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Item 9A. Controls and Procedures

2025-04-07 compared with 2024-03-25 · 1352 added, 502 removed, 346 unchanged (84% of the section changed)

Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms.

Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management evaluated, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of December 31, 2023, pursuant to Rule 13a-15(b) under the Exchange Act.

Based upon that evaluation, our Certifying Officers concluded that, as of December 31, 2023, our disclosure controls and procedures were not effective.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud.

Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.

Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs.

Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any.

The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Management’s Report on Internal Controls Over Financial Reporting

This Annual Report on Form 10-K does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Other Information.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Directors, Executive Officers and Corporate Governance.

The following table sets forth information about our directors and executive officers as of the date of this annual report.

Chairman, Chief Executive Officer

Chief Financial Officer, Director

Brandon Miller

Independent Director

Michael Lazar

Independent Director

Hui Chen has been our Chief Executive Officer and Chairman since May 2023.

He has been serving as the Chief Executive Officer and Chairman of Yotta Acquisition Corporation (Nasdaq:

and Procedures.

controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our

reports filed or submitted under Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed,

summarized and reported within the time periods specified in the SEC’s rules and forms.

Disclosure controls and procedures include,

without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted

under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer,

to allow timely decisions regarding required disclosure.

of Disclosure Controls and Procedures

controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed

under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time period specified in the

SEC’s rules and forms.

Disclosure controls are also designed with the objective of ensuring that such information is accumulated

and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely

decisions regarding required disclosure.

Our management evaluated, with the participation of our current Chief Executive Officer and

Chief Financial Officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of December

31, 2024, pursuant to Rule 13a-15(b) under the Exchange Act.

Based upon that evaluation, our Certifying Officers concluded that, as of

December 31, 2024, our disclosure controls and procedures were not effective.

do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud.

Disclosure controls and

procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the

disclosure controls and procedures are met.

Further, the design of disclosure controls and procedures must reflect the fact that there

are resource constraints, and the benefits must be considered relative to their costs.

Because of the inherent limitations in all disclosure

controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all

our control deficiencies and instances of fraud, if any.

The design of disclosure controls and procedures also is based partly on certain

assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated

goals under all potential future conditions.

Annual Report on Internal Controls Over Financial Reporting

required by SEC rules and regulations implementing Section 404 of the Sarbanes-Oxley Act, our management is responsible for establishing

and maintaining adequate internal control over financial reporting.

Our internal control over financial reporting is designed to provide

reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external reporting

purposes in accordance with GAAP.

Our internal control over financial reporting includes those policies and procedures that:

to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the

assets of our company,

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with

GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors,

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that

could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our financial

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate

because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

Management assessed

the effectiveness of our internal control over financial reporting on December 31, 2024.

In making these assessments, management used

the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated

Framework (2013).

Based on our assessments and those criteria, management determined that we did not maintain effective internal control

over financial reporting as of December 31, 2024, due to the material weakness in our internal controls due to inadequate segregation

of duties within account processes due to limited personnel and insufficient written policies and procedures for accounting, IT, and

financial reporting and record keeping.

intends to implement remediation steps to improve our internal controls due to inadequate segregation of duties within account processes

due to limited personnel and insufficient written policies and procedures for accounting, IT, and financial reporting and record keeping.

We plan to further improve this process by enhancing the size and composition of our board upon the closing of the business and to identify

third-party professionals with whom to consult regarding complex accounting applications and consideration of additional staff with the

requisite experience and training to supplement existing accounting professionals and implemented additional layers of reviews in the

financial close process.

Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm due to our status

as an emerging growth company under the JOBS Act.

in Internal Control over Financial Reporting

were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange

Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal

control over financial reporting.

REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Executive Officers and Corporate Governance.

following table sets forth information about our directors and executive officers as of the date of this annual report.

Chief Executive Officer

Financial Officer, Director

Chen has been our Chief Executive Officer and Chairman since May 2023.

He has been serving as the Chief Executive Officer and Chairman

of Yotta Acquisition Corporation (Nasdaq:

YOTA) since December 2021.

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Chen founded Law Offices of Hui Chen & Associates, PC in 2012, a New York-based law firm.

Chen focuses his practice on patent prosecution, copyright infringement, and other general intellectual property matters.

Chen has also been an adjunct professor at Hofstra University since September 2019, where he instructs multiple undergraduate computer science programming courses in Visual C++.

Chen focuses his practice on patent

prosecution, copyright infringement, and other general intellectual property matters.

Chen has also been an adjunct professor at

Hofstra University since September 2019, where he instructs multiple undergraduate computer science programming courses in Visual C++.

Before joining Hofstra University, Mr.

Chen was an adjunct associate professor at John Jay College of Criminal Justice, Pace University, Touro College, and Saint Francis College between 2000 and 2018 and was a full-time professor at Technical Career of Institute, College of Technology from December 2011 to December 2017.

Chen was an adjunct associate professor at John Jay College of Criminal Justice, Pace University,

Touro College, and Saint Francis College between 2000 and 2018 and was a full-time professor at Technical Career of Institute, College

of Technology from December 2011 to December 2017.

Before forming his law office in 2012, Mr.

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from February 2008 to May 2015.

Chen worked at IBM Global Services, where he was a solo back-end developer in designing and building the database and back-end process for DHS Inspection Application, from November 2007 to March 2008, and a programmer analyst between March 1998 and May 2004.

Chen worked at IBM Global Services, where he

was a solo back-end developer in designing and building the database and back-end process for DHS Inspection Application, from November

2007 to March 2008, and a programmer analyst between March 1998 and May 2004.

Chen also worked at MultiPlan Inc.

between June 2005 and February 2008 as a technical lead where he participated in designing new application systems and partnered with external vendors in coding and implementing new systems by using Java and Oracle PL/SQL.

between June 2005

and February 2008 as a technical lead where he participated in designing new application systems and partnered with external vendors

in coding and implementing new systems by using Java and Oracle PL/SQL.

Before that, Mr.

Chen worked at Pepsi Cola Inc.

from January 2004 to June 2005, where he designed, coded, implemented, and documented a growth forecasting system and developed an automatic purchasing system.

Chen received a Bachelor’s degree in Mechanical Engineering from Shanghai Jiaotong University in 1992, a Bachelor’s degree in HVAC from Technical Career Institutes in 1997, a Master of Science degree in Computer Science from Pace University in 2000, and his J.D.

2004 to June 2005, where he designed, coded, implemented, and documented a growth forecasting system and developed an automatic purchasing

Chen received a Bachelor’s degree in Mechanical Engineering from Shanghai Jiaotong University in 1992, a Bachelor’s

degree in HVAC from Technical Career Institutes in 1997, a Master of Science degree in Computer Science from Pace University in 2000,

degree from Cardozo School of Law, Yeshiva University in 2010.

Labbe has been our Chief Financial Officer since May 2023.

He serves as one of our directors as of the date of this prospectus.

He serves as one of our directors as of the date of this annual report.

He has been serving as the Chief Financial Officer and director of Yotta Acquisition Corporation (Nasdaq:

YOTA) since December 2021.

Labbe is a real estate veteran and real estate finance attorney licensed in California and New York with over thirty (30) years of experience in real estate.

Labbe is a real estate veteran and real estate finance attorney licensed in California and New York with over thirty (30) years of

experience in real estate.

Labbe also has been a manager of MCAP Realty Advisors, LLC, a real estate advisor company, since January

Labbe has been the general counsel of Global Premier Development Inc.

and Global Premier America, LLC, real estate development companies, from March 2012 to December 2021.

Labbe was a co-founder, general counsel, and managing director of Lenders Direct Capital, a wholesale lender, and its retail affiliate Lenders Republic Financial, a nationwide mortgage banker, from May 2003 to December 2007.

Labbe was also a co-founder and partner at Mazda Butler LLP, a commercial and real estate law firm in California, from January 2003 to December 2007.

Labbe co-founded First Allegiance Financial, a national specialty finance company, where he was the president and chairman from September 1996 to December 1998.

First Allegiance Financial was acquired by City Holding Company, a financial holding company, for approximately $22 million in 1997.

Labbe received his Bachelor’s degree in Civil Law (B.C.L.) and Bachelor of Laws degree (LL.B.) from McGill University in 1982 and 1983, respectively.

and Global Premier America, LLC, real estate development

companies, from March 2012 to December 2021.

Labbe was a co-founder, general counsel, and managing director of Lenders Direct Capital,

a wholesale lender, and its retail affiliate Lenders Republic Financial, a nationwide mortgage banker, from May 2003 to December 2007.

Labbe was also a co-founder and partner at Mazda Butler LLP, a commercial and real estate law firm in California, from January 2003

to December 2007.

Labbe co-founded First Allegiance Financial, a national specialty finance company, where he was the president and

chairman from September 1996 to December 1998.

First Allegiance Financial was acquired by City Holding Company, a financial holding company,

for approximately $22 million in 1997.

Labbe received his Bachelor’s degree in Civil Law (B.C.L.) and Bachelor of Laws degree

(LL.B.) from McGill University in 1982 and 1983, respectively.

Labbe also received his Diplome d’Etude Collegiale St.

Lawrence College (Quebec) in 1978.

College (Quebec) in 1978.

Labbe is a licensed broker with the California Department of Real Estate since 1990.

Labbe also holds the UC Irvine Extension Light Construction and Development Management Program Certificate.

Brandon Miller serves as one of our independent directors since October 5, 2023.

He has been serving as a member of the board of directors of Yotta Acquisition Corporation (Nasdaq:

Labbe also holds

the UC Irvine Extension Light Construction and Development Management Program Certificate.

Miller serves as one of our independent directors since October 5, 2023.

He has been serving as a member of the board of directors

of Yotta Acquisition Corporation (Nasdaq:

YOTA) since April 2022.

Miller has been the managing partner at Aspect Property Management LLC, a property management company in Connecticut, since January 2015.

Miller has been the managing partner at Aspect Property Management

LLC, a property management company in Connecticut, since January 2015.

Before joining Aspect Property Management LLC, Mr.

Miller spent a decade in the consulting industry at Matté & Company, a private and public sector consulting company from January 2005 to January 2015, where he offered executive recruiting, strategic planning, leadership, and corporate consulting services.

Miller was a corporate controller at Corporate Dining Solutions, a corporate catering company, from 2003 to 2005.

Miller is presently a certified manager of community associations (“CMCA”) and an association management specialist (“AMS”).

Miller received his Bachelor’s degree in Finance from the University of Bridgeport in 1986 and studied in Mechanical Engineering at North Carolina State University from 1980 to 1983.

a decade in the consulting industry at Matté & Company, a private and public sector consulting company from January 2005 to

January 2015, where he offered executive recruiting, strategic planning, leadership, and corporate consulting services.

a corporate controller at Corporate Dining Solutions, a corporate catering company, from 2003 to 2005.

Miller is presently a certified

manager of community associations (“CMCA”) and an association management specialist (“AMS”).

Miller received

his Bachelor’s degree in Finance from the University of Bridgeport in 1986 and studied in Mechanical Engineering at North Carolina

State University from 1980 to 1983.

McCabe serves as one of our independent directors since October 5, 2023.

He has been serving as a member of the board of directors of Yotta Acquisition Corporation (Nasdaq:

He has been serving as a member of the board of directors

of Yotta Acquisition Corporation (Nasdaq:

YOTA) since April 2022.

McCabe has been admitted to practice before the Courts of the State of Connecticut since 1974.

McCabe’s legal career began as an assistant clerk of the Superior Court at Stamford from 1974 to 1976, and since then he has had his own legal practice, Daniel McCabe LLC, a general practice law firm in Connecticut founded in 1982.

His work includes rendering legal advice to individuals and business entities concerning commercial transactions, business organizations, and complex litigation.

McCabe has been admitted to practice before the Courts of the State

of Connecticut since 1974.

McCabe’s legal career began as an assistant clerk of the Superior Court at Stamford from 1974 to

1976, and since then he has had his own legal practice, Daniel McCabe LLC, a general practice law firm in Connecticut founded in 1982.

His work includes rendering legal advice to individuals and business entities concerning commercial transactions, business organizations,

and complex litigation.

McCabe is also an Adjunct Professor of Business Law at Sacred Heart University.

McCabe previously was the Chairman of the Stamford Housing Authority, Co-chair of the Stamford Reapportionment Committee, Member of the Board of Parole for the State of Connecticut, Chairman of the Republican Town Committee of the City of Stamford and Counsel for the Stamford Water Pollution Control Authority.

He also served as Corporation Counsel for the City of Stamford where he held the position of chief legal counsel and advisor to Mayor Stanley Esposito of the City of Stamford.

McCabe previously was

the Chairman of the Stamford Housing Authority, Co-chair of the Stamford Reapportionment Committee, Member of the Board of Parole for

the State of Connecticut, Chairman of the Republican Town Committee of the City of Stamford and Counsel for the Stamford Water Pollution

Control Authority.

He also served as Corporation Counsel for the City of Stamford where he held the position of chief legal counsel and

advisor to Mayor Stanley Esposito of the City of Stamford.

McCabe obtained his Juris Doctor degree from St.

John’s University Law School in 1974.

Michael Lazar serves as one of our independent directors since October 5, 2023.

He has been serving as a member of the board of directors of Yotta Acquisition Corporation (Nasdaq:

YOTA) since April 2022.

Lazar has over 14 years of experience in guiding corporate issuers with the filing of their regulatory filings with the SEC.

Lazar founded Empire Filings, a full-service financial printer, in October 2020, and has been the chief executive officer of the company since then.

