deficit)
Balance, January 31, 2021		209,670,030		$	20,967		$	208,579	$	(133,182	)	$	96,364
Repurchase of Common stock - restated		(11,285,015	)		(1,129	)		1,129		-			-
Issuance of Common Stock - restated		1,000,000			100			49,900		-			50,000
Issuance of stock-based compensation - common stock - restated		7,135,015			714			520,902		-			521,616
Net income - restated		-			-			-		909,560			909,560
Balance, January 31, 2022 - restated		206,520,030		$	20,652		$	780,510	$	776,377		$	1,577,539
Issuance of stock-based compensation - common stock		510,000			51			25,449		-			25,500
Stock-based compensation		-			-			164,865		-			164,865
Net loss		-			-			-		(4,164,396	)		(4,164,396	)
Balance, January 31, 2023		207,030,030		$	20,703		$	970,824	$	(3,388,019	)	$	(2,396,492	)
Stock-based compensation		-			-			164,865		-			164,895
Net loss		-			-			-		(1,118,562	)		(1,118,562	)
Balance, January31, 2024		207,030,030			20,703			1,135,689		(4,506,581	)		(3,350,189	)

F-5

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VITASPRING BIOMEDICAL CO., LTD

STATEMENTS OF CASH FLOWS

	Years ended
	January 31,
	2023			2022
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES				~~(Restated)~~
Net (loss)/ income	$	(4,164,396	)	$	909,560
Net loss	$	(1,118,562	)	$	(4,164,396	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		15,062			815,~~361~~062
Amortization of ROU assets		204,273			-
Impairment of equipment		10,449			-
Stock-based compensation		190,365			167,173
Non-cash lease expense		166,030			204,273
Allowance for credit losses		33,632			-
Stock-based compensation		164,865			190,365
Deferred tax (benefit) expense		(6,181	)		6,181
Allowance for credit losses		-			33,632
Deferred tax benefit		-			(6,181	)
Changes in assets and liabilities:
Accounts receivable		2380,~~538,390~~000			(2,~~952~~538,~~022~~390	)
Prepaid expenses		~~(24~~27,~~788~~422	)		(224,~~634~~788	)
Inventory		-			144,000
Deposits		-			(6,000	)
Deposits		(6,000	)		(17,614	)
Payroll liability		-			35,115
Payroll Liability		35,115			-
Accounts payable and other payables		283,938			1,179,417
Accounts payable and accrued liabilities		1,179,417			1,251,500
Change in operating lease liability		(169,647	)		(200,559	)
Change in operating lease liability		(200,559	)		3,617
Income tax payable		-			7,791
Income tax payable		7,791			210,923
Advances from related party for operating expense		205,523			120,323
Advances from related party		120,323			1,324
Net cash used in operating activities		(34,920	)		(77,556	)
Cash used in operating activities		(77,556	)		(269,631	)
CASH FLOWS FROM FINANCING ACTIVITY
CASH FLOWS FROM INVESTING ACTIVITIES
Advances from related party		5,277			-
Purchase of fixed assets		-			(72,997	)
Net cash provided by financing activity		5,277			-
Cash used in investing activities		-			(72,997	)
Net change in cash		(29,643	)		(77,556	)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash at beginning of period		29,656			107,212
Proceeds from issuance of common stock		-			50,000
Cash at end of period	$	13		$	29,656
Cash provided by financing activities		-			50,000
Net change in cash and cash equivalents		(77,556	)		(292,628	)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR		107,212			45,397
CASH AND CASH EQUIVALENTS, END OF THE YEAR	$	29,656		$	107,212
Supplemental cash flow disclosures:
Income taxes paid	$	~~800~~-		$	800
Interest expense paid	$	-		$	-
Supplemental schedule of non-cash investing and financing activities
Non-cash investing and financing activities
Common stock issuance in lieu of shareholder receivables	$	164,865		$	152,773
Stock-based compensation for restricted common shares	$	164,865		$	164,865

F-6

Table of Contents

VITASPRING BIOMEDICAL CO., LTD.

Notes to Financial Statements

January 31, ~~2023,~~2024 and ~~2022~~2023

Note 1 – ORGANIZATION AND NATURE OF BUSINESS

VitaSpring Biomedical Co., Ltd (formerly Shemn Corp.) (“the Company”) was incorporated in the State of Nevada on September 6, 2016. The Company aims to build a cell medical industry, invest in research and development of stem cell applications in regenerative medicine, establish advanced medical research centers and high standard cell production centers, and provide “GTP” standard stem cell preparations for the development of cellular drugs. Through the development of cell medicine, it will become a leading international business group in the fields of regenerative medicine applied to the innovative fields of medicine, preventive health care, beauty, and anti-aging. The “GTP Cell Center” is the basis for its business, which is cross-domain in biotechnology medical treatment, medicine and medical materials, and focuses on the development of cell medical treatment.

Note 2 – GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern. ~~The~~As ~~Company~~of ~~incurred~~January an31, ~~accumulated deficit of $3~~2024,~~388,019~~ ~~and~~the aCompany ~~negative~~had cash ~~flow~~of ~~from operations amounting to~~ $7713,~~556~~ ~~for~~total ~~year~~current ~~ended~~assets ~~January~~of 31$23,627, ~~2023.~~and ~~There~~total iscurrent ~~substantial~~liabilities ~~doubt~~of ~~about~~$3,487,531, ~~the~~resulting ~~Company’s~~in ~~ability to continue as~~ a ~~going~~working ~~concern~~capital ~~due~~deficit ~~to the limited operating history~~ of ~~the business~~$3,463,904. ~~There~~ ~~can~~The beCompany noincurred ~~assurance~~a ~~that~~net ~~the~~loss ~~Company~~of ~~will~~$1,118,562 ~~achieve~~and ornegative ~~maintain~~cash ~~profitability.~~flows ~~Management~~from ~~anticipates~~operating ~~that~~activities ~~the~~of ~~Company will be dependent~~$34,920 for the ~~near~~year ~~future,~~ended onJanuary ~~additional~~31, ~~investment capital to fund operating expenses~~2024. The Company ~~intends~~also tohas ~~position~~an ~~itself~~accumulated sodeficit ~~that it will be able to raise additional funds through the capital markets. In light~~ of ~~management’s efforts~~$4,506,581 ~~there~~as ~~are no assurances that the Company will be successful in this or any~~ of ~~its~~January ~~endeavors~~31, ~~or become financially viable and continue as a going concern~~2024.

~~Note~~The 3Company’s -minimal ~~Restatement~~cash ofbalance, ~~Statements~~recurring ofoperating ~~Changes~~losses, inand ~~Stockholders~~significant working capital raise substantial doubt about its’ ~~Equity~~ability to continue as ofa ~~January~~going 31concern within one year after the financial statements are issued. The Company has historically financed its operations through advances from related parties and equity issuances. Management plans to continue seeking additional capital through equity financing, ~~2022~~strategic partnerships, and related-party support in order to fund operating expenses and meet its obligations as they become due. However, there can be no assurance that such financing will be available on acceptable terms, or at all.

After the issuance of the Company’s Annual Report on Form 10-K for the year ended January 31, 2022, the Company discovered certain calculation errors with respect to certain of its stock-based compensation (“SBC”) expense, which resulted in a misstatement in the Company’s previously issued financial statements. The financial statements ~~for~~do ~~the~~not ~~year~~include ~~ended~~any ~~January~~adjustments ~~31,~~that ~~2022,~~might ~~have~~result ~~been~~from ~~restated to reflect~~ the ~~corrections~~outcome of ~~the~~this ~~misstatements in accordance with ASC 250, Accounting Changes and Error Corrections~~uncertainty. ~~The Company has also corrected certain disclosures related to the financial statements. The reasons for the changes were due to the following:~~

A.Note ~~131,901,600~~3 ~~SBC~~– ~~common~~SUMMARY ~~shares,~~OF ~~granted~~SIGNIFICANT onACCOUNTING October 4, 2020, are being amortized and expensed, at a fair value of $0.005 per share, over 4 fiscal years equally (vesting period) commencing on October 4, 2020. Previously, a larger portion of these SBC common shares (attributable to prior services) were expensed as of the grant date, with the balance being amortized and expensed over the remaining 4-year service period. B. 6,233,500 SBC common shares, granted on November 24, 2020, were expensed entirely, at a fair value of $0.005 per share, as fully vested on the grant date. Previously, these SBC common shares were being amortized and expensed over a 4-year service period. C. 7,135,015 SBC common shares, granted on May 12, 2021, were expensed entirely, at a fair value of $0.05 per share, as fully vested on the grant date. Previously, these SBC common shares were being amortized and expensed over a 12-month service period, at a fair value of $0.005 per share.POLICIES

F-7 Table of Contents

The impact of these restatements on the Statements of Changes in Stockholders’ Equity is summarized as follows:

	As previously			Effect of
January 31, 2022	Reported			Restatement			As Restated
Common stock	$	20,652		-			$	20,652
Non-vested stock-based
Shareholder receivables		(137,634	)		137,634			-
Additional Paid-in Capital		877,797			(97,287	)		780,510
Retained Earnings (Deficit)		816,724			(40,347	)		776,377
Stockholders’ Equity	$	1,577,539		$	-		$	1,577,539

Note 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying financial statements have been prepared in accordance with GAAP. The Company’s year-end is January 31.

Segment Reporting

The Company operates in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, which establishes standards for reporting information about operating segments in financial statements.

The Company’s chief operating decision maker (“CODM”), who is the Chief Executive Officer, regularly reviews consolidated financial information to make operating decisions, allocate resources, and assess performance. The CODM does not evaluate the business on a disaggregated basis, and discrete financial information is not available by product line, service, or geographic location.

