{"url_path":"/sec/tghl/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits.**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2024114/0001493152-26-023959-index.html","accession_number":"0001493152-26-023959","cik":"0002024114","ticker":"TGHL","issuer_name":"GrowHub Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2024114/0001493152-26-023959-index.html","primary_entity_key":"0002024114","primary_entity_name":"GrowHub Ltd"},"word_count":12165,"has_tables":true,"body_markdown":"**Item\n19. Exhibits.**\n\n \n\nExhibit Number\n \nDescription of Exhibit\n\n3.1**\n \n[Amended and Restated Memorandum and Articles of Association of the Company](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex3-1.htm)\n\n4.1**\n \n[Specimen Certificate for Class A Ordinary Shares](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex4-1.htm)\n\n4.2**\n \n[Form of Underwriter’s Warrant](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex4-2.htm)\n\n10.1**\n \n[Form of Employment Agreement, by and between the registrant and its Executive Officer.](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex10-1.htm)\n\n10.2**\n \n[Form of Independent Director Agreement by and between the registrant and its Independent Director.](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex10-2.htm)\n\n10.3**\n \n[Comprehensive Partnership Agreement dated September 8, 2023 by and between GrowHub Innovations Australia and Kyoto Sangyo University](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex10-3.htm)\n\n10.4**\n \n[Memorandum of Understanding dated November 17, 2023 by and between Menjong Sorig Pharmaceuticals Corporation Ltd., Druk Holding & Investments Ltd., The GrowHub Innovations Company Pte ltd, and Trend Tech Consultancy](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex10-4.htm)\n\n10.5**\n \n[Lease Agreement dated February 28, 2023 by and between the Shire of Murray, GrowHub Innovations Australia and GrowHub Innovations Singapore](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex10-5.htm)\n\n10.6**\n \n[2024 Employee Incentive Plan](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex10-6.htm)\n\n14.1**\n \n[Code of Business Conduct and Ethics](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex14-1.htm)\n\n21.1**\n \n[List of Subsidiaries](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex21-1.htm)\n\n23.2**\n \n[Consent of Harney Westwood & Riegels Singapore LLP (included in Exhibit 5.1)](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex5-1.htm)\n\n23.3**\n \n[Consent of Drew & Napier LLC (included in Exhibit 5.2)](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex5-2.htm)\n\n23.4**\n \n[Consent of Loeb & Loeb LLP (included in Exhibit 5.3)](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex5-3.htm)\n\n99.1**\n \n[Charter of the Audit Committee](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex99-1.htm)\n\n99.2**\n \n[Charter of the Compensation Committee](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex99-2.htm)\n\n99.3**\n \n[Charter of the Nominating and Corporate Governance Committee](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex99-3.htm)\n\n99.4**\n \n[Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex99-4.htm)\n\n99.5**\n \n[Executive Compensation Recovery Policy](https://www.sec.gov/Archives/edgar/data/2024114/000164117225008230/ex99-5.htm)\n\n12.1*\n \n[Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-1.htm)\n\n12.2*\n \n[Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-2.htm)\n\n13.1*\n \n[Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-1.htm)\n\n13.2*\n \n[Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-2.htm)\n\n \n\n*Filed\nherewith\n\n**\nPreviously filed\n\n \n\n65\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \n**THE\nGROWHUB LIMITED**\n\n \n \n \n\n \nBy:\n*/s/\nChan Choon Yew Lester*\n\n \n \nChan\nChoon Yew Lester\n\n \n \nChief\nExecutive Officer, Director, and Chairman\n\n \n \n(Principal\nExecutive Officer)\n\n \n \n \n\nDate:\nMay 15, 2026\n \n \n\n \n\n66\n\n \n\n \n\n**THE\nGROWHUB LIMITED**\n\n**INDEX\nTO AUDITED CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n \n \nPage\n\nFinancial\nStatements:\n \n \n\n[Report of Independent Registered Public Accounting Firm](#fin_1) (PCAOB ID: 6783)\n \nF-2\n\n[Report\nof Independent Registered Public Accounting Firm](#fin_001) (PCAOB ID: 3487)\n \nF-3\n\n[Consolidated\nBalance Sheets as of December 31, 2024 and 2025](#fin_002)\n \nF-4\n\n[Consolidated\nStatements of Operations and Comprehensive Loss for the Years Ended December 31, 2023, 2024 and 2025](#fin_003)\n \nF-5\n\n[Consolidated\nStatements of Changes in Shareholders’ Deficit for the Years Ended December 31, 2023, 2024 and 2025](#fin_004)\n \nF-6\n\n[Consolidated\nStatements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025](#fin_005)\n \nF-7\n\n[Notes\nto Consolidated Financial Statements](#fin_006)\n \nF-8\n– F-24\n\n \n\nF-1\n\n \n\n** **\n\n**Report\nof Independent Registered Public Accounting Firm**\n\n \n\n**Assentsure PAC**\n\n**UEN – 201816648N**\n\n180B Bencoolen Street #03-01\n\nThe Bencoolen Singapore 189648\n\nhttp://www.assentsure.com.sg\n\n \n\n \n\n \n\nTo:\nThe Board of Directors and Stockholders\nof\n\nTHE\nGROWHUB LIMITED\n\n \n\n**Opinion\non the Financial Statements**\n\n** **\n\nWe\nhave audited the accompanying balance sheets of THE GROWHUB LIMITED and its subsidiaries (the “Company”) as of December 31,\n2025, and the related statements of operations and comprehensive income, changes in stockholders’ deficit, and cash flows for the\nyear ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion,\nthe financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and\nthe results of its operations and its cash flows for the year ended December 31, 2025, in\nconformity with accounting principles generally accepted in the United States of America.\n\n \n\nWe\nalso have audited the reclassification adjustments to the 2024 and 2023 consolidated financial statements described in Note 17. In our\nopinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures\nto the 2024 and 2023 consolidated financial statements other than with respect to the adjustments and, accordingly, we do not express\nan opinion or any other form of assurance on the 2024 and 2023 consolidated financial statements as a whole.\n\n \n\n**Substantial\nDoubt about the Company’s Ability to Continue as a Going Concern**\n\n \n\nAs\ndiscussed in Note 2 to the financial statements, the accompanying consolidated financial statements and notes have been prepared assuming\nthat the Company will continue as a going concern. The Company had net losses of S$17,200,587 for the year ended December 31, 2025. As\nof December 31, 2025, the Company has a cash outflow from operating activities of approximate S$14,040,955. The Company has accumulated\nlosses since inception. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s\nplans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result\nfrom the outcome of this uncertainty.\n\n**Basis\nfor Opinion**\n\n \n\nThese\nfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nfinancial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audit in accordance\nwith the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether\nthe financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were\nwe engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an\nunderstanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of\nthe Company’s internal\ncontrol over financial reporting. Accordingly,\nwe express no such opinion.\n\n \n\nOur\naudit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or\nfraud, and performing procedures that respond to those risks. Such procedures included examining, on a\ntest basis, evidence regarding the amounts and disclosures in the financial statements. Our audit\nalso included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall\npresentation of the financial statements. We believe\nthat our audit provides a reasonable basis for our opinion.\n\n \n\n/s/\nAssentsure PAC\n\n \n\nWe\nhave served as the Company’s auditor since 2026.\n\nSingapore\n\nMay\n15, 2026\n\nPCAOB\nID Number 6783\n\n** **\n\nF-2\n\n \n\n** **\n\n**Report\nof Independent Registered Public Accounting Firm**\n\n \n\n \n\nTo:\nThe\nBoard of Directors and Stockholders of\n\n \nTHE\nGROWHUB LIMITED\n\n** **\n\n**Opinion\non the Financial Statements**\n\n \n\nWe\nhave audited the accompanying balance sheets of THE GROWHUB LIMITED and its subsidiaries (the “Company”) as of December 31,\n2024, and the related statements of operations and comprehensive loss, changes in stockholders’ equity, and cash flows for each\nof the years in the two years period ended December 31, 2024, and the related notes (collectively referred to as the “financial\nstatements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the\nCompany as of December 31, 2024, and the results of its operations and its cash flows for each\nof the two-years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United\nStates of America.\n\n \n\nThe\nconsolidated balance sheets of the Company as of December 31, 2024 and the related consolidated statements of operations and comprehensive\nloss, changes in stockholders’ equity and cash flows for each of the years in the two year period ended December 31, 2024, before the\neffects of the reclassification described in Note 17, were audited by us and we expressed an unqualified opinion on those financial statements\nin our report dated April 30, 2025. We were not engaged to audit, review, or apply any procedures to the reclassification adjustment\ndescribed in Note 17 and, accordingly, we do not express an opinion or any other form of assurance about whether such reclassification\nadjustment. Such adjustment was audited by other auditors.\n\n \n\n**Substantial\nDoubt about the Company’s Ability to Continue as a Going Concern**\n\n** **\n\nThe\naccompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed\nin Note 2 to the financial statements, the Company incurred net losses of S$2,363,815 and S$1,796,344 for the years ended December 31,\n2024 and 2023, respectively. In addition, the Company had net cash used in operating activities of approximate S$3,288,867 for the year\nended December 31, 2024 and has accumulated losses since inception. These conditions raise substantial doubt about the Company’s\nability to continue as a going concern. Management’s plans regarding these matters are also described in Note 2. The consolidated\nfinancial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified\nwith respect to this matter.