Lazar acted as the chief executive officer of Adorbs, Inc., an organic apparel company quoted on the OTC market, from April 2019 to October 2020.

Prior to that, Mr.

Lazar worked at S2 Filings, a full-service financial printer, from August 2016 to October 2020.

Lazar started his career in the financial printer industry at Vintage Filings, a full-service financial printer and a division of PR Newswire, from August 2006 to August 2016.

Lazar obtained his Bachelor’s degree in Economics from Brooklyn College in 2004.

Number and Terms of Office of Officers and Directors

Our board of directors has five members, three of whom are deemed “independent” under SEC and Nasdaq rules.

We may not hold an annual meeting of stockholders until after we consummate our initial business combination.

Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office.

Our board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate.

Our bylaws provide that our directors may consist of a chairman of the board, and that our officer may consist of chief executive officer, president, chief financial officer, executive vice president(s), vice president(s), secretary, treasurer and such other officers as may be determined by the board of directors.

Director Independence

Nasdaq listing standards require that within one year of the listing of our securities on the Nasdaq Global Market we have at least a majority of independent directors and that a majority of our board of directors be independent.

An “independent director” is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company’s board of directors, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director.

John’s University

Law School in 1974.

Gong has been serving as one of our independent directors since April 3, 2024.

Gong has enjoyed a diverse career in both China

and the United States across various domains.

In March 2024, Ms.

Gong founded the American Wall Street Listed Group Inc., a consulting

company, and has been serving as its Chief Executive Officer since such time.

Gong was also the founder and has been serving as the

Chief Executive Officer for American Information Technology Inc., an information technology consulting company, since September 2022.

She was also the founder and has been serving as the Chief Executive Officer for U.S.

China Health Products Inc., a marketing consulting

company, since December 2021.

In addition, Ms.

Gong founded the U.S.-China Service Inc., a wealth management consulting company, in July

2018 and has been serving as its Chief Executive Officer since such time.

She has been serving as a member of the board of directors

of Yotta since April 2024

and Terms of Office of Officers and Directors

board of directors has five members, three of whom are deemed “independent” under SEC and Nasdaq rules.

We may not hold an

annual meeting of stockholders until after we consummate our initial business combination.

Our officers are appointed by the board of

directors and serve at the discretion of the board of directors, rather than for specific terms of office.

Our board of directors is

authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate.

Our bylaws provide that our directors may

consist of a chairman of the board, and that our officer may consist of chief executive officer, president, chief financial officer,

executive vice president(s), vice president(s), secretary, treasurer and such other officers as may be determined by the board of directors.

listing standards require that within one year of the listing of our securities on the Nasdaq Global Market we have at least a majority

of independent directors and that a majority of our board of directors be independent.

An “independent director” is defined

generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship

which in the opinion of the company’s board of directors, would interfere with the director’s exercise of independent judgment

in carrying out the responsibilities of a director.

Our Board of Directors determined that Mr.

Miller, and Mr.

Lazar each qualify as an “independent director” as defined in the Nasdaq listing standards and applicable SEC rules.

We will only enter into a business combination if it is approved by a majority of our directors.

Additionally, we will only enter into transactions with our officers and directors and their respective affiliates that are on terms no less favorable to us than could be obtained from independent parties.

Miller, and Ms.

qualify as an “independent director” as defined in the Nasdaq listing standards and applicable SEC rules.

will only enter into a business combination if it is approved by a majority of our directors.

Additionally, we will only enter into transactions

with our officers and directors and their respective affiliates that are on terms no less favorable to us than could be obtained from

independent parties.

Any related-party transactions must be approved by our audit committee and a majority of disinterested directors.

Audit Committee

We have established an audit committee of the board of directors, which consists of Mr.

We have established an audit committee of the board

of directors, which consists of Mr.

Brandon Miller, Mr.

McCabe and Mr.

Michael Lazar, each of whom is an independent director.

McCabe and Ms.

Qi Gong, each of whom is an independent director.

Brandon Miller serves as chairperson of the audit committee.

The audit committee’s duties, which are specified in our Audit Committee Charter, include, but are not limited to:

The audit committee’s duties, which are specified in our Audit

Committee Charter, include, but are not limited to:

reviewing and discussing with management and the independent auditor the annual audited financial statements, and recommending to the board whether the audited financial statements should be included in our Form 10-K;

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Financial Experts on Audit Committee

The audit committee is composed exclusively of “independent directors” who are “financially literate” as defined under the Nasdaq listing standards.

The Nasdaq listing standards define “financially literate” as being able to read and understand fundamental financial statements, including a company’s balance sheet, income statement, and cash flow statement.

In addition, we must certify to Nasdaq that the committee has, and will continue to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results in the individual’s financial sophistication.

The audit committee is composed exclusively of “independent

directors” who are “financially literate” as defined under the Nasdaq listing standards.

The Nasdaq listing standards

define “financially literate” as being able to read and understand fundamental financial statements, including a company’s

balance sheet, income statement, and cash flow statement.

In addition, we must certify to Nasdaq that the committee

has, and will continue to have, at least one member who has past employment experience in finance or accounting, requisite professional

certification in accounting, or other comparable experience or background that results in the individual’s financial sophistication.

The board of directors has determined that Mr.

Brandon Miller qualifies as an “audit committee financial expert,” as defined under rules and regulations of the SEC.

Brandon Miller qualifies as an “audit committee financial expert,” as

defined under rules and regulations of the SEC.

Compensation Committee

We have established a compensation committee of the board of directors consisting of Mr.

Brandon Miller, and Mr.

Michael Lazar, each of whom is an independent director.

We have established a compensation committee of the

board of directors consisting of Mr.

Brandon Miller, and Ms.

Qi Gong each of whom is an independent director.

McCabe serves as chairman of the compensation committee.

We have adopted a compensation committee charter, which details the principal functions of the compensation committee, including:

We have adopted a compensation committee charter, which details

the principal functions of the compensation committee, including:

reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance within the context of such goals and objectives, and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;

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reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

The charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel, or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser.

However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by NASDAQ and the SEC.

The charter also provides that the compensation committee

may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel, or other adviser and will be directly

responsible for the appointment, compensation and oversight of the work of any such adviser.

However, before engaging or receiving advice

from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence

of each such adviser, including the factors required by NASDAQ and the SEC.

Director Nominations

We do not have a standing nominating committee, though we intend to form a corporate governance and nominating committee as and when required to do so by law or NASDAQ rules.

The board of directors will also consider director candidates recommended for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election at a future annual meeting of stockholders (or, if applicable, a special meeting of stockholders).

Our stockholders that wish to nominate a director for election to the Board should follow the procedures set forth in our bylaws.

We have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess.

In general, in identifying and evaluating nominees for director, the board of directors considers education, professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our stockholders.

We do not have a standing nominating committee, though

we intend to form a corporate governance and nominating committee as and when required to do so by law or NASDAQ rules.

The board of directors will also consider director

candidates recommended for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election

at a future annual meeting of stockholders (or, if applicable, a special meeting of stockholders).

Our stockholders that wish to nominate

a director for election to the Board should follow the procedures set forth in our bylaws.

We have not formally established any specific, minimum

qualifications that must be met or skills that are necessary for directors to possess.

In general, in identifying and evaluating nominees

for director, the board of directors considers education, professional experience, knowledge of our business, integrity, professional

reputation, independence, wisdom, and the ability to represent the best interests of our stockholders.

Compensation Committee Interlocks and Insider Participation

Any executive compensation matters will be determined by our compensation committee.

None of our directors who currently serve as members of our compensation committee is, or has at any time in the past been, one of our officers or employees.

None of our executive officers currently serves, or in the past year has served, as a member of the compensation committee of any other entity that has one or more executive officers serving on our board of directors.

None of our executive officers currently serves, or in the past year has served, as a member of the board of directors of any other entity that has one or more executive officers serving on our compensation committee.

Any executive compensation matters will be determined

by our compensation committee.

None of our directors who currently serve as members of our compensation committee is, or has at any time

in the past been, one of our officers or employees.

None of our executive officers currently serves, or in the past year has served, as

a member of the compensation committee of any other entity that has one or more executive officers serving on our board of directors.

None of our executive officers currently serves, or in the past year has served, as a member of the board of directors of any other entity

that has one or more executive officers serving on our compensation committee.

Conflicts of Interest

Investors should be aware of the following potential conflicts of interest.

Investors should be aware of the following potential

conflicts of interest.

None of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest in allocating their time among various business activities.

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For the foregoing reasons, our board may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effect our initial business combination.

In general, officers and directors of a corporation incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation if:

In general, officers and directors of a corporation

incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation if:

the corporation could financially undertake the opportunity;

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it would not be fair to the corporation and its stockholders for the opportunity not to be brought to the attention of the corporation.

Accordingly, as a result of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting business opportunities meeting the above-listed criteria to multiple entities.

Furthermore, our amended and restated certificate of incorporation provides that the doctrine of corporate opportunity will not apply with respect to any of our officers or directors in circumstances where the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have.

In order to minimize potential conflicts of interest which may arise from multiple affiliations, our officers and directors (other than our independent directors) have agreed to present to us for our consideration, prior to presentation to any other person or entity except for Yotta Acquisition Corporation, any suitable opportunity to acquire a target business, until the earlier of:

(1) our consummation of an initial business combination and (2) up to 21 months from the date of this prospectus (or any other applicable deadline as described in this prospectus).

This agreement is, however, subject to any pre-existing fiduciary and contractual obligations such officer or director may from time to time have to another entity.

Accordingly, if any of them becomes aware of a business combination opportunity which is suitable for an entity to which he or she has pre-existing fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity, and only present it to us if such entity rejects the opportunity.

We do not believe, however, that the pre-existing fiduciary duties or contractual obligations of our officers and directors will materially undermine our ability to complete our business combination because in most cases the affiliated companies are closely held entities controlled by the officer or director or the nature of the affiliated company’s business is such that it is unlikely that a conflict will arise.

The following table summarizes the current material pre-existing fiduciary or contractual obligations of our officers, and directors:

Accordingly, as a result of multiple business affiliations,

our officers and directors may have similar legal obligations relating to presenting business opportunities meeting the above-listed criteria

to multiple entities.

Furthermore, our amended and restated certificate of incorporation provides that the doctrine of corporate opportunity

will not apply with respect to any of our officers or directors in circumstances where the application of the doctrine would conflict

with any fiduciary duties or contractual obligations they may have.

In order to minimize potential conflicts of interest which may arise

from multiple affiliations, our officers and directors (other than our independent directors) have agreed to present to us for our consideration,

prior to presentation to any other person or entity except for Yotta Acquisition Corporation, any suitable opportunity to acquire a target

business, until the earlier of:

(1) our consummation of an initial business combination and (2) up to thirty-six (36) months from the

date of this annual report (or any other applicable deadline as described in this annual report).

This agreement is, however, subject

to any pre-existing fiduciary and contractual obligations such officer or director may from time to time have to another entity.

if any of them becomes aware of a business combination opportunity which is suitable for an entity to which he or she has pre-existing

fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination

opportunity to such entity, and only present it to us if such entity rejects the opportunity.

We do not believe, however, that the pre-existing

fiduciary duties or contractual obligations of our officers and directors will materially undermine our ability to complete our business

combination because in most cases the affiliated companies are closely held entities controlled by the officer or director or the nature

of the affiliated company’s business is such that it is unlikely that a conflict will arise.

The following table summarizes the current material

pre-existing fiduciary or contractual obligations of our officers, and directors:

Name of Individual

29 unchanged sentences

Yotta Acquisition Corporation will have priority over us.

Michael Lazar

Empire Filings

Financial Printer

Chief Executive Officer

Yotta Acquisition Corporation

Quetta Acquisition Corporation

American Wall Street Listed Group Inc.

American Information Technology Inc.

China Health Products Inc.

U.S.-China Service Inc.

Special Purpose Acquisition Company

Consulting Company

Information Technology Consulting Company

Marketing Consulting Company

Wealth Management Consulting Company

Independent Director

Chief Executive Officer

Independent Director

Yotta Acquisition Corporation will have priority over us.

Our insiders, including our officers and directors, have agreed to vote any shares of common stock held by them in favor of our initial business combination, if permitted by law or regulation.

In addition, they have agreed to waive their respective rights to receive any amounts held in the trust account with respect to their founder shares and private units if we do not complete our initial business combination within the required time frame.

If they purchase shares of common stock in this offering or in the open market, however, they would be entitled to receive their pro rata share of the amounts held in the trust account if we are unable to complete our initial business combination within the required time frame, but have agreed not to redeem such shares in connection with the consummation of our initial business combination.

All ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable to us than are available from unaffiliated third parties.

Our insiders, including our officers and directors,

have agreed to vote any shares of common stock held by them in favor of our initial business combination, if permitted by law or regulation.

In addition, they have agreed to waive their respective rights to receive any amounts held in the trust account with respect to their

founder shares and private units if we do not complete our initial business combination within the required time frame.

If they purchase

shares of common stock in our IPO or in the open market, however, they would be entitled to receive their pro rata share of the amounts

held in the trust account if we are unable to complete our initial business combination within the required time frame, but have agreed

not to redeem such shares in connection with the consummation of our initial business combination.

All ongoing and future transactions between us and

any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable to us than are

available from unaffiliated third parties.

Such transactions will therefore comply with section 144 of the DGCL.

Limitation on Liability and Indemnification of Directors and Officers

Our certificate of incorporation provides that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law as it now exists or may in the future be amended.