As a result, the Company has determined that it operates as a single operating and reportable segment. All revenues are generated from a single line of business and substantially all long-lived assets are located in the United States. Accordingly, no additional segment disclosures are required.

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Table of Contents

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, and disclosure of contingent assets and liabilities at the date the financial statements. Actual results could differ from those estimates. For the fiscal year ended January 31, ~~2023,~~2024 the Company’s operations and financial statement items did not require the use of any significant estimates or assumptions. All amounts presented are based on actual, readily determinable values, and no material judgments or estimation methodologies were applied.

Cost of Goods Sold

Cost of goods sold includes all direct costs related to the production or purchase of the Company’s products. These costs primarily consist of raw materials, direct labor, and manufacturing overhead, including depreciation of production equipment, inbound freight, packaging, and other production-related expenses.

F-8 Table of Contents

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company ~~had $29,656 and $107,212 of cash as of January 31, 2023 and 2022, respectively. The Company~~ did not have any cash equivalents at January 31, ~~2023~~2024 and ~~2022~~2023.

Accounts Receivable, Net

Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for credit loss accounts for estimated losses that may result from the inability of customers to make required payments.

The following table presents the gross accounts receivable, allowance for credit loss, and net accounts receivable as of January 31:

	2023			2022
Accounts receivable - Gross	$	413,632		$	2,952,022
Les: Allowance for credit loss		(33,632	)		-
Accounts receivable - net	$	380,000		$	2,952,022

Allowance for Credit Loss

Effective February 1, 2022, the Company adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to estimate expected credit losses over the life of financial assets measured at amortized cost using a current expected credit loss (CECL) model. The adoption did not have a material impact on the Company’s financial statements.

The allowance for credit losses represents management’s estimate of expected credit losses related to accounts receivable. The Company evaluates the collectability of its accounts receivable based on historical experience, the aging of receivables, and specific customer credit risk, in accordance with the CECL model.

Accounts deemed uncollectible are written off against the allowance when collection efforts have been exhausted. For the fiscal year ended January 31, 2024 and 2023, the Company established a reserve for credit losses of $33,632 and recognized an equivalent amount as bad debt expense. The reserve was based on outstanding accounts receivable from customers who had ceased operations, filed for bankruptcy, or exhibited significant financial difficulties. As of January 31, 2024 and 2023, the allowance for credit losses was $33,632.

Accounts Receivable, Net

The following table presents the gross accounts receivable, allowance for credit loss, and net accounts receivable as of January 31, 2024 and 2023:

	January 31,			January 31,
	2024			2023
Accounts receivable - Gross	$	33,632		$	413,632
Les: Allowance for credit loss		(33,632	)		(33,632	)
Accounts receivable - net	$	-		$	380,000

Prepaid Expenses

Prepaid expenses are recorded at cost, net of amortization. ~~The Company had $27,422 and $2,634 in prepaid expenses as of January 31, 2023 and 2022, respectively.~~

~~Plant~~F-8 ~~and~~Table ~~equipment,~~of ~~Depreciation, Amortization, and Capitalization~~ Contents

~~Plant~~Impairment ~~and~~of ~~equipment are stated at cost. The Company records depreciation and amortization when appropriate using the straight~~Long-~~line~~lived ~~method~~Assets over the estimated useful life of the assets. The Company estimates that the useful life of necessary equipment is 5 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals, and replacements that increase the plant and equipment’s useful life are capitalized. Plant and equipment sold or retired, together with the related accumulated depreciation, is removed from the appropriate accounts and the resultant gain or loss is included in net income.

FLong-9lived ~~Table~~assets with finite lives, primarily property and equipment, intangible assets, and operating lease right-of-use ~~Contents~~assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. During the years ended January 31,2024 and 2023, the Company recognized impairment of equipment of $10,449 and $0, respectively.

~~The~~Equipment ~~Company reviews long-lived assets, including plant~~ and ~~equipment~~Vehicle, ~~for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If such indicators are present~~ Depreciation, ~~the~~Amortization ~~Company compares the estimated undiscounted future cash flows expected to result from the use~~ and eventual disposition of the asset group to its carrying amount. If the carrying amount exceeds the estimated future cash flows, an impairment loss is recognized in the amount by which the carrying value exceeds the fair value of the asset group. No impairment charges were recorded during the years ended January 31, 2023 or 2022.Capitalization

AsEquipment and vehicles are stated at cost. The Company records depreciation and amortization when appropriate using the straight-line method over the estimated useful life of the assets. The Company estimates that the useful life of necessary equipment is 3-5 years and vehicle is 5 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals, and replacements that increase the vehicles and equipment’s useful life are capitalized. Vehicle and equipment sold or retired, together with the related accumulated depreciation, are removed from the appropriate accounts and the resultant gain or loss is included in net income (loss). During the years ended January 31,2024 ~~2023~~ and ~~2022~~2023, ~~plant~~the Company recognized impairment of furniture and equipment ~~consisted~~and computer of ~~the~~$10,449 ~~following:~~and $0, respectively.

	January 31,			January 31,
	2023			2022
Vehicle	$	49,785		$	49,785
Furniture and equipment		19,741			19,741
Computer		3,471			3,471
		72,997			72,997
Accumulated depreciation		(23,423	)		(8,361	)
Total plant and equipment, net	$	49,574		$	64,636

As of January 31, 2024 and 2023, vehicle and equipment consisted of the following:

	January 31,			January 31,
	2024			2023
Vehicle	$	49,785		$	49,785
Furniture and equipment		19,741			19,741
Computer		3,471			3,471
		72,997			72,997
Accumulated depreciation		(38,485	)		(23,423	)
Accumulated impairment		(10,449	)		-
Total vehicle and equipment, net	$	24,063		$	49,574

Accounts Payable

The Company recognizes accounts payable when obligations arise from the receipt of goods and services in the ordinary course of business. Accounts payable are recorded at cost and represent amounts owed to vendors and service providers that are non-interest bearing and typically settled within standard payment terms.

The Company evaluates accounts payable balances regularly to ensure completeness and accuracy and consider all amounts to be current unless otherwise specified. Any significant accrued liabilities for services received but not yet invoiced are included in accrued expenses within the balance sheet.

As of January 31, ~~2023~~2024 and ~~2022~~2023, the Company’s accounts payable – related party totaled $2,411,000 ~~and $1,251,500, respectively~~. ~~All accounts payable are classified as current liabilities. The Company did not incur any material interest or penalties on past due balances during the periods presented.~~

All accounts payable are classified as current liabilities. The Company did not incur any material interest or penalties on past due balances during the periods presented.

Fair Value of Financial Instruments

ASC topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

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Table of Contents

These tiers include:

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;
Level 3:	defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The carrying value of cash and the Company’s loan from shareholders approximates its fair value due to their short-term maturity.

Income Taxes

There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, as well as changes to, or further interpretations of, regulations. The Company adjusts its income tax expense in the period in which these events occur. If such changes take place, there is a risk that the tax rate may increase or decrease in any period.

The FASB guidance contained in ASC Topic 740, Income Taxes, addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a threshold of “more likely than not” for recognition and derecognition of tax positions taken or expected to be taken in a tax return.

The Company adopted this guidance and is now required to recognize the effect of income tax positions only if those positions are more likely than not of be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being recognized. Additionally, previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first financial reporting period in which that threshold is no longer met. Changes in recognition or measurement will be reflected in the period in which the change in judgment occurs.

F-10 Table of Contents

The Company’s income tax filings are subject to audit by various taxing authorities. The Company’s open audit periods are three years for federal and four years for California. In evaluating the Company’s tax provisions and accruals, future taxable income, and the reversal of temporary differences, interpretations, and tax planning strategies are considered. The Company had no material adjustments to its liabilities for unrecognized income taxes under the guidelines of the ASC Topic 740 for uncertainty in income taxes and believes their estimates are appropriate based on current facts and circumstances.

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts.

More specifically, the Company contracts with its suppliers (“Vendor”) to buy a specific number of stem cells and exosomes at agreed-upon prices. The Company must pay for those stem cells regardless of whether it is able to resell them. A customer (“Buyer”) generally visits the Company’s website searching for available stem cells and exosomes, obtains price quotation, and places an order with the Company who then confirms the purchase order, as a contract with that particular Buyer. The Company has discretion in establishing the prices for the stem cells it sells to the Buyer.

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Table of Contents

The Company obtains control of the stem cell (which it could resell) when stored at a separate/specified liquid nitrogen tank at the Vendor and transfers that product to the Buyer. The common delivery term is Ex Works Warehouse. The Company assists the Buyer in resolving product issues including complaints with the products provided by the Vendor. The Vendor is responsible for fulfilling the obligations associated with transfer of the stem cell purchased, including coordination with cold chain shipping companies when required. The Company is the principal for the sale of the stem cell to the Buyer and recognizes revenue upon shipment by the Vendor to the Buyer, upon shipping/delivery confirmation. The revenue is recognized on a gross basis. The specified good is a selected type of stem cell along with the other exosome provided by the Vendor for the Buyer of that stem cell. The following are indications of control by the Company:

	·	The Vendor is responsible for manufacturing the products, while the Company retains primary responsibility for fulfilling the obligation to deliver the products from the Vendor’s separate storage facility to the Buyer.
	·	The Company has inventory risk as a result of purchasing the stem cells from the Vendor and will be subject to the risks and rewards of ownership, including loss if it is unable to sell the stem cells.
	·	The Company has the discretion in establishing the selling price of the stem cells for its contract with the Buyers.
	·	In Summary, the Company is primarily responsible for fulfillment, inventory risk, and pricing discretion. The Company recognizes revenue equal to the price to be paid by the Buyer for the stem cells upon transfer of control of the stem cells to the Buyer. The Company recognizes the cost of the stem cells at the purchase price to be paid to the Vendor, as cost of sales, upon purchase from the Vendor.

