{"url_path":"/sec/ablv/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1957489/0001213900-26-048085-index.html","accession_number":"0001213900-26-048085","cik":"0001957489","ticker":"ABLV","issuer_name":"Able View Global Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1957489/0001213900-26-048085-index.html","primary_entity_key":"0001957489","primary_entity_name":"Able View Global Inc."},"word_count":20954,"has_tables":true,"body_markdown":"**ITEM\n19. EXHIBITS**\n\n \n\n \n \n**EXHIBIT INDEX**\n\n1.1\n\n \n[Form\nof Amended and Restated Memorandum and Articles of Association of Able View Global Inc. (incorporated by reference to Exhibit 1.1\nof our shell company report on Form 20-F (File 001-41785), filed with the SEC on August 23, 2023)](https://www.sec.gov/Archives/edgar/data/1957489/000121390023070259/ea184090ex1-1_ableview.htm)\n\n2.1\n\n \n[Business\nCombination Agreement, dated as of November 21, 2022 (incorporated by reference to Exhibit 2.1 of Able View’s Amendment No.\n5 to registration statement on Form F-4 (File 333-270675), filed with the SEC on June 26, 2023)](https://www.sec.gov/Archives/edgar/data/1894370/000121390022075274/ea169255ex2-1_hainan.htm)\n\n2.2\n\n \n[Waiver\nAgreement, dated as of June 12, 2023 (incorporated by reference to Exhibit 10.10 of Able View’s Amendment No. 5 to registration\nstatement on Form F-4 (File 333-270675), filed with the SEC on June 26, 2023)](https://www.sec.gov/Archives/edgar/data/1957489/000121390023048599/ff42023a3ex10-10_ableview.htm) \n\n2.3\n \n[Description\nof the Securities (incorporated by reference to Exhibit 2.3 of Able View’s Annual Report on Form 20-F, filed with the SEC on\nApril 30, 2024).](http://www.sec.gov/Archives/edgar/data/1957489/000121390024037882/ea020486801ex2-3_ableview.htm)\n\n4.1\n \n[Buy-Sell\nAgreement between the Company and Ladenburg Thalmann & Co. Inc. dated December 22, 2023 (incorporated by reference to Exhibit\n10.1 of Able View’s Amendment No. 2 to registration statement on Form F-1 (File 333-275626), filed with the SEC on February\n2, 2024)](https://www.sec.gov/Archives/edgar/data/1957489/000121390024003733/ea191619ex10-1_ableview.htm)\n\n4.2\n \n[Form\nof Convertible Note Purchase Agreement (incorporated by reference to Exhibit 99.1 of Able View’s Report of Foreign Private\nIssuer on Form 6-K, filed with the SEC on September 11, 2024)](https://www.sec.gov/Archives/edgar/data/1957489/000121390024077722/ea021425201ex99-1_ableview.htm).\n\n4.3\n \n[Form\nof Convertible Note (incorporated by reference to Exhibit 99.2 of Able View’s Report of Foreign Private Issuer on Form 6-K,\nfiled with the SEC on September 11, 2024)](https://www.sec.gov/Archives/edgar/data/1957489/000121390024077722/ea021425201ex99-2_ableview.htm).\n\n4.4**\n \n[Equity\nTransfer Agreement, dated as of May 28, 2025.](ea028686501ex4-4.htm)\n\n8.1**\n \n[List of Subsidiaries.](ea028686501ex8-1.htm)\n\n11.1\n \n[Code of Ethics of the Company (incorporated by reference to Exhibit 11.1 of Able View’s Annual Report on Form 20-F, filed with the SEC on April 23, 2025).](http://www.sec.gov/Archives/edgar/data/1957489/000121390025034677/ea023830101ex11-1_ableview.htm)\n\n11.2\n \n[Insider Trading Policy of the Company (incorporated by reference to Exhibit 11.2 of Able View’s Annual Report on Form 20-F, filed with the SEC on April 23, 2025).](http://www.sec.gov/Archives/edgar/data/1957489/000121390025034677/ea023830101ex11-2_ableview.htm)\n\n12.1**\n \n[Section 302 Certification by the Corporation’s Chief Executive Officer](ea028686501ex12-1.htm)\n\n12.2**\n \n[Section 302 Certification by the Corporation’s Chief Financial Officer](ea028686501ex12-2.htm)\n\n13.1**\n \n[Section 906 Certification by the Corporation’s Chief Executive Officer and Chief Financial Officer](ea028686501ex13-1.htm)\n\n15.1**\n \n[Consent of Marcum Asia CPAs LLP](ea028686501ex15-1.htm)\n\n97.1\n \n[Compensation\nRecovery Policy of the Company (incorporated by reference to Exhibit 97.1 of Able View’s Annual Report on Form 20-F, filed\nwith the SEC on April 30, 2024).](http://www.sec.gov/Archives/edgar/data/1957489/000121390024037882/ea020486801ex97-1_ableview.htm)\n\n101.INS**\n \nInline\nXBRL Instance Document\n\n101.SCH**\n \nInline\nXBRL Taxonomy Extension Schema Document.\n\n101.CAL**\n \nInline\nXBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF**\n \nInline\nXBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB**\n \nInline\nXBRL Taxonomy Extension Labels Linkbase Document.\n\n101.PRE**\n \nInline\nXBRL Taxonomy Extension Presentation Linkbase Document.\n\n104**\n \nCover\nPage Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n\n \n\n**\nFiled\nherewith\n\n \n\n#\nCertain\nschedules, annexes and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K but will be furnished supplementally\nto the SEC upon request.\n\n \n\n104\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this report on its behalf, in Shanghai, China on April 27, 2026.\n\n \n\n \nAble\nView Global Inc.\n\n \n \n\n \nBy:\n/s/\nStephen Jian Zhu\n\n \nName: \nStephen\nJian Zhu\n\n \nTitle:\nChief\nExecutive Officer\n\n** **\n\n105\n\n \n\n** **\n\n**INDEX TO FINANCIAL STATEMENTS**\n\n**ABLE VIEW GLOBAL INC.**\n\n**  **\n\n**Consolidated Financial Statements**    \n\n    **Page**\n\n[Reports of Independent Registered Public Accounting Firm — Marcum Asia CPAs LLP (PCAOB ID 5395)](#F_001)   F-2\n\nFinancial Statements:    \n\n[Consolidated Balance Sheets as of December 31, 2025 and 2024](#F_002)   F-3\n\n[Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023](#F_004)   F-4\n\n[Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2025, 2024 and 2023](#F_005)   F-5\n\n[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#F_006)   F-6\n\n[Notes to the Consolidated Financial Statements](#F_007)   F-7\n\n** **\n\nF-1\n\n** **\n\n****\n\n** **\n\n**Report of Independent Registered Public Accounting\nFirm**\n\n \n\nTo the Shareholders and Board of Directors of\n\nAble View Global Inc.\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheets of Able View Global Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements\nof operations and comprehensive income (loss), changes in shareholders’ equity and cash flows for each of the three years in the\nperiod ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion,\nthe financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024,\nand the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity\nwith accounting principles generally accepted in the United States of America.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We\nare a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are\nrequired to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and\nregulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal\ncontrol over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ Marcum Asia CPAs LLP\n\n \n\nMarcum Asia CPAs LLP\n\n \n\nWe have served as the Company’s auditor since 2019.\n\n** **\n\n**Beijing, China**\n\n**April 27, 2026**\n\n** **\n\nBEIJING OFFICE ● Units 06-09 ●\n46th Floor ● China World Tower B ● No. 1 Jian Guo Men Wai Avenue ● Chaoyang District ● Beijing ● 100004\n\n**Phone 8610.8518.7992 ● Fax 8610.8518.7993\n● www.marcumasia.com**\n\n \n\nF-2\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nCONSOLIDATED BALANCE SHEETS\nAs of December 31, 2025 and 2024\n(Expressed in U.S. dollar, except for share and per share data, unless otherwise noted)**\n\n** **\n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nASSETS \n   \n  \n\nCurrent Assets \n   \n  \n\nCash and cash equivalents \n$9,010,336  \n$15,191,995 \n\nAccounts receivable \n 12,765,279  \n 15,012,273 \n\nAccounts receivable – related party \n \n—\n  \n 1,088,558 \n\nPrepayments and other current assets \n 6,987,633  \n 1,962,048 \n\nInventories \n 3,347,184  \n 6,349,620 \n\nAssets of discontinued operations, current \n \n—\n  \n 668,458 \n\nTotal Current Assets \n 32,110,432  \n 40,272,952 \n\n  \n    \n   \n\nNon-current Assets \n    \n   \n\nProperty and equipment, net \n 117,635  \n 139,183 \n\nRight of use assets, net \n 228,330  \n 13,599 \n\nDeferred tax assets \n 1,494,931  \n 2,221,467 \n\nOther non-current assets \n 598,943  \n 777,935 \n\nAssets of discontinued operations, non-current \n \n—\n  \n 4,204,879 \n\nTotal Non-current Assets \n 2,439,839  \n 7,357,063 \n\n  \n    \n   \n\nTotal Assets \n$34,550,271  \n$47,630,015 \n\n  \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n    \n   \n\nCurrent Liabilities \n    \n   \n\nShort-term loans \n$9,259,172  \n$7,972,764 \n\nAccounts payable \n 1,949,054  \n 2,475,273 \n\nAdvance from customers \n 909,243  \n 187,913 \n\nIncome tax payable \n 3,626,532  \n 2,024,460 \n\nLease liabilities, current \n 93,191  \n 9,163 \n\nOther payable and accrued expenses \n 3,934,724  \n 2,696,107 \n\nAmount due to related parties \n \n—\n  \n 101,658 \n\nLiabilities of discontinued operations, current \n \n—\n  \n 1,949,380 \n\nTotal Current Liabilities \n 19,771,916  \n 17,416,718 \n\n  \n    \n   \n\nNon-current Liabilities \n    \n   \n\nLease liabilities, non-current \n 110,622  \n \n—\n \n\nAmount due to related parties, non-current \n 4,714,830  \n 16,017,183 \n\nLong-term borrowings \n 2,180,694  \n 2,180,694 \n\nLiabilities of discontinued operations, non-current \n \n—\n  \n 4,924,205 \n\nTotal Non-current Liabilities \n 7,006,146  \n 23,122,082 \n\nTotal Liabilities \n 26,778,062  \n 40,538,800 \n\n  \n    \n   \n\nCommitments and Contingencies \n \n \n  \n \n \n \n\n  \n    \n   \n\nShareholders’ Equity \n    \n   \n\nClass A Ordinary Shares ($0.0001 par value, 100,000,000 shares authorized; 24,871,433 shares and 24,871,433 shares issued and outstanding at December 31, 2025 and 2024, respectively) \n 2,487  \n 2,487 \n\nClass B Ordinary Shares ($0.0001 par value, 500,000,000 shares authorized; 24,518,489 shares and 24,518,489 shares issued and outstanding at December 31, 2025 and 2024, respectively) \n 2,452  \n 2,452 \n\nAdditional paid-in capital \n 4,889,368  \n 4,889,368 \n\nStatutory reserve \n 666,574  \n 158,027 \n\nRetained earnings \n 2,354,276  \n 2,042,805 \n\nAccumulated other comprehensive loss \n (142,948) \n (3,924)\n\nTotal Shareholders’ Equity \n 7,772,209  \n 7,091,215 \n\n  \n    \n   \n\nTotal Liabilities and Shareholders’ Equity \n$34,550,271  \n$47,630,015 \n\n \n\nThe accompanying notes are an integral part\nof the consolidated financial statements\n\n \n\nF-3\n\n \n\n**ABLE VIEW GLOBAL INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)\nFor the Years Ended December 31, 2025, 2024 and 2023\n(Expressed in U.S. dollar, except for share and per share data, unless otherwise noted)**\n\n \n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nRevenues \n   \n   \n  \n\n-  Third parties \n$105,105,571  \n$124,603,580  \n$129,107,132 \n\n-  Related parties \n 97,795  \n 2,158,734  \n 169,344 \n\nTotal revenue \n 105,203,366  \n 126,762,314  \n 129,276,476 \n\n  \n    \n    \n   \n\nCost of revenue \n    \n    \n   \n\n-  Third parties \n (93,215,160) \n (110,103,133) \n (98,805,866)\n\n-  Related parties \n (75,206) \n (2,156,885) \n (150,437)\n\nTotal cost of revenue \n (93,290,366) \n (112,260,018) \n (98,956,303)\n\n  \n    \n    \n   \n\nGross profit \n 11,913,000  \n 14,502,296  \n 30,320,173 \n\n  \n    \n    \n   \n\nOperating expenses \n    \n    \n   \n\nSelling and marketing expenses \n (7,829,043) \n (11,009,570) \n (13,258,852)\n\nGeneral and administrative expenses \n (4,570,570) \n (3,698,769) \n (5,726,932)\n\nTotal operating expenses \n (12,399,613) \n (14,708,339) \n (18,985,784)\n\n  \n    \n    \n   \n\n(Loss) income from operations \n (486,613) \n (206,043) \n 11,334,389 \n\n  \n    \n    \n   \n\nOther income (expenses), net \n    \n    \n   \n\nInterest expenses, net \n (671,679) \n (405,599) \n (834,162)\n\nOther income \n 40  \n 98,929  \n 52,156 \n\nForeign currency exchange gain (loss) \n 461,728  \n (393,622) \n (843,319)\n\nTotal other expenses, net \n (209,911) \n (700,292) \n (1,625,325)\n\n  \n    \n    \n   \n\n(Loss) income before income taxes \n (696,524) \n (906,335) \n 9,709,064 \n\n  \n    \n    \n   \n\nIncome tax expenses \n (2,070,829) \n (240,231) \n (301,898)\n\n  \n    \n    \n   \n\nNet (loss) income from continuing operations \n (2,767,353) \n (1,146,566) \n 9,407,166 \n\n  \n    \n    \n   \n\nDiscontinued operations: \n    \n    \n   \n\n(Loss) income before income taxes from operations of discontinued operation \n (675,658) \n (8,685,904) \n 1,981,834 \n\nGain on disposal of discontinued operation \n 4,760,997  \n —  \n — \n\nIncome tax (expenses) benefits \n (497,968) \n 2,413,058  \n (1,638,954)\n\nNet income (loss) from discontinued operations \n 3,587,371  \n (6,272,846) \n 342,880 \n\n  \n    \n    \n   \n\nNet income (loss) \n 820,018  \n (7,419,412) \n 9,750,046 \n\nAccretion of convertible redeemable preferred shares \n \n—\n  \n \n—\n  \n (160,000)\n\nNet income attributable to Able View Global Inc’s preferred shareholders \n \n—\n  \n \n—\n  \n (148,701)\n\nNet income (loss) attributable to Able View Global Inc’s ordinary shareholders \n$820,018  \n$(7,419,412) \n$9,441,345 \n\nNet (loss) income from continuing operations attributable to Able View Global Inc’s ordinary shareholders \n$(2,767,353) \n$(1,146,566) \n$9,098,465 \n\nNet income (loss) from discontinued operations attributable to Able View Global Inc’s ordinary shareholders \n$3,587,371  \n$(6,272,846) \n$342,880 \n\n  \n    \n    \n   \n\nNet income (loss) \n$820,018  \n$(7,419,412) \n$9,750,046 \n\n  \n    \n    \n   \n\nOther comprehensive (expenses) income \n    \n    \n   \n\nForeign currency translation adjustment \n (253,975) \n (39,452) \n 39,671 \n\nComprehensive income (loss) \n 566,043  \n (7,458,864) \n 9,789,717 \n\n  \n    \n    \n   \n\nAccretion of convertible redeemable preferred shares \n \n—\n  \n \n—\n  \n (160,000)\n\nNet income attributable to Able View Global Inc’s preferred shareholders \n \n—\n  \n \n—\n  \n (148,701)\n\nComprehensive income (loss) attributable to Able View Global Inc’s ordinary shareholders \n$566,043  \n$(7,458,864) \n$9,481,016 \n\n(Loss) earnings per share from continuing operations – basic and diluted \n$(0.05) \n$(0.03) \n$0.23 \n\nEarnings (loss) per share from discontinued operations – basic and diluted \n 0.07  \n$(0.14) \n$0.01 \n\nEarnings (loss) per share – basic and diluted \n$0.02  \n$(0.17) \n$0.24 \n\n  \n    \n    \n   \n\nWeighted average shares – basic and diluted \n 49,389,922  \n 42,564,831  \n 39,454,997 \n\n \n\nThe accompanying notes are an integral part\nof the consolidated financial statements\n\n \n\nF-4\n\n \n\n**ABLE VIEW GLOBAL INC.\nCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY\nFor the Years Ended December 31, 2025, 2024 and 2023\n(Expressed in U.S. dollar, except for share and per share data, unless otherwise noted)**\n\n** **\n\n  \nClass A\nOrdinary Shares  \nClass B\nOrdinary Shares  \nAdditional\n  \n   \n   \nAccumulated other comprehensive  \nTotal \n\n  \nNumber of share  \nAmount  \nNumber of share  \nAmount  \npaid-in\ncapital\n  \nStatutory\nreserve  \nRetained\nearnings  \n\n(Loss) income  \nShareholders’\nequity \n\nBalance as of December 31, 2022 \n 24,871,433  \n$2,487  \n 12,860,877  \n$1,287  \n$2,365,761\n  \n 22,658  \n$7,540  \n$(4,143) \n$      2,395,590 \n\nReverse recapitalization \n \n—\n  \n \n—\n  \n 2,923,999  \n 292  \n (472,923\n) \n \n—\n  \n \n—\n  \n \n—\n  \n (472,631)\n\nDisposal of a subsidiary \n —  \n \n—\n  \n —  \n \n—\n  \n 472,631\n  \n \n—\n  \n \n—\n  \n \n—\n  \n 472,631 \n\nCapitalization of offering costs pursuant to reverse recapitalization \n —  \n \n—\n  \n —  \n \n—\n  \n (3,472,759\n) \n \n—\n  \n \n—\n  \n \n—\n  \n (3,472,759)\n\nIssuance of Class B ordinary shares pursuant to conversion of Series A convertible redeemable preferred shares \n \n—\n  \n \n—\n  \n 582,924  \n 58  \n 3,295,723\n  \n \n—\n  \n \n—\n  \n \n—\n  \n 3,295,781 \n\nIssuance of Class B ordinary shares to a financial advisor (Note 11) \n \n—\n  \n \n—\n  \n 1,120,000  \n 112  \n (112\n) \n \n—\n  \n \n—\n  \n \n—\n  \n \n—\n \n\nRepurchase and cancellation of Class B ordinary shares (Note 11) \n \n—\n  \n \n—\n  \n (240,417) \n (24) \n (432,726\n) \n \n—\n  \n \n—\n  \n \n—\n  \n (432,750)\n\nAppropriation of statutory reserve \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n 135,369  \n (135,369) \n \n—\n  \n \n—\n \n\nAccretion of convertible redeemable preferred shares \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n \n—\n  \n (160,000) \n \n—\n  \n (160,000)\n\nNet income \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n \n—\n  \n 9,750,046  \n \n—\n  \n 9,750,046 \n\nForeign currency translation adjustments \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n \n—\n  \n \n—\n  \n 39,671  \n 39,671 \n\nBalance as of December 31, 2023 \n 24,871,433  \n$2,487  \n 17,247,383  \n$1,725  \n$1,755,595\n  \n$158,027  \n$9,462,217  \n$35,528  \n$11,415,579 \n\nIssuance of Class B ordinary shares pursuant to conversion of convertible notes \n \n—\n  \n \n—\n  \n 7,751,939  \n 775  \n 2,693,225\n  \n \n—\n  \n \n—\n  \n \n—\n  \n 2,694,000 \n\nIssuance of warrants pursuant to conversion of convertible notes \n —  \n \n—\n  \n —  \n \n—\n  \n 1,306,000\n  \n \n—\n  \n \n—\n  \n \n—\n  \n 1,306,000 \n\nRepurchase and cancellation of Class B ordinary shares (Note 11) \n \n—\n  \n \n—\n  \n (480,833) \n (48) \n (865,452\n) \n \n—\n  \n \n—\n  \n \n—\n  \n (865,500)\n\nNet loss \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n \n—\n  \n (7,419,412) \n \n—\n  \n (7,419,412)\n\nForeign currency translation adjustments \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n \n—\n  \n \n—\n  \n (39,452) \n (39,452)\n\nBalance as of December 31, 2024 \n 24,871,433  \n$2,487  \n 24,518,489  \n$2,452  \n$4,889,368\n  \n$158,027  \n$2,042,805  \n$(3,924) \n$7,091,215 \n\nDisposal of a subsidiary \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n (133,630) \n 133,630  \n 114,951  \n 114,951 \n\nNet income \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n \n—\n  \n 820,018  \n \n—\n  \n 820,018 \n\nAppropriation of statutory reserves \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n 642,177  \n (642,177) \n \n—\n  \n \n—\n \n\nForeign currency translation adjustments \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n\n  \n \n—\n  \n \n—\n  \n (253,975) \n (253,975)\n\nBalance as of December 31, 2025 \n 24,871,433  \n$2,487  \n 24,518,489  \n$2,452  \n$4,889,368\n  \n$666,574  \n$2,354,276  \n$(142,948) \n$7,772,209 \n\n \n\nThe accompanying notes are an integral part\nof the consolidated financial statements\n\n \n\nF-5\n\n \n\n**ABLE VIEW GLOBAL INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\nFor the Years Ended December 31, 2025, 2024 and 2023\n(Expressed in U.S. dollar)**\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCash flows from operating activities: \n   \n   \n  \n\nNet income (loss) \n$820,018  \n$(7,419,412) \n$9,750,046 \n\nLess: net income (loss) from discontinued operations \n 3,587,371  \n (6,272,846) \n 342,880 \n\nNet (loss) income from continuing operations \n (2,767,353) \n (1,146,566) \n 9,407,166 \n\nAdjustments to reconcile net (loss) income from continuing operations to net cash (used in) provided by operating activities from continuing operations: \n    \n    \n   \n\nDepreciation expenses \n 54,068  \n 105,174  \n 148,187 \n\nWrite-down of inventories \n \n—\n  \n 1,294,720  \n 11,992 \n\nDeferred income tax expenses (benefits) \n 1,512,221  \n 77,225  \n (2,310,995)\n\nAmortization of right of use assets \n 55,080  \n 21,365  \n 122,429 \n\nProvision of expected credit loss against other receivables \n \n—\n  \n 398,150  \n \n—\n \n\nGain from disposal of property and equipment \n \n—\n  \n (30,683) \n \n—\n \n\nChanges in operating assets and liabilities: \n    \n    \n   \n\nAccounts receivable \n 2,651,171  \n (3,331,398) \n 8,164,644 \n\nAccounts receivable – related parties \n 1,134,443  \n (1,334,522) \n 1,595,999 \n\nPrepayment and other current assets \n (4,139,606) \n 838,545  \n (917,102)\n\nInventories \n 3,283,623  \n 7,662,427  \n 1,040,670 \n\nOther non-current assets \n 188,477  \n (57,053) \n (257,203)\n\nAccounts payable \n (7,920,130) \n (7,639,158) \n 6,754,797 \n\nAdvance from customers \n 683,408  \n (30,028) \n 15,088 \n\nIncome tax payable \n 1,518,294  \n (2,254,635) \n 2,132,551 \n\nLease liabilities \n (74,429) \n (18,655) \n (265,375)\n\nOther payable and accrued expenses \n 1,156,260  \n 1,430,348  \n (141,209)\n\nAmount due to related parties, current \n (967,459) \n 287,135  \n (26,902)\n\nNet cash (used in) provided by operating activities from continuing operations \n (3,631,932) \n (3,727,609) \n 25,474,737 \n\nNet cash provided by (used in) operating activities from discontinued operations \n 4,827,758  \n 1,483,065  \n (1,901,407)\n\nNet cash provided by (used in) operating activities \n 1,195,826  \n (2,244,544) \n 23,573,330 \n\n  \n    \n    \n   \n\nCash flows from investing activities: \n    \n    \n   \n\nPurchase of property and equipment \n (27,171) \n (65,857) \n (66,982)\n\nLoans to third parties \n (1,212,557) \n \n—\n  \n (498,882)\n\nCollection of loans from a third party \n 500,000  \n \n—\n  \n \n—\n \n\nPayment to Shanghai Jingyue (Note 3) \n (3,231,368) \n \n—\n  \n \n—\n \n\nAdvances to related parties \n (8,348) \n (90,332) \n (2,960,203)\n\nCollection of advances from related parties \n 8,348  \n 104,418  \n 3,934,672 \n\nNet cash (used in) provided by investing activities from continuing operations \n (3,971,096) \n (51,771) \n 408,605 \n\nNet cash used in investing activities from discontinued operations \n (311,612) \n (973) \n (154,943)\n\nNet cash (used in) provided by investing activities \n (4,282,708) \n (52,744) \n 253,662 \n\n  \n    \n    \n   \n\nCash flows from financing activities: \n    \n    \n   \n\nProceeds from short-term borrowings \n 27,241,779  \n 38,287,827  \n 57,958,267 \n\nRepayments of short-term borrowings \n (25,956,161) \n (32,956,591) \n (70,827,958)\n\nBorrowings from related parties \n 9,196,474  \n 8,637,872  \n 3,949,929 \n\nRepayment of short-term borrowings to related parties \n (8,836,032) \n (12,015,652) \n (6,571,994)\n\nProceeds from long-term borrowings \n \n—\n  \n 2,180,694  \n \n—\n \n\nPayment of offering costs \n \n—\n  \n \n—\n  \n (3,053,192)\n\nPayment to repurchase of Class B ordinary shares \n \n—\n  \n (865,500) \n (432,750)\n\nPayments of dividends to shareholders \n (57,726) \n (57,672) \n (57,477)\n\nProceeds from issuance of convertible notes \n \n—\n  \n 4,000,000  \n \n—\n \n\nNet cash provided by (used in) financing activities from continuing operations \n 1,588,334  \n 7,210,978  \n (19,035,175)\n\nNet cash (used in) provided by financing activities from discontinued operations \n (4,490,841) \n (3,169,394) \n 2,819,153 \n\nNet cash (used in) provided by financing activities \n (2,902,507) \n 4,041,584  \n (16,216,022)\n\n  \n    \n    \n   \n\nEffect of exchange rate changes on cash and cash equivalents from continuing operations \n (166,965) \n 285,498  \n (22,045)\n\nEffect of exchange rate changes on cash and cash equivalents from discontinued operations \n 2,952  \n (26,679) \n (34,149)\n\nNet (decrease) increase in cash and cash equivalents, including cash and cash equivalents classified to assets of discontinued operations \n (6,153,402) \n 2,003,115  \n 7,554,776 \n\nLess: net increase (decrease) in cash and cash equivalents of discontinued operations \n 28,257  \n (1,713,981) \n 728,654 \n\nNet (decrease) increase in cash and cash equivalents of continuing\noperations \n (6,181,659) \n 3,717,096  \n 6,826,122 \n\nCash and cash equivalents of continuing operations at beginning of year \n 15,191,995  \n 11,474,899  \n 4,648,777 \n\nCash and cash equivalents of continuing operations at end of year \n$9,010,336  \n$15,191,995  \n$11,474,899 \n\n  \n    \n    \n   \n\nSupplemental cash flow information \n    \n    \n   \n\nCash paid for interest expense \n$574,738  \n$246,796  \n$848,129 \n\nCash paid for income tax \n$392,629  \n$2,716,065  \n$483,360 \n\nCash refunded for income tax \n$263,120  \n$361,162  \n$\n—\n \n\n  \n    \n    \n   \n\nNoncash activities \n    \n    \n   \n\nOperating lease right-of-use assets obtained in exchange for operating lease liabilities \n$251,883  \n$13,403  \n$109,580 \n\nAccretion of convertible redeemable preferred shares \n$\n—\n  \n$\n—\n  \n$160,000 \n\nIssuance of Class B ordinary shares to a financial advisor \n$\n—\n  \n$\n—\n  \n$6,160,000 \n\nIssuance of Class B ordinary shares for conversion of convertible notes \n$\n—\n  \n$2,694,000  \n$\n—\n \n\nDue from a third party for disposal of property and equipment \n$\n—\n  \n$103,937  \n$\n—\n \n\nReduction of dividend payables due to disposal of discontinued operations \n$9,988,060  \n$\n—\n  \n$\n—\n \n\nNet settlement of dividends payable with due from related parties from continuing operations \n$1,081,449  \n$\n—\n  \n$\n—\n \n\nNet settlement of due from related parties and due to related parties within continuing operations \n$3,247,402  \n$3,461,458  \n$1,291,790 \n\nNet settlement of due from related parties and due to related parties between continuing operations and discontinued operations \n$961,649  \n$2,323,802  \n$13,177,600 \n\n \n\nThe accompanying notes are an integral part\nof the consolidated financial statements\n\n \n\nF-6\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**1. ORGANIZATION\nAND BUSINESS DESCRIPTION**\n\n \n\nAble View Global Inc. (“Able View Global”,\nor the “Company”) was incorporated as a private company under the laws of Cayman Island on October 11, 2022, as\na direct wholly owned subsidiary of Able View Inc. (“Ableview Cayman”). Ableview Cayman was incorporated on January 21,\n2021 under the laws of the Cayman Islands as an exempted company with limited liability.\n\n \n\nThe Company, through its subsidiaries (herein\nthe subsidiaries are collectively referred to as the “Operating Subsidiaries”) are engaged in importing and selling cosmetics\nand other beauty products to E-commerce platforms and distributor customers, as well as individual customers, and provision of operation\nservices for online stores owned by customers.\n\n \n\nAs of December 31, 2025, the Company’s major operating entities\nwere comprised of the following: \n\n \n\n**Name**   **Date of\nIncorporation**   **Place of\nIncorporation**   **Percentage\nof effective\nownership**   **Principal activities**\n\nAbleview Brands Limited (“Ableview Brands”)   February 25, 2021   Hong Kong   100%   Importing and selling cosmetics and other beauty products\n\nAbleview Management Limited (“Ableview Management”)   May 25, 2021   Hong Kong   100%   Importing and selling cosmetics and other beauty products\n\nAble View Enterprise Limited (“Able View”)   November 18, 2015   Hong Kong   100%   Importing and selling cosmetics and other beauty products\n\nShanghai Weitong Trading Co., Ltd. (“Weitong”)   May 28, 2015   PRC   100%   Importing and selling cosmetics and other beauty products and provision of operation services\n\nShanghai Jingnan Medicial Appliances Co., Ltd. (“Shanghai Jingnan”)   November 16, 2022   PRC   100%   Importing and selling cosmetics and other beauty products\n\nHealthy Great Pte. Ltd. (“Ableview Singapore”)   December 7, 2022   Singapore   100%   Importing and selling cosmetics and other beauty products\n\nShanghai Jinglu Trading Co., Ltd. (“Shanghai Jinglu”)   November 24, 2020   PRC   100%   Importing and selling cosmetics and other beauty products and provision of operation services\n\nBeijing Jingyuan Trading Co., Ltd. (“Beijing Jingyuan”)   October 14, 2020   PRC   100%   Importing and selling cosmetics and other beauty products\n\nWuhan Jingtong Trading Co., Ltd. (“Wuhan Jingtong”)   May 16, 2025   PRC   100%   Importing and selling cosmetics and other beauty products\n\n \n\nF-7\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**1. ORGANIZATION\nAND BUSINESS DESCRIPTION**(cont.)\n\n \n\n*Reverse recapitalization*\n\n* *\n\nOn August 17, 2023, Able View Global consummated\nthe transactions contemplated by that certain Business Combination Agreement, dated as of November 21, 2022 (the “Business Combination\nAgreement”) modified by that certain Waiver Agreement, dated as of June 12, 2023, by and among (i) the Company, (ii) Hainan Manaslu\nAcquisition Corp. (“HMAC”), (iii) Ableview Cayman, (iv) Able View Corporation Inc., a Cayman Islands exempted company and\na wholly owned subsidiary of the Company (“Merger Sub”), and (v) each of the holders of Ableview Cayman’s outstanding\nshares (collectively, the “Sellers”).\n\n \n\nHMAC is a blank check company incorporated as\na Cayman Islands exempted company on September 10, 2021, and formed for the purpose of effecting a merger, share exchange, asset acquisition,\nshare purchase, reorganization or similar business combination with one or more businesses. The registration statement for HMAC’s\nInitial Public Offering (“Initial Public Offering”) was declared effective on August 10, 2022.\n\n \n\nOn August 17, 2023, the closing date of the Business\nCombination (as defined below), pursuant to the Business Combination Agreement, (a) HMAC merged with Merger Sub, with HMAC continuing\nas the surviving entity in the merger (the “Merger”), as a result of which: (i) HMAC became a wholly-owned subsidiary\nof the Company and (ii) each issued and outstanding security of HMAC immediately prior to the consummation of the Merger was no longer\noutstanding and automatically cancelled, in exchange for the right of the holder thereof to receive a substantially equivalent security\nof the Company, and (b) the Company acquired all of the issued and outstanding shares of Ableview Cayman held by the Sellers in exchange\nfor the Class A Ordinary Shares and Class B Ordinary Shares of the Company (“Business Combination”). As a result of the above\ntransactions, HMAC and Ableview Cayman each became a wholly-owned subsidiary of the Company.\n\n \n\nUpon closing of the Business Combination, the\nCompany acquired all of the issued and outstanding securities of Ableview Cayman in exchange for (i) 24,871,433 of the Company’s\nClass A Ordinary Shares, (ii) 17,487,800 of the Company’s Class B Ordinary Shares, and (iii) earn out payments consisting\nof up to an additional 1,600,000 of the Company’s Class B Ordinary Shares if the Company’s net revenues for the\nyear ended December 31, 2023 are equal to or in excess of $170 million, and an additional 1,600,000 of the Company’s\nClass B Ordinary Shares if the Company’s net revenues for the year ended December 31, 2024 are in equal to or in excess of $200 million.\nFor the years ended December 31, 2024 and 2023, the performance condition was not met based on the consolidated statements of operations.\nAs of the date of issuance of the consolidated financial statements, the contingent consideration expired, the contingent consideration\nexpired.\n\n \n\nAfter giving effect to the Business Combination\nand the issuance of the Class A Ordinary Shares and Class B Ordinary Shares described above, there are 24,871,433 shares of\nClass A Ordinary Shares issued and outstanding, and 17,487,800 shares of Class B Ordinary Shares issued and outstanding.\n\n \n\nAble View Global has also capitalized offering\ncost of $3,472,759, which was recorded as reduction against additional paid-in capital.\n\n \n\nThe reverse recapitalization is equivalent to\nthe issuance of securities by the Company for the net monetary assets of HMAC, accompanied by a recapitalization. The Company debited\nequity for the fair value of the net liabilities of HMAC. In the subsequent financial statements after the Business Combination, the amounts\nof assets and liabilities for the period before the reverse recapitalization in financial statements, are presented as the Company’s\nand recognized and measured at their pre-combination carrying amounts.\n\n \n\nF-8\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**1. ORGANIZATION\nAND BUSINESS DESCRIPTION**(cont.)\n\n \n\n*Disposal of HMAC*\n\n* *\n\nOn December 18, 2023, HMAC ceased being a subsidiary of the Company\nas a result of it being disposed to a third party. HMAC was a holding company. The management believed the disposal of HMAC does not represent\na strategic shift, in both operating and financing aspects, because it is not changing the way it is running its business. The Company\nhas not shifted the nature of its operations or the major geographic market area. The management believed the deconsolidation of HMAC\ndoes not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. The\ndisposal is not accounted for as discontinued operations in accordance with ASC 205-20. On closing of Business Combination with HMAC,\nthe Company debited equity for the fair value of the net liabilities of HMAC. On disposal of HMAC, the Company credited additional paid-in\ncapital of $472,631 from disposal of HMAC, which represented the difference between the consideration of $nil and HMAC’s\nnet liability as of the disposal date. \n\n \n\n*Disposal of Shanghai Jingyue Trading Co., Ltd.