\n\n \n\n**Basis\nfor Opinion**\n\n** **\n\nThese\nfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,\nwe are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error\nor fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits\nprovide a reasonable basis for our opinion.\n\n \n\n/s/\nAudit Alliance LLP\n\n \n\nWe\nhave served as the Company’s auditor since 2023.\n\n \n\nSingapore\n\n \n\nMay\n2, 2025\n\n \n\nPCAOB\nID Number 3487\n\n \n\nF-3\n\n \n\n** **\n\n**THE\nGROWHUB LIMITED**\n\n**CONSOLIDATED\nBALANCE SHEETS**\n\n** **\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nASSETS \n    \n    \n   \n\nCurrent assets \n    \n    \n   \n\nCash and cash equivalents \n 546,288  \n 1,163,928  \n 905,187 \n\nAccounts receivable, net \n 139,340  \n 887  \n 690 \n\nInventories, net \n 50,480  \n -  \n - \n\nDeferred offering costs \n 927,273  \n -  \n - \n\nOther current assets \n 322,699  \n 69,501  \n 54,051 \n\nTotal\ncurrent assets \n 1,986,080  \n 1,234,316  \n 959,928 \n\n  \n    \n    \n   \n\nNon-current assets \n    \n    \n   \n\nIntangible assets, net \n 2,082,839  \n 66,930  \n 52,051 \n\nPlant\nand equipment, net \n 20,835  \n 422  \n 328 \n\nRight-of-use assets, net \n 201,603  \n 13,761  \n 10,702 \n\nTotal\nnon-current assets \n 2,305,277  \n 81,113  \n 63,081 \n\n  \n    \n    \n   \n\nTOTAL\nASSETS \n 4,291,357  \n 1,315,429  \n 1,023,009 \n\n  \n    \n    \n   \n\nLIABILITIES \n    \n    \n   \n\nCurrent liabilities \n    \n    \n   \n\nAccounts payable \n 19,782  \n 189  \n 148 \n\nAccruals and other current liabilities \n 254,912  \n 1,105,195  \n 859,510 \n\nIncome tax payables \n 608  \n 574  \n 446 \n\nWorking capital loan from a related party \n 5,475,536  \n 3,151,736  \n 2,451,105 \n\nOperating lease liabilities,\ncurrent \n 57,965  \n 11,921  \n 9,271 \n\nTotal\ncurrent liabilities \n 5,808,803  \n 4,269,615  \n 3,320,480 \n\n  \n    \n    \n   \n\nNon-current liabilities \n    \n    \n   \n\nOperating lease liabilities,\nnon-current \n 152,742  \n 2,132  \n 1,658 \n\nTotal\nnon-current liabilities \n 152,742  \n 2,132  \n 1,658 \n\n  \n    \n    \n   \n\nTOTAL\nLIABILITIES \n 5,961,545  \n 4,271,747  \n 3,322,138 \n\n  \n    \n    \n   \n\n**COMMITMENT AND CONTINGENCIES (NOTE 15)** \n -  \n -  \n - \n\n  \n    \n    \n   \n\nSHAREHOLDERS’ DEFICIT \n    \n    \n   \n\n** Class\nA Ordinary shares, US$0.0005 par value, 75,000,000 shares authorized, 11,116,470 and 14,866,470 shares issued as of December 31,\n2024 and 2025 respectively. \n 7,333  \n 9,741  \n 7,576 \n\n** Class\nB Ordinary shares, US$0.0005 par value, 25,000,000 shares authorized, 10,433,340 shares issued as of December 31, 2024 and 2025 respectively. \n 6,883  \n 6,883  \n 5,353 \n\nOrdinary shares, value  \n 6,883  \n 6,883  \n 5,353 \n\n  \n    \n    \n   \n\nAdditional paid in capital \n 5,021,933  \n 20,698,481  \n 16,097,209 \n\nAccumulated losses \n (6,745,614) \n (23,946,201) \n (18,622,962)\n\nAccumulated other comprehensive income \n 39,277  \n \n274,778\n  \n 213,695 \n\nTotal\nshareholders’ deficit \n (1,670,188) \n (2,956,318) \n (2,299,129)\n\n**TOTAL\nLIABILITIES AND SHAREHOLDERS’ DEFICIT**\n \n 4,291,357  \n 1,315,429  \n 1,023,009 \n\n \n\n**\nRetroactively\nadjusted to reflect the reorganization exercise described in Note 1.\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**THE\nGROWHUB LIMITED**\n\n**CONSOLIDATED\nSTATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**\n\n \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \n\n**For\nthe years ended December 31**\n \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nRevenue \n 128,531  \n 237,014  \n 83,032  \n 64,574 \n\n  \n    \n    \n    \n   \n\nPurchases and other direct costs \n (110,525) \n (166,694) \n (99,519) \n (77,396)\n\nInventory write-off \n (172,303) \n (112) \n (1,675) \n (1,303)\n\nEmployee benefits expenses \n (753,302) \n (850,806) \n (1,484,837) \n (1,154,758)\n\nProfessional fees \n (235,595) \n (621,563) \n (12,911,970) \n (10,041,639)\n\nDepreciation and amortization expenses \n (49,359) \n (27,899) \n (44,162) \n (34,345)\n\nOperating lease expenses \n (61,806) \n (71,094) \n (125,625) \n (97,699)\n\nOther expenses \n (456,826) \n (808,971) \n (2,338,978) \n (1,819,023)\n\nLoss from operations \n (1,711,185) \n (2,310,125) \n (16,923,734) \n (13,161,589)\n\n  \n    \n    \n    \n   \n\nNon-operating income (expense): \n    \n    \n    \n   \n\nOther income (expense), net \n 37,459  \n 102,042  \n \n(96,886\n) \n (75,348)\n\nLoss on disposal of plant and equipment \n -  \n -  \n (89,375) \n (69,507)\n\nInterest expense \n (119,716) \n (159,482) \n (90,807) \n (70,621)\n\nTotal non-operating expense, net \n (82,257) \n (57,440) \n (277,068) \n (215,476)\n\n  \n    \n    \n    \n   \n\nLoss before tax expense \n (1,793,442) \n (2,367,565) \n (17,200,802) \n (13,377,065)\n\nIncome\ntax (expense) credit \n (2,902) \n 3,750  \n 215  \n 167 \n\nNet\nloss \n (1,796,344) \n (2,363,815) \n (17,200,587) \n (13,376,898)\n\n  \n    \n    \n    \n   \n\nOther comprehensive loss: \n    \n    \n    \n   \n\nForeign currency translation,\nnet of income tax \n 11,523  \n 22,086  \n 235,501  \n 182,413 \n\nTotal\ncomprehensive loss \n (1,784,821) \n (2,341,729) \n (16,965,086) \n (13,194,485)\n\n  \n    \n    \n    \n   \n\nNet loss attributable to THE GROWHUB LIMITED \n (1,773,066) \n (2,358,206) \n (17,200,587) \n (13,376,898)\n\nNet loss attributable\nto non-controlling interests \n (23,278) \n (5,609) \n -  \n - \n\nNet\nloss \n (1,796,344) \n (2,363,815) \n (17,200,587) \n (13,376,898)\n\n  \n    \n    \n    \n   \n\nNet comprehensive loss attributable to THE\nGROWHUB LIMITED \n (1,764,336) \n (2,336,120) \n (16,965,086) \n (13,194,485)\n\nNet comprehensive loss\nattributable to non-controlling interests \n (20,485) \n (5,609) \n -  \n - \n\nNet\ncomprehensive loss \n (1,784,821) \n (2,341,729) \n (16,965,086) \n (13,194,485)\n\n  \n    \n    \n    \n   \n\nNet loss per share attributable\nto ordinary shareholders \n    \n    \n    \n   \n\nBasic and diluted \n (0.08) \n (0.11) \n (0.75) \n (0.59)\n\n  \n    \n    \n    \n   \n\nWeighted average number of ordinary shares\nused in computing net income per share \n    \n    \n    \n   \n\nBasic and diluted \n 21,549,810* \n 21,549,810* \n 22,834,057  \n 22,834,057 \n\n \n\n*\nRetroactively\nadjusted to reflect the reorganization exercise described in Note 1.\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-5\n\n \n\n** **\n\n**THE\nGROWHUB LIMITED**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT**\n\n \n\n  \n\n****Shares**\n\n**Outstanding**\n  \nPar\nvalue  \n\n****Shares**\n\n**Outstanding**\n  \nPar\nvalue  \npaid-in\ncapital  \nAccumulated\nlosses  \n\n**comprehensive**\n\n**income**\n  \n\n**controlling**\n\n**interest**\n  \nTotal \n\n  \nOrdinary\nshares, Class A  \nOrdinary\nshares, Class B  \nAdditional  \n   \n\n**Accumulated**\n\n**other**\n  \nNon-  \n  \n\n  \n\n****Shares**\n\n**Outstanding**\n  \nPar\nvalue  \n\n****Shares**\n\n**Outstanding**\n  \nPar\nvalue  \npaid-in\ncapital  \nAccumulated\nlosses  \n\n**comprehensive**\n\n**income**\n  \n\n**controlling**\n\n**interest**\n  \nTotal \n\n  \n   \nS$  \n   \nS$  \nS$  \nS$  \nS$  \nS$  \nS$ \n\nBalance as of January 1, 2023 \n 11,116,470  \n -** \n 10,433,340  \n -** \n 108,643  \n (2,552,652) \n 3,837  \n (27,266) \n (2,467,438)\n\nIssuance of shares \n -  \n -  \n -  \n -  \n 1,592,430  \n -  \n -  \n -  \n 1,592,430 \n\nNet loss \n -  \n -  \n -  \n -  \n -  \n (1,773,066) \n -  \n (23,278) \n (1,796,344)\n\nForeign currency translation \n -  \n -  \n -  \n -  \n -  \n -  \n 8,730  \n 2,793  \n 11,523 \n\nBalance as of December 31, 2023 \n 11,116,470  \n -** \n 10,433,340  \n -** \n 1,701,073  \n (4,325,718) \n 12,567  \n (47,751) \n (2,659,829)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of shares \n -  \n -  \n -  \n -  \n 3,341,021  \n -  \n -  \n -  \n 3,341,021 \n\nReorganization exercise \n -  \n 7,333  \n -  \n 6,883  \n (14,216) \n -  \n -  \n -  \n - \n\nAcquisition of subsidiary under common control \n -  \n -  \n -  \n -  \n (5,945) \n (61,690) \n 4,624  \n 53,360  \n (9,651)\n\nNet loss \n -  \n -  \n -  \n -  \n -  \n (2,358,206) \n -  \n (5,609) \n (2,363,815)\n\nForeign currency translation \n -  \n -  \n -  \n -  \n -  \n -  \n 22,086  \n -  \n 22,086 \n\nBalance as of December\n31, 2024 \n 11,116,470  \n 7,333  \n 10,433,340  \n 6,883  \n 5,021,933  \n (6,745,614) \n 39,277  \n -  \n (1,670,188)\n\nIssuance of shares \n 3,750,000  \n 2,408  \n -  \n -  \n 15,907,224  \n -  \n -  \n -  \n 15,909,632 \n\nIssuance of warrant \n -  \n -  \n -  \n -  \n -^  \n -  \n -  \n -  \n - \n\nAcquisition of subsidiary\nunder common control \n -  \n -  \n -  \n -  \n (230,676) \n -  \n -  \n -  \n (230,676)\n\nNet loss \n -  \n -  \n -  \n -  \n -  \n (17,200,587) \n -  \n -  \n (17,200,587)\n\nForeign currency translation \n -  \n -  \n -  \n -  \n -  \n -  \n 235,501  \n -  \n 235,501 \n\nBalance as of December\n31, 2025 \n 14,866,470  \n 9,741  \n 10,433,340  \n 6,883  \n 20,698,481  \n (23,946,201) \n 274,778  \n -  \n (2,956,318)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n  \n    \n **US$**  \n    \n **US$**  \n **US$**  \n **US$**  \n **US$**  \n **US$**  \n **US$** \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalance as of December\n31, 2025 \n    \n 7,576  \n    \n 5,353  \n 16,097,209  \n (18,622,962) \n 213,695  \n -  \n (2,299,129)\n\n \n\n*\nLess\nthan S$1.\n\n**\nRetroactively\nadjusted to reflect the reorganization exercise described in Note 1.