What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-12 compared with 2024-10-31 · 124 added, 126 removed, 182 unchanged (58% of the section changed)

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discussion and analysis (“MD&A”) should be read in conjunction with financial statements of Invech Holdings, Inc.

the three months ended September 30, 2024, and 2023, and the notes thereto.

the three months ended March 31, 2025, and 2043, and the notes thereto.

Safe Harbor for Forward-Looking

statements contained in Management's Discussion and Analysis of Financial Condition and Results of Operations, including statements regarding

the development of the Company's business, the markets for the Company's products, anticipated capital expenditures, and the effects of

completed and proposed acquisitions, and other statements contained herein regarding matters that are not historical facts, are forward-looking

Certain statements

contained in Management's Discussion and Analysis of Financial Condition and Results of Operations, including statements regarding the

development of the Company's business, the markets for the Company's products, anticipated capital expenditures, and the effects of completed

and proposed acquisitions, and other statements contained herein regarding matters that are not historical facts, are forward-looking

statements as is within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

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Invech Holdings, Inc.

was incorporated under the laws of the State of Nevada on December 17, 1998, as Explore Technologies, Inc.

(OTC “IVHI”) was

incorporated under the laws of the State of Nevada on December 17, 1998, as Explore Technologies, Inc.

In 1996, the Company filed a Form D under Rule 504

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of Incorporation and changed its name to Pan Asia Communications Corp.

On March 18, 2003, the Company changed its name

to Hubei Pharmaceutical Group, Ltd., and to Amersin Life Sciences Corporation on January 6, 2005.

On March 18, 2003, the Company changed its name to

Hubei Pharmaceutical Group, Ltd., and to Amersin Life Sciences Corporation on January 6, 2005.

On March 22, 2007, the Company changed

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on July 19, 2018.

The Company entered into a merger agreement on

May 23, 2000, with Cashsurfers, Inc., an Internet based technology business.

The Company entered into a merger agreement on May

23, 2000, with Cashsurfers, Inc., an Internet based technology business.

The Company was obligated

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stock ownership percentage for our existing shareholders, increased debt, and loss of our business model.

On October 5, 2000, the Company entered into an

Acquisition Agreement with UWANTCASH.com, Inc.

whereby the Company acquired 100% of the issued and outstanding common and preferred shares

of UWANTCASH.com, Inc.

On October 5, 2000, the Company entered into an Acquisition

Agreement with UWANTCASH.com, Inc.

whereby the Company acquired 100% of the issued and outstanding common and preferred shares of UWANTCASH.com,

in exchange for five million shares of common stock in IVHI.

The acquisition agreement was terminated on December 6, 2000.

The Company has no operations at that time.

As a result of the termination of a second merger within a six-month period, our

stock was further diluted, and our debt increased because we had no operations.

In 2001 the Company effected a 1 for 10 reverse

stock split and on May 15, 2002, the Company entered into an agreement to acquire the Access Network Limited subsidiary of VOIP Telecom,

Inc., in exchange for the issuance of 8,000,000 shares to shareholders and owners of Access stock and an additional 4,000,000 shares to

has no operations at that time.

As a result of the termination of a second merger within a six-month period, our stock was further diluted,

and our debt increased because we had no operations.

In 2001 the Company effected a 1 for 10 reverse stock

split and on May 15, 2002, the Company entered into an agreement to acquire the Access Network Limited subsidiary of VOIP Telecom, Inc.,

in exchange for the issuance of 8,000,000 shares to shareholders and owners of Access stock and an additional 4,000,000 shares to Keppel

to extinguish a debt due by Access to Keppel.

In addition, IVHI issued 2,00,000 shares as a finder’s fee.

Shortly after,

the Company completed a rescission agreement whereby the acquisition was cancelled.

All company shares issued for debt settlements were

On March 17, 2003, the Company acquired

the majority interest in Hubei Pharmaceutical Co.

Shortly after, the

Company completed a rescission agreement whereby the acquisition was cancelled.

All company shares issued for debt settlements were cancelled.

On March 17, 2003, the Company acquired the

majority interest in Hubei Pharmaceutical Co.

The Company issued 22,000,000 common shares resulting in a change in control.

