{"url_path":"/sec/byah/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F/A","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1986247/0001213900-26-057152-index.html","accession_number":"0001213900-26-057152","cik":"0001986247","ticker":"BYAH","issuer_name":"Park Ha Biological Technology Co., Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1986247/0001213900-26-057152-index.html","primary_entity_key":"0001986247","primary_entity_name":"Park Ha Biological Technology Co., Ltd."},"word_count":16784,"has_tables":true,"body_markdown":"**ITEM\n19. EXHIBITS**\n\n \n\n**Exhibit\nNumber**\n** **\n**Description**\n\n1.1\n \n[Amended\nand restated Memorandum and Articles of Association, as currently in effect (incorporated herein by reference to Exhibit 3.1 to the\nForm 6-K filed with the SEC on February 10, 2026)](https://www.sec.gov/Archives/edgar/data/1986247/000121390026013869/ea027623701ex3-1_parkha.htm)\n\n2.1\n \n[Description\nof Securities (incorporated herein by reference to Exhibit 2.1 to the Form 20-F filed with the SEC on March 2, 2026)](https://www.sec.gov/Archives/edgar/data/1986247/000121390026021984/ea027833401ex2-1.htm)\n\n2.2\n \n[Form\nof Warrant (incorporated herein by reference to Exhibit 4.1 to the Form 6-K filed with the SEC on January 28, 2026)](https://www.sec.gov/Archives/edgar/data/1986247/000121390026008823/ea027438601ex4-1_parkha.htm)\n\n2.3\n \n[Form\nof Securities Purchase Agreement (incorporated herein by reference to Exhibit 10.2 to the Form 6-K filed with the SEC on January\n28, 2026)](https://www.sec.gov/Archives/edgar/data/1986247/000121390026008823/ea027438601ex10-2_parkha.htm)\n\n4.1\n \n[Employment\nAgreement between the Chief Executive Officer, Xiaoqiu Zhang, and the Company, dated July 8, 2024 (incorporated herein by reference\nto Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-281783), as amended, initially filed with the SEC on August\n26, 2024)](http://www.sec.gov/Archives/edgar/data/1986247/000121390024072589/ea020413805ex10-2_parkha.htm) \n\n4.2\n \n[Employment\nAgreement between the Chief Financial Officer, Xiaoyan Zhu, and the Company, dated July 8, 2024 (incorporated by reference to Exhibit\n10.3 to the registration statement on Form F-1 (File No. 333-281783), as amended, initially filed with the SEC on August 26, 2024)](http://www.sec.gov/Archives/edgar/data/1986247/000121390024072589/ea020413805ex10-3_parkha.htm)\n\n4.3\n \n[Employment\nAgreement between the Chief Technology Officer, Xinyu Li, and the Company, dated July 8, 2024 (incorporated by reference to Exhibit\n10.15 to the registration statement on Form F-1 (File No. 333-281783), as amended, initially filed with the SEC on August 26, 2024)](http://www.sec.gov/Archives/edgar/data/1986247/000121390024072589/ea020413805ex10-15_parkha.htm)\n\n4.4\n \n[Form\nof the Director Offer Letter by and between the Registrant and Independent Director (incorporated by reference to Exhibit 10.16 to\nthe registration statement on Form F-1 (File No. 333-281783), as amended, initially filed with the SEC on August 26, 2024)](http://www.sec.gov/Archives/edgar/data/1986247/000121390024072589/ea020413805ex10-16_parkha.htm)\n\n4.5\n \n[Park\nHa Cayman March 2025 Share Incentive Plan (incorporated by reference to the Form S-8 filed with the SEC on March 3, 2025)](http://www.sec.gov/Archives/edgar/data/1986247/000121390025019061/ea023262601ex10-1_parkha.htm)\n\n4.6\n \n[Park\nHa Cayman July 2025 Share Incentive Plan (incorporated by reference to Form S-8 filed with the SEC on July 10, 2025)](http://www.sec.gov/Archives/edgar/data/1986247/000121390025062686/ea024825001ex10-1_parkha.htm)\n\n8.1\n \n\n[List\nof Subsidiaries (incorporated herein by reference to Exhibit 2.1 to the Form 20-F filed with the\nSEC on March 2, 2026)](https://www.sec.gov/Archives/edgar/data/1986247/000121390026021984/ea027833401ex2-1.htm)\n\n11.1\n \n[Code\nof Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to the registration statement on Form F-1 (File No. 333-281783),\nas amended, initially filed with the SEC on August 26, 2024)](http://www.sec.gov/Archives/edgar/data/1986247/000121390024072589/ea020413805ex14-1_parkha.htm)\n\n11.2\n \n[Insider\nTrading Policies (incorporated by reference to Exhibit 14.2 to the registration statement on Form F-1 (File No. 333-281783), as amended,\ninitially filed with the SEC on August 26, 2024)](http://www.sec.gov/Archives/edgar/data/1986247/000121390024072589/ea020413805ex14-2_parkha.htm)\n\n12.1*\n \n[Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029054301_ex12-1.htm)\n\n12.2*\n \n[Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029054301_ex12-2.htm)\n\n13.1*\n \n[Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029054301_ex13-1.htm)\n\n13.2*\n \n[Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029054301_ex13-2.htm)\n\n15.1\n \n[Consent of WWC, P.C.](http://www.sec.gov/Archives/edgar/data/1986247/000121390026048728/ea028747801ex15-1.htm)\n\n97.1\n \n[Executive\nCompensation Recovery Policy (incorporated by reference to Exhibit 14.2 to the registration statement on Form F-1 (File No. 333-281783),\nas amended, initially filed with the SEC on August 26, 2024)](http://www.sec.gov/Archives/edgar/data/1986247/000121390024072589/ea020413805ex14-2_parkha.htm)\n\n101.INS*\n \nInline XBRL Instance Document\n\n101.SCH*\n \nInline XBRL Taxonomy Extension\nSchema Document\n\n101.CAL*\n \nInline XBRL Taxonomy Extension\nCalculation Linkbase Document\n\n101.DEF*\n \nInline XBRL Taxonomy Extension\nDefinition Linkbase Document\n\n101.LAB*\n \nInline XBRL Taxonomy Extension\nLabel Linkbase Document\n\n101.PRE*\n \nInline XBRL Taxonomy Extension\nPresentation Linkbase Document\n\n104*\n \nCover Page Interactive\nData File (embedded within the Inline XBRL document)\n\n \n\n*\nFiled herewith.\n\n \n\n141\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/A and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \n**Park\nHa Biological Technology Co., Ltd.**\n\n \n \n \n\nDate: May 15, 2026\nBy:\n/s/\nXiaoqiu Zhang\n\n \nName: \nXiaoqiu Zhang\n\n \nTitle:\nChief Executive Officer\nand\n\nChairperson of the Board\n\n \n\n142\n\n \n\n \n\n**PARK\nHA BIOLOGICAL TECHNOLOGY CO., LTD. AND SUBSIDIARIES**\n\n** **\n\n**INDEX\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n \n \n**Page**\n\n[Report\nof Independent Registered Public Accounting Firm (PCAOB ID No.1171)](#F_001)\n \nF-2\n\n[Consolidated\nBalance Sheets as of October 31, 2025 and 2024](#F_002)\n \nF-3\n\n[Consolidated\nStatements of Operations and Comprehensive Income for the Years Ended October 31, 2025, 2024 and 2023](#F_003)\n \nF-4\n\n[Consolidated\nStatements of Changes in Shareholders’ Equity for the Years Ended October 31, 2025, 2024 and 2023](#F_004)\n \nF-5\n\n[Consolidated\nStatements of Cash Flows for the Years Ended October 31, 2025, 2024 and 2023](#F_005)\n \nF-6\n\n[Notes\nto the Consolidated Financial Statements](#F_006)\n \nF-7\n\n \n\nF-1\n\n \n\n \n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\n \n\n \n\nTo:\nThe Board of Directors and Shareholders of\n\n \nPark Ha Biological Technology Co., Ltd.\n\n \n\n**Opinion\non the Financial Statements**\n\n \n\nWe\nhave audited the accompanying consolidated balance sheets of Park Ha Biological Technology Co., Ltd and its subsidiaries (collectively\nthe “Company”) as of October 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income,\nchanges in shareholders’ equity, and cash flows in each of the years in the three-year period ended October 31, 2025, and the related\nnotes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material\nrespects, the financial position of the Company as of October 31, 2025 and 2024, and the results of its operations and its cash flows\nin each of the years in the three-year period ended October 31, 2025, in conformity with accounting principles generally accepted in\nthe United States of America.\n\n  \n\n**Basis\nfor Opinion**\n\n \n\nThese\nfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,\nwe are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error\nor fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits\nprovide a reasonable basis for our opinion.\n\n \n\n/s/ WWC, P.C.  \n\nWWC, P.C.\n\nCertified Public Accountants\n\nPCAOB ID: 1171\n \n\n \n\nWe have served\nas the Company’s auditor since 2022.\n\nSan Mateo,\nCalifornia\n\nMarch 02, 2026, except for Note 2 and Note 3, as to which the date\nis April 28, 2026\n\n \n\n \n\n \n\nF-2\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Consolidated\nBalance Sheets**\n\n**As\nof October 31, 2025 and 2024**\n\n** **\n\n  \nOctober 31,\n\n2025  \nOctober 31,\n\n2024 \n\nASSETS \n   \n  \n\nCurrent assets \n   \n  \n\nCash\nand cash equivalents \n 3,787,678  \n 547,498 \n\nAccounts\nreceivables, net \n 255,844  \n 330,892 \n\nDue\nfrom related parties \n 35  \n 14,339 \n\nInventories,\nnet \n 75,214  \n 71,486 \n\nAdvances\nto suppliers \n 9,384  \n 19,168 \n\nLoans\nreceivable from franchisees, net \n 1,021,181  \n 745,992 \n\nOther\nreceivables and other current assets \n 352,626  \n 1,114,871 \n\nTotal\ncurrent assets \n 5,501,962  \n 2,844,246 \n\nNon-current\nAssets \n    \n   \n\nProperty\nand equipment, net \n 157,999  \n 103,960 \n\nIntangible\nassets, net \n 6,639  \n 7,621 \n\nOperating\nlease right of use asset, net \n 180,243  \n 70,739 \n\nOther\nnon-current assets \n 105,773  \n 56,717 \n\nTotal\nnon-current assets \n 450,654  \n 239,037 \n\nTOTAL\nASSETS \n 5,952,616  \n 3,083,283 \n\n  \n    \n   \n\nLIABILITIES\nAND SHAREHOLDERS’ EQUITY \n    \n   \n\nCurrent\nliabilities \n    \n   \n\nAccounts\npayable \n 12,013  \n 24,069 \n\nDue\nto related parties \n 7,026  \n — \n\nTaxes\npayable \n 1,375,488  \n 1,001,024 \n\nOperating\nlease liabilities – current \n 104,254  \n 17,573 \n\nContract\nliability \n 194,753  \n 325,924 \n\nAccruals\nand other payables \n 188,312  \n 155,863 \n\nTotal\ncurrent liabilities \n 1,881,846  \n 1,524,453 \n\nNon-current\nliabilities \n    \n   \n\nOperating\nlease liabilities – non-current \n 75,915  \n 52,745 \n\nTotal\nnon-current assets \n 75,915  \n 52,745 \n\nTOTAL\nLIABILITIES \n 1,957,761  \n 1,577,198 \n\n  \n    \n   \n\nCommitments\nand contingencies \n —  \n — \n\n  \n    \n   \n\nShareholders’\nequity \n    \n   \n\nClass A Ordinary Shares, $0.001 par value; 12,000,000,000 shares authorized; 296,488 and 119,000 shares issued and outstanding as of October 31, 2025 and 2024, respectively;* \n 296  \n 119 \n\nClass B Ordinary Shares, $0.001 par value; 3,000,000,000 shares authorized; 381,000 shares issued and outstanding as of October 31, 2025 and 2024, respectively* \n 381  \n 381 \n\nSubscription\nreceivable \n —  \n — \n\nAdditional\npaid in capital \n 28,021,581  \n 1,161,211 \n\nStatutory\nreserve \n 217,264  \n 131,962 \n\n(Accumulated\ndeficits) Retained earning \n (24,178,267) \n 271,788 \n\nAccumulated\nother comprehensive loss \n (66,400) \n (59,376)\n\nTotal\nShareholders’ equity \n 3,994,855  \n 1,506,085 \n\nTOTAL\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n 5,952,616  \n 3,083,283 \n\n \n\n*\nRetroactively restated\nto reflect the share split, reverse share split and share reorganization (See Note 15)\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-3\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Consolidated\nStatements of Operations and Comprehensive Income**\n\n**For\nthe Years Ended October 31, 2025, 2024 and 2023**\n\n** **\n\n  \nYear Ended\n\nOctober 31,\n2025  \nYear Ended\n\nOctober 31,\n2024  \nYear Ended\n\nOctober 31,\n2023 \n\nRevenues,\nnet \n 2,524,843  \n 2,381,851  \n 2,459,102 \n\nCost of revenues \n 142,526  \n 195,336  \n 310,989 \n\nGross\nprofit \n 2,382,317  \n 2,186,515  \n 2,148,113 \n\n  \n    \n    \n   \n\nOperating\nexpenses \n    \n    \n   \n\nSelling\nand marketing expenses \n 625,289  \n 361,327  \n 299,615 \n\nGeneral\nand administrative expenses \n 25,483,541  \n 814,857  \n 484,955 \n\nResearch\nand development expenses \n 238,184  \n 36,714  \n 30,881 \n\nAllowance\nfor expected credit losses \n 184,204  \n 179,903  \n 152,108 \n\nTotal\noperating expenses \n 26,531,218  \n 1,392,801  \n 967,559 \n\nOperating\n(loss) income \n (24,148,901) \n 793,714  \n 1,180,554 \n\n  \n    \n    \n   \n\nOther\nincome (expense): \n    \n    \n   \n\nOther\nincome (expense) \n 58,738  \n (1,076) \n (575)\n\nInterest\nincome \n 6,097  \n 783  \n 1,590 \n\nInterest\nexpense \n (41) \n —  \n — \n\nTotal\nother income (expenses) \n 64,794  \n (293) \n 1,015 \n\n  \n    \n    \n   \n\n(Loss)\nincome before income tax \n (24,084,107) \n 793,421  \n 1,181,569 \n\n  \n    \n    \n   \n\nIncome\ntax expenses (benefits) \n 280,646  \n 314,860  \n 329,527 \n\n  \n    \n    \n   \n\nNet\n(loss) income \n (24,364,753) \n 478,561  \n 852,042 \n\n  \n    \n    \n   \n\nOther\ncomprehensive income (loss): \n    \n    \n   \n\nForeign\ncurrency translation adjustments \n (7,024) \n 14,551  \n (28,111)\n\nTotal\ncomprehensive (loss) income \n (24,371,777) \n 493,112  \n 823,931 \n\n  \n    \n    \n   \n\n(Loss) earnings per share: \n    \n    \n   \n\nOrdinary\nshares – basic and diluted \n (41.38) \n 0.96  \n 1.70 \n\nWeighted\naverage shares outstanding used in calculating basic and diluted earnings per share: \n    \n    \n   \n\nOrdinary\nshares – basic and diluted* \n 