What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-26 compared with 2025-03-27 · 405 added, 383 removed, 299 unchanged (72% of the section changed)

Management’s Discussion and Analysis of Financial

Condition and Results of Operations.

Management’s Discussion and

Analysis of Financial Condition and Results of Operations.

management’s discussion and analysis of financial condition and results of operations contains forward-looking statements

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“Selected Historical Financial and Other Data” and our audited consolidated financial statements and related notes which are

included elsewhere in this prospectus.

included elsewhere in this Annual Report on Form 10-K.

Our actual results may differ materially from those discussed in the forward-looking statements

as a result of various factors, including, but not limited to, those described under “Risk Factors” and included in other

portions of this prospectus.

prospectus includes forward-looking statements.

We have based these forward-looking statements on our current expectations

and projections about future events.

These forward-looking statements are subject to known and unknown risks, uncertainties,

and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different

from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.

portions of this Annual Report on Form 10-K.

Annual Report on Form 10-K includes forward-looking statements.

We have based these forward-looking statements on

our current expectations and projections about future events.

These forward-looking statements are subject to known and unknown

risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to

be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,”

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except where the context requires otherwise.

Holdings Inc.

(“Linkhome,” “Linkhome Holdings,” the “Company,” or “We”) is a corporation

incorporated under the laws of Nevada on November 6, 2023.

Linkhome was incorporated as a holding company with no material operations

Linkhome conducts substantially all of the operations through its subsidiary, Linkhome Realty Group, a California corporation

(“Linkhome Realty”).

Located in Irvine, California, Linkhome Realty is presently focused on serving the Southern California

market, and, over time, intends to establish a nationwide marketing network covering multiple states.

Linkhome Realty focuses on comprehensive real estate activities as

a one-stop destination for a variety of real estate needs.

By using Artificial Intelligence (“AI”) to streamline the

property search and transaction process, we facilitate property transactions as a real estate agency and provide efficient property management

We aim to offer comprehensive assistance to our clients in real estate investments by diversifying our services and providing

clients with access to a wide range of real estate solutions.

Further, we aim to provide personalized services to both buyers and sellers

to meet their various real estate needs, and help our clients buy and sell property more efficiently.

Additionally, where possible and when we have sufficient cash on hand

to permit such a purchase, we purchase and sell real estate for our clients through our Cash Offer program.

We developed the Cash Offer

program with the intent of increasing the successful rate in our clients’ acquisition of their desired houses.

We also use this

service as a marketing tool to help us attract more clients.

We use cash to purchase the target property first, and then sell it to our

This service is particularly effective in the competitive U.S.

real estate market, where buyers often face competition

and bidding for popular properties during the home purchase bid.

Our ability to make all-cash offers helps our clients secure desired

properties quickly, thereby enhancing their chances of success.

Our ultimate strategic goal is to become the premier AI driven real estate

technology company, utilizing artificial intelligence to transform the real estate industry, making property transactions more user-friendly,

transparent, and efficient.

Currently, our funding for the Cash Offer comes primarily from investments made by our CEO and shareholders.

With the funds generated from this offering, we plan to expand our Cash Offer program.

We believe and are confident that, over time, our

revenue will continue to grow and we will become more profitable over time.

Key Factors that Affect

Our Results of Operations

Linkhome Holdings Inc.

(“Linkhome,” “Linkhome Holdings,” the “Company,” “we,” “our,” or “us”)

is a holding company incorporated in the State of Nevada on November 6, 2023.

The Company conducts substantially all of its operations

through its wholly owned subsidiary, Linkhome Realty Group, a California corporation (“Linkhome Realty”).

Headquartered in Irvine,

California, the Company currently focuses on the California markets and is gradually expanding its operations into additional markets

across the United States.

Linkhome is developing

an artificial intelligence–enabled real estate services platform designed to improve the efficiency, transparency and accessibility

of residential real estate transactions.

Our platform integrates traditional real estate brokerage services with technology-driven tools

that streamline property search, transaction coordination and related services for homebuyers and sellers.

Through our operating

subsidiary, Linkhome Realty, we provide a range of real estate-related services, including residential real estate brokerage services,

fintech-enabled services, property management services and mortgage advisory services.

Our objective is to provide clients with a comprehensive

service ecosystem that supports multiple stages of the real estate transaction lifecycle.

In addition, as part

of our fintech initiatives, we operate a Cash Offer program designed to help homebuyers compete more effectively in competitive real estate

markets by enabling them to present all-cash offers on properties.

Under this program, the Company may temporarily acquire residential

properties using its own capital and subsequently transfer those properties to the end buyer within a short period of time.

this program enhances our ability to attract clients and facilitates more efficient real estate transactions.

Historically, funding

for the Cash Offer program primarily came from investments made by our Chief Executive Officer and other shareholders.

Following our initial

public offering in 2025, we expect to continue expanding the program using a combination of available capital, operating cash flows and

other financing sources.

Our long-term strategy

is to continue developing a technology-driven real estate platform that integrates artificial intelligence with real estate and financial

services, enabling us to improve transaction efficiency, expand our service capabilities and support the long-term growth of our business.

Technology and AI

Platform Strategy

We are developing an

artificial intelligence–enabled real estate platform designed to enhance the efficiency, transparency and accessibility of residential

real estate transactions.

Our technology strategy focuses on integrating data, artificial intelligence and digital tools into the real

estate transaction process to improve property discovery, transaction coordination and client engagement.

Our platform is designed

to support multiple stages of the real estate transaction lifecycle, including property search, client matching, transaction management

and related financial services.

By leveraging artificial intelligence and data analytics, we aim to provide users with more relevant property

information, improve transaction efficiency and enhance the overall customer experience.

Over time, we intend

to expand the capabilities of our platform to include additional technology-enabled services, such as automated property analysis, intelligent

client matching and digital transaction management tools.

We believe that integrating technology with traditional real estate services

will enable us to scale our operations more efficiently and strengthen our competitive position in the real estate market.

Our long-term objective

is to build a technology-driven real estate platform that connects property search, brokerage services and financial services within a

unified ecosystem.

We believe this approach will enable us to create a more streamlined and transparent path to homeownership while supporting

the long-term growth of our business.

Fintech-Enabled Cash

Offer Program

In competitive housing

markets, sellers often prefer offers that are not contingent on mortgage financing.

As part of our fintech-enabled services, we operate

a Cash Offer program designed to help clients present all-cash offers on residential properties, which may increase the likelihood that

their offers are accepted.

Under this program, the

Company may temporarily acquire a residential property using its own capital and subsequently transfer the property to the client once

the client’s financing is finalized.