\n\n^\nWarrant movement\nwithin Additional paid-in capital\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**THE\nGROWHUB LIMITED**\n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor\nthe years ended December 31 \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nCASH FLOWS FROM OPERATING ACTIVITIES: \n    \n    \n    \n   \n\nNet loss \n (1,796,344) \n (2,363,815) \n (17,200,587) \n (13,376,898)\n\nAdjustments to reconcile net loss to net cash\nused in operating activities: \n    \n    \n    \n   \n\nDepreciation and amortization \n 49,359  \n 27,899  \n 44,162  \n 34,345 \n\nProvision for stock obsolescence \n 1,079  \n 3,874  \n -  \n - \n\nInventory written off \n 172,303  \n 112  \n 1,675  \n 1,303 \n\nWorking capital loan interest \n 119,216  \n 159,482  \n 90,807  \n 70,621 \n\nLoss\non disposal of plant and equipment \n -  \n -  \n 89,375  \n 69,507 \n\nIntangible assets written\noff \n 142,500  \n -  \n 1,990,000  \n 1,547,623 \n\nAllowance\n(Reversal) for credit loss \n -  \n 1  \n (1) \n (1)\n\nGain on lease modification \n (6,250) \n -  \n -  \n - \n\nLoss on lease termination \n -  \n -  \n 9,555  \n 7,431 \n\nOperating lease expenses \n 68,056  \n 71,094  \n 116,071  \n 90,269 \n\nChange in operating assets and liabilities: \n    \n    \n    \n   \n\nAccount receivables \n 47,462  \n (132,460) \n 138,397  \n 107,631 \n\nAmount due from a related\nparty \n (29,060) \n -  \n -  \n - \n\nInventories \n 83,047  \n (32,693) \n 48,806  \n 37,956 \n\nOther current assets \n 1,417  \n (314,534) \n 251,377  \n 195,496 \n\nAccount payables \n (121,148) \n (171,110) \n (19,504) \n (15,168)\n\nAccruals and other payables \n 187,460  \n (466,053) \n 533,282  \n 414,733 \n\nIncome taxes payable \n 2,902  \n (5,201) \n -  \n - \n\nOperating\nlease liabilities \n (63,745) \n (65,463) \n (134,370) \n (104,500)\n\nNet cash used in operating\nactivities \n (1,141,746) \n (3,288,867) \n (14,040,955) \n (10,919,652)\n\nCASH FLOWS FROM INVESTING ACTIVITIES: \n    \n    \n    \n   \n\nPurchase of plant and equipment \n -  \n (22,768) \n (1,597) \n (1,242)\n\nProceeds from disposal of plant and equipment \n -  \n -  \n 8,865  \n 6,894 \n\nAdditions in intangible\nassets \n (34,974) \n -  \n -  \n - \n\nAcquisition\nof subsidiary under common control \n -  \n (9,651) \n (12,791) \n (9,948)\n\nNet cash used in investing\nactivities \n (34,974) \n (32,419) \n (5,523) \n (4,296)\n\nCASH FLOWS FROM FINANCING ACTIVITIES: \n    \n    \n    \n   \n\nRepayments of working capital\nloan \n (312,352) \n -  \n (2,401,816) \n (1,867,891)\n\nProceeds from working capital\nloan \n -  \n 1,264,280  \n -  \n - \n\nProceeds from issuance of shares, net \n 1,592,430  \n 3,341,021  \n 16,836,905  \n 13,094,062 \n\nDeferred\noffering costs \n (105,575) \n (751,698) \n -  \n - \n\nNet cash from financial\nactivities \n 1,174,503  \n 3,853,603  \n 14,435,089  \n 11,226,171 \n\n  \n    \n    \n    \n   \n\nEffect of exchange rate change on cash and\ncash equivalents \n (1,218) \n (1,042) \n \n229,029\n  \n 178,116 \n\nNet change in cash and cash equivalents \n (3,435) \n 531,275  \n 617,640  \n 480,339 \n\nCash, cash equivalents\n- beginning of year \n 18,448  \n 15,013  \n 546,288  \n 424,848 \n\nCash, cash equivalents\n- end of year \n 15,013  \n 546,288  \n 1,163,928  \n 905,187 \n\nSUPPLEMENTAL CASH FLOW INFORMATION: \n    \n    \n    \n   \n\nCash\npaid for interest \n 500  \n -  \n 18,774  \n 14,601 \n\n \n\nThe\naccompanying notes form an integral part of these consolidated financial statements.\n\n \n\nF-7\n\n \n\n \n\n**1**\n**Organization\nand business overview**\n\n** **\n\nTHE\nGROWHUB LIMITED (the “Company”) is an investment holding company incorporated on April 12, 2024. The Company through its\nsubsidiaries provide product traceability, data analytics, and product trading facilitation.\n\n \n\nThe\nCompany operates at the intersection of technology and supply chain management, focusing on enhancing product traceability and authenticity\nwhile prioritizing innovation and sustainability. The business comprises of two main divisions, the GrowHub Platform and product trading\nfacilitation.\n\n \n\nThe\nGrowHub Platform, the flagship offering, leverages blockchain technology hosted on the Polygon network to revolutionize product tracing,\noffering traceability, anti-counterfeit, and carbon management solutions. The product trading division facilitates seamless placement\nof products in retail outlets and online channels, driving revenue growth and market expansion for partners.\nThrough these initiatives, the Company aims to enhance transparency, efficiency, and sustainability across the food supply chain.\n\n \n\nThe\nCompany is headquartered in Singapore.\n\n \n\nOrganization\nand reorganization\n\n \n\nIn\nAugust 2024, the Company completed a reorganization of GrowHub Innovations Singapore under common control of its then existing shareholders,\nwho collectively owned all the equity interests of GrowHub Innovations Singapore prior to the reorganization. Prior to the re-organization,\nGrowHub Innovations Singapore was directly and indirectly owned and controlled by Chan Choon Yew, Lester and the other existing shareholders\nwith 48.41% and 51.59% beneficial ownership interest, respectively. As a result of certain share swaps and related issuances by and among,\nChan Choon Yew, Lester and other existing shareholders, the Company, GrowHub (BVI) and GrowHub Innovations Singapore whereby GrowHub\nInnovations Singapore ultimately became a wholly-owned subsidiary of GrowHub (BVI), and GrowHub (BVI) became a wholly owned subsidiary\nof the Company, and Chan Choon Yew, Lester (directly and indirectly) and the other existing shareholders became the beneficial owners\nof the Company with percentage ownerships of 48.41% (representing 10,433,340 Class B shares) and 51.59% (representing 11,116,470 Class\nA shares), respectively. The Company has accounted for these re-organizations as a transfer of assets between entities under common control\nin accordance with ASC 805-50-50-3 to 4 because the economic interests of Chan Choon Yew, Lester and the other existing shareholders\nremained the same immediately before and immediately after the re-organization, as such, the accompanying financial statements include\nthe results of operations of GrowHub Innovations Singapore for two operating periods in accordance with guidance set forth in ASC 805-50-45-2\nto 5. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of\nthe first period presented in the accompanying consolidated financial statements of the Company.\n\n \n\nThe\nconsolidated financial statements are prepared based on the basis that the reorganization has been accounted for as a business combination\namong entities under common control since the same controlling shareholders controlled all these entities before and after the reorganization.\nThe consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned\ntransactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.\nResults of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the\nperiod to the end of the period eliminating the effects of intra-entity transactions.\n\n \n\nF-8\n\n \n\n \n\n**1**\n**Organization\nand business overview (continued)**\n\n \n\nThe\nconsolidated financial statements of the Company include the following entities:\n\n Schedule\nof consolidated financial statements\n\n**Name**\n\n \n\n**Date\nof**\n\n**incorporation**\n\n \n\n**Percentage\nof direct**\n\n**or\nindirect interests**\n\n \n**Place\nof incorporation**\n \n\n**Principal**\n\n**activities**\n\nTHE\nGROWHUB LIMITED\n \nApril\n12, 2024\n \n100%\n \nCayman\nIsland\n \nInvestment\nholding\n\n \n \n \n \n \n \n \n \n \n\nTHE\nGROWHUB INNOVATIONS COMPANY LIMITED\n \nApril\n12, 2024\n \n100%\n \nBritish\nVirgin Islands\n \nInvestment\nholding\n\n \n \n \n \n \n \n \n \n \n\nThe\nGrowHub Innovations Company Pte Ltd\n \nAugust\n17, 2020\n \n100%\n \nSingapore\n \nInvestment\nholding\n\n \n \n \n \n \n \n \n \n \n\nGrowHub\nCarbon Pte Ltd (FKA GrowHub (Apac) Pte Ltd)\n \nJanuary\n6, 2020\n \n100%\n \nSingapore\n \nInvestment\nholding\n\n \n \n \n \n \n \n \n \n \n\nGrowHub\nCapital Pte Ltd (FKA GrowHub Distribution (Singapore) Pte Ltd)\n \nFebruary\n11, 2020\n \n100%\n \nSingapore\n \nDistributor\nof Agri-culture products in Singapore and rest of Asia\n\n \n \n \n \n \n \n \n \n \n\nGrowHub\nTrading Pty Ltd\n \nApril\n3, 2020\n \n100%\n \nAustralia\n \nTrading\nof Agri-culture products\n\n \n \n \n \n \n \n \n \n \n\nGrowHub Vietnam Limited Liability Company\n \nOctober 9 ,2024\n \n100%\n \nVietnam\n \nBlockchain services (product authentication and tracing) and data\n\n \n \n \n \n \n \n \n \n \n\nGrowHub\nMalaysia Sdn Bhd\n \nFebruary\n28, 2022\n \n100%\n \nMalaysia\n \nDistributor\nof Agri-culture products in Malaysia\n\n \n \n \n \n \n \n \n \n \n\nGrowHub\nInnovation Centre Pty Ltd\n \nMarch\n17, 2022\n \n100%\n \nAustralia\n \nRental\nand auxiliary services\n\n \n \n \n \n \n \n \n \n \n\nGrowHub\nTechnologies Pte Ltd\n \nMarch\n23, 2022\n \n100%\n \nSingapore\n \nBlockchain\nservices (product authentication and tracing) and data\n\n \n \n \n \n \n \n \n \n \n\nGrowHub\nJapan Co., Ltd\n \nJuly\n30, 2021\n \n100%\n \nJapan\n \nDistributor\nand trading of Agri-culture products in Japan\n\n** **\n\nGrowHub Vietnam Limited Liability Company\nwas acquired from common director Lester Chan Choon Yew in February 2025 for design and developing of Blockchain platform.\n\n \n\nGrowHub Vietnam Limited Liability Company was deregistered in October 2025. GrowHub Trading Pty Ltd was\nderegistered in December 2025. GrowHub Innovation Centre Pty Ltd was deregistered in December 2025.\n\n \n\n****\n\n****\n\n**2**\n**Summary of significant\naccounting policies**\n\n** **\n\nThis\nsummary of significant accounting policies is presented to assist in understanding the Company’s consolidated financial statements\nand have been consistently applied in the preparation of the financial statements.\n\n** **\n\n*Basis\nof presentation*\n\n \n\nThe\naccompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the\nUnited States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission\n(“SEC”).\n\n \n\nF-9\n\n \n\n \n\n**2**\n**Summary\nof significant accounting policies (continued)**\n\n \n\n*Consolidation*\n\n \n\nThe\nconsolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances\namong the Company and its subsidiaries have been eliminated upon consolidation.\n\n \n\nOn\nconsolidation the entities should be combined for all periods that the relationship of common control started and the transaction would\nbe treated as a capital transaction with any gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize\nany goodwill and/or gain/losses from the acquisition and results of operations would be presented for all periods under common control.