588,866  \n 500,000  \n 500,000 \n\n \n\n* Retroactively restated to reflect the share split, reverse share split and share reorganization (See Note 15)\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Consolidated\nStatements of Changes in Shareholders’ Equity**\n\n**For\nthe Years Ended October 31, 2025, 2024 and 2023**\n\n** **\n\n  \n   \n   \n   \n   \nRetained  \nAccumulated  \n  \n\n  \nOrdinary\nShares*  \n   \nAdditional  \n   \nearning  \nOther  \n  \n\n  \nNumber\nof  \n   \nSubscription  \nPaid-in  \nStatutory  \n(Accumulated  \nComprehensive  \nTotal \n\n  \nShares  \nAmount  \nReceivable  \nCapital  \nReserve  \nDeficits)  \nloss  \nEquity \n\nBalance\nat October 31, 2022 \n 500,000  \n 500  \n （500)  \n 1,122,946  \n —  \n (926,853) \n (45,816) \n 150,277 \n\nContribution\nin capital \n —  \n —  \n —  \n 38,265  \n —  \n —  \n —  \n 38,265 \n\nNet\nincome \n —  \n —  \n —  \n —  \n —  \n 852,042  \n —  \n 852,042 \n\nAppropriation\nto statutory reserve \n —  \n —  \n —  \n —  \n 30,422  \n (30,422) \n —  \n — \n\nForeign\ncurrency translation adjustments \n —  \n —  \n —  \n —  \n —  \n —  \n (28,111) \n (28,111)\n\nBalance\nat October 31, 2023 \n 500,000  \n 500  \n (500) \n 1,161,211  \n 30,422  \n (105,233) \n (73,927) \n 1,012,473 \n\nContribution\nin capital \n —  \n —  \n 500  \n \n \n  \n —  \n —  \n —  \n 500 \n\nNet\nincome \n —  \n —  \n —  \n —  \n —  \n 478,561  \n —  \n 478,561 \n\nAppropriation\nto statutory reserve \n —  \n —  \n —  \n —  \n 101,540  \n (101,540) \n —  \n — \n\nForeign\ncurrency translation adjustments \n —  \n —  \n —  \n —  \n —  \n —  \n 14,551  \n 14,551 \n\nBalance\nat October 31, 2024 \n 500,000  \n 500  \n —  \n 1,161,211  \n 131,962  \n 271,788  \n (59,376) \n 1,506,085 \n\nIssuance\nof shares, net \n 27,488  \n 27  \n —  \n 2,790,320  \n —  \n —  \n —  \n 2,790,347 \n\nShare-based\nCompensation \n 150,000  \n 150  \n —  \n 24,070,050  \n —  \n —  \n —  \n 24,070,200 \n\nNet\nloss \n —  \n —  \n —  \n —  \n —  \n (24,364,753) \n —  \n (24,364,753)\n\nAppropriation\nto statutory reserve \n —  \n —  \n —  \n —  \n 85,302  \n (85,302) \n —  \n — \n\nForeign\ncurrency translation adjustments \n —  \n —  \n —  \n —  \n —  \n —  \n (7,024) \n (7,024)\n\nBalance\nat October 31, 2025 \n 677,488  \n 677  \n    \n 28,021,581  \n 217,264  \n (24,178,267) \n (66,400) \n 3,994,855 \n\n \n\n*Retroactively restated to reflect the share split, reverse share split and share reorganization (See Note 15)\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Consolidated\nStatements of Cash Flows**\n\n**For\nthe Years Ended October 31, 2025, 2024 and 2023**\n\n** **\n\n  \nYear Ended\n\nOctober 31,\n2025  \nYear Ended\n\nOctober 31,\n2024  \nYear Ended\n\nOctober 31,\n2023 \n\nCash flows from operating activities \n    \n    \n   \n\nNet\n(loss) income \n (24,364,753) \n 478,561  \n 852,042 \n\nDepreciation\nand amortization \n 109,369  \n 22,686  \n 20,063 \n\nAllowance\nfor credit losses \n 184,204  \n 179,903  \n 152,108 \n\nAllowance\nfor Inventory \n 12,360  \n —  \n — \n\nInventory\nwrite-off \n 1,430  \n 15,955  \n 1,231 \n\nDeferred\ntax benefits \n (26,671) \n (21,465) \n (33,737)\n\nNon-cash\nlease expenses \n 37,386  \n 30,425  \n 45,896 \n\nShare-based\nCompensation Expense \n 24,070,200  \n —  \n — \n\nOther\nnon-cash operating expense \n 153,802  \n —  \n — \n\nChanges\nin operating assets and liabilities: \n    \n    \n   \n\nAccounts\nreceivable \n 71,978  \n (98,740) \n (337,745)\n\nInventories \n (17,458) \n 10,472  \n (2,823)\n\nAdvances\nto suppliers \n 9,653  \n 76,909  \n 8,959 \n\nOther\nreceivables and other current assets \n (324,318) \n (36,862) \n (265,755)\n\nOperating\nadvance payments  to related parties \n (35) \n —  \n — \n\nOther\nnon-current assets \n (20,323) \n 9,620  \n 178,016 \n\nAccruals\nand other payables \n (1,843) \n 27,450  \n 35,281 \n\nAccounts\npayable \n (11,894) \n (176,130) \n 69,427 \n\nTaxes\npayable \n 369,232  \n 403,396  \n 437,310 \n\nContract\nliability \n (129,424) \n 68,725  \n (989,082)\n\nOperating\nlease liabilities \n (37,043) \n (30,435) \n (44,654)\n\nNet\ncash provided by operating activities \n 85,852  \n 960,470  \n 126,537 \n\n  \n    \n    \n   \n\nCash\nflows from investing activities \n    \n    \n   \n\nPurchase\nof equipment and intangible assets \n (88,825) \n (85,569) \n (22,676)\n\nLoans\nto franchisees \n (1,103,211) \n (1,236,518) \n (311,083)\n\nLoan\nrepayment from franchisees \n 604,964  \n 810,660  \n 1,361,609 \n\nLoans\nto the third party \n (6,030,001) \n —  \n — \n\nLoans\nrepayment from the third party \n 6,030,001  \n —  \n — \n\nAdvance\nto related parties \n —  \n (28,256) \n (20,028)\n\nRepayment\nfrom related parties \n 14,145  \n 31,540  \n 15,597 \n\nNet\ncash (used in) provided by investing activities \n (572,927) \n (508,143) \n 1,023,419 \n\n  \n    \n    \n   \n\nCash\nflows from financing activities \n    \n    \n   \n\nProceeds\nfrom shareholder’s contribution of capital \n —  \n 500  \n 38,265 \n\nProceeds from issuance\nof shares \n 4,277,807  \n —  \n — \n\nBorrowing\nfrom related parties \n 6,930  \n 4,175  \n 60,893 \n\nRepayment\nto related parties \n —  \n (73,310) \n (776,083)\n\nIPO\nCost \n (549,060) \n (888,754) \n — \n\nNet\ncash provided by (used in) financing activities \n 3,735,677  \n (957,389) \n (676,925)\n\n  \n    \n    \n   \n\nNet\nincrease (decrease) in cash \n 3,248,602  \n (505,062) \n 473,031 \n\n  \n    \n    \n   \n\nEffect\nof exchange rate changes on cash \n (8,422) \n 18,926  \n (14,108)\n\nCash and\ncash equivalents– at the beginning of the year \n 547,498  \n 1,033,634  \n 574,711 \n\nCash and\ncash equivalents– at the end of the year \n$3,787,678  \n$547,498  \n$1,033,634 \n\n  \n    \n    \n   \n\nSupplementary\ncash flow information: \n    \n    \n   \n\nInterest\npaid \n$—  \n$—  \n$— \n\nNon-cash\ninvesting and financing activities: \n    \n    \n   \n\nNoncash\nobtained leasehold improvements \n 72,862  \n —  \n — \n\nOperating\nlease right-of-use assets obtained in exchange for operating lease liabilities \n$144,863  \n$65,884  \n$52,731 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n1 — ORGANIZATION AND BASIS OF PRESENTATION**\n\n** **\n\nPark\nHa Biological Technology Co., Ltd. (“Park Ha Cayman”) was incorporated in the Cayman Islands on October 11, 2022. The\nCompany is an investment holding company; its primary business operations are conducted through its subsidiaries and VIEs as described\nbelow.\n\n \n\nPark\nHa Biological Technology (HK) Co., Ltd. (“Park Ha HK”) was incorporated in Hong Kong on October 25, 2022. It is\na wholly owned subsidiary of Park Ha Cayman.\n\n \n\nPark\nHa Investment (Wuxi) Co., Ltd. (“Park Ha WFOE”) was incorporated on May 5, 2023 as a wholly foreign owned entity in\nthe People’s Republic of China (“PRC”). Park Ha WFOE is a wholly owned subsidiary of Park Ha HK.\n\n \n\nWuxi\nXinzhan Enterprise Management Consulting Co., Ltd. (“XinZhan”) was incorporated on March 31, 2016 in the PRC with Ms.\nXiaoqiu Zhang being the majority shareholder owning 75.2% of XinZhan prior to the equity transfer described below. XinZhan takes the\nlead in promoting the franchisee market and looking for franchisees. XinZhan signs a franchise agreement with the franchisee. The franchise\nagreement grants the franchisee the license to open stores under the “PARK HA” brand in a specific area. Franchisees authorized\nto sell Park Ha Jiangsu’s “PARK HA” brand products or third-party products authorized by XinZhan must comply with the\nterms of the franchise agreement.\n\n \n\nShanghai\nPark Ha Industrial Development Co., Ltd. (“Park Ha Shanghai”) was incorporated on April 17, 2017 in the PRC as a wholly\nowned subsidiary of Wuxi XinZhan. Park Ha Shanghai’s primary business includes beauty services, sales of beauty products and devices.\n\n \n\nJiangsu\nPark Ha Biotechnology Co., Ltd. (“Park Ha Jiangsu”) was incorporated on August 13, 2019 in the PRC with Ms. Xiaoqiu\nZhang being the majority shareholder owning 75.2% of Park Ha Jiangsu prior to the equity transfer described below. Park Ha Jiangsu has\ndeveloped a full range of “PARK HA” brand skin care products through cooperation with biological laboratories. Our product\nrange ranges from basic skin physical protection, exfoliation, and sebum film repair to surface microecological balance and anti-aging.\nThese products are sold through directly operated retail stores and franchisees.\n\n \n\nOn\nMay 17, 2023, Park Ha WFOE entered into equity transfer agreements with each shareholder of Wuxi XinZhan and Park Ha Jiangsu to\npurchase all the equity interest in such entities. The restructure was completed on July 7, 2023. As a result, Wuxi XinZhan and\nPark Ha Jiangsu became a wholly owned subsidiary of Park Ha WFOE.\n\n \n\nUpon\nthe completion of the above Reorganization, Park Ha Cayman became the ultimate holding company of all other entities mentioned above.\nThe Company is effectively controlled by the same group of controlling shareholders before and after the Reorganization; therefore, the\nReorganization is considered as a recapitalization of these entities under common control. The consolidation of the Company was accounted\nfor at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the\nfirst period presented in the accompanying consolidated financial statements. Results of operations for the period presented comprise\nthose of the previous separate entries combined from the beginning of the period to the end of the period, eliminating the effects of\nintra-entity transactions.\n\n \n\nF-7\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n \n\n**NOTE\n1 — ORGANIZATION AND BASIS OF PRESENTATION** (cont.)\n\n \n\nWuxi\nMufeng Biotechnology Co., Ltd (“Wuxi Mufeng”) and Wuxi Muchen Biotechnology Co., Ltd were incorporated on February 21,\n2025 in the People’s Republic of China (“PRC”) as a wholly owned subsidiary of Park Ha Jiangsu.\n\n \n\nXinyuexuan\nBeauty Salon（“xinyuexuan”)was incorporated on July 28, 2025 in the People’s Republic of China (“PRC”)\nand is controlled by Park Ha Jiangsu through contractual arrangement as its variable interest entity (“VIE”).\n\n \n\nAimei\nHui Beauty Salon(“Aimei Hui”) was incorporated on August 11, 2025 in the People’s Republic of China (“PRC”)\nand is controlled by Park Ha Jiangsu through contractual arrangement as its VIE.\n\n \n\nHuishan\nDistrictXuanyayue (“xuanyayue”) was incorporated on January 22,2025,in the People’s Republic of China (“PRC”)\nand is controlled by Park Ha Jiangsu through contractual arrangement as its VIE. Xuanyayue closed down on October 10, 2025,\n\n \n\nIn\nsupport of its business expansion, the Company established three salons—Xinyuexuan, Aimei Hui, and Xuanyayue—during fiscal\nyear 2025, in which neither it nor its subsidiaries hold any equity interest. Control over these entities is exercised by Park Ha Jiangsu\nthrough contractual arrangements in lieu of direct ownership. Pursuant to these agreements, Park Ha Jiangsu, as the actual capital contributor,\nis responsible for their operational management and is entitled to all profits as well as bears all losses arising therefrom. Accordingly,\nthe Company consolidates the accounts of these entities for the periods presented herein, in accordance with Regulation S-X-3A-02 promulgated\nby the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810-10, Consolidation.\n\n \n\nPark\nHa Biological Technology Co., Ltd., its subsidiaries and VIEs are collectively referred to as the “Company”.\n\n \n\nThe\naccompanying consolidated financial statements reflect the activities of Park Ha Cayman and each of the following entities:\n\n \n\n**Name**   **Background**   **Ownership**\n\nPark Ha Biological Technology (HK) Co., Ltd.   Incorporated on October 25, 2022 as a limited liability company in Hong Kong   100% owned by Park Ha Cayman\n\nPark Ha Investment (Wuxi) Co., Ltd.   Incorporated on May 5, 2023 as a limited liability company in the PRC   100% owned by Park Ha HK\n\nJiangsu Park Ha Biological Technology Co., Ltd.   Incorporated on August 13, 2019 as a limited liability company in the PRC   100% owned by Park Ha Investment\n\nWuxi Xinzhan Enterprise Management Consulting Co., Ltd.   Incorporated on March 31, 2016 as a limited liability company in the PRC   100% owned by Park Ha Investment\n\nShanghai Park Ha Industrial Development Co., Ltd.   Incorporated on April 17, 2017 as a limited liability company in the PRC   100% owned by Xinzhan\n\nWuxi Muchen Biotechnology Co., Ltd   Incorporated on February 21, 2025 as a limited liability company in the PRC   100% owned by Park Ha Jiangsu\n\nWuxi Mufeng Biotechnology Co., Ltd.   Incorporated on February 21, 2025 as a limited liability company in the PRC   100% owned by Park Ha Jiangsu\n\nXinyuexuan Beauty Salon，Wuxi Economic Development Zone   Incorporated on July 28, 2025   100% agreement control by Park Ha Jiangsu\n\nAimeihui Beauty Center Wuxi Economic Development Zone   Incorporated on August 11, 2025   100% agreement control by Park Ha Jiangsu\n\nHuishan District Xuanyayue Beauty Salon   Incorporated on January 22, 2025  \n100% agreement control by Park Ha Jiangsu\n\n(close down on Oct.10 2025)\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n** **\n\nBasis\nof Presentation and Principles of Consolidation\n\n \n\nThe\naccompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the\nUnited States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the SEC.