\n(“Shanghai Jingyue”)*\n\n \n\nOn June 27, 2025, the Company disposed of Shanghai\nJingyue to an unrelated third party (the “Buyer”). The management believed the disposal of Shanghai Jingyue represented a\nstrategic shift, which had a major effect on the Company’s operations and financial results, and was accounted for as discontinued\noperations in accordance with ASC 205-20.\n\n \n\n*Receipt of Nasdaq Notification Regarding Minimum\nBid Price Deficiency*\n\n \n\nOn December 4, 2025, the Company received a notification\nletter from the Nasdaq Listing Qualifications Department (“Nasdaq”), notifying the Company that it is not in compliance with\nthe minimum bid price requirement from October 22, 2025 through December 3, 2025. As set forth in the Nasdaq Listing Rules 5550(a)(2)\n(the “Nasdaq Listing Rule”), it requires that the closing bid price for the Company’s ordinary shares listed on the\nNasdaq be maintained at a minimum of USD$1.00 and failure to meet it for 30 consecutive trading days constitutes a compliance\ndeficiency.\n\n \n\nThe notification has no immediate effect on the\nlisting of the Company’s ordinary shares on Nasdaq.\n\n \n\nIn accordance with the Nasdaq Listing Rule 5810(c)(3)(A),\nthe Company has a period of 180 calendar days from the date of notification, or until June 2, 2026, to regain compliance with the minimum\nbid price requirement, during which time the Company’s ordinary shares will continue to trade on the Nasdaq Capital Market. If at\nany time during this 180-day period, or before June 2, 2026, the closing bid price of the Company’s ordinary shares is at least\nUSD$1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide written notification that the Company has achieved\ncompliance with the minimum bid price requirement. In the event the Company does not regain compliance by June 2, 2026, the Company may\nbe eligible for additional time to regain compliance, if the Company provides written notice of its intention to cure the deficiency during\nthe second compliance period and is in compliance with the continued listing requirement for the market value of publicly held shares\nand all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement. If it appears\nto the staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide\nnotice that its securities will be subject to delisting, and the Company may appeal such determination to a hearing panel. In addition,\nif during the first compliance period, or the second compliance period (if any), the Company’s ordinary shares have a closing bid\nprice of USD$0.10 or less for ten consecutive trading days, Nasdaq will issue a Staff Delisting Determination under Rule 5810 with respect\nto the ordinary shares.\n\n \n\nThe Company intends to monitor the closing bid\nprice of its ordinary shares between now and June 2, 2026. In the event the Company is not eligible for additional time to regain\ncompliance with the Nasdaq requirements towards the end of the first compliance period, the Company’s board of directors will consider\noptions that may be available to achieve compliance.\n\n \n\nF-9\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES**\n\n** **\n\n**Basis of Presentation**\n\n \n\nThe consolidated financial statements of the Company\nhave been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).\n\n** **\n\n**Basis of consolidation**\n\n \n\nThe consolidated financial statements include\nthe accounts of the Company and its wholly and majority owned subsidiaries. All transactions and balances among the Company and its subsidiaries\nhave been eliminated upon consolidation.\n\n \n\nAll intercompany transactions and balances have\nbeen eliminated upon consolidation.\n\n** **\n\n**Use of estimates**\n\n \n\nThe preparation of consolidated financial statements\nin conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and\nliabilities, disclosures of contingent assets and liabilities on the date of the consolidated financial statements, and the reported amounts\nof revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management\nreviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company\nto revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable,\nthe results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when\naccounting for items and matters including, but not limited to, determinations of the useful lives and valuation of long-lived assets,\nallowances for credit losses for accounts receivable and other receivables, valuation of deferred tax assets, and other provisions and\ncontingencies.\n\n** **\n\n**Foreign currency\ntranslation**\n\n \n\nTransactions denominated in currencies other than\nthe functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction.\nMonetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency\nusing the applicable exchange rates on the date of the balance sheet.\n\n \n\nThe reporting currency of the Company and its\nsubsidiaries is U.S. dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$.\n\n \n\nIn general, for consolidation purposes, assets\nand liabilities of the Company and its subsidiaries whose functional currency is not US$, are translated into US$, using the exchange\nrate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses\nresulting from translation of financial statements of the Company and its subsidiaries are recorded as a separate component of accumulated\nother comprehensive income (loss) within the consolidated statement of shareholders’ equity.\n\n \n\nF-10\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\n**Foreign currency\ntranslation (cont.)**\n\n \n\nTranslation of amounts from HKD, SGD and RMB into\nUS$ has been made at the following exchange rates for the respective periods:\n\n  \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nHKD exchange rate for balance sheet items, except for equity accounts \n 7.7833  \n 7.7677 \n\nSGD exchange rate for balance sheet items, except for equity accounts \n 1.2859  \n 1.3662 \n\nRMB exchange rate for balance sheet items, except for equity accounts \n 6.9931  \n 7.2993 \n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nHKD exchange rate for items in the statements of operations and comprehensive income (loss), and statements of cash flows \n 7.7956  \n 7.8030  \n 7.8292 \n\nSGD exchange rate for items in the statements of operations and comprehensive income (loss), and statements of cash flows \n 1.3065  \n 1.3363  \n 1.3428 \n\nRMB exchange rate for items in the statements of operations and comprehensive income (loss), and statements of cash flows \n 7.1875  \n 7.1957  \n 7.0809 \n\n \n\nNo representation is made that the HKD, SGD and\nRMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.\n\n** **\n\n**Fair value\nof financial instruments**\n\n \n\nThe Company’s financial instruments are\naccounted for at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to\ntransfer a liability in an orderly transaction between market participants at the measurement date. The three levels of the fair value\nhierarchy are described below:\n\n \n\n \nLevel 1 —\ninputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.\n\n \n\n \nLevel 2 — \ninputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.\n\n \n\n \nLevel 3 —\ninputs to the valuation methodology are unobservable and significant to the fair value.\n\n \n\nFinancial instruments of the Company primarily\ncomprised current assets and current liabilities including cash and cash equivalents, accounts receivable, accounts receivable –\nrelated party, other current assets, short-term loans, accounts payable, and other payables. The Company’s financial instruments\napproximate their fair values because of the short-term nature of these instruments. Warrants were measured at fair value using unobservable\ninputs and categorized in Level 3 of the fair value hierarchy (Note 11).\n\n** **\n\nF-11\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n** **\n\n**Cash and cash\nequivalents**\n\n \n\nCash and cash equivalents primarily consist of\nbank deposits, as well as highly liquid investments, with original maturities of three months or less, which are unrestricted as\nto withdraw and use.\n\n \n\n**Accounts receivable**\n\n \n\nAccounts receivables are recorded at the gross\namount less an allowance for expected credit losses and do not bear interest.\n\n \n\nThe management maintains an allowance for credit\nlosses and records the allowance for credit losses as an offset to accounts receivable and the estimated credit losses charged to the\nallowance is classified as “General and administrative expenses” in the consolidated statements of operations and comprehensive\nincome (loss). In determining the amount of the allowance for credit losses, the Company considers historical collectability based on\npast due status, the age of the balances, credit quality of the Company’s customers based on ongoing credit evaluations, current\neconomic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s\nability to collect from customers. Delinquent account balances are written-off against the allowance for doubtful accounts after management\nhas determined that the likelihood of collection is not probable. As of December 31, 2025 and 2024, the Company determined no allowances\nfor credit losses were necessary for accounts receivable.\n\n** **\n\n**Inventories**\n\n \n\nInventories, consisting of cosmetics and other\nbeauty products available for sale, are stated at the lower of cost or net realizable value. Cost of inventories is determined using the\nweighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due\nto damaged goods and slow-moving merchandise, which is dependent upon factors such as historical and forecasted consumer demand, and promotional\nenvironment. The Company takes ownership, risks and rewards of the products purchased. Write-downs are recorded in cost of revenues in\nthe consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2025, 2024 and 2023, the Company\nhad inventory write-downs of $nil, $1,294,720 and $11,992 due to damages and slowing moving merchandise.\n\n \n\n**Property and\nequipment, net**\n\n \n\nProperty and equipment primarily consist of office\nequipment, vehicles and leasehold improvements. Office equipment and vehicles are stated at cost less accumulated depreciation less any\nprovision required for impairment in value. Depreciation is computed using the straight-line method with no residual value based on the\nestimated useful lives as follows:\n\n \n\nOffice equipment   3 – 4 years\n\nVehicles   3 – 4 years\n\nLeasehold improvements   Shorter of the remaining lease terms and the estimated 3 years\n\n \n\nCosts of repairs and maintenance are expensed\nas incurred, and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are\nremoved from the accounts, and any resulting gain or loss is reflected in the consolidated statement of income.\n\n** **\n\nF-12\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n** **\n\n**Impairment\nof long-lived assets**\n\n \n\nThe Company reviews long-lived assets for impairment\nwhenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets\nto be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be\ngenerated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the\ncarrying amount of the assets exceeds the fair value of the assets. No impairment of long-lived assets was recognized for the years\nended December 31, 2025, 2024 and 2023.\n\n \n\n**Revenue recognition**\n\n \n\nIn accordance with ASC 606, revenues are\nrecognized when control of the promised products is transferred to customers, in an amount that reflects the consideration the Company\nexpects to be entitled to in exchange for those products. The Company also evaluates whether it is appropriate to record the gross amount\nof product sales. When the Company is a principal, and the Company obtains control of the specified goods before they are transferred\nto the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled to in exchange\nfor the specified goods transferred. Revenues are recorded net of value-added taxes.\n\n \n\n*Sales of cosmetics and other beauty products*\n\n \n\nFor the years ended December 31, 2025, 2024\nand 2023, the Company generated revenues primarily from selling cosmetics and other beauty products. The Company identifies a single performance\nobligation from contracts which is the sales of cosmetics and other beauty products. The Company recognizes the product revenues on a\ngross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the\nspecified goods, subject to inventory risks and has the discretion in establishing prices. The Company recognizes revenues at a point\nin time when the control over the cosmetics and other beauty products are transferred to customers.\n\n \n\nThe Company recognizes revenues net of return\nallowances and consideration payable to customers when the products are delivered, and control is transferred to customers. For sales\nwith return conditions, the Company reasonably estimates the possibility of return based on the historical experience, changes in judgments\non these assumptions and estimates could materially impact the amount of net revenues recognized. As of December 31, 2025 and 2024,\nthe Company did not record return allowance because the Company did not expect a significant reversal in the amount of cumulative revenue.\n\n \n\n*Provision of operation services*\n\n \n\nThe Company also generated revenues from provision\nof operation services for online stores owned by customers. The operation services cover marketing and promotion of cosmetics products,\nwarehouse management, logistics of products, and customer relationship services. The Company identifies a single performance obligation\nfrom contracts. The transaction price is determined by a fixed percentage of sales volume. There were no variable considerations, significant\nfinancing components or payments to customers in the agreements with customers. The Company recognizes revenues over time when service\nis provided. The Company has a right to considerations from the customers in an amount that corresponds directly with the value the Company’s\nperformance completed to date. The Company adopted practical expedient under ASC 606-10-55-18, and recognized revenues from provision\nof operation services based on amounts invoiced to the customers.\n\n \n\nF-13\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n** **\n\n**Revenue recognition\n(cont.)**\n\n \n\n*Contract balances*\n\n \n\nThe Company classifies its right to consideration\nin exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration\nthat is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the\npassage of time. The Company recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of\nreceiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Company has\ntransferred services to the customer before payment is received or is due, and the Company’s right to consideration is conditional\non future performance or other factors in the contract. As of December 31, 2025 and 2024, the Company did not record contract assets.\n\n \n\nContract liabilities are recognized if the Company\nreceives consideration prior to satisfying the performance obligations, which include customer advances and deferred revenue under operation\nservice arrangements. As of December 31, 2025 and 2024, the Company had customer advances of $909,243 and $187,913, respectively. Customer\nadvances of $187,913 and $235,494 as of December 31, 2024 and 2023 were recognized as revenues in the years ended December 31, 2025\nand 2024, respectively. The Company expects to recognize the customer advances of $909,243 as of December 31, 2025 in the year ending\nDecember 31, 2026. As of March 2026, most of the customer advances have been recognized as revenues.