What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-03-27 compared with 2024-03-28 · 74 added, 151 removed, 338 unchanged (40% of the section changed)

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To the Board of Directors and

Shareholders of Pony Group Inc.

Stockholders of Pony Group Inc.

on the Financial Statements

audited the accompanying consolidated balance sheets of Pony Group Inc and Subsidiaries (collectively, the “Company”) as of

December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’

December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, changes in stockholders’

equity, and cash flows for the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as the “financial

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our audits provide a reasonable basis for our opinion.

Critical Audit Matters

audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or

required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial

statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit

/s/ YCM CPA INC.

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Other receivables

Operating lease right-of-use assets

Total current assets

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Current liabilities

Deferred revenue

Accounts payable

Operating lease liabilities

Other payable- related parties

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Comprehensive

Balance as of December 31, 2021 (As restated, see Note 2)

Balance as of December 31, 2022

(As restated)

$ ( 575,899 )

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Cumulative Foreign currency translation adjustment

Balance as of December 31, 2022 (As restated, see Note 2)

Balance as of December 31, 2023

$ ( 724,420 )

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PONY GROUP INC, (the “Company” or “PONY”) was

incorporated on Jan 7, 2019 in the state of Delaware.

incorporated on January 7, 2019 in the state of Delaware.

On March 7, 2019, the Company entered into and a stock purchase

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eliminated upon consolidation.

Date of establishment

Place of establishment

Percentage of legal

Principal activities

Company Date of

establishment Place of establishment Percentage of legal

Pony Principal activities

Subsidiaries:

April 28, 2016

Hong Kong, PRC

Universe Travel

February 2, 2019

Mainland, PRC

Car services and Technological development and operation service

Pony HK April 28, 2016 Hong Kong, PRC 100 % Car services

Universe Travel February 2, 2019 Mainland, PRC 100 % Car services and Technological development and operation service

Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers

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for doubtful accounts was not necessary.

For the year ended December 31, 2023, the following

clients accounted for over 10 % of the revenue for the company:

Shenzhen Zhongke Hengjin with 27.56 %;

Shenzhen Eryuechuer Culture &

Technology., Ltd, with 14.17 %;

and Shenzhen Shangjia Electronic Technology., Ltd with 11.81 %.

For the year ended December 31, 2024, the following clients accounted

for over 10 % of the revenue for the company:

JunRong Development Co., Ltd with 31.58 %;

XAARPLC (Shenzhen) Technology Ltd with 11.29 %.

The Company determines the adequacy of reserves

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Recent accounting pronouncements

The Company does not believe that any recently issued but not yet effective

accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations

and cash flows .

Restatement of Previously Issued Consolidated Financial Statements

Restatement Background

The Company engaged our current auditor to re-perform

an audit on our financial statements as of and for the year ended December 31, 2022.

The impact of the restatement on the financial statements

as of and for the year ended December 31, 2022 is presented below.

Restatement Reconciliation Tables

The effects of the reclassifications and restatement for the adjustments

on the consolidated balance sheets, c onsolidated statements of comprehensive income (loss) and consolidated

statements of cash flows are as follows:

Consolidated Balance Sheet

As of December 31, 2022

Current assets

Cash and cash equivalents

Accounts receivables

Other receivables

Other receivables-related parties

Operating lease right-of-use assets

Total current assets

Liabilities and Equity

Current liabilities

Deferred revenue

Accounts payable

Operating lease liabilities

Other payable-related party

Other current liability

Total current liabilities

Total liabilities

Stockholders’ equity

Additional paid-in capital

Accumulated foreign currency exchange loss

Accumulated deficit

Total stockholders’ equity

Total liabilities and stockholders’ equity

Consolidated Statement of Comprehensive Income

For the year ended December 31, 2022

Cost of revenue

Operating expenses

General & administrative expenses

Total operating expenses

Loss from operation

Other income (expenses)

Other income (expense)

Total other income (expense)

Income (Loss) before income taxes

Provision for income tax

$ ( 269,078 )

$ ( 284,028 )

Other Comprehensive Income

Comprehensive loss

Basic and diluted earnings per common share

Statement of Cash Flows

the Year ended December 31, 2022

Cash flows from operating activities:

$ ( 269,078 )

$ ( 284,028 )

Changes in operating assets and liabilities:

Accounts receivable

Other receivable

Deferred revenue

Accounts payable

Other payable

Net cash used in operating activities

Cash flow from financing activities:

Advance from (repayment

to) related party

Net cash provided by financing activities

Effects of currency translation on cash

Net decrease in cash

Cash at beginning of

Cash at end of period

The Company does not believe that any recently

issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position,

statements of operations and cash flows.

3 - GOING CONCERN

The Company had operating losses of $ 148,521 and $ 284,028 during the

years ended December 31, 2023 and 2022, respectively.

The Company had net losses of $ 164,074 and $ 148,521 during the years

ended December 31, 2024 and 2023, respectively.

The Company has accumulated deficit of $ 888,494 and working capital

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Total due to related parties

Universe Travel entered into a Lease Agreement with Shenzhen Yilutong

Technology Co.

Universe Travel entered into a Lease Agreement

with Shenzhen Yilutong Technology Co.

Ltd (founded by Ms.

Wenxian Fan in December 2015.), the Company rented a portion at Engineer Experiment Building, A202,

7 Gaoxin South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters of space for

a monthly rent of RMB 10,000 (approximately $ 1,408 ).

For details please refer to NOTE 7 - LEASES.

