What changed in this filing

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Item 1. Financial Statements

2025-05-14 compared with 2025-02-14 · 152 added, 124 removed, 516 unchanged (35% of the section changed)

3 unchanged sentences

AND SUBSIDIARIES

Consolidated Balance Sheets as of December 31, 2024 (Unaudited) and September 30, 2024

Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended December 31, 2024 and 2023 (Unaudited)

Consolidated Statements of Changes in Shareholders’ Deficit for the Three Months Ended December 31, 2024 and 2023 (Unaudited)

Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2024 and 2023 (Unaudited)

Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and September 30, 2024

Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended March 31, 2025 and 2024 (Unaudited)

Consolidated Statements of Changes in Shareholders’ Deficit for the Six Months Ended March 31, 2025 and 2024 (Unaudited)

Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2025 and 2024 (Unaudited)

Notes to Consolidated Financial Statements (Unaudited)

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

AND SUBSIDIARIES

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO.,

LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

3 unchanged sentences

Cash and cash equivalents

Receivable from payment collection service institution

Other receivables

15 unchanged sentences

Preferred stock;

$ 0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and September 30, 2024

$ 0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2025 and September 30, 2024

Common stock;

$ 0.001 par value, 150,000,000 shares authorized;

60,000,000 shares issued and outstanding at December 31, 2024 and September 30, 2024

60,500,000 and 60,000,000 shares issued and outstanding at March 31, 2025 and September 30, 2024, respectively

Additional paid-in capital

9 unchanged sentences

For the Three Months Ended

For the Six Months Ended

Cost of revenue

4 unchanged sentences

Provision for income taxes

$ ( 125,266 )

Comprehensive income:

$ ( 125,266 )

Foreign currency translation adjustment

Comprehensive income

Basic and diluted eaming per share

$ ( 123,431 )

Basic and diluted earnings per share

Weighted average number of shares outstanding

10 unchanged sentences

Capital subscription received

currency translation adjustment

at December 31, 2023

Foreign currency translation adjustment

Balance at December 31, 2023

Foreign currency translation adjustment

Balance at March 31, 2024

$ ( 117,904 )

Stockholders’

2 unchanged sentences

Balance at September 30, 2024

Capital subscription received

currency translation adjustment

at December 31, 2024

Foreign currency translation adjustment

Balance at December 31, 2024

Net profit (loss)

Shares issued

Foreign currency translation adjustment

Balance at March 31, 2025

The accompanying notes

are an integral part of these condensed consolidated financial statements

MAITONG SUNSHINE CULTURAL DEVELOPMENT

CO., LIMITED AND SUBSIDIARIES

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED) (EXPRESSED IN US DOLLARS)

For the Three Months Ended

For the Six Months Ended

Cash Flows from Operating Activities

4 unchanged sentences

Interest expense

Shares Compensation

Changes in operating assets and liabilities:

Receivable from payment collection service institution

Accounts payable

Customer deposits

Other receivable

Other receivables

Accrued expenses

11 unchanged sentences

Effect of exchange rate fluctuation on cash and cash equivalents

Net increase in cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year

Cash and cash equivalents, end of period

Supplemental disclosure of cash flow information

8 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

4 unchanged sentences

MGSD through its operating subsidiary Tongzhilian, which has headquarters

in Beijing, China, has provided cultural tourism (including Education Tours and Family Tours).

During the recent fiscal quarter Tongzhilian

also initiated the sale of gift products, Chinese cultural and creative products, as well as a hotel reservation service.

MGSD plans to

market arts expositions in the future.

The Company currently has 12 full-time employees.

in Beijing, China, has provided cultural tourism (including Education Tours and Family Tours) and the sale of gift products, Chinese cultural

and creative products, as well as a hotel reservation service.

MGSD plans to market arts expositions in the future.

The Company currently

has 12 full-time employees.

MGSD’s subsidiaries includes:

12 unchanged sentences

included in the Company’s financial statements for all periods.

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO.,

LIMITED AND SUBSIDIARIES

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

10 unchanged sentences

include 100 % of assets, liabilities, and net income or loss of these subsidiaries.

