{"url_path":"/sec/ncew/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F/A","doc_date":"2026-06-08","source_url":"https://www.sec.gov/Archives/edgar/data/1968043/0001493152-26-027632-index.html","accession_number":"0001493152-26-027632","cik":"0001968043","ticker":"NCEW","issuer_name":"New Century Logistics (BVI) Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1968043/0001493152-26-027632-index.html","primary_entity_key":"0001968043","primary_entity_name":"New Century Logistics (BVI) Ltd"},"word_count":12815,"has_tables":true,"body_markdown":"**ITEM\n19. EXHIBITS**\n\n \n\n**Exhibit No.**\n \n**Description of Exhibit**\n\n1.1\n \n[Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of our current report on Form 6-K (File No. 000- 42415) filed with the Securities and Exchange Commission) on November 7, 2025](https://www.sec.gov/Archives/edgar/data/1968043/000149315225021260/ex3-1.htm)\n\n \n \n \n\n2.1\n \n[Registrant’s Specimen Certificate for Ordinary Shares (incorporated by reference to Exhibit 4.1 of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission)](https://www.sec.gov/Archives/edgar/data/1968043/000149315223038701/ex4-1.htm)\n\n \n \n \n\n2.2*\n \n[Description of Securities](ex2-2.htm)\n\n \n \n \n\n4.1\n \n[Underwriting Agreement dated December 17, 2024 (incorporated by reference to Exhibit 1.1 of our Form 6-K filed with the Securities and Exchange Commission on December 19, 2024)](https://www.sec.gov/Archives/edgar/data/1968043/000149315224050806/ex1-1.htm)\n\n \n \n \n\n8.1*\n \n[List of Subsidiaries of the Company](ex8-1.htm)\n\n \n \n \n\n10.1\n \n[Loan and Sale Purchase Agreement, dated December 22, 2022, as between NCL Logistics and AISE (incorporated by reference to Exhibit 10.3) of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1968043/000149315223038701/ex10-3.htm)\n\n \n \n \n\n10.2\n \n[Licensing Agreement, dated March 6, 2023, as between NCL (HK) and Well King Transportation Limited (incorporated by reference to Exhibit 10.4) of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission)](https://www.sec.gov/Archives/edgar/data/1968043/000149315223038701/ex10-4.htm)\n\n \n \n \n\n10.3\n \n[Loan Agreement with Bank of Communications (Hong Kong) Limited, dated January 18, 2018 (incorporated by reference to Exhibit 10.5) of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1968043/000149315223029581/ex10-5.htm)\n\n \n \n \n\n10.4\n \n[Loan Agreement with Bank of Communications (Hong Kong) Limited, dated March 18, 2019 (incorporated by reference to Exhibit 10.6) of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1968043/000149315223029581/ex10-6.htm)\n\n \n \n \n\n10.5\n \n[Loan Agreement with Bank of Communications (Hong Kong) Limited, dated April 9, 2020 (incorporated by reference to Exhibit 10.7) of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1968043/000149315223029581/ex10-7.htm)\n\n \n \n \n\n10.6\n \n[Loan Agreement with Bank of Communications (Hong Kong) Limited, dated June 3, 2020 (incorporated by reference to Exhibit 10.8) of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1968043/000149315223029581/ex10-8.htm)\n\n \n \n \n\n10.7*\n \n[Tenancy Agreement, dated September 5, 2024, as between True Concept Development Limited and New Century Logistics Company Limited](ex10-7.htm)\n\n \n\n121\n\n  \n\n \n\n10.8\n \n[Amendment, dated November 27, 2024 to Loan and Sale Purchase Agreement, dated December 22, 2022, between NCL Logistics and AISE (incorporated by reference to Exhibit 10.9 in our Post-Effective Amendment No.1 to our Registration on Form F-1 (Registration No. 333-274115) filed with the Securities and Exchange Commission on November 27, 2024).](https://www.sec.gov/Archives/edgar/data/1968043/000149315224048078/ex10-9.htm)\n\n \n \n \n\n11.1\n \n[Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 of our Registration Statement on Form F-1 (File No. 333- 274115) filed with the Securities and Exchange Commission)](https://www.sec.gov/Archives/edgar/data/1968043/000149315223038701/ex99-1.htm)\n\n \n \n \n\n11.2*\n \n[Insider Trading Policy of the Company](ex11-2.htm)\n\n \n \n \n\n12.1*\n \n[Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-1.htm)\n\n \n \n \n\n12.2*\n \n[Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-2.htm)\n\n \n \n \n\n13.1**\n \n[Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-1.htm)\n\n \n \n \n\n13.2**\n \n[Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-2.htm)\n\n \n \n \n\n97.1*\n \n[Clawback Policy of the Company](ex97-1.htm)\n\n \n \n \n\n101\n \nInline XBRL Document.\n\n \n \n \n\n104\n \nCover Page Interactive Data File (embedded within the Inline XBRL document)\n\n \n\n*\nFiled\nwith this Annual Report on Form 20-F/A\n\n**\nFurnished\nwith this Annual Report on Form 20-F/A\n\n \n\n122\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 \nNew\nCentury Logistics (BVI) Limited\n\n \n \n \n\n \nBy:\n*/s/\nNgan Ching Shun*\n\n \nName:\n\nNgan\nChing Shun\n\n \nTitle:\nChief\nExecutive Officer\n\n \n\nDate:\nJune 8, 2026\n\n \n\n123\n\n  \n\n \n\nNEW\nCENTURY LOGISTICS (BVI) LIMITED\n\n \n\nINDEX\nTO CONSOLIDATED FINANCIAL STATEMENTS \n\n \n\n[Reports\nof Independent Registered Public Accounting Firm](#am_001) (PCAOB ID No. 7020)\nF-2\n\n \n \n\n[Audited Consolidated Financial Statements](#am_002)\n \n\n \n \n\n[Consolidated Balance Sheets as of September 30, 2024 and 2025](#am_003)\nF-3\n\n \n \n\n[Consolidated\nStatements of Income (Loss) and Comprehensive Income (Loss) for the years ended September 30, 2023, 2024 and 2025](#am_003)\nF-4\n\n \n \n\n[Consolidated Statements of Changes in Shareholders’ Equity for the years ended September 30, 2023, 2024 and 2025](#am_004)\nF-5\n\n \n \n\n[Consolidated Statement of Cash Flows for the years ended September 30, 2023, 2024 and 2025](#am_005)\nF-6\n\n \n \n\n[Notes to the Consolidated Financial Statements](#am_006)\nF-7\n\n \n\nF-1\n\n \n\n \n\n \n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nTo\nthe Shareholders and Board of Directors of New Century Logistics (BVI) Limited\n\n \n\n**Opinion\non the Consolidated Financial Statements**\n\n \n\nWe\nhave audited the accompanying consolidated balance sheets of New Century Logistics (BVI) Limited and its subsidiaries (the “Company”)\nas of September 30, 2025 and 2024, and the related consolidated statements of income (loss)\nand comprehensive income (loss), changes in shareholders’ equity and cash flows for each of the years in the three-year period ended September 30, 2025, and the related notes (collectively referred\nto as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects,\nthe financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each\nof the years in the three-year period ended September 30, 2025, in conformity with accounting principles generally accepted in the United\nStates of America.\n\n \n\n**Basis\nfor Opinion**\n\n \n\nThese\nconsolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion\non the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules 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 consolidated financial statements are free of material misstatement, whether due to error or fraud.\nThe Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part\nof our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing\nan opinion on 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 consolidated financial statements, whether\ndue to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence\nregarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles\nused and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.\nWe believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/**s**/\nAOGB CPA Limited\n \n\n \n\nHong Kong, Hong Kong\n \n\nFebruary 15, 2026\n \n\n \n \n\nWe have served as the Company’s auditor since\n2025.\n \n\n \n\nAOGB\nCPA Limited, Suite 2501-03, Tesbury Centre, 28 Queen’s Road East, Admiralty, Hong Kong\n\nTel: 2152-2238,\nWebsite: *www.aogb.com*\n\n \n\nF-2\n\n \n\n \n\n**NEW\nCENTURY LOGISTICS (BVI) LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nBALANCE SHEETS**\n\n \n\n  \n2024  \n2025 \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nAssets \n   \n  \n\nCurrent assets: \n    \n   \n\nCash and cash equivalents \n 659,320  \n 645,912 \n\nRestricted cash \n -  \n 320,513 \n\nAccounts receivable, net \n 13,237,577  \n 11,765,180 \n\nDue from related parties \n 783,206  \n - \n\nDeferred listing cost \n 1,928,701  \n - \n\nDeposits, prepayment and other receivables \n 473,897  \n 460,363 \n\nTotal current assets \n 17,082,701  \n 13,191,968 \n\n  \n    \n   \n\n**Non-current assets:** \n    \n   \n\nProperty, plant and equipment, net \n 33,322  \n 51,428 \n\nRight-of-use assets - operating leases, net \n 1,009,259  \n 458,640 \n\nRight-of-use assets - finance lease, net \n 154,953  \n 120,914 \n\nDeposits \n -  \n 512,821 \n\nDeferred tax assets \n 172,617  \n 193,208 \n\nTotal non-current assets \n 1,370,151  \n 1,337,011 \n\n  \n    \n   \n\nTOTAL ASSETS \n 18,452,852  \n 14,528,979 \n\n  \n    \n   \n\nLiabilities \n    \n   \n\nCurrent liabilities: \n    \n   \n\nBank overdraft \n 591,207  \n 717,306 \n\nBank loans – current \n 897,435  \n 1,923,075 \n\nAccounts payable \n 6,546,974  \n 5,278,790 \n\nAccruals and other current liabilities \n 165,577  \n 375,001 \n\nOperating lease liabilities – current \n 594,589  \n 215,575 \n\nFinance lease liabilities – current \n 34,731  \n 36,592 \n\nLoan payable – related party \n 2,430,691  \n - \n\nIncome tax payables \n 462,563  \n 433,915 \n\nTotal current liabilities \n 11,723,767  \n 8,980,254 \n\n  \n    \n   \n\nNon-current liabilities \n    \n   \n\nOperating lease liabilities – non-current \n 394,392  \n 223,182 \n\nFinance lease liabilities – non-current \n 125,721  \n 93,064 \n\n**Total non-current liabilities** \n 520,113  \n 316,246 \n\n  \n    \n   \n\n**TOTAL LIABILITIES** \n 12,243,880  \n 9,296,500 \n\n  \n    \n   \n\n**Commitments and contingencies** \n -  \n - \n\n  \n    \n   \n\nShareholders’ equity \n    \n   \n\nOrdinary shares, no\npar value, 12,500,000 shares authorized;\nand 2,500,000 and 3,200,000\nshares issued and outstanding at September 30, 2024 and 2025, respectively** \n -  \n - \n\nAdditional paid-in capital \n 153,647  \n 9,907,876 \n\nRetained earnings (accumulated loss) \n 6,055,325  \n (4,618,233)\n\nNew Century Logistics (BVI) Limited Total Shareholders’ Equity \n \n6,208,972\n  \n \n5,289,643\n \n\nNon-controlling interest \n -  \n (57,164)\n\nTotal shareholders’ equity \n 6,208,972  \n 5,232,479 \n\nTOTAL LIABILITIES AND EQUITY \n 18,452,852  \n 14,528,979 \n\n \n\n*Retroactively restated for effect of 1-for-8 reverse stock splits on November 14, 2025.