These transactions are typically completed within a short time frame.

We believe our Cash Offer

program represents a fintech-enabled solution within the residential real estate transaction process, providing several strategic benefits:

● improves our clients’ competitiveness in fast-moving

housing markets

● enhances transaction efficiency for buyers and sellers

● expands our ability to generate transaction-based revenue

● strengthens client acquisition for our real estate services

Key Factors that Affect Our Results of Operations

Market Conditions:

Fluctuations in the real estate market, including

changes in supply and demand dynamics, interest rate, economic conditions, and regulatory policies, can significantly impact on our business.

We closely monitor market trends and adapt our strategies in order to mitigate risks and capitalize on opportunities.

Technology Integration:

As we strive to become the premier AI real estate company, our ability to effectively integrate AI and other innovative technologies into our operations is crucial.

Fluctuations in the residential real estate market, including changes in housing supply, buyer demand, mortgage interest rates, and general economic conditions, can significantly affect our business.

Periods of rising interest rates may reduce home affordability and transaction volumes, while periods of stronger economic growth and consumer confidence may increase housing demand.

Technology Development and AI Integration:

We are investing in technology and artificial intelligence capabilities designed to enhance the real estate transaction process, including tools for property search, client engagement and transaction support.

Our ability to effectively integrate technology into our services may influence our operational efficiency and long-term growth potential.

Client Preferences and Demands:

We continuously assess client feedback, market research and industry trends to improve our services.

The real estate industry is highly competitive, with numerous companies competing for market share and client attention.

We strive to differentiate ourselves through our comprehensive services, innovative solutions and exceptional customer service.

Continuous assessment of competitor strategies and market positioning informs our efforts to maintain a competitive advantage.

Our Cash Offer program represents a key driver of our revenue growth.

The volume of transactions completed through this program depends on market conditions, the availability of capital and the level of demand from homebuyers seeking to compete with cash offers in competitive housing markets.We continuously assess client feedback, market research and industry trends to improve our services.

Competitive Landscape:

The residential real estate industry is highly competitive.

We compete with traditional real estate brokerages as well as technology-enabled real estate platforms.

Our ability to differentiate our services through technology, service quality and transaction efficiency is critical to maintaining and expanding our market position.

Economic Factors:

We aim to continuously evaluate Macroeconomic

factors, such as GDP growth, employment rates, inflation, which can influence real estate market dynamics and consumer behavior.

GDP growth and employment rates are strong, we typically see higher consumer confidence and spending power.

On the other hand,

rising inflation can lead to increased interest rates, potentially reducing consumer buying power and making it more expensive for consumers

to purchase homes.

We aim to continuously evaluate macroeconomic factors, such as GDP growth, employment rates, inflation, which can influence real estate market dynamics and consumer behavior.

When GDP growth and employment rates are strong, we typically see higher consumer confidence and spending power.

On the other hand, rising inflation can lead to increased interest rates, potentially reducing consumer buying power and making it more expensive for consumers to purchase homes.

Operational Efficiency:

The process of real estate transaction includes multiple steps.

We continuously optimize our processes, invest in staff training and development, and leverage technology to enhance productivity.

Real estate transactions involve multiple operational steps, including marketing, negotiation, escrow coordination and closing.

Our ability to efficiently manage these processes, while leveraging technology to streamline workflows, is important to maintaining profitability and scaling our operations.

Related Party Transactions

Related Parties

following individuals are considered related parties due to their roles and shareholdings in the Company:

Shareholder with 12.41% ownership.

Chairman of the Board, Chief Executive Officer (“CEO”), and shareholder with 52.74% ownership.

Zhen Qin also serves as a licensed real estate agent acting on behalf of the Company.

Chief Financial Officer (“CFO”), Director, and shareholder with 1.72% ownership.

following individuals are considered related parties due to their roles and shareholding in the Company:

The Company’s shareholder.

Chairman of the Board, Chief Executive Officer (“CEO”), and major shareholder.

Zhen Qin is also a licensed real estate broker affiliated with the Company.

Chief Financial Officer (“CFO”) and Director.

Na Li is the spouse of Zhen Qin.

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sold them to Haiyan Ma for $2,940,544.

For the year ended December 31, 2023, the Company purchased one property in cash for $ 1,056,370

from an unrelated party and subsequently sold it to Haiyan Ma for $1,069,072.

the year ended December 31, 2024, the Company purchased a property in cash for $1,425,930 from Haiyan Ma, which included $1,420,000 paid

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Real Estate Agency

the year ended December 31, 2025, the Company provided real estate agency services to Na Li, assisting with the sale of one property.

The Company earned $126,000 in real estate agency commission from Na Li but paid a referral fee of $28,440 to Haiyan Ma for introducing

the buyer, resulting in net revenue of $97,560 recognized by the Company.

the year ended December 31, 2024, the Company provided real estate agency services to Haiyan Ma, assisting with the sale of two properties

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the year ended December 31, 2024, the Company provided real estate agency services to two minority shareholders, assisting one shareholder

with selling a property and the other shareholder with purchasing a property, for which the Company earned a total of $15,550 in real

estate agency commission.

with selling a property and the other shareholder with purchasing a property, for which the Company earned real estate agency commission

of $15,550 in total.

Property Management

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Commission Expense

the year ended December 31, 2023, the Company incurred commission expenses of $61,400, which were paid to Zhen Qin for real estate transactions

conducted on behalf of the Company.

the year ended December 31, 2025, the Company incurred commission expenses of $45,000 paid to Na Li in connection with real estate transactions.

This amount was recorded in cost of revenues.

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May 1, 2024, Zhen Qin lent $530,000 to the Company to support its operational needs.

As of December 31, 2024, the Company repaid $475,000

to Zhen Qin, and there was an outstanding balance of $55,000.

As of December 31, 2025, the Company had fully repaid

the outstanding balance to Zhen Qin, resulting in no amount due to the related party.

As of December 31, 2024, the Company had repaid

$475,000 to Zhen Qin, leaving an outstanding balance of $55,000.

Selected Income Statement

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Through Cash Offer

In a competitive real estate market, a buyer who pays in cash is more

likely to secure a property.

To give buyers an edge in competitive markets, we offer the Cash Offer program to enable buyers to make all-cash offers

on properties, even if they require financing.

Through our Cash Offer program, we provide the funds to make a cash offer once the client

identifies a property.

If the seller accepts the cash offer, we purchase the property in cash to secure its ownership and subsequently

sell it to the client within a short period of time.