On September 10 th , 2004, the Company

entered into material agreement, to sell its 57.14% controlling interest in the Hubei Pharmaceutical Co.

At that time the Company

was engaged in the acquisition and vertical integration of operating subsidiaries and controlling joint venture interests in China to

include all facets of pharmaceutical life sciences from raw materials through dosage form production and distribution.

In October 2005,

the Company terminated its participation in the Hubei Tongji Benda Ebei Pharmaceutical Co.

On September 10 th , 2004, the Company entered

into material agreement, to sell its 57.14% controlling interest in the Hubei Pharmaceutical Co.

At that time the Company was engaged

in the acquisition and vertical integration of operating subsidiaries and controlling joint venture interests in China to include all

facets of pharmaceutical life sciences from raw materials through dosage form production and distribution.

In October 2005, the Company

terminated its participation in the Hubei Tongji Benda Ebei Pharmaceutical Co.

joint venture in Hubei Province, China.

As a result of the termination of the merger, our stock was further diluted, and our debt increased because we had no operations.

Due to multiple mergers and termination of those

mergers, have historically generated negative cash flow and losses from operations and could experience negative cash flow and losses

from operations in the future.

As a result of multiple mergers and termination of such mergers, the Company has accumulated liabilities

and has not generated any revenue.

In the past, the Company filed Form S-8s to register stock for issuance in lieu of cash payment to

employees and consultants.

of the termination of the merger, our stock was further diluted, and our debt increased because we had no operations.

Due to multiple mergers and termination of those mergers,

have historically generated negative cash flow and losses from operations and could experience negative cash flow and losses from operations

in the future.

As a result of multiple mergers and termination of such mergers, the Company has accumulated liabilities and has not generated

In the past, the Company filed Form S-8s to register stock for issuance in lieu of cash payment to employees and consultants.

In addition, the Company raised money with convertible debentures.

As a result, our shareholders have been

diluted, and our stock price has been volatile, and the future of our business and continued operations are uncertain.

As a result, our shareholders have been diluted, and our stock price

has been volatile, and the future of our business and continued operations are uncertain.

Business operations for Invech Holdings, Inc.

were abandoned in 2007 and its Nevada registration was revoked.

A custodianship action, as described in the subsequent paragraph, was

commenced in 2017.

abandoned in 2007 and its Nevada registration was revoked.

A custodianship action, as described in the subsequent paragraph, was commenced

On October 17, 2017, the Eighth Judicial District

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as sole officer and director.

SCC was compensated for its role as custodian

in the amount of 120,000 shares of Convertible Preferred A Series Stock (“Preferred A Stock”).

In January 2018, the Custodian

sold these shares to Queen Investment (HK) Ltd.

SCC was compensated for its role as custodian in the

amount of 120,000 shares of Convertible Preferred A Series Stock (“Preferred A Stock”).

In January 2018, the Custodian sold

these shares to Queen Investment (HK) Ltd.

for the purchase price of $35,000.

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and directors.

On January 21, 2023, the Company issued 300,000

shares of Convertible Series A Preferred Stock to Small Cap Compliance, LLC for the purchase price of $45,000.

These shares represent

the majority control.

At that time the Company implemented a new business plan and IVHI is now in the business of regulatory compliance

and consulting for public companies.

Chen resigned all positions with the Company and appointed Rhonda Keaveney as CEO,

Director, Secretary, and Treasurer.

On January 21, 2023, the Company issued 300,000 shares

of Convertible Series A Preferred Stock to Small Cap Compliance, LLC for the purchase price of $45,000.

These shares represent the majority

At that time the Company implemented a new business plan and IVHI is now in the business of regulatory compliance and consulting

for public companies.

Chen resigned all positions with the Company and appointed Rhonda Keaveney as CEO, Director, Secretary,

and Treasurer.

ETAO Logistic Inc.

cancelled all 110,000 shares

of its Preferred A Stock on March 3, 2023 making Small Cap Compliance, LLC the sole holder of the Preferred A Stock.

In September 2023, the Company issued 1,000,000

to Small Cap Compliance, LLC for debt paid on behalf of the Company.

cancelled all 110,000 shares of

its Preferred A Stock on March 3, 2023 making Small Cap Compliance, LLC the sole holder of the Preferred A Stock.

