What changed in this filing

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Item 1. Financial Statements

2025-08-20 compared with 2025-05-14 · 105 added, 114 removed, 554 unchanged (28% of the section changed)

3 unchanged sentences

AND SUBSIDIARIES

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)

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

Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended June 30, 2025 and 2024 (Unaudited)

Consolidated Statements of Changes in Shareholders’ Deficit for the Nine Months Ended June 30, 2025 and 2024 (Unaudited)

Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 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

20 unchanged sentences

Preferred stock;

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

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

Common stock;

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

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

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

Additional paid-in capital

3 unchanged sentences

Total liabilities and equity (deficit)

The accompanying notes are an integral part

of these consolidated financial statements.

The accompanying notes are an integral

part of these consolidated financial statements.

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED AND

2 unchanged sentences

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

Cost of revenue

4 unchanged sentences

Provision for income taxes

$ ( 125,266 )

Net income / (loss)

Comprehensive income:

$ ( 125,266 )

Foreign currency translation adjustment

Comprehensive income

$ ( 123,431 )

Basic and diluted earnings per share

16 unchanged sentences

$ ( 117,904 )

Foreign currency translation adjustment

Balance at June 30, 2024

Stockholders’

8 unchanged sentences

Balance at March 31, 2025

Net profit (loss)

Shares issued

Foreign currency translation adjustment

Balance at June 30, 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 Six Months Ended

For the Nine Months Ended

Cash Flows from Operating Activities

Income before provision for income taxes

Adjustments to reconcile net loss to net cash used in operating activities:

33 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

23 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

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 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 March 31, 2025 are listed as follows:

Name Place of Incorporation Attributable

MGSD’s subsidiaries as of June 30, 2025 are listed as follows:

Name Place of

Incorporation Attributable

interest % Authorized

1 unchanged sentence

Maitong Sunshine Cultural Development Co., Limited Hong Kong 100 HKD 10,000

Beijing Tongzhilian Cultural Development Co., Ltd China 100 HKD 1,000,000

Beijing Tongzhilian Cultural Development Co., Ltd China 100 RMB 1,000,000

Use of estimates

26 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

SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

6 unchanged sentences

For the Three Months Ended

March 31, For the Six Months Ended

June 30, For the Nine Months Ended

2025 2024 2025 2024

23 unchanged sentences

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

For the six months ended March

For the nine months ended June

30, 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

For the nine months ended

June 30, 2024, the Company had 3 major customers that each accounted for over 10% of its total revenue.

For the Nine Months Ended

June 30, 2025

For the Nine Months Ended

June 31, 2024

Percentage of

For the three months ended March

For the three months ended June

30, 2025, the Company did not have a single customer that accounted for more than 10% of its total revenue.

For the three months ended

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

June 30, 2024, the Company had 2 major customers that each accounted for over 10% of its total revenue.

For the Three Months Ended

March 31, 2025

June 30, 2025

For the Three Months Ended

March 31, 2024

June 30, 2024

Percentage of

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For the six months ended March

For the nine months ended June

30, 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 Six Months Ended

March 31, 2025

For the Six Months Ended

March 31, 2024

For the Nine Months Ended

June 30, 2025

For the Nine Months Ended

June 30, 2024

Percentage of

For the three months ended March

For the three months ended June

30, 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

June 30, 2025

For the Three Months Ended

March 31, 2024

June 30, 2024

Percentage of

28 unchanged sentences

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

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

during the nine months ended June 30, 2025 and 2024.

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 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 March 31, 2025 and 2024, the carrying values of

As of June 30, 2025 and 2024, the carrying values of

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

47 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

40 unchanged sentences

if necessary.

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

As of June 30, 2025, cash consists of bank deposits and deposits in

Alipay, which are unrestricted as to withdrawal and use.

7 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

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

At June 30, 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.

Beijing Shengrui Minghua Tea Industry Co., Ltd

Beijing Yiguanjia Health Technology Co., Ltd

Beijing Yijiaguan Health Technology Co., Ltd.

Shenzhen Huayufeng Technology Co., Ltd.