\n\n \n\nThe\nconsolidated financial statements include the financial statements of the Company and its subsidiaries, which include the wholly-foreign\nowned enterprise (“WFOE”) and VIEs over which the Company exercises control and, when applicable, entities for which the\nCompany has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company and its subsidiaries\nhave been eliminated upon consolidation.   \n\n \n\nF-8\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\nUse\nof Estimates\n\n \n\nThe\npreparation of financial statements in conformity with accounting principles generally accepted in the United States of America\nrequires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent\nassets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.\nSignificant accounting estimates include certain assumptions related to, among others, inventory valuations, the estimation of useful\nlives of property and equipment and intangible assets, allowance for expected credit losses, and income taxes including the valuation\nallowance for deferred tax assets. Actual results could differ from those estimates.\n\n \n\nFunctional\nand Presentation Currency\n\n \n\nThe\nfunctional currency of the Company is the currency of the primary economic environment in which the Company operates which is Chinese\nYuan (“RMB”). The RMB is not freely convertible into the US dollar and may be subject to PRC currency restrictions for payments,\nincluding the distributions of dividends or retained earnings to the Company by its subsidiaries.\n\n \n\nTransactions\nin currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.\nAt the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end\nof the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end\nare included in income statement of the period.\n\n \n\nFor\nthe purpose of presenting these financial statements, the Company’s assets and liabilities are expressed in US$ at the exchange\nrate on the balance sheet date, shareholder’s equity accounts are translated at historical rates, and income and expense items\nare translated at the periodic average exchange rate during the period. The resulting translation adjustments are reported under accumulated\nother comprehensive loss in the shareholder’s equity section of the balance sheets.\n\n \n\nExchange\nrate used for the translation as follows:\n\n \n\nUS$ to RMB \nPeriod\n\nEnd  \nAverage \n\nOctober 31,\n2025 \n 7.1169  \n 7.2153 \n\nOctober 31, 2024 \n 7.1178  \n 7.1855 \n\nOctober 31, 2023 \n 7.2882  \n 7.0560 \n\n \n\nFair\nValues of Financial Instruments\n\n \n\nThe\nCompany adopted ASC 820 “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy\nfor disclosures of fair value measurement and enhances disclosures requirements for fair value measures. Current assets and current liabilities\nqualified as financial instruments and management believes their carrying amounts are a reasonable estimate of fair value because of\nthe short period of time between the origination of such instruments and their expected realization and if applicable, their current\ninterest rate is equivalent to interest rates currently available. The three levels are defined as follow:\n\n \n\n \n●\nLevel 1 — inputs\nto the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.\n\n \n\n \n●\nLevel 2 — inputs\nto the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable\nfor the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.\n\n \n\n \n●\nLevel 3 — inputs\nto the valuation methodology are unobservable and significant to the fair value.\n\n \n\nF-9\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\nAs\nof the balance sheet date, the estimated fair values of the financial instruments approximated their fair values due to the short-term\nnature of these instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment.\nThe Company evaluates the hierarchy disclosures each year.\n\n \n\nCash\nand Cash Equivalents\n\n \n\nCash\nconsists of cash on hand and cash in bank, as well as balances in Douyin and Meituan accounts, which are highly liquid and have original\nmaturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains cash with various financial\ninstitutions primarily in mainland China. The Company has not experienced any losses in bank accounts. The balances in Douyin and Meituan\nrepresent transaction balances from customers purchasing products through these platforms. Merchants’ income can be withdrawn within\n1-3 business days without any restrictions.\n\n \n\nAccounts\nReceivable and Allowance for Credit Losses\n\n \n\nAccounts\nreceivables are stated at the historical carrying amount net of allowance for expected credit losses.\n\n \n\nThe\nCompany adopted ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit\nLosses on Financial Instruments” on January 1, 2023 using a modified retrospective approach. The Company also adopted this\nguidance to due from related parties, loans receivable from franchisees, other receivables. To estimate expected credit losses, the Company\nhas identified the relevant risk characteristics of its customers and the related receivables. The Company considers the past collection\nexperience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Company’s\ncustomer collection trends. The allowance for credit losses and corresponding receivables were written off when they are determined to\nbe uncollectible.\n\n \n\nInventory\n\n \n\nInventories,\nwhich are primarily comprised of finished goods for sale, goods shipped to customer and raw materials, are stated at the lower of cost\nor net realizable value, using the weighted average method and is based on purchase cost. The Company evaluates the need for reserves\nassociated with obsolete, slow-moving and non-salable inventory by reviewing net realizable values on a periodic basis.\n\n \n\nLoans\nReceivable\n\n \n\nLoans\nreceivable are recorded at origination at the fair value less estimates for expected credit losses. Loans receivable is reviewed periodically\nto determine whether its carrying value has become impaired. The Company uses credit loss method to estimate the allowance for loans\nreceivables.\n\n \n\nProperty\nand Equipment\n\n \n\nProperty\nand equipment are stated at historical cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Property\nand equipment are depreciated on a straight-line basis over the following periods:\n\n \n\nOffice furniture   5 years\n\nMotor vehicle   4 years\n\nOffice equipment   2.5–5 years\n\nLeasehold improvements   Shorter of the remaining lease terms or estimated useful lives\n\n \n\nIntangible\nassets\n\n \n\nIntangible\nassets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Intangible assets\nmainly represent software at cost, less accumulated amortization on a straight-line basis over an estimated life of ten years.\n\n \n\nF-10\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\nImpairment\nof long-lived assets other than goodwill\n\n \n\nLong-lived\nassets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions\nthat will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life\nis shorter than the Company had originally estimated. When these events occur, the Company evaluates the impairment by comparing carrying\nvalue of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual\ndisposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes\nan impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. There was no impairment\ncharge recognized for the years ended October 31, 2025 and 2024.\n\n \n\nRelated\nparties\n\n \n\nThe\nCompany adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.\nAccording to the standard, financial statements are required to disclose material related-party transactions other than compensation\narrangements, expense allowances, or other similar items that occur in the ordinary course of business. A related party is essentially\nany party that controls or can significantly influence the management or operating policies of the company to the extent that the company\nmay be prevented from fully pursuing its own interests. Related parties include affiliates, investees accounted for by the equity method,\ntrusts for the benefit of employees, principal owners, management, and immediate family members of owners or management. Transactions\nwith related parties must be disclosed even if there is no accounting recognition made for such transactions (e.g., a service is performed\nwithout payment).\n\n \n\nLease\n\n \n\nThe\nCompany recognizes right-of-use (“ROU”) assets and lease liabilities for its lease commitments with terms greater than one\nyear. Contractual options to extend or terminate lease agreements are reflected in the lease term when they are reasonably certain to\nbe exercised. The initial measurements of new ROU assets and lease liabilities are based on the present value of future lease payments\nover the lease term as of the commencement date. In determining future lease payments, the Company has elected not to separate lease\nand non-lease components. As the Company’s lease arrangements do not provide an implicit interest rate, we apply the Company’s\nincremental borrowing rate based on the information available at the commencement date in determining the present value of future lease\npayments. Relevant information used in determining the Company’s incremental borrowing rate includes the duration of the lease,\ntransaction currency of the lease, and the Company’s credit risk relative to risk-free market rates. The Company’s ROU assets\nalso include any initial direct costs incurred and exclude lease incentives. The Company’s lease agreements do not contain any\nsignificant residual value guarantees or restrictive covenants. All leases of the Company are classified as operating leases, with lease\nexpense being recognized on a straight-line basis.\n\n \n\nShare-based\ncompensation\n\n \n\nShare-based\ncompensation is measured based on the grant date fair value of the equity instrument. Share-based compensation expenses are recognized\nover the requisite service period based on the graded vesting attribution method with corresponding impact reflected in additional paid-in\ncapital. When no future services are required to be performed by grantees in exchange for an award of equity instruments, the cost of\nthe award is expensed on the grant date. The Company elects to recognize forfeitures when they occur.\n\n \n\nRevenue\nRecognition\n\n \n\nIn\n2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying\nprinciple of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to\nbe collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts,\nwhich includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in\nthe contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance\nobligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model\nto contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services\nit transfers to its customers. The Company has concluded that the new guidance did not require any significant change to its revenue\nrecognition processes.\n\n \n\nThe\nCompany generate revenues from sales of beauty products and devices, management of beauty salon franchisees.\n\n \n\nF-11\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\nSales\nof Beauty Products and Devices:\n\n \n\nThe\ncontracts for sales of beauty products and devices are established either through direct transactions or through formal agreements, creating\nenforceable rights and obligations for both parties. For these sales, the Company recognizes a single performance obligation: the transfer\nof goods to the customer. There are no additional identifiable promises within these contracts. The transaction price is fixed and determined\nat inception, and payment is collected in full in advance. The Company does not offer any discounts or volume discount incentives to\neither franchisees or non-franchisee customers. The Company does not offer price protection but do allow for the return of goods in cases\nof quality issues, adhering to the standard warranty practices. The Company recorded reserve for sales returns was $nil for the fiscal years\nended October 31, 2025 and 2024.\n\n \n\nFor\nsales at our owned store locations, revenue is recognized at the point of transfer of control, typically when the customer makes payment\nand accepts the goods in-store.\n\n \n\nRegarding\nonline sales via third-party platforms, control is transferred, and revenue is recognized at the point of delivery to the customer.\n\n \n\nSales\nand deliveries of beauty products and devices to the franchisees are treated as distinct performance obligations, separate from the franchise\nagreement. These transactions are not highly dependent on, nor are they integrated with, the franchise services, allowing the franchisee\nto benefit from the goods independently. Revenue from sales to franchisees is recognized upon the transfer of control of the goods, generally\nupon delivery. As franchisees take ownership and resell the products at their discretion, these transactions are not considered consignment\nsales.