In addition, our certificate of incorporation provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as directors.

Notwithstanding the foregoing, as set forth in our certificate of incorporation, such indemnification will not extend to any claims our insiders may make to us to cover any loss that they may sustain as a result of their agreement to pay debts and obligations to target businesses or vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us as described elsewhere in the Prospectus.

Our bylaws also permits us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit indemnification.

We have purchased a policy of directors’ and officers’ liability insurance that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify the directors and officers.

These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty.

These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders.

Furthermore, a stockholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these provisions.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

Limitation on Liability and Indemnification of

Directors and Officers

Our certificate of incorporation provides that our

directors and officers will be indemnified by us to the fullest extent authorized by Delaware law as it now exists or may in the future

In addition, our certificate of incorporation provides that our directors will not be personally liable for monetary damages

to us for breaches of their fiduciary duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in

bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful

redemptions, or derived an improper personal benefit from their actions as directors.

Notwithstanding the foregoing, as set forth in our

certificate of incorporation, such indemnification will not extend to any claims our insiders may make to us to cover any loss that they

may sustain as a result of their agreement to pay debts and obligations to target businesses or vendors or other entities that are owed

money by us for services rendered or contracted for or products sold to us as described elsewhere in this annual report.

Our bylaws also permits us to secure insurance on

behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would

permit indemnification.

We have purchased a policy of directors’ and officers’ liability insurance that insures our directors

and officers against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations

to indemnify the directors and officers.

These provisions may discourage stockholders from

bringing a lawsuit against our directors for breach of their fiduciary duty.

These provisions also may have the effect of reducing the

likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit

us and our stockholders.

Furthermore, a stockholder’s investment may be adversely affected to the extent we pay the costs of settlement

and damage awards against directors and officers pursuant to these provisions.

We believe that these provisions, the insurance and the

indemnity agreements are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising

under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or

otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities

Act and is, therefore, unenforceable.

Code of Ethics

We adopted a code of conduct and ethics applicable to our directors, officers and employees in accordance with applicable federal securities laws.

The code of ethics codifies the business and ethical principles that govern all aspects of our business.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires our executive officers, directors and persons who beneficially own more than 10% of a registered class of our equity securities to file with the SEC initial reports of ownership and reports of changes in ownership of our shares of Common Stock and other equity securities.

These executive officers, directors, and greater than 10% beneficial owners are required by SEC regulation to furnish us with copies of all Section 16(a) forms filed by such reporting persons.

Based solely on our review of such forms furnished to us and written representations from certain reporting persons, we believe that all filing requirements applicable to our executive officers, directors and greater than 10% beneficial owners were filed in a timely manner.

We adopted a code of conduct and ethics applicable

to our directors, officers and employees in accordance with applicable federal securities laws.

The code of ethics codifies the business

and ethical principles that govern all aspects of our business.

Section 16(a) Beneficial Ownership Reporting

Section 16(a) of the Exchange Act requires our

executive officers, directors and persons who beneficially own more than 10% of a registered class of our equity securities to file with

the SEC initial reports of ownership and reports of changes in ownership of our shares of Common Stock and other equity securities.

executive officers, directors, and greater than 10% beneficial owners are required by SEC regulation to furnish us with copies of all

Section 16(a) forms filed by such reporting persons.

Based solely on our review of such forms furnished

to us and written representations from certain reporting persons, we believe that all filing requirements applicable to our executive

officers, directors and greater than 10% beneficial owners were filed in a timely manner.

Executive Compensation.

Employment Agreements

We have not entered into any employment agreements with our executive officers and have not made any agreements to provide benefits upon termination of employment.

We have not entered into any employment agreements

with our executive officers and have not made any agreements to provide benefits upon termination of employment.

Executive Officers and Director Compensation

No executive officer has received any cash compensation for services rendered to us.

We currently pay our sponsor an aggregate fee of $10,000 per month for providing us with office space and certain office and secretarial services.

However, this arrangement is solely for our benefit and is not intended to provide our Chief Executive Officer compensation in lieu of a salary.

Our officers and directors will also receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations.

There is no limit on the amount of out-of-pocket expenses reimbursable by us provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business combination.

Our audit committee will review and approve all reimbursements made to our sponsor, officers, directors or their respective affiliates, with any interested director abstaining from such review and approval.

After our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials furnished to our stockholders.

However, the amount of such compensation may not be known at the time of the stockholder meeting held to consider our initial business combination, as it will be up to the directors of the post-combination business to determine executive and director compensation.

In this event, such compensation will be publicly disclosed at the time of its determination in a Current Report on Form 8-K or a periodic report, as required by the SEC.

No executive officer has received any cash compensation

for services rendered to us.

We currently pay our Sponsor an aggregate fee of $10,000 per month for providing us with office space and

certain office and secretarial services.

However, this arrangement is solely for our benefit and is not intended to provide our Chief

Executive Officer compensation in lieu of a salary.

Our officers and directors will also receive reimbursement

for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses,

performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices,

plants or similar locations of prospective target businesses to examine their operations.

There is no limit on the amount of out-of-pocket

expenses reimbursable by us provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust

account, such expenses would not be reimbursed by us unless we consummate an initial business combination.

Our audit committee will review

and approve all reimbursements made to our Sponsor, officers, directors or their respective affiliates, with any interested director abstaining

from such review and approval.

After our initial business combination, members of

our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts

being fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials furnished to our stockholders.

the amount of such compensation may not be known at the time of the stockholder meeting held to consider our initial business combination,

as it will be up to the directors of the post-combination business to determine executive and director compensation.

In this event, such

compensation will be publicly disclosed at the time of its determination in a Current Report on Form 8-K or a periodic report, as required

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth as of March 25, 2024 the number of shares of Common Stock beneficially owned by (i) each person who is known by us to be the beneficial owner of more than five percent of our issued and outstanding shares of Common Stock (ii) each of our officers and directors;

and (iii) all of our officers and directors as a group.

As of March 25, 2024, we had 8,947,045 shares of Common Stock issued and outstanding.

The following table sets forth as of April 7, 2025,

the number of shares of Common Stock beneficially owned by (i) each person who is known by us to be the beneficial owner of more than

five percent of our issued and outstanding shares of Common Stock (ii) each of our officers and directors;

and (iii) all of our officers

and directors as a group.

As of April 7, 2025, we had 3,747,748 shares of Common Stock issued and outstanding.

Name and Address of Beneficial Owner (1)

2 unchanged sentences

Brandon Miller

Michael Lazar

All directors and executive officers as a group (5 individuals)

Michael Lazar

Yocto Investments LLC (our Sponsor) (2)

2 unchanged sentences

Wealthspring Capital LLC (5)

Mizuho Financial Group, Inc.

AQR Capital Management, LLC (7)

* Less than one percent.

Unless otherwise noted, the business address of each of the following entities or individuals is c/o Quetta Acquisition Corp, 1185 Avenue of the Americas, Suite 301, New York, NY.

Unless otherwise noted, the business address of each of the following entities or individuals is c/o Quetta Acquisition Corp, 1185 6th Avenue, Suite 304, New York, NY 10036.

Shares owned by Yocto Investments LLC, which is controlled solely by Ms.

12 unchanged sentences

The address of the principal office of the Reporting Persons is 17 State Street, Suite 2130, New York, New York 10004.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all shares of Common Stock beneficially owned by them.

The following table does not reflect record of beneficial rights included in the units or the private rights issued pursuant to the Company’s initial public offering as these rights are not convertible until consummation of the Company’s initial business combination.

All of the founder shares issued pursuant to our IPO are placed in escrow with Continental Stock Transfer & Trust Company, as escrow agent, until (1) with respect to 50% of the founder shares, the earlier of one year after the date of the consummation of our initial business combination and the date on which the closing price of our shares of common stock equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination and (2) with respect to the remaining 50% of the founder shares, one year after the date of our consummation of the initial business combination, or earlier, in either case, if, subsequent to the initial business combination, we consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders having the right to exchange their shares of common stock for cash, securities or other property.

Based on information provided in a Schedule 13G filed on November 14, 2024.

Mizuho Financial Group (the “Reporting Person”), Inc.

made a certain acquisition statement, dated November 14, 2024.

The Reporting Person disclaims beneficial ownership of the Company’s shares of Common Stock except to the extent of that person’s pecuniary interest therein.

The address of the principal office of the Reporting Person is 1–5–5, Otemachi, Chiyoda–ku, Tokyo 100–8176, Japan .

Based on information provided in a Schedule 13G filed on November 14, 2024.

AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, AQR Arbitrage, LLC (together, the “Reporting Persons”) made certain joint acquisition statement, dated November 14, 2024.

Each of the Reporting Persons disclaims beneficial ownership of the Company’s shares of Common Stock except to the extent of that person’s pecuniary interest therein.

The address of the principal office of the Reporting Persons is One Greenwich Plaza, Greenwich, CT 06830.

Unless otherwise indicated, we believe that all persons

named in the table have sole voting and investment power with respect to all shares of Common Stock beneficially owned by them.

The following

table does not reflect record of beneficial rights included in the units or the private rights issued pursuant to the Company’s

initial public offering as these rights are not convertible until consummation of the Company’s initial business combination.

All of the founder shares issued pursuant to our IPO

are placed in escrow with Continental Stock Transfer & Trust Company, as escrow agent, until (1) with respect to 50% of the founder

shares, the earlier of one year after the date of the consummation of our initial business combination and the date on which the closing

price of our shares of common stock equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations

and recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination and

(2) with respect to the remaining 50% of the founder shares, one year after the date of our consummation of the initial business combination,

or earlier, in either case, if, subsequent to the initial business combination, we consummates a liquidation, merger, stock exchange or

other similar transaction which results in all of the shareholders having the right to exchange their shares of common stock for cash,

securities or other property.

During the escrow period, the holders of these shares

7 unchanged sentences

consent) where the transferee agrees to the terms of the escrow agreement and to be bound by these transfer restrictions, but will retain

all other rights as our stockholders, including, without limitation, the right to vote their shares of common stock and the right to

receive cash dividends, if declared.

If dividends are declared and payable in shares of common stock, such dividends will also be placed

If we are unable to effect a business combination and liquidate, there will be no liquidation distribution with respect to

the founder shares.

all other rights as our stockholders, including, without limitation, the right to vote their shares of common stock and the right to receive

cash dividends, if declared.

If dividends are declared and payable in shares of common stock, such dividends will also be placed in escrow.

If we are unable to effect a business combination and liquidate, there will be no liquidation distribution with respect to the founder

Certain Relationships and Related Transactions, and Director Independence.

Insider Shares

On May 17, 2023, the Company issued 1,725,000 shares of common stock (the “Insider Shares”) to the Sponsor for an aggregate purchase price of $25,000.

The 1,725,000 Insider Shares included an aggregate of up to 225,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Sponsor would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the Sponsor did not purchase any Public Shares in the Initial Public Offering and excluding the Private Shares).

As a result of the underwriters’ election to fully exercise their over-allotment option on October 11, 2023, a total of 225,000 Insider Shares are no longer subject to forfeiture.

Promissory Note - Related Party

On May 21, 2023, the Sponsor loaned the Company $300,000 to be used, in part, for transaction costs incurred in connection with the IPO (the “Promissory Note”).

The Promissory Note is unsecured, interest-free and due after the date on which the Company closes the initial Business Combination.

The Company repaid the outstanding balance of $300,000 to the Sponsor on October 11, 2023.

Administrative Support Agreement

The Company agreed, commencing on October 5, 2023, to pay the Sponsor, affiliates, or advisors a total of up to $10,000 per month for office space, utilities, out of pocket expenses, and secretarial and administrative support.

The arrangement will terminate upon the earlier of the Company’s consummation of a Business Combination or its liquidation.

For the period from May 1, 2023 through December 31, 2023, the Company incurred $28,710 in fees for these services.

On May 17, 2023, the Company issued 1,725,000

shares of common stock (the “Insider Shares”) to the Sponsor for an aggregate purchase price of $25,000.

The 1,725,000 Insider

Shares included an aggregate of up to 225,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment

was not exercised in full or in part, so that the Sponsor would collectively own 20% of the Company’s issued and outstanding shares

after the Initial Public Offering (assuming the Sponsor did not purchase any Public Shares in the Initial Public Offering and excluding

the Private Shares).

As a result of the underwriters’ election to fully exercise their over-allotment option on October 11,

2023, a total of 225,000 Insider Shares are no longer subject to forfeiture.

Promissory Note – KM QUAD

On November 5, 2024, the Company”) issued an

unsecured promissory note in the aggregate principal amount of $500,000 (the “Promissory Note”) to KM QUAD in connection with

a business combination between the Company and KM QUAD.

The Promissory Note is unsecured, interest-free and due on the earlier date of

(i) consummation of the business combination between the Company and KM QUAD, (ii) a breach by the Company of any its obligations under

the Promissory Note, (iii) the termination of the proposed transaction between the Company and KM QUAD, or (iv) expiration of the Combination

Period (as defined in the Promissory Note).

KM QUAD will have the right to convert all or any part of the outstanding and unpaid

amount of the Note into shares of common stock, or other securities, at $10 per share upon the consummation of the business combination.

In the event that the closing of the KM QUAD Business

Combination does not occur by February 10, 2025, the Company shall have the right to extend the time to complete the KM QUAD Business

Combination up to twenty-one (21) times for one month each time until October 10, 2026.