\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**NEW\nCENTURY LOGISTICS (BVI) LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nSTATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)**\n\n \n\n  \n2023  \n2024  \n2025 \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n  \n\n**Revenues** \n 36,074,004  \n 52,176,109  \n 44,083,731 \n\nCost of revenues \n (32,590,022) \n (47,932,230) \n (43,921,081)\n\n**Gross profit** \n 3,483,982  \n 4,243,879  \n 162,650 \n\n  \n    \n    \n   \n\n**Operating expenses:** \n    \n    \n   \n\nGeneral and administrative expenses \n (2,961,483) \n (3,773,606) \n (11,001,406)\n\nTotal operating expenses \n (2,961,483) \n (3,773,606) \n (11,001,406)\n\n  \n    \n    \n   \n\n**Income (loss) from operations** \n 522,499  \n 470,273  \n (10,838,756)\n\n  \n    \n    \n   \n\n**Other (expense) income:** \n    \n    \n   \n\nOther income \n 66,617  \n 22,592  \n 145,706 \n\nInterest expense, net \n (88,730) \n (98,026) \n (58,263)\n\nTotal other (expenses) income, net \n (22,113) \n (75,434) \n 87,443 \n\n  \n    \n    \n   \n\n**Income (loss) before income tax** \n 500,386  \n 394,839  \n (10,751,313)\n\nIncome tax (expenses) credit \n (45,971) \n (174,196) \n 20,591 \n\n**Net income (loss) and comprehensive income (loss)** \n 454,415  \n 220,643  \n (10,730,722)\n\n  \n    \n    \n   \n\nNet loss attributable to non-controlling interests \n -  \n -  \n (57,164)\n\n**Net income (loss) attributable to New Century Logistics (BVI) Limited’s\nshareholders** \n 454,415  \n 220,643  \n (10,673,558)\n\n  \n    \n    \n   \n\n**Net income (loss) per share attributable to ordinary shareholders** \n    \n    \n   \n\nBasic and diluted \n 0.18  \n 0.09  \n (3.71)\n\n  \n    \n    \n   \n\n**Weighted average number of ordinary shares used in computing net income (loss) per share*** \n 2,500,000  \n 2,500,000  \n 2,880,514 \n\n \n\n*Retroactively restated for effect of 1-for-8\nreverse stock splits on November 14, 2025 and 2,000-for-1 forward split on April 11, 2023.\n\n \n\nThe accompanying notes are an integral part of these consolidated financial\nstatements.\n\n \n\nF-4\n\n \n\n \n\n**NEW\nCENTURY LOGISTICS (BVI) LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY**\n\n \n\n  \nNumber of  \nAmount\n*  \ncapital  \nearnings  \n \n \n \n \n \n \n \n \n\n  \nNew Century Logistics (BVI) Limited Shareholders’ Equity\n \n\n  \nOrdinary shares  \n  \n  \n\n \n \n\n \n \n \n \n\n  \nNumber of  \nAmount  \nAdditional\npaid-in capital  \n\nRetained\n\nearnings\n  \n\nTotal New Century Logistics\n\n(BVI)\n\nLimited \n\nShareholders’\n\nEquity\n\n \n \n\nNon-\n\ncontrolling\n\ninterest\n\n \n \n\nTotal\n\n \n\n  \n\nShares*\n  \nUS$  \nUS$  \nUS$  \nUS$\n \n \nUS$\n \n \nUS$\n \n\nBalance as of October 1, 2022 \n 2,500,000  \n -  \n 153,647  \n 11,373,857  \n \n\n11,527,504\n\n \n \n \n-\n \n \n \n\n11,527,504\n\n \n\nDividend declared \n -  \n -  \n -  \n (5,993,590) \n \n\n(5,993,590\n\n)\n \n \n-\n \n \n \n\n(5,993,590\n\n)\n\nNet income and comprehensive income \n -  \n    -  \n -  \n 454,415  \n \n\n454,415\n\n \n \n \n-\n \n \n \n\n454,415\n\n \n\nBalance as of September 30, 2023 \n 2,500,000  \n -  \n 153,647  \n 5,834,682  \n \n\n5,988,329\n\n \n \n \n-\n \n \n \n\n5,988,329\n\n \n\nNet income and comprehensive income \n -  \n -  \n -  \n 220,643  \n \n\n220,643\n\n \n \n \n-\n \n \n \n\n220,643\n\n \n\nBalance as of September 30, 2024 \n 2,500,000  \n -  \n 153,647  \n 6,055,325  \n \n\n6,208,972\n\n \n \n \n-\n \n \n \n\n6,208,972\n\n \n\nBalance  \n 2,500,000  \n -  \n 153,647  \n 6,055,325  \n \n\n6,208,972\n\n \n \n \n-\n \n \n \n\n6,208,972\n\n \n\nProceeds from initial public offering \n \n187,500\n  \n -  \n 3,399,229  \n -  \n \n\n3,399,229\n\n \n \n \n-\n \n \n \n\n3,399,229\n\n \n\nIssuance of shares under 2025 Equity Incentive Plan \n \n512,500\n  \n -  \n \n-\n  \n -  \n \n-\n \n \n \n-\n\n \n \n-\n \n\nShare-based compensation expense \n \n-\n  \n \n-\n  \n \n6,355,000\n  \n -  \n \n\n6,355,000\n\n \n \n \n-\n \n \n \n\n6,355,000\n\n \n\nNet loss and comprehensive loss \n -  \n -  \n \n-\n  \n (10,673,558) \n \n\n(10,673,558\n\n)\n \n \n\n(57,164\n\n)\n \n \n(10,730,722\n)\n\nNet income (loss) \n -  \n -  \n   \n (10,673,558) \n \n\n(10,673,558\n\n)\n \n \n\n(57,164\n\n)\n \n \n(10,730,722\n)\n\nBalance as of September 30, 2025 \n 3,200,000  \n -  \n 9,907,876  \n (4,618,233) \n \n\n5,289,643\n\n \n \n\n(57,164\n\n)\n \n \n\n5,232,479\n\nBalance \n 3,200,000  \n -  \n 9,907,876  \n (4,618,233) \n \n\n5,289,643\n\n \n \n\n(57,164\n\n)\n \n \n\n5,232,479\n\n \n\n*Retroactively restated for effect of 1-for-8\nreverse stock splits on November 14, 2025 and 2,000-for-1 forward split on April 11, 2023.\n\n \n\nThe accompanying notes are an integral part of these consolidated financial\nstatements.\n\n \n\nF-5\n\n \n\n \n\n**NEW\nCENTURY LOGISTICS (BVI) LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n \n\n  \n2023  \n2024  \n2025 \n\n  \nFor the year ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\n \n    \n    \n   \n\nNet income (loss) \n 454,415  \n 220,643  \n (10,730,722\n) \n\nAdjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: \n    \n    \n   \n\nDepreciation of property, plant and equipment \n 187,259  \n 179,103  \n 36,381 \n\nDepreciation of right-of-use assets – finance lease \n 41,112  \n 38,116  \n 34,039 \n\nOperating lease expenses \n \n1,109,009\n  \n \n1,165,859\n  \n \n633,801\n \n\nGain of early termination of finance lease \n -  \n (12,832) \n - \n\nDeferred tax expenses \n (1,904) \n (54,206) \n (20,591)\n\n(Reversal) provision of current expected credit loss of accounts receivables \n (176,170) \n 243,229 \n 164,498 \n\nShare-based compensation expenses \n -  \n -  \n 6,355,000 \n\nChange of deferred offering cost \n -  \n 273,135  \n 511,834 \n\nChange in operating assets and liabilities: \n    \n    \n   \n\nAccounts receivable, net \n (626,948) \n (2,019,612) \n 1,307,899 \n\nContract assets \n 61,280  \n -  \n - \n\nDeposits, prepayment and other receivables \n 71,921  \n (145,688) \n \n13,534\n\nAccount payables \n (569,287) \n 2,626,443  \n (1,268,184)\n\nLease liabilities – operating lease \n (1,112,698) \n (1,169,138) \n (633,404)\n\nAccruals and other current liabilities \n (9,915) \n (177) \n 209,425\n\nIncome taxes payable \n (1,915,170) \n 89,657  \n (28,651)\n\nCash (used in) provided by operating activities \n (2,487,096) \n 1,434,532  \n (3,415,141)\n\n  \n    \n    \n   \n\nInvesting activities \n    \n    \n   \n\nPurchase of property, plant and equipment \n -  \n -  \n \n(54,487\n)\n\n(Payment) collection of loan receivable \n (218,109) \n 218,109  \n - \n\nCash (used in) provided by investing activities \n (218,109) \n 218,109  \n \n(54,487\n)\n\n　 \n    \n    \n   \n\nFinancing activities \n    \n    \n   \n\nPrincipal payment of finance lease liabilities \n (40,235) \n (33,002) \n (30,796)\n\nAdvances to shareholder and director \n (1,550,282) \n (813,381) \n - \n\nRepayment from directors \n 1,340,041  \n -  \n 270,386\n\nProceeds from related party \n 935,107  \n 895,584  \n - \n\nRepayment of loan from related party\n \n -  \n -  \n (2,430,691)\n\nNet proceeds from initial public offering \n -  \n -  \n \n4,983,761\n\n \n\nPayment of offering costs \n (896,708) \n (605,512) \n (167,666)\n\nProceeds from bank overdraft \n 14,178,849  \n 27,068,182 \n 126,099 \n\nRepayment of bank overdraft \n (13,243,931) \n (27,411,893) \n - \n\nProceeds from bank loan \n -  \n 897,436  \n 1,923,075 \n\nRepayment of bank loan \n (220,459) \n (1,282,051) \n (897,435)\n\nCash provided by (used in) financing activities \n 502,382  \n (1,284,637) \n 3,776,733 \n\n  \n    \n    \n   \n\nNet change in cash and cash equivalents, and restricted cash \n (2,202,823) \n 368,004  \n 307,105\n\nCash and cash equivalents, and restricted cash as of the beginning of the year \n 2,494,139  \n 291,316  \n 659,320 \n\nCash and cash equivalents, and restricted cash as of the end of the year \n 291,316  \n 659,320  \n 966,425 \n\n  \n    \n    \n   \n\nSupplementary Cash Flows Information \n    \n    \n   \n\nCash paid for interest \n (77,274) \n (98,026) \n (58,263)\n\nCash paid for income tax \n (1,963,045) \n (138,745) \n (28,648)\n\n  \n    \n    \n   \n\nSupplemental Schedule of Non-Cash Investing and Financing Activities \n    \n    \n   \n\nRefundable deposit for acquisition of a subsidiary settled\nthrough amounts due from related parties \n -  \n -  \n 512,821 \n\nDividend declared offset against due from shareholder and director \n 5,993,590  \n -  \n - \n\nDeferred offering costs within accruals and other current liabilities \n 600,000  \n 99,615  \n - \n\nRight-of-use assets obtained in exchange for new operating lease liabilities \n 49,442  \n 603,434  \n 648,813 \n\nRight-of-use assets obtained in exchange for new finance lease liabilities \n -  \n 172,170  \n - \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**NEW\nCENTURY LOGISTICS (BVI) LIMITED AND ITS SUBSIDIARIES**\n\n**Notes\nto the Consolidated Financial Statements**\n\n \n\n**1.\nORGANIZATION AND PRINCIPAL ACTIVITIES**\n\n \n\nNew Century Logistics (BVI) Limited\nwas incorporated in the British Virgin Islands (“BVI”). The Company conducts its primary operations of provision of freight\nforwarding and ancillary logistics services in Hong Kong through its principal subsidiaries that are incorporated and domiciled in Hong\nKong.\n\n \n\n**Initial\nPublic Offering**\n\n \n\nOn\nDecember 18, 2024, the Company was listed following the completion of the share offering. The Company began\ntrading under the ticker symbol “NCEW” on this date. On December 19, 2024, the Company closed its initial public offering\nto 1,500,000 Class A Ordinary Shares. The Offering was conducted on a firm commitment basis, with no over-allotment exercised by the\nUnderwriters as of December 19, 2024. After deducting certain underwriting expenses, the Company received net proceeds of US$4,983,761.\n\n \n\nDetails\nof the Company and its subsidiaries (the “Company”) are set out in the table as follows:\n\n SCHEDULE\nOF COMPANY AND SUBSIDIARIES\n\n \n \n**Date\nof**\n \n**Percentage\nof effective ownership**\n \n**Place\nof**\n \n \n\n**Name**\n \n**incorporation**\n \n**2024**\n \n**2025**\n \n**incorporation**\n \n**Principal\nactivities**\n\nNew\nCentury Logistics (BVI) Limited\n \nApril\n24, 2019\n \nParent\n \nParent\n \nBVI\n \nInvestment\nholdings\n\n \n \n \n \n \n \n \n \n \n \n \n\nTop\nWise International Limited\n\n \nJanuary\n3, 2025\n \nN/A\n \n\n100%\n\n(Direct)\n\n \nHong\nKong\n \nInactive\n\n \n \n \n \n \n \n \n \n \n \n \n\nNew\nCentury Logistics Company Limited\n \nJuly\n31, 2002\n \n\n100%\n\n(Direct)\n\n \n\n100%\n\n(Direct)\n\n \nHong\nKong\n \nProvision\nof freight forwarding and ancillary logistics services\n\n \n \n \n \n \n \n \n \n \n \n \n\nNCL\nUSA Development Company Limited\n\n \nJanuary\n22, 2025\n \nN/A\n \n\n100%\n\n(Direct)\n\n \nUSA\n \nInactive\n\n \n \n \n \n \n \n \n \n \n \n \n\nNCEW\nInvestment Consultancy Limited (formerly known as GLF Cargo Services Limited)\n \nAugust\n15, 2016\n \n\n100%\n\n(Indirect)\n\n \n\n100%\n\n(Indirect)\n\n \nHong\nKong\n \nProvision\nof consultancy services\n\n \n \n \n \n \n \n \n \n \n \n \n\nWin-Tec\nTransportation Company Limited\n \nJune\n28, 2005\n \n\n100%\n\n(Indirect)\n\n \n\n100%\n\n(Indirect)\n\n \nHong\nKong\n \nProvision\nof warehousing and distribution, X-ray, gate charge and palletization services\n\n \n \n \n \n \n \n \n \n \n \n \n\nSky\nPrime Films Production Limited\n\n \nJune\n8, 2016\n \nN/A\n \n\n100%\n\n(Indirect)\n\n \nHong\nKong\n \nDormant\n\n \n \n \n \n \n \n \n \n \n \n \n\nEasy\nAffinity Credit Limited\n\n \nDecember\n21, 2015\n \nN/A\n \n\n100%\n\n(Indirect)\n\n \nHong\nKong\n \nInactive\n\n \n \n \n \n \n \n \n \n \n \n \n\nNCEW\nPayConnect Limited\n \nJune\n19, 2025\n \nN/A\n \n\n51%\n\n(Indirect)\n\n \nHong\nKong\n \nInactive\n\n \n\nF-7\n\n \n\n \n\n**2.\nSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\n*Basis\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”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).\n\n \n\nThe\nconsolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions\nand balances among the Company and its subsidiaries have been eliminated upon consolidation.\n\n \n\n*Use\nof Estimates*\n\n \n\nThe preparation of consolidated\nfinancial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect\nthe reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial\nstatements and the reported amounts of revenue and expenses during the reporting period. Significant accounting estimates include, but\nnot limited to revenue recognition, allowance for expected credit loss, useful lives of property, plant and equipment, valuation\nallowance for deferred tax assets and incremental borrowing rate for leases. The Company evaluates its estimates and assumptions on an\nongoing basis and its estimates on historical experience, current and expected future conditions and various other assumptions that management\nbelieves are reasonable under the circumstances based on the information available to management at the time these estimates and assumptions\nare made. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.\n\n \n\nF-8\n\n \n\n \n\n*Foreign\nCurrencies Translation*\n\n \n\nThe\naccompanying consolidated financial statements are presented in United States dollars (“US$” or “$”). The functional\ncurrency of the Company is the local currency of the country in which the subsidiaries operate, which is Hong Kong Dollar (“HKD”).\nTransactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences\nbetween the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the\nconsolidated statements of income and comprehensive income.\n\n \n\nThe\nexchanges rates used for translation from HKD to US$ was HKD7.8000 to US$1,\na pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company’s\nbalance sheets, statement of income (loss) and comprehensive income (loss) items and cash flow items for 2023, 2024 and\n2025.\n\n SCHEDULE\nOF FOREIGN CURRENCY TRANSLATION\n\n  \nFor the year ended September 30, \n\n  \n2023  \n2024  \n2025 \n\nYear-end HKD/US$ exchange rate \n 7.8000  \n 7.8000  \n 7.8000 \n\nYear average HKD/US$ exchange rate \n 7.8000  \n 7.8000  \n 7.8000 \n\n \n\n*Cash\nand Cash Equivalents*\n\n \n\nCash\nand cash equivalents consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of\nthree months or less and are unrestricted as to withdrawal or use. The Company maintains all bank accounts in Hong Kong. Cash\nbalances in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection\nScheme Ordinance. The maximum protection is up to HKD800,000\n(equivalent to approximately per depositor per Scheme member, including both principal and interest.\n\n \n\nThe cash and cash equivalents by geographic location is presented as below:\n\nSCHEDULE OF CASH AND\nCASH EQUIVALENTS\n\n  \n2024  \n2025 \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nBVI \n -  \n 409,060 \n\nHong Kong \n 659,320  \n 557,365 \n\n  \n    \n   \n\nCash and cash equivalents \n 659,320  \n 996,425 \n\n \n\n*Restricted\nCash*\n\n \n\nRestricted cash represents mainly deposits held in a designated bank account\nas a pledge collateral for a bank loan.\n\n \n\n*Accounts\nReceivable, net*\n\n \n\nAccounts\nreceivable represents an unconditional right to consideration arising from our performance under contracts with customers. The Company\ngrant credit to customers, without collateral, under normal payment terms (typically within 90 days after invoicing). Generally, invoicing\noccurs within 30 days after the related works are performed. The carrying value of such receivable, net of allowance of expected credit\nloss, represents its estimated realizable value. The Company expects to collect the outstanding balance of current accounts receivable,\nnet within the next 12 months. The Company use loss-rate methods to estimate allowance for credit loss.\n\n \n\nF-9\n\n \n\n \n\nFor\nthose past due balances over 1 year and other higher risk receivables identified by management are reviewed individually for collectability.\nIn establishing an allowance for credit losses, the Company uses reasonable and supportable information, which is based on historical\ncollection experience, the financial condition of its customers and assumptions for the future movement of different economic drivers\nand how these drivers will affect each other. Loss-rate approach is based on the historical loss rates and expectations of future conditions.\nThe Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that\nthe amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than\nthe carrying value.\n\n \n\n*Deferred\nlisting costs*\n\n \n\nDeferred\nlisting costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting,\nprinting, and other registration related costs in connection with the initial public Offering (“IPO”) of the Company’s\nordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering\nproceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed.\n\n \n\n*Bank loans and overdraft*\n\n* *\n\nBank loans and overdraft are initially\nrecognized at fair value, net of transaction costs incurred. Bank loans and overdraft are subsequently measured at amortized cost; any\ndifference between the proceeds net of transaction costs and the redemption value is recognized in consolidated statements of income (loss)\nand comprehensive income (loss) over the period using the effective interest method. Bank loans and overdraft are classified as current\nliabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.\n\n \n\n*Fair\nValue of Financial Instruments*\n\n \n\nThe Company applies the provisions\nof ASC 820, *Fair Value Measurements and Disclosures*, to the financial instruments that are required to be carried at fair value.\nFair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most\nadvantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company\nuses a three-tier fair value hierarchy based upon observable and non-observable inputs that prioritizes the information used to develop\nour assumptions regarding fair value. Fair value measurements are separately disclosed by level within the fair value hierarchy.\n\n \n\n \n●\nLevel\n1—defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;\n\n \n \n \n\n \n●\nLevel\n2—defined as inputs other than quoted prices in active markets, that are either directly or indirectly observable; and\n\n \n \n \n\n \n●\nLevel\n3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own\nassumptions.\n\n \n\nThe Company’s financial\ninstruments include cash and cash equivalents, restricted cash, accounts, accounts and other receivable, refundable deposits, due from\nrelated parties, accounts payables, accruals and other current liabilities, loan payable – related party, and bank loans and overdraft.\nThe carrying amounts of these financial instruments approximate their fair values due to the short-term nature of these instruments.\nFor lease liabilities, fair value approximates their carrying value at the year end as the interest rates used to discount the host contracts\napproximate market rates. The carrying amount of the bank loan and overdraft approximates its fair value due to the fact that the related\ninterest rate approximates the interest rates currently offered by financial institutions for similar debt instruments of comparable\nmaturities. The Company carries financial instruments at amortized cost which appropriates fair value.\n\n \n\nThe Company noted no transfers\nbetween levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring\nnor non-recurring basis as of September 30, 2025 and 2024.\n\n \n\n*Property,\nPlant and Equipment, net*\n\n \n\nProperty,\nplant and equipment is stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure\nthat is directly attributable to the acquisition of the items.\n\n \n\nMajor\nmodifications or refurbishments which extend the useful life of the assets are capitalized and depreciated over the adjusted remaining\nuseful life of the assets.\n\n \n\nF-10\n\n \n\n \n\nThe\nProperty, plant and equipment is calculated using the straight-line method over their estimated useful lives, as follows:\n\n SCHEDULE\nOF ESTIMATED USEFUL LIFE\n\nOwned\nassets\n \nUseful\nlives\n\n \n \n \n\nLeasehold\nimprovements\n \nOver\nshorter of the lease term and the remaining useful life\n\nPlant\nand machinery\n \n40-60\nmonths\n\nComputer\nand equipment\n \n40\nmonths\n\nFurniture\nand fixtures\n \n40\nmonths\n\nMotor\nvehicles\n \n40\nmonths\n\n \n\nThe\nuseful lives of the assets are reviewed, and adjusted if appropriate, at the end of each reporting period.\n\n \n\nUpon\nretirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are removed any resulting\ngain or loss is recognized in consolidated statements of income (loss) and comprehensive income (loss). The cost of maintenance and\nrepairs is charged to expenses as incurred.\n\n \n\n*Impairment\nof Long-Lived Assets*\n\n \n\nThe\nCompany reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of\nan asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the\nlong-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition.\nIf the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment\nloss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairment\nof long-lived assets was recognized for the years ended September 30, 2023, 2024 and 2025.\n\n \n\n*Lease*\n\n \n\nThe\nCompany evaluates the contracts it entered into to determine whether such contracts contain leases at inception. A contract contains\na lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange\nfor consideration. At commencement, contracts containing a lease are further evaluated for classification as an operating or finance\nlease where the Company is a lessee.\n\n \n\nOperating\nLeases\n\n \n\nA\nlease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lease as\nan operation lease. Operating leases are included in the line items right-of-use (ROU) asset, lease liabilities, current, and lease liabilities,\nnon-current in the consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease\nterm and lease liabilities represent its obligation to make lease payments arising from the lease. For operating leases, the Company\nmeasures its lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily\ndeterminable of the rate implicit in the lease or its incremental borrowing rate, which is the estimated rate the Company would be required\nto pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Company uses its incremental\nborrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The\nCompany measures ROU assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement\ndate, and initial direct costs it incurs under the lease. The Company begins recognizing lease expense when the lessor makes the underlying\nasset available to the Company. Lease expenses for lease payments are recognized on a straight-line basis over the lease term.