\n\n \n\nManagement\nof beauty salon franchisees:\n\n \n\nThe\nCompany’s franchise revenues comprise non-refundable initial franchise fees received from franchisees. The initial franchise services,\nwhich constitute the Company’s obligation under these agreements, include: (i) granting exclusive operating rights in a specific\narea, (ii) allowing the use of the “PARK HA” brand, and (iii) providing initial setup services. These setup services\nencompass assistance with site selection, marketing strategy formulation, and training for franchisee management and beauticians.\n\n \n\nFollowing\nthe revenue recognition standard ASC 606, we consider the initial franchise services indistinct from the ongoing rights provided\nduring the franchise agreement term. Consequently, these services are treated as a single performance obligation. Accordingly, initial\nfranchise fees are deferred and recorded as a “Contract Liability.” These fees are recognized over the franchise term as\nthe performance obligation is satisfied, typically spanning one year.\n\n \n\nThe\nCompany offers advertising and renovation subsidies to franchisees, calculated as a percentage of the franchise fee. Since these subsidies\nare not in exchange for distinct goods or services from franchisees, they are accounted for as a reduction in the transaction price of\nthe franchise fee.\n\n \n\nThe\nCompany also offers short-term loans to certain franchisees, with terms not exceeding six months. The availability and amount of such\nloans may vary depending on the size of the franchise arrangement. Given the short duration of these loans, as a practical expedient,\nthe Company does not adjust for the effects of a significant financing component. \n\n \n\nContract\nliability\n\n \n\nThe\ncontract liabilities consist of advances from customers, which relate to unsatisfied performance obligations at the end of each reporting\nperiod and consists of cash payments received in advance from customers in sales of beauty products and devices and unearned franchise\nfee. As of October 31, 2025 and 2024, the Company’s advances from customer deposit and unearned franchise fee amounted to $194,753\nand $325,924, respectively.\n\n \n\nThe\nCompany reports revenues net of applicable sales taxes and related surcharges.\n\n \n\nCost\nof revenues\n\n \n\nCosts\nof revenues of beauty products and devices consist primarily of materials costs, shipping and handling expenses, inspection costs\nand related costs, which are directly attributable to products. Write-down of inventories is also recorded in cost of revenues,\nif any.\n\n \n\nF-12\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\nCosts\nof revenue of beauty salon franchisees consist primarily of training costs, promotional material costs and related costs, which are directly\nattributable to franchise business.\n\n \n\nShipping\nand handling fees incurred to transport goods to customers are paid directly to the logistics company by customers.\n\n \n\nSelling\nand marketing expense\n\n \n\nSales\nand marketing expenses consist primarily of rent, depreciation of leasehold improvements, marketing conference expenses, advertising\nexpenses and salaries and other compensation-related expenses to sales and marketing personnel. The Company expenses all advertising\ncosts as incurred. Advertising costs amounted to $ 24,124 and $1,392 for the years ended October 31, 2025 and 2024, respectively.\n\n \n\nGeneral\nand administrative expenses\n\n \n\nGeneral\nand administrative expenses consist primarily of Share based Payment and salaries and benefits for employees involved in general corporate\nfunctions and those not specifically dedicated to research and development activities, depreciation and amortization of fixed assets\nwhich are not used in research and development activities, legal and other professional services fees, rental and other general corporate\nrelated expenses.\n\n \n\nResearch\nand development\n\n \n\nThe\nCompany expenses research and development expenses when incurred as periodic costs. The Company recognized research and development expenses\nfor the years ended October 31, 2025 and 2024 in the amounts of $238,184 and $36,714, respectively. Research and development expenses\nprimarily comprise of outsourced costs, employees’ wages and benefits, as well as expenditures related to patent fees.\n\n \n\nValue\nAdded Tax (VAT)\n\n \n\nIn\naccordance with the relevant tax laws in the PRC, VAT is levied on the invoiced value of sales and is payable by the purchaser. The Company\nis required to remit the VAT it collects to the tax authority, but may deduct the VAT it has paid on eligible purchases. The difference\nbetween the amounts collected and paid is presented as VAT recoverable or payable balance on the balance sheet.\n\n \n\nPark\nHa Jiangsu, Wuxi Xinzhan, and Park Ha Shanghai all pay taxes as small-scale enterprises, with a tax rate of 3%, so it is impossible for\nthem to have deductible input tax;\n\n \n\nWuxi\nMuchen and Wuxi Mufeng are exempt from tax as their monthly sales do not exceed RMB100,000 according to the preferential policies for\nsmall-scale enterprises;\n\n \n\nAimeihui\nand Xinyuexuan, as individual businesses, are not required to pay taxes after being reviewed by the tax bureau based on the fixed tax\nsystem.\n\n \n\nIncome\nTaxes\n\n \n\nIncome\ntaxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all\ntemporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results\nfrom the net change during the years of deferred tax assets and liabilities.\n\n \n\nDeferred\ntax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all\nof the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws\nand rates on the date of enactment.\n\n \n\nA\ntax benefit from an uncertain tax position may be recognized only if it is more likely than not that the tax position will be sustained\non examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that the relevant\ntaxing authority that has full knowledge of all relevant information will examine each uncertain tax position. Although the Company believes\nthe estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected\nin the historical income tax provisions and accruals.\n\n \n\nF-13\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n \n\nComprehensive\nIncome (Loss)\n\n \n\nComprehensive\nincome is defined to include all changes in equity except those resulting from net income or loss, investments by owners and distributions\nto owners. The Company’s only component of other comprehensive income is the foreign currency translation adjustment.\n\n \n\nStatutory\nReserves\n\n \n\nPursuant\nto the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory\nsurplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations\nof 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles\ngenerally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign-invested enterprises and joint ventures in the\nPRC, annual appropriations should be made to the “reserve fund”. For foreign-invested enterprises, the annual appropriation\nfor the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the\nregistered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company\nis able to use the current period net income after tax to offset the accumulated loss.\n\n \n\nEarnings\nper share\n\n \n\nBasic\nearnings (loss) per share is computed by dividing net income (loss) attributable to the holders of ordinary shares by the weighted average\nnumber of ordinary shares outstanding during the year. Diluted earnings (loss) per share is calculated by dividing net income (loss)\nattributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted\naverage number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. For the years ended October\n31, 2025 and 2024, the Company does not have any dilutive ordinary shares equivalents,therefore, a separate computation of diluted earnings\n(loss) per share is not presented.\n\n \n\nCommitments\nand Contingencies\n\n \n\nThe\nCompany follows ASC 450-20, “Loss Contingencies,” to report accounting for contingencies. Liabilities for loss contingencies\narising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has\nbeen incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of October\n31, 2025 and 2024.\n\n \n\nSegment\nreporting\n\n \n\nIn November 2023, the FASB\nissued Accounting Standards Update, or ASU 2023-07 – Improvements to Reportable Segment Disclosures, which enhances the disclosures\nrequired for reportable segments in annual and interim consolidated financial statements, including additional, more detailed information\nabout a reportable segment’s expenses. The Company adopted ASU 2023-07 for the year ended October 31, 2025, retrospectively to\nall periods presented in the consolidated financial statement. The adoption of this ASU had no material impact on reportable segments\nidentified and had no effect on the Company’s consolidated balance sheets, results of operations, or cash flows.\n\n \n\nBased on the criteria established\nby ASC 280, Segment Reporting, the Company uses the management approach in determining its operating segments. The Company’s chief\noperating decision maker (“CODM”) is the Chief Executive Officer, who reviews consolidated results when making decisions,\nallocating resources and assessing performance of the Company. The CODM considers that the Company has two business segments which are\ncomprised of products sales and franchise service. As our long-lived assets are substantially located in the PRC, no geographical segments\nare presented.\n\n \n\nThe CODM evaluates segment\nperformance and makes resource allocation decisions by regularly reviewing segment net income (loss), which is also reported as consolidated\nnet income (loss) in the consolidated statements of operations and comprehensive income (loss). Segment assets are measured and reported\nas total consolidated assets on the consolidated balance sheets.\n\n \n\nConcentration\nand risks\n\n \n\na)\nConcentration of credit risk\n\n \n\nFinancial\ninstruments that potentially subject the Company to concentration of credit risk are cash, and accounts receivable arising from its normal\nbusiness activities. The Company places its cash in what it believes to be credit-worthy financial institutions or trading platforms.\n\n \n\nThe\nCompany conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The\nCompany establishes an allowance for expected credit losses primarily based upon the factors surrounding the credit risk of specific\ncustomers.\n\n \n\nF-14\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)\n\n** **\n\nb)\nForeign currency exchange rate risk\n\n \n\nThe\nfunctional currency and the reporting currency of the Company are RMB and U.S. dollars, respectively. The Company’s exposure\nto foreign currency exchange rate risk primarily relates to cash, accounts receivable and accounts payable. Any significant fluctuation\nof RMB against U.S. dollars may materially and adversely affect the Company’s cash flows, revenues, earnings and financial\npositions.\n\n \n\nRecent\nAccounting Pronouncements\n\n \n\nIn\nNovember 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable\nSegment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily\nthrough enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December\n15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to\nbe applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories\nand amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in\nthe period of adoption. The Company adopted the guidance for the year ended October 31, 2025. The adoption of this ASU had no material\nimpact on reportable segments identified and had no effect on the Company’s consolidated balance sheets, results of operations,\nor cash flows.\n\n \n\nOther\naccounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material\nimpact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated\nto have an impact on, or are unrelated to, its consolidated financial condition, results of operations, cash flows or disclosures.\n\n \n\n**Note\n3 — Variable interest entity**\n\n** **\n\nOn\nJuly 28, 2025, August 11,2025 and January 22, 2025, Park Ha Jiangsu entered into the Contractual Arrangements with Xinyuexuan, Aimeihui\nand Xuanyayue. The significant terms of these Contractual Arrangements are summarized in “Note 1 – Nature of business and\norganization” above. As a result, the Company classifies Xinyuexuan , Aimeihui and Xuanyayue as a VIE which should be consolidated\nbased on the structure as described in Note 1.\n\n \n\nA\nVIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without\nadditional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such\nas through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of\nthe entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary\nand must consolidate the VIE. Park Ha Jiangsu is deemed to have a controlling financial interest and be the primary beneficiary of Xinyuexuan,\nAimeihui and Xuanyayue, because it has both of the following characteristics:\n\n \n\n(1)The\npower to direct activities at Xinyuexuan, Aimeihui and Xuanyayue, that most significantly\nimpact such entity’s economic performance, and\n\n \n\n(2)The\nright to receive benefits from Xinyuexuan, Aimeihui and Xuanyayue that could potentially\nbe significant to such entity.