{"url_path":"/sec/cik-0002011134/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 PRINCIPAL ACCOUNTING FEES AND SERVICES**","topic":"sec","document":{"doc_type":"10-K/A","doc_date":"2026-07-22","source_url":"https://www.sec.gov/Archives/edgar/data/2011134/0002011134-26-000019-index.html","accession_number":"0002011134-26-000019","cik":"0002011134","ticker":null,"issuer_name":"Kioni Holdings Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2011134/0002011134-26-000019-index.html","primary_entity_key":"0002011134","primary_entity_name":"Kioni Holdings Ltd"},"word_count":2879,"has_tables":true,"body_markdown":"** **\n\n**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**\n\n** **\n\nThe following is a summary of the fees billed to us\nby our independent auditors (LAO Professional) (2024: Olayinka Oyebola & Co) for professional services rendered related\nto the fiscal years ended December 31, 2025 and 2024:\n\n** **\n\n \n \n2025\n \n \n2024\n \n\n \n \nUS$\n \n \nUS$\n \n\nAudit Fees (1)\n \n$\n13,000\n \n \n$\n15,638\n \n\nAudit Related Fees (2)\n \n \n-\n \n \n \n-\n \n\nTax Fees\n \n \n-\n \n \n \n-\n \n\nAll Other Fees\n \n \n-\n \n \n \n-\n \n\nTotal\n \n$\n13,000\n \n \n$\n15,638\n \n\n \n\n \n1.\nIncludes audit of annual financial statements and review of unaudited quarterly financial statements.\n\n \n\n \n2.\nIncludes review of our registration statement.\n\n \n\n \n\n7 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n** **\n\n**EPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n**To the Board of Directors and Stockholders of Kioni\nHoldings Limited.**\n\n \n\n**Opinion on the Financial Statement**\n\n \n\nWe have audited the accompanying consolidated balance\nsheets of Kioni Holdings Limited. (the ‘Company’) as of December 31, 2025, and 2024, and the related consolidated statements\nof operations, changes in stockholders’ equity and cash flows for period ended December 31, 2025, and 2024, and the related notes\n(collectively referred to as the “financial statements”). In our opinion, the consolidated financial statements present fairly,\nin all material respects, the consolidated financial position of the Company as of December 31, 2025, and 2024, and the results of its\noperations and its cash flows for each of the period ended December 31, 2025, and 2024, in conformity with accounting principles generally\naccepted in the United States of America.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility of\nthe Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits.\nWe are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and\nare required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules\nand regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit in accordance with the standards\nof the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements\nare free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,\nan audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal\ncontrol over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal\ncontrol over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n \n\n**Critical Audit Matters**\n\n \n\nCritical audit matters are matters arising from the\ncurrent period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:\n(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective,\nor complex judgments. Communication of critical audit matters does not alter in any way our opinion on the financial statements taken\nas a whole and we are not, by communicating the critical audit matters, providing separate opinions on the critical audit matter or on\nthe accounts or disclosures to which they relate. There are no critical audit matter to communicate.\n\n \n\n \n\n/S/ Lateef Awojobi\n\nLAO PROFESSIONALS\n\n(PCAOB ID 7057)\n\nLagos, Nigeria\n\n \n\nWe have served as the Company’s auditor since 2025.\n\n**July 14, 2026**\n\n \n\n \n\n8 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n \n\nKIONI HOLDINGS LIMITED\n\nCONSOLIDATED STATEMENTS OF FINANCIAL POSITION\n\n(in United States dollars)\n\n \n\n \n \n \n \n \n \n \n\n \n \n \n \nDecember 31, 2025\n \nDecember 31, 2024\n\n \n \n \n \nUS$\n \nUS$\n\n**ASSETS**\n \n \n \n \n \n \n\n**Current assets**\n \n \n \n \n \n \n\nCash and cash equivalents\n \n \n \n250,581\n \n1,621\n\nTrade receivables\n \n \n \n119,654\n \n29,800\n\nOther receivables\n \n \n \n33,163\n \n54,884\n\nDeposit\n \n \n \n1,000\n \n1,000\n\n \n \n \n \n \n \n \n\n**Total current assets**\n \n \n \n404,398\n \n87,305\n\n \n \n \n \n \n \n \n\n**NON-CURRENT ASSETS**\n \n \n \n \n \n \n\nPlant and equipment, net\n \n \n \n661\n \n-\n\nWebsite development\n \n \n \n5,700\n \n5,700\n\n \n \n \n \n \n \n \n\n**Total non-current assets**\n \n \n \n6,361\n \n5,700\n\n \n \n \n \n \n \n \n\n**Total assets                                                        **\n \n \n \n410,759\n \n93,005\n\n \n \n \n \n \n \n \n\n**LIABILITIES AND STOCKHOLDERS' EQUITY**\n \n \n \n \n \n \n\nCurrent liabilities\n \n \n \n \n \n \n\nAccounts payables and accruals\n \n \n \n61,355\n \n71,626\n\nReceipt in advance\n \n \n \n16,370\n \n16,370\n\n \n \n \n \n \n \n \n\nTotal current liabilities\n \n \n \n77,725\n \n87,996\n\n \n \n \n \n \n \n \n\n**STOCKHOLDER'S EQUITY**\n \n \n \n \n \n \n\nCommon stock, authorised 1,000,000 shares at $0.0001 par value per share; issued 1,000,000 shares (December 31, 2024: 1,000,000 shares) at $0.0001 par value per share\n \n \n \n100\n \n100\n\nAdditional paid-in capital\n \n \n \n113,900\n \n113,900\n\nRetained earnings/ (accumulated loss)\n \n \n \n219,034\n \n(108,991)\n\n \n \n \n \n \n \n \n\n**Total Equity**\n \n \n \n333,034\n \n5,009\n\n \n \n \n \n \n \n \n\n**TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY**\n \n \n \n410,759\n \n93,005\n\n* *\n\n* Retrospectively restated for share split by 9 times\nwith effective date of September 3, 2024.\n\n* *\n\n*The accompanying notes are an integral part of these\nconsolidated financial statements.*\n\n \n\n \n\n9 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n \n\nKIONI HOLDINGS LIMITED\n\nCONSOLIDATED STATEMENTS OF PROFIT OR LOSS\n\n(in United States dollars, except number of shares)\n\n \n\n \n \n \n \n \n \n \n\n \n \n \n \n 2025\n \n2024\n\n \n \n \n \nUS$\n \nUS$\n\nREVENUES\n \n \n \n504,684\n \n62,769\n\nCost of revenues\n \n \n \n(30,822)\n \n(10,800)\n\n \n \n \n \n473,862\n \n51,969\n\nOPERATING EXPENSES\n \n \n \n \n \n \n\nGeneral and administrative expenses\n \n \n \n145,837\n \n148,010\n\n**TOTAL OPERATING EXPENSES**\n \n \n \n(145,837)\n \n(148,010)\n\n \n \n \n \n \n \n \n\n**NET PROFIT /(LOSS) FROM OPERATIONS**\n \n \n \n328,025\n \n(96,041)\n\n \n \n \n \n \n \n \n\nPROVISION FOR INCOME TAXES\n \n \n \n-\n \n-\n\n**NET PROFIT /(LOSS)**\n \n \n \n328,025\n \n(96,041)\n\nEarnings /(loss) per share:\n \n \n \n \n \n \n\nBasic and Diluted\n \n \n \n0.33\n \n(0.10)\n\n \n \n \n \n \n \n \n\nWeighted Average Number of Shares Outstanding:\n \n \n \n \n \n \n\nBasic and Diluted\n \n \n \n1,000,000\n \n733,431\n\n \n\n*The accompanying notes are an integral part of these\nconsolidated financial statements.*\n\n \n\n \n\n10 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n \n\nKIONI HOLDINGS LIMITED\n\nCONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY\n\nFOR THE YEARS ENDED DECEMBER 31, 2025 and 2024\n\n(in United States dollars) \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\nNumber of\n\nCommon\n\nShares*\n\n \n\nShare Capital\n\nAmount\n\n \n\nAdditional\n\nPaid-In Capital\n\n \n\nAccumulated\n\nDeficits\n\n \nTotal\n\n \n \n \n \nUS$\n \nUS$\n \nUS$\n \nUS$\n\n \n \n \n \n \n \n \n \n \n \n \n\nBalance as of December 31, 2023\n \n900,000\n \n90\n \n1,910\n \n(12,950)\n \n(10,950)\n\nNet loss for the year\n \n-\n \n-\n \n-\n \n(96,041)\n \n(96,041)\n\nShares issued for cash\n \n100,000\n \n10\n \n111,990\n \n-\n \n112,000\n\nBalance as of December 31, 2024\n \n1,000,000\n \n100\n \n113,900\n \n(108,991)\n \n5,009\n\nNet profit for the year\n \n-\n \n-\n \n-\n \n328,025\n \n328,025\n\nBalance as of December 31, 2025\n \n1,000,000\n \n100\n \n113,900\n \n219,034\n \n333,034\n\n \n\n* Retrospectively restated for share split by 9 times\nwith effective date of September 3, 2024.\n\n \n\n*The accompanying notes are an integral part of these\nconsolidated financial statements.*\n\n \n\n \n\n11 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n \n\nKIONI HOLDINGS LIMITED\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(in United States dollars) \n\n \n \n \n \n \n\n \n \n2025\n \n2024\n\nCASH FLOWS FROM OPERATING ACTIVITIES\n \n \n \n \n\nNet profit /(loss)\n \n328,025\n \n(96,041)\n\nGain on acquisition\n \n-\n \n(23,590)\n\nChanges in working capital:\n \n \n \n \n\nDepreciation\n \n46\n \n-\n\nIncrease in trade receivables\n \n(89,854)\n \n(24,477)\n\nDecrease /(increase) in other receivables\n \n21,721\n \n(54,884)\n\nIncrease in deposit\n \n-\n \n(1,000)\n\nDecrease /(increase) in accounts payables and accruals\n \n(10,271)\n \n14,509\n\nIncrease in receipt in advance\n \n-\n \n16,370\n\nDecrease in subscription deposits payables\n \n-\n \n(10,000)\n\nNet cash flows provided by /(used in) operating activities\n \n249,667\n \n(179,113)\n\n \n \n \n \n \n\nCASH FLOWS FROM INVESTING ACTIVITIES\n \n \n \n \n\nAcquired of Plant and equipment\n \n(707)\n \n-\n\nCash acquired on acquisition of subsidiaries\n \n-\n \n67,484\n\nNet cash (used in)/ provided by investing activities\n \n(707)\n \n67,484\n\n \n \n \n \n \n\nCASH FLOWS FROM FINANCING ACTIVITIES\n \n \n \n \n\nProceeds from sale of common stock\n \n-\n \n112,000\n\nNet cash provided by financing activities\n \n-\n \n112,000\n\n \n \n \n \n \n\nNet increase in cash and equivalents\n \n248,960\n \n371\n\nCash and equivalents at beginning of the year\n \n1,621\n \n1,250\n\nCash and equivalents at end of the year\n \n250,581\n \n1,621\n\n \n \n \n \n \n\nSupplemental cash flow information:\n \n \n \n \n\nCash paid for:\n \n \n \n \n\nInterest\n \n-\n \n-\n\nTaxes\n \n-\n \n-\n\n \n\n*The accompanying notes are an integral part of these\nconsolidated financial statements.