\n\n \n\nFor\nleases with lease term less than one year (short-term leases), the Company has elected not to recognize a lease liability or ROU asset\non its consolidated balance sheet. Instead, it recognizes the lease payments as expenses on a straight-line basis over the lease term.\n\n \n\nFinance\nleases\n\n \n\nLeases\nthat transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases\nas if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. Lease cost for finance\nleases where the Company is the lessee includes the amortization of the ROU asset, which is amortized on a straight-line basis and\nrecorded to “Depreciation of right-of-use assets -finance lease” and interest expense on the finance lease liability,\nwhich is calculated using the interest method and recorded to “Interest expense”. Finance lease ROU assets are amortized\nover the shorter of their estimated useful lives or the terms of the respective leases. If the Company is reasonably certain to\nexercise the option to purchase the underlying asset at the end of lease term, the finance lease ROU assets are amortized to the end\nof useful life of the assets on a straight-line basis.\n\n \n\nF-11\n\n \n\n \n\n*Related\nparties*\n\n \n\nThe\nCompany adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.\nParties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant\ninfluence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject\nto common control or significant influence, such as a family member or relative, shareholder, or a related corporation.\n\n \n\n*Revenue\nRecognition*\n\n \n\nThe\nCompany’s revenues are primarily from transportation services, which includes providing for the arrangement of freight, both domestically\nand internationally, through modes of transportation such as air freight, ocean freight. The Company generates its transportation services\nrevenue by purchasing transportation from airline and other forwarders and reselling those services to its customers.\n\n \n\nIn\ngeneral, each shipment transaction or service order constitutes a separate contract with the customer. A performance obligation is created\nonce a customer agreement with an agreed upon transaction price exists. The transaction price is typically fixed and not contingent upon\nthe occurrence or non-occurrence of any other event. The transaction price is generally due within 90 days from the date of invoice.\nThe Company’s transportation transactions provide for the arrangement of the movement of freight to a customer’s destination.\nThese performance obligations are satisfied and recognized in revenue upon the transfer of control of the services over the requisite\ntransit period as the customer’s goods move from origin to destination. The Company determines the period to recognize revenue\nin transit based upon the departure date and the delivery date, which may be estimated if delivery has not occurred as of the reporting\ndate. Determination of the transit period and the percentage of completion of the shipment as of the reporting date requires management\nto make judgments that affect the timing of revenue recognition. The Company has determined that revenue recognition over the transit\nperiod provides a reasonable estimate of the transfer of services to its customers as it depicts the pattern of the Company’s performance\nunder the contracts with its customers.\n\n \n\nThe\nCompany also provides other services such as warehousing and distribution, X-ray, gate charge and palletization services for its customers\nunder contracts generally ranging from a few months to one year and include renewal provisions.\n\n \n\nF-12\n\n \n\n \n\nWarehousing\nservices contracts provide for storage of the customer’s product. The Company’s performance obligations are satisfied over\ntime as the customers simultaneously receive and consume the services provided by the Company as it performs. The transaction price is\nbased on the consideration specified in the contract with the customer and contains fixed consideration. The revenue is recognized in\nthe amount for which the Company has the right to invoice the customer, as this amount corresponds directly with the value provided to\nthe customer for the Company’s performance completed to date.\n\n \n\nThe\nCompany provides distribution logistics, X-ray, gate charge and palletization services which sell on a standalone basis as a single performance\nobligation. The Company recognizes revenue from this performance obligation at a point in time, which is the completion of the services.\n\n \n\nThe\nCompany applies the practical expedient in Topic 606 that permits the Company to not disclose the aggregate amount of transaction price\nallocated to performance obligations that are unsatisfied as of the end of the period as the Company’s contracts have an expected\nlength of one year or less. The Company also applies the practical expedient in Topic 606 that permits the recognition of incremental\ncosts of obtaining contracts as an expense when incurred if the amortization period of such costs is one year or less. These costs are\nincluded in cost of sales. The Company uses independent contractors and third-party carriers in the performance of its transportation\nservices. The Company evaluates who controls the transportation services to determine whether its performance obligation is to transfer\nservices to the customer or to arrange for services to be provided by another party. The Company determined it acts as the principal\nfor its transportation services performance obligation since it is in control of establishing the prices for the specified services,\nmanaging all aspects of the shipments process and assuming the risk of loss for delivery and collection. Such transportation services\nrevenue is presented on a gross basis in the consolidated statement of income (loss) and comprehensive income (loss).\n\n \n\n*Cost\nof sales*\n\n \n\nCost\nof sales consists primarily of cargo space charged by airlines, shipping liners or other freight forwarders and ancillary logistics services\nfee including costs of security, local handling and x-ray screening, lease expense of warehouse, labor cost and other warehouse services.\n\n \n\n*General\nand Administrative Expenses*\n\n \n\nGeneral\nand administrative expenses include management and salaries and employee benefits of office staffs, depreciation for office facility\nand office equipment, travel and entertainment, legal and accounting, consulting fees, rental expenses, current expected\ncredit loss and other office expenses.\n\n \n\nF-13\n\n \n\n \n\n*Income\nTaxes*\n\n \n\nThe\nCompany accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable\nto differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective\ntax bases.\n\n \n\nDeferred\ntax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary\ndifferences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized\nin income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets\nto the amount expected to be realized.\n\n \n\nThe\nprovisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for\nconsolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This\ninterpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred\nincome tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.\n\n \n\nThe\nCompany believes there were no uncertain tax positions at September 30, 2024 and 2025, respectively. The Company does not expect that\nits assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under\nexamination by an income tax authority, nor has been notified that an examination is contemplated.\n\n \n\n*Share-based compensation\nexpense*\n\n \n\nShare-based payments made to non-employees,\nincluding fully vested and non-forfeiture shares, are recognized as compensation expenses when the shares are granted.\n\n \n\n*Comprehensive\nIncome*\n\n \n\nOther\ncomprehensive income is defined as the change in equity during the year from transactions and other events, excluding the changes\nresulting from investments by owners and distributions to owners, and is not included in the computation of income tax expense or\nbenefit. No accumulated other comprehensive income was recognized during the years ended September 30, 2023, 2024 and\n2025.\n\n \n\n*Net income (loss) per share*\n\n \n\nNet income (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary\nshares outstanding during the year. Diluted net income (loss) per share reflect the potential dilution that could occur if securities or other\ncontracts to issue ordinary shares were exercised or converted into ordinary shares.\n\n \n\n*Commitments\nand contingencies*\n\n \n\nIn\nthe normal course of business, the Company is subject to commitments and contingencies, including operating lease and finance lease\ncommitments, debt obligations, legal proceedings and claims arising out of its business that relate to a wide range of matters, such\nas government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is\nprobable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making\nthese assessments on liability for contingencies, including historical and the specific facts and circumstances of each\nmatter.\n\n \n\nF-14\n\n \n\n \n\n*Segment\nReporting*\n\n \n\nASC\n280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent\nwith the Company’s internal organizational structure as well as information about geographical areas, business segments and major\ncustomers in financial statements for detailing the Company’s business segments.\n\n \n\nThe Company’s chief\noperating decision maker is the Chief Executive Officer, uses net income (loss) and operating income (loss) as measures of profit or\nloss on a consolidated basis when making decisions, allocating resources and assessing the performance. The Company has determined that\nit has a single operating segment for purposes of allocating resources and evaluating financial performance; accordingly. The Company’s\nkey financial metrics used by the CODM help make key operating decisions, include significant acquisitions and allocation of budget between\ncost of revenues, general and administrative expenses. Information regarding the Company’s net income (loss) and operating income\n(loss) is disclosed in the Consolidated Statements Income (Loss) and Comprehensive Income (Loss). Segment expenses and other items are\nreviewed by the CODM on the same basis as presented in the Statements Income (Loss) and Comprehensive Income (Loss). The CODM does not\nseparately evaluate performance or allocate resources based on segment assets. As a result asset information by segment is not presented.