\n\n \n\nPursuant\nto the Contractual Arrangements, Park Ha Jiangsu, as the actual capital contributor, is responsible for their operational management\nand is entitled to all profits generated from these entities as well as bears all losses incurred thereby. The Contractual Arrangements\nare designed so that Xinyuexuan, Aimeihui and Xuanyayue operates for the benefit of Park Ha Jiangsu and ultimately, the Company.\n\n \n\nUnder\nthe Contractual Arrangements, the Company has the power to direct activities of the VIEs and can have assets transferred out of the VIEs.\nTherefore, the Company considers that there is no asset in the VIEs that can be used only to settle obligations of the VIEs, except for\nregistered capital and PRC statutory reserves, if any. As the VIEs are incorporated as Individually-Owned Business under the Company\nLaw of the PRC, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs.\n\n \n\nAccordingly,\nthe accounts of Xinyuexuan ,Aimeihui and Xuanyayue are consolidated in the accompanying consolidated financial statements. In addition,\nits financial positions and results of operations are included in the Company’s consolidated financial statements. \n\n \n\nF-15\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n \n\n**Note\n3 — Variable interest entity** (cont.)\n\n \n\nThe\ncarrying amount of the VIEs’ consolidated assets and liabilities are as follows:\n\n \n\n  \nOctober 31,\n2025  \nOctober 31,\n2024 \n\nASSETS \n   \n  \n\nCurrent\nassets \n   \n  \n\nCash\nand cash equivalents \n 97,472  \n - \n\nAccounts\nreceivables, net \n 2,006  \n - \n\nAmounts\ndue from Group companies \n 2,062  \n - \n\nInventories,\nnet \n 3,611  \n - \n\nOther\nreceivables and other current assets \n 570  \n - \n\nTotal\ncurrent assets \n 105,721  \n - \n\nNon-current\nAssets \n 　  \n 　 \n\nProperty\nand equipment, net \n 99,675  \n - \n\nOperating\nlease right of use asset, net \n 34,508  \n - \n\nOther\nnon-current assets \n 1,405  \n - \n\nTotal\nnon-current assets \n 135,588  \n - \n\nTOTAL\nASSETS \n 241,309  \n - \n\n  \n 　  \n 　 \n\nLIABILITIES\nAND SHAREHOLDERS’ EQUITY \n 　  \n 　 \n\nCurrent\nliabilities \n 　  \n 　 \n\nAmounts\ndue to Group companies \n 76,226  \n - \n\nOperating\nlease liabilities – current \n 22,526  \n - \n\nAccruals\nand other payables \n 36,255  \n - \n\nTotal\ncurrent liabilities \n 135,007  \n - \n\nNon-current\nliabilities \n 　  \n 　 \n\nOperating\nlease liabilities – non-current \n 12,901  \n - \n\nTotal\nnon-current assets \n 12,901  \n - \n\nTOTAL\nLIABILITIES \n 147,908  \n - \n\n  \n\nThe\nsummarized operating results of the VIEs are as follows: \n\n \n\n  \nYear Ended\n October 31,\n\n2025  \nYear Ended\n October 31,\n\n2024 \n\nRevenues,\nnet \n 130,791  \n - \n\nCost\nof revenues \n 3,797  \n - \n\nGross\nprofit \n 126,994  \n - \n\n　 \n 　  \n 　 \n\nOperating\nexpenses \n 　  \n 　 \n\nSelling\nand marketing expenses \n 36,872  \n - \n\nGeneral\nand administrative expenses \n 1,146  \n - \n\nTotal\noperating expenses \n 38,018  \n - \n\nOperating\nincome \n 88,976  \n - \n\n　 \n 　  \n 　 \n\nOther\nincome (expense): \n 　  \n 　 \n\nOther\nincome (expense) \n 3,149  \n - \n\nInterest\nincome \n 2  \n - \n\n　 \n 　  \n 　 \n\nTotal\nother income (expenses) \n 3,151  \n - \n\n　 \n 　  \n 　 \n\nNet\nincome \n 92,127  \n - \n\n** **\n\nF-16\n\n \n\n** **\n\n**Selected Condensed Consolidating Financial Schedule **\n\n \n\nAs a holding company with\nno material operations of its own, substantially all of our business activities are conducted through our subsidiaries and variable interest\nentities (VIEs) located in the People’s Republic of China (PRC). The following tables present selected condensed consolidated financial\ndata of Park Ha Cayman and its subsidiaries and the VIEs and the WFOE and the primary beneficiary company of the VIEs as of October 31,\n2025.\n\n \n\nThe VIEs were established\nin 2025 and did not commence operations until after that date. Therefore, the schedule included below presents financial information\nonly for the fiscal year ended October 31, 2025. No comparative information for fiscal year 2024 or earlier is presented because the\nVIE did not exist during those periods.\n\n \n\nSELECTED CONDENSED CONSOLIDATED\nSTATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)\n\n** **\n\nFor the Fiscal Year Ended\n\nOctober 31, 2025\n\n  \nThe parent company\nPark Ha  \nThe WFOE\nPark Ha  \nThe primary beneficiary of the VIEs\nPark Ha  \n   \nOther  \n   \nConsolidated \n\n  \nCayman  \nInvestment  \nJiangsu  \nVIEs  \nentities  \nEliminations  \nTotal \n\n  \n   \n   \n   \n   \n   \n   \n  \n\nRevenue \n      —  \n      —  \n 715,931  \n 130,791  \n 1,696,093  \n (17,972) \n 2,524,843 \n\nCost of revenue \n —  \n —  \n 136,926  \n 3,797  \n 19,775  \n (17,972) \n 142,526 \n\nGross profit \n —  \n —  \n 579,005  \n 126,994  \n 1,676,318  \n —  \n 2,382,317 \n\nInvestments in subsidiaries and the VIEs \n 443,651  \n —  \n —  \n —  \n —  \n (443,651) \n — \n\nNet income (loss) \n (24,364,753) \n 3,055  \n (365,363) \n 92,127  \n 713,832  \n (443,651) \n (24,364,753)\n\nComprehensive income (loss) \n (24,364,753) \n (620) \n (365,363) \n 92,127  \n 713,821  \n (446,989) \n (24,371,777)\n\n** **\n\nSELECTED CONDENSED CONSOLIDATED\nBALANCE SHEETS\n\n \n\nAs of October 31, 2025\n\n  \nThe parent company\nPark Ha  \nThe WFOE\nPark Ha  \nThe primary beneficiary of the VIEs\nPark Ha  \n   \nOther  \n   \nConsolidated \n\n  \nCayman  \nInvestment  \nJiangsu  \nVIEs  \nentities  \nEliminations  \nTotal \n\n  \n   \n   \n   \n   \n   \n   \n  \n\nCash and cash equivalents \n 2,056,270  \n 1,403,036  \n 100,677  \n 97,472  \n 130,223  \n —  \n 3,787,678 \n\nReceivable from the VIEs \n —  \n —  \n 30,820  \n —  \n 44,002  \n (74,822) \n — \n\nIntercompany Receivable \n —  \n —  \n 486,374  \n 2,062  \n 2,653,362  \n (3,141,798) \n — \n\nTotal current assets \n 2,349,603  \n 1,403,036  \n 746,951  \n 105,721  \n 4,113,271  \n (3,216,620) \n 5,501,962 \n\nInvestments in subsidiaries and the VIEs \n 3,716,103  \n —  \n —  \n —  \n —  \n (3,716,103) \n — \n\nTotal assets \n 6,065,706  \n 1,403,036  \n 966,094  \n 241,309  \n 4,494,433  \n (7,217,962) \n 5,952,616 \n\nPayable to the VIEs \n —  \n —  \n 2,062  \n —  \n (1,405) \n (657) \n — \n\nIntercompany Payable \n 2,010,851  \n —  \n 918,329  \n 76,226  \n 180,969  \n (3,186,375) \n — \n\nTotal liabilities \n 2,070,851  \n 163  \n 1,197,986  \n 147,908  \n 1,727,886  \n (3,187,033) \n 1,957,761 \n\nTotal shareholders’ equity \n 3,994,855  \n 1,402,873  \n (231,892) \n 93,401  \n 2,766,547  \n (4,030,929) \n 3,994,855 \n\nTotal liabilities and shareholders’\nequity \n 6,065,706  \n 1,403,036  \n 966,094  \n 241,309  \n 4,494,433  \n (7,217,962) \n 5,952,616 \n\n  \n\nSELECTED CONDENSED CONSOLIDATED\nSTATEMENTS OF CASH FLOWS\n\n \n\nFor the Fiscal Year Ended\n\nOctober 31, 2025\n\n  \nThe parent company\nPark Ha  \nThe WFOE\nPark Ha  \nThe primary beneficiary of the VIEs\nPark Ha  \n   \nOther  \n   \nConsolidated \n\n  \nCayman  \nInvestment  \nJiangsu  \nVIEs  \nentities  \nEliminations  \nTotal \n\n  \n   \n   \n   \n   \n   \n   \n  \n\nNet cash provided by (used in) operating activities \n (821,537) \n 3,216  \n 373,449  \n 134,022  \n 396,702  \n 　—  \n 85,852 \n\nNet cash (used in) provided by investing activities \n (1,400,000) \n —  \n (40,032) \n (34,649) \n (498,246) \n 1,400,000  \n (572,927)\n\nNet cash provided by (used in) financing activities \n 4,277,807  \n 1,400,000  \n (296,634) \n 　—  \n (245,496) \n (1,400,000) \n 3,735,677 \n\n** **\n\nF-17\n\n \n\n** **\n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n4 — ACCOUNTS RECEIVABLES, NET**\n\n \n\nIn\naccordance with contractual agreements, the Company has the power to direct the activities of the VIEs and can have assets transferred\nout of the VIEs. Therefore, the Company considers that there are no assets in the respective VIEs that can be used only to settle obligations\nof the respective VIEs as of October 31, 2025 and 2024. As the respective VIEs are incorporated as individual business under the PRC\nCompany Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIEs.\n\n \n\nAccounts\nreceivables, net is comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nAccounts receivables –\nNon-franchisees \n 22,331  \n 157,769 \n\nAllowance for expected\ncredit losses \n (17,866) \n (157,769)\n\nAccounts receivables,\nnet – Non-franchisees \n 4,465  \n — \n\n** **\n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nAccounts receivables – Franchisees \n 378,372  \n 404,974 \n\nAllowance for expected\ncredit losses \n (126,993) \n (74,082)\n\nAccounts receivables,\nnet – Franchisees \n 251,379  \n 330,892 \n\n \n\nThe\nfollowing is a summary of the activity in the allowance for expected credit losses:\n\n \n\n \n \n**October 31,\n2025**\n \n \n**October 31,\n2024**\n \n\nBalance at beginning of year – Non-franchisees\n \n \n157,769\n \n \n \n24,398\n \n\nProvision\n \n \n—\n \n \n \n132,787\n \n\nReversal\n \n \n(50,091\n)\n \n \n—\n \n\nWritten-off\n \n \n(87,923\n)\n \n \n—\n \n\nEffect of translation adjustment\n \n \n(1,889\n)\n \n \n584\n \n\nBalance at end of year – Non-franchisees\n \n \n17,866\n \n \n \n157,769\n \n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nBalance at beginning of year – franchisees \n 74,082  \n 66,106 \n\nProvision \n 52,180  \n 6,393 \n\nReversal \n —  \n — \n\nEffect of translation\nadjustment \n 731  \n 1,583 \n\nBalance at end of year – franchisees \n 126,993  \n 74,082 \n\n** **\n\n**NOTE\n5 — INVENTORIES, NET**\n\n \n\nInventory\ncomprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nRaw materials \n 13,254  \n 22,606 \n\nGoods shipped to customer \n —  \n 1,914 \n\nFinished goods \n 74,491  \n 46,966 \n\nAllowance for Inventory \n (12,531) \n — \n\nInventories, net \n 75,214  \n 71,486 \n\n \n\nThe\nCompany write off inventory $1,430 and $15,955 for the years ended October 31, 2025 and 2024, respectively, due to expiration and obsoletion.\n\n \n\nF-18\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n \n\n**NOTE\n6 — LOANS RECEIVABLE FROM FRANCHISEES, NET**\n\n \n\nLoans\nreceivables from franchisees consist of non-interest-bearing advances provided by the Company to its franchisees to purchase inventory,\nequipment; or for use as working capital. The maturity date of the loan is 180 days from the date of disbursement of funds.\n\n \n\nLoan\nreceivables from franchisees, net comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nLoan receivables from franchisees \n 1,254,057  \n 801,512 \n\nAllowance for expected\ncredit losses \n (232,876) \n (55,520)\n\nLoan receivables from\nfranchisees, net \n 1,021,181  \n 745,992 \n\n \n\nThe\nfollowing is a summary of the activity in the allowance for expected credit losses:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nBalance at beginning of year \n 55,520  \n 62,602 \n\nProvision \n 183,501  \n — \n\nReversal \n —  \n (8,580)\n\nWritten-off \n (8,571) \n — \n\nEffect of translation\nadjustment \n 2,426  \n 1,498 \n\nBalance at end of year \n 232,876  \n 55,520 \n\n \n\nThe\nfollowing is a summary of the movement of the loan:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nBalance at beginning of year \n 801,512  \n 362,917 \n\nLoans lend to franchisees \n 1,103,211  \n 1,236,518 \n\nRepayment from franchisees \n (656,937) \n (810,660)\n\nEffect of translation\nadjustment \n 6,271  \n 12,737 \n\nBalance at end of year \n 1,254,057  \n 801,512 \n\n \n\nF-19\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n6 — LOANS RECEIVABLE FROM FRANCHISEES, NET** (cont.)\n\n** **\n\nThe\namount of loans that are past due as of October 31, 2025 and 2024 were $947,042 and $55,495, respectively.\n\n \n\nLoans\nreceivable from franchisees, net comprised of the following:\n\n \n\n  \nOctober 31,\n\n2025  \nOctober 31,\n\n2024 \n\nGao Wenjing \n 52,691  \n 52,685 \n\nWang Shimei \n 52,691  \n — \n\nZeng Yongjian \n 46,369  \n 46,361 \n\nSong Mingfang \n 52,691  \n — \n\nWang Zhiya \n 52,691  \n 52,685 \n\nYu Yang \n 108,896  \n 52,685 \n\nWang Limin \n —  \n 52,685 \n\nWang Xuefeng \n 182,664  \n 182,641 \n\nZheng Yanhai \n 9,133  \n 9,132 \n\nChen Yu \n 9,133  \n 9,132 \n\nZhang Ying \n 9,133  \n 9,132 \n\nWang Hongli \n 9,133  \n 9,132 \n\nGe Xiaoqing \n —  \n 9,132 \n\nZhu Hongjun \n —  \n 52,685 \n\nLiu Jie \n —  \n 52,685 \n\nZhou Qianqian \n —  \n 52,685 \n\nMeng Hao \n 52,691  \n 52,685 \n\nLiu Zonghui \n —  \n 52,685 \n\nWu Yinghan \n 182,664  \n — \n\nLiu Yuping \n 182,664  \n — \n\nXiao Yang \n 18,266  \n — \n\nShen Yue \n 9,133  \n — \n\nZhao Zhe \n 9,134  \n — \n\nShen Huaimei \n 108,896  \n — \n\nTang Sumei \n 52,692  \n — \n\nLi Ruonan \n 52,692  \n 52,685 \n\n  \n 1,254,057  \n 801,512 \n\nLess: Allowance for\nexpected credit loss \n (232,876) \n (55,520)\n\nLoan\nreceivables from franchisees, net \n 1,021,181  \n 745,992 \n\n** **\n\n**NOTE\n7 — OTHER RECEIVABLES AND OTHER CURRENT ASSETS**\n\n \n\nOther\nreceivables and other current assets comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nOther receivables \n 25,765  \n 69,454 \n\nDeferred IPO Cost \n —  \n 1,088,400 \n\nPrepaid expenses \n 337,863  \n 8,030 \n\nTotal \n 363,628  \n 1,165,884 \n\nLess: Allowance for expected credit\nlosses \n (11,002) \n (51,013)\n\nOther receivables\nand other current assets, net \n 352,626  \n 1,114,871 \n\n \n\nF-20\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n8 — PROPERTY & EQUIPMENT, NET**\n\n \n\nProperty\nand equipment, net comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nAt Cost: \n    \n   \n\nOffice furniture \n 8,856  \n 8,855 \n\nMotor vehicle \n 147,591  \n 147,573 \n\nOffice equipment \n 13,189  \n 8,129 \n\nLeasehold improvements \n 265,653  \n 106,775 \n\n  \n 435,289  \n 271,332 \n\nLess: Accumulated depreciation \n (277,290) \n (167,372)\n\nTotal, net \n 157,999  \n 103,960 \n\n \n\nDepreciation\nexpenses was $108,399 and $21,712 for the years ended October 31, 2025 and 2024, respectively. \n\n \n\n**NOTE\n9 — INTANGIBLE ASSETS, NET**\n\n \n\nIntangible\nassets, net comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nAt cost: \n   \n  \n\nTrademark \n 253  \n 253 \n\nSoftware \n 9,836  \n 9,834 \n\n  \n 10,089  \n 10,087 \n\nLess: Accumulated depreciation \n (3,450) \n (2,466)\n\nTotal, net \n 6,639  \n 7,621 \n\n \n\nAmortization\nexpenses was $970 and $974 for the years ended October 31, 2025 and 2024, respectively.