\n\n \n\nFor the years ended December 31, 2025, 2024\nand 2023, the Company disaggregate revenue into two revenue streams as the following table:\n\n** **\n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nRevenues \n   \n   \n  \n\nSales of cosmetics and other beauty products \n$96,564,901  \n$122,002,947  \n$124,732,099 \n\nProvision of operation services \n 8,638,465  \n 4,759,367  \n 4,544,377 \n\nTotal revenue \n$105,203,366  \n$126,762,314  \n$129,276,476 \n\n \n\nThe Company disaggregates revenue by timing of\nrevenues recognition as the following table:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nRevenues \n   \n   \n  \n\nGoods transferred at a point in time \n$96,564,901  \n$122,002,947  \n$124,732,099 \n\nServices transferred over time \n 8,638,465  \n 4,759,367  \n 4,544,377 \n\nTotal revenue \n$105,203,366  \n$126,762,314  \n$129,276,476 \n\n \n\nF-14\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n** **\n\n**Cost of revenues**\n\n \n\nCost of revenues primarily consists of purchase\nprice of products, inbound shipping charges, write-downs of inventories and labor costs which facilitate operation services. Shipping\ncharges to receive products from the suppliers are included in inventories and recognized as cost of revenues upon sale of the products\nto the customers.\n\n** **\n\n**Selling and\nmarketing expenses**\n\n \n\nSelling and marketing expenses consist primarily\nof advertising and marketing costs, warehouse rental expenses, outbound shipping expenses and payroll and related expenses for employees\ninvolved in selling and marketing activities.\n\n \n\nAdvertising and marketing costs, which consist\nprimarily of online advertising, offline television, movie and outdoor advertising, and incentive programs and branding promotion for\nthe Company’s cosmetics products to attract or retain consumers, are expensed as incurred, and totaled $4,343,967, $7,139,172 and\n$6,734,039 for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\nOutbound shipping, freight and warehouse expenses\nwere in connection with sales of products and were expensed as incurred. For the years ended December 31, 2025, 2024 and 2023, the\nCompany incurred outbound shipping, freight and warehouse expenses of $2,424,725, $2,713,109 and $3,054,379, respectively.\n\n** **\n\n**General and\nadministrative expenses**\n\n \n\nGeneral and administrative expenses primarily\nconsist of employee related expenses for administrative functions, including accounting, finance, tax, legal and human relations; costs\nassociated with these functions including facilities and equipment depreciation expenses, rental and other general corporate related expenses.\n\n** **\n\n**Employee benefits**\n\n \n\nThe full-time employees of the Company are entitled\nto staff welfare benefits including medical care, housing funds, pension benefits, unemployment insurance and other welfare, which are\ngovernment mandated defined contribution plans. The Company is required to accrue for these benefits based on certain percentages of the\nemployees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions\nto the state-sponsored plans out of the amounts accrued. Total expenses for the plans were $549,511, $336,507 and $473,559 for the years\nended December 31, 2025, 2024 and 2023, respectively. In addition to the above-mentioned government-mandated defined contribution plans,\nthe Company has no further obligations to employee benefits.\n\n \n\n**Value-added\ntax**\n\n \n\nThe Company is subject to value added tax (“VAT”)\nand related surcharges on the revenues earned for products sold in the PRC. The applicable rate of value added tax is 13% for sales\nof cosmetic and other beauty products and 6% for operation services. The related surcharges for revenues derived from sales of products\nare deducted from gross receipts to arrive at net revenues.\n\n** **\n\nF-15\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n** **\n\n**Income taxes**\n\n \n\nThe Company accounts for income taxes in accordance\nwith the U.S. GAAP for income taxes. Under the asset and liability method as required by this accounting standard, the recognition\nof deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax\nbasis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred\ntaxes.\n\n \n\nThe charge for taxation is based on the results\nfor the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or\nsubstantively enacted by the balance sheet date.\n\n \n\nDeferred tax is accounted for using the balance\nsheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities\nin the consolidated financial statements and the corresponding tax basis. Deferred tax assets are recognized to the extent that it is\nmore likely than not these items will be utilized against taxable income in the future. Deferred tax is calculated using tax rates that\nare expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the\nincome statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation\nallowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not\nbe realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.\n\n \n\nAn uncertain tax position is recognized as a benefit\nonly if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination\nbeing presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized\non examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period\nincurred. As of December 31, 2025, income tax returns for the tax years ended December 31, 2020 through December 31,\n2024 remain open for statutory examination.\n\n** **\n\n**Operating leases**\n\n \n\nThe Company leases its offices, which are classified\nas operating leases in accordance with Topic 842. Operating leases are required to record in the balance sheet as right-of-use assets\nand lease liabilities, initially measured at the present value of the lease payments. The Company has elected the package of practical\nexpedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or\ncontain a lease, (2) lease classification for any expired or existing leases as of the adoption date, and (3) initial direct\ncosts for any expired or existing leases as of the adoption date. The Company elected the short-term lease exemption as the lease terms\nare 12 months or less.\n\n \n\nAt the commencement date, the Company recognizes\nthe lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease\nor, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease.\n\n \n\nThe right-of-use asset is recognized initially\nat cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly\nof brokerage commissions, and less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment\nfor right-of-use lease assets as of December 31, 2025 and 2024.\n\n \n\nF-16\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\n**Comprehensive\nincome (loss)**\n\n \n\nA comprehensive income (loss) includes net income\n(loss) and other comprehensive (expenses) income arising from foreign currency adjustments. Comprehensive income (loss) is reported in\nthe consolidated statements of operations and comprehensive income (loss).\n\n** **\n\n**Earnings (loss)\nper share**\n\n \n\nIn accordance with ASC 260, Earnings Per\nShare, basic net earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted\naverage number of unrestricted ordinary shares outstanding during the year using the two-class method. Under the two-class method, net\nincome (loss) is allocated between ordinary shares and other participating securities based on dividends declared (or accumulated) and\nparticipating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. The Company’s\nconvertible redeemable preferred shares are participating in securities because they are entitled to receive dividends or distributions\non an as converted basis.\n\n \n\nDiluted net earnings (loss) per share is calculated\nby dividing net income (loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related\nto the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during\nthe period. Ordinary share equivalents are excluded from the computation in income (loss) periods should their effects be anti-dilutive.\nThe Company had convertible redeemable preferred shares, earnout shares and warrants, which could potentially dilute basic earnings per\nshare. To calculate the number of shares for diluted net earnings (loss) per share, the effect of the convertible redeemable preferred\nshares is computed using the two-class method or the as-if converted method, whichever is more dilutive. The effect\nof warrants is computed using treasury stock method.\n\n \n\n**Warrants**\n\n \n\nThe Company accounts for warrants as either equity-classified\nor liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance\nin Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing\nLiabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers\nwhether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480,\nand whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed\nto the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use\nof professional judgment, is conducted at the time of warrant issuance and as of each subsequent period end date while the warrants are\noutstanding.\n\n \n\nFor issued or modified warrants that meet all\nof the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the\ntime of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required\nto be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter with changes in fair value\nrecognized in the statements of operations in the period of change.\n\n \n\n**Commitments\nand contingencies**\n\n \n\nIn the normal course of business, the Company\nis subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters,\nincluding, among others, government investigations and tax matters. In accordance with ASC No. 450, the Company records accruals for such\nloss contingencies when it is probable that liability has been incurred and the amount of loss can be reasonably estimated.\n\n \n\nF-17\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\n**Segment reporting**\n\n \n\nOperating segments are defined as components of\nan enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker\n(“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s\nCODM is the Chief Executive Officer.\n\n \n\nThe Company’s CODM relies upon the consolidated\nresults of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. As a result\nof the assessment made by CODM, the Company has only one principal reportable segment as defined by ASC 280. The single reportable segment\ncontains sales of cosmetics and other beauty products and provision of operation services. The Company has concluded that consolidated\nnet (loss) income is the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual\nresults and determines how to allocate resources based on consolidated net (loss) income as reported in the consolidated statements of\noperations. Within the information provided, the CODM specifically reviews promotion and advertising expenses, which are a significant\nsegment expense, as this represents significant cost affecting the Company’s decision on how to cooperate with different brands.\nOther operating expenses are reviewed in aggregate.\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nRevenues \n$105,203,366  \n$126,762,314  \n$129,276,476 \n\nCost of revenues \n (93,290,366) \n (112,260,018) \n (98,956,303)\n\nPromotion and advertising expenses \n (4,343,967) \n (7,139,172) \n (6,734,039)\n\nOther operating expenses \n (8,055,646) \n (7,569,167) \n (12,251,745)\n\nTotal other expenses, net \n (209,911) \n (700,292) \n (1,625,325)\n\nIncome tax expenses \n (2,070,829) \n (240,231) \n (301,898)\n\nNet (loss) income from continuing operations \n$(2,767,353) \n$(1,146,566) \n$9,407,166 \n\n \n\nThe Company does not distinguish between markets\nor segments for the purpose of internal reporting. The Company’s long-lived assets are all located in the PRC (including mainland\nChina and Hong Kong) and substantially all of the Company’s revenues are derived from the PRC (including mainland China and Hong\nKong). Therefore, no geographical segments are presented.\n\n \n\n**Discontinued operations**\n\n** **\n\nA component of a reporting entity or a group of\ncomponents of a reporting entity that are disposed or meet the criteria to be classified as held for sale, such as the management, having\nthe authority to approve the action, commits to a plan to sell the disposal group, should be reported in discontinued operations if the\ndisposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Classification\nas a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier.\nIn the period that a discontinued operation is classified as held for sale, the assets and liabilities of the discontinued operation are\npresented separately in asset and liability sections, respectively, of the consolidated balance sheets and prior periods are presented\non a comparative basis. In the consolidated statements of operations and comprehensive income (loss), the results from discontinued operations\nare reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis.\nCash flows for discontinued operations are presented separately in the consolidated statements of cash flows.\n\n \n\nF-18\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n(cont.)\n\n** **\n\n**Recently issued\naccounting standards**\n\n \n\nOn December 17, 2025, the FASB issued ASU 2025-12, which\nis to correct, clarify, and otherwise improve U.S. GAAP. ASU 2025-12 includes 33 improvements that span a wide range of topics, including\nClarifying diluted earnings per share (EPS) calculation when a loss from continuing operations exists, Clarifying disclosure requirements\nfor lease receivables from sales-type or direct financing leases, Revising the calculation of the reference amount for beneficial interests\nto prevent double counting credit losses, Clarifying the permissible methods to account for treasury stock retirements, and Clarifying\nthe guidance for transfers of receivables from contracts with customers. The amendments in this Update are effective for all entities\nfor annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early\nadoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available\nfor issuance. If an entity adopts the amendments in this Update in an interim period, it must adopt them as of the beginning of the annual\nreporting period that includes that interim reporting period. An entity may elect to early adopt the amendments on an issue-by-issue basis.\nFor example, an entity may decide to early adopt certain amendments and adopt the remaining amendments at the effective date. An entity\nshould apply the amendments in this Update (except for the amendments to Topic 260, Earnings Per Share, related to Issue 4) using one\nof the following transition methods: (i) Prospectively to all transactions recognized on or after the date that the entity first applies\nthe amendments, or (ii) Retrospectively to the beginning of the earliest comparative period presented. An entity should adjust the opening\nbalance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the\nbeginning of the earliest comparative period presented. The Company is currently evaluating these new disclosure requirements and does\nnot expect the adoption to have a material impact.\n\n \n\nOn December 8, 2025, the FASB issued ASU 2025-11, which\nis intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is\nsubject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses\nthe form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification\ntopics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period\nthat have a material impact on the entity.” For public business entities, the amendments in ASU 2025-11 are effective for interim\nreporting periods within annual reporting periods beginning after December 15, 2027. For all other entities, the amendments in ASU 2025-11\nare effective for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted\nfor all entities. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material\nimpact.\n\n \n\nOn July 30, 2025, the FASB issued ASU 2025-05, which\namends ASC 326-20 to provide a practical expedient for all entities which elect a practical expedient that assumes that current conditions\nas of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts as part\nof estimating expected credit losses, and an accounting policy election for all entities, other than a public business entity, that elect\nthe practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets\nthat arise from transactions accounted for under ASC 606. Under ASU 2025-05, an entity is required to disclose whether it has elected\nto use the practical expedient and, if so, whether it has also applied the accounting policy election. An entity that makes the accounting\npolicy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for\nannual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with\nearly adoption permitted. Entities should apply the new guidance prospectively. The Company is currently evaluating these new disclosure\nrequirements and does not expect the adoption to have a material impact.