\n\n \n\n*Certain\nRisks*\n\n \n\nIn\nthe event that there is border control in respect of shipments or shutdown of the airports/ports imposed by local government or governments\nof foreign countries, our operation will be materially disrupted. The above adverse impacts, especially if they materialize and persist\nfor a substantial period, may significantly and adversely affect our business operation and financial performance. The directors of the\nCompany will keep continuous attention on monitoring the latest announcement of the governments of different countries.\n\n \n\n*Foreign\ncurrency risk*\n\n \n\nThe\nCompany has minimal exposure to foreign currency risk as most of its transactions, assets and liabilities are principally denominated\nthe functional currency of the entity to which they are related. The Company currently does not have a foreign currency hedging policy\nin respect of foreign currency transactions, assets and liabilities. The Company will monitor its foreign currency exposure closely and\nwill consider hedging significant foreign currency exposure should the need arise.\n\n \n\n*Interest\nRate Risk*\n\n \n\nThe\nCompany is exposed to interest rate risk primarily relates to the variable-rate bank loans and overdraft and is mainly concentrated on\nthe fluctuation of Hong Kong Prime Rate arising from the Company’s bank loan and overdraft. The Company has not used any derivative\ninstruments to mitigate its exposure associated with interest rate risk.\n\n \n\n*Credit\nRisk*\n\n \n\nThe\ncarrying amounts of bank balances, restricted cash, accounts receivables, due from related parties, deposits and other receivables\nincluded in the consolidated balance sheet represent the Company’s maximum exposure to credit risk in relation to the\nCompany’s financial assets.\n\n \n\nRefer\nto Note 3 - “CONCENTRATION OF REVENUES AND COST OF GOODS SOLD” for the concentrations of credit risk on accounts\nreceivable.\n\n \n\nIt\nhas policies in place to ensure that sales are made to customers with an appropriate credit history.\n\n \n\nThe credit risk on bank balances and restricted cash is limited because\nthe counterparties are banks with high credit-rating assigned by international credit-rating agencies.\n\n \n\nThe\nCompany considers whether there has been a significant increase in credit risk of financial assets on an ongoing basis throughout each\nreporting period by comparing the risk of a default occurring as at the reporting date with the risk of default as at the date of initial\nrecognition. It considers available reasonable and supportive forward-looking information.\n\n \n\n*Government\ngrant*\n\n \n\nGovernment\ngrant received by the Company consists of unrestricted grant which are received on an unsolicited and unconditional basis to support\nthe growth of the Company and do not relate to the Company’s operating activities. Unrestricted grant is classified as non-operating\nincome and recorded in other income on the consolidated statements of income and comprehensive income upon receipt.\n\n \n\nFor\nthe years ended September 30, 2023, 2024 and 2025, government grants in the amounts of US$ US$21,641, Nil and Nil were recognized as\nother income in the consolidated statements of income (loss) and comprehensive income (loss), respectively.\n\n \n\n*Employee benefits*\n\n \n\nThe Company compensates its employees\nthrough short-term employee benefits and defined contribution plans. Short-term employee benefits are recognized at the undiscounted\namount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognized\nas an expense. A liability is recognized for benefits accruing to employees (such as wages and salaries) after deducting any amount already\npaid.\n\n \n\nPayments to defined contribution plans are recognised as an expense when employees have rendered service entitling\nthem to the contributions. Employees of the Group located in Hong Kong participate in Mandatory Provident Fund Scheme as required by Hong\nKong Mandatory Provident Fund Schemes Ordinance. Contributions are required by both the Group and its employees at a rate of 5% on the\nemployees’ relevant salary income, subject to a cap of monthly relevant income of HKD30,000 (equivalent to approximately US$3,846).\n\n \n\nIn June\n2022, the Hong Kong government gazetted the Mandatory Provident Fund Schemes (Amendment) Ordinance 2021 (the “Amendment Ordinance”),\nwhich will eventually abolish the statutory right of an employer to reduce its long service payment payable to a Hong Kong employee by\ndrawing on its mandatory contributions to the MPF scheme. The abolition will officially take effect on the Transition Date (i.e. May 1,\n2025). Separately, the Hong Kong government is also expected to introduce a subsidy scheme to assist employers for a period of 25 years\nafter the Transition Date on the LSP payable by employers up to a certain amount per employee per year.\n\n \n\nAmong other\nthings, once the abolition of the offsetting mechanism takes effect, an employer can no longer use any of the accrued benefits derived\nfrom its mandatory MPF contributions (irrespective of the contributions made before, on or after the Transition Date) to reduce the long\nservice payment in respect of an employee’s service from the Transition Date. However, where an employee’s employment commenced\nbefore the Transition Date, the employer can continue to use the above accrued benefits to reduce the long service payment in respect\nof the employee’s service up to that date; in addition, the long service payment in respect of the service before the Transition\nDate will be calculated based on the employee’s monthly salary immediately before the Transition Date and the years of service up\nto that date.\n\n \n\nThe Company has assessed that the Amendment Ordinance has no material impact on the Company’s LSP liability\nwith respect to employees in Hong Kong.\n\n \n\nF-15\n\n \n\n \n\n*Recently\nIssued Accounting Pronouncements*\n\n \n\nThe Company considers the applicability\nand impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are\nissued. Under the Jump start Our Business Start-ups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition\nof an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards,\nwhich delays the adoption of these accounting standards until they would apply to private companies.\n\n \n\nIn November 2023, the FASB issued\nASU 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures,” which focuses on improving reportable segment\ndisclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for\neach reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported\nsegment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s\nprofit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s\nprofit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures\nis determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated\nfinancial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable.\nThis update will be effective for the Group’s fiscal years beginning after December 15, 2023, and interim periods within fiscal\nyears beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial\nstatements. The Company adopted this ASU from October 1, 2024, which did not have a material impact on the consolidated financial statements.\n\n \n\nIn December 2023, the FASB issued\nASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands existing income tax disclosures for\nrate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds\nand expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual\nperiods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adopting the\nstandard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations\nand cash flows.\n\n \n\nIn November 2024, the FASB issued\nASU 2024-03, “Reporting Comprehensive Income — Expense Disaggregation Disclosures”, which focuses on improving the disclosures\nabout a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses\n(including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions\n(such as cost of sales, SG&A, and research and development). ASU 2024-03 is effective for annual reporting periods beginning after\nDecember 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently\nevaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its\nfinancial position, results of operations and cash flows.\n\n \n\nExcept as mentioned above, the\nCompany does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material\neffect on the Group’s balance sheets, statements of operations and comprehensive loss and statements of cash flows.\n\n \n\n**3.\nCONCENTRATION OF REVENUES AND COST OF GOODS SOLD**\n\n \n\nThe\nfollowing table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue.\n\n SCHEDULE\nOF CONCENTRATION OF REVENUES\n\n  \nUS$  \n   \nUS$  \n   \nUS$  \n  \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \n   \nUS$  \n   \nUS$  \n  \n\nCustomer A \n 3,891,050  \n 10.79% \n N/A*  \n - \n N/A*  \n -\n\nCustomer B \n N/A*  \n - \n 13,805,046  \n 26.46% \n 5,124,930  \n 11.63%\n\nCustomer C \n N/A*  \n - \n N/A*  \n - \n 5,667,971  \n 12.86%\n\nRevenue \n N/A*  \n - \n N/A*  \n - \n 5,667,971  \n 12.86%\n\n \n\n* The corresponding revenue did\nnot contributed over 10% of the total revenue of the Company.\n\n \n\nThe\nfollowing table sets forth a summary of single customers who represent 10% or more of the Company’s\ntotal gross accounts receivable\n\n \n\n  \nUS$  \n   \nUS$  \n  \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \n   \nUS$  \n  \n\nCustomer A \n N/A*  \n  \n 5,229,042  \n 42.46%\n\nCustomer B \n 7,138,207  \n 52.39% \n N/A*  \n -\n\nAccounts Receivable, net \n 7,138,207  \n 52.39% \n N/A*  \n -\n\n \n\n* The corresponding revenue did not contributed over 10% of the total gross accounts receivable of the Company.\n\n \n\nThe\nfollowing table sets forth a summary of single suppliers who represent 10% or more of the Company’s\ntotal cost of services:\n\n \n\n  \nUS$  \n   \nUS$  \n   \nUS$  \n  \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \n   \nUS$  \n   \nUS$  \n  \n\nSupplier A \n 8,624,555  \n 26.46% \n 8,770,498  \n 18.30% \n 9,061,542  \n 20.63%\n\nSupplier B \n 3,813,095  \n 11.70% \n N/A *  \n - \n 7,866,050  \n 17.91%\n\nCost of services \n 3,813,095  \n 11.70% \n N/A *  \n - \n 7,866,050  \n 17.91%\n\n \n\n* The corresponding revenue did not contributed over 10% of the total cost of services of the Company.\n\n \n\nThe\nfollowing table sets forth a summary of single suppliers who represent 10% or more of the Company’s\naccounts payable\n\n \n\n  \nUS$  \n   \nUS$  \n  \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \n   \nUS$  \n  \n\nSupplier A \n 1,590,977  \n 24.30% \n 920,762  \n 17.44%\n\nSupplier B \n 876,488  \n 13.39% \n 585,796  \n 11.10%\n\nAccounts payable \n 876,488  \n 13.39% \n 585,796  \n 11.10%\n\n \n\nF-16\n\n \n\n \n\n**4.