What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-20 compared with 2025-02-21 · 24 added, 24 removed, 285 unchanged (14% of the section changed)

2 unchanged sentences

is an international direct-selling and e-commerce company.

Subsidiaries controlled by us sell personal care, wellness, and “quality of life” products under the “NHT Global” brand.

Through our subsidiaries, we sell personal care, wellness, and “quality of life” products under the “NHT Global” brand.

Our wholly-owned subsidiaries have an active physical presence in the following markets:

5 unchanged sentences

Our objectives are to enrich the lives of our customers and enable our members to benefit financially from the sale of our products.

We are incorporated in Delaware.

In February 2025, we relocated our corporate headquarters from Hong Kong to Rolling Hills Estates, California.

7 unchanged sentences

We offer a line of “NHT Global” branded products in the following distinct categories:

wellness, herbal, beauty, lifestyle, home, daily and at home tests.

wellness, herbal, beauty, lifestyle and at home tests.

These product categories, along with the business opportunity we offer in most of our markets, provide our members a platform to further their goal of achieving and maintaining healthy, quality lifestyles complete with product supplementation and the opportunity for financial rewards.

4 unchanged sentences

Liquid, encapsulated, tableted and powder dietary and nutritional supplements, vitamins, minerals

Premium Noni Juice, Triotein™, Cluster X2™, Children’s Chewable Multivitamin, ReStor Silver™, Glucosamine 2200™, FibeRich™, Energin, Enhanced Essential Probiotics, Omega-3 Essential Fatty Acids, StemRenu ® , OcuFocus™, CurcuMore™, Biotic Trio, Ultra B Complex, CalComplex, Collagen Supreme, MetaBoost, RelaxaPro

Premium Noni Juice, Triotein™, Cluster X2™, Children’s Chewable Multivitamin, ReStor Silver™, Glucosamine 2200™, FibeRich™, Energin, Enhanced Essential Probiotics, Omega-3 Essential Fatty Acids, StemRenu ® , OcuFocus™, CurcuMore™, Enhanced Biotic Trio, Ultra B Complex, CalComplex, Collagen Supreme, MetaBoost, RelaxaPro

Products formulated incorporating ingredients commonly found in traditional Chinese medicine.

4 unchanged sentences

Facial skin care and hand and body care

Skindulgence™ 30 Minute Firming System, BioCell SC Mask, Skindulgence™ Essence Gel, Floraeda Toner and Primer, Botanical Hand Protector™, Airelle ® Age-Defying Facial Serum, Airelle ® Intense Hydrating Repair Complex, Airelle ® Age-Defying Eye & Lip Treatment, Color Awakening Lipstick™, Adamas™ Brightening Night Cream, Micellion Cleansing Water, Skindulgence™ Probiotic Ampoule, Skindulgence™ Daily Gentle Facial Cleanser, Skindulgence ® Revitalizing Serum, Skindulgence ® Revitalizing Eye Cream, Root Revive Hair Serum

Skindulgence™ Essence Gel, Floraeda Toner and Primer, Botanical Hand Protector™, Micellion Cleansing Water, Skindulgence ® Revitalizing Serum, Skindulgence ® Revitalizing Eye Cream, Root Revive Hair Serum, Soo:vea Moisturizing Cleanser, Soo:vea Moisturizing Toner, Soo:vea Moisturizing Booster, Soo:vea Moisturizing Cream, Beliné Triple Action Day Cream

Products uniquely formulated to improve overall quality of life and to support active, physical and healthy lifestyles including weight management, and energy enhancing supplements.

Supplements and topical gels for improved vitality

Alura Lux™ by NHT Global, Valura Lux ™ , LaVie+ ™ , TwinSlim™ Probiotics, NaturalGlo ™

Products designed to create a clean and natural living environment for the home.

Home appliances

AquaPur Desktop Water Purifier

Daily care products designed to cleanse and protect the body and promote personal hygiene.

Oral care, hair care, and body care

Smart Sonic Toothbrush

Alura Lux™ by NHT Global, Valura Lux ™ , LaVie+ ™ , TwinSlim™ Probiotics, NaturalGlo ™, TwinSlim™ Coffee, TwinSlim™ Tomato Soup

At Home Tests

5 unchanged sentences

Working closely with raw material manufacturers and contract manufacturers, our mission is to co-develop and bring to market the highest quality products.

Our manufacturers are primarily located in the United States, as well as a few in South Korea, Hong Kong, Taiwan, Europe and China.

Our manufacturers are located in the United States, South Korea, Hong Kong, Taiwan, Europe and China.

Our raw materials are sourced from reputable suppliers around the world.

10 unchanged sentences

They work effectively with our management, implementing our strategies and providing continuous feedback to improve our services.

A discipline and capability has been established to continue launching high-quality consumer products that are designed to facilitate the accomplishment of our corporate objectives.

We have developed a discipline and capability to continue launching consumer products that are designed to facilitate the accomplishment of our corporate objectives, which is to provide exceptionally high-quality, impactful products to our customers.

We have developed and rolled out a comprehensive training system that provides a complete advancement path appropriate for our members.

Our training material covers the needs of our members, be they prospects, new recruits, product evangelists, sales leaders or dream builders.

We have developed a year-round, multi-faceted promotional plan that targets different segments of our membership.