~~F-11~~Cost ~~Table~~ of ~~Contents~~Goods Sold

Basic (Loss) Income Per Share

The Company computes (loss) income per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net (loss) income available to common shareholders by the weighted average number of outstanding common shares during the year.

Diluted (loss) income per share gives effect to all dilutive potential common shares outstanding during the year. Dilutive loss per share excludes all potential common shares when their inclusion would be anti-dilutive. ~~As of January 31, 2023 and 2022, there were no potentially dilutive debt or equity instruments issued or outstanding.~~

~~Comprehensive~~For ~~(Loss)~~the ~~Income~~years ended January 31, 2024 and 2023, the following common stock equivalents were excluded from the computation of diluted net loss per share as the result of the computation was anti-dilutive.

Comprehensive (loss) income is defined as all changes in stockholders’ (deficit)/equity, exclusive of transactions with owners, such as capital investments. Comprehensive (loss)/income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of January 31, 2023 and 2022, there were no differences between the Company’s comprehensive (loss)/income and net (loss)/income.

	Years Ended
	January 31,
	2024		2023
	Shares		Shares
Unvested restricted common stock		32,972,900		65,945,800

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as all changes in stockholders’ equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income (loss) includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of January 31, 2024 and 2023, there were no differences between the Company’s comprehensive loss and net loss.

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Table of Contents

Stock-Based Compensation

The Company measures all stock-based awards granted to employees, directors and non-employees based on the fair value on the date of grant in accordance with ASC 718, Compensation – Stock Compensation. The compensation expense of those awards is recognized over the requisite service period, which is generally the vesting period of the respective award. Generally, the Company issues awards with either service-only vesting conditions and records the expense using the straight-line method or service and performance vesting conditions and records the expense when achievement of the performance condition becomes probable using the graded-vesting method. The Company accounts for forfeitures as they occur.

The fair value of stock-based grant awards is estimated using the fair value of the Company’s most recent historical transaction with third parties. The Company classifies stock-based compensation expense in its statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Foreign Currency Translation

The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “Foreign Currency Translation Matters.” Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the statement of operations.

Leases

The Company determines whether a contract is or contains a lease at contract inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities on the Company’s balance sheets.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, we use the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred and may include certain index-based changes in rent and other non-fixed payments for services provided by the lessor. The Company’s leases do not contain any material residual guarantees or material restrictive covenants.

F-12 Table of Contents

Lease arrangements with lease and non-lease components are generally accounted for separately. For certain equipment leases, such as vehicles, the Company will account for the lease and non-lease components as a single lease component. Additionally, for certain equipment leases, the Company will apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities.

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Table of Contents

Recently Issued Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). The amendments in this update provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for the Company beginning in the fiscal year ending December 31, 2026. The Company is currently evaluating the impacts of the adoption of ASU 2025-05 on the Consolidated Financial Statements.

In May 2025, the FASB issued ASU 2025-04 Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”) which clarifies the guidance on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer, with the intent to reduce diversity in practice and improve existing guidance by revising the definition of a “performance condition” and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer. It also clarifies the guidance in Topic 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer “regardless of whether an award’s grant date has occurred”. ASU 2025-04 will be effective for the annual periods beginning after December 15, 2026 with early adoption permitted. The Company does not believe ASU 2025-04 will have a material impact on its financial position, results of operations or financial statement disclosure.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

In March 2024, the FASB issued ASU 2024-02 "Codification Improvements – Amendments to Remove References to the Concepts Statements" ("ASU 2024-02"), which contains amendments to the Codification to remove references to various FASB Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. Generally, ASU 2024-02 is not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective for the Company for fiscal years beginning after December 15, 2024. The Company does not expect this update to have a material impact on its financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for our year ending December 31, 2025. The Company is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements.

~~Recently~~Note ~~Adopted~~4 ~~Accounting~~– ~~Pronouncements~~Related Party Transactions and Balances

In the fiscal year ended January 31, 2023, the Company adopted the following accounting standard updates (ASUs):

	·	ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
		Effective February 1, 2022, the Company adopted ASU 2016-13 using the modified retrospective approach. This standard introduced a new expected credit loss model for measuring impairment on financial instruments, including trade receivables and certain other financial assets. The adoption did not have a material impact on the Company’s financial statements due to the nature and short-term duration of its financial instruments.
	·	In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”).

The adoption of other accounting pronouncements during the fiscal year, individually and in the aggregate, did not have a material impact on the Company’s financial position, results of operations, or cash flows.

The Company is currently evaluating the impact of all pending standards and does not expect the adoption of any other recently issued ASUs to have a material effect on its financial statements.

Note 5 – Related Party Transactions and Balances

Advances from Related Party

During the ~~year~~years ended January 31, ~~2022~~2024 and 2023, the Company received advances totaling $945,~~358~~277 and $0 from Cheng-Hsiang Kao, the Company’s previous Chief Executive Officer who is also a major shareholder and operating expenses of $205,523 and $120,323 were paid on behalf of the Company. These advances are unsecured, non-interest bearing, and payable on demand. As of January 31, ~~2023~~2024 and ~~2022~~2023, the total amount of shareholder advances outstanding was $~~214~~425,~~682~~ 482 and $94214,~~358~~682, respectively. ~~During the years ended January 31, 2023 and 2022, the Company recorded advances from related party under operating activities of $120,323 and $1,324, respectively.~~

Due to Related Party

The Company sources its inventory exclusively from a vendor wholly owned by shareholders who collectively hold more than 20% of the Company’s outstanding common shares as of January 31, ~~2023~~2024. These shareholders are also family members of the Company’s Chairman. As of January 31, ~~2023,~~2024 and ~~2022~~2023 amounts due to this related party totaled $2,411,000 ~~and $1~~,~~251,500~~ respectively, are disclosed in Accounts Payable – related party on the balance sheets.

Note 6 – COMMON STOCK

The number of authorized shares of common stock under the Certificate of Incorporation was 75,000,000, $0.001 par value, when the Company was incorporated on September 6, 2016. The number of authorized shares of common stock under the Certificate of Incorporation was amended to 225,000,000 shares on November 29, 2018. The number of authorized shares of common stock under the Certificate of Incorporation was amended to 500,000,000 shares, $0.0001 par value, on May 22, 2020.

On May 12, 2020, the Company amended its articles of incorporation to affect the following: (a) the number of authorized shares of common stock under the Certificate of Incorporation was amended to 500,000,000 shares, having a $0.0001 par value; (b) a stock split on a 1:5 basis, such that each share of the issued and outstanding Common stock of the Corporation be forward split into five (5) shares of Common stock of the Corporation, effective on June 8, 2020 (the “Record Date”).

F-13

Table of Contents

OnNote ~~July~~5 ~~14,~~– 2020, the Company filed an 8-K Form regarding the Board of Directors approvals of the following, as amended via Form 8-K filed on August 4, 2020: (1) the issuance of up to 16,468,400 shares of common stock to certain non-U.S. accredited investors, at a purchase price of $0.005 per share, and (2) the issuance of up to 131,891,600 shares of common stock, at par value, to non-U.S. consultants, directors, and employees. EQUITY

OnCommon September 9, 2020, the Company issued 6,800,000 shares of common stock related to its stock-based compensation plan to various marketing advisors, technical advisors, sales distributors, brokers, and sales representatives of the Company.Stock

OnThe ~~October~~number 4,of ~~2020,~~authorized ~~the Company issued 131,891,600~~ shares of common stock asunder ~~stock-based~~the ~~compensation~~Certificate toof ~~certain~~Incorporation ~~non-U.S. consultants~~is 500, ~~directors~~000,000, ~~and~~$0.0001 par ~~employees~~value.

OnDuring ~~October~~the 4year ended January 31, ~~2020~~2023, the Company issued 16 510,~~468,400~~ 000 shares of common stock to ~~investors~~a ~~for~~service ~~total~~provider ~~cash~~for ~~proceeds~~services ~~of $82~~rendered,~~342~~ valued at ~~a price of~~ $025,500.~~005 per share.~~

OnDuring ~~November~~the ~~24,~~year ~~2020~~ended January 31,2024, the Company ~~issued~~did ~~6,233,520~~not issue any shares of common stock ~~related to its stock-based compensation plan to certain non-U~~.~~S. founders of the Company.~~

OnThere ~~May 12~~were 207, ~~2021~~030,030 ~~the Company issued 1,000,000~~ shares of common stock toissued ~~investors~~as ~~for cash proceeds~~ of ~~$50~~January 31,~~000~~ at2024 aand ~~price of $0~~2023.~~05 per share.~~

~~On May 12, 2021, the Company issued 7,135,015 shares of common stock related to its stock~~Stock-based compensation ~~plan to certain non-U.S. consultants, directors, and employees of the Company.~~

Between December 1, 2022, and January 31, 2023, the Company issued 510,000 shares of common stock to a service provider for services rendered.

There were 207,030,030 and 206,520,030 shares of common stock issued as of January 31, 2023 and 2022, respectively.

Excluding shares issued under stock-based compensation plans that had not yet vested, there were 152,075,197 and 118,592,297 shares of common stock outstanding as of January 31, 2023 and 2022, respectively.

Note 7 – STOCK-BASED COMPENSATION

The Company’s stock-based compensation programs are long-term retention programs that are intended to attract, retain and provide incentives for employees, officers and directors, and to align stockholder and employee interests.

Under the stock-based compensation plan, the Company may grant Incentive Stock Options (“ISO”), Non-statutory Stock Options (“NSO”), Restricted Stock (“RS”) and Restricted Stock Units (“RSU). ISO and NSO are granted under service conditions. RS and RSU are granted under vesting criteria set by the Administrator and could be based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. Stock options granted to employees generally vest over a four-year period, although certain grants may vest over a longer or shorter period. Stock options granted to non-employees generally vest over a one-year period.