\nACCOUNTS RECEIVABLE, NET**\n\n \n\nAccounts\nreceivable, net consists of the following:\n\n SCHEDULE\nOF ACCOUNTS RECEIVABLE\n\n  \n2024  \n2025 \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nAccounts receivable \n 13,624,294  \n 12,316,395 \n\nLess: allowance for credit loss \n (386,717) \n (551,215)\n\n  \n    \n   \n\nAccounts receivable, net \n 13,237,577  \n 11,765,180 \n\n \n\nThe\nmovements in the allowance for credit loss for the years ended September 30, 2023, 2024 and 2025 were as follows:\n\n SCHEDULE\nOF ALLOWANCE FOR EXPECTED CREDIT LOSSES\n\n  \n2024  \n2025 \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nBalance at beginning of the year \n 197,928  \n 386,717 \n\nWritten off \n (54,440) \n - \n\nAdditions \n 243,229  \n 164,498 \n\n  \n    \n   \n\nBalance at end of the year \n 386,717  \n 551,215 \n\n \n\nThe\nreversal of allowance for credit loss was US$171,090 and no allowance for credit loss was written off for the year ended September\n30, 2023.\n\n \n\n**5.\nDEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES**\n\n \n\nDeposits, prepayments\nand other receivables mainly consist of prepayments, office rental deposits, utility\ndeposits, air freight and cargo deposits, and refundable deposits paid for acquisition of a subsidiary:\n\n SCHEDULE\nOF DEPOSITS AND OTHER RECEIVABLES\n\n  \n2024  \n2025 \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nDeposits paid under operating activities \n 304,324  \n 180,708 \n\nRefundable deposits paid for acquisition of a subsidiary (note) \n -  \n 512,821 \n\nPrepayment \n 87,488  \n \n279,655\n \n\nOther receivables \n 82,085  \n - \n\nDeposits\nand other receivables \n 473,897  \n \n973,184\n \n\n \n\n \nNote:\nAmount represents a refundable deposit amounting to US$512,821\npaid to the sole shareholder of Asiatic Logistics Limited (“Asiatic”), in connection with its potential acquisition of 51%\nof its issued and outstanding shares of Asiatic. The Company settled the deposit through amounts due from related parties. As of the\ndate of these consolidated financial statements issued, the acquisition of Asiatic has not yet been completed. The amount is classified\nas non-current due to its capital nature.\n\n \n\n**6.\nLEASES**\n\n \n\n(a)\nFinance leases\n\n \n\nThe\nCompany has entered into finance lease for a printer with principal amount of approximately US$205,523 and the agreement was terminated\nin March 2024. The Company entered into a new finance lease for a printer with principal amount of approximately US$172,170 on April\n14, 2024.\n\n \n\n(b)\nOperating leases\n\n \n\nThe\nCompany leases office, warehouse and car park spaces for varying periods in Hong Kong. As the majority of the leases do not provide an\nimplicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining\nthe present value of lease payments.\n\n \n\nThe\nCompany’s lease agreements do not contain any material guarantees or restrictive covenants. The Company does not have any sublease\nactivities. Short-term leases, defined as leases with initial term of 12 months or less, are not reflected in the Consolidated Balance\nSheets.\n\n \n\n*Renewal\nand new lease agreements*\n\n \n\nOn\nMay 2, 2023, the Company entered into a 2-year lease agreement for lease extension commencing on July 1, 2023. The lease extension is\nfor the car parking space where the Company is currently located in Kwun Tong, Hong Kong. The term of the new lease expires on June 30,\n2025 and requires monthly lease payments of approximately $1,308. The term of the new lease expires on June 30, 2027 and requires monthly\nlease payments of approximately $1,346.\n\n \n\nOn\nJuly 24, 2023, the Company entered into a 21 months lease agreement for lease extension commencing on October 1, 2023. The lease extension\nis for the car parking space where the Company is currently located in Kwun Tong, Hong Kong. The term of the new lease expires on June\n30, 2025 and requires monthly lease payments of approximately $436. The term of the new lease expires on June 30, 2027 and requires monthly\nlease payments of approximately $449.\n\n \n\nIn\n2023, the Company entered into a 2-year lease agreement for lease extension commencing on September 30, 2025. The lease extension is\nfor the car parking space where the Company is currently located in Kwun Tong, Hong Kong. The term of the new lease expires on September\n30, 2025 and requires monthly lease payments of approximately $474.\n\n \n\nOn\nSeptember 5, 2024, the Company entered into a 3-year lease agreement for lease extension commencing on September 1, 2024. The lease extension\nis for the office where the Company is currently located in Kwun Tong, Hong Kong. The term of the new lease expires on August 31, 2027\nand requires monthly lease payments of approximately $18,040.\n\n \n\nOn\nSeptember 1, 2024, the Company entered into a 3-year lease agreement for lease commencing on September 1, 2024. The lease is for the\ncar parking space where the Company is currently located in Kwun Tong, Hong Kong. The term of the lease expires on August 31, 2027 and\nrequires monthly lease payments of approximately $436.\n\n \n\nOn September 19, 2024, the Company\nentered into a 35 months lease agreement for lease commencing on October 1, 2024. The lease is for the car parking space where the Company\nis currently located in Kwun Tong, Hong Kong. The term of the lease expires on August 31, 2027 and requires monthly lease payments of\napproximately $436.\n\n \n\nOn September 1, 2024, the Company\nentered into a 35 months lease agreement for lease commencing on October 1, 2024. The lease is for the car parking space where the Company\nis currently located in Kwun Tong, Hong Kong. The term of the lease expires on August 31, 2027 and requires monthly lease payments of\napproximately $436.\n\n \n\nOn March 1, 2025, the Company\nentered into a 1-year lease agreement for lease commencing on March 1, 2024. The lease is for the warehouse space which is currently located\nin Yuen Long, Hong Kong. The term of the lease expires on February 28, 2026 and requires monthly lease payments of approximately $81,600.\n\n \n\nF-17\n\n \n\n \n\nThe\ncomponents of lease expenses are as follows:\n\n SCHEDULE\nOF LEASE EXPENSES\n\n  \n2023  \n2024  \n2025 \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nOperating lease expense \n 1,218,482  \n 1,219,454  \n 1,238,424 \n\nFinance lease expense: \n    \n    \n   \n\nAmortization of right-of-use assets \n 41,112  \n 38,116  \n 34,039 \n\nInterest of lease liabilities \n 6,721  \n 7,536  \n 8,454 \n\nTotal finance lease expense \n 47,833  \n 45,652  \n 42,493 \n\n \n\nDuring the year ended September 30, 2025 the operating lease expense included US$571,357 related to short-term lease.\n\n \n\nThe\ncomponents of finance lease are as follows:\n\n SCHEDULE\nOF FINANCE LEASE\n\n  \n2023  \n2024  \n2025 \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nFinance lease \n    \n    \n   \n\nRight-of-use assets, costs \n 205,523  \n 172,170  \n 172,170 \n\nAccumulated amortization \n (106,194) \n (17,217) \n (51,256)\n\nRight-of-use assets, net \n 99,329  \n 154,953  \n 120,914 \n\n \n\nThe\ncomponents of operating lease are as follows:\n\n SCHEDULE\nOF OPERATING LEASE\n\n  \n2023  \n2024  \n2025 \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nOperating lease \n    \n    \n   \n\nRight-of-use assets, costs \n 4,757,334  \n 5,360,768  \n 735,989 \n\nAccumulated amortization \n (3,185,650) \n (4,351,509) \n (277,349)\n\nRight-of-use assets, net \n 1,571,684  \n 1,009,259  \n 458,640 \n\n \n\nOther\ninformation about the Company’s leases is as follows:\n\n \n\nSCHEDULE\nOF WEIGHTED AVERAGE OPERATING LEASE\n\n  \n2023  \n2024  \n2025 \n\n  \nAs of September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nCash paid for amounts included in the measurement of lease liabilities: \n   \n   \n  \n\nOperating cash flows used in operating leases \n 1,221,116  \n 1,222,565  \n 1,238,424 \n\nOperating cash flows used in finance leases \n 6,721  \n 7,526  \n 8,454 \n\nFinancing cash flows used in finance leases \n 40,235  \n 33,002  \n 30,796 \n\nRight-of-use assets obtained in exchange for new operating lease liabilities \n 49,442  \n 603,434  \n 648,813 \n\nRight-of-use assets obtained in exchange for new finance lease liabilities \n -  \n 172,170  \n - \n\nWeighted-average remaining lease term - operating \n 1.37 years  \n 1.87 years  \n 1.80 years \n\nWeighted-average remaining lease term-finance \n 2.42 years   \n 4.50 years   \n 3.50 years  \n\nWeighted average discount rate-operating \n 5.13% \n 5.50% \n 5.74%\n\nWeighted average discount rate-finance \n 5.13% \n 5.88% \n 5.88%\n\n \n\nThe\nfollowing is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of September 30, 2025:\n\n \n\nSCHEDULE\nOF MATURITY OF LEASE LIABILITIES\n\n  \n\n**Operating**\n\n**leases**\n  \n\n**Finance**\n\n**leases**\n  \nTotal \n\n  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n  \n\nYear ending September 30, \n    \n    \n   \n\n2026 \n 233,876  \n 43,150  \n 277,026 \n\n2027 \n 228,978  \n 43,150  \n 272,128 \n\n2028 \n -  \n 43,150  \n 43,150 \n\n2029 \n -  \n 19,915  \n 19,915 \n\nTotal undiscounted lease payments \n 462,854  \n 149,365  \n 612,219 \n\nLess: imputed interest \n (24,097) \n (19,709) \n (43,806)\n\nLease liabilities recognized in the Consolidated Balance Sheet \n 438,757  \n 129,656  \n 568,413 \n\nLess: lease liabilities – current portion \n (215,575) \n (36,592) \n (252,167)\n\nLease liabilities – non-current portion \n 223,182  \n 93,064  \n 316,246 \n\n \n\nF-18\n\n \n\n \n\n**7.\nPROPERTY, PLANT AND EQUIPMENT, NET**\n\n SCHEDULE\nOF PROPERTY, PLANT AND EQUIPMENT\n\n  \n   \n  \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nLeasehold improvement \n 801,158  \n 855,645 \n\nPlant and machinery \n 5,115  \n 5,115 \n\nOffice equipment \n 179,144  \n 179,144 \n\nFurniture & fixtures \n 94,083  \n 94,083 \n\nMotor vehicle \n 273,242  \n 148,718 \n\n  \n    \n   \n\nProperty, plant and equipment \n 1,352,742  \n 1,282,705 \n\nLess: accumulated depreciation \n (1,319,420) \n (1,231,277)\n\n  \n    \n   \n\nProperty, plant and equipment, net \n 33,322  \n 51,428 \n\n \n\nDuring the year ended September 30, 2025, additions to leasehold improvements amounted to US$54,487.\n\n \n\nDepreciation\nexpenses recognized for the year ended September 30, 2023, 2024 and 2025 were US$187,259, US$179,103 and US$36,381 respectively.\n\n \n\nF-19\n\n \n\n \n\n**8.\nBANK OVERDRAFT**\n\n \n\nThe\nCompany has the use of a bank overdraft facility during the year ended September 30, 2025. The bank overdraft limit is $1,153,846 (HK$9,000,000),\nand interest is charged at Hong Kong Interbank Offered Rate (“HIBOR”) or Best Lending Rate (“BLR”) per annum whichever is higher.\n\n \n\nAs\nof September 30, 2024 and 2025, the outstanding balances under the facility were US$591,207\nand US$717,306 respectively. During the years ended September 30, 2023, 2024 and 2025, interest expense related to the bank\noverdraft was US$11,778,\nUS$25,237 and US$20,460\nrespectively.\n\n \n\n**9.