QUAD shall be responsible for the extension fees

covering nine extensions over nine months, in the total amount of $540,000.

On or before February 14, 2025, KM QUAD wired the

first installment of the prepaid extension fees, in the amount of $250,000, to the Company’s designated bank account in exchange

for a promissory note issued by the Company.

KM QUAD shall wire the second installment of the prepaid extension fees, in the amount of

$290,000, to the Company’s designated bank account on or before April 20, 2025 in exchange for a promissory note issued by the Company,

provided that the Agreement has not been terminated prior to that date.

If the closing of the KM QUAD Business Combination does not occur

prior to October 10, 2025 due to a delay in obtaining CSRC approvals, KM QUAD shall be responsible for any extension fees and other related

fees incurred by the Company beyond October 10, 2025 not to exceed $100,000 per month.

If the closing of the KM QUAD Business Combination

or termination of the Agreement occurs prior to October 10, 2025, the Company shall return the remaining balance of the prepaid extension

fees, if any, to QUAD on a pro rata basis.

Alternatively, at the closing of the KM QUAD Business Combination, the Company shall have the

right to convert any prepaid extension fees that were paid and not returned into Purchaser Class A Ordinary Shares at $10.00 per share.

Administrative Service Agreement

The Company agreed, commencing on October 5,

2023, to pay the Sponsor, affiliates, or advisors a total of up to $10,000 per month for office space, utilities, out of pocket expenses,

and secretarial and administrative support.

The arrangement will terminate upon the earlier of the Company’s consummation of a Business

Combination or its liquidation.

For the year ended December 31, 2024 and for the period from May 1, 2023 through December 31,

2023, the Company incurred $120,000 and $28,710 in fees for these services, respectively.

Underwriting Agreement

The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 900,000 additional Units to cover over-allotments.

On October 11, 2023, the underwriter’s elected to fully exercise the over-allotment option to purchase an additional 900,000 Units at a price of $10.00 per Public Share (see Note 8).

The Company paid an underwriting fee of $0.20 per Unit, or $1,380,000, in total which includes the fee due upon the full exercise of the underwriters’ over-allotment option.

The underwriters are entitled to a deferred fee of $0.35 per unit, or $2,415,000 due to the option to fully exercise their overallotment on October 11, 2023, in the aggregate will be payable to the underwriters for deferred underwriting commissions.

The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

The Company granted the underwriters a 45-day option

from the date of the Initial Public Offering to purchase up to 900,000 additional Units to cover over-allotments.

On October 11,

2023, the underwriter’s elected to fully exercise the over-allotment option to purchase an additional 900,000 Units at a price of

$10.00 per Public Share (see Note 8).

The Company paid an underwriting fee of $0.20 per

Unit, or $1,380,000, in total which includes the fee due upon the full exercise of the underwriters’ over-allotment option.

The underwriters are entitled to a deferred fee of

$0.35 per unit, or $2,415,000 due to the option to fully exercise their overallotment on October 11, 2023, in the aggregate will

be payable to the underwriters for deferred underwriting commissions.

The deferred fee will become payable to the underwriters from the

amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting

Shareholder Support Agreement

Concurrently with the execution of the Agreement on

February 14, 2025, the Company and certain shareholders of QUAD entered into a support agreement, pursuant to which each such shareholder

agreed to vote in favor of the business combination, subject to the terms of such shareholder support agreement.

The foregoing description of the Shareholder Support

Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the actual agreement, a copy

of which is filed as Exhibit 10.8 hereto.

Representative Shares

On October 11, 2023, the Company issued to the underwriter and/or its designees 69,000 shares of common stock (the “Representative Shares”).

The Company accounted for the Representative Shares as an expense of the Initial Public Offering, resulting in a charge directly to stockholder’s equity.

The Company estimated the fair value of Representative Shares to be $690,000 based upon the offering price of the shares of $10 per share.

The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the Initial Public Offering pursuant to Rule 5110(g)(1) of FINRA’s NASD Conduct Rules.

Pursuant to FINRA Rule 5110(g)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the registration statements related to the Initial Public Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related to the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners.

On October 10, 2023, the Company issued to the

underwriter and/or its designees 69,000 shares of common stock (the “Representative Shares”).

The Company accounted for the

Representative Shares as an expense of the Initial Public Offering, resulting in a charge directly to stockholder’s equity.

Company estimated the fair value of Representative Shares to be $690,000 based upon the offering price of the shares of $10 per share.

The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately

following the effective date of the registration statement related to the Initial Public Offering pursuant to Rule 5110(g)(1) of

FINRA’s NASD Conduct Rules.

Pursuant to FINRA Rule 5110(g)(1), these securities will not be the subject of any hedging, short

sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of

180 days immediately following the effective date of the registration statements related to the Initial Public Offering, nor may they

be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration

statements related to the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering

and their bona fide officers or partners.

Director Independence

Nasdaq listing standards require that within one year

of the listing of our securities on the Nasdaq Global Market we have at least a majority of independent directors and that a majority

of our board of directors be independent.

An “independent director” is defined generally as a person other than an officer

or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company’s

board of directors, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of

Our Board of Directors determined that Mr.

Miller, and Ms.

Qi Gong each qualify as an “independent director”

as defined in the Nasdaq listing standards and applicable SEC rules.

We will only enter into a business combination if

it is approved by a majority of our directors.

Additionally, we will only enter into transactions with our officers and directors and

their respective affiliates that are on terms no less favorable to us than could be obtained from independent parties.

Any related-party

transactions must be approved by our audit committee and a majority of disinterested directors.

Principal Accountant Fees and Services.

MaloneBailey, LLP, or “MB”, acts as our independent registered public accounting firm.

MaloneBailey, LLP, or “MB”, acts as our

independent registered public accounting firm.

The following is a summary of fees paid to MB for services rendered.

Audit fees consist of fees for professional services rendered for the audit of our year-end financial statements and services that are normally provided by MB in connection with regulatory filings.

The aggregate fees of MB for professional services rendered for the audit of our annual financial statements, review of the financial information included in our Forms 8-K for the respective periods and other required filings with the SEC totaled $78,750 for the period from May 1, 2023 (inception) through December 31, 2023.

consist of fees for professional services rendered for the audit of our year-end financial statements and services that are normally provided

by MB in connection with regulatory filings.

The aggregate fees of MB for professional services rendered for the audit of our annual financial

statements, review of the financial information included in our Forms 8-K for the respective periods and other required filings with the

SEC totaled $56,650 and $78,750 for the year ended December 31, 2024 and for the period from May 1, 2023 (inception) through December 31,

2023, respectively

Audit-Related Fees.

Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

We did not pay MB for any audit-related fees for the period from May 1, 2023 (inception) through December 31, 2023.

We did not pay MB for tax return services, planning and tax advice for the for the period from May 1, 2023 (inception) through December 31, 2023.

Audit-related

fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our

financial statements and are not reported under “Audit Fees.” These services include attest services that are not required

by statute or regulation and consultations concerning financial accounting and reporting standards.

We did not pay MB for any audit-related

fees for the year ended December 31, 2024 and for the period from May 1, 2023 (inception) through December 31, 2023.

We did not pay

MB for tax return services, planning and tax advice for the year ended December 31, 2024 and for the period from May 1, 2023 (inception)

through December 31, 2023.

All Other Fees.

We did not pay MB for any other services for the years ended December 31, 2023 and 2022.

We did not pay

MB for any other services for the year ended December 31, 2024 and 2023.

Pre-Approval Policy

Our audit committee was formed upon the consummation of our Initial Public Offering.

As a result, the audit committee did not pre-approve all of the foregoing services, although any services rendered prior to the formation of our audit committee were approved by our board of directors.

Since the formation of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

Our audit committee was formed upon the consummation

of our Initial Public Offering.

As a result, the audit committee did not pre-approve all of the foregoing services, although any services

rendered prior to the formation of our audit committee were approved by our board of directors.

Since the formation of our audit committee,

and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted non-audit services to be

performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described

in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

Exhibits, Financial Statement Schedules

The following documents are filed as part of this Form 10-K:

(a) The following documents are filed

as part of this Form 10-K:

(1) Financial Statements:

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (PCAOB ID # 206)

Balance Sheet

Statement of Operations

Statement of Changes in Stockholders’ Deficit

Statement of Cash Flows

Balance Sheets

Statements of Operations

Statements of Changes in Stockholders’ Deficit

Statements of Cash Flows

Notes to Financial Statements

Financial Statement Schedules:

We hereby file as part of this Report the exhibits listed in the attached Exhibit Index.

Exhibits which are incorporated herein by reference can be inspected and copied at the public reference facilities maintained by the SEC, 100 F Street, N.E., Room 1580, Washington, D.C.

Copies of such material can also be obtained from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C.

20549, at prescribed rates or on the SEC website at www.sec.gov.

We hereby file as part of this Report the exhibits

listed in the attached Exhibit Index.

Exhibits which are incorporated herein by reference can be inspected and copied at the public reference

facilities maintained by the SEC, 100 F Street, N.E., Room 1580, Washington, D.C.

Copies of such material can also be obtained

from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C.

20549, at prescribed rates or on the SEC website at

Underwriting Agreement, dated October 5, 2023, by and between the Company and EF Hutton, division of Benchmark Investments, LLC.

(incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on October 12, 2023)

Merger Agreement, dated February 14, 2025, by and between the Company, Quad Global Inc., Quad Group Inc., KM QUAD, certain shareholders of KM QUAD, and Mr.

Junan Ke (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 14, 2025)

Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1/A filed with the Securities & Exchange Commission on September 14, 2023)

Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on October 12, 2023)

The Second Amended and Restated Certificate of Incorporation of Quetta Acquisition Corporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on January 14, 2025)

Bylaws (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form S-1/A filed with the Securities & Exchange Commission on September 14, 2023)

8 unchanged sentences

(incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on October 12, 2023)

Amendment to the Investment Management Trust Agreement, dated January 10, 2025, by and between Quetta Acquisition Corporation and Continental Stock Transfer & Trust Company.

(incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on January 14, 2025)

Stock Escrow Agreement, dated October 5, 2023, among the Company, Continental Stock Transfer & Trust Company and the initial shareholders (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on October 12, 2023)

5 unchanged sentences

(incorporated by reference to Exhibit 10.7 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on October 12, 2023)

Form of Shareholder Support Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 14, 2025)

Code of Ethics (incorporated by reference to Exhibit 14 to the Registration Statement on Form S-1/A filed with the Securities & Exchange Commission on September 14, 2023)

Certification of Chief Executive

Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to § 302 of

the Sarbanes-Oxley Act of 2002

Certification of Chief Financial

Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to § 302 of

the Sarbanes-Oxley Act of 2002

Certifications of Chief Executive

Officer pursuant to 18 U.S.C 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002

Certifications of Chief Financial

Officer pursuant to 18 U.S.C 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002

Clawback Policy

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to § 302 of the Sarbanes-Oxley Act of 2002

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to § 302 of the Sarbanes-Oxley Act of 2002

Certifications of Chief Executive Officer pursuant to 18 U.S.C 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002

Certifications of Chief Financial Officer pursuant to 18 U.S.C 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002

Clawback Policy (incorporated by reference to Exhibit 97.1 to the Annual Report on Form 10-K filed with the Securities & Exchange Commission on March 25, 2024)

Form of Audit Committee Charter (incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-1/A filed with the Securities & Exchange Commission on September 14, 2023)

Form of Compensation Committee Charter (incorporated by reference to Exhibit 99.2 to the Registration Statement on Form S-1/A filed with the Securities & Exchange Commission on September 14, 2023)

Instance Document

Taxonomy Extension Schema Document

Taxonomy Extension Calculation Linkbase Document

Taxonomy Extension Definition Linkbase Document

Taxonomy Extension Label Linkbase Document

Taxonomy Extension Presentation Linkbase Document

XBRL Instance Document

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension Definition Linkbase Document

XBRL Taxonomy Extension Label Linkbase Document

XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

Furnished herewith.

FORM 10-K SUMMARY

Not Applicable.

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of Section 13 or

15(d) of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

QUETTA ACQUISITION CORPORATION

March 25, 2024

April 7, 2025

Chief Executive Officer

(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Act of 1933, this report has been signed below by the following persons in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Exchange

Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates

Pursuant to the requirements of the Securities Act

of 1933, this report has been signed below by the following persons in the capacities and on the dates indicated.

Chief Executive Officer

March 25, 2024

(Principal executive officer), and Chairman

1 unchanged sentence

Chief Financial Officer

March 25, 2024

(Principal financial and accounting officer), and Director

/s/ Brandon Miller

March 25, 2024

Brandon Miller

/s/ Daniel M.

March 25, 2024

/s/ Michael Lazar

March 25, 2024

Michael Lazar

INDEX TO FINANCIAL STATEMENTS

6 unchanged sentences

Notes to Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Shareholders and Board of Directors

Quetta Acquisition Corporation

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Quetta Acquisition Corporation (the “Company”) as of December 31, 2023, and the related statements of operations, changes in stockholders’ deficit, and cash flows for the period from May 1, 2023 (inception) through December 31, 2023, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the period from May 1, 2023 (inception) through December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Going Concern Matter

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

As more fully described in Note 1 to the financial statements, the Company’s business plan is dependent on the completion of a business combination within a prescribed period of time and if not completed will cease all operations except for the purpose of liquidating.

The date for mandatory liquidation and subsequent dissolution raise substantial doubt about the Company’s ability to continue as a going concern.

Management’s plans in regard to these matters are also described in Note 1.