Valuation of Stock-Based Compensation

Stock-based compensation cost is measured at the grant date based on the fair value of the award. The fair value of the awards is fixed at the grant date and amortized over the longer of the remaining performance or service period. The fair value of stock-based grant awards is estimated using the fair value of the Company’s most recent historical transaction with third parties.

~~F-14~~Compensation ~~Table of Contents~~costs

Stock-based compensation: Common stock activities for the year ended January 31, 2023 and 2022 are summarized as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Weighted Average Grant Date Fair Value
January 31, 2022		87,927,733			-		2	$	0.005
Expected to Vest		87,927,733
					-
Vested		(32,972,900	)		-			$	0.005
January 31, 2023		54,954,833					1	$	0.005
Expected to Vest		54,954,833

Compensation Costs

The Company recognizes the estimated compensation cost of all stock-based awards generally on a straight-line basis over the requisite service period of the entire award, which is generally the vesting period. The estimated compensation cost is based on the fair value of the common stock on the date of the grant. The Company accounts for forfeitures as they occur.

~~As of January 31~~131, ~~2023~~901,600 restricted ~~there~~common ~~was $274~~shares,~~774~~ ofgranted ~~unrecognized~~on ~~compensation~~October ~~cost~~4, ~~related to non-vested stock-based awards~~2020, toat ~~be recognized over~~ a ~~weighted~~fair ~~average~~value ~~period~~ of ~~one year~~$0.005 per ~~As of January 31~~share, ~~2023,~~are ~~there was $439,639 of unrecognized compensation cost related to non-~~vested ~~stock-based awards, to be recognized~~ over 4 fiscal ayears ~~weighted~~equally ~~average~~(vesting period) ofcommencing ~~two~~on ~~years~~October 4, 2020.

~~Stock-based~~Common ~~compensation~~stock ~~recognized~~activities for the ~~year~~years ended January 31, ~~2023~~2024 ~~amounted~~and to2023 ~~$164,865.~~are ~~Stock-based~~summarized ~~compensation~~as ~~recognized for the year ended January 31, 2022 amounted to $521,615.~~ follows:

Note 8 – SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (As Restated)

	Number of Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Grant Date Fair Value
January 31, 2022		98,918,700		2.7	$	0.005

Vested		32,972,900			$	0.005

January 31, 2023		65,945,800		1.7	$	0.005

Vested		32,972,900

January 31, 2024 - Expected to Vest		32,972,900		0.7	$	0.005

~~For~~F-14 ~~the~~Table ~~years ended January 31, 2023 and 2022, the Company incurred selling, general and administrative (“SG&A”) expenses~~ of $844,836 and $941,336, respectively. These expenses include costs related to personnel, professional services, facilities, insurance, and other administrative activities necessary to support the Company’s operations.Contents

~~During~~As ~~the~~of ~~year ended~~ January 31, ~~2023~~2024, ~~the~~there ~~Company~~was ~~identified and corrected an error in the classification~~ $109,910 of ~~stock-based~~unrecognized compensation ~~for~~cost ~~the~~related ~~fiscal~~to ~~year~~non-vested ~~ended January 31, 2022. Accordingly,~~ stock-based ~~compensation expense for the year ended January 31~~awards, ~~2022, was restated from $167,173~~ to ~~$521,615.~~be ~~The~~recognized ~~adjustment~~over ~~increased~~a ~~total~~weighted ~~SG&A~~average ~~expenses for that~~ period. ~~Management concluded that the restatement~~of ~~had a material impact on the previously issued financial statements~~0.7 years.

~~Note~~Stock-based 9compensation –recognized ~~OPERATING~~for ~~LEASES~~the years ended January 31, 2024 and 2023 amounted to $164,865 and $164,865, respectively.

InNote ~~July~~6 ~~2021,~~– ~~the~~OPERATING Company entered into a non-cancelable operating lease for an office facility in Irvine, California. The lease agreement requires 36 monthly lease payments that range from $14,796 to $16,013 per month. The lease commences in August 2021 and expires in July 2024. The lease has a remaining lease term of less than three years, with no options to extend.LEASES

Operating lease right -of-use (“ROU”) assets and operating lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the term of lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

The Company has elected the short-term lease exemption for leases with an initial term of twelve months or less and does not recognize right-of-use assets or lease liabilities for such leases. Short-term lease payments are recognized as lease expense on a straight-line basis over the lease term. The Company also elected the practical expedient not to separate lease and non-lease components for its operating leases.

The Company determines the present value of lease payments using the interest rate implicit in the lease when readily determinable. When the implicit rate is not readily determinable, the Company uses its incremental borrowing rate, which represents the rate of interest the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term. The Company’s incremental borrowing rate is a hypothetical rate based on management’s estimate of the Company’s credit profile and prevailing market conditions.

The operating lease ROU asset includes lease payments made prior to the commencement date and excludes lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

The Company leases office space under operating lease arrangements. These leases generally require fixed monthly payments and may include variable payments such as common area maintenance charges, utilities, and other operating costs. The Company’s leases do not contain residual value guarantees or material restrictive covenants.

In July 2021, the Company entered into a non-cancelable operating lease for an office facility in Irvine, California. The lease agreement required 36 monthly lease payments that range from $14,796 to $16,013 per month. The lease had a remaining term of less than three years and did not contain options to extend. The lease expired in July 2024. Subsequent to the fiscal year end, the Company elected not to renew the lease.

There were no lease transactions classified as finance leases for the years ended January 31, 2024 and 2023.

Operating lease right-of-use assets and operating lease liabilities are presented in the Company’s balance sheet as follows:

January 31, 2024	Balance Sheet Classification	Amount
Operating lease right-of-use asset	Operating lease right-of-use asset	$	93,334
Operating lease liability – current portion	Operating lease liability	$	93,334
Operating lease liability – long-term portion	Operating lease liability, net of current portion	$	-

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Table of Contents

~~There~~Because ~~are~~the noremaining lease ~~transactions~~term ~~classified~~ as ~~finance~~of ~~leases~~January ~~for~~31, ~~the~~2024 ~~years~~was ~~ended~~less ~~January~~than 31one year, ~~2023~~the ~~and~~entire ~~2022~~lease liability was classified as a current liability.

The table below summarizes the components of operating lease costs related to operating leases for the ~~year~~years ended January 31, ~~2023~~2024 and ~~2022~~2023:

	2023		2022
	Years Ended
Fixed lease cost	$	184,786	$	92,393
	January 31,
Total	$	184,786	$	92,393
	2024		2023
The components of lease expense were as follows:
Operating lease cost	$	159,982	$	159,982
Short-term lease cost		51,409		-
Variable lease cost		43,819		28,025
Total lease cost	$	255,210	$	188,007

Supplementary information on cash flow and other information for leasing activities for the ~~year~~years ended January 31, ~~2023~~2024 and ~~2022~~2023 are as follows:

	2023			2022
	Years Ended
Cash paid for amounts included in the measurement of lease liabilities:
	January 31,
● Operating cash flows from operating leases:	$	181,104		$	88,776
	2024			2023
Right-of-use assets obtained in exchange for lease obligations:
Cash paid for operating cash flows from operating leases	$	188,402		$	181,103
● Operating leases:		255,682			479,495
Right-of-use asset obtained in exchange for new operating lease liabilities	$	-		$	-
Weighted average remaining lease term (in years)		1.5			2.5
Remaining lease term - operating leases (year)		0.50			1.50
Weighted average discount rate		10.00	%		10.00	%
Discount rate — operating leases		10.00	%		10.00	%

Future minimum lease payments under non-cancelable operating leases as of January 31, ~~2023~~2024 ~~and 2022~~ are as follows:

	2023			2022
Year ending January 31,	Amount
Fiscal Year
2025	$	96,075
2023	$	-		$	181,103
Thereafter		-
2024		188,403			188,402
Total lease payments		96,075
2025		96,075			96,075
Less: Imputed interest		(2,741	)
Thereafter		-			-
Total lease liability	$	93,334
Total future minimum lease payments		284,478			465,580
Less imputed interest		(21,497	)		(2,008	)
Total	$	262,981		$	463,572

	2023		2022
Operating lease liabilities, current	$	169,647	$	181,103
Operating lease liabilities, non-current		93,334		282,469
Operating lease liabilities	$	262,981	$	463,572

Note 7 – COMMITMENTS AND CONTINGENCIES

Note 10 – COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is from time to time involved in ~~ordinary~~ routine litigation incidental to the conduct of ~~its~~our business. ~~The~~Management ~~Company~~believes ~~regularly~~that ~~reviews~~no ~~all~~ pending litigation matters into which it is ~~involved~~a ~~and~~party ~~establishes~~is reserves deemed appropriate for such litigation matters, which reserved amounts are charged to operations in the year during which they are accrued. The Company believes that no presently pending litigation matters are likely to have a material adverse effect on the Company’s financial ~~statements~~condition or results of operations~~, taken as a whole~~.

As previously disclosed in our Company’s Form 10-K for the fiscal year ended January 31, 2023, and in our Report on Form 8-K filed August 11, 2025, certain of our former officers are involved in civil and criminal proceedings in Taiwan relating to alleged unauthorized use of proprietary know-how and intellectual property. The Company is not a named party to these proceedings.

As of January 31, 2024 and through the date of issuance of these financial statements, management is not aware of any developments that would cause the Company to conclude that these matters will have a material adverse effect on its financial condition or results of operations.