\n\n \n\nThe\nconsolidated financial statements of the Company were prepared by applying the pooling of interest method. Accordingly, the results of\nthe Company include the results of the subsidiaries for three-year period ended December 31, 2023, 2024 and 2025. Such manner of presentation\nreflects the economic substance of the companies, which were under common control throughout the relevant period, as a single economic\nenterprise, although the legal parent-subsidiary relationships were not established.\n\n \n\nNon-controlling\ninterests in the Company’s subsidiaries are recorded in accordance with the provisions of ASC 810 and are reported as a component\nof equity, separate from the parent’s equity. Purchase or sale of equity interests that do not result in a change of control are\naccounted for as equity transactions. Results of operations attributable to the non-controlling interest are included in our consolidated\nresults of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value\nwith any gain or loss recognized in earnings.\n\n* *\n\n*Going\nconcern*\n\n* *\n\nThe\naccompanying financial statements have been prepared on a going concern basis. For the year ended December 31, 2025, the Company incurred\na net loss of S$17,200,587 (US$13,376,898). As of December 31, 2025, its current liabilities exceeded the current assets by S$3,035,299\n(US$2,360,552) and the Company had an accumulated deficit of S$23,946,201 (US$18,622,962). These factors raise substantial doubt about\nthe Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The\nfinancial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.\n\n \n\nThe\nCompany’s ability to continue as a going concern is dependent on the continuing financial support from its largest financial\nsponsor. Management believes that the Company will be able to negotiate with the largest financial sponsor for favorable concessions\non payment terms, delay repayment period and payment due amount in the next 12 months. If there is no settlement of working capital\nloan on demand in the next 12 months, the Company will be able to turnaround the working capital deficit to surplus to S$ 0.73\nmillion (115.3%\ndeduction from S$4.75\nmillion) and S$ 0.12\nmillion (103.8%\ndeduction from S$3.04\nmillion) for December 31, 2024, and December 31, 2025, respectively.\n\n \n\n*Use\nof estimates*\n\n \n\nThe\npreparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions\nthat affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated\nassumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,\nthe results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent\nfrom other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but\nare not limited to, professional service revenue estimated for various projects, the useful lives and impairment of long-lived assets,\nvaluation allowance for deferred tax assets, and collectability of accounts receivable and other current assets. Actual results may differ\nfrom these estimates.\n\n* *\n\n*Valuation of Underwriter’s\nWarrant*\n\n* *\n\nThe Company used the Black-Scholes option pricing model to estimate\nthe fair value of the Underwriter’s Warrant issued in connection with the Company’s initial public offering. The valuation\nrequired management to make significant estimates and assumptions, including expected volatility, expected term, risk-free interest rate\nand dividend yield. Expected volatility was determined based on the historical volatility of selected comparable publicly traded companies\ndue to the Company’s limited trading history. Changes in these assumptions could materially impact the estimated fair value of the\nwarrant.\n\n \n\n*Cash\nand cash equivalents*\n\n \n\nCash\nand cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to\nwithdrawal and use. The Company maintains most of its bank accounts in Singapore and United States.\n\n \n\nF-10\n\n \n\n \n\n**2**\n**Summary\nof significant accounting policies (continued)**\n\n \n\n*Accounts\nreceivable, net*\n\n \n\nAccounts\nreceivable mainly represent amounts due from clients that meet the revenue recognition criteria. These accounts receivables are recorded\nnet of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for credit losses\ninherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted\nto take into account current market conditions and the Company’s customers’ financial condition, the receivable amount in\ndispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. Forward-looking\ninformation is also considered in the evaluation of current expected credit losses. The Company writes off the receivable when it is\ndetermined to be uncollectible.\n\n** **\n\n*Other\ncurrent assets*\n\n \n\nOther\ncurrent assets, net, primarily consists of deposits, prepayments made to vendors or services providers for future services that have\nnot been provided and other receivables from third parties. These advances are unsecured and are reviewed periodically to determine whether\ntheir carrying value has become impaired. As of December 31, 2024 and 2025, management believes that the Company’s other current\nassets are not impaired.\n\n \n\n*Inventories*\n\n \n\nInventories\nare measured at the lower of cost or net realizable value. The cost of inventories is based on the weighted average cost method, and\nincludes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition.\n\n \n\n*Deferred\noffering costs*\n\n \n\nPursuant\nto ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against\nthe gross proceeds of the offering as a reduction of additional paid-in capital. As of December 31, 2025, the Company has concluded its\nIPO hence incurred professional fees are recorded as deferred offering costs. As of December 31, 2024 and 2025, the accumulated deferred\noffering cost was S$927,273 and nil respectively.\n\n \n\n*Leases*\n\n* *\n\nOn\nOctober 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-02. Under this guidance, the Company determines\nif an arrangement is a lease or contains a lease at inception, operating lease liabilities are recognized based on the present value\nof the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the\nlease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information\navailable at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU\nassets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities\nrepresent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on\nthe amount of the initial measurement of the operating lease liabilities. Lease expense is recognized on a straight-line basis over the\nlease term. The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and\nnon-lease components as a single lease component for operating lease associated with the Company’s office space lease, and to keep\nleases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated\nstatements of operations and comprehensive loss on a straight-line basis over the lease term.\n\n \n\nThe\nCompany has an operating lease for office and equipment, including an option to renew which is at the Company’s sole discretion.\nThe renewal to extend the lease term is included in the Company’s ROU assets and operating lease liabilities as they are reasonably\ncertain of exercise. The Company regularly evaluates the renewal option, and, when it is reasonably certain of exercise, the Company\nwill include the renewal period in its lease term. New lease modifications result in re-measurement of the ROU assets and operating lease\nliabilities. The Company’s lease agreement does not contain any material residual value guarantees or material restrictive covenants.\n\n \n\nF-11\n\n \n\n \n\n**2**\n**Summary\nof significant accounting policies (continued)**\n\n \n\n*Leases*\n\n \n\nThe\noperating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current\non the consolidated balance sheets.\n\n \n\nThe\nCompany has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months\nor less. Lease payments associated with these leases are expensed as incurred.\n\n \n\n*Plant\nand equipment, net*\n\n \n\nPlant\nand equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using\nthe straight-line method over the estimated useful lives of the assets as follows:\n\n \n\nSchedule\nof property plant and equipment estimated useful lives\n\n**Plant\nand equipment**\n**Lesser\nof lease term or expected useful life**\n\n \n \n\nComputer\nEquipment\n3\nyears\n\n \n\nThe\ncost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is\nincluded in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while\nadditions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates\nthe periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.\n\n** **\n\n*Intangible\nassets, net*\n\n \n\nThe\nuseful life of the intangible assets is assessed to be finite. Amortization is computed using the straight-line method over the estimated\nuseful life as follows:\n\n \n\nSchedule\nof estimated useful life of intangible assets\n\nPeel\npartnership right\n\nLesser\nof 10 years and remaining lease term of right-of-use asset - Partnership rights as a strategic partner of The Shire of Murray\n\n \n \n\nSoftware\n5\nyears\n\n \n\nThe\nCompany acquired the Peel partnership right which is further elaborated upon in Note 6. This serves as a strategic investment vehicle\nfor the Company’s future growth.\n\n \n\nThe\nsoftware cost is primarily attributable to the GrowHub Platform, a traceability blockchain technology solution. The GrowHub Platform\nstands as the cornerstone of the Company’s operations, serving as the main business and flagship offering. Costs incurred in relation\nto individual projects are capitalized only when the future economic benefit of the project is probable and the following main conditions\nare met: (i) the development cost can be measured reliably, (ii) the technological feasibility of the product has been established and\n(iii) it is the intention of management to complete the intangible asset and use it.\n\n \n\n*Impairment\nof long-lived assets*\n\n \n\nThe\nCompany evaluates the recoverability of its long-lived assets (asset groups), including plant and equipment and operating lease right-of-use\nassets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not\nbe fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the\nestimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If\nthe sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an\nimpairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally\ndetermined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily\navailable. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset’s remaining useful\nlife. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely\nindependent of the cash flows of other assets and liabilities. As of December 31, 2024 and 2025, no impairment of long-lived assets was\nobserved and recognized. There is direct write-off if the long-lived assets was totally obsolete.\n\n \n\nF-12\n\n \n\n \n\n**2**\n**Summary\nof significant accounting policies (continued)**\n\n* *\n\n*Fair\nvalue measurements*\n\n \n\nASC\n820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction\nbetween market participants at the measurement date. When determining the fair value measurements for assets and liabilities required\nor permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability.\nASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:\n\n \n\n \nLevel\n1\n-\nobservable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.\n\n \nLevel\n2\n-\nother inputs that are directly or indirectly observable in the marketplace.\n\n \nLevel\n3\n-\nunobservable inputs which are supported by little or no market activity.\n\n \n\nThe\ncarrying amounts of cash and cash equivalents, accounts receivable, amount due from a related party, other current assets, accounts payable,\naccruals and other current liabilities, and working capital loan from a related party approximate their fair values because of their\ngenerally short maturities.\n\n \n\n*Revenue\nrecognition*\n\n \n\nThe\nCompany accounts for its revenue under ASC Topic 606, Revenue from Contracts with Customers. The five-step model defined by ASC Topic\n606 requires the Company to:\n\n \n\n(1)\nidentify its contracts with customers;\n\n(2)\nidentify its performance obligations under those contracts;\n\n(3)\ndetermine the transaction prices of those contracts;\n\n(4)\nallocate the transaction prices to its performance obligations in those contracts; and\n\n(5)\nrecognize revenue when each performance obligation under those contracts is satisfied.\n\n** **\n\nRevenues\nare generally recognized upon the transfer of control of promised products or services provided to our customers, reflecting the amount\nof consideration we expect to receive for those products or services.\n\n** **\n\nProfessional\nservice revenue\n\n \n\nProfessional\nservice revenue is generated through one-time or non-recurring projects with existing or new customers. Consultancy advisory services\ninclude feasibility studies and proposal of technology solutions that enhance the customers’ distribution networks and outreach\nof their products or services in Asia. Other projects include customized development works for specific needs of the clients, AI-based\ndata analytics and market intelligence. A written service agreement detailing the scope of consultancy advisory services, defined milestones,\nperformance obligations delivery, contractual value, and payment terms, is signed by both customer and the Company (service provider)\nprior to the commencement of the project. The service revenue contract is priced at a fixed fee rate for each performance obligation.\nThe chargeable fee is based on a competitive market rate for a similar service offer. The revenue is recognized upon achieving the agreed\nproject milestones and fulfilling the contractual obligations.\n\n \n\nPlatform\nsubscription revenue\n\n \n\nPlatform\nsubscription revenue is generated from the Company’s proprietary Web3 enabled cloud-based platform that offers users access to\nthe platform for traceability and data analytics across the entire value chain. A written software subscription service agreement detailing\nthe extent of access rights granted, duration of the access, contractual value, and payment terms, is signed by both customer and the\nCompany (SaaS provider). The subscription revenue contract is priced at per user login. Under this per-active user pricing model, customers\npay a predetermined fee for each login user who actively uses the Company’s SaaS product within a defined period, typically monthly\nor annually. The SaaS revenue is recognized ratably over the agreed subscription period.\n\n \n\nF-13\n\n \n\n \n\n**2**\n**Summary\nof significant accounting policies (continued)**\n\n** **\n\nSales\nof goods\n\n \n\nTransaction-based\nrevenue is generated through delivery of identified goods to customers at the agreed price. The Company acts as a pass-through and therefore\nminimizes the risk of inventory. Customers place orders via the Company’s in-house ecommerce platform or external ecommerce marketplaces.\nUpon successful delivery of non-defective goods and acceptance of the goods in the original state with no demand of refund or good return\nby the customer, revenue is recognized.\n\n \n\nConsignment\nsales\n\n \n\n*Acting\nas principal*\n\n \n\nTransaction-based\nrevenue is generated through the sale of goods to end customers, at the point control transfers under a consignment arrangement. The\nCompany acts as the principal, retaining control and inventory risk until the sale is made. Revenue is recognized at the agreed retail\nprice less any applicable consideration paid to the consignee (e.g., commission or fees) upon the completion of the sales transaction\nto the end customer.\n\n \n\n*Acting\nas agent*\n\n \n\nTransaction-based\nrevenue is generated through assisting the Consignor (i.e. Supplier) to place out its product portfolio over the distribution network\nof Consignee (channel partners). Upon the successful delivery and acceptance of goods by the end customer, an agreed-upon agency fee\nis deposited into the Company’s designated bank account. Consignment sales is recognized at net basis upon the completion of the\nsales transaction to the final consumer.\n\n \n\n*Segments*\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\nclients in financial statements for detailing the Company’s business segments. Based on the criteria established by ASC 280, the\nCompany’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated\nresults when making decisions about allocating resources and assessing performance of the Company. As a result of the assessment made\nby the CODM, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose\nof internal reporting.\n\n \n\nThe\nCompany operates as a single reportable segment in Singapore. The Company’s long-lived assets are all located in Singapore and substantially\nall monitoring and control activities of its operations are conducted in Singapore.\nTherefore, no geographic information is presented. The Chief Operating Decision Maker (“CODM”), reviews financial performance\nand allocates resources based on the Company’s financial statements, using a single measure of operating profit and a total expense\namount. The Company’s CODM, Lester Chan did not regularly review the expense categories\nby detailed classification. As such, the Company has not identified any segment expense categories that meet the criteria for disclosure\nunder ASC 280, as amended by ASU 2023-07.\n\n \n\n*Concentrations\nand credit risk*\n\n \n\nThe\nCompany maintains cash with banks in Singapore and United States. Should any bank holding cash become insolvent, or if the Company is otherwise\nunable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in\nsuch accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Singapore, a depositor has up\nto S$100,000 insured by\nSingapore Deposit Insurance Corporation. Cash deposits maintained with financial institutions in the United States are insured by the Federal Deposit Insurance\nCorporation (“FDIC”)\nup to applicable statutory limits of $250,000 per depositor, per insured bank.\n\n \n\nFinancial\ninstruments that potentially expose the Company to the concentration of credit risk consist primarily of cash and cash equivalents and\naccounts receivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The\nCompany’s accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations\nof its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of\nthe existing clients in determining the allowance for credit loss primarily based upon the age of the receivables and factors surrounding\nthe credit risk of specific clients.\n\n \n\nFor\nthe year ended December 31, 2024, Customer A, B, C and D accounted for 40%, 17.1%, 18.2% and 11.1% of the Company’s total revenue\nand 68.5%, 29.4%, nil% and nil% of the Company’s total accounts receivable as of December 31, 2024, respectively. For the year ended December 31, 2025, Customer C accounted for 51.1% of the Company’s total revenue and nil% of the Company’s total accounts receivables as of December\n31, 2025.\n\n \n\nFor\nthe year ended December 31, 2024, Vendor A and B accounted for 63.8% and 11.3% of the Company’s total purchases, and nil% and 11.1%\nof the accounts payable as of December 31, 2024, respectively. For the year ended December 31, 2025, Vendor C accounted for 14.8% of the Company’s total purchases, and nil% of the accounts payable as of December 31, 2025.\n\n \n\nF-14\n\n \n\n \n\n**2**\n**Summary\nof significant accounting policies (continued)**\n\n \n\n*Employee\nbenefits*\n\n \n\nEmployee\nbenefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.\n\n \n\nDefined\ncontribution plans\n\n \n\nDefined\ncontribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as\nthe Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions\nhave been paid.\n\n \n\n*Related\nparties*\n\n \n\nThe\nCompany follows ASC 850 Related Party Disclosures for the identification of related parties and disclosure of related party transactions.\n\n \n\n*Foreign\ncurrency*\n\n* *\n\nThe\naccompanying consolidated financial statements are presented in Singapore Dollars (“S$”), which is the reporting currency\nof the Company. The functional currencies of the Company are the Singapore Dollar, United State Dollars, Australian Dollars, Malaysia\nRinggit, Vietnam Dong and Japanese Yen.