Our property purchases and sales through Cash Offer focus primarily on residential

and commercial properties.

a competitive real estate market, a buyer who pays in cash is more likely to secure a property.

To give buyers an edge in competitive

markets, we offer the Cash Offer program to enable buyers to make all-cash offers on properties, even if they require financing.

the Cash Offer program, we facilitate cash offers for clients and may temporarily acquire properties before transferring them to the clients

within a short period of time.

Our property purchases and sales through Cash Offer primarily involve residential properties.

from property purchases and sales through our Cash Offer program accounted for 96.00% and 86.25% of net revenues for the years ended December

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December 31, 2024 to $20,154,262 for the year ended December 31, 2025.

This significant increase was due to the expansion of our Cash

Offer program, which commenced in late 2023.

For the years ended December 31, 2024 and 2023, we purchased and sold six and one properties,

respectively, through the Cash Offer program, with average transaction prices of $1.08 million and $1.05 million.

the years ended December 31, 2025 and 2024, we completed 20 and 6 property transactions, respectively, through the Cash Offer program.

The increase in revenue was primarily driven by the higher number of transactions and increased transaction volume.

The average transaction

price was approximately $1.02 million and $1.08 million for the years ended December 31, 2025 and 2024, respectively.

Real Estate Service

We offer comprehensive real estate services tailored to meet the diverse

needs of our clients.

Our real estate service revenue consists primarily of real estate agency commissions for buying and selling properties

for clients, and revenue generated from property management, home renovation and mortgage referral services.

Real estate service revenue accounted for 13.75% and 21.96% of net

revenues for the years ended December 31, 2024 and 2023, respectively.

Our real estate service revenue increased by $746,120, or 248.06%,

from $300,783 for the year ended December 31, 2023, to $1,046,903 for the year ended December 31, 2024.

This increase was primarily driven

by growth in real estate agency commission and home renovation service revenue, partially offset by a decrease in mortgage referral fees

and property management service revenue, as explained below.

Real estate agency commission increased by $519,646, or 198.56%, from

$261,705 for the year ended December 31, 2023, to $781,351 for the year ended December 31, 2024.

This increase was primarily driven by

a 214.58% increase in transaction volume, resulting from a 130.00% increase in the number of real estate transactions and a 36.78% increase

in the average transaction price.

For the year ended December 31, 2024, we achieved a total transaction volume of $48,566,719 by completing

46 real estate transactions at an average transaction price of $1.06 million, while we achieved a total transaction volume of $15,438,435

by completing 20 real estate transactions at an average transaction price of $0.77 million for the year ended December 31, 2023.

The increase in real estate agency commission was partially offset by higher rebates, which we offered in order to attract more clients

and expand our market share.

Rebates increased by $167,617, or 413.79%, from $40,508 for the year ended December 31, 2023, to $208,125

for the year ended December 31, 2024, accounting for 21.03% and 13.40% of gross real estate agency commission for the years ended December

31, 2024 and 2023, respectively.

Revenue from home renovation service increased by $236,873, or 2,835.78%,

from $8,353 for the year ended December 31, 2023, to $245,226 for the year ended December 31, 2024.

This increase was driven by our

launch of home renovation service in late 2023 in response to a demand for home improvements aimed at enhancing living spaces and increasing

We completed 15 home renovation projects for the year ended December 31, 2024, compared to one project for the year ended

December 31, 2023.

from mortgage referral service decreased by $9,450, or 70.00%, from $13,500 for the year ended December 31, 2023, to $4,050 for the year

ended December 31, 2024.

This decrease was primarily due to reduced client demand for mortgage referrals, reflecting higher interest rates

We assisted one client in securing a mortgage for the year ended December 31, 2024, compared to six clients for the year

ended December 31, 2023.

from property management service decreased by $949, or 5.51%, from $17,225 for the year ended December 31, 2023, to $16,276 for the year

ended December 31, 2024.

We had nine tenant placements for the year ended December 31, 2024, compared to eight for the year ended December

In addition to tenant placement services, we began providing ongoing property management services in 2024 and managed three

properties by year-end.

The decrease in revenue was primarily due to a lower average revenue per tenant placement in 2024 and the initial

implementation of ongoing property management services, which are structured to generate recurring revenue over time rather than upfront

offer comprehensive real estate services tailored to meet the diverse needs of our clients.

Our real estate service revenue consists primarily

of real estate agency commissions for buying and selling properties for clients, and revenue generated from property management, home

renovation and mortgage referral services.

estate service revenue accounted for 4.00% and 13.75% of net revenues for the years ended December 31, 2025 and 2024, respectively.

estate service revenue decreased by $206,818, or 19.76%, from $1,046,903 for the year ended December 31, 2024 to $840,085 for the year

ended December 31, 2025, primarily due to decreases in real estate agency commissions and home renovation service revenue, partially offset

by increases in property management and mortgage referral services.

estate agency commission revenue decreased by $123,437, or 15.80%, from $781,351 for the year ended December 31, 2024 to $657,914 for

the year ended December 31, 2025.

The decrease was primarily driven by a decrease in the number of real estate transactions and overall

transaction volume.

For the year ended December 31, 2025, we completed 22 real estate transactions with total transaction volume of approximately

$29.5 million, compared to 46 transactions with total transaction volume of approximately $48.6 million for the year ended December 31,

The average transaction price increased from approximately $1.06 million in 2024 to $1.34 million in 2025.

Gross commissions were

partially offset by client rebates, which were $169,946 and $208,125 for the years ended December 31, 2025 and 2024, respectively, representing

approximately 20.53% and 21.03% of gross commissions for the respective periods.

from home renovation services decreased by $162,457, or 66.25%, from $245,226 for the year ended December 31, 2024 to $82,769 for the

year ended December 31, 2025.

The decrease was primarily attributable to a lower number of renovation projects.

We completed three renovation

projects in 2025, compared to 15 renovation projects in 2024.

from mortgage referral services increased by $60,204, or 1,486.52%, from $4,050 for the year ended December 31, 2024 to $64,254 for the

year ended December 31, 2025.

The increase was primarily driven by an increase in the number of mortgage referrals.

We assisted 12 clients

in securing mortgage loans in 2025, compared to one client in 2024.

from property management services increased by $18,872, or 115.95%, from $16,276 for the year ended December 31, 2024 to $35,148 for the

year ended December 31, 2025.

The increase was primarily attributable to growth in tenant placement services and the number of properties

under ongoing property management.

We completed 10 tenant placements in 2025, compared to nine tenant placements in 2024.

the number of properties under ongoing property management increased to six properties as of December 31, 2025, compared to three properties

as of December 31, 2024.