In September 2023, the Company issued 1,000,000 to

Small Cap Compliance, LLC for debt paid on behalf of the Company.

22, 2024, 90,000,000 shares of restricted common stock were issued to Small Cap Compliance, LLC.

The shares were issued to pay off any

monies loaned to the Company up until, and through, this date.

Our Present Business

IVHI is company in the public company compliance

IVHI is company in the public company compliance industry.

We specialize in drafting regulatory documents and consulting for public companies.

Our services include FINRA corporate filings,

drafting incorporation and corporate documents, drafting OTC Markets Disclosure Statements, and general public company compliance.

acts as an outside consulting firm for these services.

We provide the following services to small cap

public companies.

Our services include FINRA corporate filings, drafting

incorporation and corporate documents, drafting OTC Markets Disclosure Statements, and general public company compliance.

an outside consulting firm for these services.

We provide the following services to small cap public

FINRA Corporate Actions:

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Drafting M & A and divestiture documents

In applying the foregoing criteria, management

will attempt to analyze all factors and circumstances and make a determination based upon reasonable investigative measures and available

In applying the foregoing criteria, management will

attempt to analyze all factors and circumstances and make a determination based upon reasonable investigative measures and available data.

Due to our limited capital available for investigation, we may not discover or adequately evaluate adverse facts about the opportunity

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for identifying and expanding our business.

We anticipate that new business opportunities

will be made available to us through personal contacts of our directors, officers and principal stockholders, professional advisors, broker-dealers,

We anticipate that new business opportunities will

be made available to us through personal contacts of our directors, officers and principal stockholders, professional advisors, broker-dealers,

venture capitalists, members of the financial community and others who may present unsolicited proposals.

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to pay a finder’s fee or to otherwise compensate the persons who introduce the Company to business opportunities in which we participate.

We expect that our due diligence will encompass,

among other things, meetings with incumbent management of the target business and inspection of its facilities, as necessary, as well

as a review of financial and other information, which is made available to the Company.

This due diligence review will be conducted either

by our management or by third parties we may engage.

We anticipate that we may rely on the issuance of our common stock in lieu of cash

payments for services or expenses related to any analysis.

We may incur time and costs required to select

and evaluate our business structure and expand our business, which cannot presently be determined with any degree of certainty.

We expect that our due diligence will encompass, among

other things, meetings with incumbent management of the target business and inspection of its facilities, as necessary, as well as a review

of financial and other information, which is made available to the Company.

This due diligence review will be conducted either by our

management or by third parties we may engage.

We anticipate that we may rely on the issuance of our common stock in lieu of cash payments

for services or expenses related to any analysis.

We may incur time and costs required to select and

evaluate our business structure and expand our business, which cannot presently be determined with any degree of certainty.

incurred with respect to the indemnification and evaluation of a prospective business that is not ultimately completed may result in a

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We have no present arrangements for any of these types of fees.

We anticipate that the investigation of specific

business opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments

will require substantial management time and attention and substantial cost for accountants, attorneys, consultants, and others.

may be incurred in the investigation process, which may not be recoverable.

Furthermore, even if an agreement is reached for the participation

in a specific business opportunity, the failure to consummate that transaction may result in a loss to the Company of the related costs

We anticipate that the investigation of specific business

opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require

substantial management time and attention and substantial cost for accountants, attorneys, consultants, and others.

Costs may be incurred

in the investigation process, which may not be recoverable.

Furthermore, even if an agreement is reached for the participation in a specific

business opportunity, the failure to consummate that transaction may result in a loss to the Company of the related costs incurred.

On September 10, 2023, IVHI executed a Consulting

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These shares have not been issued as of this filing.

Our company is competing with other companies

and consultants in the microcap public company compliance industry, our competition includes larger firms and sole consulting persons

that specialize in compliance.

In addition, it will be difficult to get into some public companies as they have counsel on retainer to

draft documents relating to compliance.

We will compete in markets where more established companies, with larger budgets and more staff,

can offer more services.

Our company is competing with other companies and

consultants in the microcap public company compliance industry, our competition includes larger firms and sole consulting persons that

specialize in compliance.