\nBANK LOANS**\n\n \n\nThe\nbank loans consisted of the following at September 30, 2025:\n\n SCHEDULE\nOF BANK LOAN\n\nBank Name \nType \nPrincipal Amount  \n\n**Outstanding**\n\n**Amount**\n  \n\n**Outstanding**\n\n**Amount**\n  \nDrawdown Date  \nInterest \n\n  \n  \nHKD  \nHKD  \nUSD  \n   \n  \n\nBank of Comm \nRevolving loan \n 7,000,000  \n 7,000,000  \n 897,435  \n Apr 2, 2025  \n BLR-0.75% \n\nBank of Comm \nRevolving loan \n 3,000,000  \n 3,000,000  \n 384,615  \n Apr 29, 2025  \n BLR-0.75% \n\nOrix Asia Limited \nNon-Revolving \n 5,000,000  \n 5,000,000  \n 641,025  \n Jul 17, 2025  \n One month HIBOR +2.45% \n\n  \n \n   \n 15,000,000  \n 1,923,075  \n   \n  \n\n \n\nThe\nexpiration date of the facilities of HKD 7,000,000\nis March\n27, 2026. This is a revolving facility that was re-borrow during the current year upon repayment of the previous outstanding\nbalance. The expiration date of the facilities of\nHKD3,000,000 is April 28, 2027. The expiration date of the facilities of HKD5,000,000\nis June\n2, 2026.\n\n \n\nThe\nbank loans consisted of the following at September 30, 2024:\n\n \n\nBank Name \nType  \nPrincipal Amount  \n\n**Outstanding**\n\n**Amount**\n  \n\n**Outstanding**\n\n**Amount**\n  \nDrawdown Date  \nInterest \n\n  \n   \nHKD  \nHKD  \nUSD  \n   \n  \n\nBank of Comm \n Revolving loan  \n 7,000,000  \n 7,000,000  \n 897,435  \n 2024-09-27  \n BLR-0.75% \n\n  \n   \n   \n 7,000,000  \n 897,435  \n   \n  \n\n \n\nThe\nexpiration date of the facilities of HKD 7,000,000 is March 27, 2026.\n\n \n\n \n\nF-20\n\n \n\n \n\nNote:\nBank of Comm = Bank of Communications (Hong Kong) Limited\n\n \n\nAs at September 30,2025, bank loan under Orix Asia Limited were secured by (i) charge over deposit at the amount of HK$ 2,500,000, approximately\nUS$320,513 and (ii) unconditional corporate guarantee by the Company.\n\n \n\nAs at September 30, 2025 and 2024, bank loans under Bank of Comm were secured by (i) personal guarantees given by the directors – Mr. Lam Shing Kwan, Henry (“Mr. Lam”) and Mr. Ngan Ching Shun (“Mr. Ngan”) and (ii) guarantees given by The Hong Kong Mortgage Corporation Limited, HKMC Insurance\nLimited.\n\n \n\nThe\nfollowing are the maturity dates of the above borrowings as of September 30, 2025:\n\n   SCHEDULE\nOF MATURITY BORROWINGS\n\nYears ending September 30, \nAmount\nUS$ \n\n2026 \n1,538,460 \n\n2027 \n 384,615 \n\nTotal borrowings \n 1,923,075 \n\nLess: the current portion due to on demand within one year \n (1,923,075)\n\nNon-current portion \n - \n\n \n\nThe following are the maturity\ndates of the above borrowings as of September 30, 2024:\n\n \n\nYears ending September 30, \nAmount US$ \n\n2025 \n 897,435 \n\nLess: current portion \n (897,435)\n\nNon-current portion \n - \n\n \n\nDuring\nthe year ended September 30, 2023, 2024 and 2025, bank loans with principal of US$220,459, US$1,282,051 and US$897,435 were fully repaid. During\nthe years ended September 30, 2023, 2024 and 2025, interest expense related to these credit facilities was US$71,029, US$60,506 and US$29,349\nrespectively.\n\n \n\n**10.\nACCRUALS AND OTHER CURRENT LIABILITIES**\n\n  SCHEDULE\nOF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES\n\n  \n   \n  \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nAccrued consulting fee \n 115,000  \n 328,855 \n\nOther payables \n 50,577  \n 46,146 \n\nTotal \n 165,577  \n 375,001 \n\n \n\nF-21\n\n \n\n \n\n**11.\nINCOME TAXES**\n\n \n\nPursuant\nto the current rules and regulations, BVI currently levy no taxes on individuals or corporations based upon profits, income, gains or\nappreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any\nincome tax in the BVI.\n\n \n\nThe Company’s subsidiary\nis registered in the Nevada and is subject to the tax laws of United Sates.\n\n \n\nThe\nCompany is subject to Hong Kong profits tax at a rate of 16.5% on their taxable income generated from operations in Hong Kong before\nApril 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which\nthe tax rate is 8.25% for assessable profits on the first HKD2 million and 16.5% for any assessable profits in excess of HKD2 million.\n\n \n\n**Composition\nof income tax expenses**\n\n \n\nThe\nfollowing table sets forth current and deferred portion of income tax expenses:\n\n SCHEDULE\nOF INCOME TAX PROVISION\n\n  \n   \n   \n  \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nCurrent income tax expenses \n 47,875  \n 228,402  \n - \n\nDeferred income tax recovery \n (1,904) \n (54,206) \n (20,591)\n\nIncome tax expense (credit) \n 45,971  \n 174,196  \n (20,591)\n\n \n\nReconciliation\nbetween the income tax expenses computed by applying the Hong Kong profit tax rate to income before income taxes and actual provision\nwere as follows:\n\n SCHEDULE\nOF RECONCILIATION OF INCOME TAX EXPENSES\n\n  \n   \n   \n  \n\n  \nYears ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nIncome (loss) before income tax \n 500,386  \n 394,839  \n (10,751,313)\n\nTax expenses at the BVI statutory income tax rate \n -  \n -  \n - \n\n  \n    \n    \n  \n\nTax effect of rate differences in various jurisdictions \n 82,564  \n 65,149  \n (591,258)\n\nTax effect of non-deductible expenses \n -  \n 124,189  \n 117,306\n\nTax effect of non-taxable income \n (3,677) \n (1,979) \n (107)\n\nTax effect of temporary difference \n (10,224) \n 8,760  \n 6,003\n\nChange in valuation allowance \n -  \n -  \n \n447,465\n \n\nAdditional tax reduction related to two tiered profits tax regime \n (22,692) \n (21,923) \n -\n\n  \n    \n    \n   \n\nIncome tax expense (credit) \n 45,971  \n 174,196  \n (20,591)\n\nEffective tax rate (%) \n \n9.19\n% \n 44.12% \n 0.19%\n\n \n\nThe\nsignificant components of the Company’s deferred tax assets are as follows:\n\n SCHEDULE\nOF DEFERRED TAX ASSETS\n\n  \n   \n  \n\n  \nAs of September 30, \n\n  \n2024  \n2025 \n\n  \nUS$  \nUS$ \n\nDeferred tax assets: \n    \n   \n\nAllowance of expected credit loss \n 63,808  \n 90,950 \n\nProperty, plant and equipment \n 108,809  \n 102,258 \n\nTax loss\n \n -  \n 447,465 \n\nLess: valuation allowances \n -  \n (447,465)\n\nDeferred tax asset, net \n172,617  \n193,208 \n\n \n\nAs\nof September 30, 2024, the Company had no\nunrecognized tax benefit.\n\n \n\nF-22\n\n \n\n \n\n**12.\nSHAREHOLDERS’ EQUITY**\n\n \n\n*Ordinary\nshares*\n\n \n\nWe\nwere incorporated as a BVI business company under the laws of the BVI on April 24, 2019. At incorporation, we were authorized to\nissue a maximum of 50,000 shares\nconsisting of 50,000 ordinary\nshares with no par\nvalue per share. By the adoption of an amended memorandum of association dated April 11, 2023, the Company’s authorized share\ncapital was increased to 2,000,000,000 ordinary\nshares, following a further amendment of the memorandum of association dated June 19, 2023 the total authorized share capital of the\nCompany was reduced to 100,000,000.\nAs of September 30, 2024, we are authorized to issue a maximum of 12,500,000 (note)\nshares consisting of either ordinary shares or preferred shares with no par value per share.\n\n \n\nAs\nof September 30, 2024, there are 2,500,000\n(note) ordinary shares issued and outstanding.\n\n \n\nOn April 18, 2025, the\nCompany’s board of directors adopted the New Century Logistics (BVI) Limited 2025 Equity Incentive Plan (the “2025\nPlan”), pursuant to which an aggregate of 512,500\n(note) ordinary shares of the Company, no par value, were reserved for issuance. In connection with the adoption of the 2025 Plan,\nthe Company filed a registration statement on Form S-8 with the U.S. Securities and Exchange Commission to register the 4,100,000\nordinary shares issuable under the 2025 Plan.\n\n \n\nAs of September 30, 2025, there are 3,200,000\n(note) ordinary shares issued and outstanding.\n\n \n\nNote: Retroactively restated for effect of 1-for-8 reverse stock splits on November 14, 2025.\n\n \n\n*Forward shares\nsplit*\n\n \n\nBy a conditional resolution of\nthe directors dated March 24, 2023, which became effective on April 11, 2023, the Company conducted a 2,000 for 1 forward-split of its,\nas of the date therein, issued and outstanding shares resulting in 20,000,000 ordinary shares to be issued and outstanding as of September\n30, 2024. As the Ordinary Shares are of no par value, the post-split shares are of the same denomination and the split has not altered\nthe capitalization of the Company. The share capital of the Company has been presented on a retroactive basis to reflect the shares split.\n\n \n\n*Initial\npublic offering*\n\n* *\n\nOn\nDecember 18, 2024, the Company was listed on Nasdaq Capital Market following the completion of this share offering. The Company began\ntrading under the ticker symbol “NCEW” on this date. On December 19, 2024, the Company closed its initial public offering\nto 1,500,000 Class A Ordinary Shares. The Offering was conducted on a firm commitment basis, with no over-allotment exercised by the\nUnderwriters as of December 19, 2024. After deducting certain underwriting expenses, the Company received net proceeds of $4,983,761.\n\n \n\n*Reverse\nshare split*\n\n \n\nOn\nOctober 3, 2025, the Board of Directors of the Company approved the 1-for-8 (1:8) reverse stock split (“the reverse stock split”),\nthe reverse stock split was further effective on November 14, 2025.\n\n \n\n*Additional\npaid-in capital*\n\n \n\nAs\nof September 30, 2024 and 2025, the additional paid-in capital of the Company was US$153,547 and US$7,078,876, respectively.\n\n \n\n**13.\nREVENUE AND SEGMENT INFORMATION**\n\n \n\nASC 280, “Segment Reporting”,\nestablishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational\nstructure as well as information about geographical areas, business segments and major customers in financial statements for detailing\nthe Company’s business segments.\n\n \n\nThe Company’s\nchief operating decision maker is the Chief Executive Officer, uses net income (loss) and operating income (loss) as measures of profit\nor loss on a consolidated basis when making decisions, allocating resources and assessing the performance. The Company has determined\nthat it has a single operating segment for purposes of allocating resources and evaluating financial performance; accordingly. The Company’s\nkey financial metrics used by the CODM help make key operating decisions, include significant acquisitions and allocation of budget between\ncost of revenues, general and administrative expenses. Information regarding the Company’s net income (loss) and operating income\n(loss) is disclosed in the Consolidated Statements Income (Loss) and Comprehensive Income (Loss). Segment expenses and other items are\nreviewed by the CODM on the same basis as presented in the Statements Income (Loss) and Comprehensive Income (Loss). The CODM does not\nseparately evaluate performance or allocate resources based on segment assets. As a result asset information by segment is not presented.\n\n \n\nBased on\nthe management’s assessment, the Company determined that it has only one operating segment which is the provision of forwarding\nservices and therefore one reportable segment as defined by ASC 280. During the years ended September 30, 2025 and 2024, 100% of the Company’s\nlong-lived assets were located in Hong Kong. For the years ended September 30, 2025 and 2024, revenue and assets within Hong Kong contributed\nsubstantial revenue and assets of the Company. The single segment represents the Company’s core business of providing (i) air freight\nforwarding services; (ii) ocean freight forwarding services; and (iii) other services to its customers in Hong Kong. Our other services\ninclude warehousing and distribution, X-ray, gate charge and palletization.