Cost of Revenues

Our cost of revenues consists primarily of (i) costs related to

property purchases made under Linkhome Realty’s name, which properties are subsequently sold to customers, and (ii) costs associated

with real estate services, including commission expenses for real estate agents working for the Company and renovation costs incurred

for home renovation services.

cost of revenues consists primarily of (i) costs related to property purchases made through the Cash Offer program, which properties are

subsequently sold to customers, and (ii) costs associated with real estate services, including commission expenses for real estate agents

and renovation costs incurred for home renovation services.

derive our cost of revenues from two revenue streams:

(i) property purchases and sales through Cash Offer and (ii) real estate

(i) property purchases and sales through Cash Offer and (ii) real estate services.

The following table presents our cost of revenues by revenue stream for the periods presented.

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of property purchases and sales through Cash Offer increased by $14,075,932, or 237.41%, from $5,928,865 for the year ended December 31,

2023, to $5,928,865 for the year ended December 31, 2024, as we launched this revenue stream in late 2023.

The increase was primarily

driven by a higher volume of transactions in 2024 compared to 2023.

of real estate services increased by $154,661, or 251.89%, from $61,400 for the year ended December 31, 2023, to $216,061 for the year

ended December 31, 2024.

The increase was primarily driven by higher renovation costs as we began providing home renovation services in

This was partially offset by a reduction in commission expenses paid to our real estate agents, particularly to our CEO, who

devoted more time in 2024 to expanding into new markets.

2024 to $20,004,797 for the year ended December 31, 2025.

The increase was primarily driven by a higher volume of Cash Offer transactions

in 2025 compared to 2024.

of real estate services remained relatively stable, increasing by $472, from $216,061 for the year ended December 31, 2024 to $216,533

for the year ended December 31, 2025.

The change in cost of real estate services was primarily attributable to higher real estate agency

service costs, partially offset by lower home renovation service costs.

Real estate agency service costs increased from $12,926 in 2024

to $146,810 in 2025, primarily due to increased commission expenses associated with real estate agency transactions.

In contrast, home

renovation service costs decreased from $201,017 in 2024 to $69,724 in 2025, reflecting the lower number of renovation projects in 2025

compared to 2024.

Selling, General

and Administrative Expenses

selling expenses primarily consist of staging, advertising and marketing costs, including online and offline marketing, photography

and videography.

We expect our selling expenses as a percentage of net revenues to modestly increase in the foreseeable future to achieve

high-quality growth.

selling expenses primarily consist of staging, advertising and marketing costs, including online and offline marketing, photography and

We expect our selling expenses to increase in absolute amounts as we continue to expand our marketing activities;

we expect selling expenses as a percentage of net revenues to remain relatively stable or decrease over time as our revenues grow.

general and administrative expenses primarily consist of professional service costs, payroll and payroll-related costs, rent and other

overhead costs.

We anticipate our general and administrative expenses will increase in the short term as a result of increased costs associated

with being a public company, which will likely include increased costs related to the hiring of additional personnel and fees to outside

consultants, attorneys, and accountants;

however, we expect our general and administrative expenses as a percentage of net revenues to

decrease over the long term as we continue to enhance overall cost control to improve operating margin.

As a public company, we expect to incur additional costs associated with regulatory compliance, legal, accounting and

other professional services.

While these costs may increase our general and administrative expenses in absolute amounts, we expect our

general and administrative expenses as a percentage of net revenues to decrease over the long term as we continue to scale our operations

and improve operating efficiency.

Results of Operations

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Operating income

Other expenses, net

Other income (expenses), net

Income before income taxes

Income tax expenses

Income tax expense

revenues for the years ended December 31, 2025 and 2024 were $20,994,347 and $7,615,307, respectively, representing an increase of $13,379,040,

This increase was primarily driven by a $13,585,858 increase in revenue from property purchases and sales through Cash Offer,

along with a $746,120 increase in real estate service revenue.

partially offset by a $206,818 decrease in real estate service revenue.

The growth in Cash Offer revenue was primarily attributable to

a higher number of property transactions completed through the Cash Offer program in 2025 compared to 2024.

Cost of Revenues

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of revenues for the years ended December 31, 2025 and 2024 was $20,221,330 and $6,144,926, respectively, representing an increase of $14,076,404,

This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through

Cash Offer, as well as higher renovation costs related to the expansion of our home renovation services.

The increase was primarily driven by higher costs associated with property purchases and sales through the Cash Offer program

as the number and value of Cash Offer transactions increased significantly in 2025 compared to 2024.

Cost of real estate services remained

relatively stable, increasing slightly from $216,061 in 2024 to $216,533 in 2025.

Gross Profit and

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Real estate services

profit for the years ended December 31, 2024 and 2023 was $1,470,381 and $252,085, respectively, representing an increase of $1,218,296,

profit for the years ended December 31, 2025 and 2024 was $773,017 and $1,470,381, respectively, representing a decrease of $697,364,

The blended gross margin was 3.68% for the year ended December 31, 2025, compared to 19.31% for the year ended December 31,

profit from property purchases and sales through Cash Offer as a percentage of revenue from property purchases and sales through Cash

Offer was 9.74% for the year ended December 31, 2024, compared to 1.19% for the year ended December 31, 2023.

This increase was primarily

driven by improved pricing strategies and operational efficiencies as we scaled the Cash Offer program.

profit from real estate services as a percentage of real estate service revenue was 79.36% for the year ended December 31, 2024, compared

to 79.59% for the year ended December 31, 2023.

The slight decrease was primarily due to higher renovation costs, partially offset by

lower commission expenses paid to our CEO.

As part of our real estate services, we began providing home renovation services in late 2023.

Gross profit from home renovation services as a percentage of home renovation service revenue was 18.03% for the year ended December

The decrease in gross margin was primarily attributable to lower margins on property purchases and sales through the Cash Offer

program as the Company significantly increased transaction volume in 2025.

profit from property purchases and sales through the Cash Offer program decreased to $149,465 in 2025, compared to $639,539 in 2024, primarily

due to lower margins on these transactions.

Gross profit from real estate services decreased from $830,842 in 2024 to $623,552 in 2025,

primarily due to lower home renovation service revenue and lower real estate agency commission revenue.

Selling Expenses

expenses primarily consisted of staging, advertising, and marketing costs.

Selling expenses for the years ended December 31, 2024 and

2023 were $15,754 and $4,476, respectively, representing an increase of $11,278, or 251.97%.