\n\n \n\n*Convenience\ntranslation*\n\n \n\nTranslations\nof the consolidated balance sheet, consolidated statement of operations and comprehensive income and consolidated statements of cash\nflows from S$ into US$ as of and for the years ended December 31, 2025 are solely for the convenience of the reader and were calculated\nat the rate of US$0.7777 = S$1, as set forth in the statistical release of the Federal Reserve System on December 31, 2025. No representation\nis made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025,\nor at any other rate.\n\n \n\n*Income\ntaxes*\n\n \n\nThe\nCompany accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences\nattributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their\nrespective tax bases. Deferred tax assets are also provided for net operating loss carryforwards that can be utilized to offset future\ntaxable income.\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. A valuation allowance is established, when necessary, to reduce net deferred tax\nassets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing\nauthorities.\n\n \n\nThe\nprovisions of FASB ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold\nfor consolidated 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 did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for\nthe years ended December 31, 2024 and 2025. The Company does not expect that its assessment regarding unrecognized tax positions will\nmaterially change over the next 12 months.\n\n \n\n*Earnings\n(loss) per share*\n\n \n\nBasic\nearnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number\nof ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding\nstock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company has a loss, diluted shares\nare not included as their effect would be anti-dilutive. The Company has no dilutive securities or debt for each of the years ended December\n31, 2024 and 2025.\n\n \n\nF-15\n\n \n\n \n\n**2**\n**Summary\nof significant accounting policies (continued)**\n\n \n\n*Recent\nAccounting Pronouncements*\n\n \n\nThe\nCompany is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012\n(the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the\nenactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the adoption\nof new or revised accounting standards. As result of the election, the Company’s financial statements may not be comparable to\ncompanies that comply with public company effective dates.\n\n \n\nIn December 2023, the Financial Accounting Standards Board (“FASB”)\nissued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require enhanced\ndisclosures relating to the effective tax rate reconciliation and income taxes paid. The guidance is effective for annual reporting periods\nbeginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance for the fiscal year ended December\n31, 2025. The adoption did not have a material impact on the Company’s consolidated financial statements, other than additional\ndisclosure requirements.\n\n \n\nIn November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting\nComprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments\nrequire public business entities to provide additional disaggregated disclosures for certain income statement expense captions. In January\n2025, the FASB issued ASU 2025-01 to clarify the effective dates of ASU 2024-03. The guidance is effective for annual reporting periods\nbeginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company\nis currently evaluating the impact that the adoption of this guidance may have on its consolidated financial statements and related disclosures.\n\n \n\nIn May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic\n805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments\nrevise the guidance for determining the accounting acquirer in certain acquisition transactions involving variable interest entities.\nThe Company is currently evaluating the impact of this guidance on its consolidated financial statements.\n\n \n\nIn May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation\n(Topic 18) and Revenue from contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The\namendments provide guidance on identifying the accounting acquirer in transactions involving a variable interest entity. The amendments\nclarify the accounting for share-based consideration payable to a customer under Topic 718 and Topic 606. The amendments are effective\nfor annual reporting periods, including interim reporting period within those annual periods, beginning after December 15, 2026. Early\nadoption is permitted. The Company is currently evaluating the impact of this amendment and does not expect that the adoption of this\nguidance will have a material impact on its financial position, results of operations, or cash flows.\n\n \n\nIn July 2025, the FASB issued ASU 2025-05, Financial Instruments –\nCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical\nexpedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract\nassets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within\nthose annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not been\nissued or made available for issuance. The Company is currently evaluating the impact of this amendment and does not expect that the adoption\nof this guidance will have a material impact on its financial position, results of operations, or cash flow\n\n \n\nIn December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic\n270): Narrow-Scope Improvements, and ASU 2025-12, Codification Improvements. The Company is currently evaluating the impact these\nstandards may have on its consolidated financial statements and related disclosures.\n\n \n\nExcept as described above, the\nCompany does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have\na material effect on its consolidated financial statements.\n\n \n\n* *\n\n**3**\n**Accounts receivable, net**\n\n** Schedule\nof accounts receivable, net**\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nAccounts receivable \n 139,341  \n 887  \n 690 \n\nLess: Allowance for credit\nlosses \n (1) \n -  \n - \n\nAccounts receivable,\nnet \n 139,340  \n 887  \n 690 \n\n \n\nF-16\n\n \n\n \n\nMovement\nin allowance for credit losses:\n\n \n\nSchedule\nof movement in allowance for credit losses\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nBeginning of the year \n -  \n 1  \n 1 \n\nCharge for the year \n 1  \n -  \n - \n\nReverse for the year \n -  \n (1) \n (1)\n\nEnd of the year \n 1  \n -  \n - \n\n \n\n \n\n**4**\n**Inventories, net**\n\n** Schedule\nof inventories, net**\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nFinished goods \n 55,321  \n -  \n - \n\nLess: Provision for stock\nobsolescence \n (4,841) \n -  \n - \n\nInventories, net \n 50,480  \n -  \n - \n\n \n\nMovement\nin provision for stock obsolescence:\n\n Schedule\nof movement\nin provision for stock obsolescence\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nBeginning of the year \n 1,079  \n 4,841  \n 3,765 \n\nInventory write-off for the year \n (112) \n (1,675) \n (1,303)\n\nReversal for the year \n (967) \n (3,166) \n (2,462)\n\nCharge for the year \n 4,841  \n -  \n - \n\nEnd of the year \n 4,841  \n -  \n - \n\n \n\n \n\n**5**\n**Other current assets**\n\n \n\n**Schedule\nof other current assets**\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December\n31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nOther receivables \n 167,719  \n -  \n - \n\nPrepayments \n 90,547  \n 61,760  \n 48,030 \n\nDeposits \n 60,659  \n 7,738  \n 6,018 \n\nGoods and Services Tax\nreceivables \n 3,774  \n 3  \n 3 \n\nOther current assets \n 322,699  \n 69,501  \n 54,051 \n\n \n\nOther\nreceivables comprise of set-up costs amounted to S$167,121\nas of December 31, 2024 that were incurred in relation to the\nestablishment of operations in Vietnam and fully received in 2025.\n\n \n\nPrepayments\ncomprise mainly a prepaid software development service procured from Vietnam amounted to S$58,518\n(US$42,833)\nas of December 31, 2024 and legal advice service of S$47,072 (US$36,608) for project related in Bosnia\nand Herzegovina as of December 31, 2025.\n\n \n\nDeposits\ncomprise of 1-month refundable deposit amounted to S$52,672 (US$38,554) for software development services procured from Vietnam as of\nDecember 31, 2024 and fully withdrawn in 2025.\n\n \n\nF-17\n\n \n\n** **\n\n**6**\n**Intangible assets, net**\n\n \n\nIntangible\nassets include software and acquisition cost paid for the partnership rights as a strategic partner of The Shire of Murray (“Peel\npartnership right”).\n\n \n\nAn\nAsset Purchase Agreement (“APA”) was signed between the Company and Fund Singapore Pte Ltd (a fund equity firm that engage\nin the business of crowdfunding), with an initial consideration of S$2.5 million in January 2020. The original settlement schedule was\npegged to the Company’s ability to meet certain conditions precedent; such as raising equity fund target and meeting net profit\ntarget within specific timeframe.\n\n \n\nAn\nAddendum was signed in October 2021 with a reduced consideration amount of S$1.99 million. The Company was pursuing its IPO exercise\nat the point in time and required a longer timeframe to meet all the conditions precedent stated in the APA. Both parties mutually agreed\non the reduced consideration amount and released all parties from the contractual obligations under the original APA.\n\n \n\nUpon\nacquisition of this Peel partnership right, The Shire of Murray signed an initial 5-year lease agreement with GrowHub Innovation Centre\nPty Ltd (subsidiary of the Company) in February 2023. The lease terms were as follows:\n\n \n\n \n●\nLease\nSite: FIPWA Innovation Centre (Address Part Lot 38 Dollyup Street Stake Hill West Australia), now renamed to GrowHub Innovation Centre.\n\n \n●\nLease\nduration: 5 years, with an option to extend for an additional 5 years\n\n \n●\nStrategic\nintent for the use of lease site: GrowHub Innovation Centre will be the base site for running the co-working business and the Digital\nHub of the Company.\n\n \n\nThe\nright-of-use asset arising from this Lease has been recognized in Note 7 and the corresponding lease liability has been recognized in\nNote 7.\n\n \n\nThe\nacquisition of this Peel partnership right enables the Company to operate as a main lessor and commercialization partner for the management\nof the GrowHub Innovation Centre. The Company will be able to showcase its technology working models to the various key stakeholders,\nincluding governments and technology partners via the GrowHub Innovation Centre residing within the building when complete at the lease\nsite, which will bear testimony to the technology developments and prowess of The GrowHub to the international markets.