*\n\n \n\n \n\n12 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n \n\nKIONI HOLDINGS LIMITED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\n \n\nNOTE 1 - ORGANIZATION AND BUSINESS\n\n \n\nKioni Holdings Limited (the “Company”)\nis a corporation established under the corporation laws in the State of Delaware on November 28, 2023. The Company is engaged in the business\nof providing back-office support to companies. Kioni offers progressive and complete solutions for our customer's back office and administration\nneeds. These services include accounting and bookkeeping, human resources, digital marketing and sales, IT support and general business\nconsulting.\n\n \n\nThe Company has adopted December 31 fiscal year end.\n\n \n\nThe Company and its wholly owned subsidiary-Gold Times\nHoldings Limited, which was acquired on June 19, 2024, are referred to as the “Group”.\n\n \n\nNOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING\nPOLICIES\n\n \n\nBasis of Presentation\n\n \n\nThe consolidated financial statements of the Group\nhave been prepared in accordance with generally accepted accounting principles in the United States of America. Group’ functional\nand operational currency is US Dollar.\n\n \n\nPrinciples of Consolidation And Equity Accounting\n\nSubsidiaries\n\n \n\nSubsidiaries are all entities (including structured\nentities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns\nfrom its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.\nSubsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date\nthat control ceases.\n\nThe acquisition method of accounting is used to account\nfor business combinations by the group (see note Business Combinations).\n\n \n\nInter-company transactions, balances and\nunrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction\nprovides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to\nensure consistency with the policies adopted by the Group.\n\nEquity method\n\n \n\nUnder the equity method of accounting, the investments\nare initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses\nof the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive\nincome. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the\ninvestment.\n\nWhere the Group’s share of losses in an\nequity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group\ndoes not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.\n\nUnrealised gains on transactions between the\nGroup and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses\nare also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted\ninvestees have been changed where necessary to ensure consistency with the policies adopted by the Group.\n\nBusiness Combinations\n\n \n\nGoodwill is stated after separate recognition of identifiable\nintangible assets. It is calculated as the excess of the sum of: (a) fair value of consideration transferred, (b) the recognized amount\nof any non-controlling interest in the acquiree, and (c) acquisition-date fair value of any existing equity interest in the acquiree,\nover the acquisition-date fair values of identifiable net assets.\n\n \n\nAny contingent consideration to be transferred by the acquirer\nis recognized at acquisition-date fair value. Subsequent adjustments to consideration are recognized against goodwill only to the extent\nthat they arise from new information obtained within the measurement period (a maximum of 12 months from the acquisition date) about\nthe fair value at the acquisition date. All other subsequent adjustments to contingent consideration classified as an asset or a liability\nare recognized in the consolidated statement of profit or loss.\n\n \n\n \n\n13 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n \n\nCash and Cash Equivalents\n\n \n\nFor purposes of the statement of cash flows, the Group\nconsiders all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.\n\n \n\nStock-Based Compensation\n\n \n\nAs of December 31, 2025, the Group has not issued any\nstock-based payments to its employees.\n\n \n\nStock-based compensation is accounted for at fair value\nin accordance with ASC 718, when applicable.  To date, the Group has not adopted a stock option plan and has not granted any stock\noptions.\n\n \n\nUse of Estimates\n\n \n\nPreparing consolidated financial statements in conformity\nwith accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that\naffect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s\nestimates and assumptions.