What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-27 compared with 2024-03-28 · 42 added, 38 removed, 534 unchanged (13% of the section changed)

78 unchanged sentences

it is unable to inspect or investigate completely.

As of this Report, our auditor, YCM CPA, Inc., is not headquartered in China nor Hong

As of this Report, our auditor, YCM CPA, INC.

is not headquartered in China nor Hong

Kong and thus is not subject to such determination.

a firm registered with the PCAOB, YCM CPA, Inc.

is subject to laws in the United States which provide that the PCAOB shall conduct regular

inspections to assess the auditor’s compliance with the applicable professional standards.

We have no intention of dismissing BF

YCM CPA, Inc in the future or engaging any auditor not based in the U.S.

and not subject to regular inspection by the PCAOB.

no guarantee, however, that any future auditor engaged by the Company would remain subject to full PCAOB inspection during the entire

term of our engagement.

If it is later determined that the PCAOB is unable to inspect or investigate our auditor completely, investor

may be deprived of the benefits of such inspection.

Any audit reports not issued by auditors that are completely inspected by the PCAOB,

or a lack of PCAOB inspections of audit work undertaken in China or Hong Kong that prevents the PCAOB from regularly evaluating our auditors’

audits and their quality control procedures, could result in a lack of assurance that our financial statements and disclosures are adequate

and accurate.

As a firm registered with the PCAOB subject to laws in the United States

which provide that the PCAOB shall conduct regular inspections to assess the auditor’s compliance with the applicable professional

We have no intention of dismissing YCM CPA INC.

in the future or engaging any auditor not based in the U.S.

and not subject

to regular inspection by the PCAOB.

There is no guarantee, however, that any future auditor engaged by the Company would remain subject

to full PCAOB inspection during the entire term of our engagement.

If it is later determined that the PCAOB is unable to inspect or investigate

our auditor completely, investor may be deprived of the benefits of such inspection.

Any audit reports not issued by auditors that are

completely inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken in China or Hong Kong that prevents the PCAOB

from regularly evaluating our auditors’ audits and their quality control procedures, could result in a lack of assurance that our

financial statements and disclosures are adequate and accurate.

On August 26, 2022, the PCAOB announced and signed

148 unchanged sentences

other foreign exchange.

government, including the SEC, has recently made statements and taken certain actions that may lead to significant changes to U.S.

and international relations, and will impact companies with connections to the United States or China (including Hong Kong).

issued statements primarily focused on companies with significant China-based operations.

For example, on July 30, 2021, Gary Gensler,

Chairman of the SEC, issued a Statement on Investor Protection Related to Recent Developments in China, pursuant to which Chairman Gensler

stated that he has asked the SEC staff to engage in targeted additional reviews of filings for companies with significant China-based

government, including the SEC, has recently made statements

and taken certain actions that may lead to significant changes to U.S.

and international relations, and will impact companies with connections

to the United States or China (including Hong Kong).

The SEC has issued statements primarily focused on companies with significant China-based

For example, on July 30, 2021, Gary Gensler, former Chairman of the SEC, issued a Statement on Investor Protection Related

to Recent Developments in China, pursuant to which Chairman Gensler stated that he has asked the SEC staff to engage in targeted additional

reviews of filings for companies with significant China-based operations.

a detailed description of the risks facing the Company and the risks associated with having our operations in Hong Kong, please refer

36 unchanged sentences

For additional information about the risks to our business related to

competition, see the section titled “Risk Factors- We face intense competition and could lose market share to our competitors, which

could adversely affect our business, financial condition and results of operations.”

competition, see the section titled “ Risk Factors- We face intense competition and could lose market share to our competitors,

which could adversely affect our business, financial condition and results of operations .”

As of the date of this Report, we have a total

12 unchanged sentences

We believe the rented space is sufficient for our current operations.

We currently do not have any insurance coverage

other than participation in various government statutory social security plans, including a pension contribution plan, a medical insurance

plan, an unemployment insurance plan, a work-related injury insurance plan, a maternity insurance plan and a housing provident fund.

We currently do not have any insurance coverage other than participation

in various government statutory social security plans, including a pension contribution plan, a medical insurance plan, an unemployment

insurance plan, a work-related injury insurance plan, a maternity insurance plan and a housing provident fund.

Legal Proceedings

4 unchanged sentences

of our management, are likely to have any material and adverse effect on our business, financial condition, cash-flow or results of operations.

This section sets forth a summary of the most significant

laws, rules and regulations that affect our business and operations in China.

We provide our service through third-party transportation

companies and do not own the vehicle ourselves for their operations, therefore we believe we do not need the qualifications related to

vehicle transportation operations.

This section sets forth a summary of the most significant laws, rules

and regulations that affect our business and operations in China.

We provide our service through third-party transportation companies

and do not own the vehicle ourselves for their operations;

therefore we believe we do not need to disclose the qualifications related

to vehicle transportation operations.

Regulations Relating to Foreign Investment

175 unchanged sentences

Regulations Relating to Foreign Debts

Considering that certain foreign debts may be generated

during the oversea or domestic investment from PRC residents, the State Administration of Foreign Exchange promulgated the Administrative

Measures for Registration of Foreign Debts, or the Measures, on April 28, 2013 and became effective on May 13, 2013.

This Measures require

the entity to complete several regulatory procedures in terms of foreign debts.

For example, after borrowed the foreign debts, debtors

shall carry out registration on local SAFE in relation to the execution of the contract, the drawdown, the prepayment or the foreign exchange

Considering that certain foreign debts may be generated during the

oversea or domestic investment from PRC residents, the State Administration of Foreign Exchange promulgated the Administrative Measures

for Registration of Foreign Debts, or the Measures, on April 28, 2013 and became effective on May 13, 2013.

These measures require the

entity to complete several regulatory procedures in terms of foreign debts.

For example, after borrowed the foreign debts, debtors shall

carry out registration on local SAFE in relation to the execution of the contract, the drawdown, the prepayment or the foreign exchange

settlement and sales within a specific period.

68 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