MGSD’s subsidiaries as of December 31, 2024 and 2023 are listed

MGSD’s subsidiaries as of March 31, 2025 are listed as follows:

Name Place of Incorporation Attributable

31 unchanged sentences

the translation are recorded as a separate component of accumulated other comprehensive income or expense.

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO.,

LIMITED AND SUBSIDIARIES

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

6 unchanged sentences

For the Three Months Ended

March 31, For the Six Months Ended

2025 2024 2025 2024

USD to HKD) (USD to RMB/

Assets and liabilities period end exchange rate 7.2579 / 7.7793 7.2221 / 7.8253 7.2579 / 7.7793 7.2221 / 7.8253

19 unchanged sentences

that its accounts receivable credit risk exposure beyond such allowance is limited.

For the three months ended December

31, 2024, the company does not have a single customer that accounted for more than 10% of its total revenue.

For the six months ended March

31, 2025, the Company did not have a single customer that accounted for more than 10% of its total revenue.

For the six months ended March

31, 2024, the Company had 4 major customers that each accounted for over 10% of its total revenue.

For the Six Months Ended

March 31, 2025

For the Six Months Ended

March 31, 2024

Percentage of

For the three months ended March

31, 2025, the Company did not have a single customer that accounted for more than 10% of its total revenue.

For the three months ended

December 31, 2023, the Company had 5 major customers that each accounted for over 10% of its total revenue.

For the Three Months Ended December 31, 2024

For the Three Months Ended December 31, 2023

March 31, 2024, the Company had 4 major customers that each accounted for over 10% of its total revenue.

For the Three Months Ended

March 31, 2025

For the Three Months Ended

March 31, 2024

Percentage of

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For the three months ended December

For the six months ended March

31, 2025 and 2024, the Company had 1 major supplier in each year that accounted for over 10% of its total cost of revenue.

For the Three Months Ended December 31, 2024

For the Three Months Ended December 31, 2023

Cost of Revenue

For the Six Months Ended

March 31, 2025

For the Six Months Ended

March 31, 2024

Percentage of

Cost of revenue

Cost of Revenue

Percentage of

Cost of revenue

For the three months ended March

31, 2025 and 2024, the Company had 2 and 1 major supplier in each year that accounted for over 10% of its total cost of revenue.

For the Three Months Ended

March 31, 2025

For the Three Months Ended

March 31, 2024

Percentage of

Fair value measurements

26 unchanged sentences

There were no transfers between level 1, level 2 or level 3 measurements

during the three months ended December 31, 2024 and 2023.

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

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

3 unchanged sentences

accrued expenses, other payables, income tax payable and due to related parties.

As of December 31, 2024 and 2023, the carrying values

of these financial instruments approximated their fair values due to the short-term maturity of these instruments.

As of March 31, 2025 and 2024, the carrying values of

these financial instruments approximated their fair values due to the short-term maturity of these instruments.

Segment information and geographic data

46 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

40 unchanged sentences

if necessary.

As of December 31, 2024, cash consists of bank deposits and deposits

in Alipay, which are unrestricted as to withdrawal and use.

As of March 31, 2025, cash consists of bank deposits and deposits in

Alipay, which are unrestricted as to withdrawal and use.

All highly liquid investments with original stated maturities of three months

6 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

At December 31, 2024 and September 30, 2024, prepayments

At March 31, 2025 and September 30, 2024, prepayments

consisted of:

September 30,

Shenzhen Hongyuexing Technology Co., Ltd

Hainan Wanshishunda Technology Co., Ltd

Jinjiu International Consulting Services (Beijing) Co., Ltd

Hainan Jintongyuan Technology Co., Ltd

Beijing Shuangjiang Huixin Trading Co., Ltd

1 unchanged sentence

Beijing Yiguanjia Health Technology Co., Ltd

Shenzhen Huayufeng Technology Co., Ltd

Lundao Zhuyeqing Tea Industry (Beijing) Co., Ltd

Dongguan Jiasheng Daily Plastic Products Co., Ltd

Vstock Transfer

Total Prepayments

OTHER RECEIVABLES

At December 31, 2024 and September 30, 2024, other receivables consisted

At March 31, 2025 and September 30, 2024, other receivables consisted

September 30,

Shanghai Ctrip International Travel Agency Co., Ltd

Receivable from UnionPay Business Co., Ltd.