We have audited the accompanying balance sheets of

Quetta Acquisition Corporation (“Company”) as of December 31, 2024 and 2023, and the related statements of operations, stockholders’

deficit, and cash flows for the year ended December 31, 2024, and for the period from May 1, 2023 (inception) through December 31, 2023,

and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present

fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations

and its cash flows for the year ended December 31, 2024, and for the period from May 1, 2023 (inception) through December 31, 2023, in

conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements

have been prepared assuming that the Company will continue as a going concern.

As more fully described in Note 1 to the financial statements,

the Company’s business plan is dependent on the completion of a business combination within a prescribed period of time and if not

completed will cease all operations except for the purpose of liquidating.

The date for mandatory liquidation and subsequent dissolution

raise substantial doubt about the Company’s ability to continue as a going concern.

Management’s plans in regard to these matters

are also described in Note 1.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

These financial statements are the responsibility

of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)

and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable

rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards

of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements

are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform,

an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal

control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control

over financial reporting.

Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our audits included performing procedures to assess

the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond

to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

/s/ MaloneBailey, LLP

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

/s/ MaloneBailey,

www.malonebailey.com

We have served as the Company’s auditor since 2023.

We have served as the

Company’s auditor since 2023.

Houston, Texas

March 25, 2024

QUETTA ACQUISITION CORPORATION

BALANCE SHEET

December 31, 2023

BALANCE SHEETS

Current Assets

5 unchanged sentences

Due to related party - administrative fee

Due to related party

Accounts payable and accrued expenses

1 unchanged sentence

Income tax payable

Promissory note – KM QUAD

Total Current Liabilities

4 unchanged sentences

20,000,000 shares authorized;

6,900,000 shares issued and outstanding at redemption value of $ 10.19

6,900,000 shares issued and outstanding at redemption value of $ 10.60 and $ 10.19 as of December 31, 2024 and 2023, respectively

Stockholders’ Deficit

2 unchanged sentences

2,047,045 shares issued and outstanding (excluding 6,900,000 shares subject to possible redemption)

Additional paid-in capital

Accumulated deficit

( 2,466,136 )

( 1,743,798 )

Total Stockholders’ Deficit

( 2,465,932 )

( 1,743,594 )

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these

financial statements.

QUETTA ACQUISITION CORPORATION

STATEMENT OF OPERATIONS

STATEMENTS OF OPERATIONS

(inception) to

5 unchanged sentences

Interest income

Interest earned on marketable securities held in Trust Account

Income (loss) before income taxes

Interest earned on investments held in Trust Account

Income before income taxes

Provision for income taxes

Basic and diluted weighted average shares outstanding, common shares subject to possible redemption

Basic and diluted weighted average shares outstanding, common stock subject to possible redemption

Basic and diluted net income per share, redeemable common stock

1 unchanged sentence

Basic and diluted net income per share, non-redeemable common stock

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these

financial statements.

QUETTA ACQUISITION CORPORATION

STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT

For The Period From May 1, 2023 (Inception) Through December 31, 2023

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

For The Year Ended December 31, 2024

Stockholders’

Balance–December 31, 2023

$ ( 1,743,798 )

$ ( 1,743,594 )

Remeasurement of common stock subject to possible redemption

( 2,816,434 )

Balance–December 31, 2024

$ ( 2,466,136 )

$ ( 2,465,932 )

For The Period From May 1, 2023 (Inception)

Through December 31, 2023

Stockholders’

Balance–May 1, 2023 (Inception)

4 unchanged sentences

Common stock subject to possible redemption

( 6,900,000 )

( 69,689,310 )

( 69,690,000 )

Underwriter commissions

( 2,415,000 )

Offering costs

( 1,097,729 )

Accretion of additional paid in capital to accumulated deficit

( 1,647,476 )

Remeasurement of common stock subject to possible redemption

Balance–December 31, 2023

The accompanying notes are an integral part of these financial statements.

$ ( 1,743,798 )

$ ( 1,743,594 )

$ ( 1,743,798 )

$ ( 1,743,594 )

The accompanying notes are an integral part of these

financial statements.

QUETTA ACQUISITION CORPORATION

STATEMENT OF CASH FLOWS

STATEMENTS OF CASH FLOWS

(inception) through

Cash Flows from Operating Activities:

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

Interest earned on marketable securities held in Trust Account

Changes in operating assets and liabilities:

Prepaid expenses

Accrued expenses

Income tax payable

Franchise tax payable

Related party payable - administrative fee

Net cash used in operating activities

Cash Flows from Investing Activities:

Investment of cash into Trust Account

Net cash used in investing activities

Cash Flows from Financing Activities:

Proceeds from issuance of common stock to Sponsor

Proceeds from sale of public units

Proceeds from sale of Private Placements units

Proceeds from promissory note - related party

Proceeds from due to related party

Repayment of due to related party

Repayment of promissory note - related party

Payment of offering costs

Net cash provided by financing activities

Net Changes in Cash

Cash - Beginning of period

Cash - End of period

Supplemental Disclosure of Non-cash Financing Activities:

Initial classification of common stock subject to possible redemption

Accretion of additional paid in capital to accumulated deficit

Change in value of Class A common stock subject to possible redemption

Deferred underwriting fee payable

The accompanying notes are an integral part of these financial statements.

Flows from Operating Activities:

to reconcile net income to net cash used in operating activities:

earned on investments held in Trust Account

( 3,637,871 )

in operating assets and liabilities:

expenses and other assets

Accounts payable and accrued

to related party

Due to related

party - administrative fee

cash used in operating activities

Flows from Investing Activities:

of cash into Trust Account

( 69,690,000 )

withdrawn from Trust Account to pay taxes

cash provided by (used in) investing activities

( 69,690,000 )

Flows from Financing Activities:

from issuance of common stock to Sponsor

from sale of public units

from sale of Private Placements units

from promissory note - related party

from promissory note

from due to related party

of due to related party

of promissory note - related party

of offering costs

( 1,097,729 )

cash provided by financing activities

Changes in Cash

- Beginning of period

- End of period

Disclosure of Non-cash Financing Activities:

classification of common stock subject to possible redemption

of additional paid in capital to accumulated deficit

Remeasurement

of common stock subject to possible redemption

underwriting fee payable

Disclosure of Cash Flow Information:

taxes and franchise taxes paid

The accompanying notes are an integral part of these

financial statements.

QUETTA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENT

Note 1 — Description of Organization and Business Operations

Quetta Acquisition Corporation (the “Company”) is a newly organized blank check company incorporated as a Delaware Corporation on May 1, 2023.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”).

The Company intends to focus on target businesses in Asia (excluding China, Hong Kong, and Macau) that operate in the financial technology sector.

As of December 31, 2023, the Company had not commenced any operations.

All activities through December 31, 2023 are related to the Company’s formation and the initial public offering (“IPO” as defined below).

The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest.

The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO.

The Company has selected December 31 as its fiscal year end.

NOTES TO FINANCIAL STATEMENTS

Note 1 — Description of Organization and

Business Operations

Quetta Acquisition Corporation (the “Company”

or “Quetta”) is a blank check company incorporated as a Delaware Corporation on May 1, 2023.

The Company was formed for

the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with

one or more businesses or entities (“Business Combination”).

The Company intends to focus on target businesses in Asia.

As of December 31, 2024, the Company had

not commenced any operations.

All activities from inception through December 31, 2024 are related to the Company’s

formation and the initial public offering (“IPO” as defined below) and subsequent to the IPO, identifying a target company for a Business

The Company will not generate any operating

revenues until after the completion of a Business Combination, at the earliest.

The Company will generate non-operating income in

the form of interest income from the proceeds derived from the IPO.

The Company has selected December 31 as its fiscal year

The Company’s sponsor is Yocto Investments LLC (the “Sponsor”), a Delaware limited liability company.

The registration statement for the Company’s IPO became effective on October 5, 2023.

On October 11, 2023, the Company consummated the IPO of 6,900,000 units (the “Public Units’), including the full exercise of the over-allotment option of 900,000 Units granted to the underwriters.

The Public Units were sold at an offering price of $ 10.00 per unit generating gross proceeds of $ 69,000,000 .

Simultaneously with the IPO, the Company sold to its Sponsor 253,045 units at $ 10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds of $ 2,530,450 , which is described in Note 4.

Transaction costs amounted to $ 4,202,729 , consisted of $ 690,000 cash underwriting fees (net of $ 690,000 expense reimbursement from the underwriters), $ 2,415,000 deferred underwriting fees (payable only upon completion of a Business Combination) and $ 1,097,729 other offering costs.

Upon the closing of the IPO and the private placement on October 11, 2023, a total of $ 69,690,000 was placed in a trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company as a trustee and will be invested only in U.S.

government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and that invest only in direct U.S.

The registration statement for the Company’s

IPO became effective on October 5, 2023.

On October 11, 2023, the Company consummated the IPO of 6,900,000 units (the “Public

Units’), including the full exercise of the over-allotment option of 900,000 Units granted to the underwriters.

The Public Units

were sold at an offering price of $ 10.00 per unit generating gross proceeds of $ 69,000,000 .

Simultaneously with the IPO, the Company sold

to its Sponsor 253,045 units at $ 10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds

of $ 2,530,450 , which is described in Note 4.

Transaction costs amounted to $ 4,202,729 , consisted

of $ 690,000 cash underwriting fees (net of $ 690,000 expense reimbursement from the underwriters), $ 2,415,000 deferred underwriting fees

(payable only upon completion of a Business Combination) and $ 1,097,729 other offering costs.

Upon the closing of the IPO and the private placement

on October 11, 2023, a total of $ 69,690,000 was placed in a trust account (the “Trust Account”) maintained by Continental

Stock Transfer & Trust Company as a trustee and will be invested only in U.S.

government treasury bills with a maturity of 185 days

or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended

(the “Investment Company Act”), and that invest only in direct U.S.

government treasury obligations.

These funds will not be released until the earlier of the completion of the initial Business Combination and the liquidation due to the Company’s failure to complete a Business Combination within the applicable period of time.

The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.

These funds will not

be released until the earlier of the completion of the initial Business Combination and the liquidation due to the Company’s failure

to complete a Business Combination within the applicable period of time.

The proceeds deposited in the Trust Account could become subject

to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.

In addition, interest income earned on the funds in the Trust Account may be released to the Company to pay its income or other tax obligations.

With these exceptions, expenses incurred by the Company may be paid prior to a business combination only from the net proceeds of the IPO and private placement not held in the Trust Account.

Pursuant to Nasdaq listing rules, the Company’s initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80 % of the value of the funds in the Trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for its initial Business Combination, although the Company may structure a Business Combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance.

If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test.

The Company will only complete a Business Combination if the post-transaction company owns or acquires 50 % or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer.

The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion.

The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $ 10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income tax obligations).

The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Proposed Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

The Company will proceed with a Business Combination if the Company has net tangible assets of at least $ 5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination.

If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S.

Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination.

If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.

Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and any of the Company’s officers or directors that may hold Founder Shares (as defined in Note 5) (the “Initial Stockholders”) and the underwriters have agreed (a) to vote their Founder Shares, Private Shares (as defined in Note 4), Shares issued as underwriting commissions (see Note 6) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and (b) not to convert any shares (including the Founder Shares) in connection with a stockholder vote to approve, or sell the shares to the Company in any tender offer in connection with, a proposed Business Combination.

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Public Shares, without the prior consent of the Company.

The Initial Stockholders have agreed (a) to waive their redemption rights with respect to the Founder Shares, Private Shares, and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose, or vote in favor of, an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100 % of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

The Company will have nine months (or 15 months or up to 21 months if it extends such period) from the closing of the IPO to consummate a Business Combination (the “Combination Period”).

If the Company anticipates that it may not be able to consummate its initial Business Combination within nine months, it may extend the period of time to consummate a business combination two times by an additional three months each time (for a total of 15 months to complete a business combination).

In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account $ 690,000 ($0.10 per Public Share) for each extension, or an aggregate of $ 1,380,000 , on or prior to the date of the applicable deadline.

If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable, and less certain amount of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the other Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares, and Private Shares if the Company fails to complete a Business Combination within the Combination Period.

However, if the Sponsor or the other Initial Stockholders acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.

The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares.

In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $ 10.10 .

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.10 per Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims.

With these exceptions, expenses incurred by the Company may be paid prior to a business combination only from the net proceeds of the

IPO and private placement not held in the Trust Account.

Pursuant to Nasdaq listing rules, the Company’s

initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80 %

of the value of the funds in the Trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the

income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement

for its initial Business Combination, although the Company may structure a Business Combination with one or more target businesses whose

fair market value significantly exceeds 80% of the trust account balance.

If the Company is no longer listed on Nasdaq, it will not be

required to satisfy the 80% test.

The Company will only complete a Business Combination if the post-transaction company owns or acquires

50 % or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for

it not to be required to register as an investment company under the Investment Company Act.

The Company will provide its holders of the outstanding

Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the

completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or

(ii) by means of a tender offer.

The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct

a tender offer will be made by the Company, solely in its discretion.

The Public Stockholders will be entitled to redeem their Public

Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $ 10.10 per Public Share, plus any pro

rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income

tax obligations).

The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon

the completion of the Proposed Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing

Liabilities from Equity.”

The Company will proceed with a Business Combination

if the Company has net tangible assets of at least $ 5,000,001 upon such consummation of a Business Combination and, if the Company seeks

stockholder approval, a majority of the shares voted are voted in favor of the Business Combination.

