{"url_path":"/sec/gwll/10-k/2026/item-8","section_key":"item-8","section_title":"Item 8 FINANCIAL STATEMENTS**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-07-01","source_url":"https://www.sec.gov/Archives/edgar/data/1800373/0001477932-26-004130-index.html","accession_number":"0001477932-26-004130","cik":"0001800373","ticker":"GWLL","issuer_name":"GOLDENWELL BIOTECH, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1800373/0001477932-26-004130-index.html","primary_entity_key":"0001800373","primary_entity_name":"GOLDENWELL BIOTECH, INC."},"word_count":3040,"has_tables":true,"body_markdown":"**ITEM 8. FINANCIAL STATEMENTS**\n\n \n\n**Goldenwell Biotech, Inc.**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n[Report of Independent Registered Public Accounting Firm – Michael Gillsepie & Associates, PLLC (PCAOB ID 6108)](#REP0001)\n\n \n\n \n\nF-1\n\n \n\n[Balance Sheet as of December 31, 2025 and 2024](#bs)\n\n \n\n \n\nF-2\n\n \n\n[Statement of Operations for the years ended December 31, 2025 and 2024](#so)\n\n \n\n \n\nF-3\n\n \n\n[Statement of Cash Flows for the years ended December 31, 2025 and 2024](#cf)\n\n \n\n \n\nF-4\n\n \n\n[Statements of Shareholders’ Equity for the years ended December 31, 2025 and 2024](#eq)\n\n \n\n \n\nF-5\n\n \n\n[Notes to Consolidated Financial Statements](#nt)\n\n \n\n \n\nF-6\n\n \n\n \n\n \n\n16\n\n*Table of Contents*\n\n \n\nMICHAEL GILLESPIE & ASSOCIATES, PLLC\n\n**CERTIFIED PUBLIC ACCOUNTANTS**\n\n**Vancouver, WA 98666**\n\n**206.353.5736**\n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nTo the Shareholders & Board of Directors\n\nGoldenwell Biotech Inc.                   \n\n \n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying balance sheet of Goldenwell Biotech Inc. as of December 31, 2025 and the related statements of operations, changes in stockholders’ deficit, cash flows, and the related notes (collectively referred to as “financial statements”) for the year then ended. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and the results of its operations and its cash flows for the yeas then ended in conformity with accounting principles generally accepted in the United States of America. The financial statements of Goldenwell Biotech Inc. as of and for the year ended December 31, 2024 were audited by another independent registered public accounting firm whose report dated May 14, 2025 expressed an unqualified opinion on those financial statements.\n\n \n\n**Going Concern**\n\nThe accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, although the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. Management’s plan in regard to these matters is also described in Note #2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n \n\n/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC\n\nWe have served as the Company’s auditor since 2026.\n\nPCAOB ID 6104\n\nVancouver, Washington\n\nJune 27, 2026\n\n  \n\n \n\nF-1\n\n*Table of Contents*\n\n \n\n**GOLDENWELL BIOTECH INC**\n\n**BALANCE SHEET**\n\n \n\n**ASSETS**\n\n \n\n**December 31,**\n\n**2025**\n\n \n\n \n\n**December 31,**\n\n**2024**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**CURRENT ASSETS**\n\n \n\n \n\n \n\n \n\n \n\n \n\nCash\n\n \n\n \n26,775\n \n\n \n\n \n49,404\n \n\nAccounts Receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInventory (related party transaction)\n\n \n\n \n174,745\n \n\n \n\n \n174,788\n \n\nLess Allowance for Inventory Obsolescence\n\n \n\n \n(174,745 )\n \n\n \n\n \n\n \n\nPrepaid OTCQB Fee\n\n \n\n \n9,345\n \n\n \n\n \n\n \n\n \n\n**NONCURRENT ASSETS**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRight of Use Assets\n\n \n\n \n0\n \n\n \n\n \n0\n \n\n**TOTAL ASSETS**\n\n \n\n \n36,120\n \n\n \n\n \n224,192\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**LIABILITIES AND STOCKHOLDERS' EQUITY**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**CURRENT LIABILITIES**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccounts Payable\n\n \n\n \n0\n \n\n \n\n \n0\n \n\nLease Liability\n\n \n\n \n0\n \n\n \n\n \n0\n \n\nUnearned Sales Revenue\n\n \n\n \n1,860\n \n\n \n\n \n1,860\n \n\nUnearned Service Revenue\n\n \n\n \n100,000\n \n\n \n\n \n\n \n\n \n\nAccrued Legal Fee\n\n \n\n \n0\n \n\n \n\n \n\n \n\n \n\nTotal Current Liabilities\n\n \n\n \n101,860\n \n\n \n\n \n1,860\n \n\n**NONCURRENT LIABILITIES**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDue from the related party\n\n \n\n \n95,588\n \n\n \n\n \n95,588\n \n\nLong-term liabilities\n\n \n\n \n189,250\n \n\n \n\n \n189,250\n \n\nLess Discount on Long-term Liabilities\n\n \n\n \n(6,865 )\n \n\n \n(15,265 )\n\n**TOTAL LIABILITIES**\n\n \n\n \n379,833\n \n\n \n\n \n271,433\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**STOCKHOLDERS' EQUITY**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCommon stock, $0.0001 par value, 300,000,000 shares authorized,\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n99,000,000 issued and outstanding at December 31, 2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n99,000,000 issued and outstanding at December 31, 2025\n\n \n\n \n9,900\n \n\n \n\n \n9,900\n \n\nAdditional paid-in capital\n\n \n\n \n1,302,504\n \n\n \n\n \n1,302,504\n \n\nRetained earnings\n\n \n\n \n(1,656,117 )\n \n\n \n(1,359,645 )\n\n**Total stockholders' equity**\n\n \n\n \n(343,713 )\n \n\n \n(47,241 )\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY**\n\n \n\n \n36,120\n \n\n \n\n \n224,192\n \n\n  \n\nThe accompanying notes are an integral part of these financial statements. \n\n \n\n \n\nF-2\n\n *Table of Contents*\n\n \n\n**GOLDENWELL BIOTECH INC**\n\n**STATEMENT OF OPERATIONS**\n\n \n\n \n\n \n\n**Three Months Ended on**\n\n \n\n \n\n**Twelve Months Ended on**\n\n \n\n \n\n \n\n**December 31, 2025**\n\n \n\n \n**December 31, 2024**\n \n\n \n**December 31, 2025**\n \n\n \n**December 31, 2024**\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**REVENUE**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSales\n\n \n\n \n55\n \n\n \n\n \n0\n \n\n \n\n \n55\n \n\n \n\n \n139\n \n\nService Revenue\n\n \n\n \n0\n \n\n \n\n \n\n \n\n \n\n \n\n \n0\n \n\n \n\n \n\n \n\n \n\n**COST OF REVENUES**\n\n \n\n \n(43)\n \n\n \n0\n \n\n \n\n \n(43)\n \n\n \n(75)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**GROSS PROFIT**\n\n \n\n \n12\n \n\n \n\n \n0\n \n\n \n\n \n12\n \n\n \n\n \n64\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**OPERATING EXPENSES**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n    General and administrative\n\n \n\n \n(22,907)\n \n\n \n(25,352)\n \n\n \n(113,338)\n \n\n \n(123,162)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Total operating expenses**\n\n \n\n \n(22,907)\n \n\n \n(25,352)\n \n\n \n(113,338)\n \n\n \n(123,162)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Operation Income**\n\n \n\n \n(22,895)\n \n\n \n(25,352)\n \n\n \n(113,326)\n \n\n \n(123,098)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Other Income and Expenses**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**     Interest Expense**\n\n \n\n \n(2,100)\n \n\n \n(2,100)\n \n\n \n(8,400)\n \n\n \n(8,400)\n\n**     Loss from Inventory Impairment**\n\n \n\n \n(174,745)\n \n\n \n\n \n\n \n\n \n\n \n(174,745)\n \n\n \n\n \n\n \n\n**Income tax provision**\n\n \n\n \n0\n \n\n \n\n \n0\n \n\n \n\n \n0\n \n\n \n\n \n0\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**NET LOSS**\n\n \n\n \n(199,740)\n \n\n \n(27,452)\n \n\n \n(296,471)\n \n\n \n(131,498)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Earning per share - basic and diluted**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Weighted average number of shares outstanding - basic and diluted**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n99,000,000\n \n\n \n\n \n99,000,000\n \n\n \n\n \n99,000,000\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n \n\n \n\nF-3\n\n *Table of Contents*\n\n \n\n**GOLDENWELL BIOTECH INC**\n\n** STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY**\n\n**FOR THE YEAR ENDED December 31, 2025**\n\n \n\n \n\n \n\n \n\n \n\n**Common Stock**\n\n \n\n \n\n \n\n \n\n**Additional**\n\n**Paid-In**\n\n \n\n \n\n **Subscription**\n\n \n\n \n\n \n\n **Accumulated**\n\n \n\n \n\n \n\n \n\n \n\n \n\n** **\n\n** **\n\n**Shares**\n\n** **\n\n** **\n\n** **\n\n**Amount**\n\n** **\n\n** **\n\n** **\n\n**Capital**\n\n** **\n\n** **\n\n**Receivable**\n\n** **\n\n** **\n\n** **\n\n**Deficit**\n\n** **\n\n** **\n\n** **\n\n**Total**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Balance - January 1, 2025**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n**(1,359,645****)**\n \n\n \n**(47,241****)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(38,536)\n \n\n \n(38,536)\n\n**Balance - March 31, 2025**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n\n \n**(1,398,181****)**\n \n\n \n**(85,778****)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(30,300)\n \n\n \n(30,300)\n\n**Balance - June 30, 2025**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n\n \n**(1,428,481****)**\n \n\n \n**(116,079****)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(27,895)\n \n\n \n(27,895)\n\n**Balance - September  30, 2025**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n\n \n**(1,456,377****)**\n \n\n \n**(143,974****)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(199,740)\n \n\n \n(199,740)\n\n**Balance - December 31, 2025**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n**0**\n \n\n \n\n \n**(1,656,117****)**\n \n\n \n**(343,713****)**\n\n \n\n**GOLDENWELL BIOTECH INC**\n\n** STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY**\n\n**FOR THE YEAR ENDED December 31, 2024**\n\n \n\n \n\n \n\n**Common Stock**\n\n \n\n \n\n**Additional**\n\n**Paid-In**\n\n \n\n \n\n**Subscription**\n\n \n\n \n\n \n\n**Accumulated**\n\n \n\n \n\n \n\n \n\n \n\n \n\n**Shares**\n\n \n\n \n\n**Amount**\n\n \n\n \n\n**Capital**\n\n \n\n \n**Receivable**\n \n\n \n\n**Deficit**\n\n \n\n \n\n**Total**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Balance - December 31, 2023**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n**(1,228,147****)**\n \n\n \n**84,257**\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(30,977)\n \n\n \n(30,977)\n\n**Balance - March 31, 2024**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n\n \n**(1,259,124****)**\n \n\n \n**53,280**\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(49,920)\n \n\n \n(49,920)\n\n**Balance - June 30, 2024**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n\n \n**(1,309,044****)**\n \n\n \n**3,360**\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(24,265)\n \n\n \n(24,265)\n\n**Balance - September 30, 2024**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n\n \n**(1,333,309****)**\n \n\n \n**(20,905****)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash receipt from stock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.001 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShares issued for cash $0.01 stock price\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the period\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n(27,452)\n \n\n \n(27,452)\n\n**Balance - December 31, 2024**\n\n \n\n \n**99,000,000**\n \n\n \n\n \n**9,900**\n \n\n \n\n \n**1,302,504**\n \n\n \n\n \n\n \n\n \n\n \n\n \n**(1,359,645****)**\n \n\n \n**(47,241****)**\n\n \n\nThe accompanying notes are an integral part of these financial statements. \n\n \n\n \n\nF-4\n\n *Table of Contents*\n\n \n\n**GOLDENWELL BIOTECH INC**\n\n**STATEMENT OF CASH FLOWS**\n\n \n\n \n\n \n\n**For the Twelve Months Ended on**\n\n**December 31,**\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2024**\n\n \n\n**Cash Flows from Operating Activities:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet Loss\n\n \n\n \n(296,471)\n \n\n \n(131,498)\n\nNon-cash interest expense\n\n \n\n \n8,400\n \n\n \n\n \n8,400\n \n\nAdjustments to reconcile net loss to net cash\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nused in operating activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Changes in operating assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Change in Accounts Receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Change in inventory deposit\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Change in inventory\n\n \n\n \n43\n \n\n \n\n \n75\n \n\n  Change in Allowance for Inventory Obsolescence\n\n \n\n \n174,745\n \n\n \n\n \n\n \n\n \n\n  Change in right of use asset\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Change in Prepaid OCTQB Fee\n\n \n\n \n(9,345)\n \n\n \n\n \n\n \n\n  