Beijing Branch (payment collection service institution)

Total other receivables

RECEIVABLE FROM PAYMENT COLLECTION

SERVICE INSTIUTION

Receivable from payment collection service

institution consists of the following:

September 30,

UnionPay Business Co., Ltd.

Beijing Branch

As of December 31, 2024 the receivable from payment

collection service institution amounted to $ 574 .

ACCOUNTS PAYABLE

At December 31, 2024 and September 30, 2024, accounts

payable consisted of the following:

At March 31, 2025 and September 30, 2024, Inventories

consisted of the following:

September 30,

Hebei Bailu Business Hotel Co., Ltd

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

ADVANCE FROM CUSTOMERS

At December 31, 2024 and September

At March 31, 2025 and September

30, 2024, advance from customers consisted of the following:

1 unchanged sentence

Pre-collected member funds

As of December 31, 2024 and September 30, 2024,

advances from customers totaled $ 292,308 and 461,946 .

The Company receives prepayments from customers who subscribe for a membership in

As of March 31, 2025 and September 30, 2024, advances

from customers totaled $ 242,794 and 461,946 .

The Company receives prepayments from customers who subscribe for a membership in the Company.

These pre-collected member funds can be used by customers to offset purchases of the company’s products.

6 unchanged sentences

Shanghai Maitong Cultural Technology Co., Ltd

As of December 31, 2024 and September 30, 2024, the Company owed Huang

As of March 31, 2025 and September 30, 2024, the Company owed Huang

Fang a balance of $ 375,293 and $ 190,855 , which represented expenses paid on behalf of the Company and the interest-free loan she provided

to the Company.

As of December 31, 2024 and September 30, 2024, the Company had a balance

As of March 31, 2025 and September 30, 2024, the Company had a balance

of $ 9,626 and $ 9,626 due to Beijing Devoter Oriental Co., Ltd, which represented expenses paid on behalf of the Company.

As of December 31, 2024, the Company had a balance of $ 1,220 due to

Shanghai Maitong Cultural Technology Co., Ltd, which represented expenses paid on behalf of the Company.

As of March 31, 2025, the Company had a balance of $ 1,220 due to Shanghai

Maitong Cultural Technology Co., Ltd, which represented expenses paid on behalf of the Company.

Huang Fang is the President, CEO, Chairwoman of the Board and a major

3 unchanged sentences

ACCRUED EXPENSES

At December 31, 2024 and September 30, 2024, accrued expenses consisted

At March 31, 2025 and September 30, 2024, accrued expenses consisted

September 30,

3 unchanged sentences

Total accrued expenses

As of December 31, 2024 and September 30, 2024, the Company recorded

payables to its auditor of $ 5,000 and $ 60,000 for services in connection with the audit of the Company’s financial statements for

the quarter ended December 31, 2024 and the year ended September 30, 2024.

As of December 31, 2024 and September 30, 2024, the Company recorded

payroll payable of $ 10,560 and $ 11,052 .

As of December 31, 2024, and September 30,2024, the Company recorded

social security payable of $ 4,177 and 4,346 .

As of March 31, 2025 and September 30, 2024, the Company recorded payables

to its auditor of $ 6,000 and $ 60,000 for services in connection with the audit of the Company’s financial statements for the quarter

ended March 31, 2025 and the year ended September 30, 2024.

As of March 31, 2025 and September 30, 2024, the Company recorded payroll

payable of $ 10,598 and $ 11,052 .

As of March 31, 2025, and September 30,2024, the Company recorded social

security payable of $ 4,200 and 4,346 .

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

OTHER PAYABLES

At December 31, 2024 and September 30, 2024, other payables consisted

At March 31, 2025 and September 30, 2024, other payables consisted

September 30,

10 unchanged sentences

committed to make lease payments of approximately $ 36,000 (RMB 259,605 ) for that period.

For the three months ended December 31, 2024 and 2023, the lease amortization

For the six months ended March 31, 2025 and 2024, the lease amortization

expense was $ 17,649 and $ 17,535 , respectively.

3 unchanged sentences

Oriental Co., Ltd owns 85 % of the registered equity of Devoter (Beijing) Technology Co., Ltd.

Devoter (Beijing) Technology Co., Ltd is

a related party of Tongzhilian.