Wenxian Fan in December 2015.), the Company rented a portion at Engineer Experiment

Building, A202, 7 Gaoxin South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters

of space for a monthly rent of RMB 10,000 (approximately $ 1,408 ).

This contract will terminate on March 31, 2025 and the Company expects

to renew such lease for a further term upon expiration.

5 - MAJOR SUPPLIERS AND CUSTOMERS

purchased majority of its subcontracted services from one major supplier:

CHANGYING BUSINESS LIMITED representing 21.31 % and

56.05 % of the total cost for the year ended December 31, 2023 and 2022.

had three major customers for the year ended December 31, 2023:

Company purchased majority of its subcontracted services from three major suppliers:

Yahong Business Limited with 47.43 %, CHANGYING BUSINESS LIMITED with 17.77 % and Shenzhen Yuegang Liantong Car Service., Ltd with

11.29 % of the total cost for the year ended December 31, 2024.

Company purchased majority of its subcontracted services from one major supplier:

CHANGYING BUSINESS LIMITED representing 21.31 %

of the total cost for the year ended December 31, 2023.

had two major customers for the year ended December 31, 2024:

JunRong Development Co., Ltd with 31.58 %;

XAARPLC (Shenzhen)

Technology Ltd with 20.98 % of the total revenue

Company had three major customers for the year ended December 31, 2023:

Shenzhen Zhongke Hengjin with 27.56 %;

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and Shenzhen Shangjia Electronic Technology., Ltd with 11.81 % of the total revenue

Company had two major customers for the year ended December 31, 2022:

Shenzhen Shangjia Electronic Technology., Ltd (“Shangjia”)

for 50.50 % of revenue and HK Gangjianxiang Trade Co Ltd.

(“Gangjianxiang”) for 47.63 % of revenue.

NOTE 6 - COMMON

of December 31, 2023 and 2022, there were 11,500,000 shares of common stock, par value $ 0.001 per share, of the registrant issued and

March 31, 2022, the Company adopted ASU 2016-02, Leases (ASC Topic 842).

For all leases that were entered into prior to the effective

date of Topic 842, the Company elected to apply the package of practical expedients.

The Company leases office space under non-cancelable

operating leases, with terms typically ranging from one to four years .

The Company determines whether an arrangement is or includes an

embedded lease at contract inception.

lease assets and lease liabilities are recognized at commencement date and initially measured based on the present value of lease payments

over the defined lease term.

Lease expense is recognized on a straight-line basis over the lease term.

On March 1, 2022, Universe Travel entered into a Lease Agreement with

Shenzhen Yilutong Technology Co.

On March 31, 2022, the Company adopted ASU 2016-02,

Leases (ASC Topic 842).

For all leases that were entered into prior to the effective date of Topic 842, the Company elected to apply the

package of practical expedients.

The Company leases office space under non-cancelable operating leases, with terms typically ranging from

one to four years .

The Company determines whether an arrangement is or includes an embedded lease at contract inception.

Operating lease assets and lease liabilities are recognized at commencement

date and initially measured based on the present value of lease payments over the defined lease term.

Lease expense is recognized on a

straight-line basis over the lease term.

March 1, 2022, Universe Travel entered into a Lease Agreement with Shenzhen Yilutong Technology Co.

Ltd (founded by Ms.

Wenxian Fan in December 2015.), the Company rented a portion at Engineer Experiment

Building, A202, 7 Gaoxin South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters

of space for a monthly rent of RMB 10,000 (approximately $ 1,408 ).

Wenxian Fan in

December 2015.), pursuant to which the Company rented a portion at Engineer Experiment Building, A202, 7 Gaoxin

South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters of space for a monthly

rent of RMB 10,000 (approximately $1, 424).

The lease term was from March 1, 2022 to March 31, 2023.

2023, the Company renewed the lease contract and the lease term was from April 1, 2023 to March 31, 2024.

following tables represent the Company’s lease assets and liabilities as of December 31 2023 and 2022:

Operating lease right-of-use assets

Operating lease liabilities-current

lease right-of-use assets

lease liabilities-current

following tables summarize quantitative information about the Company’s operating lease, under the adoption of ASC 842:

Average Remaining Lease Term (Months)

Average Discount Rate

Average Remaining Lease Term (Months)

Average Discount Rate

Maturities of lease liabilities were as follows:

Twelve months ending December 31,

8 - Commitments and Contingencies

On April 1, 2023, the Company

renewed such lease contract and the term was from April 1, 2023 to March 31, 2024.

On April 1, 2024, the Company renewed the Lease Agreement

with Shenzhen Yilutong Technology Co.

Ltd with a one -year term beginning on April 1, 2024 and terminating on March 31, 2025.

expects to renew such lease for a further term upon expiration.

NOTE 7 - COMMON STOCK

As of December 31, 2024 and 2023, there were 11,500,000 shares of common

stock, par value $ 0.001 per share, of the registrant issued and outstanding.

- C OMMITMENTS AND CONTINGENCIES

to time, we may in the future become a party to various legal or administrative proceedings arising in the ordinary course of our business,

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- SUBSEQUENT EVENTS

Management has evaluated

subsequent events through March 28, 2024, the date which the financial statements were available to be issued.

All subsequent events requiring

recognition as of December 31, 2023 have been incorporated into these financial statements and there are no subsequent events that require

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

Management has evaluated subsequent events through March 27, 2025,

the date which the financial statements were available to be issued.

All subsequent events requiring recognition as of December 31, 2024

have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB

ASC Topic 855, “Subsequent Events.”

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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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 8. Financial Statements and Supplementary Data