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Table of Contents

~~During~~Note ~~the~~8 ~~reporting~~– ~~period,~~INCOME the Company became aware that its former Chief Executive Officer, Mr. Cheng-Hsiang Kao, and Chairman of the Board, Mr. Pao-Chi Chu, are involved in civil and criminal legal proceedings in Taiwan. The proceedings involve allegations concerning the unauthorized use or disclosure of business know-how and intellectual property. The Company is not a named party in these proceedings. On August 7, 2025, Mr. Kao and Chu, along with the other officers resigned and appointed Ms. Ssu-Chuan Lai as the sole director and to all of the officer positions. The new management has evaluated the available information and, as of the balance sheet date, concluded that the matters are not expected to have a material adverse effect on the Company’s financial condition or results of operations. Management will continue to monitor the situation and assess any implications on the Company’s leadership or its operations. TAXES

~~Note~~The 11Company –has ~~INCOME~~not ~~TAXES~~made provision for income taxes for the years ended January 31, 2024 and 2023 since the Company has the benefit of net operating losses in these periods.

~~The~~Due to uncertainties surrounding the Company’s ~~has~~ability ~~established~~to generate future taxable income to realize deferred income tax assets arising as a ~~full~~result ~~valuation~~of ~~allowance~~net ~~against~~operating ~~its~~losses carried forward, the Company has not recorded any deferred income tax assets as of January 31, ~~2023 and 2022~~2024. The ~~valuation~~Company ~~allowance~~has isincurred ~~based~~a onnet ~~management’s~~operating ~~assessment~~loss ~~that~~(NOL) itof is$4,962,328; ~~more~~the ~~likely~~net ~~than~~operating ~~not~~loss ~~that~~carry forwards will begin to expire in varying amounts beginning with the ~~deferred~~year ended December 31, 2039, subject to its eligibility as determined by respective tax ~~assets~~regulating ~~will~~authorities. NOLs ~~not~~generated bein ~~realized~~tax ~~due~~years prior to ~~the~~December 31, 2018, can be carryforward for twenty years, whereas NOLs generated after December 31, 2018, can be carryforward indefinitely. The Company’s ~~limited~~net operating ~~history~~loss ~~and~~carry ~~history~~forwards may be subject to annual limitations, which could eliminate, reduce or defer the utilization of ~~net~~the losses because of an ownership change as defined in Section 382 of the Internal Revenue Code. U.S. Federal tax returns are closed by statute for years through 2015. The status of state and non-U.S. tax examinations varies due to the numerous legal entities and jurisdictions in which the Company operates.

The Company had approximately $4.5 million of federal net operating loss (“NOL”) carryforwards as of January 31, 2023, which may be available to offset future taxable income. Federal NOLs arising in tax years beginning after 2017 can be carried forward indefinitely but are limited to offsetting 80% of taxable income in any given year, pursuant to current U.S. tax law. State NOLs are subject to separate rules and expiration periods.

The following is a reconciliation of the federal statutory tax rate to the effective tax rate:

	Year ended January 31,
	Years Ended January 31,
	2023			2022
	2024			2023
Statutory federal income tax rate		21.00	%		21.00	%
State income taxes, net of federal tax benefit		~~(0.00~~-	)		-
Valuation allowance	(21.00	~~(20.84~~	%)	(20.84	-	%)
Other, net		-~~0.04~~		(0.04	~~(1.73~~	%)
Effective tax rate		0.1200	%		190.2712	%

The components of the income tax provision/(benefit) are as follows:

	Year ended January 31,
	Years Ended January 31,
	2023			2022
	2024			2023
Current:
Federal	$	-		$	~~210,923~~-
State		~~800~~-			-800
Total current		~~800~~-			~~210,923~~800
Deferred:
Federal		~~(6,181~~-	)		(6,181	)
State		-			-
Total deferred		~~(6,181~~-	)		(6,181	)
Total income tax provision	$	~~(5,381~~-	)	$	~~217~~(5,~~104~~381	)

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Table of Contents

The tax effects of cumulative temporary differences that gave rise to the deferred tax assets and liabilities were as follows:

	January 31,
	Years Ended January 31,
	2023			2022
	2024			2023
Deferred tax assets:
Deferred tax assets :
Allowance for credit loss	$	7,063		$	-7,063
Operating lease liability		55,226			97,350
Impairment expense		2,194			-
Net operating loss carryforward		865,309			-
Stock based-compensation		34,555			-
Other, net		168			-
Operating lease liability		19,600			55,226
Total deferred tax assets		927,766			97,350
Net operating loss carryforward		1,041,256			865,309
Valuation allowance		(868,172	)		-
Other, net		-			168
Net deferred tax assets		59,594			97,350
Total deferred tax assets		1,104,668			927,766
Valuation allowance		(1,078,716	)		(868,172	)
Net deferred tax assets		25,952			59,594
Deferred tax liabilities:
Amortization and depreciation		(57,~~901~~125	)		(65,~~940~~901	)
Operating lease right-of-use assets		(5318,~~693~~827	)		(9653,~~591~~693	)
Total deferred tax liabilities		(5925,~~594~~952	)		(~~103~~59,~~531~~594	)
net deferred tax assets (liabilities)	$	-		$	(6,181	)
Net deferred tax assets (liabilities)	$	-		$	-

Note 129 – CONCENTRATION OF CREDIT RISK

The Company did not have any significant customer concentration during the year ended January 31, ~~2023.~~2024 ~~For~~and ~~the year ended January 31, 2022, one customer accounted for 100% of revenue, totaling $5,613,200~~2023.

The Company ~~had~~did ~~one~~not vendor that accounted for more than 10% of the Company’s total purchases for the year ended January 31, 2023. The one vendor supplied 100% of the Company’s total purchases for the years ended January 31, 2023 and 2022. If the Company lost this vendor, this could have aany ~~negative~~significant ~~impact~~purchase ~~upon~~concentration ~~the~~during ~~financial well-being of~~ the ~~Company. The Company had one vendor that accounted for more than 10% of the Company’s total purchases for the~~ year ended January 31, ~~2022~~2024. ~~The one vendor represented $3,545,200 and 100% of the Company’s total purchases for the year ended January 31, 2022.~~

~~Note~~The 13Company –had ~~SUBSEQUENT~~one ~~EVENTS~~vendor that accounted for more than 10% of the Company’s total purchases for the year ended January 31, 2023.

~~The~~Note ~~Company~~10 ~~has~~– ~~evaluated~~SUBSEQUENT subsequent events in accordance with Accounting Standards Codification (“ASC”) Topic 855, Subsequent Events. Management reviewed all events and transactions that occurred after the balance sheet date of January 31, 2023, through the date the financial statements were issued.EVENTS

~~During~~The ~~the~~Company ~~subsequent~~has ~~event~~evaluated ~~evaluation~~subsequent ~~period,~~events ~~the~~in ~~Company~~accordance ~~received~~with Accounting ~~additional~~Standards ~~financial~~Codification ~~support~~(“ASC”) ~~from~~Topic a855, ~~major~~Subsequent ~~shareholder~~Events. ~~and~~Management ~~the~~reviewed ~~Company’s~~all ~~Chief~~events ~~Executive~~and ~~Officer,~~transactions ~~Cheng-Hsiang~~that ~~Kao,~~occurred inafter the ~~form~~balance ofsheet ~~unsecured,~~date ~~short-term~~of ~~advances~~January to31, ~~support~~2024, ~~working~~through ~~capital~~the ~~needs.~~date ~~The~~the ~~advances~~financial ~~are~~statements ~~non-interest~~were ~~bearing~~issued. ~~payable~~Based on ~~demand.~~our ~~The~~evaluation ~~total~~unless ~~amount~~noted ~~advanced~~below, no ~~was~~material ~~$420,535,~~events ~~provided~~have onoccurred ~~various~~that ~~dates.~~require disclosure.

In addition, the Company collected approximately $380,000 in accounts receivable related to fiscal year 2023 transactions between March to October 2023. These receivables had been previously reserved under the allowance for credit losses. As such, the collections resulted in partial reversal of the previously recorded bad debt expense during the subsequent reporting period.

The Company also incurred approximately $166,400 of operating expense related to its Taiwan’s office during the fiscal year ended January 31, 2024.

In August 2024, the lease agreement for the Company’s office facility in Irvine, California expired. The Company elected not to renew the lease.

As of the date of issuance of these financial statements, the legal proceedings involving the Company’s former Chief Executive Officer and Chairman of the Board remain unresolved. While the Company continues to be uninvolved as a party, the potential for reputational harm, or operational impacts cannot be fully assessed at this time. Management continues to monitor the outcome and evaluate any financial or operational implications in future reporting periods.

F-18

Table of Contents

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer (CEO), is responsible for establishing and maintaining disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Disclosure controls and procedures 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 in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the CEO, to allow timely decisions regarding required disclosure.

As of the end of the fiscal year ended January 31, ~~2023~~2024, management conducted an evaluation, under the supervision and with the participation of our CEO, of the effectiveness of our disclosure controls and procedures. Based on this evaluation, our CEO concluded that our disclosure controls and procedures were not effective as of January 31, ~~2023~~2024, due to a material weakness in our internal control over financial reporting, as described below.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate due to changes in conditions or deterioration in compliance with policies or procedures.

Management assessed the effectiveness of our internal control over financial reporting as of January 31, ~~2023~~2024, using the criteria set forth in the Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on this assessment, management concluded that our internal control over financial reporting was not effective as of that date, due to the following material weakness:

Material Weakness Identified: We did not maintain an adequate segregation of duties or employ sufficient accounting personnel with appropriate experience in U.S. GAAP and SEC reporting requirements. This deficiency increased the risk of material misstatements in the financial reporting process.

Remediation Plan

We are committed to improving our internal control environment. To remediate the identified material weakness, we plan to evaluate and enhance our internal control procedures and, as resources permit, hire additional qualified personnel or engage external consultants with relevant expertise in financial reporting and SEC compliance.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the fiscal year ended January 31, ~~2023~~2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

None.

Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections.

The Public Company Accounting Oversight Board (“PCAOB”) is currently able to inspect or investigate completely the Company’s independent registered public accounting firm, as the firm is located in a jurisdiction that permits such inspections.

The Company is not currently identified by the Securities and Exchange Commission as a “Commission-Identified Issuer” under the Holding Foreign Companies Accountable Act.

The Company does not have any operations or subsidiaries organized in, or with a principal office in, a foreign jurisdiction that prevents the PCAOB from conducting inspections or investigations of registered public accounting firms.

1926 Table of Contents

PART III

Item 10. Directors, Executive Officers, and Corporate Governance.

The board of directors elects our executive officers annually. A majority vote of the directors who are in office is required to fill vacancies. Each director is elected for the term of one year, and until his or her successor is elected and qualified, or until his earlier resignation or removal. As of January 31, ~~2023~~2024, we had only ~~2director(s)~~1 director. The name, address, age and position of our officers and sole director is as follows:

Name and Address of ExecutiveOfficer and/or Director	Age	Position	Served Since
Pao-Chi Chu10F, No. 93, Section 1Xintaiwu Rd, , XiZhi Dist.New Taipei City, 221, TWN	69	President, Chairman	January 21, 2020
Ssu-Chuan Lai, Ph.D.5225 Canyon Crest Dr., Ste 71-825Riverside CA 92507	39	Chairman, President, CFO and Secretary	August 7, 2025
Cheng-Hsiang Kao10F, No. 93, Section 1Xintaiwu Rd, , XiZhi Dist.New Taipei City, 221, TWN	69	Chief Executive Officer, Secretary, Director	January 21, 2020
Jer-Li Lin10F, No. 93, Section 1Xintaiwu Rd, , XiZhi Dist.New Taipei City, 221, TWN	58	Chief Technical Officer	January 21, 2020
Yen Xun Chen10F, No. 93, Section 1Xintaiwu Rd, , XiZhi Dist.New Taipei City, 221, TWN	38	Technical Vice President	January 21, 2020

~~Mr. Pao~~Ssu-~~Chi~~Chuan ~~Chu served as Chairman of the Board from July 2020 until his resignation on August 7~~Lai, ~~2025~~Ph. ~~From 2006 until the present, Mr~~D. ~~Chu~~ has ~~also~~ served as ~~the~~our ~~Chairman~~sole ofdirector, ~~Mucho~~chief ~~Biotech~~executive ~~Co.~~officer, ~~Ltd.~~president, ~~Chairman~~chief offinancial ~~Mucho Furich Co.~~officer, ~~Ltd.~~ and ~~Chairman~~treasurer ofsince ~~Mucho~~August ~~Biomedical Co.~~7, ~~Ltd~~2025.. ~~He is a graduate of Fu Jen Catholic University, Taipei, Taiwan.~~

MrDr. ~~Cheng-Hsiang~~Lai ~~Kao~~holds ~~served as Chief Executive Officer and~~ a ~~director~~Ph.D. ofin ~~the~~Medical ~~Company~~Science from ~~July~~Taipei ~~2020~~Medical ~~until~~University, ~~his~~as ~~resignation~~well onas ~~August~~M.S. 7,and ~~2025~~B.S. ~~From~~degrees ~~2016~~in ~~until~~Physical ~~2020,~~Therapy ~~Mr.~~from ~~Kao~~China ~~has~~Medical ~~been~~University ~~the~~and ~~CEO~~Tzu ofChi University, ~~Mucho Furich Co~~respectively., ~~Ltd.~~She ~~From~~has ~~2004~~over ~~until 2016, he was~~ a ~~CEO~~decade of ~~Mucho~~experience ~~Biotech~~spanning ~~Co.~~biomedical research, ~~Ltd. He~~clinical ~~is a graduate of National Chengchi University~~rehabilitation, ~~Department~~and ofcell ~~Diplomacy~~manufacturing operations.

20Since ~~Table~~2023, Dr. Lai has served as Vice General Manager of ~~Contents~~the Cell Manufacturing Division at Biospring Medical Co., Ltd., where she led the setup and management of a 660+ m² GTP/GMP-compliant cell manufacturing center. In this role, she oversaw cross-functional teams, ensured compliance with GTP, GMP, and ISO 17025 standards, and facilitated the transition of research projects into scalable, manufacturing-ready pipelines.

MrPreviously, Dr. ~~Jer-Li~~Lai ~~Lin~~held ~~served~~positions as ~~our~~Senior ~~Technical~~Engineer ~~Vice~~in ~~President~~the ~~from~~same ~~January~~division ~~21,~~and ~~2020~~as ~~until~~a ~~his resignation on August 7, 2025~~Ph. ~~From 2017 until 2020, Mr~~D. ~~Lin~~Research ~~served~~Assistant asat ~~the~~Taipei ~~Tech.~~Medical ~~VP of Mucho Biotech Co.~~University, ~~Ltd..~~focusing ~~From~~on ~~2010~~stem ~~until~~cell ~~2016,~~and hetissue ~~was~~engineering aresearch ~~Project~~for ~~manager~~translational ofprojects. DaShe ~~Jer~~also ~~Biotech~~has ~~Co.,~~clinical ~~Ltd.~~experience ~~Mr.~~as ~~Lin is~~ a ~~graduate~~licensed ofphysical ~~National~~therapist ~~Taiwan~~in ~~University, MS, Institute of Biochemistry~~Taiwan.

MrDr. ~~Yen~~Lai ~~Xun~~has ~~Chen~~completed ~~served~~full astraining ~~our~~in ~~Chief~~ISO ~~Technical~~17025 ~~Officer~~Quality ~~from January 21~~Management, ~~2020~~Good ~~until~~Manufacturing ~~his~~Practice ~~resignation on August 7~~(GMP), ~~2025.~~and ~~From~~Good ~~2017~~Tissue toPractice ~~2020~~(GTP), ~~Mr.~~and ~~Chen~~is ~~has~~recognized ~~been~~for ~~the~~her ~~Tech.~~expertise VPin offacility ~~Mucho Biotech Co.~~setup, ~~Ltd.~~regulatory-compliant ~~From 2010 until 2016~~manufacturing, heand ~~was~~cross-department acollaboration ~~Supervisor~~in ofthe ~~Taiwan~~biotechnology ~~Cordyceps Association~~sector. ~~Mr. Chen is a graduate of National Taiwan University, MS, Institute of Fisheries Science.~~

~~Corporate~~The ~~Governance~~board of directors elects our executive officers annually. A majority vote of the directors who are in office is required to fill vacancies. Each director is elected for the term of one year, and until his or her successor is elected and qualified, or until his earlier resignation or removal. From January 31, 2023 to August 7, 2025, we had only 2director(s). The name, address, age and position of our officers and sole director is as follows:

During fiscal 2023, the Board of Directors consisted of two members, Messrs. Kao and Chu. We did not maintain standing audit, compensation, or nominating committees during the period. The Board performed the functions of such committees.

Name and Address of Executive Officer and/or Director	Age	Position	Served Since

Pao-Chi Chu 10F, No. 93, Section 1 Xintaiwu Rd, , XiZhi Dist. New Taipei City, 221, TWN	69	President, Chairman	January 21, 2020

Cheng-Hsiang Kao 10F, No. 93, Section 1 Xintaiwu Rd, , XiZhi Dist. New Taipei City, 221, TWN	69	Chief Executive Officer, Secretary, Director	January 21, 2020

Jer-Li Lin 10F, No. 93, Section 1 Xintaiwu Rd, , XiZhi Dist. New Taipei City, 221, TWN	58	Chief Technical Officer	January 21, 2020

Yen Xun Chen 10F, No. 93, Section 1 Xintaiwu Rd, , XiZhi Dist. New Taipei City, 221, TWN	38	Technical Vice President	January 21, 2020

We27 ~~were~~Table inof the development stage during 2023 and operated with limited personnel and resources. As we expand our operations, we intend to implement appropriate corporate governance practices consistent with the requirements applicable to smaller reporting companies.Contents

~~Principal~~Mr. ~~Executive~~Pao-Chi ~~Offices~~Chu served as Chairman of the Board from July 2020 until his resignation on August 7, 2025. From 2006 until the present, Mr. Chu has also served as the Chairman of Mucho Biotech Co., Ltd., Chairman of Mucho Furich Co., Ltd. and Chairman of Mucho Biomedical Co., Ltd.. He is a graduate of Fu Jen Catholic University, Taipei, Taiwan.

~~During~~Mr. ~~fiscal~~Cheng-Hsiang ~~2023~~Kao ~~and~~served ~~2024,~~as weChief ~~maintained~~Executive aOfficer ~~branch~~and ~~office~~a ~~were~~director ~~located~~of atthe ~~1F.,~~Company ~~No.~~from ~~95,~~July ~~Sec.~~2020 1,until ~~Xintai~~his ~~5th~~resignation ~~Rd.,~~on ~~Xizhi~~August ~~Dist.~~7, ~~New Taipei City, Taiwan, where the former management team operated~~2025. From ~~August~~2016 ~~2021~~until ~~to July 2024~~2020, weMr. ~~maintained~~Kao ~~our~~has ~~principal~~been ~~executive~~the ~~offices~~CEO atof ~~400~~, ~~Spectrum~~Mucho ~~Center~~Furich DrCo., ~~Suite 1620, Irvine, CA 92618~~Ltd. InFrom ~~May~~2004 ~~2025~~until 2016, wehe ~~located~~was ~~our~~a ~~executive~~CEO ~~offices~~of toMucho ~~5225~~Biotech ~~Canyon Crest Dr~~Co., ~~Suite 710, Riverside, CA 92507~~Ltd. He ~~The~~is ~~Riverside~~a ~~location~~graduate ~~serves~~of asNational ~~our~~Chengchi ~~current~~University, ~~executive~~Department ~~office as~~ of ~~the date of this report~~Diplomacy.

~~Subsequent~~Mr. ~~Changes~~Jer-Li inLin ~~Management~~served as our Technical Vice President from January 21, 2020 until his resignation on August 7, 2025. From 2017 until 2020, Mr. Lin served as the Tech. VP of Mucho Biotech Co., Ltd.. From 2010 until 2016, he was a Project manager of Da Jer Biotech Co., Ltd. Mr. Lin is a graduate of National Taiwan University, MS, Institute of Biochemistry.

~~Effective August 7, 2025, Ms~~Mr. ~~Ssu-Chuan~~Yen ~~Lai~~Xun ~~was~~Chen ~~appointed~~served as our Chief ~~Executive~~Technical Officer, ~~President~~from January 21, ~~Chief~~2020 ~~Financial~~until ~~Officer,~~his ~~Secretary,~~resignation ~~Treasurer,~~on ~~and~~August ~~sole~~7, ~~Director~~2025. ~~Messrs.~~From ~~Kao,~~2017 ~~Chu,~~to ~~Lin~~2020, ~~and~~Mr. Chen ~~resigned~~has ~~from~~been ~~all~~the ~~officer~~Tech. ~~and~~VP ~~director~~of ~~positions~~Mucho ~~effective~~Biotech ~~August 15~~Co., ~~2024~~Ltd. ~~Ms.~~From ~~Ssu-Chuan~~2010 ~~Lai~~until ~~currently~~2016, ~~serves~~he aswas ~~our~~a ~~sole~~Supervisor ~~executive~~of ~~officer~~Taiwan ~~and~~Cordyceps ~~director~~Association. Mr. asChen is a graduate of ~~the~~National ~~date~~Taiwan University, MS, Institute of ~~this~~Fisheries ~~filing~~Science.

~~Ssu-Chuan~~Corporate ~~Lai, Ph.D. has served as our sole director, chief executive officer, president, chief financial officer, and treasurer since August 7, 2025.~~ Governance

~~Dr.~~During ~~Lai~~fiscal ~~holds~~2024, athe ~~Ph.D.~~Board inof ~~Medical~~Directors ~~Science~~consisted ~~from~~of ~~Taipei~~two ~~Medical University~~members, ~~as well as M~~Messrs.S. Kao and BChu.S. ~~degrees~~We indid ~~Physical~~not ~~Therapy~~maintain ~~from~~standing ~~China~~audit, ~~Medical~~compensation, ~~University~~or ~~and~~nominating ~~Tzu~~committees ~~Chi~~during ~~University,~~the ~~respectively~~period. ~~She~~The ~~has~~Board ~~over~~performed athe ~~decade~~functions of ~~experience~~such ~~spanning biomedical research, clinical rehabilitation, and cell manufacturing operations~~committees.

~~Since~~We ~~2023,~~were ~~Dr.~~in ~~Lai has served as Vice General Manager of~~ the ~~Cell~~development ~~Manufacturing~~stage ~~Division~~during at2023 ~~Biospring~~and ~~Medical~~operated ~~Co.,~~with ~~Ltd.,~~limited ~~where~~personnel ~~she led the setup~~ and ~~management of a 660+ m² GTP/GMP-compliant cell manufacturing center~~resources. InAs ~~this~~we ~~role,~~expand ~~she~~our ~~oversaw cross-functional teams~~operations, ~~ensured~~we ~~compliance~~intend ~~with~~to ~~GTP,~~implement ~~GMP,~~appropriate ~~and~~corporate ~~ISO~~governance ~~17025~~practices ~~standards,~~consistent ~~and~~with ~~facilitated~~ the ~~transition~~requirements ofapplicable ~~research~~to ~~projects~~smaller ~~into~~reporting ~~scalable, manufacturing-ready pipelines~~companies.

~~Previously,~~Principal ~~Dr.~~Executive ~~Lai~~Offices held positions as Senior Engineer in the same division and as a Ph.D. Research Assistant at Taipei Medical University, focusing on stem cell and tissue engineering research for translational projects. She also has clinical experience as a licensed physical therapist in Taiwan.

DrDuring fiscal 2023 and 2024, we maintained a branch office were located at 1F., ~~Lai~~No. ~~has~~95, ~~completed~~Sec. ~~full~~1, ~~training~~Xintai in5th ~~ISO~~Rd., ~~17025~~Xizhi ~~Quality~~Dist., ~~Management~~New Taipei City, ~~Good~~Taiwan, ~~Manufacturing~~where ~~Practice~~the ~~(GMP)~~former management team operated. From August 2021 to July 2024, ~~and~~we ~~Good~~maintained ~~Tissue~~our ~~Practice~~principal ~~(GTP)~~executive offices at 400 Spectrum Center Dr., ~~and~~Suite is1620, ~~recognized~~Irvine, ~~for~~CA ~~her~~92618. ~~expertise~~In inMay ~~facility~~2025, ~~setup~~we located our executive offices to 5225 Canyon Crest Dr., ~~regulatory-compliant~~Suite ~~manufacturing~~710, ~~and~~Riverside, ~~cross-department~~CA ~~collaboration~~92507. inThe Riverside location serves as our current executive office as of the ~~biotechnology~~date ~~sector~~of this report.

21Subsequent ~~Table~~Changes ofin ~~Contents~~Management

~~Delinquent~~Effective ~~Section~~August ~~16(a)~~7, ~~Reports~~2025, Ms. Ssu-Chuan Lai was appointed as our Chief Executive Officer, President, Chief Financial Officer, Secretary, Treasurer, and sole Director. Messrs. Kao, Chu, Lin, and Chen resigned from all officer and director positions effective August 15, 2024. Ms. Ssu-Chuan Lai currently serves as our sole executive officer and director as of the date of this filing.

~~Our~~Ssu-Chuan ~~common~~Lai, ~~stock~~Ph.D. ishas ~~not~~served ~~registered~~as ~~pursuant~~our tosole ~~Section~~director, 12chief ofexecutive ~~the~~officer, ~~Exchange Act of 1934~~president, aschief ~~amended~~financial ~~(the “Exchange Act”). Accordingly~~officer, ~~our officers, director~~ and ~~principal~~treasurer ~~stockholders~~since ~~are~~August ~~not~~7, ~~subject to the beneficial ownership reporting requirements of Section 16(a) of the Exchange Act~~2025.

~~Code~~Dr. Lai holds a Ph.D. in Medical Science from Taipei Medical University, as well as M.S. and B.S. degrees in Physical Therapy from China Medical University and Tzu Chi University, respectively. She has over a decade of ~~Business~~experience ~~Conduct~~spanning biomedical research, clinical rehabilitation, and cell manufacturing operations.

We28 ~~have~~Table ~~not adopted a Code~~ of ~~Business Conduct within the meaning of Item 406(b) of Regulation S-K. We intend to adopt one in 2025.~~Contents

~~Board~~Since ~~Committees~~2023, Dr. Lai has served as Vice General Manager of the Cell Manufacturing Division at Biospring Medical Co., Ltd., where she led the setup and management of a 660+ m² GTP/GMP-compliant cell manufacturing center. In this role, she oversaw cross-functional teams, ensured compliance with GTP, GMP, and ISO 17025 standards, and facilitated the transition of research projects into scalable, manufacturing-ready pipelines.

~~As of the date of this filing~~Previously, ~~since~~Dr. weLai ~~have~~held ~~only~~positions ~~one~~as ~~director,~~Senior weEngineer doin ~~not~~the ~~have~~same ~~any~~division ~~standing~~and ~~committees~~as ofa ~~our~~Ph.D. ~~Board~~Research ofAssistant ~~Directors,~~at ~~such~~Taipei asMedical ~~an audit committee~~University, ~~compensation~~focusing ~~committee,~~on orstem ~~nominating~~cell and ~~corporate~~tissue ~~governance~~engineering ~~committee.~~research ~~The~~for ~~functions~~translational ~~customarily~~projects. ~~attributable~~She toalso ~~such~~has ~~committees~~clinical ~~are~~experience ~~currently~~as ~~performed~~a bylicensed ~~our~~physical ~~sole~~therapist ~~director.~~in Taiwan.

WeDr. ~~intend~~Lai tohas ~~evaluate~~completed ~~the~~full ~~formation~~training ofin ~~appropriate~~ISO ~~Board~~17025 ~~committees~~Quality asManagement, ~~our~~Good ~~operations~~Manufacturing ~~grow~~Practice (GMP), and asGood ~~required~~Tissue toPractice ~~comply~~(GTP), ~~with~~and ~~applicable~~is recognized for her expertise in facility setup, regulatory-compliant ormanufacturing, ~~exchange~~and ~~listing~~cross-department ~~requirements~~collaboration in the biotechnology sector.

Delinquent Section 16(a) Reports

Our common stock is not registered pursuant to Section 12 of the Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, our officers, director and principal stockholders are not subject to the beneficial ownership reporting requirements of Section 16(a) of the Exchange Act.

Code of Business Conduct

We have not adopted a Code of Business Conduct within the meaning of Item 406(b) of Regulation S-K. We intend to adopt one in Q1 of 2026.

Board Committees

As of the date of this filing, since we have only one director, we do not have any standing committees of our Board of Directors, such as an audit committee, compensation committee, or nominating and corporate governance committee. The functions customarily attributable to such committees are currently performed by our sole director.

We intend to evaluate the formation of appropriate Board committees as our operations grow and as required to comply with applicable regulatory or exchange listing requirements.