Dongguan Jiasheng Daily Use Plastic Products Co., Ltd.

Hainan Wanshishundada Technology Co., Ltd.

Shenzhen Hongyuexing Technology Co., Ltd.

Jinjiu International Consulting Service (Beijing) Co., Ltd.

Total Prepayments

OTHER RECEIVABLES

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

At June 30, 2025 and September 30, 2024, other receivables consisted

September 30,

3 unchanged sentences

Total other receivables

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

At June 30, 2025 and September 30, 2024, Inventories

consisted of the following:

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

ADVANCE FROM CUSTOMERS

At March 31, 2025 and September

At June 30, 2025 and September

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

1 unchanged sentence

Pre-collected member funds

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

As of June 30, 2025 and September 30, 2024, advances

from customers totaled $ 155,452 and 461,946 .

8 unchanged sentences

Shanghai Maitong Cultural Technology Co., Ltd

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

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

Fang a balance of $ 170,564 and $ 190,855 , which represented expenses paid on behalf of the Company and the interest-free loan she provided

to the Company.

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

As of June 30, 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 March 31, 2025, the Company had a balance of $ 1,220 due to Shanghai

As of June 30, 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.

4 unchanged sentences

ACCRUED EXPENSES

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

At June 30, 2025 and September 30, 2024, accrued expenses consisted

September 30,

3 unchanged sentences

Total accrued expenses

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

As of June 30, 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

ended June 30, 2025 and the year ended September 30, 2024.

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

payable of $ 10,823 and $ 11,052 .

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

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

security payable of $ 4,259 and 4,346 .

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

OTHER PAYABLES

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

At June 30, 2025 and September 30, 2024, other payables consisted of:

September 30,

10 unchanged sentences

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

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

For the Nine months ended June 30, 2025 and 2024, the lease amortization

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

5 unchanged sentences

Co., Ltd is a related party of Tongzhilian.

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

As of June 30, 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,

4 unchanged sentences

leases are as follows:

Period Ending March 31,

Period Ending June 30,

imputed interest

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

23 unchanged sentences

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

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

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

has been converted to a general taxpayer.

4 unchanged sentences

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

locations for the nine months ended June 30, 2025 and 2024 is as follows:

For the Nine Months Ended

United States

1 unchanged sentence

Before income taxes

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

INCOME TAXES (continued)

The difference between the U.S.

1 unchanged sentence

the Company’s effective tax rate was as follows:

For the Six Months Ended

For the Nine Months Ended

Income tax (benefit) at USA statutory rate

1 unchanged sentence

Effective combined tax rate

MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

INCOME TAXES (continued)

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

For the Six Months Ended

For the Nine Months Ended

Income tax (benefit) at PRC statutory rate

2 unchanged sentences

Effective combined tax rate

The Company did not recognize deferred tax assets since it is not likely

to incur taxes against which such deferred tax assets may be offset.

The deferred tax would apply to MGSD in the U.S.

and Tongzhilian

The Company incurred losses from its United States operations during

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

The Company’s

United States operations consist solely of ownership of its foreign subsidiaries, and the losses arise from administration expenses.

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

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

(IRS) in the United States as well as by the taxing authorities in China, where the firm has significant business operations.

years under examination vary by jurisdiction.

The table below presents the earliest tax year that remain subject to examination by major

jurisdiction.

The Company is subject to examination

by the Internal Revenue Service (IRS) in the United States as well as by the taxing authorities in China, where the firm has significant

business operations.

The tax years under examination vary by jurisdiction.

The table below presents the earliest tax year

that remain subject to examination by major jurisdiction.

The year as of

4 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025 AND 2024

NINE MONTHS ENDED JUNE 30, 2025 AND 2024

(UNAUDITED) (AMOUNTS IN US DOLLARS)

18 unchanged sentences

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

March 31, 2025.

June 30, 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

For the Nine Months Ended

Net income (loss) attributable to common stockholders

5 unchanged sentences

the consolidated financial statements were available to be issued.

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

All subsequent events requiring recognition as of June 30, 2025 have

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

1 unchanged sentence

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