This increase was primarily driven by higher

advertising and marketing expenditures aimed at attracting more clients and listings, as well as enhancing brand awareness.

expenses for the years ended December 31, 2025 and 2024 were $34,141 and $15,754, respectively, representing an increase of $18,387, or

The increase was primarily attributable to higher advertising and marketing expenditures as the Company continued to expand its

marketing efforts to support the growth of its real estate transaction volume.

General and Administrative

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Payroll tax expense

Depreciation expense

Rent expenses

Depreciation and amortization expenses

Other general and administrative expenses

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of $297,237, or 81.39%.

This increase was primarily driven by higher payroll expense, legal and accounting expenses, rent expense, depreciation

expense, and payroll tax expense, which increased by $106,956, $87,096, $31,458, $12,720, and $9,013, respectively.

Payroll and payroll

tax expenses increased primarily due to the hiring of new employees.

Legal and accounting expenses increased primarily in connection with

the Company’s preparation for its initial public offering.

Rent expense increased following the commencement of the Company’s

office lease in September 2023.

Depreciation expenses increased due to the acquisition of a vehicle, furniture, and office equipment.

Other Expenses,

expenses were $1,832 for the year ended December 31, 2024, compared to $5,730 for the year ended December 31, 2023.

For the year ended

December 31, 2024, other expenses primarily consisted of interest expense of $3,115, bank fees of $456, and other miscellaneous expenses

of $107, partially offset by credit card rebates of $1,166 and bank rewards of $680.

For the year ended December 31, 2023, other expenses

primarily consisted of interest expense of $967 and other miscellaneous expenses of $4,871, partially offset by credit card rebates of

Income Tax Expenses

tax expenses for the years ended December 31, 2024 and 2023 were $309,352 and $1,925, respectively, representing an increase of $307,427,

or 15,970.23%.

This significant increase was primarily due to higher taxable income and a change in Linkhome Realty’s tax filing

status from an S-corporation to C-corporation, effective January 1, 2024.

As a C-corporation, Linkhome Realty is subject

to a federal income tax rate of 21% and a California state income tax rate of 8.84%.

income for the years ended December 31, 2024 and 2023 was $778,236 and $151,193, respectively, representing an increase of $627,043, or

This increase was primarily driven by the significant growth in net revenues, partially offset by higher operating expenses.

The increase was primarily driven by higher legal and accounting expenses, rent expenses, payroll and payroll

tax expenses, depreciation and amortization expenses, and other general and administrative expenses.

and accounting expenses increased by $118,887, primarily due to additional costs associated with regulatory compliance, legal, accounting

and other professional services following the Company’s initial public offering.

Rent expenses increased by $61,998, primarily due

to the Company relocating to a new office in 2025 with higher lease costs, as well as additional technology-related lease arrangements.

Payroll and payroll tax expenses increased by $31,252, primarily due to the hiring of additional employees.

Depreciation and amortization

expenses increased by $28,240, primarily due to purchases of furniture, leasehold improvements, and the capitalization and amortization

of internally developed software, including the Company’s website and mobile application.

Other general and administrative expenses

increased by $56,860, primarily due to higher administrative and operational costs associated with the expansion of the Company’s

business activities.

Other Income (Expenses),

income (expenses), net was income of $49,775 for the year ended December 31, 2025, compared to expense of $1,832 for the year ended December

Other income in 2025 primarily consisted of interest income and other miscellaneous income, partially offset by interest expense

and realized loss on trading securities.

Other expenses in 2024 primarily consisted of interest expense, partially offset by credit card

rebates and bank rewards.

Income Tax Expense

tax expense for the years ended December 31, 2025 and 2024 were $51,333 and $309,352, respectively, representing a decrease of $258,019,

The decrease in income tax expense was primarily attributable to lower net income before income taxes in 2025.

income for the years ended December 31, 2025 and 2024 were $74,874 and $778,236, respectively, representing a decrease of $703,362, or

The decrease in net income was primarily attributable to lower gross profit in 2025, partially offset by the increase in net revenues.

Liquidity and Capital

assessing liquidity, management monitors and analyzes the Company’s cash on-hand, ability to generate sufficient revenue sources

in the future, and operating and capital expenditure commitments.

Historically, we have funded our working capital, operations and other

capital requirements primarily through equity contributions from stockholders and cash flow from operations.

Our ability to meet our current

expenses and obligations depends on the future realization of our current assets.

Management has considered historical experience, current

economic conditions, reasonable and supportable forecasts of future economic conditions, and trends in the real estate industry to evaluate

the expected collectability of accounts receivable as of December 31, 2024 and 2023.

Our liquidity may be affected by general

economic, competitive, and other factors, many of which are beyond our control.

plan to expand our real estate business, develop our artificial intelligence real estate platform, and increase our own real estate

To accomplish such expansion plan, we estimate the total related capital investment and expenditures to be approximately $2 million

over the next 12 months.

believe that our current cash and cash flows provided by operating activities will be sufficient to meet our working capital needs for

existing business over the next 12 months from the issuance date of the financial statements.

However, we plan to use part of the

proceeds from this offering to support our business expansion described above.

We may also seek additional financing, to the extent needed,

and there can be no assurance that such financing will be available on favorable terms, or at all.

Such financing may include the use

of additional debt or the sale of additional equity securities.

Any financing which involves the sale of equity securities or instruments

that are convertible into equity securities could result in immediate and possibly significant dilution to our existing stockholders.

If it is determined that the cash requirements exceed the Company’s amounts of cash on hand, the Company may also seek to issue

additional debt or obtain financial support from stockholders.

The principal stockholders of the Company have made a commitment to provide

financial support to the Company whenever necessary and will continue to provide support following the consummation of this offering.

Historically,

the Company has funded its operations and working capital requirements primarily through operating cash flows, shareholder contributions

and equity financing.

liquidity position improved significantly during 2025, primarily due to proceeds from the issuance of common stock in connection with

our initial public offering.

As of December 31, 2025, the Company had cash and cash equivalents of $7,018,931, compared to $1,670,949

as of December 31, 2024.

believe that our current cash position and expected operating cash flows will be sufficient to meet our working capital and operating

requirements for at least the next twelve months from the date of issuance of the consolidated financial statements.

as we continue to expand our business, including potential investments in technology development and real estate transaction activities,

we may seek additional financing from time to time.

Such financing may include equity financing, debt financing or other strategic funding

financing involving the issuance of equity securities or securities convertible into equity could result in dilution to our existing stockholders.

Cash Flows For

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net working capital of $5,064,565, and a current ratio of 3.43:1.