Changed in operating liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Change in Accounts Payable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Change in Unearned Sales Revenue\n\n \n\n \n\n \n\n \n\n \n\n \n(54)\n\n  Change in Unearned Service Revenue\n\n \n\n \n100,000\n \n\n \n\n \n\n \n\n \n\n  Change in Accrued Legal Fee\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Change in Lease liability\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Net Cash used in Operating Activities**\n\n \n\n \n(22,629)\n \n\n \n(123,077)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Cash flows from Financing Activities:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProceeds from long-term loan\n\n \n\n \n\n \n\n \n\n \n\n \n119,250\n \n\nDiscount on Long-term loan\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProceeds from issuance of common stock\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAdditional paid-capital\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nStock subscription receivable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Net Cash provided by Financing Activities**\n\n \n\n \n0\n \n\n \n\n \n119,250\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Net change in cash**\n\n \n\n \n(22,629)\n \n\n \n(3,827)\n\n**Cash at beginning of period**\n\n \n\n \n49,404\n \n\n \n\n \n53,231\n \n\n**Cash at end of period**\n\n \n\n \n26,775\n \n\n \n\n \n49,404\n \n\n \n\nThe accompanying notes are an integral part of these financial statements. \n\n \n\n \n\nF-5\n\n *Table of Contents*\n\n  \n\n**GOLDENWELL BIOTECH INC**\n\n \n\nNOTES TO FINANCIAL STATEMENTS\n\n \n\nDecember 31, 2025\n\n \n\n**NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS**\n\n \n\nGOLDENWELL BIOTECH INC. (the “Company”) was incorporated in the State of Nevada on August 20, 2019. The company address is 7316 Capilano Dr. Solon, Ohio 44139. The Company is in the development stage whose purpose is R&D, production and sales health cares and supplements products.\n\n \n\n**NOTE 2 - GOING CONCERN**\n\n \n\nThe accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company has sustained an accumulated net loss of $1,656,117 since its inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time.  The Company’s continuation as a going concern is dependent upon, among other things, its ability to generate revenues and its ability to obtain capital from third parties.  No assurance can be given that the Company will be successful in these efforts.\n\n \n\nThe financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.\n\n \n\n**NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\n**Basis of Presentation and Preparation**\n\n \n\nThe accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP).\n\n \n\n**Use of estimates**\n\n \n\nThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.\n\n \n\n**Start-Up Costs**\n\n \n\nIn accordance with ASC 720, “*Start-up Costs”,* the Company expenses all costs incurred in connection with the start-up and organization of the Company.\n\n \n\n**Cash**\n\n \n\nCash includes cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.\n\n \n\n**Inventories**\n\n \n\nThe Company’s inventories include Goldenwell DNA Repair, which are stated at average cost, subject to the lower of cost or market value.\n\n \n\n \n\nF-6\n\n *Table of Contents*\n\n \n\n \n\n**Income Taxes**\n\n \n\nThe Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.  As of December 31, 2025, the Company did not have any amounts recorded pertaining to uncertain tax positions. \n\n \n\n**Fair Value Measurements**\n\n \n\nThe Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.\n\n \n\nThe estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.\n\n \n\nASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:\n\n \n\nLevel 1 — quoted prices in active markets for identical assets or liabilities\n\n \n\nLevel 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable\n\n \n\nLevel 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)\n\n \n\nThe Company has no assets or liabilities valued at fair value on a recurring basis.