\n\n \n\nThe\nfollowing table presents revenue by major revenue type for the years ended September 30, 2023, 2024 and 2025, respectively:\n\n \n\nSCHEDULE OF REVENUE BY MAJOR REVENUE AND TIMING\nBY REVENUE RECOGNITION\n\n  \n   \n   \n  \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nAir freight forwarding services \n 33,236,407  \n 48,010,322  \n 41,934,661 \n\nOcean freight forwarding services \n 378,039  \n 898,709  \n 564,941 \n\nOther services \n 2,459,558  \n 3,267,078  \n 1,584,129 \n\n  \n    \n    \n   \n\nTotal \n 36,074,004  \n 52,176,109  \n 44,083,731 \n\n \n\nThe\nfollowing table presents revenue by timing of revenue recognition for the years ended September 30, 2023, 2024 and 2025, respectively:\n\n \n\n  \n   \n   \n  \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nTiming of revenue recognition \n   \n   \n  \n\nServices transferred over time \n 33,880,177  \n 49,045,423  \n 42,648,473 \n\nServices transferred at a point in time \n 2,193,827  \n 3,130,686  \n \n1,435,258\n \n\n  \n    \n    \n   \n\nTotal \n 36,074,004  \n 52,176,109  \n 44,083,731 \n\n \n\n**14.\nOTHER INCOME**\n\nSCHEDULE OF OTHER INCOME \n\n  \n   \n   \n  \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nGovernment grants \n 21,641  \n -  \n - \n\nInterest income \n 645  \n 849  \n 647 \n\nExchange gain \n 2,465  \n -  \n - \n\nGain for early termination of finance lease \n -  \n 12,832  \n - \n\nConsultancy income \n -  \n -  \n 75,000 \n\nMiscellaneous income \n 41,866  \n 8,911  \n 70,059 \n\n  \n    \n    \n   \n\n Other\nincome \n 66,617  \n 22,592  \n 145,706 \n\n \n\nF-23\n\n \n\n \n\n**15.\nGENERAL AND ADMINISTRATIVE EXPENSES**\n\n \n\nThe\nfollowing table sets forth the breakdown of our general and administrative expenses for the years ended September 30, 2023, 2024 and\n2025:\n\nSCHEDULE OF GENERAL AND\nADMINISTRATIVE EXPENSES \n\n  \n   \n   \n  \n\n  \nFor the years ended September 30, \n\n  \n2023  \n2024  \n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nProfessional expense \n 291,366  \n 758,223  \n 973,707 \n\nDepreciation expense \n 187,259  \n 179,103  \n 36,381 \n\nPayroll expense \n 2,034,346  \n 1,870,720  \n 2,274,883 \n\nStaff welfare \n 11,703  \n 23,294  \n 57,793 \n\nShare-based compensation expenses \n -  \n -  \n 6,355,000 \n\nInsurance expense \n 10,079  \n 26,618  \n \n85,405\n \n\nLease expense \n 212,871  \n 213,199  \n 222,059 \n\nUtility expense \n 18,403  \n 18,655  \n 18,022 \n\nMotor expense \n 82,096  \n 71,365  \n 129,694 \n\nOffice expense \n 92,988  \n 91,940  \n 91,729 \n\nBusiness development \n 60,022  \n 107,247  \n 397,292 \n\n(Reversal) provision of current expected credit loss of accounts receivables \n (176,170) \n 243,229  \n 164,498 \n\nBank charges \n 8,999  \n 22,032  \n 18,341 \n\nOthers \n 127,521  \n 147,981  \n 176,602 \n\n  \n    \n    \n   \n\n General\nand administrative expenses \n 2,961,483  \n 3,773,606  \n 11,001,406 \n\n \n\n**16.\nDIVIDENDS**\n\n \n\nDuring\nthe year ended September 30, 2023, the Company approved and declared a dividend of HK$55,000,000 (equivalent to US$7,051,282). Certain\nshareholders agreed to waive the right to receive the declared dividends amounted of HK$8,250,000 (equivalent to US$1,057,692), and all\nremaining declared dividend has been offset against due from its then shareholders immediately.\n\n \n\nNo\ndividend was approved and declared during the years ended September 30, 2024 and 2025.\n\n \n\nF-24\n\n \n\n \n\n**17.\nRELATED PARTY BALANCE**\n\n** **\n\nSCHEDULE\nOF RELATED PARTY BALANCE AND TRANSACTIONS\n\n  \n \n \n2024  \n2025 \n\n  \n \n \nAs of September 30, \n\n  \n**Relationship**\n \n2024  \n2025 \n\n  \n \n \nUS$  \nUS$ \n\nLoan payable - related party \n \n \n    \n   \n\nAsia International Securities Exchange Co., Limited \nShareholder\n \n 2,430,691  \n - \n\nLoan received from related party \n \n \n 2,430,691  \n - \n\nDue from related parties \n \n \n    \n   \n\nMr. Lam  \nDirector\n \n 440,164  \n - \n\nMr. Ngan  \nExecutive officer\n \n 260,957  \n - \n\nNg Yi To Peter (“Mr. Ng”)* \nDirector\n \n 82,085  \n - \n\n  \n \n \n    \n   \n\nDue (to) from related parties \n \n \n 783,206  \n - \n\n \n\n* Mr. Ng resigned as a director of the Company on August 1,2025.\n\n \n\nOn\nDecember 1, 2022, the Company entered into facility letter with a shareholder, Sin Yuk Hung to offer facility of up to HK$2 million ($256,410)\nbeing made available to the shareholder for overdraft. Drawdown can be in different tranches approved by the Company and repaid at any\ntime with one month’s notice. This loan bears an annual interest at a rate of 2.8% on the outstanding amount from drawdown tranche\nuntil repayment. The loan of US$218,109 was repaid on April 8, 2024.\n\n \n\nOn\nDecember 22, 2022, the Company entered into a loan and sale and purchase agreement (the “Agreement”) with Ngan Ching Shun\nand Asia International Securities Exchange Co., Ltd (“AISE”), pursuant to which AISE acquired 21% shareholding in the Company\nfrom Mr. Ngan and as part of the Agreement, AISE agreed to lend the Company up to the amount of US$2 million in order to finance for\npayment of the expenses of the proposed IPO. AISE was top-up the amount of the Loan to US$2,430,691 as of September 2024 due to the actual\nIPO expenses exceed US$2 million. This loan is interest free and payable in full on within 180 days from the first trading date of the\nCompany. AISE subsequently disposed of 4.5% to a third party shortly after the acquisition of the 21% shareholding and it remains as\na 16.5% shareholder of the Company before IPO.\n\n \n\nAs\nof September 30, 2024, due from related parties are advances to related parties. The advances are unsecured, non-interest bearing and\ndue on demand. The Company has not recorded any imputed interest income or expenses for the year ended September 30, 2023, 2024 and 2025.\nAmounts due from related parties are fully repaid in December 2024.\n\n \n\n**Collateral\nand Guarantee**\n\n \n\nThe\ncollateral and guarantee made by related parties to the Company as of September 30, 2025 consists of the following:\n\nSCHEDULE OF COLLATERAL AND\nGUARANTEE BY RELATED PARTIES \n\nRelated Parties \nInstitution Name \nTerm \nAggregated Principal  \nCarrying Amount as of September 30, 2025 \n\n  \n  \n  \nUS$  \nUS$ \n\nGuarantee by Mr. Lam and Mr. Ngan for revolving loans  \nBank of Comm \nOn demand \n 897,435  \n 897,435 \n\nGuarantee\nby Mr. Lam and all monies Second Legal Mortgage on a property owned by Mr. Lam for bank\noverdraft \nBank of Comm \nOn demand \n 1,153,846  \n 717,306 \n\n  \n  \n  \n 2,051,281  \n 1,614,741 \n\n \n\nThe\nexpiration date of the facilities of HKD 7,000,000 is March 27, 2026.\n\n \n\nThe\ncollateral and guarantee made by related parties to the Company as of September 30, 2024 consists of the following:\n\n \n\nRelated Parties \nInstitution Name \nTerm \nAggregated Principal  \nCarrying Amount as of September 30, 2024 \n\n  \n  \n  \nUS$  \nUS$ \n\nGuarantee\nby Mr. Lam for revolving loans  \nBank of Comm \nOn demand \n 897,435  \n 897,435 \n\nGuarantee\nby Mr. Lam and all monies Second Legal Mortgage on a property owned by Mr. Lam for bank\noverdraft \nBank of Comm \nOn demand \n 1,153,846  \n 591,207 \n\n  \n  \n  \n 2,051,281  \n 1,488,642 \n\n \n\nThe\nexpiration date of the facilities of HKD 7,000,000 is March 27, 2026.\n\n \n\n**18.\nSHARE-BASED COMPENSATION EXPENSE**\n\n \n\nIn April 2025, the Company has adopted the 2025 Equity Incentive Plan. The maximum number of ordinary shares that are available for issuance\nunder the 2025 Plan is 512,500 (note) ordinary shares.\n\n \n\nIn April 2025, the Company has granted share awards for a total of 512,500\n(note) ordinary shares at a share price of US$12.4 (note) to several non-employee consultants under 2025 Plan. The awards which contain\nno forfeiture provisions, were fully vested upon date of grant. The fair value of these awards was determined based on the share price\nat the date of grant and the Company recognized share-based compensation expenses in full amounting to US$6,355,000 in the consolidated\nstatement of income (loss) and comprehensive income (loss) for the year ended September 30, 2025. As of September 30, 2025, number of\nordinary shares that are available for issuance under the 2025 Plan is nil.\n\n \n\nNote: Retroactively restated for effect of 1-for-8 reverse stock splits on November 14, 2025.\n\n \n\n**19.\nCOMMITMENTS AND CONTINGENCIES**\n\n \n\nOther than the lease commitments\nand debt obligations as disclosed in the notes to the consolidated financial statements, the Company did not have any significant financial\nor capital commitments as of September 30, 2024 and 2025, and through the issuance date of these consolidated financial statements.\n\n \n\nIn\nthe ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and\na variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable,\nand the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation\nas of September 30, 2024 and 2025, and through the issuance date of these consolidated financial statements.\n\n \n\nOn\nFebruary 7, 2023, the Company signed an engagement agreement with Craft Capital Management LLC (“Craft Capital”) to serve\nas the underwriter in the offering. However, on September 25, 2023, the Company exercised its right to terminate the engagement agreement\nas permitted within its terms. Subsequently, on September 27, 2023, the Company received a letter from Craft Capital. Craft Capital alleged\nthat the Company had breached the engagement agreement and demanded compensation. Their requested compensation amounted to $78,126, intended\nto cover the expenses Craft Capital claimed to have incurred, as well as a $100,000 breakup fee. On July 18, 2024, the Company entered\ninto a new engagement agreement with Craft Capital to serve as the Company’s underwriters in its initial public offering. According\nto the new engagement agreement, the Company agreed to reimburse Craft Capital $25,000 representing legal fee incurred previously and\nthe remaining balance of $53,126.36 claimed by Craft Capital were waived. The Company and Craft Capital have agreed that no break-up\nfee was payable at September 30, 2023 and 2024. Fees payable to Craft Capital were fully settled on December 19, 2024.\n\n \n\n**20.\nSUBSEQUENT EVENTS**\n\n \n\nOn October 3, 2025, the Board of Directors of the Company approved the\n1-for-8 reverse stock split (“the reverse stock split”), the reverse stock split was further effective on November 14, 2025.\nThe effect of the reverse stock split was to consolidate every 8 issued and unissued shares into 1 share.\n\n \n\nNo\nother matter or circumstance has arisen up through February 15, 2026 that these consolidated financial statements are available to be issued,\nunless as disclosed above, there are not any material subsequent events that require disclosure in these consolidated financial statements.\n\n \n\nF-25\n\n****"}