\n\nThe\nacquisition of Peel partnership right was paid in cash. This was written off during the financial year ended December 31, 2025 due to\nsystem outdated caused by the fast moving technology competition in the market.\n\n \n\nThe\nintangible assets are initially capitalized at cost which includes the purchase price (net of any discounts and rebates) and other directly\nattributable costs of preparing the asset for its intended use. Direct expenditure which enhances or extends the performance of the intangible\nassets beyond its specifications, and which can be reliably measured, is added to the original cost of the intangible assets. Costs associated\nwith maintaining the intangible assets are recognized as an expense when incurred. Following initial recognition, intangible assets are\ncarried at cost less accumulated amortization and any accumulated impairment losses.\n\n** Schedule\nof intangible assets, net**\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nThe Peel Agri-Innovation Project \n 1,990,000  \n -  \n - \n\nSoftware \n 129,543  \n 129,543  \n 100,745 \n\nTotal \n 2,119,543  \n 129,543  \n 100,745 \n\nLess: accumulated amortization \n (36,704) \n (62,613) \n (48,694)\n\nNet book value \n 2,082,839  \n 66,930  \n 52,051 \n\n \n\nAmortization\nexpense for the years ended December 31, 2023, 2024 and 2025 were S$48,795, S$25,909 and S$25,909 (US$20,149), respectively.\n\n \n\nThe\nPeel Agri-Innovation Project in GrowHub Innovation Centre had not commenced any income-generating activities during the financial\nperiods, no amortisation was recorded. The related asset was fully impaired and written off as at December 31, 2025.\n\n \n\nF-18\n\n \n\n** **\n\n**7**\n**Leases**\n\n** **\n\nThe\nCompany determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified\nas operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the\nlease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset,\ntogether with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option\nwhich results in an economic penalty.\n\n \n\nThe\nCompany has 2 office premises and 1 office equipment lease agreements with lease terms ranging from 2 to 5 years, respectively. One\nof the office premises was renewed during the year for a further 5 months and accordingly accounted for a lease modification. The\nCompany’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption\nof ASU 2016-02, no right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term of one year.\n\n \n\nAs\nof December 31, 2025, the Company had the following non-cancellable lease contracts:\n\n Schedule\nof non-cancellable lease contracts\n\n**Description\nof lease**\n \n**Lease\nterm**\n\nOffice\nleases at Paya Lebar Quarter in Singapore\n \n2\nyears\n\nPhotocopier\nmachine\n \n5\nyears\n\n** **\n\n(a)\nAmount recognized in the consolidated balance sheet:\n\n Schedule\nof consolidated balance sheet\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nRight-of-use\nassets \n 201,603  \n 13,761  \n 10,702 \n\nLease liabilities \n    \n    \n   \n\n- Current \n 57,965  \n 11,921  \n 9,271 \n\n- Non-current \n 152,742  \n 2,132  \n 1,658 \n\nLease liabilities \n 210,707  \n 14,053  \n 10,929 \n\n \n\n(b)\nA summary of lease cost recognized in the Group’s consolidated statements of operations is as follows:\n\n Schedule\nof consolidated statements of operations\n\n  \n \n \n \n \n2024  \n2025  \n2025 \n\n  \n**For\nthe years ended December 31,** \n\n  \n**2023**\n \n \n2024  \n2025  \n2025 \n\n  \n \n**S$**\n \n \nS$  \nS$  \nUS$ \n\nAmortization\nof right-of-use assets \n \n56,065\n \n \n 60,326  \n 103,888  \n 80,794 \n\nInterest of lease liabilities \n \n11,991\n \n \n 10,767  \n 12,184  \n 9,475 \n\nGain (loss) on lease termination \n \n-\n \n \n -  \n 9,555  \n 7,431 \n\n \n\nF-19\n\n \n\n \n\n**7**\n**Leases\n(continued)**\n\n** **\n\nLease\nCommitment\n\n** **\n\nFuture\nminimum lease payments under non-cancellable operating lease agreements as of December 31, 2025 were as follows:\n\nSchedule\nof future\nminimum lease payments under non-cancellable operating lease \n\n  \n    \n   \n\n  \nMinimum\nlease payment \n\nTwelve months ending December\n31, \nS$  \nUS$ \n\n2026 \n 12,156  \n 9,454 \n\n2027 \n 1,656  \n 1,288 \n\n2028 \n 552  \n 429 \n\nTotal future minimum lease payments \n 14,364  \n 11,171 \n\nLess imputed interest \n (311) \n (242)\n\nPresent value of operating lease liabilities \n 14,053  \n 10,929 \n\nLess: current portion \n (11,921) \n (9,271)\n\nLong-term portion \n 2,132  \n 1,658 \n\n** **\n\nThe\nfollowing summarizes other supplemental information about the Company’s lease as of December 31, 2024 and 2025:\n\n Schedule\nof other supplemental information of lease\n\n  \n\n**As\nof**\n\n**December\n31, 2024**\n  \n\n**As\nof**\n\n**December\n31, 2025**\n \n\nWeighted average discount rate \n 4.74% \n 5%\n\nWeighted average remaining lease term \n 3.66\nyears  \n 0.33\nyears \n\n \n\n** **\n\n**8**\n**Accruals and other current\nliabilities**\n\n** Schedule\nof accruals and other current liabilities**\n\n  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nAccruals \n 127,515  \n 230,842  \n 179,525 \n\nGoods and Services Tax payables \n 1,104  \n -  \n - \n\nContract liabilities \n -  \n 428,558  \n 333,290 \n\nOther payables \n    \n    \n   \n\n- Professional fee payables \n 101,545  \n 445,794  \n 346,694 \n\n- Others \n 24,748  \n -  \n - \n\nTotal \n 254,912  \n 1,105,195  \n 859,510 \n\n \n\nContract liabilities primarily consist of amounts billed to customers in advance of revenue recognition. The\nCompany recognizes revenue when the related services are performed and the performance obligations are satisfied.\n\n \n\nF-20\n\n \n\n** **\n\n**9**\n**Equity**\n\n \n\n**Ordinary\nshares**\n\n** **\n\nThe\nCompany was incorporated under the laws of the Cayman Islands on April 12, 2024. Our authorized share capital is US$50,000\ndivided into 75,000,000\nClass A ordinary shares and 25,000,000\nClass B ordinary shares at par value US$0.0005\nper share.\n\n \n\nThe Company has performed a series of re-organizing\ntransactions resulting in 11,116,470\nClass A ordinary shares and 10,433,340\nClass B ordinary shares outstanding that have been retroactively\nrestated to the beginning of the first period presented.\n\n \n\nOn August 27, 2025, the Company complete the IPO with issuance of additional\nClass A ordinary shares of 3,750,000.\n\n \n\n**Underwriter’s\nWarrant**\n\n** **\n\nIn\nconnection with the Company’s initial public offering consummated on August 27, 2025, the Company issued an underwriter’s\nwarrant (the “Underwriter’s Warrant”) to Alexander Capital, L.P. pursuant to the underwriting agreement dated August\n27, 2025.\n\n \n\nThe\nUnderwriter’s Warrant entitles the holder to purchase up to 375,000 Class A ordinary shares of the Company at an exercise price\nof $5.00 per share, subject to customary anti-dilution adjustments. The warrant becomes exercisable on February 24, 2026 and expires\non August 27, 2030.\n\n \n\nThe\nwarrant includes a cashless exercise feature and contains customary provisions related to stock splits, stock dividends, recapitalizations\nand similar events.\n\n \n\nThe\nCompany evaluated the warrant under ASC 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity,”\nand concluded that the warrant qualifies for equity classification because:\n\n \n\n-the\nwarrant is indexed to the Company’s own stock;\n\n-the\nwarrant provides for physical or net share settlement;\n\n-the\nexercise price and number of shares are fixed; and\n\n-the\nwarrant does not contain provisions that could require cash settlement.\n\n \n\nAccordingly,\nthe warrant was classified as equity and recorded within additional paid-in capital. The Company determined the fair value of the Underwriter’s\nWarrant using the Black-Scholes option pricing model. The fair value of the warrant at issuance was approximately $450,000 and was recorded\nas an offering cost, resulting in a corresponding reduction to additional paid-in capital.\n\n \n\nThe\nfollowing assumptions were used in the valuation of the Underwriter’s Warrant at issuance:\n\n Schedule\nof warrant valuation assumptions\n\nAssumption \nAmount \n\nShare\nprice \n$4.00 \n\nExercise price \n$5.00 \n\nExpected volatility \n 60%\n\nRisk-free interest rate \n 4.0%\n\nExpected term \n 4.5\nyears \n\nDividend yield \n 0%\n\nWarrant assumptions \n 0%\n\n \n\nThe\nfair value measurement of the warrant was classified as a Level 3 fair value measurement under ASC 820 due to the use of significant\nunobservable inputs.\n\n \n\nAs\nthe warrant is classified as an equity instrument, no subsequent remeasurement is required.\n\n** **\n\n**10**\n**Related party transactions\nand balances**\n\n \n\nThe\ntable below sets forth the major related parties and their relationships with the Company as of December 31, 2024 and 2025:\n\n \n\n**Name\nof related parties**\n \n**Relationship\nwith the Company**\n\nChan Michael @ Chan Soong\nCheam\n \nFather of Chan Choon Yew\nLester, the Founder, Director, Chief Executive Officer, and Chairman of the Board of Directors\n\nChan Lester @ Chan Choon\nYew\n \nThe Founder, Director,\nChief Executive Officer, and Chairman of the Board of Directors\n\nGrowHub Vietnam Limited Liability Company\n \nEntity owned by a shareholder\n\n** **\n\nDue\nfrom related party\n\n \n\nGrowHub\nVietnam Limited Liability Company provided the software development service to the Company amounted to S$106,482\nand S$Nil (US$Nil)\nfor the years ended December 31, 2024 and 2025. The amount due from GrowHub Vietnam Limited Liability Company amounted to S$278,311\n(US$203,712)\nas disclosed in Note 5 represents the reimbursement set-up costs that were incurred in relation to the establishment of operation in\nVietnam, prepayment and deposit in relation to software development services procured from Vietnam as of December 31,\n2024.