\n\n \n\n**NOTE 4 - RELATED PARTY TRANSACTION**\n\n \n\nOn June 7, 2021, the Company purchased inventory of $103,125 from Australian Trefoil Heath Technology, which is owned by Li, Yang, the Treasurer of the Company. The treasurer also owns 1,000,000 shares of the Company. This transaction is a related party transaction. On December 21, 2022, the Company borrowed a long-term loan from Shuang Liu, the Chief Executive Officer of the Company. On March 16, 2023, the Company borrowed a long-term loan from Shuang Liu. On July 17, 2023, the Company borrowed a long-term loan from Shuang Liu. On November 1 and November 14, 2023, the Company borrowed a long-term loan from Shuang Liu. The amount of loans from the related party was totaled $95,588 as of December 31, 2025.\n\n \n\nDuring 2025, the Company entered into a technical development and business cooperation arrangement with Trefoil (Hong Kong) Life Science Research Center. The Company received $100,000 in connection with this agreement. This constitutes a related-party transaction, as the Chief Executive Officer of the Company, Shuang Liu, concurrently serves as the Chief Executive Officer of Trefoil.\n\n \n\n \n\nF-7\n\n *Table of Contents*\n\n \n\n**NOTE 5 - INCOME TAXES**\n\n \n\nThe reconciliation of income tax benefit at the U.S. statutory rate of 21% as of December 31, 2025, to the Company’s effective tax rate is as follows:\n\n \n\n \n\n \n\n**December 31, 2025**\n\n** **\n\n** **\n\n**December 31, 2024**\n\n \n\nIncome tax benefit at statutory rate\n\n \n$(62,259)\n \n\n \n(27,615)\n\nChange in valuation allowance\n\n \n\n \n62,259\n \n\n \n\n \n27,615\n \n\nIncome tax expense\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\nThe tax effects of temporary differences that give rise to the Company’s net deferred tax assets as of December 31, 2025, is as follows:\n\n \n\n \n\n \n\n**December 31, 2025**\n\n** **\n\n** **\n\n**December 31, 2024**\n\n \n\nNet operating loss carry forward\n\n \n$347,785\n \n\n \n\n \n285,525\n \n\nValuation allowance\n\n \n\n \n(347,785)\n \n\n \n(285,525)\n\nNet deferred tax assets\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\nThe Company has approximately $1,656,117 of net operating losses (“NOL”) carried forward to offset taxable income, if any, in future years which expire commencing in fiscal 2043. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.\n\n \n\n**NOTE 6 - STOCKHOLDERS’ EQUITY**\n\n \n\n**Authorized Stock**\n\n \n\nThe Company has authorized 300,000,000 common shares with a par value of $0.0001 per share.  Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.\n\n \n\n \n\nF-8\n\n *Table of Contents*\n\n \n\n \n\nOn August 20, 2019, the Company issued 41,000,000 shares of common stock to its founders for a subscription amount of $41,000. As of December 31, 2019, the subscription amount of $41,000 has been paid. On August 20, 2019, the Company issued 39,000,000 shares of common stock for a subscription amount of $209,204.\n\n \n\nOn December 1, 2020, the Company issued 11,500,000 shares of common stock for a subscription amount of $79,000.\n\n \n\nOn January 11, 2021, the Company issued 2,400,000 shares of common stock for a subscription amount of $11,400. The Company also issued 50,000 shares of common stock for noncash bonus. On February 22, 2021, the Company issued 1,600,000 shares of common stock for a subscription amount of $80,000. There is no remaining balance of the stock subscription receivable on the accompanying financial statements.\n\n \n\nOn November 9, 2022, the Company issued 3,000,000 shares of common stock for noncash bonus at the market value of $0.295 per share.\n\n \n\nAs of December 31, 2025, the Company had a total of 99,000,000 shares issued and outstanding.\n\n \n\n**NOTE 7 - SUBSEQUENT EVENTS**\n\n \n\nManagement has evaluated subsequent events through the date these financial statements were available to be issued. Based on management’s evaluation, inventories totaling $174,745 will expire in January 2026 and be written off at that time. Therefore, a loss on inventory impairment and an allowance for inventory obsolescence were recorded as of December 31, 2025.\n\n \n\nNo other events have occurred that require disclosure or adjustments to the financial statement.\n\n \n\nF-9\n\n*Table of Contents*"}