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Item 11. Executive Compensation.

The table below summarizes the total compensation earned by each of our named executive Officers (“NEOs”) for the years ended January 31, ~~2023~~2024 and ~~2022~~2023.

SUMMARY COMPENSATION TABLE

Name and principal position	Year	Salary ($)		Bonus ($)		Stockawards ($)		Option awards ($)		Nonequity incentive plan compensation ($)		Nonqualified deferred compensation earnings($)		All other compensation		Total ($)
(a)	(b)	(c)		(d)		(e)		(f)		(g)		(h)		(i)		(j)
Pao-Chi Chu(1)	~~2023~~2024		-		-		-		-		-		-		-		-
	2022		-		-		-		-		-		-		-		-
	2023		-		-		-		-		-		-		-		-
Cheng-Hsiang Kao(2)	~~2023~~2024		-		-		-		-		-		-		-		-
	2022		-		-		-		-		-		-		-		-
	2023		-		-		-		-		-		-		-		-
Jer-Li Lin(3)	~~2023~~2024		-		-		-		-		-		-		-		-
	2022		-		-		-		-		-		-		-		-
	2023		-		-		-		-		-		-		-		-
Yen Xun Chen(4)	~~2023~~2024		-		-		-		-		-		-		-		-
	2022		-		-		-		-		-		-		-		-
	2023		-		-		-		-		-		-		-		-

	(1)	Mr. Chu served as Chairman of the Board until his resignation on August 7, 2025.
	(2)	Mr. Kao served as Chief Executive Officer and a director until his resignation on August 7, 2025.
	(3)	Mr. Lin served as Chief Technical Officer until his resignation on August 7, 2025.
	(4)	Mr. Chen served as Technical Vice President until his resignation on August 7, 2025.

22 Table of Contents

Director Compensation⁽¹⁾

Name

Fees earned or paid in cash

($)

Stock awards

($)

Option awards

($)

Non-equity incentive plan compensation ($)

Change in pension value and nonqualified deferred compensation earnings

All other compensation ($)

Total

($)

Pao-Chi Chu

Cheng-Hsiang Kao

(1) None of our directors received any compensation for the fiscal year ended January 31, ~~2023~~2024 or ~~2022~~2023.

There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any.

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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matter.

Security ownership of certain beneficial owners

The following table sets forth the beneficial ownership (and the percentages of outstanding shares represented by such beneficial ownership) as of ~~October~~January 31, ~~2025~~2026, of (i) each of our current directors, (ii) the current NEOs named in the “Summary Compensation Table” contained in this Form 10-K, (iii) each person known to us to be the beneficial owner of more than 5% of the outstanding shares of our common stock based upon Schedules 13G or 13D filed with the SEC; and (iv) all current directors and executive officers as a group. Except as otherwise indicated, we believe that the beneficial owners of the common stock listed below, based on information provided by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where applicable. Persons, who have the power to vote or dispose of common stock of the Company, either alone or jointly with others, are deemed to be beneficial owners of such common stock.

Title of Class	Name and address of beneficial owner⁽¹⁾	Number of Shares Beneficially Owned		Percent of class⁽²⁾
Common Stock	Named Executive Officers and Directors
Common Stock	Pao-Chi Chu⁽³⁾		25,000,000		12.08
Common Stock	Hsiang-Cheng Kao⁽⁴⁾		12,000,000		5.80
Common Stock	Che-Li Lin⁽⁵⁾		2,000,010		0.97
Common Stock	Yen Hsun Chen⁽⁶⁾		13,000,010		6.28
Common Stock	Ssu Chuan Lai		300,000		0.15
Common Stock	Li-Li Chu		39,999,980		19.32
Common Stock	Lin-Lin Chu		17,000,000		8.21

	All greater than 5% shareholders		109,300,000		52.81	%

(1)	Unless otherwise indicated, the business address of each of the individuals is c/o VitaSpring Biomedical Co., Ltd., 5225 Canyon Crest Drive, Suite 71-802, Riverside, CA 92507.

(2)	Percentage of beneficial ownership is based upon 207,030,030 shares of common stock.

(3)	Pao-Chi Chu’s address is 2F, No. 356, Sec. 1, Dunhua S. Rd., Da’an Dist., Taipei City, 10600, Taiwan

(4)	Hsiang-Cheng Kao’s address is 2F., No. 24, Aly. 6, Ln, 123, Sec. 5, Nanjing E. Rd., Songshan Dist, Taipei City, 10500, Taiwan

(5)	Che-Li Lin’s address is No. 210, 7th Neighborhood, Jilin Rd., Zhongshal Dist, Taipei City, 10469, Taiwan

(6)	Yen Hsun Chen’s address is 4F, No. 22, Ln. 119, Zhulin Rd., Yonghe Dist, New Taipei City, 234 Taiwan

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We do not currently have a formal written policy for the review, approval, or ratification of related party transactions. As of the date of this filing, our sole director and principal executive officer is Ms. Ssu-Chuan Lai.

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Advances from Related Party

During the ~~year~~years ended January 31, ~~2022~~2024 and 2023, the Company received advances totaling $945,~~358~~277 and $0 from Cheng-Hsiang Kao, the Company’s previous Chief Executive Officer who is also a major shareholder and operating expenses of $205,523 and $120,323 were paid on behalf of the Company. These advances are unsecured, non-interest bearing, and payable on demand. As of January 31, ~~2023~~2024, and ~~2022~~2023, the total amount of shareholder advances outstanding was $~~214~~425,~~682~~ 482 and $94214,~~358~~682, respectively.~~. During the years ended January 31, 2023 and 2022, the Company recorded advances from related party under operating activities of $120,323 and $1,324, respectively.~~

Due to Related Party

The Company sources its inventory exclusively from a vendor wholly owned by shareholders who collectively hold more than 20% of the Company’s outstanding common shares as of January 31, 2023. These shareholders are also family members of the Company’s Chairman. As of January 31, ~~2023~~2024 and ~~2022~~2023, amounts due to this related party totaled $2,411,000 ~~and $1,251,500~~ respectively, are disclosed in Accounts Payable – related party on the balance sheets.

Director Independence

As of the date of this filing, our Board of Directors consists of a single individual, Ms. Ssu-Chuan Lai. We are not listed on a national securities exchange and are therefore not subject to any listing requirements requiring independent directors. We have assessed independence using the standards set forth under Rule 5605(a)(2) of the Nasdaq Listing Rules and determined that Ms. Lai does not qualify as an independent director. As a result, our Board currently lacks independent representation.

We intend to consider appointing one or more independent directors in the future as part of our corporate governance initiatives.

Item 14. Principal Accountant Fees and Services.

Set forth below is a summary of certain fees paid to our independent auditor, JP Centurion & Partners PLT for services for the fiscal years ~~2023~~2024 and ~~2022~~2023.

Fee Category	Fiscal ~~Year2023~~Year2024		Fiscal ~~Year2022~~Year2023
Audit Fees	$	~~199~~23,~~250~~950	$	55199,~~290~~250
Audit-Related Fees		-		-
Tax Fees		-		-
All Other Fees		-		-
Total	$	~~199~~23,~~250~~950	$	55199,~~290~~250

Audit Fees

Audit fees were for professional services rendered in connection with the audit of our annual financial statements set forth in our Annual Reports on Form 10-K, the review of our quarterly financial statements set forth in our Quarterly Reports on Form 10-Q and consents for other SEC filings.

24 Table of Contents

Kho & Patel, CPAs performed work on our Form 10-Qs for the quarters ended April 30, 2022 through October 31, 2022 and were paid a total of $40,800.

TAAD LLP was engaged from January 24, 2023 to perform the audit for our fiscal year ended January 31, 2023, and review prior interim reports. We paid them $145,450 and they resigned on August 5, 2025. They did not issue any opinion or report.

On August 20, 2025, we engaged JP Centurion & Partners PLT for the audit of our fiscal ~~year~~years ended January 31, 2024 and 2023 and their fee is $23,950 and $13,000, asrespectively. The 2023 audit fee of $13,000 audit fee is included in the $199,250 amount set forth above.

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Approval of Services Provided by Independent Registered Public Accounting Firm

Our sole director has considered whether the provision of non-audit services by our independent registered public accounting firm is compatible with maintaining auditor independence and has concluded that such services do not impair the auditor’s independence.

Our sole director has adopted policies and procedures for the pre-approval of all audit and permissible non-audit services to be provided by the external auditor. These policies require that all services be pre-approved by the sole director, including specific approval of individual engagements and general pre-approval of certain categories of services. Our sole director also annually approves the audit engagement terms and related budget for the annual audit of our financial statements performed in accordance with U.S. generally accepted accounting principles (GAAP).

25 Table of Contents

Item 15. Exhibit and Financial Statement Schedules.

(a)	(1) Financial Statements

The following documents are filed as part of this report:

The Financial Statements of VitaSpring Biomedical Co., Ltd. for each of the two fiscal years in the period ended January 31, ~~2023~~2024 and January 31, ~~2022~~2023, together with the report of the Independent Registered Public Accounting Firm, are set forth on pages F-1 through F-8 of this Report.

23.1		Consent of Registered Public Accounting Firm
31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)
31.2		Certification of Chief Financial 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
32.2		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
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

Item 16. Form 10-K Summary.

None.

2633 Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VITASPRING BIOMEDICAL CO., LTD.
By:	/s/ Ssu-Chuan Lai
	Ssu-Chuan Lai
	President and Chief Executive Officer
	Date: December 1, 2025
	Date: March 12, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on the dates indicated.

By:	/s/ Ssu-Chuan Lai
	Ssu-Chuan Lai
	President and Chief Executive Officer
	Date: December 1, 2025
	Date: March 12, 2026

2734

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