If a stockholder vote is not required

by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its

Second Amended and Restated Certificate of Incorporation (the “Second Amended and Restated Certificate of Incorporation”),

conduct the redemptions pursuant to the tender offer rules of the U.S.

Securities and Exchange Commission (“SEC”) and file

tender offer documents with the SEC prior to completing a Business Combination.

If, however, stockholder approval of the transaction is

required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem

shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.

Additionally,

each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and any of the Company’s

officers or directors that may hold Founder Shares (as defined in Note 5) (the “Initial Stockholders”) and the underwriters

have agreed (a) to vote their Founder Shares, Private Shares (as defined in Note 4), Shares issued as underwriting commissions (see Note

6) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and (b) not to convert any shares

(including the Founder Shares) in connection with a stockholder vote to approve, or sell the shares to the Company in any tender offer

in connection with, a proposed Business Combination.

If the Company seeks stockholder approval of a Business

Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation

provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is

acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the

“Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the

Public Shares, without the prior consent of the Company.

The Initial Stockholders have agreed (a) to waive

their redemption rights with respect to the Founder Shares, Private Shares, and Public Shares held by them in connection with the completion

of a Business Combination and (b) not to propose, or vote in favor of, an amendment to the Amended and Restated Certificate of Incorporation

that would affect the substance or timing of the Company’s obligation to redeem 100 % of its Public Shares if the Company does not

complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares

in conjunction with any such amendment.

The Company initially has nine months (or 15 months

or up to 21 months if it extends such period) from the closing of the IPO to consummate a Business Combination (the “Combination

If the Company anticipates that it may not be able to consummate its initial Business Combination within nine months,

it may extend the period of time to consummate a business combination two times by an additional three months each time (for a total of

15 months to complete a business combination).

In order to extend the time available for the Company to consummate a Business Combination,

the Sponsor or its affiliate or designees must deposit into the Trust Account $ 690,000 ($ 0.10 per Public Share) for each extension, or

an aggregate of $ 1,380,000 , on or prior to the date of the applicable deadline.

If the Company is unable to complete a Business Combination

within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably

possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the

aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable, and less certain

amount of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely

extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any),

subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s

remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s

obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the other Initial Stockholders have

agreed to waive their liquidation rights with respect to the Founder Shares, and Private Shares if the Company fails to complete a Business

Combination within the Combination Period.

However, if the Sponsor or the other Initial Stockholders acquires Public Shares in or after

the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business

Combination within the Combination Period.

The underwriters have agreed to waive their rights to their deferred underwriting commission

(see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period

and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption

of the Public Shares.

In the event of such distribution, it is possible that the per share value of the assets remaining available for

distribution will be less than $ 10.10 .

In order to protect the amounts held in the Trust

Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products

sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce

the amount of funds in the Trust Account to below $10.10 per Public Share, except as to any claims by a third party who executed a valid

and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held

in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities,

including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

Moreover, in the event that an

executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability

for such third party claims.

On October 18, 2024, the Company entered into a non-binding letter of intent

(“LOI”) with QUAD, regarding a potential business combination (the “Proposed Transaction”).

The LOI is non-binding

and no agreement providing for any Proposed Transaction or any other transaction or the participation by either party therein will be

deemed to exist unless and until definitive agreements have been executed.

As a result of the execution of the LOI, the deadline by which

the Company must complete its initial business combination has been extended to January 10, 2025.

Quad Global Inc.

(“Quad Global”), is

a wholly owned subsidiary of the Company and is a Cayman Island exempted company formed on February 5, 2025.

It was formed to be the

surviving company after the reincorporation merger in connection with a contemplated business combination.

It has no principal

operations or revenue producing activities.

Quad Group Inc., is a wholly owned subsidiary of the Quad Global and is

a Cayman Island exempted company formed on January 28, 2025.

It was formed to be the Merger Sub in connection with a contemplated

business combination.

It has no principal operations or revenue producing activities.

January 2025 Stockholder Meeting

On January 10,

2025, the Company held a special meeting of stockholders (the “January Special Meeting”).

During the January Special Meeting,

stockholders approved an amendment to the Company’s second amended and restated certificate of incorporation (the “A&R

Certificate of Incorporation”) to extend the date by which the Company has to consummate a business combination from January 10,

2025 to October 10, 2026 (36 months from the consummation of the Company’s initial public offering), on a month-by-month basis,

up to a total of 21 times, by depositing $ 60,000 into the Company’s trust account for each such one-month extension.

In connection

with the stockholders’ vote at the January Special Meeting, an aggregate of 5,199,297 shares with redemption value of approximately

$ 55,152,224 (approximately $ 10.61 per share) were tendered for redemption.

The Company subsequently deposited $ 60,000 each

time in January 2025 and February 2025 into the Trust Account to extend the date by which the Company can complete an initial business

combination to March 10, 2025.

On February 14,

2025, Quetta entered into entered into an Agreement and Plan of Merger (the “Merger Agreement”) with KM QUAD, a Cayman Islands

company (“KM QUAD”), the parent company of Jiujiang Lida Technology Co., Ltd., a film product design and manufacturer in

Upon consummation of the transaction contemplated by the Merger Agreement, (i) Quetta will reincorporate by merging with

and into Quad Global Inc., a wholly-owned subsidiary of Quetta, and (ii) concurrently with the reincorporation merger, Quad Group Inc.,

a wholly-owned subsidiary of Quad Global, will be merged with and into KM QUAD, resulting in KM

QUAD being a wholly-owned subsidiary of Quad Global.

At the effective time of the transaction, KM QUAD’s shareholders and management

will receive 30

million ordinary shares of Quad Global.

The shares held by certain KM QUAD’s

shareholders will be subject to lock-up agreements for a period of six months following the closing of the transaction, subject to certain

The aggregate

consideration to be paid to KM QUAD shareholders for the Acquisition Merger is $ 300 million, payable in newly issued purchaser ordinary

shares valued at $ 10.00 per share.

The Transaction, which has been approved by the boards of directors of both Quetta and KM QUAD,

is subject to regulatory approvals, the approvals by the shareholders of Quetta and KM QUAD, respectively, and the satisfaction of certain

other customary closing conditions including the following:

KM QUAD shall bear (i) 50% of the transaction costs

incurred by Quetta, excluding any amounts payable at Closing from the Trust Account, provided that QUAD’s obligation to pay such

transaction costs incurred by Quetta shall not exceed $500,000 in total;

(ii) 50% of the expenses incurred by Quetta in connection with

maintaining ongoing public company responsibilities, provided that KM QUAD’s obligation to pay such Public Company Expenses incurred

by Quetta shall not exceed $100,000 in total;

and (iii) the extension fees of Quetta covering nine extensions over nine months, in the

total amount of $540,000.

If the Closing does not occur prior to October 10, 2025 due to a delay in obtaining regulatory approvals, Quetta

shall be responsible for any extension fees and other related fees incurred by Quetta beyond October 10, 2025 not to exceed $100,000 per

Pursuant to the Merger Agreement, on or before February

14, 2025, KM QUAD deposited $ 250,000 , the first installment of the term extension fees to the Company’s bank account in exchange

for a promissory note issued by the Company.

QUAD shall wire $ 290,000 , the second installment of the extension fees, to the Company’s

bank account on or before April 20, 2025 in exchange for a promissory note issued by the Company, provided that the Merger Agreement has

not been terminated prior to that date.

Going Concern Consideration

At December 31, 2023, the Company had $ 610,185 in cash and working capital of $ 486,406 .

The Company’s liquidity needs prior to the consummation of the IPO had been satisfied through a payment from the Sponsor of $ 25,000 for the Founder Shares and the loan under an unsecured promissory note from the Sponsor of $ 300,000 (see Note 5).

The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern.

In addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of directors would proceed to commence voluntary liquidation and thereby a formal dissolution of the Company.

There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period.

As a result, management has determined that such additional condition also raises substantial doubt about the Company’s ability to continue as a going concern.

The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

At December 31, 2024, the Company had

$ 1,554,737 in cash and a working capital deficit of

Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to

incur significant transaction costs in pursuit of the consummation of a Business Combination.

There is no assurance that the

Company’s plans to raise capital will be successful.

In connection with the Company’s assessment of going concern

considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”)

2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has

determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern.

addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of

directors would proceed to commence voluntary liquidation and thereby a formal dissolution of the Company.

There is no assurance

that the Company’s plans to consummate a Business Combination will be successful within the Combination Period.

management has determined that such additional condition also raises substantial doubt about the Company’s ability to continue

as a going concern until the earlier of the consummation of the Business Combination or the date the Company is required to

The financial statements do not include any adjustments that might result from the Company’s inability to continue

as a going concern.

Risks and Uncertainties

As a result of the ongoing Russia/Ukraine, Hamas/Israel conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected.

In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all.

The impact of this action and potential future sanctions on the world economy and the specific impact on the Company’s financial position, results of operations or ability to consummate a Business Combination are not yet determinable.

As a result of the ongoing Russia/Ukraine, Hamas/Israel

conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations of

a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected.

the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be

impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing

being unavailable on terms acceptable to the Company or at all.

The impact of this action and potential future sanctions on the world

economy and the specific impact on the Company’s financial position, results of operations or ability to consummate a Business Combination

are not yet determinable.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law.

On August 16, 2022, the Inflation Reduction Act

of 2022 (the “IR Act”) was signed into federal law.

The IR Act provides for, among other things, a new U.S.

federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations.

The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased.

The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase.

However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year.

In addition, certain exceptions apply to the excise tax.

Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.

The IR Act applies only to repurchases that occur after December 31, 2022.

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax.

Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury.

In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined.

The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

At this time, it has been determined that none of the IR Act tax provisions have an impact to the Company’s fiscal 2023 tax provision.

The Company will continue to monitor for updates to the Company’s business along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision in future periods.

Note 2 — Summary of Significant Accounting Policies

federal 1 % excise

tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic

subsidiaries of publicly traded foreign corporations.

The excise tax is imposed on the repurchasing corporation itself, not its shareholders

from which shares are repurchased.

The amount of the excise tax is generally 1 % of the fair market value of the shares repurchased at

the time of the repurchase.

However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair

market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year.

certain exceptions apply to the excise tax.

Department of the Treasury (the “Treasury”) has been given authority

to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.

The IR Act applies only to

repurchases that occur after December 31, 2022.

Any redemption or other repurchase that occurs after

December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax.

and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise

would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business

Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE”

or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination

but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury.

In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment

of the excise tax have not been determined.

The foregoing could cause a reduction in the cash available on hand to complete a Business

Combination and in the Company’s ability to complete a Business Combination.

The IR Act tax provisions did not have an impact on

the Company’s fiscal 2024 and 2023 tax provision as there were redemptions by the public stockholders.

During the second quarter

2024, the Internal Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax.

The Company will

continue to monitor for updates to the Company’s business along with guidance issued with respect to the IR Act to determine whether

any adjustments are needed to the Company’s tax provision in future periods.

Note 2 — Summary of Significant Accounting

Basis of Presentation

The accompanying audited financial statements are presented in U.S.

The accompanying financial statements are

presented in U.S.

Dollars and in conformity the U.S.

GAAP and pursuant to the rules and regulations of the SEC.

Accordingly, they include all of the information and footnotes required by the U.S.

In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included.

The audited financial statements should be read in conjunction with the audited financial statements and notes thereto for the period from May 1, 2023 (inception) through May 31, 2023 included in a registration statement on Form S-1, as amended, declared effective by the SEC on October 5, 2023 and the Company’s Current Report on Form 8-K, as filed with the SEC on October 17, 2023.

Accordingly, they include

all of the information and footnotes required by the U.S.

In the opinion of management, all adjustments (consisting of normal accruals)

considered for a fair presentation have been included.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

The Company is an “emerging growth company,”

as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS

Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies

that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public

accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive

compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote

on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts

emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that

is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered

under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that a company

can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but

any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period which means that

when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging

growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison

of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth

company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting

standards used.

Use of Estimates

In preparing the financial statement in conformity with U.S.

GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period.

Making estimates requires management to exercise significant judgment.

It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events.

In preparing the financial statements in conformity

GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities

and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting

Making estimates requires management to exercise significant

It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed

at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to

one or more future confirming events.

Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 610,185 in cash and none in cash equivalents as of December 31, 2023.

The Company considers all short-term investments with

an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 1,554,737 and $ 610,185 in cash as

of December 31, 2024 and 2023.

The Company did not have any cash equivalents for both fiscal years.

Investment Held in Trust Account

As of December 31, 2023, the Company had $ 70,506,524 in investment held in the Trust Account comprised of money market funds that invest in U.S.

As of December 31, 2024 and 2023, the Company

had $ 73,115,355 and $ 70,506,524 , respectively, in investment held in the Trust Account comprised of money market funds that invest in

government securities.

Investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period.

Earnings on investments held in the Trust Account are included in interest earned on investments held in the Trust Account in the accompanying statement of operations.

The estimated fair value of investments held in the Trust Account is determined using available market information.

Deferred Offering Costs

The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs – SEC Materials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”.

Deferred offering costs were $ 4,202,729 consisting principally of $ 3,105,000 underwriting fees (net of $ 690,000 expense reimbursement from the underwriters) and $ 1,097,729 legal, accounting and other expenses that are directly related to the IPO and charged to stockholders’ equity upon the completion of the IPO.

The Company accounts for income taxes under ASC 740, “Income Taxes (“ASC 740”)”.

ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards.

ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2023.

The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has identified the United States and the State of Delaware as its only “major” tax jurisdictions.

The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes.

These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws.

The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Investments in money market funds are presented on

the balance sheets at fair value at the end of each reporting period.

Earnings on investments held in the Trust Account are included in

interest earned on investments held in the Trust Account in the accompanying statement of operations.

The estimated fair value of investments

held in the Trust Account is determined using available market information.

The Company accounts for income taxes under ASC 740,

“Income Taxes (“ASC 740”)”.

ASC 740 requires the recognition of deferred tax assets and liabilities for both the

expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax

benefit to be derived from tax loss and tax credit carry forwards.

ASC 740 additionally requires a valuation allowance to be established

when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty

in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process

for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

For those benefits

to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

ASC 740 also provides

guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company recognizes accrued interest and

penalties related to unrecognized tax benefits as income tax expense.

There were no unrecognized tax benefits and no

amounts accrued for interest and penalties as of December 31, 2024 and 2023.

The Company is currently not aware of any issues under review

that could result in significant payments, accruals or material deviation from its position.

The Company has identified the United States and the

State of Delaware as its only “major” tax jurisdictions.

The Company may be subject to potential examination

by federal and state taxing authorities in the areas of income taxes.

These potential examinations may include questioning the timing

and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws.

The Company’s

management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Net Income (Loss) Per Common Share

Net income (loss) per common is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture by the Initial Stockholders.

At December 31, 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company.

As a result, diluted income (loss) per share is the same as basic income (loss) per share for the period presented.

The following table reflects the calculation of basic and diluted net income per common share:

Schedule of of basic and diluted net income (loss) per common share

Net income (loss) per common is computed by

dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, excluding shares

of common stock subject to forfeiture by the Initial Stockholders.

Remeasurement of carrying value to redemption value of redeemable

shares of common stock is excluded from income (losses) per share as the redemption value approximates fair value.

December 31, 2024 and 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be

exercised or converted into shares of common stock and then share in the earnings of the Company.

As a result, diluted income (loss)

per share is the same as basic income (loss) per share for the period presented.

The following table reflects the calculation of basic

and diluted net income per common share:

Schedule of Basic and Diluted Net Income Per Common Share

(Inception) Through

11 unchanged sentences

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 .

The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Financial instruments that potentially subject the

Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal

Depository Insurance Coverage of $ 250,000 .

The Company had uninsured cash of $ 1,304,737 and $ 360,185 as of December

31, 2024, and December 31, 2023, respectively.

The Company has not experienced losses on this account and management believes the Company

is not exposed to significant risks on such an account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 825, “Financial Instruments,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

The fair value of the Company’s assets and liabilities,

which qualify as financial instruments under ASC 825, “Financial Instruments,” approximates the carrying amounts represented

in the accompanying balance sheet, primarily due to their short-term nature.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value.

Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity.

At all other times, common stock is classified as stockholders’ equity.

The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events.

If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period.

The Company has elected to recognize the changes immediately.

Accordingly, as of December 31, 2023, 6,900,000 shares of common stock were presented at redemption value as temporary equity, outside of the stockholder’s equity section of the Company’s balance sheet.

The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

The Company accounts for its common stock subject

to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock

subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value.

Conditionally redeemable

common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption

upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity.

times, common stock is classified as stockholders’ equity.

The Company’s common stock features certain redemption rights that

are considered to be outside of the Company’s control and subject to occurrence of uncertain future events.

If it is probable that

the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period

from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest

redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying

amount of the instrument to equal the redemption value at the end of each reporting period.

The Company has elected to recognize the changes

Accordingly, as of December 31, 2024 and 2023, 6,900,000 shares of common stock were presented at redemption value as

temporary equity, outside of the stockholder’s equity section of the Company’s balance sheet.

Segment Reporting

ASC Topic 280, “Segment Reporting,”

establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic

areas, and major customers.

Operating segments are defined as components of an enterprise for which separate financial information

is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate

resources and assess performance.

The Company’s chief operating decision maker

has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as a whole

to make decisions about allocating resources and assessing financial performance.

Accordingly, management has determined that the Company

only has one operating segment.

When evaluating the Company’s performance and

making key decisions regarding resource allocation, the CODM reviews several key metrics, formation and operational costs and interest

earned on investments held in Trust Account which include the accompanying statements of operations.

The key measures of segment profit or loss reviewed

by our CODM are interest earned on investments held in Trust Account and formation and operational costs.

The CODM reviews interest earned

on investments held in Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment

with the Trust Account funds while maintaining compliance with the trust agreement.

Formation and operational costs are reviewed and monitored

by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination

The CODM also reviews formation and operational costs to manage, maintain and enforce all contractual agreements to ensure costs

are aligned with all agreements and budget.

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments.

ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity.

The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity.

ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments.

ASU 2020-06 is effective January 1, 2024 for the Company and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021.

The Company adopted ASU 2020-06 as of the Company’s date of inception.

Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment

Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The amendments in this ASU require disclosures, on an annual and

interim basis, of significant segment expenses that are regularly provided to the chief operating officer decision maker (“CODM”),

as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss.

The ASU requires that

a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment

profit or loss in assessing segment performance and deciding how to allocate resources.

Public entities will be required to provide all

annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide

all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280.

This ASU is effective for fiscal

years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption

The Company adopted ASU 2023-07 in the fiscal year 2024 and there was no significant impact.

In December 2023, the FASB issued Accounting Standards

Update 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosure” (“ASU 2023-09”).

mostly requires, on an annual basis, disclosure of specific categories in an entity’s effective tax rate reconciliation and income

taxes paid disaggregated by jurisdiction.

The incremental disclosures may be presented on a prospective or retrospective basis.

is effective for fiscal years beginning after December 15, 2024 with early adoption permitted.

The Company adopted ASU 2023-09 in the fiscal year 2024 and there was no significant

Management does not believe that any recently issued,

but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial

Note 3 — Initial Public Offering

On October 11, 2023, the Company sold 6,900,000 Units at a price of $ 10.00 per Unit (including the full exercise of the over-allotment option of 900,000 Units granted to the underwriters), generating gross proceeds of $ 69,000,000 .

Each Unit consists of one share of common stock and one-tenth (1/10) of one right (“Public Right”).

On October 11, 2023, the Company sold 6,900,000

Units at a price of $ 10.00 per Unit (including the full exercise of the over-allotment option of 900,000 Units granted to the underwriters),

generating gross proceeds of $ 69,000,000 .

Each Unit consists of one share of common stock and one-tenth (1/10) of one right (“Public

Each Public Right will convert into one share of common stock upon the consummation of a Business Combination.

Note 4 — Private Placement

Simultaneously with the closing of the IPO, The Sponsor purchased an aggregate of 253,045 Private Units at a price of $ 10.00 per Private Unit for an aggregate purchase price of $ 2,530,450 in a private placement.

The Private Units are identical to the Public Units except with respect to certain registration rights and transfer restrictions.

Each Private Unit consists of one share of common stock (“Private Share”) and one-tenth (1/10) of one right (“Private Right”).

Simultaneously with the closing of the IPO, The Sponsor

purchased an aggregate of 253,045 Private Units at a price of $ 10.00 per Private Unit for an aggregate purchase price of $ 2,530,450 in

a private placement.

The Private Units are identical to the Public Units except with respect to certain registration rights and transfer

restrictions.

Each Private Unit consists of one share of common stock (“Private Share”) and one-tenth (1/10) of one right

(“Private Right”).

Each Private Right will convert into one share of common stock upon the consummation of a Business Combination.

If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.

If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units

will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all

underlying securities will expire worthless.

Note 5 — Related Party Transactions

Founder Shares

On May 17, 2023, the Company issued 1,725,000 shares of common stock to the Initial Stockholders (the “Founder Shares”) for an aggregated consideration of $ 25,000 , or approximately $ 0.0145 per share.

The Initial Stockholders have agreed to forfeit up to 225,000 Founder Shares to the extent that the over-allotment option is not exercised in full so that the Initial Stockholders collectively own 20% of the Company’s issued and outstanding shares after the IPO (assuming the Initial Stockholders do not purchase any Public Shares in the IPO and excluding the Private Units).

As a result of the underwriters’ full exercise of the over-allotment option on October 11, 2023, no Founder Share were forfeited.

As of December 31, 2023, 1,725,000 Founder Shares were issued and outstanding.

The Initial Stockholders have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of their Founder Shares until, with respect to 50% of the Founder Shares, the earlier of six months after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Founder Shares, until the six months after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

On May 17, 2023, the Company issued 1,725,000

shares of common stock to the Initial Stockholders (the “Founder Shares”) for an aggregated consideration of $ 25,000 , or approximately

$ 0.0145 per share.

The Initial Stockholders have agreed to forfeit up to 225,000 Founder Shares to the extent that the over-allotment

option is not exercised in full so that the Initial Stockholders collectively own 20 % of the Company’s issued and outstanding shares

after the IPO (assuming the Initial Stockholders do not purchase any Public Shares in the IPO and excluding the Private Units).

of the underwriters’ full exercise of the over-allotment option on October 11, 2023, no Founder Share were forfeited.

As of December

31, 2024 and 2023, 1,725,000 Founder Shares were issued and outstanding.

The Initial Stockholders have agreed, subject to certain

limited exceptions, not to transfer, assign or sell any of their Founder Shares until, with respect to 50% of the Founder Shares, the

earlier of six months after the consummation of a Business Combination and the date on which the closing price of the common stock equals

or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20

trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Founder

Shares , until the six months after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business

Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s

stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Due to Related Party

Prior to the inception of the Company, the Sponsor formed a blank check company (which was dissolved in April 2023) and paid professional fees totaling $ 85,000 in 2022 for transaction costs related to its IPO.

The service providers credited a total of $ 85,000 to the transaction costs incurred in connection with the IPO.

The Company repaid the outstanding balance of $ 85,000 to the Sponsor on October 11, 2023.

The Company accrued $ 28,710 administrative fees due to the Sponsor in the accompanying balance sheet as of December 31, 2023 (see Administrative Support Agreement below).

Promissory Note — Related Party

On May 21, 2023, the Sponsor loaned the Company $ 300,000 to be used, in part, for transaction costs incurred in connection with the IPO (the “Promissory Note”).

The Promissory Note is unsecured, interest-free and due after the date on which the Company closes the initial Business Combination.

The Company repaid the outstanding balance of $ 300,000 to the Sponsor on October 11, 2023, as such, there is no balance due as of December 31, 2023.

The Sponsor paid out of pocket travel expenses related

to due diligence and research of prospective target business.

As of December 31, 2024 and 2023, $ 3,951 and $ 0 , respectively, were outstanding.

The amount is unsecured, interest-free and due on demand.

Related Party Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Initial Stockholders or their affiliates may, but are not obligated to, loan us funds as may be required.

In addition, in order to finance transaction costs

in connection with an intended initial Business Combination, the Initial Stockholders or their affiliates may, but are not obligated to,

loan us funds as may be required.

If the Company completes an initial Business Combination, it will repay such loaned amounts.

In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment.

Certain amount of such loans may be converted into private at $ 10.00 per share at the option of the lender.

As of December 31, 2023, the Company had no borrowings under the working capital loans.

Administrative Support Agreement

The Company entered into an agreement, commencing on the October 5, 2023 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of $ 10,000 per month for office space, utilities, secretarial and administrative support.

However, pursuant to the terms of such agreement, the Sponsor agreed to defer the payment of such monthly fee.

Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of the initial Business Combination.

The Company accrued $ 28,710 administrative fees due to the Sponsor in the accompanying balance sheet as of December 31, 2023.

Michael Lazar, who serves as an independent director of the board beginning October 5, 2023, also is the Chief Executive Officer of Empire Filings, LLC (“Empire”), which is engaged by the Company to provide print and filing services.

The Company paid a total of $ 40,000 for the IPO filings and will pay $ 1,000 per quarter for ongoing compliance filings.

As of December 31, 2023, $ 1,350 was due to Empire.

event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust

Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment.

Certain amount of such loans

may be converted into private at $ 10.00 per share at the option of the lender.

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

no borrowings under the working capital loans.

Administrative Service Agreement

The Company entered into an agreement, commencing

on the October 5, 2023 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to

pay the Sponsor a total of $ 10,000 per month for office space, utilities, secretarial and administrative support.

However, pursuant to

the terms of such agreement, the Sponsor agreed to defer the payment of such monthly fee.

Any such unpaid amount will accrue without interest

and be due and payable no later than the date of the consummation of the initial Business Combination.

The Company accrued $ 30,000 and

$ 28,710 administrative fees due to the Sponsor in the accompanying balance sheets as of December 31, 2024 and 2023, respectively.

Michael Lazar, who serves as an independent

director of the board beginning October 5, 2023, also is the Chief Executive Officer of Empire Filings, LLC (“Empire”),

which is engaged by the Company to provide print and filing services.

The Company paid a total of $ 40,000 for the IPO filings and will

pay $ 1,000 per quarter for ongoing compliance filings.

On April 3, 2024, Mr.

Michael Lazar resigned from his position as a director of

As of December 31, 2024 and 2023, $ 0 and $ 1,350 were due to Empire, respectively.

On December 26, 2024, the Company engaged Celine &

Partners PLLC (“Celine”) to represent them for all U.S.

corporate and securities compliance matters.

Celine is controlled

Celine Chen, who is the wife of Mr.

Hui Chen, the Company’s CEO and director.

A flat fee of $ 10,000 per month will be

charged for the ongoing 34 Act public reports such as Form 10-Qs, 10-Ks, Form 8-Ks and press releases.

For each extension of time to consummate

an initial business combination, a fee of $ 40,000 will be charged for filing the Pre-14A and Def-14A.

The Company paid a $ 50,000 retainer

fee during the year ended December 31, 2024.

Note 6 — Commitments and Contingency

Registration Rights

The holders of the Founder Shares issued and outstanding on October 5, 2023, as well as the holders of the private units and any shares of the Company’s insiders, officers, directors or their affiliates may be issued in payment of working capital loans and extension loans made to the Company (and any shares of common stock issuable upon conversion of the underlying the private rights), will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of the IPO.

The holders of a majority of these securities are entitled to make up to two demands that we register such securities.

The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow.

The holders of a majority of the private units and units issued in payment of working capital loans made to us can elect to exercise these registration rights at any time commencing on the date that the Company consummate an initial business combination.

In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of an initial business combination.

The holders of the Founder Shares issued and outstanding

on October 5, 2023, as well as the holders of the private units and any shares of the Company’s insiders, officers, directors

or their affiliates may be issued in payment of working capital loans and extension loans made to the Company (and any shares of common

stock issuable upon conversion of the underlying the private rights), will be entitled to registration rights pursuant to an agreement

to be signed prior to or on the effective date of the IPO.

The holders of a majority of these securities are entitled to make up to two

demands that we register such securities.

The holders of the majority of the Founder Shares can elect to exercise these registration rights

at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow.

of a majority of the private units and units issued in payment of working capital loans made to us can elect to exercise these registration

rights at any time commencing on the date that the Company consummate an initial business combination.

In addition, the holders have certain

“piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of an initial

business combination.

The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted EF Hutton, the representative of the underwriters, a 45 -day option from October 5, 2023 to purchase up to 900,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions.

On October 11, 2023, the underwriters fully exercised the over-allotment option to purchase 900,000 units, generating gross proceeds to the Company of $ 9,000,000 .

The underwriters were paid a cash underwriting discount of 2.0 % of the gross proceeds of the IPO or $ 1,380,000 .

In addition, the underwriters will be entitled to a deferred fee of 3.5 % of the gross proceeds of the IPO or $ 2,415,000 will be paid upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

The Company granted EF Hutton, the representative

of the underwriters, a 45 -day option from October 5, 2023 to purchase up to 900,000 additional Units to cover over-allotments, if

any, at the IPO price less the underwriting discounts and commissions.

On October 11, 2023, the underwriters fully exercised the

over-allotment option to purchase 900,000 units, generating gross proceeds to the Company of $ 9,000,000 .

The underwriters were paid a cash underwriting discount

of 2.0 % of the gross proceeds of the IPO or $ 1,380,000 .

In addition, the underwriters will be entitled to a deferred fee of 3.5 % of the

gross proceeds of the IPO or $ 2,415,000 will be paid upon the closing of a Business Combination from the amounts held in the Trust Account,

subject to the terms of the underwriting agreement.

The underwriters reimbursed $ 690,000 to the Company for the IPO related expenses.

Additionally, the Company issued the underwriters 69,000 shares of common stock for the representative shares, at the closing of the IPO as part of representative compensation.

As of December 31, 2023, 69,000 representative shares were issued.

Additionally, the Company issued the underwriters

69,000 shares of common stock for the representative shares, at the closing of the IPO as part of representative compensation.

As of December

31, 2024 and 2023, 69,000 representative shares were issued.

Note 7 — Stockholders’ Deficit

Common Stock — The Company is authorized to issue 20,000,000 shares of common stock with a par value of $ 0.0001 per share.

Holders of common stock are entitled to one vote for each share.

As of December 31, 2023, there were 2,047,045 shares of common stock issued and outstanding (excluding 6,900,000 shares subject to possible redemption).

As a result of the underwriters’ full exercise of the over-allotment option on October 11, 2023, there are no Founder Share subject to forfeiture.

Rights — Each holder of a right will receive one share of common stock upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination.

Common Stock — The Company is

authorized to issue 20,000,000 shares of common stock with a par value of $ 0.0001 per share.

Holders of common stock are entitled to one

vote for each share.

As a result of the underwriters’ full exercise of the over-allotment option on October 11, 2023, there

are no Founder Share subject to forfeiture.

As of December 31, 2024 and 2023, there were 2,047,045 shares of common stock issued

and outstanding (excluding 6,900,000 shares subject to possible redemption).

Rights — Each holder of a right

will receive one share of common stock upon consummation of a Business Combination, even if the holder of such right redeemed all shares

held by it in connection with a Business Combination.

No fractional shares will be issued upon conversion of the rights.

No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination, as the consideration related thereto has been included in the Unit purchase price paid for by investors in the IPO.

If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the common stock will receive in the transaction on an as-converted into common stock basis and each holder of a right will be required to affirmatively covert its rights in order to receive one share underlying each right (without paying additional consideration).

The shares issuable upon conversion of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless.

Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination.

Additionally, in no event will the Company be required to net cash settle the rights.

Accordingly, holders of the rights might not receive the shares of common stock underlying the rights.

No additional

consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business

Combination, as the consideration related thereto has been included in the Unit purchase price paid for by investors in the IPO.

Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive

agreement will provide for the holders of rights to receive the same per share consideration the holders of the common stock will receive

in the transaction on an as-converted into common stock basis and each holder of a right will be required to affirmatively covert its

rights in order to receive one share underlying each right (without paying additional consideration).

The shares issuable upon conversion

of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination

within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of

such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust

Account with respect to such rights, and the rights will expire worthless.

Further, there are no contractual penalties for failure to

deliver securities to the holders of the rights upon consummation of a Business Combination.

Additionally, in no event will the Company

be required to net cash settle the rights.

Accordingly, holders of the rights might not receive the shares of common stock underlying

Note 8 — Fair Value Measurements

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

The fair value of the Company’s financial assets

and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the

assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs

(market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market

participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities based

on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Quoted prices in active markets for identical assets or liabilities.

3 unchanged sentences

Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

Schedule of fair value hierarchy of the valuation inputs

The following tables present information about the

Company’s assets that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 indicate the fair value

hierarchy of the valuation inputs the Company utilized to determine such fair value.

Schedule of Fair Value Hierarchy of Valuation Inputs

Active Markets

Investments held in Trust Account

Active Markets

Investments held in Trust Account

Note 9 — Income Taxes

The Company’s net deferred tax assets are as follows:

The Company’s net deferred tax assets are as

Schedule of Net Deferred Tax Assets

11 unchanged sentences

Income tax provision

A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):

A reconciliation of the Company’s statutory

income tax rate to the Company’s effective income tax rate is as follows (in thousands):

Schedule of Effective Income Tax Rate

4 unchanged sentences

Valuation allowance

As of December 31, 2023, the Company did not have any U.S.

Income tax rate

As of December 31, 2024 and 2023, the Company

did not have any U.S.

federal and state net operating loss carryovers available to offset future taxable income.

In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible.

Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance.

The change in the valuation allowance was $ 34,389 for the period from May 1, 2023 (inception) through December 31, 2023.

In assessing the realization of the deferred tax assets,

management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized.

ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary

differences representing net future deductible amounts become deductible.

Management considers the scheduled reversal of deferred tax

liabilities, projected future taxable income and tax planning strategies in making this assessment.

After consideration of all of the

information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax

assets and has therefore established a full valuation allowance.

The change in the valuation allowance was $ 154,800 and $ 34,389 for the

year ended 2024 and the period from May 1, 2023 (inception) through December 31, 2023, respectively.

The provision for U.S.

federal income tax was $ 170,649 for the period from May 1, 2023 (inception) through December 31, 2023.

The Company’s tax return for the period from May 1, 2023 (inception) through December 31, 2023 remains open and subject to examination.

federal income tax was $ 754,259

and $ 170,649 for the year ended 2024 and the period from May 1, 2023 (inception) through December 31, 2023, respectively.

Company’s tax return for the year ended 2024 and the period from May 1, 2023 (inception) through December 31, 2023 remain

open and subject to examination.

Note 10 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up the date that the financial statement was issued.

Based on the review, management did not identify any material subsequent events that require disclosure in the financial statement.

The Company evaluated subsequent events and transactions

that occurred after the balance sheet date up the date that the financial statement was issued.

Based on the review, as further disclosed

in the footnotes and except as disclosed below, management did not identify any material subsequent events that require disclosure in

the financial statements.

In January 2025, February 2025, and March 2025, the

Company made total tax payments of $ 1,028,284 for the year ended 2024 and the period from May 1, 2023 (inception) through December 31,

Of this amount, $ 960,350 was for federal income taxes and $ 67,934 was for franchise taxes.

The Company deposited

total extension payments of $ 180,000 ($ 60,000 per month) into the Trust Account from January 1, 2025 to March 14, 2025 to

extend the date by which the Company can complete an initial business combination to April 10, 2025.

January 2025 Stockholder Meeting

On January 10,

2025, the Company held a special meeting of stockholders (the “January Special Meeting”).

During the January Special Meeting,

stockholders approved an amendment to the Company’s second amended and restated certificate of incorporation to extend the date

by which the Company has to consummate a business combination from January 10, 2025 to October 10, 2026 (36 months from the consummation

of the Company’s initial public offering), on a month-by-month basis, up to a total of 21 times, by depositing $ 60,000 into the

Company’s trust account for each such one-month extension.

In connection

with the stockholders’ vote at the January Special Meeting, an aggregate of 5,199,297

shares with redemption value of approximately $ 55,152,224

(approximately $ 10.61

per share) were tendered for redemption.

Company has until 36 months (or until October 10, 2026) from the closing of the IPO to consummate a Business Combination.

addition, in the event that the Company fails to timely make a payment for any given month during the twenty-one (21) month period

the Company elects to make an extension, the Company shall have a period of forty five (45) days to pay any applicable past due

payment, which shall be calculated to be equal to the principal of the past due payment, plus any accrued but unpaid interest in the

amount of three percent (3%) (the “Cure Period”).

If the Company fails to make any applicable past due payment during

the Cure Period, then the Company shall immediately cease all operations, except for the purpose of winding up, and liquidate and

dissolve with the same effect as if the Company failed to complete a business combination within thirty-six (36) months from the

consummation of the IPO.

Company formed two subsidiaries in connection with a contemplated business combination :

(“Quad Global”), is a wholly owned subsidiary of the Company and is a Cayman Island exempted company formed

on February 5, 2025.

It was formed to be the surviving company after the reincorporation merger in connection with a contemplated

business combination.

It has no principal operations or revenue producing activities.

Group Inc., is a wholly owned subsidiary of the Quad Global and is a Cayman Island exempted company formed on January 28, 2025.

formed to be the Merger Sub in connection with a contemplated business combination.

It has no principal operations or revenue

producing activities.

On February 14,

2025, Quetta entered into entered into an Agreement and Plan of Merger (the “Merger Agreement”) with KM QUAD, the parent company

of Jiujiang Lida Technology Co., Ltd., a film product design and manufacturer in China.

Upon consummation of the transaction contemplated

by the Merger Agreement, (i) Quetta will reincorporate by merging with and into Quad Global Inc., a Cayman Islands exempted company and

wholly-owned subsidiary of Quetta (“Quad Global”), and (ii) concurrently with the reincorporation merger, Quad Group Inc.,

a Cayman Islands exempted company and wholly-owned subsidiary of Quad Global, will be merged with and into KM QUAD, resulting in KM QUAD

being a wholly-owned subsidiary of Quad Global.

At the effective time of the transaction, KM QUAD’s shareholders and management

will receive 30 million ordinary shares of Quad Global.

The shares held by certain KM QUAD’s shareholders will be subject to lock-up

agreements for a period of six months following the closing of the transaction, subject to certain exceptions.

The aggregate

consideration to be paid to KM QUAD shareholders for the Acquisition Merger is $ 300 million, payable in newly issued purchaser ordinary

shares valued at $ 10.00 per share.

The Transaction, which has been approved by the boards of directors of both Quetta and KM QUAD,

is subject to regulatory approvals, the approvals by the shareholders of Quetta and KM QUAD, respectively, and the satisfaction of certain

other customary closing conditions.

KM QUAD shall bear (i) 50% of the transaction costs

incurred by Quetta, excluding any amounts payable at Closing from the Trust Account, provided that KM QUAD’s obligation to pay such

transaction costs incurred by Quetta shall not exceed $500,000 in total;

(ii) 50% of the expenses incurred by Quetta in connection with

maintaining ongoing public company responsibilities, provided that KM QUAD’s obligation to pay such Public Company Expenses incurred

by Quetta shall not exceed $100,000 in total;

and (iii) the extension fees of Quetta covering nine extensions over nine months, in the

total amount of $540,000.

If the Closing does not occur prior to October 10, 2025 due to a delay in obtaining regulatory approvals, Quetta

shall be responsible for any extension fees and other related fees incurred by Quetta beyond October 10, 2025 not to exceed $100,000 per

Pursuant to the Merger Agreement, on or before February

14, 2025, KM QUAD deposited $ 250,000 , the first installment of the term extension fees to the Company’s bank account in exchange

for a promissory note issued by the Company.

KM QUAD shall wire $ 290,000 , the second installment of the extension fees, to the Company’s

bank account on or before April 20, 2025 in exchange for a promissory note issued by the Company, provided that the Merger Agreement has

not been terminated prior to that date.

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 9A. Controls and Procedures