As of December 31, 2024, we had cash and cash equivalents of $1,670,949,

other current assets of $1,652,699, current liabilities of $944,447, net working capital of $2,379,201, and a current ratio of 3.52:1.

following table presented a summary of our cash flows for the years ended December 31, 2025 and 2024:

Net cash (used in) provided by operating activities

Net cash provided by operating activities

Net cash used in investing activities

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Cash and cash equivalents, end of period

Net Cash (Used in)

Provided by Operating Activities

cash used in operating activities was $4,844 for the year ended December 31, 2024, primarily derived from (i) net income of $778,236,

adjusted for noncash activities including lease expense of $45,347 and depreciation of $18,762, partially offset by a decrease in

allowance for credit losses of $9,092;

(ii) net changes in operating assets and liabilities as of December 31, 2024 compared to December 31,

2023, primarily consisting of (a) an increase in real estate held for sale of $907,061, (b) an increase in deferred IPO costs

of $699,499, (c) a decrease in operating lease liabilities of $45,062, (d) an increase in accounts receivable of $8,676, and

(e) an increase in prepaid expenses and other receivables of $2,971, partially offset by (a) an increase in other current liabilities

of $820,575 and (b) an increase in accounts payable of $4,597.

Net Cash Provided

by Operating Activities

cash provided by operating activities was $524,430 for the year ended December 31, 2025, primarily derived from (i) net income of $74,874,

$151,193, adjusted for noncash activities including lease expense of $15,115 and depreciation of $6,042;

(ii) net changes in

operating assets and liabilities as of December 31, 2023 compared to December 31, 2022, primarily consisting of (a) a decrease

in accounts receivable of $106,289 and (b) an increase in other current liabilities of $14,548, partially offset by (a) a decrease

in accounts payable of $25,800, (b) an increase in prepaid expenses and other receivables of $25,008, (c) a decrease in operating lease

liabilities of $14,830, and (d) an increase in security deposits of $4,235.

cash used in operating activities was $4,844 for the year ended December 31, 2024, compared to net cash provided by operating activities

of $223,314 for the year ended December 31, 2023, representing an increase in cash outflow of $228,158.

This increase was primarily due

to (i) an increase in cash outflow of $907,061 on real estate held for sale, (ii) an increase in cash outflow of $699,499 on

deferred IPO costs, (iii) a decrease in cash inflow of $114,965 on accounts receivable, and (iv) an increase in cash outflow

of $30,232 on operating lease liabilities, partially offset by (i) a decrease in cash outflow of $806,027 on other current liabilities,

(ii) an increase in cash inflow of $660,903 on net income adjusted for noncash activities, (iii) a decrease in cash outflow of $30,397

on accounts payable, (iv) a decrease in cash outflow of $22,037 on prepaid expenses, and (v) a decrease in cash outflow of $4,235

on security deposits.

adjusted for non-cash items including lease expense of $108,570, depreciation and amortization of $47,002, and a realized loss on trading

securities of $2,651, partially offset by deferred tax benefit of $742, and (ii) net changes in operating assets and liabilities as of

December 31, 2025 compared to December 31, 2024, primarily consisting of (a) an increase in other current liabilities of $1,040,459, (b)

a decrease in real estate held for sale of $907,061, (c) an increase in accounts payable of $72,435, and (d) a decrease in prepaid expenses

and other receivables of $9,712, partially offset by (a) a decrease in operating lease liabilities of $999,140, (b) an increase in long-term

prepaid expenses of $617,625, (c) an increase in accounts receivable of $91,808, and (d) an increase in security deposits of $29,019.

cash provided by operating activities was $694,655 for the year ended December 31, 2024, primarily derived from (i) net income of

$778,236, adjusted for non-cash items including lease expense of $45,347 and depreciation of $18,762, partially offset by a decrease

in allowance for credit losses of $9,092;

(ii) net changes in operating assets and liabilities as of December 31, 2024 compared to

December 31, 2023, primarily consisting of (a) an increase in other current liabilities of $820,575 and (b) an increase in accounts

payable of $4,597, partially offset by (a) an increase in real estate held for sale of $907,061, (b) a decrease in operating

lease liabilities of $45,062, (c) an increase in accounts receivable of $8,676, and (d) an increase in prepaid expenses and other

receivables of $2,971.

cash provided by operating activities was $524,430 for the year ended December 31, 2025, compared to $694,655 for the year ended December

31, 2024, representing a decrease in cash inflow of $170,225.

This decrease was primarily due to (i) an increase in cash outflow of $954,078

on operating lease liabilities, (ii) an increase in cash outflow of $617,625 on long-term prepaid expenses, (iii) a decrease in cash inflow

of $600,898 on net income adjusted for noncash items, (iv) a decrease in cash inflow of $83,132 on accounts receivable, and (v) an increase

in cash outflow of $29,019 on security deposits, partially offset by (i) a decrease in cash outflow of $1,814,122 on real estate held

for sale, (ii) a decrease in cash outflow of $219,884 on other current liabilities, (iii) a decrease in cash outflow of $67,838 on

accounts payable, and (iv) a decrease in cash outflow of $12,683 on prepaid expenses.

Net Cash Used in Investing

cash used in investing activities was $3,513 for the year ended December 31, 2024, which primarily included purchases of office equipment

for $1,082, furniture for $982, and trademarks for $1,449.

cash used in investing activities was $40,522 for the year ended December 31, 2023, which primarily included purchases of a vehicle for

$35,250, furniture for $4,343, and office equipment for $929.

cash used in investing activities was $927,726 for the year ended December 31, 2025, which primarily consisted of capitalized internally

developed software and other intangible assets of $571,425, purchases of property and equipment of $303,650, purchases of trading securities

of $274,718, and an investment under the cost method of $50,000, partially offset by proceeds from the sale of trading securities of $272,067.

cash used in investing activities was $3,513 for the year ended December 31, 2024, which primarily consisted of purchases of property

and equipment of $2,064 and purchases of trademarks of $1,449.

Net Cash Provided

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cash provided by financing activities was $5,751,278 for the year ended December 31, 2025, which primarily consisted of proceeds from

equity financing of $980,000 and related party advances of $880,000, partially offset by repayments of $825,000 to the related party and

$7,605 on an auto loan.

cash provided by financing activities was $280,156 for the year ended December 31, 2023, which primarily consisted of proceeds from capital

contribution of $303,000, partially offset by dividend payments of $21,154 and repayments of $1,690 on an auto loan.

the issuance of common stock of $6,203,000 and proceeds from related party advances of $465,347, partially offset by repayments of related

party advances of $520,347, payment of offering costs of $388,624, and repayments of auto loan principal of $8,098.

cash provided by financing activities was $327,896 for the year ended December 31, 2024, which primarily consisted of proceeds from equity

financing of $980,000 and proceeds from related party advances of $880,000, partially offset by repayments of related party advances of

$825,000, payment of offering costs of $699,499, and repayments of auto loan principal of $7,605.