\n\n \n\n  \nFor\nthe years ending October 31, \n\n  \n 2026  \n 2027  \n 2028  \n 2029  \n 2030  \n **thereafter** \n\nAmortization\nexpenses \n 984  \n 984  \n 984  \n 984  \n 984  \n 1719 \n\n** **\n\n**NOTE\n10 — OTHER NON-CURRENT ASSETS**\n\n \n\nOther\nnon-current assets comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nDeferred Tax Asset, net \n 83,357  \n 56,310 \n\nLease deposits \n 22,416  \n 407 \n\nTotal, net \n 105,773  \n 56,717 \n\n \n\nF-21\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n11 — TAXES PAYABLE**\n\n \n\nTaxes\npayable comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nEnterprise income tax payable \n 1,010,451  \n 699,633 \n\nValue-added tax, net \n 327,124  \n 271,404 \n\nCity maintenance and construction tax \n 21,331  \n 17,018 \n\nAdditional education fees \n 9,286  \n 7,438 \n\nOther taxes \n 7,296  \n 5,531 \n\nTotal \n 1,375,488  \n 1,001,024 \n\n** **\n\n**NOTE\n12 — CONTRACT LIABILITIES**\n\n \n\nFor\nservice contracts where the performance obligation is not completed, contract liabilities were recorded for any payments received in\nadvance of the performance obligation. The payments received in advance will not be refunded and will be amortized in future when met\nperformance obligations.\n\n \n\nContract\nliabilities is comprised of the following:\n\n \n\n  \nAs\nof \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nUnearned franchise fee \n 194,753  \n 309,315 \n\nCustomer deposit \n —  \n 16,609 \n\nTotal, net \n 194,753  \n 325,924 \n\n \n\nThe\namount of revenue recognized that was included in the contract liabilities at the beginning of the year were $325,924 and $250,549 for\nthe years ended October 31, 2025 and 2024, respectively.\n\n \n\nUnearned\nfranchise fee comprised of the following:\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nLi Yi \n —  \n 7,005 \n\nGao Wenjing \n —  \n 31,563 \n\nWang Zhiya \n —  \n 23,287 \n\nYu Yang \n 58,015  \n — \n\nWang Limin \n —  \n 12,510 \n\nLi Jie \n —  \n 6,390 \n\nSheng Xidong \n —  \n 6,890 \n\nZhou Guixiang \n —  \n 13,626 \n\nWang Xuefeng \n —  \n 40,801 \n\n \n\nF-22\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n12 — CONTRACT LIABILITIES** (cont.)\n\n \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nGe Xiaoqing \n —  \n 6,967 \n\nLi Ruonan \n —  \n 2,309 \n\nMeng Hao \n —  \n 7,313 \n\nChen Yu \n —  \n 500 \n\nWang Hongli \n 2,850  \n 2,848 \n\nZhang Ying \n 2,964  \n 2,964 \n\nLiu Zonghui \n —  \n 16,359 \n\nLiu Jie \n —  \n 41,955 \n\nZhu Hongjun \n —  \n 45,612 \n\nZhou Qianqian \n —  \n 40,416 \n\nZheng Tinghai \n 12,242  \n — \n\nTang Sumei \n 26,947  \n — \n\nJin Huazhong \n 34,935  \n — \n\nShen Huaimei \n 56,800  \n — \n\nTotal \n 194,753  \n 309,315 \n\n** **\n\n**NOTE\n13 — RELATED PARTY TRANSACTIONS**\n\n \n\nThe\nCompany had transactions with the following related parties:\n\n \n\n**Name of Related Party**   **Nature of Relationship**\n\nGuozhen Liu   Limited partner of Changxin International Limited Partnership, executive director and legal representative of Park Ha Shanghai, supervisor of Xinzhan, parent of Xiaoqiu Zhang\n\nFujun Yu   Legal representative and executive director of Park Ha Jiangsu, supervisor of Park Ha Shanghai\n\nHengquan Zhang   Supervior of Park Ha Jiangsu, parent of Xiaoqiu Zhang\n\nXiaoqiu Zhang   CEO, Chairperson of the board of directors, controlling shareholder of Park Ha Cayman\n\nLi Wang   Supervisor of Park Ha Investment, director of the Company\n\n \n\n**Due\nfrom related party**\n\n** **\n\nThe\nCompany made advances to Ms. Xiaoqiu Zhang for working capital to be paid on behalf of the Company. The balance due from Ms. Xiaoqiu\nZhang was $35 and $14,339 as of October 31, 2025 and 2024, respectively.\n\n \n\n**Due\nto related party**\n\n \n\nMs.\nLi Wang made a payment for rent on behalf of the Company. The balance due to Ms. Li Wang was $ 7,026 and $nil as of October 31, 2025\nand 2024, respectively.\n\n  \n\nThe\namounts due from related party and due to related party above are non-interest bearing, without maturity and due on demand.\n\n \n\nF-23\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n14 — LEASES**\n\n \n\nThe\nCompany has entered into several operating leases for its self-operated stores, dormitories and offices. Leases with an initial term\nof 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases\nas a single lease component. Lease expense is recognized on a straight-line basis over the lease term.\n\n \n\nOperating\nlease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease\nterm. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease.\nThe Company determines the incremental borrowing rate for each lease based primarily on its lease term in PRC which are approximately\n3.25%, 3.75% and 3.73% for the fiscal year ended October 31, 2025 , 2024 and 2023, respectively.\n\n \n\nOperating\nlease expenses were $37,386 , $30,425 and $45,869 for the fiscal years ended October 31, 2025 , 2024 and 2023, respectively.\n\n \n\nThe\ncomponents of lease expense and supplemental cash flow information related to leases for the period are as follows:\n\n \n\n   For the years ended October 31, \n\n   2025   2024   2023 \n\nLease Cost               \n\nOperating lease cost  $37,386   $30,425   $45,869 \n\n                \n\nOther Information               \n\nCash paid for amounts included in the measurement of lease liabilities  $37,043   $30,435   $44,654 \n\nWeighted average remaining lease term – operating leases (in years)   2.47    4.64    1.54 \n\nAverage discount rate – operating lease   3.25%   3.75%   3.73%\n\n \n\nThe\nsupplemental balance sheet information related to leases is as follows:\n\n \n\n  \nAs\nof October 31, \n\n  \n2025  \n2024 \n\nOperating leases \n    \n   \n\nRight-of-use\nassets \n$180,243  \n$70,739 \n\n  \n    \n   \n\nOperating lease liabilities, current \n$104,254  \n$17,573 \n\nOperating lease liabilities,\nnon-current \n$75,915  \n$52,745 \n\nTotal operating lease\nliabilities \n$180,169  \n$70,318 \n\n \n\nThe\nundiscounted future minimum lease payment schedule as follows:\n\n \n\nFor\nthe years ending October 31, \n  \n\n2026 \n 39,090 \n\n2027 \n 75,201 \n\n2028 \n 48,071 \n\n2029 \n 23,606 \n\n2030 \n — \n\nTotal undiscounted lease payments \n 185,968 \n\nLess imputed interest \n (5,799)\n\nTotal lease liabilities \n 180,169 \n\n \n\nF-24\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n15 — SHAREHOLDERS’ EQUITY**\n\n \n\nThe\nCompany was incorporated in the Cayman Islands in October 2022 under the Cayman Islands Companies Act as an exempted company with limited\nliability.\n\n \n\nFor\nthe year ended October 31, 2022, the Company issued 5,000,000 shares to certain founding shareholders in exchange for US$500 based on\nthe par value. On June 29, 2024, our shareholders approved a share split of our outstanding Ordinary Shares at a ratio of 1:5. The Company\nhas retroactively restated all share data for all of the periods presented pursuant to ASC 260 to reflect the share split, resulting\nin 25,000,000 Ordinary Shares issued and outstanding after the share split.\n\n \n\nOn\nDecember 26, 2024, the Company completed initial public offering, issued and sold 1,200,000 Ordinary Shares, at $4.00 per share for $4.80\nmillion. The net proceeds of $3.89 million after deducting underwriting discounts and the offering expenses payable was received by the\nCompany.\n\n \n\nOn\nJanuary 24, 2025, the Company issued and sold 174,403 shares to an over-allotment arrangement, at $4.00 per share for $0.70 million.\nThe net proceeds of 0.38million after deducting underwriting discounts and the offering expenses payable was received by the Company\n\n \n\nOn\nFebruary 28, 2025, the Board of Directors resolved and approved: the company adopt the 2025 Equity Incentive Plan, under which the total\nnumber of authorized and issuable shares of the company’s common stock (with a par value of $0.00002 per share) shall be 3,000,000\nshares. On March 5, 2025, the company entered into five grant agreements with the respective grantees, specifying the grant date as March\n5, 2025, with the vesting arrangement being immediately exercisable. The company recognized share-based compensation included in administrative\nexpenses of $ 19,950,000 for the year ended October 31, 2025, calculated based on the fair value price of $ 6.65 per share on the\ngrant date of March 5,2025 multiplied by 3,000,000 shares.\n\n \n\nOn\nJuly 7, 2025, the Board of Directors resolved and approved: The Company intends to adopt the 2025 Equity Incentive Plan, under which\nthe total number of authorized and issuable shares of the Company’s common stock (with a par value of $0.00002 per share) shall\nbe 4,500,000 shares. On July 14, 2025, the Company entered into four grant agreements with the respective grantees, specifying the grant\ndate as July 14, 2025, with the vesting arrangement being immediately exercisable. The company recognized share-based compensation\nincluded in administrative expenses of $ 4,120,200 for the year ended October 31, 2025, calculated based on the fair value price\nof $0.9156 per share on the grant date of July 14,2025 multiplied by 4,500,000 shares.\n\n \n\nOn\nOctober 3, 2025, at the 2025 annual general meeting of shareholders (the “AGM”) of the Company, the shareholders of the Company\npassed resolutions to increase the Company’s authorized share capital and re-classify and re-designate the Company’s authorized\nshare capital. As a result, immediately following the AGM, the Company’s authorized share capital was increased, and re-classified\nand re-designated from US$50,000 divided into 2,500,000,000 Ordinary Shares of par value US$0.00002 each to US$300,000 divided into 12,000,000,000\nClass A Ordinary Shares of par value US$0.00002 each, with each Class A Ordinary Share entitled to one vote, and 3,000,000,000 Class\nB Ordinary Shares of par value US$0.00002 each, with each Class B Ordinary Share entitled to 20 votes. The Company has retroactively\nrestated all share data for all of the periods presented pursuant to ASC 260 to reflect the share reorganization.\n\n \n\nOn\nDecember 26, 2025, the Company held an extraordinary meeting of shareholders, during which the shareholders approved a proposal to effect\na reverse stock split (the “Reverse Split”), the Board of Directors of the Company subsequently approved the Reverse Split,\nand the exact ratio which is 1-for-50 on January 29, 2026. The Reverse Split became effective on February 20, 2026, and the Class A Ordinary\nShares began trading on a post-Reverse Split basis on the Nasdaq Capital Market when the market opened on February 23, 2026 under the\nsame symbol “BYAH.”, 35 fractional shares were issued in connection with the Reverse Split. All fractional shares were rounded\nup to the whole number of shares. Each 50 pre-split ordinary shares outstanding automatically combined and converted to one issued and\noutstanding ordinary share without any action on the part of the shareholders. The Company has retroactively restated all share and per\nshare data for all of the periods presented pursuant to ASC 260 to reflect the Reverse Split.\n\n \n\nAs\nof October 31, 2025, there were 296,488 Class A ordinary shares and 381,000 Class B ordinary shares issued and outstanding.\n\n** **\n\nF-25\n\n \n\n** **\n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n16 — RESTRICTED NET ASSETS**\n\n \n\nAs\na result of the PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable\nprofits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the\nCompany. Amounts restricted include paid-in capital, additional paid-in capital, and the statutory reserves of the Company’s PRC\nsubsidiaries.\n\n \n\n  \nAs\nof \n\n  \n**October 31,\n2025**  \n**October 31,\n2024** \n\nAdditional paid in capital \n 2,561,211  \n 1,161,211 \n\nStatutory reserve \n 217,264  \n 131,962 \n\nTotal \n 2,778,475  \n 1,293,173 \n\n** **\n\n**NOTE\n17 — SEGMENTS INFORMATION**\n\n \n\nThe\nCompany believes that it operates in two business segments which comprised of products sales and franchise service; and it operates in\none geographical location China. The Company disaggregates its revenue into categories that depict how the nature, amount, timing and\nuncertainty of revenue and cash flows are affected by economic factors.