\n\n \n\nF-19\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n(cont.)\n\n** **\n\n**Recently issued\naccounting standards** (cont.)\n\n \n\nIn November 2024, the FASB issued ASU 2024-03,\n“Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This\npronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation\nof specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense\ncategories, such as employee compensation, depreciation, amortization, and other material components. The disaggregated information can\nbe presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. In\nJanuary 2025, the FASB issued ASU 2025-01, “Income Statement – Comprehensive Income – Expense Disaggregation Disclosure\n(Subtopic 220-40): Clarifying the Effective Date.” This pronouncement revises the effective date of ASU 2024-03 and clarifies that\nall public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim\nperiods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early\nadopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption\nto have a material impact.\n\n \n\nIn December 2023, the FASB issued ASU 2023-09, which is an update to\nTopic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the\ntransparency of income tax disclosures by requiring (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit)\nto be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application—General\nNotes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant.\nFor public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities\nother than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption\nis permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update\nshould be applied on a prospective basis. Retrospective application is permitted. As an Emerging Growth Company (“EGC”),the\nCompany is currently evaluating the potential impact of adopting this guidance on financial statements requirements and does not expect\nthe adoption to have a material impact.\n\n \n\nOther accounting standards that have been issued or proposed by FASB\nthat do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon\nadoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated\nfinancial condition, results of operations, cash flows or disclosures.\n\n \n\nF-20\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**2. SUMMARY OF\nSIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n** **\n\n**Significant\nrisks and uncertainties**\n\n \n\n1) Credit risk\n\n \n\nAssets that potentially subject the Company to\nsignificant concentration of credit risk primarily consist of cash and cash equivalents, accounts receivable, prepayments and other current\nassets and amounts due from related parties. The maximum exposure of such assets to credit risk is their carrying amount as at the balance\nsheet dates. As of December 31, 2025, the Company held cash and cash equivalents of $9,010,336, among which $7,083,636 were deposited\nin financial institutions located in Hong Kong, $1,882,861 were deposited in financial institutions located in Mainland China, and\nthe remaining were deposited in Singapore and the United States. Each bank account in Mainland China is insured by the government authority\nwith the maximum limit of RMB 500,000 (equivalent to approximately $71,500), while the bank accounts in Hong Kong, are not insured.\nTo limit exposure to credit risk relating to deposits, the Company primarily place cash and cash equivalent deposits with large financial\ninstitutions in the PRC and Hong Kong which management believes are of high credit quality and the Company also continually monitors\ntheir credit worthiness.\n\n \n\nThe risk with respect to accounts receivable,\nprepayments and other current assets and amounts due from related parties is mitigated by credit evaluations the Company performs on its\ncustomers and its ongoing monitoring processes of outstanding balances.\n\n \n\nMost of the Company’s operations are carried\nout in Hong Kong, while partial of the Company’s business is conducted in mainland China. As mainland China government has\nexerted more oversight in Hong Kong, the Company’s business, financial condition and results of income may be influenced by the\npolitical, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s\nbusiness may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency\nconversion and remittance abroad, rates and methods of taxation among other factors.\n\n \n\n2) Foreign currency\nrisk\n\n \n\nSubstantially all of the Company’s operating\nactivities and the Company’s assets and liabilities are denominated in RMB, which is not freely convertible into foreign currencies.\nAll foreign exchange transactions take place either through the Peoples’ Bank of China (“PBOC”) or other authorized\nfinancial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions\nrequires submitting a payment application form together with suppliers’ invoices and signed contracts. The value of RMB is subject\nto changes in central government policies and to international economic and political developments affecting supply and demand in the\nChina Foreign Exchange Trading System market.\n\n \n\nF-21\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3. DISPOSAL OF SHANGHAI JINGYUE**\n\n** **\n\nOn June 27, 2025, the Company transferred 100%\nequity interest in Shanghai Jingyue to the Buyer at zero consideration. The Company disposed of Shanghai Jingyue as it experienced a decrease\nin sales of cosmetics products of certain brand names, and the Company expected it will continue to suffer a decrease in financial performance.\nIn connection with such disposal, it also agreed to purchase inventories with carrying value of $162,535 from Shanghai Jingyue at original\ncost of $3,330,617. In return, the Buyer agreed to waive the Company’s liabilities of $4,389,889 due to Shanghai Jingyue. The disposal\nhad a net increase in the income tax expense of $301,704, which was included in the net income from discontinued operation.\n\n \n\nThe Company determined that the disposal of Shanghai\nJingyue met the criteria to be classified as a discontinued operation and, as a result, Shanghai Jingyue’s historical financial\nresults are reflected in the Company’s consolidated financial statements as a discontinued operation. The disposal of Shanghai Jingyue\nrepresents a strategic shift that has a significant effect on the Company’s financial results, which trigger discontinued operations\naccounting in accordance with ASC 205-20-45. The assets and liabilities related to the discontinued operations were retroactively classified\nas assets and liabilities of discontinued operations as of December 31, 2024 in the consolidated balance sheet, while results of\noperations related to the discontinued operations were reported as income (loss) from discontinued operations in the consolidated statements\noperations and comprehensive income (loss), and cash flows from discontinued operations of the years ended December 31, 2025, 2024 and\n2023 were separately presented in the consolidated statements of cash flows for all periods presented retroactively in accordance with\nU.S. GAAP.\n\n \n\nFor the period from January 1, 2025 through June\n27, 2025 and for the years ended December 31, 2024 and 2023, the aggregated financial results of the discontinued operations, after intercompany\nelimination, are as following:\n\n \n\n  \nFor the\n\nperiod from January 1,\n\n2025 through June 27,  \nFor the Years Ended\n\nDecember 31, \n\n  \n2025  \n2024  \n2023 \n\nRevenues \n$118,160  \n$2,170,333  \n$19,723,343 \n\nCost of revenues \n (22,798) \n (4,868,160) \n (13,034,251)\n\nGross profit (loss) \n 95,362  \n (2,697,827) \n 6,689,092 \n\nSelling and marketing expenses \n (108,772) \n (3,138,009) \n (3,885,308)\n\nGeneral and administrative expenses \n (610,206) \n (2,783,569) \n (817,151)\n\nTotal other expenses, net \n (52,042) \n (66,499) \n (4,799)\n\nLoss before income taxes from operations of discontinued operation \n (675,658) \n (8,685,904) \n 1,981,834 \n\nGain on disposal of discontinued operation \n 4,760,997  \n \n—\n  \n \n—\n \n\nIncome tax (expenses) benefits \n (497,968) \n 2,413,058  \n (1,638,954)\n\nNet income (loss) from discontinued operation \n$3,587,371  \n$(6,272,846) \n$342,880 \n\n \n\nF-22\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3. DISPOSAL OF SHANGHAI JINGYUE** (cont.)\n\n** **\n\nAs of December 31, 2024, major classes of assets\nand liabilities of the discontinued operation, after intercompany elimination, are as following:\n\n \n\n  \nDecember 31,\n2024 \n\nASSETS \n  \n\nCurrent Assets \n  \n\nCash and cash equivalents \n$139,276 \n\nAccounts receivable \n 156,020 \n\nPrepayments and other current assets \n 108,532 \n\nInventories \n 264,630 \n\nAssets of discontinued operations, current \n 668,458 \n\n  \n   \n\nNon-current Assets \n   \n\nProperty and equipment, net \n 307,626 \n\nRight of use assets, net \n 1,102,625 \n\nDeferred tax assets \n 2,378,810 \n\nOther non-current assets \n 415,818 \n\nAssets of discontinued operations, non-current \n 4,204,879 \n\n  \n   \n\nTotal assets of discontinued operations \n$4,873,337 \n\n  \n   \n\nLIABILITIES \n   \n\nCurrent Liabilities \n   \n\nAccounts payable \n$116 \n\nAdvance from customers \n 17,716 \n\nIncome tax payable \n 662,366 \n\nLease liabilities, current \n 762,033 \n\nOther payable and accrued expenses \n 507,149 \n\nLiabilities of discontinued operations, current \n 1,949,380 \n\n  \n   \n\nLease liabilities \n 214,485 \n\nAmount due to related parties, non-current \n 4,709,720 \n\nLiabilities of discontinued operations, non-current \n 4,924,205 \n\nTotal liabilities of discontinued operations \n$6,873,585 \n\n \n\nFor the period from January 1, 2025 through June 27, 2025 and for the\nyears ended December 31, 2024 and 2023, the aggregated cashflow of the discontinued operations, after intercompany elimination, are as\nfollowing:\n\n \n\n  \nFor the\nperiod from January 1,\n2025 through June 27,  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nNet cash provided by (used in) operating activities from discontinued operations \n$4,827,758  \n$1,483,065  \n$(1,901,407)\n\nNet cash used in investing activities from discontinued operations \n$(311,612) \n$(973) \n$(154,943)\n\nNet cash (used in) provided by financing activities from discontinued operations \n$(4,490,841) \n$(3,169,394) \n$2,819,153 \n\n \n\nF-23\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**4. PREPAYMENTS\nAND OTHER ASSETS, CURRENT AND NON-CURRENT**\n\n \n\nPrepayments and other current assets from continuing\noperations consist of the following:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nPrepayments and other current assets \n   \n  \n\nPrepayments to suppliers (a) \n$3,739,837  \n$619,283 \n\nDue from a supplier (b) \n 1,005,942  \n \n—\n \n\nPrepaid marketing and advertising expenses \n 823,122  \n 543,964 \n\nLoans to third parties (c) \n 1,212,614  \n 500,000 \n\nTax recoverable \n 7,544  \n 53,963 \n\nOthers \n 198,574  \n 244,838 \n\n  \n$6,987,633  \n$1,962,048 \n\nOther non-current assets \n    \n   \n\nLong-term deposits (d) \n 583,591  \n 756,154 \n\nOthers \n 15,352  \n 21,781 \n\n  \n$598,943  \n$777,935 \n\n \n\nFor the years ended December 31, 2025, 2024 and\n2023, the movement of expected credit losses against other receivable is as the following:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nOpening balance \n$\n—\n  \n$\n—\n  \n$\n—\n \n\nProvision of expected credit losses \n \n—\n  \n 398,150  \n \n—\n \n\nWriting off other receivable \n \n—\n  \n (398,150) \n \n—\n \n\nEnding balance \n$\n—\n  \n$\n—\n  \n$\n—\n \n\n \n\nFor the year ended December 31, 2024, the\nCompany wrote off compensation receivable of $398,150 as it assessed that it was remote to collect the outstanding balance. The\ncompensation receivable arose from quality issues of cosmetic products, and the supplier agreed to make cash compensation. For the\nyears ended December 31, 2025 and 2023, the Company did not provide credit loss against other receivables.\n\n \n\n(a)The\nbalances represented advances to suppliers for purchase of cosmetics and other beauty products.\n\n \n\n(b) The balance as of December 31, 2025 represented prepayments advanced to one supplier which terminated cooperation with the Company. The Company reclassified the balance from prepayments to suppliers to due from suppliers. As of the date of this report, the Company has collected $834,783 of the outstanding balance.\n\n \n\n(c) As of December 31, 2025, the balance represented loans provided to Shanghai Jingyue. The loans bear interest rate of 3% per annum and are repayable on December 30, 2026.\n\n \n\nAs of December 31, 2024, the balance\nrepresented loans provided to one third party, which was repaid in the year ended December 31, 2025.\n\n \n\n(d)The\nlong-term deposits represented deposits made to certain marketplaces on which the Company sells cosmetic products. The deposits are repayable\nupon termination of corporation with the marketplaces. Pursuant to the agreements with marketplaces, the corporation terms were generally\nranged between two and three years.\n\n \n\nF-24\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**5. PROPERTY AND\nEQUIPMENT, NET**\n\n \n\nProperty and equipment, net from continuing operations\nconsisted of the following:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nVehicles \n$370,760  \n$355,204 \n\nOffice equipment \n 254,525  \n 217,093 \n\nLeasehold improvements \n 116,512  \n 111,624 \n\nLess: accumulated depreciation \n (624,162) \n (544,738)\n\n  \n$117,635  \n$139,183 \n\n \n\nDepreciation expenses from continuing operations\nwere $54,068, $105,174 and $148,187 for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n** **\n\n**6. OPERATING LEASE**\n\n \n\nAs of December 31, 2025, the Company leases\noffice spaces in the PRC under non-cancelable operating leases, with terms ranging between 24 months and 36 months. The Company\nconsiders those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and\ninitial measurement of right of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis\nover the lease term.\n\n \n\nThe Company determines whether a contract is or\ncontains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease.\nWhen available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the leases\ndo not provide a readily determinable implicit rate. Therefore, the Company discount lease payments based on an estimate of the incremental\nborrowing rate.\n\n \n\nFor operating leases that include rent holidays\nand rent escalation clauses, the Company recognizes lease expense on a straight-line basis over the lease term from the date it takes\npossession of the leased property. The Company records the straight-line lease expense and any contingent rent, if applicable, in general\nand administrative expenses on the consolidated statements of operations and comprehensive income (loss). The corporate office lease also\nrequires the Company to pay real estate taxes, common area maintenance costs and other occupancy costs which are included in the general\nand administrative expenses on the consolidated statements of operations and comprehensive income (loss).\n\n \n\nThe lease agreements do not contain any material\nresidual value guarantees or material restrictive covenants.\n\n \n\nFor short-term leases, the Company records operating\nlease expense in its consolidated statements of operations and comprehensive income (loss) on a straight-line basis over the lease term\nand record variable lease payments as incurred.\n\n \n\nThe table below presents the operating lease related\nassets and liabilities from continuing operations recorded on the consolidated balance sheets.\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nRight of use assets, net \n$228,330  \n$13,599 \n\n  \n    \n   \n\nOperating lease liabilities, current \n 93,191  \n 9,163 \n\nOperating lease liabilities, noncurrent \n 110,622  \n \n—\n \n\nTotal operating lease liabilities \n$203,813  \n$9,163 \n\n \n\nF-25\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**6. OPERATING LEASE**(cont.)