\n\n \n\nDue\nto related party\n\n \n\nChan\nMichael @ Chan Soong Cheam provided a working capital loan to Growhub Carbon and other related entities in the Group in January\n2020, which had a total outstanding balance of S$5,475,536 and\nS$Nil (US$Nil)\nas of December 31, 2024 and 2025, respectively. On November 1, 2024, the amount of working capital loan facility was increased from\nS$5,000,000 to\nS$6,000,000 and\nthe liability is reassigned from Carbon to The GrowHub Innovations Company Pte Ltd. Interest expenses payable to Chan Michael @ Chan\nSoong Cheam were S$119,216, S$159,482,\nand S$nil (US$nil)\nfor the years ended December 31, 2023, 2024 and 2025, respectively. The working capital loan is unsecured and bears interest\nat 3.0%\n(2023 and 2024: 3.0%)\nper annum. The working capital loan is repayable within 60 calendar days on demand, and the Company may prepay the loan in whole or\nin part at any time without penalty.\n\n \n\nChan\nLester @ Chan Choon Yew signed a loan agreement of up to S$8 millions loan on January 10, 2025 and provided a working capital loan to\nThe GrowHub Innovations Company Pte. Ltd. and other related entities in the Group a total outstanding balance of S$3,151,736\nas of December 31, 2025. Interest expenses payable were S$90,807\n(US$70,621)\nfor the year ended December 31, 2025. The working capital loan is unsecured and bears interest at 3.0%\nper annum. The working capital loan is repayable within 60 calendar days on demand, and the Company may prepay the loan in whole or in\npart at any time without penalty.\n\n** **\n\n**11**\n**Revenue**\n\n** **\n\nRevenue\nby type of services\n\n \n\nThe\nsummary of the Company’s total revenues by type of services for the years ended December 31, 2023, 2024 and 2025 was as\nfollows:\n\n Schedule\nof revenue by type of services\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nProfessional service revenue \n 76,826  \n 175,510  \n 25,598  \n 19,907 \n\nSubscription revenue \n 4,284  \n 21,712  \n 23,556  \n 18,320 \n\nSales of goods \n 47,421  \n 37,990  \n 33,878  \n 26,347 \n\nConsignment sales \n -  \n 1,802  \n -  \n - \n\nTotal \n 128,531  \n 237,014  \n 83,032  \n 64,574 \n\n \n\nF-21\n\n \n\n \n\n**11**\n**Revenue\n(continued)**\n\n** **\n\nIn\nthe following table, revenue is disaggregated by the timing of revenue recognition.\n\n \n\nSchedule\nof disaggregation of revenue\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nPoint in time \n 47,421  \n 39,792  \n 33,878  \n 26,347 \n\nOvertime \n 81,110  \n 197,222  \n 49,154  \n 38,227 \n\nTotal \n 128,531  \n 237,014  \n 83,032  \n 64,574 \n\n \n\n** **\n\n**12**\n**Other expenses**\n\n \n\n** **Schedule\nof other expenses\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nMarketing expenses \n 66,619  \n 28,235  \n 15,161  \n 11,790 \n\nPenalty \n 58,430  \n 4,297  \n 4,648  \n 3,615 \n\nReversal of credit loss \n -  \n -  \n (1) \n (1)\n\nAllowance for credit loss \n -  \n 1  \n -  \n - \n\nReferral fee \n -  \n 584,634  \n -  \n - \n\nIntangible\nassets written off \n 142,500  \n -  \n 1,990,000  \n 1,547,623 \n\nOther expenses \n 191,277  \n 191,804  \n 329,170  \n 255,996 \n\nTotal \n 458,826  \n 808,971  \n 2,338,978  \n 1,819,023 \n\n** **\n\n** **\n\n**13**\n**Income taxes**\n\n** **\n\n*Cayman\nIslands and British Virgin Islands*\n\n \n\nThe\nCompany and its subsidiary, The GrowHub Innovations Company Limited are domiciled in the Cayman Island and British Virgin Islands. The\nlocality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.\n\n** **\n\n*Singapore*\n\n \n\nThe\nGrowHub Innovations Company Pte. Ltd., GrowHub Carbon Pte. Ltd. (fka GrowHub (Apac) Pte. Ltd.), GrowHub Capital Pte. Ltd. (FKA GrowHub\nDistribution (Singapore) Pte. Ltd.) and GrowHub Technologies Pte Ltd are incorporated in Singapore and are subject to Singapore Corporate\nTax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws.\nThe applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income\nexempted from income tax.\n\n** **\n\n*Malaysia*\n\n \n\nGrowHub\nMalaysia Sdn Bhd, the subsidiary, is subject to Malaysia Corporate tax on the taxable income as reported in its statutory financial statements\nadjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, as the subsidiary\nfulfilled conditions where it has paid-up capital of MYR 2.5 million or less, and gross income from business operations is not more than\nMYR 50 million, the tax rate is 17% on the first MYR 600,000 and 24% on amount exceeding MYR 600,000. The subsidiary has no operating\nprofit or tax liabilities for the year ended December 31, 2023, 2024 and 2025.\n\n \n\nF-22\n\n \n\n \n\n**13**\n**Income\ntaxes (continued)**\n\n \n\n*Australia*\n\n \n\nGrowHub\nTrading Pty Ltd and GrowHub Innovation Centre Pty Ltd, the subsidiaries, are considered Australia tax resident enterprises under Australia\ntax laws; accordingly, they are subject to enterprise income tax on their taxable income as determine under Australia tax laws and accounting\nstandards at a statutory tax rate of 30% (2024: 30%). The subsidiary has no operating profit or tax liabilities for the years ended December\n31, 2023, 2024 and 2025.\n\n \n\n*Japan*\n\n \n\nGrowHub\nJapan Co., Ltd, the subsidiary, is considered Japan tax resident enterprise under Japan tax laws; accordingly, it is subject to enterprise\nincome tax on its taxable income as determine under Japan tax laws and accounting standards at a statutory tax rate of 15% (2024: 15%).\nThe subsidiary has no operating profit or tax liabilities for the years ended December 31, 2023, 2024 and 2025.\n\n \n\nSignificant\ncomponents of the provision for income taxes are as follows:\n\n \n\n Schedule\nof provision for income taxes\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nIncome tax expense (credit)\nis comprised of the following: \n    \n    \n    \n   \n\nCurrent year income tax expense \n 2,902  \n -  \n 610  \n 474 \n\nOverprovision of current\ntaxation on respect of prior year \n -  \n (3,750) \n (825) \n (641)\n\n Income\ntax  expense \n 2,902  \n (3,750) \n (215) \n (167)\n\n** **\n\nA\nreconciliation between of the statutory tax rate to the effective tax rate are as follows:\n\n \n\nSchedule of reconciliation of effective tax rate\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nLoss before tax \n (1,793,442) \n (2,367,565) \n (17,200,802) \n (13,377,065)\n\n  \n    \n    \n    \n   \n\nSingapore income tax rate \n (17.0%) \n (17.0%) \n (17.0%) \n (17.0%)\n\nReconciling items: \n    \n    \n    \n   \n\nNon-deductible expenses \n 3.2% \n 14.7% \n 5.4% \n 5.4%\n\nEffect on different tax rate in different countries \n (0.4%) \n (0.4%) \n 12.1% \n 12.1%\n\nIncome not subject to tax \n (0.5%) \n (0.2%) \n (0.8%) \n (0.8%)\n\nDeferred tax assets on temporary differences\nnot recognized \n 15.7% \n 3.5% \n 0.2% \n 0.2%\n\nOver provision of current taxation in respect\nof prior year \n -  \n (0.2%) \n (0.0%) \n (0.0%)\n\nOthers \n (0.8%) \n (0.6%) \n (0.1%) \n (0.1%)\n\nEffective tax rate \n 0.2% \n (0.2%) \n (0.0%) \n (0.0%)\n\n \n\nF-23\n\n \n\n \n\n**13**\n**Income\ntaxes (continued)**\n\n \n\nDeferred\ntax\n\n \n\nSignificant\ncomponents of deferred tax were as follows:\n\n \n\n Schedule\nof deferred tax\n\n  \n2024  \n2025  \n2025 \n\n  \nFor\nthe years ended December, 31 \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nNet operating\nloss carried forward \n 2,991,321  \n 3,698,306  \n 2,876,173 \n\nDeferred tax assets, gross \n 532,818  \n 624,324  \n 485,537 \n\nValuation allowance \n (532,818) \n (624,324) \n (485,537)\n\nDeferred tax assets,\nnet of valuation allowance \n -  \n -  \n - \n\n \n\nThe Company assesses the realizability\nof deferred tax assets by evaluating whether it is more likely than not that some or all of the deferred tax assets will be realized.\nBased upon the weight of available evidence, including the Company’s\nhistory of operating losses, accumulated deficit, limited history of taxable income and future taxable income projections, the Company\ndetermined that it is more likely than not that its deferred tax assets will not be realized. Accordingly, the Company has recorded a\nfull valuation allowance against its net deferred tax assets as of December 31, 2025 and 2024.\n\n \n\n**14**\n**Other income (expense), net**\n\n \n\n Schedule\nof other income\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nAs\nof December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nGovernment grants \n 2,802  \n 26,000  \n 2,000  \n 1,555 \n\nInterest income \n 226  \n 598  \n 706  \n 549 \n\nMiscellaneous\nincome (expense) \n 33,046  \n 102,164  \n (1,106)  \n (860) \n\nGains (loss) on foreign\nexchange \n 1,385  \n (26,720) \n (98,486) \n (76,593)\n\n Total \n 37,459  \n 102,042  \n (96,886) \n (75,348)\n\n \n\n** **\n\n**15**\n**Commitment and Contingencies**\n\n** **\n\nFor\nthe details on future minimum lease payment under the non-cancellable operating leases as of December 31, 2025. Please refer to section\nheaded “Leases” set forth in the Notes to the Consolidated Financial Statements.\n\n \n\nAs\nof December 31, 2024 and 2025, the Company did not have any capital commitments and contingencies.\n\n \n\n**16**\n**Subsequent events**\n\n** **\n\nThe\nCompany has assessed all subsequent events through May 15, 2026 which is the date that these consolidated financial statements are available\nto be issued.\n\n \n\nThere\nare no material subsequent events that require disclosure in these consolidated financial statements.\n\n \n\n**17**\n**Change in prior year presentation**\n\n \n\nCertain\nprior year amounts have been reclassified to conform to the current year presentation. Specifically, professional fees previously included\nwithin “Other expenses” have been separately presented as “Professional fees” in the consolidated statements\nof operations and comprehensive loss. The reclassification had no impact on total operating expenses, net loss, total assets, liabilities,\nshareholders’ deficit or cash flows as previously reported.\n\n \n\nThe\nfollowing table summarizes the reclassification:\n\n \n\nSchedule of error corrections and prior period adjustments\n\n  \n2023  \n2024  \n2023  \n2024 \n\n  \n\n**For\nthe years ended December 31**\n \n\n  \nAs\npreviously reported  \nAs\nreclassified \n\n  \n2023  \n2024  \n2023  \n2024 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nProfessional fees \n -  \n -  \n (235,595) \n (621,563)\n\nOther expenses \n (692,421) \n (1,430,534) \n (456,826) \n (808,971)\n\n \n\n \n\nF-24"}