\n\n \n\nSummarized\nfinancial information for the two reportable segments is as follows:\n\n \n\n  \nYear\nEnded October 31, 2025 \n\n  \nProduct\n\nSales  \nFranchise\n\nfees  \nConsolidated \n\nRevenues, net \n 1,014,034  \n 1,510,809  \n 2,524,843 \n\nCost of revenues \n 129,326  \n 13,200  \n 142,526 \n\nGross profit \n 884,708  \n 1,497,609  \n 2,382,317 \n\nDepreciation and amortization \n 109,369  \n —  \n 109,369 \n\nOther (income) expense, net \n 11,130,126  \n 15,226,929  \n 26,357,055 \n\nIncome tax expenses\n(benefits) \n 18,198  \n 262,448  \n 280,646 \n\nNet Income (loss) \n (10,372,985) \n (13,991,768) \n (24,364,753)\n\n \n\n  \nYear\nEnded October 31, 2024 \n\n  \nProduct\n\nSales  \nFranchise\n\nfees  \nConsolidated \n\nRevenues, net \n 707,231  \n 1,674,620  \n 2,381,851 \n\nCost of revenues \n 88,983  \n 106,353  \n 195,336 \n\nGross profit \n 618,248  \n 1,568,267  \n 2,186,515 \n\nDepreciation and amortization \n 18,636  \n 4,050  \n 22,686 \n\nOther (income) expense, net \n 742,202  \n 628,206  \n 1,370,408 \n\nIncome tax expenses\n(benefits) \n (23,992) \n 338,852  \n 314,860 \n\nNet Income (loss) \n (118,598) \n 597,159  \n 478,561 \n\n \n\nF-26\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n17 — SEGMENTS INFORMATION** (cont.)\n\n \n\n  \nYear\nEnded October 31, 2023 \n\n  \nProduct\n\nSales  \nFranchise\n\nfees  \nConsolidated \n\nRevenues, net \n 648,745  \n 1,810,357  \n 2,459,102 \n\nCost of revenues \n 141,785  \n 169,204  \n 310,989 \n\nGross profit \n 506,960  \n 1,641,153  \n 2,148,113 \n\nDepreciation and amortization \n 4,936  \n 15,127  \n 20,063 \n\nOther (income) expense, net \n 558,094  \n 388,387  \n 946,481 \n\nIncome tax expense (benefit) \n (17,163) \n 346,690  \n 329,527 \n\nNet Income (loss) \n (38,907) \n 890,949  \n 852,042 \n\n** **\n\nSummarized\nfinancial information for revenues, costs and profits is as follows\n\n \n\nSales\nrevenues comprised of the following:\n\n \n\n  \nYear\nEnded \n\n  \nOctober 31,  \nOctober 31,  \nOctober 31, \n\n  \n2025  \n2024  \n2023 \n\nProducts sales – Non-franchisees \n 535,760  \n 21% \n 355,832  \n 15% \n 302,505  \n 12%\n\nProduct sales – Franchisees \n 478,274  \n 19% \n 351,399  \n 15% \n 346,240  \n 14%\n\nFranchise fees \n 1,510,809  \n 60% \n 1,674,620  \n 70% \n 1,810,357  \n 74%\n\nAmount \n 2,524,843  \n 100% \n 2,381,851  \n 100% \n 2,459,102  \n 100%\n\n \n\nDirect\ncosts comprised of the following:\n\n \n\n  \nYear\nEnded \n\n  \n**October 31,\n2025**  \nOctober 31,\n\n2024  \nOctober 31,\n\n2023 \n\nProducts\nsales – Non-franchisees \n 21,982  \n 15% \n 21,390  \n 11% \n 45,770  \n 15%\n\nProduct\nsales – Franchisees \n 107,344  \n 75% \n 67,593  \n 35% \n 96,015  \n 31%\n\nFranchise\nfees \n 13,200  \n 10% \n 106,353  \n 54% \n 169,204  \n 54%\n\nAmount \n 142,526  \n 100% \n 195,336  \n 100% \n 310,989  \n 100%\n\n \n\nGross\nprofit comprised of the following:\n\n \n\n  \nYear\nEnded \n\n  \n**October 31,\n2025**  \n**October 31,\n2024**  \n**October 31,\n2023** \n\nProductssales – Non-franchisees \n 513,778  \n 22% \n 334,422  \n 15% \n 256,735  \n 12%\n\nProduct\nsales – Franchisees \n 370,930  \n 16% \n 283,806  \n 13% \n 250,225  \n 12%\n\nFranchise\nfees \n 1,497,609  \n 62% \n 1,568,267  \n 72% \n 1,641,153  \n 76%\n\nAmount \n 2,382,317  \n 100% \n 2,186,515  \n 100% \n 2,148,113  \n 100%\n\n \n\nF-27\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n18 — CONCENTRATION RISKS**\n\n** **\n\nConcentration\nof credit risk\n\n \n\nCash\ndeposits with banks are held in financial institutions in China, which deposits are not federally insured. Accordingly, the Company has\na concentration of credit risk related to the uninsured part of bank deposits. The Company has not experienced any losses in such accounts\nand believes it is not exposed to significant credit risk.\n\n** **\n\nConcentration\nof customers and suppliers\n\n \n\nThe\nCompany has a concentration risk related to suppliers and customers. Failure to maintain existing relationships with the suppliers or\ncustomers to establish new relationships in the future could negatively affect the Company’s ability to obtain goods sold to customers\nin a price advantage and timely manner. If the Company is unable to obtain ample supply of goods from existing suppliers or alternative\nsources of supply, the Company may be unable to satisfy the orders from its customers, which could materially and adversely affect revenues.\n\n \n\nThe\ncustomers accounting for 10% or more of the company’s revenue include the following:\n\n \n\n  \nFor\nthe years ended\nOctober 31, \n\n  \n2025  \n2024  \n**2023**\n  \n\nPercentage of Company revenue \n   \n   \n  \n\nCustomer G \n 6% \n 10% \n 10%\n\nCustomer F \n 6% \n 10% \n 10%\n\n \n\nThe\ncustomers that accounted for 10% or more of the Company’s accounts receivable comprised of the following:\n\n \n\n  \nFor\nthe years ended\nOctober 31, \n\n  \n2025  \n2024  \n**2023**\n  \n\nPercentage of the Company’s accounts receivable \n   \n   \n  \n\nCustomer A \n —% \n 17% \n 16%\n\nCustomer B \n —% \n 7% \n 9%\n\nCustomer C \n —% \n 1% \n 11%\n\nCustomer D \n 4% \n 3% \n 4%\n\nCustomer E \n —% \n 8% \n 3%\n\nCustomer F \n —% \n 15% \n 18%\n\nCustomer G \n —% \n 4% \n 17%\n\nCustomer J \n 28% \n —% \n —%\n\nCustomer L \n 11% \n —% \n —%\n\nCustomer K \n 15% \n —% \n —%\n\n \n\nThe\nsuppliers that accounted for 10% or more of the Company’s purchases comprised of the following:\n\n \n\n  \nFor\nthe years ended\nOctober 31, \n\n  \n2025  \n2024  \n**2023**\n  \n\nPercentage of the Company’s purchases \n   \n   \n  \n\nSupplier A \n 8% \n 15% \n 9%\n\nSupplier B \n 9% \n 11% \n 7%\n\nSupplier C \n 5% \n 10% \n —%\n\nSupplier D \n 26% \n —% \n —%\n\nSupplier E \n 11% \n 5% \n 1%\n\nSupplier F \n 1% \n 11% \n 58%\n\n \n\nF-28\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n18 — CONCENTRATION RISKS**(cont.)\n\n** **\n\nThe\nsuppliers that accounted for 10% or more of the Company’s account payables comprised of the following:\n\n \n\n  \nFor\nthe years ended\nOctober 31, \n\n  \n2025  \n2024  \n**2023**\n  \n\nPercentage of the Company’s accounts payable \n   \n   \n  \n\nSupplier F \n —% \n 36% \n 63%\n\nSupplier G \n 81% \n 55% \n 7%\n\nSupplier H \n 19% \n 9% \n 4%\n\n \n\n**NOTE\n19 — INCOME TAX**\n\n \n\n*Cayman\nIslands*\n\n \n\nUnder\nthe current laws of the Cayman Islands, entities are not subject to tax on income or capital gain. In addition, payments of dividends\nby the Company to their shareholders are not subject to withholding tax in the Cayman Islands.\n\n \n\n*Hong Kong*\n\n \n\nPark\nHa Biological Technology (HK) Co., Ltd. is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable\nincome as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable\ntax rate for the first HKD$2 million of assessable profits is 8.25% and assessable profits above HKD$2 million will continue\nto be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of assessment 2018/2019. Park Ha\nBiological Technology (HK) Co., Ltd. did not make any provisions for Hong Kong profit tax as there were no assessable profits derived\nfrom or earned in Hong Kong since inception. Under Hong Kong tax laws, Park Ha Biological Technology (HK) Co., Ltd.is exempted\nfrom income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends for the\nyear ended October 31, 2025 ,2024 and 2023.\n\n \n\n*China,\nPRC*\n\n \n\nThe\nCompany in general is subject to profits tax rate at 25% for income generated for its operation in China and net operating losses can\nbe carried forward for no longer than five years starting from the year subsequent to the year in which the loss was incurred.\n\n \n\nIn\naccordance with the implementation rules of EIT Laws, a qualified “High and New Technology Enterprise” (“HNTE”)\nis eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity could re-apply\nfor the HNTE certificate when the prior certificate expires. “Park Ha Jiangsu” obtained its HNTE certificate on November\n6, 2024. Therefore, “Park Ha Jiangsu” is eligible to enjoy a preferential tax rate of 15% from 2024 to 2026 to the extent\nit has taxable income under the EIT Law.\n\n \n\nAnnouncement\nNo. 12 [2023] of the Ministry of Finance and the State Taxation Administration stipulates that the preferential corporate income tax\n(CIT) policy for small and low-profit enterprises (SLPEs) — reducing taxable income by 25% and applying a 20% tax rate —\nshall be extended until December 31, 2027.Wuxi Muchen and Wuxi Mufeng and Park Ha investment, with annual taxable income not exceeding\nRMB 1 million for the year ended October 31, 2025, qualify as SLPEs. As such, 25% of their taxable income is subject to CIT at the reduced\nrate of 20%.\n\n \n\nAi\nMeihui obtained the “Review Approval Notification for Application and Adjustment of Fixed Amount for Periodic Fixed-Amount Taxpayers”\nissued by the State Taxation Administration, Jiangsu Wuxi Economic Development Zone Tax Bureau on August 30, 2025, indicating that the\napplication for “Periodic Fixed-Amount Taxpayer Application and Adjustment of Fixed Amount” submitted by Ai Meihui on August\n22, 2025, has been approved. Upon review, Ai Meihui’s account shall implement a monthly taxable amount of 0 RMB from August 1,\n2025, to December 31, 2025.\n\n \n\nXinyuexuan\nobtained the “Review Approval Notification for Application and Adjustment of Fixed Amount for Periodic Fixed-Amount Taxpayers”\nissued by the State Taxation Administration, Jiangsu Wuxi Economic Development Zone Tax Bureau on August 19, 2025, indicating that the\napplication for “Periodic Fixed-Amount Taxpayer Application and Adjustment of Fixed Amount” submitted by Xinyuexuan on August\n11, 2025, has been approved. Upon review, Xinyuexuan’s account shall implement a monthly taxable amount of 0 RMB from July 1, 2025,\nto December 31, 2025.\n\n \n\nF-29\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n \n\n**NOTE\n19 — INCOME TAX**(cont.)\n\n \n\n*Income\ntaxes in the PRC are consist of*:\n\n \n\n  \nYear\nEnded \n\n  \n**October 31,\n2025**  \n**October 31,\n2024**  \n**October 31,\n2023** \n\nCurrent income tax expense \n 307,317  \n 336,325  \n 363,264 \n\nDeferred income tax\nbenefit \n (26,671) \n (21,465) \n (33,737)\n\nTotal income tax expense\n(benefit) \n 280,646  \n 314,860  \n 329,527 \n\n \n\nThe\nnet taxable income before income taxes and its provision for income taxes comprised of the following:\n\n \n\n  \nYear\nEnded \n\n  \n**October 31,\n2025**  \n**October 31,\n2024**  \nOctober31,\n2023 \n\nIncome before income tax expenses \n (24,084,107) \n 793,421  \n 1,181,569 \n\nPRC statutory tax rate \n 25% \n 25% \n 25%\n\nIncome tax expense at PRC statutory income\ntax rate \n (6,021,026) \n 198,356  \n 295,393 \n\nEffect of different tax jurisdiction \n 6,202,101  \n —  \n — \n\nTax effect of preferential tax treatments \n 7,391  \n 112,241  \n 4,375 \n\nResearch and development credit \n (45,429) \n (5,507) \n (4,632)\n\nNon-deductible expenses \n 3,078  \n 2,510  \n 48,158 \n\nChange in valuation\nallowance \n 134,531  \n 7,260  \n (13,767)\n\nTax expense (benefit),\nnet \n 280,646  \n 314,860  \n 329,527 \n\n \n\nDeferred\ntax assets consist of the following:\n\n \n\n  \nAs\nof \n\n  \n**October 31,\n2025**  \n**October 31,\n2024**  \n**October 31,\n2023** \n\nNet operating losses carried forward\nin the PRC \n 138,115  \n 85,404  \n 77,818 \n\nAllowance of expected credit loss \n 81,598  \n 56,310  \n 33,830 \n\nAllowance for inventory \n 1,759  \n —  \n — \n\nTotal \n 221,472  \n 141,714  \n 111,648 \n\nLess: Valuation allowance \n (138,115) \n (85,404) \n (77,818)\n\nDeferred tax assets, net \n 83,357  \n 56,310  \n 33,830 \n\n \n\nF-30\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries\nNotes to the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n19 — INCOME TAX**(cont.)\n\n \n\nAs\nof october 31, 2025 and october 31, 2024 , the Company’s PRC entities had net operating loss carryforwards of approximately\n$1.18 million and $0.47 million, respectively which will start to expire from 2025. The Company reviews deferred tax assets for\na valuation allowance based upon whether it is more likely than not that the deferred tax asset will not be fully realized. As of october 31,\n2025 and October 31, 2024, full valuation allowance is provided against the deferred tax assets related to the Company’s net\noperating loss carryforwards based upon management’s assessment as to their realization.\n\n** **\n\n**Note\n20 — Commitments and contingencies**\n\n** **\n\n*Variable\ninterest entity structure*\n\n* *\n\nIn\nthe opinion of management, (i) the corporate structure of the Company is in compliance with existing PRC laws and regulations; (ii) the\nContractual Arrangements are valid and binding, and do not result in any violation of PRC laws or regulations currently in effect; and\n(iii) the business operations of Park Ha Jiangsu and the VIEs are in compliance with existing PRC laws and regulations in all material\nrespects.