\n\n \n\nOther information about the Company’s leases\nfrom continuing operations is as follows:\n\n \n\n   For the Years Ended December 31, \n\n   2025   2024   2023 \n\nOperating cash flows used in operating leases  $61,622   $21,632   $223,606 \n\nWeighted average remaining lease term (years)   2.18    0.60    1.10 \n\nWeighted average discount rate   4.75%   4.75%   4.75%\n\n \n\nOperating lease expenses from continuing operations\nwere $481,827, $676,944 and $609,288, respectively, for the years ended December 31, 2025, 2024 and 2023, among which $435,948, $655,407\nand $456,718 were incurred for short-term leases.\n\n \n\nThe following is a schedule,\nby years, of maturities of lease liabilities as of December 31, 2025: \n\n \n\n  \nDecember 31,\n2025 \n\nFor the year ending December 31, 2026 \n$101,008 \n\nFor the year ending December 31, 2027 \n 88,863 \n\nFor the year ending December 31, 2028 \n 28,715 \n\nTotal lease payments \n 218,586 \n\nLess: Imputed interest \n (14,773)\n\nPresent value of operating lease liabilities \n$203,813 \n\n \n\n**7. SHORT-TERM LOANS**\n\n** **\n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nShort-term loans from financial institutions other than banks \n$2,901,080  \n$\n—\n \n\nShort-term loans from banks \n 6,358,092  \n 7,972,764 \n\n  \n$9,259,172  \n$7,972,764 \n\n** **\n\n*Short-term loans\nfrom financial institutions other than banks*\n\n \n\nDuring the years ended December 31, 2025 and 2023, the Company\nentered into certain loan agreements with certain financial institutions, pursuant to which the Company borrowed $5,408,598 and $9,523,224,\nrespectively, from these financial institutions. The borrowings bore interest rates ranging between 8.8% and 9.0% per annum. For the year\nended December 31, 2024, the Company did not borrow from financial institutions. For the years ended December 31, 2025, 2024 and\n2023, the Company repaid borrowings of $2,508,598, $704,857 and $17,855,445, respectively. The loans outstanding as of December 31, 2025\nwere with the maturity dates due through December 2026.\n\n \n\n*Short-term loans\nfrom banks*\n\n* *\n\nDuring the year ended December 31, 2025, 2024\nand 2023, the Company entered into one loan agreement with a bank, pursuant to which the Company borrowed $21,137,530, $33,395,774 and\n$48,435,043, respectively. The loans were renewed upon maturity, with final maturities dates extending through October 2026. The borrowing\nbore interest rates ranging between 3.2% and 7.5% per annum. For the year ended December 31, 2025, 2024 and 2023, the Company repaid borrowings\nof $23,447,563, $32,251,734 and $52,972,513, respectively. The short-term loans were pledged by the accounts receivables due from customers.\n\n \n\nDuring the year ended December 31, 2024, the Company entered into another\nloan agreement with another bank, pursuant to which the Company borrowed $4,892,053 with maturity date due through October 2025. The loans\nwere renewed upon maturity, with final maturity dates extending through October 2026. In February 2026, the maturity dates were extended\nto August 2026 under the same terms. The borrowing bore interest rates ranging between 4.6% and 5.1% per annum. For the years ended December\n31, 2025 and 2024, the Company did not repay the bank.\n\n \n\nDuring the year ended December 31, 2025, the Company\nentered into one additional loan agreement with another bank, pursuant to which the Company borrowed $695,651 with maturity date due in\nJuly 2026. The borrowings bore an interest rate of 2.5% per annum. The borrowing is guarantee by Mr. Wang Jun, who is the Chief Executive\nOfficer of Weitong and shareholder of the Company.\n\n \n\nF-26\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**8. LONG-TERM BORROWINGS**\n\n \n\nOn March 22, 2024, the Company entered into a\nLoan Agreement (the “Loan Agreement”) with a third party (the “Lender”), pursuant to which the Lender agrees to\nlend to the Company (the “Loan”) amounts to be paid in four tranches. The amount of each tranche of the Loan is adjusted depending\non the trading price of the Company’s Class B Ordinary Shares. The first tranche, extended on March 28, 2024, provides the Company\nwith loan proceeds of $588,888; the second tranche, extended on April 9, 2024, provides the Company with loan proceeds of $681,828; the\nthird and final tranche, extended on April 18, 2024, provides the Company with loan proceeds of approximately $909,978. Each tranche of\nthe Loan has a maturity of five years from the date the tranche is extended and an interest of 5.05% per annum to be paid by the Company\nto the Lender in semi-annual installments.\n\n \n\nAs of December 31, 2025 and 2024, the Company\nhad long-term borrowings of $2,180,694.\n\n \n\n**9. INCOME TAXES**\n\n* *\n\n*Cayman Islands*\n\n \n\nUnder the current laws of the Cayman Islands,\nthe Company and Ableview Investment are not subject to tax on income or capital gain. Additionally, upon payments of dividends to the\nshareholders, no Cayman Islands withholding tax will be imposed.\n\n* *\n\n*Singapore*\n\n \n\nThe Company is subject to corporate income tax\nfor its business operation in Singapore. Tax on corporate income is imposed at a flat rate of 17%.\n\n \n\n*Hong Kong*\n\n \n\nAbleview Brands, Ableview Management, and Able View are incorporated\nin Hong Kong and are subject to Hong Kong Profits Tax on the taxable income as reported in their statutory financial statements adjusted\nin accordance with relevant Hong Kong tax laws. The applicable tax rate for the first HKD$2 million of assessable profits is 8.25% and\nassessable profits above HKD$2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from\nthe year of assessment 2018/2019. Before that, the applicable tax rate was 16.5% for corporations in Hong Kong.\n\n* *\n\n*PRC*\n\n \n\nWeitong, Beijing Jingyuan, Shanghai Jinglu, Shanghai\nJingnan, Zhejiang Jingxiu, Wuhan Jingtong and CSS Shanghai are subject to PRC Corporate Income Tax (“CIT”) on the taxable\nincome in accordance with the relevant PRC income tax laws. Effective from January 1, 2008, the PRC’s statutory, Enterprise\nIncome Tax (“EIT”) rate is 25%.\n\n \n\nFor qualified small and low-profit enterprises, from January 1, 2023\nto December 31, 2027, 25% of the first RMB 3.0 million of the assessable profit before tax is subject to the tax rate of 20%. For the\nyears ended December 31, 2023, 2024 and 2025, some PRC subsidiaries are qualified small and low-profit enterprises and thus are eligible\nfor the above preferential tax rates for small and low-profit enterprises.\n\n \n\nF-27\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**9. INCOME TAXES**\n(cont.)\n\n** **\n\nThe components of the income (loss) before income\ntaxes from continuing operations are as follows:** **\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nPRC \n$8,772,714  \n$7,132,140  \n$(2,124,668)\n\nSingapore \n 1,268,009  \n 507,046  \n (175,753)\n\nHong Kong \n (10,623,378) \n (8,079,908) \n 14,376,843 \n\nCayman \n (113,869) \n (465,613) \n (2,367,358)\n\nTotal \n$(696,524) \n$(906,335) \n$9,709,064 \n\n \n\nFor the years ended December 31, 2025, 2024\nand 2023, the income tax expenses (benefits) were comprised of the following:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCurrent income tax expenses \n$558,608  \n 163,006  \n$2,612,893 \n\nDeferred income tax expenses/(benefit) \n 1,512,221  \n 77,225  \n (2,310,995)\n\nTotal income tax expenses \n$2,070,829  \n$240,231  \n$301,898 \n\n \n\nBelow is a reconciliation of the statutory tax\nrate to the effective tax rate:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nHong Kong statutory income tax rate \n 16.5% \n 16.5% \n 16.5%\n\nEffect of different income tax rates in other jurisdictions \n (110.4)% \n (80.4)% \n (1.9)%\n\nEffect of non-includable items \n 0.0% \n 0.0% \n 4.0%\n\nEffect of preferential tax rates \n (9.8)% \n 13.4% \n (0.1)%\n\nEffect of non-deductible expenses \n (4.4)% \n (1.6)% \n 0.2%\n\nEffect of changes in valuation allowance \n 0.0% \n 3.4% \n (0.5)%\n\nEffect of income tax expense adjustment for prior years\n \n 45.7% \n 0.0% \n 0.0%\n\nEffect of net operating losses true-up due to adjustment for intra-group\nservice fee \n (223.3)% \n 0.0% \n 0.0%\n\nEffect of true-up on net operating losses \n (11.6)% \n 22.2% \n (15.1)%\n\n**Effective tax rate** \n (297.3)% \n (26.5)% \n 3.1%\n\n \n\nDeferred tax assets and deferred tax liabilities\nas of December 31, 2025 and 2024 consist of the following:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nDeferred tax assets: \n   \n  \n\nNet operating losses carryforwards \n$547,966  \n$2,007,724 \n\nInventory write-down \n 948,544  \n 214,619 \n\nOperating lease liabilities \n 10,744  \n 458 \n\nTotal deferred tax assets, gross \n      1,507,254  \n      2,222,801 \n\nLess: valuation allowance \n \n—\n  \n \n—\n \n\n  \n$1,507,254  \n$2,222,801 \n\nDeferred tax liabilities \n    \n   \n\nOperating lease right-of-use assets \n (12,323) \n (1,334)\n\nTotal deferred tax assets, net \n$1,494,931  \n$2,221,467 \n\n** **\n\nF-28\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**9. INCOME TAXES** (cont.)\n\n** **\n\nMovement of valuation allowance of deferred tax\nassets for the years ended December 31, 2025, 2024 and 2023 were as the following:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nOpening balance \n$\n—\n  \n$30,410  \n$81,232 \n\nAddition \n \n—\n  \n \n—\n  \n 30,410 \n\nReversal \n \n—\n  \n (30,410) \n (81,232)\n\nEnding balance \n$\n—\n  \n$\n—\n  \n$30,410 \n\n \n\nTotal net operating losses (NOLs) carryforwards\nof the Company’s subsidiaries in mainland China is $2,673,782 and $624,660 as of December 31, 2024 and 2025, respectively. As of\nDecember 31, 2025, net operating loss carryforwards from PRC will expire in calendar years 2026 through 2030, if not utilized. The NOLs\ncarryforwards of the Company’s subsidiaries in Hong Kong are $8,312,910 and $3,192,715 as of December 31, 2024 and 2025, respectively,\nwhich can be carried forward without an expiration date. The Company had no NOLs carryforwards of the Company’s subsidiary in Singapore\nas of December 31, 2024 and 2025.\n\n** **\n\nThe Company evaluates its valuation allowance requirements at end of\neach reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of\nthat evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability\nof deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future\nrealization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable\nincome of the appropriate character within the carryforward period available under applicable tax law. The Company reviews deferred tax\nassets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. The\nCompany reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset\nwill be fully realized. The Company assessed that it would be able to generate sufficient operating profits within the next five years\nand concluded that it was more likely than not that all the entities would have sufficient taxable income to realize the deferred tax\nassets in the future. Accordingly, as of December 31, 2025 and 2024, no valuation allowance was provided against the deferred tax assets\nrespectively.\n\n** **\n\nUncertain tax positions\n\n** **\n\nIn October 2024, Able View Brands (“Brands”)\nreceived a comment letter from Hong Kong IRS regarding certain deductible expenses claimed in its annual tax return for the year of 2023.\nSuch expenses were related to intra-group services provided to Brands by certain PRC subsidiaries. Brands sent a response letter to provide\nsupporting evidence to Hong Kong IRS in January 2025. In June 2025, the Hong Kong IRS completed its review and approved the deduction\nof the aforementioned expenses.\n\n \n\nThe Group evaluates each uncertain tax position\n(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated\nwith the tax positions. As of December 31, 2024 and 2025, the Group did not have any unrecognized uncertain tax positions. For the years\nended December 31, 2023, 2024 and 2025, the Company did not incur any interest and penalties related to potential underpaid income tax\nexpenses.\n\n** **\n\nAs of December 31, 2025, the tax years ended December\n31, 2020 through 2024 for the Company’s subsidiaries in the PRC are generally subject to examination by the PRC tax authorities.\nThe tax years ended December 31, 2021 through 2024 for the Company’s subsidiary in the Singapore is generally subject to examination\nby the Singapore tax authorities. The tax years ended December 31, 2019 through 2024 for the Company’s subsidiaries in Hong Kong\nare generally subject to examination by the Hong Kong tax authorities.\n\n \n\nF-29\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**10. CONVERTIBLE\nNOTES**\n\n \n\nIn September 2024, the Company entered into Convertible\nNote Purchase Agreements (the “Agreements”) with three investors (the “Purchasers”).\n\n \n\nPursuant to the Agreements, the Company has issued\nand sold to the Purchasers convertible notes (the “Notes”) with aggregate principal amount of US$5,000,000 before an original\nissue discount of 20%, The Notes have an interest rate of 8% per annum, and maturity term of three (3) years. The Notes were convertible\ninto Class B Ordinary Shares of the Company (the “Conversion Shares”) at the option of the Purchasers, at a conversion price\n(the “Conversion Price”) of the higher of (i) 75% of the lowest volume-weighted average trading price of the Class B Ordinary\nShares during the ten (10) latest consecutive business days preceding the conversion, and (ii) $0.6 per Class B Ordinary Share. In addition,\nthe Company would issue the Purchasers warrants to purchase one (1) Class B Ordinary Share per Conversion Share (the “Conversion\nWarrants”) upon the conversion of the Notes, with the exercise price of such Conversion Warrants the same as the Conversion Price\nof the Notes.\n\n \n\nOn November 4, 2024, the Company closed the issuance\nand sale of the Notes to the Purchasers and fully collected net proceeds of $4,000,000 from the Notes. On November 20, 2024, the Company\nreceived conversion notice from the Purchasers. On November 25, 2024, the Company issued an aggregate of 7,751,939 Class B Ordinary Shares\nand 7,751,939 warrants (“Conversion Warrants”) (Note 11) to three Purchasers at conversion price of $0.645 per share. The\nConversion Warrants expired as of December 31, 2025.\n\n \n\nAs of December 31, 2025 and 2024, the Company\ndid not have outstanding convertible notes.\n\n \n\n**11. EQUITY**\n\n \n\nOrdinary shares\n\n \n\nThe Company is authorized to issue 100,000,000\nClass A Ordinary Shares and 500,000,000 Class B Ordinary Shares with a par value of $0.0001 per share. Holders of Class A Ordinary Shares\nare entitled to 10 votes for each share. Holders of Class B Ordinary Shares are entitled to one vote for each share. Each Class A\nordinary share is convertible into one Class B ordinary share at any time at the option of the holder thereof. Class B ordinary\nshares are not convertible into Class A ordinary shares under any circumstances. Upon any sale, transfer, assignment or disposition\nof Class A ordinary shares by a holder to any person or entity which is not an affiliate of such holder, such Class A ordinary\nshares shall be automatically and immediately converted into the equivalent number of Class B ordinary shares. Holders of Class A\nordinary shares and Class B ordinary shares will be entitled to the same amount of dividends, if declared.\n\n \n\nOn August 17, 2023 (the “Closing Date”),\nthe Company consummated the business combination with Hainan Manaslu Acquisition Corp. (“HMAC”). As part of the business\ncombination between the Company and HMAC, the Company issued 2,923,999 Class B ordinary shares to the shareholders of HMAC, among which\n1,725,000 Class B ordinary shares were issued to the sponsor of HMAC, 375,650 Class B ordinary shares were issued to private shareholders,\nand 823,349 Class B ordinary shares were issued to public shareholders.\n\n \n\nThe Company engaged a third party financial advisor\nin connection with a business combination to assist the Company in locating target businesses, holding meetings with its shareholders\nto discuss a potential business combination and the target business’ attributes, introduce the Company to potential investors that\nare interested in purchasing securities, assist the Company in obtaining shareholder approval for the business combination and assist\nthe Company with its press releases and public filings in connection with a Business Combination. The Company agreed to pay the financial\nadvisor certain cash consideration and share consideration of 1,120,000 Class B Ordinary Shares as service fees. On August 18, 2023, the\nCompany issued 1,120,000 Class B Ordinary Shares to the financial advisor. The fair value of 1,120,000 Class B Ordinary Shares was $6,160,000,\ncalculated at $5.5 per share by reference to the closing price on August 18, 2023. \n\n \n\nF-30\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**11. EQUITY**\n(cont.)\n\n** **\n\nOrdinary shares (cont.)\n\n \n\nOn December 22, 2023, the Company entered into\na Buy-Sell Agreement with Ladenburg Thalmann & Co. Inc. (“LT”), pursuant to which the Company shall purchase a total of\n721,250 Class B Ordinary Shares LT held for $1,298,250. The repurchases were completed in three equal installments by March 1, 2024. On\nDecember 29, 2023, January 29, 2024 and February 29, 2024, the Company repurchased and cancelled 240,417, 240,417 and 240,416 shares of\nClass B Ordinary Shares, respectively. For the years ended December 31, 2024 and 2023, the Company paid $865,500 and $432,750, respectively,\nto repurchase the Class B Ordinary Shares.\n\n \n\nIn connection with issuance of convertible notes\n(Note 10) closed in November 2024, on November 25, 2024, the Company issued an aggregation of 7,751,939 Class B Ordinary Shares and 7,751,939\nConversion Warrants to three Purchasers at conversion price of $0.645 per share to settle the convertible notes.\n\n \n\nAs of both December 31, 2025 and 2024, the Company\nhad 24,871,433 Class A Ordinary Shares and 24,518,489 Class B Ordinary Shares issued and outstanding.\n\n \n\nDeclaration of dividends\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023, the Company did not declare dividends. For the years ended 2025, 2024 and 2023,\nthe Company paid dividends of $57,726, $57,672 and $57,477, respectively, in the form of purchasing insurance policies, to the Majority\nPre-Public Shareholders, who are also the executive officers of the Company and operating subsidiaries.\n\n \n\nOn December 31, 2022 (the “Declaration Date”), Ableview\nBrands Limited declared distribution of the retained earnings of 2022 to the Pre-Public Shareholders. As of December 31, 2025 and 2024,\nthe Company had unpaid dividends of $4,629,034 and $15,788,003, respectively, to Pre-Public Shareholders who held more than 5% of the\nshares of the Company (the “Majority Pre-Public Shareholders”) as of the Declaration Date (Note 13). As of December 31, 2025\nand 2024, the Company had declared unpaid dividends of $1,009,299 and $1,011,326, respectively, to Pre-Public Shareholders who held less\nthan 5% of the shares of the Company (the “Minority Pre-Public Shareholders”) as of the Declaration Date. For the year ended\nDecember 31, 2025, the Company did not make payments to Minority Pre-Public Shareholders.\n\n \n\nAccording to PRC laws and regulations, after-tax\nprofit can be distributed after a portion of net income has been set aside to fund certain reserve funds.\n\n \n\nThe board of directors will have the discretion\nto declare and pay dividends in the future, subject to applicable PRC regulations and Hong Kong regulations and restrictions. Payment\nof dividends in the future will depend upon the Company’s earnings, capital requirements, and other factors, which the Company’s\nboard of directors may deem relevant.\n\n \n\nRestricted net assets\n\n \n\nThe Company’s ability to pay dividends is\nprimarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations\npermit payments of dividends by PRC subsidiaries only out of its retained earnings, if any, as determined in accordance with PRC accounting\nstandards and regulations and after it has met the PRC requirements for appropriation to statutory reserves. Paid in capital of the PRC\nsubsidiaries included in the Company’s consolidated net assets are also non-distributable for dividend purposes. The results of\nincome reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected\nin the statutory financial statements of the Company’s PRC subsidiaries. The Company is required to set aside at least 10% of their\nafter-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital.\nIn addition, the Company may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion fund\nand staff bonus and welfare fund at its discretion. The statutory reserve funds and discretionary funds are not distributable as cash\ndividends.\n\n \n\nF-31\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**11. EQUITY**\n(cont.)\n\n** **\n\nRestricted net assets (cont.)\n\n \n\nThe statutory reserve is required to set aside\nannually. For the years ended December 31, 2025 and 2023, the Company’s PRC profit generating subsidiaries set aside statutory\nreserve funds of $642,177 and $135,369, respectively. For the year ended December 31, 2024, the Company’s PRC profit generating\nsubsidiaries did not set aside statutory reserve funds because they presented accumulated deficit on balance sheet. For the years ended\nDecember 31, 2025, the Company reversed statutory reserves of $133,630 attributable to Shanghai Jingyue on disposal of Shanghai Jingyue.\n\n \n\nAs of December 31, 2025 and 2024, the Company had net restricted assets\nof $671,513 and $162,966, which represented paid-in capital and statutory reserves that are included in the Company’s consolidated\nnet assets.\n\n \n\nWarrants issued in connection with settlement\nof convertible notes\n\n** **\n\nIn connection with issuance of convertible notes\n(Note 10) closed in November 2024, on November 25, 2024, the Company issued an aggregation of 7,751,939 Class B Ordinary Shares and 7,751,939\nConversion Warrants to three Purchasers at conversion price of $0.645 per share to settle the convertible notes.\n\n \n\nThe Conversion may only be exercised for a whole\nnumber of shares. No fractional shares will be issued upon exercise of the Conversion. The Conversion Warrants expired one year from\nthe issuance of the Conversion Warrants. The Conversion Warrants could be exercised on a cashless basis. The exercise price and number\nof Class B Ordinary Shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a\nsubdivision, reclassification and reorganization, spinoffs. However, the warrants will not be adjusted for issuances of ordinary shares\nat a price below their exercise price.\n\n \n\nAs the Conversion Warrants meet the criteria for\nequity classification under ASC 815, therefore, the Conversion Warrants are classified as equity. On November 4, 2024, the fair value\nof the Conversion Warrants is estimated at fair value of approximately $3,232,000 using Black-Scholes model, and the Company allocated\nproceeds of $1,306,000 to the Conversion Warrants using relative fair value method. The key factors in estimating the fair value of warrant\nwere as follows:\n\n \n\n  \nAs of \nNovember 4, \n2024 \n\nRisk-free rate of return \n 4.29%\n\nEstimated volatility rate \n 94.67%\n\nDividend yield \n 0%\n\nSpot price of underling ordinary share \n$0.92 \n\nExercise price \n$0.68 \n\nFair value of warrant \n$3,232,000 \n\n \n\nF-32\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**11. EQUITY**\n(cont.)\n\n** **\n\nPublic Warrants\n\n \n\nPursuant to HMAC’s initial public offering\non August 10, 2022, HMAC sold 6,900,000 units (the “Public Units”). Each Public Unit consists of one ordinary\nshare (“Public Share”), one redeemable warrant (“Public Warrant”) and one right (“Public Right”)\nto receive one-tenth (1/10) of one ordinary share. Each Public Right entitles the holder to receive one-tenth (1/10) of\none ordinary share upon consummation of the business combination.\n\n \n\nEach holder of a warrant is entitled to purchase one ordinary\nshare at an exercise price of $11.50. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be\nissued upon exercise of the Public Warrants. The Public Warrants will expire five years from the consummation of a business\ncombination or earlier upon redemption or liquidation.\n\n \n\nThe Public Warrants became exercisable after the\nconsummation of a business combination between the Company and HMAC on August 17, 2023. No Public Warrants will be exercisable for cash\nunless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public\nWarrants and a current prospectus relating to such ordinary shares.\n\n \n\nThe Company may call the warrants for redemption,\nin whole and not in part, at a price of $0.01 per warrant:\n\n \n\n●upon\nnot less than 30 days’ prior written notice of redemption to each warrant holder,\n\n \n\n●if,\nand only if, the reported last sale price of the ordinary share equals or exceeds $18 per share, for any 20 trading days within\na 30 trading days period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and\n\n \n\n●if,\nand only if, there is a current registration statement in effect with respect to the issuance of the ordinary share underlying such warrants\nat the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date\nof redemption.\n\n \n\nIf the Company calls the warrants for redemption,\nmanagement will have the option to require all holders that wish to exercise the warrants to do so on a “cashless basis,”\nas described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be\nadjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization,\nmerger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below their exercise price.\nAdditionally, in no event will the Company be required to net cash settle the warrants.\n\n \n\nAs the Public Warrants meet the criteria for equity\nclassification under ASC 480 and ASC 815, therefore, the warrants are classified as equity. As of December 31, 2025, the Company had 6,900,000\nPublic Warrants to purchase 6,900,000 Class B Ordinary Shares.\n\n \n\nF-33\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**11. EQUITY**\n(cont.)\n\n** **\n\nPrivate Warrants\n\n \n\nSimultaneously with the closing of the initial\npublic offering of HMAC, HMAC also sold 341,500 Private Placement Units in a private placement. Each Private Placement Unit consists\nof one ordinary share (“private placement share”), one redeemable warrant (“Private Warrant”)\nand one right (“Private Right”) to receive one-tenth (1/10) of one ordinary share. Each Private Warrant entitles\nthe holder to purchase one ordinary share at an exercise price of $11.50 per whole share. Each Private Right entitles the\nholder to receive one-tenth (1/10) of one ordinary share upon consummation of the business combination.\n\n \n\nThe Private Placement Units are identical to the\nPublic Units being sold in the initial public offering of HMAC except that Private Placement Units will not be transferable, assignable\nor saleable until 30 days after the completion of the business combination and will be entitled to registration rights.\n\n \n\nAs the Private Warrants meet the criteria for\nequity classification under ASC 480 and ASC 815, therefore, the warrants are classified as equity. As of December 31, 2025, the Company\nhad 341,500 Private Warrants to purchase 341,500 Class B Ordinary Shares.\n\n \n\nPublic Rights and Private Rights\n\n \n\nEach holder of a public right and private right\nautomatically received one-tenth (1/10) of an ordinary share upon consummation of a business combination, even if the holder of a public\nright converted all ordinary shares held by him, her or it in connection with a business combination or an amendment to the Company’s\nAmended and Restated Memorandum and Articles of Association with respect to its pre-business combination activities. Upon the closing\nof the business combination of the Company and HMAC, the Company issued 690,000 Class B Ordinary Shares and 34,150 Class B Ordinary Shares\nin connection with an exchange of public rights and private rights, respectively. The Company recorded the issuance of Class B Ordinary\nShares at par value with corresponding account charged to additional paid-in capital. \n\n  \n\n**12. EARNINGS (LOSS)\nPER SHARE**\n\n \n\nFor the years ended December 31, 2023, the Company\nhas determined that its convertible redeemable preferred shares are participating securities as the preferred shares participate in\nundistributed earnings on an as-if-converted basis. The holders of the preferred shares are entitled to receive dividends on a pro-rata\nbasis, as if their shares had been converted into ordinary shares. Accordingly, the Company uses the two-class method of computing net\nincome per share, for ordinary shares and preferred shares according to the participation rights in undistributed earnings.\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023, the outstanding\nconvertible redeemable preferred shares and warrants (Note 11), including Conversion Warrants, Public Warrants and Private Warrants, in\nthe total amount of 7,241,500 shares, 14,993,439 shares and 7,241,5000 shares, respectively, were excluded from the calculation of diluted\nnet earnings per ordinary share, as their inclusion would have been anti-dilutive for the periods prescribed. For the years ended December\n31, 2024 and 2023, the earnout shares (Note 15) were excluded from the calculation of diluted net (loss) earnings per ordinary share,\nas the Company did not meet the performance target for the years of 2024 and 2023.\n\n  \n\nF-34\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**12. EARNINGS\n(LOSS) PER SHARE**\n(cont.)\n\n \n\nHolders of Class A ordinary shares and Class B\nordinary shares will be entitled to the same amount of dividends, if declared. The earnings (loss) per Class A ordinary shares and earnings\n(loss) per Class B ordinary shares are the same. The following table sets forth the computation of basic and diluted earnings (loss) per\nshare for the years ended December 31, 2025, 2024 and 2023:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nNet income (loss) \n$820,018  \n$(7,419,412) \n$9,750,046 \n\nAccretion of convertible redeemable preferred shares \n \n—\n  \n \n—\n  \n (160,000)\n\nNet income attributable to Able View Global Inc’s preferred shareholders \n \n—\n  \n \n—\n  \n (148,701)\n\nNet income (loss)attributable to Able View Global Inc’s ordinary shareholders \n$820,018  \n$(7,419,412) \n$9,441,345 \n\nNet (loss) income from continuing operations attributable to Able View Global Inc’s ordinary shareholders \n$(2,767,353) \n$(1,146,566) \n$9,098,465 \n\nNet income (loss) from discontinued operations attributable to Able View Global Inc’s ordinary shareholders \n$3,587,371  \n$(6,272,846) \n$342,880 \n\n  \n    \n    \n   \n\n(Loss) earnings per share from continuing operations – basic and diluted \n$(0.05) \n$(0.03) \n$0.23 \n\nEarnings (loss) per share from discontinued operations – basic and diluted \n 0.07  \n$(0.14) \n$0.01 \n\nEarnings (loss) per share – basic and diluted \n$0.02  \n$(0.17) \n$0.24 \n\n  \n    \n    \n   \n\nWeighted average shares – basic and diluted \n 49,389,922  \n 42,564,831  \n 39,454,997 \n\n \n\nF-35\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**13. RELATED PARTY\nTRANSACTIONS AND BALANCES**\n\n* *\n\n*1) Nature of relationships\nwith related parties*\n\n \n\nThe table below sets forth the major related parties\nand their relationships with the Company, with which the Company entered into transactions during the years ended December 31, 2025,\n2024 and 2023, or recorded balances as of December 31, 2025 and 2024.