In addition, it will be difficult to get into some public companies as they have counsel on retainer to draft

documents relating to compliance.

We will compete in markets where more established companies, with larger budgets and more staff, can

offer more services.

We expect that the quantity and composition of our competitive environment will continue to evolve as the industry

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of the industry as a whole will result in new competitors entering the marketplace.

We are competing in the microcap public company

compliance industry;

We are competing in the microcap public company compliance

growth will be accomplished through the advertising, email campaigns, and referrals from current clients.

Achieving this growth will increase development

costs and the cost of our services.

Achieving this growth will increase development costs

and the cost of our services.

In turn, we may not be able to meet the competitive price point dictated by the market and our competitors.

Again, these are forward looking statements and

not an indication of past performance.

Again, these are forward looking statements and not

an indication of past performance.

There is no guarantee that we will profit from our current business model and have no merger candidates

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the Company’s ability to continue as a going concern.

To date, the Company

has relied on debt and equity raised in private offerings and shareholder loans to finance operations and no other sources of capital

has been identified.

To date, the Company has

relied on debt and equity raised in private offerings and shareholder loans to finance operations and no other sources of capital has

been identified.

If we experience a shortfall in operating capital, we could be faced with having to limit our research and development

Results of Operations

for the Nine Months Ended September 30, 2024, and 2023

three months ended September 30, 2024, and 2023, the Company had not generated any revenues.

for the Three Months Ended March 30, 2025, and 2024

For the three

months ended March 31, 2025, and 2024, the Company had not generated any revenues.

Operating Expenses

Operating expenses for

the nine months ended September 30, 2024, were $51,423 compared to $29,434 for the three months ended June 30, 2023, an increase of $27,989.

Operating expenses for the

three months ended March 31, 2025 were $31,377 compared to $29,618 for the three months ended March 31, 2024, an increase of $1,759.

Operating expenses increased

in 2024 due to a decrease in professional fees and other general and administrative fees incurred for this period.

For the nine months ended

September 30, 2024, the Company had a net loss of $51,423 compared to the nine months ended September 30, 2023 of a net loss of $29,434.

The net loss resulted

from increase in operating expenses.

For the three months ended

March 31, 2025, the Company had a net loss of $31,377 compared to the three months ended March 31, 2024 of a net loss of $29,617.

The net loss resulted from

increase in operating expenses.

Liquidity and Capital

As of September

31, 2025, we had $0 in cash and a working capital deficit of $39,951.

Operating Activities

For none months ended

September 30, 2024, we used $54, 573 in operating activities as compared to $23,246 for the none months ended June 30, 2023.

For three months ended March

31, 2025, we used $33,867 in operating activities as compared to $22,617 for the three months ended March 31, 2024.

Investing Activities

No investing activities

occurred during the nine months ended September 30, 2024, and 2023.

No investing activities occurred

during the three months ended March 31, 2025, and 2024.

Financing Activities

During the nine months

ended September 30, 2024, the Company received advances of $45,573 from a related party for working capital purposes.

During the nine

months ended September 30, 2023, the Company received advances of $23,246 from a related party for working capital purposes and $40,000

from the sale of preferred stock to a related party.

Off-Balance Sheet

During the three months ended

March 31, 2025, the Company received advances of $33,867 from a related party for working capital purposes.

During the three months ended

March 31, 2024, the Company received advances of $22,617 from a related party for working capital purposes.

Off-Balance Sheet Arrangements

There are no off-balance

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Actual results may differ from these estimates under different assumptions or conditions.

The accounting policies

that we follow are set forth in Note 2 to our financial statements as included in the SEC report filed.

These accounting policies conform

to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the financial

The accounting policies that

we follow are set forth in Note 2 to our financial statements as included in the SEC report filed.

These accounting policies conform to

accounting principles generally accepted in the United States and have been consistently applied in the preparation of the financial statements.

Quantitative and Qualitative Disclosures

about Market Risk

As a “smaller reporting company,”

as defined by Rule 12b-2 of the Exchange Act, we are not required to provide the information in this Item.

As a “smaller reporting company,” as defined

by Rule 12b-2 of the Exchange Act, we are not required to provide the information in this Item.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis