| SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS OF VARIABLE INTEREST ENTITY |
The following amounts and balances of AMM were included in the Company’s unaudited consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024:
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September 30,
2025 |
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December 31,
2024 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
3,328 |
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$ |
41,247 |
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Accounts receivable |
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|
17,307 |
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|
20,076 |
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Prepaid expenses and other current assets |
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— |
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32,493 |
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Total Current Assets |
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20,635 |
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|
93,816 |
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Property and equipment, net |
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1,799,372 |
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1,799,372 |
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Loans receivables from subsidiaries of the Company |
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3,072,945 |
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3,122,157 |
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Other assets |
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2,276 |
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2,275 |
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Total Non-current Assets |
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4,874,593 |
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4,923,804 |
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Total Assets |
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$ |
4,895,228 |
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$ |
5,017,620 |
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LIABILITIES |
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Current Liabilities |
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Accounts payable |
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$ |
18,450 |
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$ |
18,904 |
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Accrued liabilities and other current liabilities |
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17,824 |
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17,824 |
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Due to related party |
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2,750,237 |
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2,797,018 |
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Total Current Liabilities |
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2,786,511 |
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2,833,746 |
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Loan payable to a subsidiary of the Company |
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8,268,794 |
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8,245,328 |
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Total Non-current Liabilities |
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8,268,794 |
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8,245,328 |
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Total Liabilities |
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$ |
11,055,305 |
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$ |
11,079,074 |
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NOTE 3 — VARIABLE INTEREST ENTITY (cont.)
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For the Three Months
Ended September 30, |
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For the Nine Months
Ended September 30, |
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2025 |
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2024 |
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2025 |
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|
2024 |
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Revenues |
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$ |
— |
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$ |
40,470 |
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$ |
81,472 |
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$ |
229,330 |
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Cost of revenues |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
56,510 |
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Total operating expenses |
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$ |
33,013 |
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$ |
118,009 |
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$ |
197,244 |
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$ |
373,729 |
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Net income (loss) |
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$ |
(33,013 |
) |
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$ |
17,461 |
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$ |
(90,772 |
) |
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$ |
(105,909 |
) |
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For the Nine Months Ended September 30, |
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2025 |
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2024 |
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Net cash used in operating activities |
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$ |
(80,964 |
) |
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$ |
(120,365 |
) |
Net cash provided by investing activities |
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$ |
25,000 |
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$ |
95,000 |
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Net cash used in financing activities |
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$ |
(46,781 |
) |
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$ |
(64,605 |
) |
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