Contractual Obligations

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Trend Information

than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are

reasonably likely to have a material effect on our revenue, income from operations, net income, liquidity, or capital resources, or that

would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

than as disclosed elsewhere in this Annual Report on Form 10-K, we are not aware of any trends, uncertainties, demands, commitments, or

events that are reasonably likely to have a material effect on our revenue, income from operations, net income, liquidity, or capital

resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial

and rising interest rates have significantly influenced the economic environment, impacting our operations and financial performance.

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Despite these challenges, higher interest rates have reduced competition among buyers,

creating opportunities for some to view this as an advantageous time to purchase real estate.

Critical Accounting

Policies and Estimates

which may create opportunities for certain buyers in the real estate market.

Critical Accounting Policies and Estimates

discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements.

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We believe that the critical

accounting policies disclosed in this prospectus reflect the more significant judgments and estimates used in preparation of our consolidated

financial statements.

Further, as an emerging growth company, we have elected to use the extended transition period for complying with

new or revised accounting standards that have different effective dates for emerging growth companies until the earlier of the date that

we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period

provided in the JOBS Act.

As a result, these financial statements contained in our subsequent filings with the SEC may not be comparable

to other public companies.

accounting policies disclosed in this Annual Report on Form 10-K reflect the more significant judgments and estimates used in preparation

of our consolidated financial statements.

Further, as an emerging growth company, we have elected to use the extended transition period

for complying with new or revised accounting standards that have different effective dates for emerging growth companies until the earlier

of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended

transition period provided in the JOBS Act.

As a result, these financial statements contained in our subsequent filings with the SEC may

not be comparable to other public companies.

following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial

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service is provided, usually at the closing of the escrow.

The Company’s CEO has owned his personal real estate salesperson

license since 2020 and obtained a personal real estate broker license on August 8, 2023.

Prior to obtaining the broker license, the

Company performed real estate transactions as a sales agent under a real estate brokerage firm owned by an unrelated third party and earned

sales commissions at fixed rate.

On November 17, 2023, Linkhome Realty obtained a real estate broker license for the Company.

the Company gradually transitioned from operating as a sales agent under a third-party real estate broker to a real estate broker

independently.

This transition marks a significant shift in the Company’s business model, as it no longer relies on other firms

to conduct real estate transactions.

Prior to November 17, 2023, the Company conducted real estate transactions

through a licensed third-party brokerage firm.

On November 17, 2023, Linkhome Realty obtained its own real estate broker license, allowing

the Company to conduct brokerage transactions independently.

Company provides property management services, which include two primary activities:

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service is completed, on a gross basis with corresponding costs incurred.

addition, the Company collaborates with lending institutions and mortgage brokers to assist clients in seeking and securing mortgage services,

and aiding clients in the process of obtaining loans or financing for property purchases.

The Company receives a referral fee as a percentage

of the loan amount and recognizes revenue when the loan is approved.

In addition, the Company collaborates with lending institutions and

mortgage brokers to assist clients in seeking and securing mortgage services, and aiding clients in the process of obtaining loans or

financing for property purchases.

Revenue is recognized when the related loan transaction is completed and the Company becomes entitled

to the referral fee.

Revenue from Property

Purchases and Sales through Cash Offer

Company’s revenue from purchases and sales through Cash Offer consists primarily of the Company’s purchasing a hot property

in cash and then selling it to a customer.

The Company purchases a property in cash with ownership transferred to Linkhome Realty.

Subsequently,

Linkhome Realty sells the property to the customer within a short period of time.

Both purchase and sales transactions go through an escrow

The Company is the principal of these transactions and recognizes revenue and cost when the property purchased is sold and escrow

This type of revenue does not contain a financing component due to there being no difference between the amount of promised

consideration and the cash selling price of the promised goods or services, and the length of time between when the Company transfers

the promised goods or services to the customer and when the customer pays for those goods is very short, usually within a few weeks

The Company’s revenue from purchases and sales through its Cash

Offer program primarily consists of purchasing residential properties and subsequently reselling those properties to customers within

a short period of time.

Under the Cash Offer program, the Company may purchase residential properties using its own capital, with title

transferred to Linkhome Realty, and subsequently resell the properties to customers.

Both purchase and sales transactions go through an

escrow company.

The Company is the principal of these transactions and recognizes revenue and cost when the property purchased is sold

and escrow is closed.

This type of revenue does not contain a financing component due to there being no difference between the amount

of promised consideration and the cash selling price of the promised goods or services, and the length of time between when the Company

transfers the promised goods or services to the customer and when the customer pays for those goods is very short, usually within a few weeks

or a few months.

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for all financial assets measured at amortized cost and off-balance sheet credit exposures.

The was no transition adjustment of the adoption

There was no transition adjustment upon the

adoption of CECL.

Company’s accounts receivable and prepaid expense in the consolidated balance sheets are within the scope of ASC Topic 326.

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Accounts Receivable,

receivable represent the amounts that the Company has an unconditional right to consideration, which are stated at the historical carrying

amount net of allowance for credit losses.

Accounts receivable represent

the amounts that the Company has an unconditional right to consideration, which are stated at the historical carrying amount net of allowance

for credit losses.

The Company maintains allowances for credit losses for estimated losses.

The Company reviews

the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances.

In evaluating the collectability of individual receivable balances, the Company considers many factors, including historical losses, the

age of the receivable balance, the customer’s historical payment pattens and creditworthiness, current economic conditions, and

reasonable and supportable forecasts of future economic conditions.

Accounts are written off against the allowance after all means of

collection have been exhausted and the potential for recovery is considered remote.

As of December 31, 2024 and 2023, the Company

had allowances for credit losses of $0 and $9,092, respectively.

The Company reviews the accounts receivable

on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances.

In evaluating the collectability

of individual receivable balances, the Company considers many factors, including historical losses, the age of the receivable balance,

the customer’s historical payment pattens and creditworthiness, current economic conditions, and reasonable and supportable forecasts

of future economic conditions.

Accounts are written off against the allowance after all means of collection have been exhausted and the

potential for recovery is considered remote.

As of December 31, 2025 and 2024, the Company had no allowances for credit losses.