\n\n \n\nHowever,\nthere are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly,\nthe Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to the foregoing opinion of its\nmanagement. If the current corporate structure of the Company or the Contractual Arrangements is found to be in violation of any existing\nor future PRC laws and regulations, the Company may be required to restructure its corporate structure and operations in the PRC to comply\nwith changing and new PRC laws and regulations. In the opinion of management, the likelihood of loss in respect of the Company’s\ncurrent corporate structure or the Contractual Arrangements is remote based on current facts and circumstances.\n\n* *\n\n**NOTE\n21 — SUBSEQUENT EVENTS**\n\n \n\nOn\nNovember 27,2025 , Hefeng Beauty Salon (“hefeng”) was incorporated in the People’s Republic of China (“PRC”)\nand is controlled by Park Ha Jiangsu through contractual arrangement as its variable interest entity (“VIE”).\n\n \n\nOn\nDecember 3, 2025, the Company incorporated Wuxishi Maohe Biotechnology Co., Ltd., a limited liability company，100% owned by Xinzhan.\n\n \n\nOn\nNovember 15, 2025, the Company signed a lease agreement with Wuxi Suning Commercial Management Co., Ltd. The Company leased Shop 503\nin Suning Plaza, located at 111 Renmin Middle Road, Chongan District, Wuxi City, covering an area of 48 square meters. The lease term\nis from November 21, 2025, to November 20, 2027. The total rent is $1,845, with $8,587 for the first year and $9,864 for the second year.\n\n \n\nOn\nDecember 1, 2025, the company signed a lease agreement with Wuxi Yinggeka Shopping Center Co., Ltd. The company leased Shop No. 04H15\nlocated at No. 3 Tuanjie Middle Road, Xishan Economic Development Zone, Wuxi City, covering an area of 44 square meters. The lease term\nis from December 6, 2025 to December 5, 2027. The total rent is $13,133, with $6,455 for the first year and $6,478 for the second year.\n\n \n\nF-31\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n \n\n**NOTE\n21 — SUBSEQUENT EVENTS** (cont.)\n\n \n\nOn\nDecember 26, 2025, at the 2025 extraordinary general meeting of shareholders (the “EGM”) of the Company, the shareholders\nof the Company passed resolutions to (i) increase the Company’s authorized share capital; and (ii) adopt amended and restated memorandum\nand articles of association to reflect the share capital increase. As a result, immediately following the EGM, the Company’s authorized\nshare capital was increased from US$300,000 divided into 12,000,000,000 Class A Ordinary Shares of par value US$0.00002 each, with each\nClass A Ordinary Share entitled to one vote, and 3,000,000,000 Class B Ordinary Shares of par value US$0.00002 each, with each Class\nA Ordinary Share entitled to 20 votes, to US$3,000,000 divided into 120,000,000,000 Class A Ordinary Shares of par value US$0.00002 each,\nwith each Class A Ordinary Share entitled to one vote, and 30,000,000,000 Class B Ordinary Shares of par value US$0.00002 each, with\neach Class B Ordinary Share entitled to 20 votes.\n\n \n\nOn\nJanuary 28, 2026, the Company completed a public offering, issued and sold 21,875,000 Ordinary Shares, of which 21,875,000 shares\nrelated to the public offering, at $0.112 per share for $2.45 million. The net proceeds of $2.244 million after deducting\nunderwriting discounts and the offering expenses payable was received by the Company. The Company also registering 196,875,000 Class\nA Ordinary Shares underlying the Warrants (the “Warrant Shares”) pursuant to a zero-exercise price option. Each Warrant will\nhave an initial exercise price of $0.112 per Class A Ordinary Share and will be exercisable beginning on the date of the issuance date\nand ending on the one-year anniversary of the issuance date.\n\n \n\nOn\nJanuary 27, 2026, one holder exercised its 36,000 Warrant Shares through an alternative cashless exercise option, and the Company issued\na total of 36,000 Class A Ordinary Shares on January 30, 2026.\n\n \n\nOn\nFebruary 3, 2026, one holder exercised its 32,000 Warrant Shares through an alternative cashless exercise option, and the Company issued\na total of 32,000 Class A Ordinary Shares on February 4, 2026.\n\n \n\nOn\nFebruary 4, 2026, eleven holders exercised an aggregate of 900,000 Warrant Shares through an alternative cashless exercise option, and\nthe Company issued a total of 900,000 Class A Ordinary Shares on February 4, 2026.\n\n \n\nOn\nFebruary 5, 2026, one holder exercised its 12,379 Warrant Shares through an alternative cashless exercise option, and the Company issued\na total of 12,379 Class A Ordinary Shares on February 5, 2026.\n\n \n\nOn\nFebruary 23, 2026, eleven holders exercised an aggregate of 1,125,121 Warrant Shares through an alternative cashless exercise option,\nand the Company issued a total of 1,125,121 Class A Ordinary Shares on February 23, 2026.\n\n \n\nOn\nFebruary 9, 2026, the Company announced that it expects to implement a 1-for-50 reverse stock split effective February 20, 2026,\nsubject to the Company’s satisfaction of Nasdaq Operations notice requirements, with trading to begin on a split-adjusted basis\nat the market open on that day.\n\n \n\nIn\nconnection with the reverse stock split, the Company filed an Amended and Restated Memorandum of Association, with the Registry of Companies\nof the Cayman Islands on February 4, 2026 to reduce the authorized share capital of the Company from USD 3,000,000.00 divided into 150,000,000,000\nordinary shares of par value US$0.00002 each divided into (i) 120,000,000,000 Class A ordinary shares with a par value of US$0.00002\neach with 1 vote per share and (ii) 30,000,000,000 Class B ordinary shares with a par value of US$0.00002 each with 20 votes per share\nto 3,000,000,000 ordinary shares of par value US$0.001 each divided into (i) 2,400,000,000 Class A ordinary shares with a par value of\nUS$0.001 each with 1 vote per share and (ii) 600,000,000 Class B ordinary shares with a par value of US$0.001 each with 20 votes per\nshare, the reduction at the same ratio as its reduction in the issued and outstanding shares. As approved and authorized by a majority\nof the shareholders at an extraordinary meeting of shareholders held on December 26, 2025, the Board of Directors of the Company subsequently\napproved the reverse stock split and the exact ratio of the reverse stock split on January 29, 2026.\n\n \n\nThe\nCompany has evaluated subsequent events from October 31, 2025 and through the date of issuance of the consolidated financial statements\nwhich is March 02, 2026 and did not identify any subsequent events except disclosed above that would have material financial impact or\nthat required adjustment of the Company’s consolidated financial statements.\n\n** **\n\nF-32\n\n \n\n** **\n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n** **\n\n**NOTE\n22 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION**\n\n \n\nPark\nHa Biological Technology Co., Ltd. (“Park Ha Cayman”) was incorporated in the Cayman Islands on October 11, 2022.\n\n \n\nThe\ncondensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X,\nas the restricted net assets of the subsidiaries of Park Ha Cayman exceed 25% of the consolidated net assets of the Company. For purposes\nof the test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share\nof net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not\nbe transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third\nparty (i.e., lender, regulatory agency, foreign government, etc.). The ability of the Company’s Chinese operating subsidiaries\nto pay dividends may be restricted due to the foreign exchange control policies and availability of cash balances of the Chinese operating\nsubsidiaries. Because substantially all of the Company’s operations are conducted in China and a substantial majority of the Company’s\nrevenues are generated in China, a majority of the Company’s revenue being earned and currency received are denominated in Renminbi\n(“RMB”). RMB is subject to the exchange control regulation in China, and, as a result, the Company may be unable to distribute\nany dividends outside of China due to PRC exchange control regulations that restrict the Company’s ability to convert RMB into\nUS Dollars.\n\n \n\nThe\ncondensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes\nto the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the\nequity method, and are presented as if all the companies existed as of November 1, 2022 and throughout the three-year periods ended\nOctober 31, 2025. Refer to the consolidated financial statements and notes presented above for additional information and disclosures\nwith respect to these financial statements.\n\n \n\nAs\nof October 31, 2025 and 2024, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend\nor redemption requirements of redeemable stock or guarantees of the Company, except for those that have been separately disclosed in\nthe consolidated financial statements, if any.\n\n** **\n\n*Condensed\nBalance Sheets*\n\n \n\n  \nOctober 31,\n\n2025  \nOctober 31,\n\n2024 \n\nASSETS \n   \n  \n\nCurrent\nAssets \n    \n   \n\nCash \n 2,056,270  \n — \n\nOther\nreceivables and other current assets \n 293,333  \n — \n\nDeffered\nIPO Cost \n —  \n 1,088,400 \n\nTotal\nCurrent Assets \n 2,349,603  \n 1,088,400 \n\nNon-Current\nAssets \n —  \n — \n\nInvestment\nin subsidiaries and VIEs \n 3,716,103  \n 1,879,477 \n\nTotal\nNon-Current Assets \n 3,716,103  \n 1,879,477 \n\nTOTAL\nASSETS \n 6,065,706  \n 2,967,877 \n\n  \n    \n   \n\nLIABILITIES\nAND SHAREHOLDERS’ EQUITY \n    \n   \n\nCurrent\nLiabilities \n    \n   \n\nAccruals\nand other payables \n 60,000  \n — \n\nIntercompany\nPayable \n 2,010,851  \n 1,461,792 \n\nTotal\nCurrent Liabilities \n 2,070,851  \n 1,461,792 \n\nTOTAL\nLIABILITIES \n 2,070,851  \n 1,461,792 \n\nShareholders’\nEquity \n    \n   \n\nClass A Ordinary Shares, $0.001 par value; 12,000,000,000 shares authorized; 296,488 and 119,000 shares issued and outstanding as of October 31, 2025 and 2024, respectively;* \n 296  \n 119 \n\nClass B Ordinary Shares, $0.001 par value; 3,000,000,000 shares authorized; 381,000 shares issued and outstanding as of October 31, 2025 and 2024, respectively* \n 381  \n 381 \n\nSubscription\nReceivable \n —  \n — \n\nAdditional\nPaid In Capital \n 28,021,581  \n 1,161,211 \n\nStatutory\nReserve \n 217,264  \n 131,962 \n\n(Accumulated\nDeficits) Retained Earning \n (24,178,267) \n 271,788 \n\nAccumulated\nOther Comprehensive Loss \n (66,400) \n (59,376)\n\nTotal\nStockholders’ Equity \n 3,994,855  \n 1,506,085 \n\nTOTAL\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n 6,065,706  \n 2,967,877 \n\n \n\n*Retroactively\nrestated to reflect the share split and share reorganization(See Note 15)\n\n \n\nF-33\n\n \n\n \n\n**Park\nHa Biological Technology Co., Ltd. and its Subsidiaries**\n\n**Notes\nto the Consolidated Financial Statements**\n\n \n\n**NOTE\n22 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION** (cont.)\n\n \n\n*Condensed\nStatements of Operations*\n\n* *\n\n  \nYear\nEnded\nOctober 31,\n2025  \nYear\nEnded\nOctober 31,\n2024  \nYear\nEnded\nOctober 31,\n2023 \n\nOperating costs and expenses: \n    \n    \n   \n\nGeneral and administrative expenses \n 24,840,917  \n 373,892  \n — \n\n Total operating expenses \n 24,840,917  \n —  \n — \n\nOther income (expense): \n —  \n —  \n — \n\nOther income \n 30,002  \n —  \n — \n\nInterest income \n 2,552  \n —  \n — \n\nInterest expense \n (41) \n —  \n — \n\nTotal other income (expenses) \n 32,513  \n —  \n — \n\nIncome of subsidiaries\nand VIEs \n 443,651  \n 852,453  \n 852,042 \n\nNet (loss) income \n (24,364,753) \n 478,561  \n 852,042 \n\n* *\n\n  \nYear Ended\n\nOctober 31,\n2025  \nYear Ended\n\nOctober 31,\n2024  \nYear Ended\n\nOctober 31,\n2023 \n\nCash flows from operating activities \n    \n    \n   \n\nNet\n(loss) income \n (24,364,753) \n 478,561  \n 852,042 \n\nShare-based\nCompensation Expense \n 24,070,200  \n —  \n — \n\nOther\nnon-cash operating expense \n 150,000  \n 373,892  \n — \n\nIncome\nof subsidiaries and VIEs \n (443,651) \n (852,453) \n (852,042)\n\nChanges\nin operating assets and liabilities: \n    \n    \n   \n\nOther\nreceivables and other current assets \n (293,333) \n —  \n — \n\nAccruals\nand other payables \n 60,000  \n —  \n — \n\n  \n    \n    \n   \n\nNet\ncash used in operating activities \n (821,537) \n —  \n — \n\n  \n    \n    \n   \n\nCash\nflows from investing activities \n    \n    \n   \n\nPay\nthe investments on behalf of the subsidiary \n (1,400,000) \n —  \n — \n\nLoans\nto the third party \n (6,030,001) \n —  \n — \n\nLoans\nrepayment from the third party \n 6,030,001  \n —  \n — \n\nNet\ncash used in investing activities \n (1,400,000) \n —  \n — \n\n  \n    \n    \n   \n\nCash\nflows from financing activities \n    \n    \n   \n\nProceeds from issuance\nof shares \n 4,277,807  \n —  \n — \n\nNet\ncash provided by financing activities \n 4,277,807  \n —  \n — \n\n  \n    \n    \n   \n\nNet\nincrease in cash \n 2,056,270  \n —  \n — \n\n  \n    \n    \n   \n\nEffect\nof exchange rate changes on cash \n —  \n —  \n — \n\nCash and\ncash equivalents– at the beginning of the year \n —  \n —  \n — \n\nCash and\ncash equivalents– at the end of the year \n$2,056,270  \n$—  \n$— \n\n \n\nF-34\n\n \n\nU.S. 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