As of December 31, 2024 and 2023, the Company had the following amounts

recorded on the Company’s consolidated balance sheet:

As of December 31,

For this reason, Devoter (Beijing) Technology

Co., Ltd is a related party of Tongzhilian.

As of March 31, 2025 and September 30, 2024, the Company had the following

amounts with respect to its lease recorded on the Company’s consolidated balance sheet:

March 31, 2025

September 30, 2024

Right-of-use asset

3 unchanged sentences

leases are as follows:

Period Ending December 31,

Period Ending March 31,

imputed interest

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

23 unchanged sentences

Tongzhilian is subject to a 25 % standard enterprise income tax in the

There was $ 106,900 accrued for income taxes for the three months ended December 31, 2024.

Due to the fact that Tongzhilian’s

revenue exceeded the upper limit for small-scale taxpayers in this quarter, Tongzhilian has been converted to a general taxpayer.

income for the current tax year (from January 1, 2024, to December 31, 2024) is subject to a corporate income tax rate of 25 %.

the company had accrued an additionally corporate income tax for the period from January to September of 2024 at a rate of 25 %, amounting

to $ 29,524 .

A reconciliation before income taxes for domestic and foreign locations

for the three months ended December 31, 2024 and 2023 is as follows:

For the Three Months Ended

Due to the fact that Tongzhilian’s revenue exceeded the upper limit for small-scale taxpayers in last quarter, Tongzhilian

has been converted to a general taxpayer.

All income for the last tax year (from January 1, 2024, to December 31, 2024) is subject to

a corporate income tax rate of 25 %.

Therefore, the company had accrued additional corporate income tax for the period from January to

September of 2024 at a rate of 25 %, amounting to $ 29,524 .

A reconciliation of income before income taxes for domestic and foreign

locations for the six months ended March 31, 2025 and 2024 is as follows:

For the Six Months Ended

United States

$ ( 126,665 )

Before income taxes

2 unchanged sentences

the Company’s effective tax rate was as follows:

For the Three Months Ended

For the Six Months Ended

Income tax (benefit) at USA statutory rate

4 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

1 unchanged sentence

difference between the PRC statutory income tax rate and the PRC effective tax rate was as follows:

For the Three Months Ended

For the Six Months Ended

Income tax (benefit) at PRC statutory rate

7 unchanged sentences

The Company incurred losses from its United States operations during

the three months ended December 31 , 2024 and 2023 of $ 34,558 and $ 48,739 .

the six months ended March 31 , 2025 and 2024 of $ 126,665 and $ 69,242 .

The Company’s

1 unchanged sentence

management provided a 100 % valuation allowance of $ 67,977 against the deferred tax assets related to the Company’s United States

operations as of December 31, 2024, because the deferred tax benefits of the net operating loss carry forwards in the United States are

not likely to be utilized.

The US valuation allowance has increased by $ 7,257 for the three months ended December 31, 2024.

operations as of March 31, 2025, because the deferred tax benefits of the net operating loss carry forwards in the United States are not

likely to be utilized.

The US valuation allowance has increased by $ 26,600 for the six months ended March 31, 2025.

The Company is subject to examination by the Internal Revenue Service

9 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

18 unchanged sentences

The Company was not subject to any material loss contingency as of

December 31, 2024.

March 31, 2025.

BASIC AND DILUTED EARNINGS PER SHARE

9 unchanged sentences

Net income (loss) attributable to common stockholders

$ ( 125,266 )

Basic and diluted weighted-average number of shares outstanding

1 unchanged sentence

Basic and diluted

For the Six Months Ended

Net income (loss) attributable to common stockholders

Basic and diluted weighted-average number of shares outstanding

Net income (loss) per share:

Basic and diluted

SUBSEQUENT EVENTS

1 unchanged sentence

the consolidated financial statements were available to be issued.

All subsequent events requiring recognition as of December 31, 2024

have been incorporated into these consolidated financial statements and there are no other subsequent events that require disclosure in

accordance with FASB ASC Topic 855, “Subsequent Events.”

All subsequent events requiring recognition as of March 31, 2025 have

been incorporated into these consolidated financial statements and there are no other subsequent events that require disclosure in accordance

with FASB ASC Topic 855, “Subsequent Events.”

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 1. Financial Statements