Impairment of Long-lived Assets

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Under this method, income tax expense is recognized for the amount of:

(i) taxes payable or refundable for the current period and

(ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial

statements or tax returns.

(i) taxes payable or refundable for the current period and (ii)

deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements

or tax returns.

Deferred tax assets also include the prior years’ net operating losses carried forward.

tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary

differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized

in the results of operations in the period that includes the enactment date.

A valuation allowance is provided to reduce the deferred

tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or

all of the deferred tax assets will not be realized.

Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and

measurement of a tax position taken or expected to be taken in a tax return.

FASB ASC Topic 740 also provides guidance

on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting

for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

Deferred tax assets and

liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences

are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the

results of operations in the period that includes the enactment date.

A valuation allowance is provided to reduce the deferred tax assets

reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the

deferred tax assets will not be realized.

Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement

of a tax position taken or expected to be taken in a tax return.

FASB ASC Topic 740 also provides guidance on recognition of income tax

assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties

associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely some positions taken would be sustained upon examination

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Tax positions taken are not offset or aggregated with other positions.

Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is

more than 50 percent likely of being realized upon settlement with the applicable taxing authority.

Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more

than 50 percent likely of being realized upon settlement with the applicable taxing authority.

The portion of the benefits associated

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general and administrative expenses in the statements of income.

For the years ended December 31, 2024 and 2023, the Company did

not take any uncertain positions that would necessitate recording a tax related liability.

to January 1, 2024, Linkhome Realty filed its income tax return under Subchapter S of the Internal Revenue Code (“IRS”)

as an S-corporation, and elected to be taxed as a pass-through entity, for which the income, losses, deductions, and credits flow

through to the stockholders of the company for federal tax purposes.

Effective January 1, 2024, Linkhome Realty’s tax status

became C-corporation, and is subject to a federal income tax rate of 21% and California state income tax rate of 8.84%.

As a parent holding

company of Linkhome Realty, Linkhome Holdings was incorporated in the State of Nevada on November 6, 2023, and is only subject to

a federal income tax rate of 21%.

Effective for the tax year beginning January 1, 2024, and continuing thereafter unless revoked, Linkhome

Holdings and Linkhome Realty have elected to file a consolidated federal income tax return.

For the years ended December 31, 2025 and 2024, the Company did not take

any uncertain positions that would necessitate recording a tax related liability.

to January 1, 2024, Linkhome Realty filed its income tax return under Subchapter S of the Internal Revenue Code (“IRS”) as

a S-corporation, and elected to be taxed as a pass-through entity, for which the income, losses, deductions, and credits flow through

to the shareholders of the company for federal income tax purposes.

Effective January 1, 2024, Linkhome Realty’s tax status became

C-corporation, and is subject to a federal income tax rate of 21% and California state income tax rate of 8.84%.

As a parent holding company

of Linkhome Realty, Linkhome Holdings was incorporated in the State of Nevada on November 6, 2023, and is only subject to a federal income

tax rate of 21%.

Effective for the tax year beginning January 1, 2024, and continuing thereafter unless revoked, Linkhome Holdings and

Linkhome Realty have elected to file a consolidated federal income tax return.

New Accounting Pronouncements

Company considers the applicability and impact of all ASUs and periodically reviews new accounting standards that are issued.

Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging

growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the

adoption of these accounting standards until they would apply to private companies.

Recently Adopted Accounting

Pronouncements

November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.”

The amendments in the ASU are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about

significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure

of segment profit or loss.

In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity

can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable

segment, and contain other disclosure requirements.

The purpose of the amendments is to enable “investors to better understand an

entity’s overall performance” and assess “potential future cash flows.” The amendments in ASU 2023-07 are effective

for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December

The Company adopted ASU 2023-07 in the fourth quarter of 2024 and the adoption did not have a material impact on its consolidated

financial statements and related disclosures.

Recent Accounting

Pronouncements Pending Adoption

December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures,” which requires

disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other

disclosure requirements.

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024.

The Company considers the

applicability and impact of all ASUs and periodically reviews new accounting standards that are issued.

Under the Jumpstart Our Business

Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company

and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these

accounting standards until they would apply to private companies.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB

issued ASU 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.” The amendments in the

ASU are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment

expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit

In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple

segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain

other disclosure requirements.

The purpose of the amendments is to enable “investors to better understand an entity’s overall

performance” and assess “potential future cash flows.” The amendments in ASU 2023-07 are effective for all public entities

for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

adopted ASU 2023-07 for the year ended December 31, 2024, and the adoption did not have a material impact on its consolidated financial

statements and related disclosures.

In December 2023, the FASB

issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures,” which requires enhanced income tax

disclosures, including additional information in the rate reconciliation and income taxes paid by jurisdiction.

ASU 2023-09 is

effective for fiscal years beginning after December 15, 2024.

The Company adopted ASU 2023-09 for the year ended December 31,

2025, and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Pending Adoption

In November 2024, the FASB

issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),”

which is intended to improve disclosures about a public business entity’s expenses and provide more detailed information about the

nature of expenses included in commonly presented expense captions, such as cost of revenues and selling, general and administrative expenses.

The amendments require entities to disclose, in the notes to the financial statements, specified information about certain expense categories,

including employee compensation, depreciation, and amortization, within relevant income statement captions.

The amendments also require

tabular disclosures of such disaggregated expense information, as well as qualitative descriptions of the remaining amounts not separately

disaggregated.

In January 2025, the FASB issued ASU 2025-01, which clarifies the effective

date of ASU 2024-03.

As clarified, the amendments are effective for annual reporting periods beginning after December 15, 2026, and interim

reporting periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

Company is evaluating the impact that ASU 2023-09 will have on its consolidated financial statements and related disclosures.

November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation

Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses.” This ASU requires public business entities to disclose

additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods.

This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after

December 15, 2027 with early adoption permitted.

These requirements should be applied on a prospective basis with an option to apply them

retrospectively.

The Company is evaluating the impact that ASU 2024-03 will have on its consolidated financial statements and related

Company does not believe that any other recently issued but not yet effective authoritative guidance, if adopted currently, would have

a material impact on its consolidated financial statements or related disclosures.

The Company is currently

evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and related disclosures.

The Company does not believe

that any other recently issued but not yet effective authoritative guidance, if adopted currently, would have a material impact on its

consolidated financial statements or related disclosures.

Quantitative and Qualitative Disclosures about Market Risk.

We are a smaller

reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under

We are a smaller reporting

company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

Financial Statements and Supplementary Data.

2 unchanged sentences

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-K

Item 7. Management’s Discussion and Analysis