We have developed a year-round, multi-faceted incentive plan that targets different segments of our membership.

We have implemented a commission structure that makes it as easy as possible to join our business, while giving existing members a chance to start earning money as quickly as possible in multiple ways.

The continuously improving mentality and methodology in our customer services have not only distinguished us as an organization, but have also given us a constant flow of information as to how we can do better to service our members.

Sourcing of Products

7 unchanged sentences

Marketing and Distribution

We distribute our products internationally primarily through a network marketing system, which is a form of person-to-person direct selling.

We distribute our products internationally predominantly through a network marketing system, which is a form of person-to-person direct selling.

Under this system, members primarily refer our products to prospective consumers or they may buy at wholesale or discounted prices for personal consumption or for resale to consumers.

The concept of network marketing is based on the strength of personal recommendations that frequently come from friends, neighbors, relatives, and close acquaintances.

The concept of network marketing is based on the strength of personal recommendations that frequently come from contacts, social networks, friends, neighbors, relatives, and close acquaintances.

We believe that network marketing is an effective way to distribute our products because it allows person-to-person product education and testimonials as well as higher levels of customer service, all of which are not as readily available through other distribution channels.

28 unchanged sentences

We are continually developing and updating our marketing strategies and programs to motivate our members.

Recent Developments

In 2025, in response to a challenging macroeconomic environment and continued pressure on consumer sentiment in the Company’s largest market, we implemented a restructuring plan intended to better align our operating cost structure with current business conditions and improve operating efficiency.

The plan included actions to optimize our workforce, relocate certain product manufacturing activities to Asia, and downsize several offices.

As of December 31, 2025, we were substantially complete with the major restructuring initiatives and expect to realize a significant portion of the associated $1.5 million annualized cost savings during 2026, with the remainder expected to be realized thereafter, primarily due to the timing of certain facility-related actions.

The amount and timing of savings may differ from our current expectations.

Management Information Systems

2 unchanged sentences

At December 31, 2025, we employed 120 individuals, including 118 total full-time employees, worldwide.

Of the full-time employees, 84 were located in Greater China (Hong Kong, China, and Taiwan), 27 in the Americas (United States, Canada, Cayman Islands, and Peru), seven in India, four in Europe, three in Japan, and two in each of Malaysia, South Korea and Russia.

Of the full-time employees, 71 were located in Greater China (Hong Kong, China, and Taiwan), 28 in the Americas (United States, Canada, Cayman Islands, Peru and Colombia), seven in India, four in Europe, and two in each of Japan, Malaysia, South Korea and Russia.

From quarter to quarter, we are somewhat impacted by seasonal factors and trends such as major cultural events and vacation patterns.

127 unchanged sentences

Similarly, in Mexico, the governing arm is COFEPRIS (Comisión Federal para la Protección contra Riesgos Sanitarios) and can also take three to six months to fully register as saleable.

The markets in which we conduct business all have varied regulations that distinguish foods and nutritional health supplements from “drugs” or “pharmaceutical products.” Because of the varied regulations, some products or ingredients that are recognized as a “food” in certain markets may be treated as a “pharmaceutical” in other markets.

The markets in which we conduct business all have varied regulations that distinguish foods and nutritional health supplements from “drugs” or “pharmaceutical products.” Because of these regulations, some products or ingredients that are recognized as a “food” in certain markets may be treated as a “pharmaceutical” in other markets.

These regulations may require us to either modify a product or refrain from selling the product in a given market.

1 unchanged sentence

In some circumstances, the regulations in foreign markets may require us to obtain regulatory approval prior to introduction of a new product or limit our uses of certain ingredients altogether.

There has been an increased movement in the United States and other markets to expand the regulation of dietary supplements.

While the regulatory framework for dietary supplements in the United States remains largely unchanged, the industry is subject to ongoing policy discussions regarding oversight, enforcement priorities, and consumer protection.

Future regulatory interpretations or enforcement approaches could affect how dietary supplements are marketed or distributed.

This could impose additional restrictions or requirements in the future.

Because of this increased regulatory focus, our internal regulatory staff has grown and review efforts have been enhanced in order to comply with our understanding of current regulations.

This could impose additional restrictions or requirements in the future.

FDA regulations require current good manufacturing practices (cGMP) for dietary supplements.

16 unchanged sentences

Although it was initially announced as a 100-day campaign, we are not aware of any information indicating that the campaign has ever been formally concluded.

In any case, the business environment in China for health product companies can be challenging, which has from time to time been exacerbated by negative social media sentiment expressed for these types of companies.

In any case, the business environment in China for health product companies can be challenging and can change quickly, which has from time to time been exacerbated by negative social media sentiment expressed for these types of companies.

See “Item 1A.

3 unchanged sentences

As is the case with most companies that operate in direct sales, we might receive inquiries or scrutiny from time to time from government regulatory authorities regarding the nature of our business and other issues, such as compliance with local direct selling, pyramid selling, transfer pricing, customs, taxation, foreign exchange control, securities and other laws.

We are also affected directly and indirectly by changes in United States and other jurisdictions’ trade policies.

See “Item 1A.

Risk Factors - Legal, Regulatory, Tax, Currency and Trade Policy Risks.”

Risk Factors - Legal, Regulatory, Tax and Currency Risks.”

Product Warranties and Returns

28 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 1. Business