\n\n \n\nRevenue Recognition\n\n \n\nThe Company accounts for its applicable revenue in\naccordance with ASC Topic 606 - *Revenue from Contracts with Customers.*The core principle of Topic 606 is that an entity recognize\nat an amount that reflect the consideration to which the entity expects to be entitled in exchange for transferring goods or service to\na customer. Topic 606 requires entities to exercise judgement when considering the terms of a contract. Topic 606 applies to all contracts\nwith customers to provide goods or services in the ordinary course of business, except for contracts that are specifically excluded from\nits scope.\n\n \n\nKioni provides back office support, business advisory\nand administration services. These services are generally performed on a time and disbursement basis. The Company has the right to bill\nthe customer for the services completed at a price agreed per contract.\n\n \n\nIncome Taxes\n\n \n\nThe Group follows the liability method of accounting\nfor income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences\nattributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).\n The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes\nthe enactment date.\n\n \n\nThe Group utilizes the Financial Accounting Standards\nBoard's Accounting Standards Codification Topic 740 related to Income Taxes to account for the uncertainty in income taxes. Topic 740\nfor Income Taxes clarifies the accounting for uncertainty in income taxes by prescribing rules for recognition, measurement and classification\nin consolidated financial statements of tax positions taken or expected to be in a tax return. Further, it prescribes a two-step process\nfor the financial statement measurement and recognition of a tax position. The first step involves the determination of whether it is\nmore likely than not (greater than 50 percent likelihood) that a tax position will be sustained upon examination, based on the technical\nmerits of the position. The second step requires that any tax position that meets the more likely than not recognition threshold be measured\nand recognized in the consolidated financial statements at the largest amount of benefit that is a greater than 50 percent likelihood\nof being realized upon ultimate settlement. This topic also provides guidance on the accounting for related interest and penalties, financial\nstatement classification and disclosure. The Group's policy is that any interest or penalties related to uncertain tax positions are recognized\nin income tax expense when incurred. The Group has no uncertain tax positions or related interest or penalties requiring accrual at December\n31, 2025.\n\n \n\nNew Accounting Pronouncements\n\n \n\nThere were various accounting standards and interpretations\nissued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.\n\n \n\nFair Value of Financial Instruments\n\n \n\nASC 825, “Disclosures about Fair Value of Financial\nInstruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements”\ndefines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures\nabout fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information\navailable to management as of December 31, 2025.\n\n \n\nThe respective carrying values of certain on-balance-sheet\nfinancial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values\nwere assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts\napproximate fair value.\n\n \n\n \n\n14 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n \n\nBasic and Diluted Loss Per Share\n\n \n\nThe Group computes earnings (loss) per share in accordance\nwith ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face\nof the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders\nby the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive\npotential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their\neffect is anti-dilutive. The Group has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are\nequal.\n\n \n\nNOTE 3 - CAPITAL STOCK\n\n \n\nThe Group has 1,000,000 shares of common stock authorized\nwith a par value of $0.0001 per share.\n\n \n\nAs of December 31, 2025, the Group had 1,000,000 shares\nissued and outstanding.\n\n \n\nNOTE 4 - RELATED PARTY TRANSACTIONS\n\n  \n\nDuring the year ended December 31, 2025, the Company\nrecorded director fee expenses of $88,103 (2024: $16,159).\n\n \n\nAs at December 31, 2025, included in the Accounts Payable\nand Accrual account is a balance of $12,605 owed to our directors (2024: $3,358).\n\n \n\nNOTE 5 - SUBSEQUENT EVENTS\n\n \n\nThe Group has evaluated and determined that there\nare no subsequent events from December 31, 2025 to the date the consolidated financial statements were issued.\n\n \n\n \n\n15 | P a g e\n\n \n\n \n\n*Table of Contents*\n\n** **\n\n**PART IV**"}