\n\n \n\n**Name**   **Relationship with the Company**\n\nMr. Zhu Jian   Chief Executive Officer, Director and Shareholder of the Company\n\nMr. Wang Jun   Chief Executive Officer of Weitong and Shareholder of the Company\n\nMr. Tang Jing   Chief Financial Officer and Shareholder of the Company\n\nMr. Tang Yuhua   An immediate family member of Mr. Tang Jing\n\nMr. Wang Jixiang   An immediate family member of Mr. Wang Jun\n\nHealthy Great Investing Company Limited (“Healthy Great”)   Wholly owned by Mr. Zhu Jian\n\nSmartest Star Investing Company Limited (“Smartest Star”)   Wholly owned by Mr. Wang Jun\n\nScenery Investing Company Limited (“Scenery”)   Wholly owned by Mr. Tang Jing\n\nYanyan Global Company Limited (formerly known as Skinist Global Company Limited “Yanyan Global”)   Company controlled by Mr. Wang Jun\n\nSkinist Global Cosmetics (Shanghai) Co., Ltd. (“Skinist Shanghai”)   Company controlled by Mr. Wang Jun\n\nShanghai Yingtian Financial Information Service Co., Ltd. (“Ying Tian”)   Company controlled by Mr. Zhu Jian and Mr. Tang Jing\n\nHong Kong Ping Forward Limited (formerly known as Hong Kong Mimosa Industry, or “Ping Forward”)   Company controlled by Mr. Wang Jixiang\n\nShanghai Jingqi Developing Co., Ltd. (“Jingqi”)   Company controlled by Mr. Zhu Jian\n\nShanghai Jingrong Information Co., Ltd. (“Jingrong”)   Company controlled by the spouse of Mr. Tang Jing\n\nShanghai Youshan Corporate Consulting Co., Ltd. (“Youshan”)   Company controlled by Ms. Mu Xuemei, the director of the Company\n\nMerit Zone Development Limited (“Merit Zone”)   Company controlled by Mr. Wang Jun before January 1, 2023. Mr. Wang Jun transferred the equity interest in Merit Zone in January 2023.\n\nShanghai Jiantong Trade Center (“Jian Tong”)   Company controlled by Mr. Wang Jun\n\nShanghai Shilin Advertising Co., Ltd. (“Shi Lin”)   Company controlled by Ms. Pan Yue, a supervisor of Weitong, a subsidiary of the Company\n\nShanghai Tengxin Advertising Co., Ltd. (“Teng Xin”)   Company controlled by Ms. Pan Yue, a supervisor of Weitong, a subsidiary of the Company\n\nShanghai Zhiwang Cosmetics Co., Ltd. (“Zhi Wang”)   Company controlled by Ms. Mu Xuemei, a director of the Company\n\nShanghai Yuancheng Advertising Co., Ltd. (“Yuan Cheng”)   Company controlled by Mr. Wang Jun.\n\nShanghai Zhimeisi Beauty Technology Co., Ltd (“Zhi Mei Si”)   Company over which Mr. Zhu Jian owns 20% equity interest and exercises significant influence\n\nShanghai Libo Medical Beauty Clinic Co., Ltd (“Li Bo”)   Controlled by Zhi Mei Si\n\nShanghai Yaxing Commercial Consulting Co., Ltd. (“Ya Xing”)   Controlled by Mr. Tang Jing\n\n* *\n\nF-36\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**13. RELATED PARTY\nTRANSACTIONS AND BALANCES**(cont.)\n\n* *\n\n*2) Transactions\nwith related parties*\n\n* *\n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nSales of products to related parties \n   \n   \n  \n\nWang Jixiang \n$97,795  \n$\n—\n  \n$\n—\n \n\nPing Forward \n \n—\n  \n 1,827,295  \n \n—\n \n\nYanyan Global \n \n—\n  \n 331,439  \n 169,344 \n\n  \n$97,795  \n$2,158,734  \n$169,344 \n\n  \n    \n    \n   \n\nPurchase of products from related parties \n    \n    \n   \n\nYoushan \n$874,697  \n$3,530,277  \n$\n—\n \n\nJingqi \n \n—\n  \n 790,006  \n \n—\n \n\nSkinist Shanghai \n \n—\n  \n \n—\n  \n 16,832 \n\n  \n$874,697  \n$4,320,283  \n$16,832 \n\n  \n    \n    \n   \n\nService fees charged by related parties \n    \n    \n   \n\nZhi Wang \n$862,202  \n$\n—\n  \n$\n—\n \n\nYa Xing \n 134,957  \n \n—\n  \n \n—\n \n\nJingqi \n \n—\n  \n \n—\n  \n 32,753 \n\n  \n$997,159  \n$\n—\n  \n$32,753 \n\n  \n    \n    \n   \n\nPayment of dividends \n    \n    \n   \n\nMr. Zhu Jian \n$19,242  \n$19,224  \n$19,159 \n\nMr. Wang Jun \n 19,242  \n 19,224  \n 19,159 \n\nMr. Tang Jing \n 19,242  \n 19,224  \n 19,159 \n\nPayment of dividends \n$57,726  \n$57,672  \n$57,477 \n\n  \n    \n    \n   \n\n**Net settlement (1)** \n   \n   \n  \n\nReduction of dividend payables due to disposal of discontinued operations \n$9,988,060  \n$\n—\n  \n$\n—\n \n\nNet settlement of dividends payable with due from related parties from continuing operations \n 1,081,449  \n \n—\n  \n \n—\n \n\nNet settlement of due from related parties and due to related parties within continuing operations \n 3,247,402  \n 3,461,458  \n 1,291,790 \n\nNet settlement of due from related parties and due to related parties between continuing operations and discontinued operations \n 961,649  \n 2,323,802  \n 13,177,600 \n\n  \n$15,278,560  \n$5,785,260  \n$14,469,390 \n\n* *\n\n(1) In December 2023, the Company and certain related parties entered into\nsettlement agreement, pursuant to which all parties agreed that the Company’s receivables of $14,469,390 due from related parties\nwas netted off against the Company’s payables of $14,469,390 due to related parties. Among the Company’s receivables of $14,469,390\ndue from related parties, $1,291,790 and $13,177,600 was related to receivable of continuing operations and discontinued operations, respectively.\n\n \n\nF-37\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**13. RELATED PARTY\nTRANSACTIONS AND BALANCES** (cont.)\n\n \n\n*2) Transactions\nwith related parties (cont.)*\n\n \n\nIn December 2024, the Company and certain related\nparties entered into settlement agreement, pursuant to which all parties agreed that the Company’s receivables of $5,785,260 due\nfrom related parties was netted off against the Company’s payables of $5,785,260 due to related parties. Among the Company’s\npayable of $5,785,260 due to related parties, $3,461,458 and $2,323,802 was related to payables of continuing   operations and\ndiscontinued operations, respectively.\n\n \n\nDuring the year ended December 31, 2025, the Company\nand certain related parties entered into certain net settlement agreements, pursuant to which all parties agreed that: 1) the Company’s\ndividend payables of $9,988,060 was reduced due to disposal of discontinued operations; 2) the Company’s dividend payables of $1,081,449\nwas netted off against the Company’s receivables of $1,081,449 as recorded by the continuing operations; and 3) the Company’s\npayables of $4,209,051 was netted off against the Company’s receivables of $4,209,051 due from respective related parties. Among the Company’s\npayables of $4,209,051 due to related parties, $3,247,402 and $961,649 were related to payables of continuing operations and discontinued\noperations, respectively.\n\n \n\n**(Advances to)\nCollection of advances from related parties**\n\n \n\nDuring the years ended December 31, 2025, 2024 and 2023, the Company\nmade advance of $8,348, $90,332 and $2,960,203 to certain related parties, respectively. The advances were made to support operations\nof these related parties. The advances were interest free and repayable on demand. During the years ended December 31, 2025, 2024 and\n2023, the Company collected advances of $8,348, $104,418 and $3,934,672 from these related parties, respectively.\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nAdvances  \nCollection\n of advances  \nAdvances  \nCollection\n of advances  \nAdvances  \nCollection\n of advances \n\nSkinist Shanghai \n (8,348) \n 8,348  \n \n—\n  \n 14,086  \n (14,123) \n \n—\n \n\nLi Bo \n \n—\n  \n \n—\n  \n (90,332) \n 90,332  \n \n—\n  \n \n—\n \n\nSkinist Global \n \n—\n  \n \n—\n  \n \n—\n  \n \n—\n  \n (2,030,942) \n 2,030,942 \n\nJingqi \n \n—\n  \n \n—\n  \n \n—\n  \n \n—\n  \n (915,138) \n 1,903,730 \n\n  \n$\n**(8,348**\n) \n$8,348  \n$(90,332) \n$104,418  \n$(2,960,203) \n$3,934,672 \n\n \n\n**Borrowings from\n(Repayment of Borrowings to) related parties**\n\n** **\n\n \n \nFor the Years Ended December 31,\n \n\n \n \n2025\n \n \n2024\n \n \n2023\n \n\n \n \nBorrowings\n \n \nRepayment\nof borrowings\n \n \nBorrowings\n \n \nRepayment\nof borrowings\n \n \nBorrowings\n \n \nRepayment\nof borrowings\n \n\nYing Tian(1)\n \n$\n5,195,629\n \n \n$\n(6,209,512\n)\n \n$\n2,726,628\n \n \n$\n(905,630\n)\n \n$\n\n—\n\n \n \n$\n\n—\n\n \n\nMr. Tang Jing\n \n \n1,307,826\n \n \n \n(2,500\n)\n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n\nLi Bo(1)\n \n \n904,348\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n\nTeng Xin(1)\n \n \n598,261\n \n \n \n(796,912\n)\n \n \n2,012,728\n \n \n \n(2,086,191\n)\n \n \n\n—\n\n \n \n \n\n—\n\n \n\nYoushan(1)\n \n \n505,043\n \n \n \n(747,130\n)\n \n \n532,262\n \n \n \n(532,262\n)\n \n \n\n—\n\n \n \n \n\n—\n\n \n\nMr. Wang Jixiang(1)\n \n \n486,957\n \n \n \n(473,043\n)\n \n \n\n—\n\n \n \n \n(932,832\n)\n \n \n1,381,583\n \n \n \n(82,760\n)\n\nMr. Zhu Jian(1)\n \n \n55,850\n \n \n \n(407,845\n)\n \n \n70,792\n \n \n \n(70,792\n)\n \n \n\n—\n\n \n \n \n(2,277,315\n)\n\nSkinist Global(1)\n \n \n134,852\n \n \n \n(194,590\n)\n \n \n2,843,804\n \n \n \n(2,843,804\n)\n \n \n1,946,553\n \n \n \n(1,829,804\n)\n\nZhi Mei Si\n \n \n7,708\n \n \n \n(4,500\n)\n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n\nYuan Cheng\n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n98,857\n \n \n \n(98,857\n)\n\nShi Lin(1)\n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n451,658\n \n \n \n(1,708,888\n)\n \n \n371,421\n \n \n \n(2,283,258\n)\n\nJian Tong(1)\n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n(2,935,253\n)\n \n \n151,515\n \n \n \n\n—\n\n \n\n \n \n$\n9,196,474\n \n \n \n(8,836,032\n)\n \n$\n8,637,872\n \n \n$\n(12,015,652\n)\n \n$\n3,949,929\n \n \n$\n(6,571,994\n)\n\n \n\n(1) During the years ended December 31, 2025, 2024 and 2023, the Company\nborrowed $9,196,474, $8,637,872 and $3,949,929 from these related parties, respectively. The borrowings were interest free, and outstanding\nloans are repayable within twelve months from borrowings.\n\n \n\nF-38\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**13. RELATED PARTY\nTRANSACTIONS AND BALANCES** (cont.)\n\n** **\n\n*3) Balances with\nrelated parties*\n\n \n\nAs of December 31, 2025 and 2024, the balances\nwith related parties were as follows:\n\n \n\n— **Due\nfrom related parties**\n\n** **\n\n  \n**December 31, 2025**  \n**December 31, 2024** \n\nAccounts receivable \n   \n  \n\nPing Forward\n \n$\n      —\n  \n$1,088,558 \n\nTotal \n$\n—\n  \n$1,088,558 \n\n \n\n— **Due\nto related parties, current**\n\n** **\n\n  \n**December 31, 2025**  \n**December 31, 2024** \n\nAccounts payable \n   \n  \n\nYoushan \n$\n       —\n  \n$101,658 \n\nTotal \n$\n—\n  \n$101,658 \n\n** **\n\n*3) Balances with\nrelated parties (cont.)*\n\n \n\n**— Due\nto related parties, non-current**\n\n** **\n\n  \n**December 31, 2025**  \n**December 31, 2024** \n\n**Dividends payable(1)** \n   \n  \n\nHealthy Great \n 3,081,844  \n 5,008,185 \n\nSmartest Star \n 1,115,820  \n 1,118,061 \n\nScenery \n 431,370  \n 432,236 \n\nMr. Zhu Jian \n$\n—\n  \n$6,931,768 \n\nMr. Wang Jun \n \n—\n  \n 1,307,479 \n\nMr. Tang Jing \n \n—\n  \n 990,274 \n\n  \n$4,629,034  \n$15,788,003 \n\n**Other payable(2)** \n    \n   \n\nYa Xing \n$85,796  \n$\n—\n \n\nMr. Wang Jixiang \n \n—\n  \n 229,180 \n\n  \n 85,796  \n 229,180 \n\nTotal \n$4,714,830  \n$16,017,183 \n\n \n\n(1)\nAs of December 31, 2025, the dividend payable due to shareholders were\nextended to July 2027. The Company recorded the dividends payable as non-current liabilities. For the year ended December 31, 2025, the\nCompany net settled dividends payable of $ 11,069,509 through net-settlement agreements with respective related parties (Note 13 2) above).\n\n \n\n(2)As of December 31, 2025, the other payables represented service fees\nwhich would be repayable in July 2027.\n\n \n\nF-39\n\n \n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**14. CONCENTRATION**\n\n \n\nCustomer concentration\n\n \n\nFor the years ended December 31, 2025, 2024\nand 2023, the following customers contributed revenues that were over 10% of total net revenues for the relevant periods. Customers accounting\nfor 10% or more of the Company’s net revenues were as follows:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCustomer A \n 21% \n 16% \n 27%\n\nCustomer B \n 19% \n 27% \n 16%\n\nCustomer C \n 19% \n 17% \n 14%\n\nCustomer D \n *  \n *  \n 20%\n\n \n\n*Less\nthan 10%\n\n \n\nAs of December 31, 2025 and 2024, accounts receivable\ndue from the following customers were over 10% of consolidated accounts receivable. The details are as follows:\n\n \n\n  \n**December 31, 2025**  \n**December 31, 2024** \n\nCustomer A \n 59% \n41%\n\nCustomer E \n 15% \n 12%\n\nCustomer B \n *  \n 28%\n\nCustomer D \n *  \n 12%\n\n \n\n*Less\nthan 10%\n\n \n\nVendor concentration\n\n \n\nFor the years ended December 31, 2025, 2024\nand 2023, the Company purchased products from the following vendors who charged over 10% of total cost of revenues for the relevant period,\nwhich include both brand partners and product distributors who distribute products from certain brands to us. Vendors accounting for 10%\nor more of the Company’s cost of revenues were as follows:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nVendor A \n 50% \n 44% \n 41%\n\nVendor B \n 42% \n 26% \n 31%\n\n \n\nAs of December 31, 2025 and 2024, accounts payable\ndue to the following vendors were over 10% of consolidated accounts payable. The details are as follows:\n\n \n\n  \n**December 31, 2025**  \n**December 31, 2024** \n\nVendor C \n 39% \n42%\n\nVendor D \n 37% \n 29%\n\nVendor E \n 19% \n 14%\n\n \n\nF-40\n\n** **\n\n**ABLE VIEW GLOBAL INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**15. CONTINGENT\nCONSIDERATION**\n\n** **\n\nIn connection with the Business Combination, the\nCompany is obliged to make earn out payments to the management of the Company consisting of up to an additional 1,600,000 of the Company’s\nClass B Ordinary Shares if the Company’s net revenues for the year ended December 31, 2023 is equal to or in excess of $170 million,\nand an additional 1,600,000 of the Company’s Class B Ordinary Shares if the Company’s net revenues for the year ended December\n31, 2024 is equal to or in excess of $200 million (“Earn Out Shares”).\n\n \n\nThe Earn Out Shares are determined as contingent\nconsideration in connection with the reverse recapitalization. In addition, the issuance of Earn Out Shares does not meet any conditions\nto be classified as a liability under ASC 815, thus it should be classified as an equity financial instrument, and measure at fair value\nusing the quoted market price on grant date, August 17, 2023 which is $5.85 per share.\n\n \n\nFor the years ended December 31, 2024 and 2023,\nthe performance condition was not met based on the consolidated statements of operations. As of the date of issuance of the consolidated\nfinancial statements, the contingent consideration expired.\n\n \n\n**16. COMMITMENTS\nAND CONTINGENCIES**\n\n \n\nFrom time to time, the Company may be subject\nto certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal\nproceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on\nits financial position, results of income or liquidity.\n\n** **\n\n**17. SUBSEQUENT\nEVENTS**\n\n \n\nOn March 13, 2026, the Company held a meeting of the holders of Class\nB Ordinary Shares (the “Class B Meeting”) and an extraordinary general meeting of the shareholders of the Company (the “EGM”)\nat the principal office of the Company. At the Class B Meeting, holders of Class B Ordinary Shares approved an ordinary resolution to\nincrease the voting rights of each Class A Ordinary Share from 10 votes to 100 votes on all matters subject to vote at general meetings\nof the Company. At the EGM, holders of Class A Ordinary Shares and Class B Ordinary Shares approved four proposed resolutions, including\n(i) a share consolidation of all Ordinary Shares at a ratio of up to 1:200, with the specific ratio and effective time at the Board’s\ndiscretion; (ii) an increase in authorized share capital in line with the consolidation ratio, immediately after the implementation of\nthe reverse stock split; (iii) an increase in the voting rights of Class A Ordinary Shares from 10 votes to 100 votes per share on all\nmatters subject to vote at general meetings of the Company, and (iv) the adoption of a Second Amended and Restated Memorandum and Articles\nof Association to give effect to the foregoing resolutions. None of these four proposals have been effective as of the issuance date of\nthis annual report.\n\n \n\nThe Company evaluated subsequent events through April 27, 2026, the\ndate of issuance of the consolidated financial statements, and the management determined that other than those that have been disclosed\nin the consolidated financial statements and subsequent events disclosed above, no subsequent events that require recognition and disclosure\nin the consolidated financial statements.\n\n \n\nF-41\n\n \n\nU.S. GAAP\n\n24518489\n24518489\n\nhttp://fasb.org/us-gaap/2025#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember\nhttp://fasb.org/srt/2025#ChiefExecutiveOfficerMember\n\nAs of December 31, 2025, the balance represented loans provided to Shanghai Jingyue. The loans bear interest rate of 3% per annum and are repayable on December 30, 2026.\n\nAs of December 31, 2024, the balance represented loans provided to one third party, which was repaid in the year ended December 31, 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