UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the transition period from ______ to _______

Commission File Number 000-53737

SUIC WORLDWIDE HOLDINGS LTD.

(Exact name of registrant as specified in its charter)

Nevada			47-2148252
State or other jurisdiction of			(I.R.S. Employer
incorporation or organization			Identification No.)

136-20 38th Ave. Unit 3G Flushing, NY			11354
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code (929) 391-2550

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☑
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of July 31, 2025, 11,396,638 shares of the Company’s common stock, $0.01 par value, were issued and outstanding.

SUIC WORLDWIDE HOLDINGS LTD.

FORM 10-Q

March 31, 2025

INDEX

PART I-- FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Control and Procedures	18

PART II-- OTHER INFORMATION

Item 1.	Legal Proceedings	19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 3.	Defaults Upon Senior Securities	19
Item 4.	Mine Safety Disclosures.	19
Item 5.	Other Information.	19
Item 6.	Exhibits	19
SIGNATURES		20

SUIC WORLDWIDE HOLDINGS LTD.

Index to the financial statements

Table of Contents	Page(s)
Balance Sheets at March 31, 2025 (Unaudited) and December 31, 2024	F-1
Unaudited Statements of Operations for the Three Months Ended March 31, 2025 and 2024	F-2
Unaudited Statement of Stockholders’ Deficiency for the Three Months Ended March 31, 2025 and 2024	F-3
Unaudited Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	F-4
Notes to the Financial Statements (Unaudited)	F-5 - F-10

SUIC WORLDWIDE HOLDINGS LTD.

Balance Sheet

March 31, 2025


	March 31, 2025 (Unaudited)			December 31, 2024
ASSETS
CURRENT ASSETS:
Cash	$	14,466		$	38,495
Total Current Assets		14,466			38,495
NONCURRENT ASSETS:
Other interest receivables		16,072			15,702
Other loan receivables		31,231			30,000
Total Noncurrent Assets		31,231			45,702
Total Assets	$	45,697		$	84,197

LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES:
Credit Card payable	$	12,437		$	11,756
Accounts payable - related party		—			8,769
Short term debts		97,900			97,900
Loan payables- others		259,445			254,445
Other payables - related party		86,000			96,000
Accrued expenses and other liabilities		114,446			109,877
Total Current Liabilities		570,228			578,747
NONCURRENT LIABILITIES:
Convertible promissory notes- other		279,000			279,000
Total Noncurrent Liabilities		279,000			279,000
Total Liabilities		849,228			857,747
Stockholders’ Deficiency
Common stock, $0.001 par value, 394,500,000 shares authorized; 11,396,638 shares and 11,396,638 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		41,544			41,544
Additional paid-in capital		1,711,691			1,711,691
Accumulated deficit		(2,556,766	)		(2,526,784	)
Total Stockholders' Deficiency		(803,531	)		(773,550	)
Total Liabilities and Stockholders' Deficiency	$	45,697		$	84,197

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

F-1

SUIC WORLDWIDE HOLDINGS LTD.

Statements of Operations

(Unaudited)


	Three Months Ended March 31,
	2025			2024
Revenue	$	—		$	—
Cost of revenue		—			—
Gross profit		—			—
General and administrative expenses		12,038			16,320
Bad debts expense		15,702			60,000
Income (Loss) from operations		(27,740	)		(76,320	)

Other income- interest income		3,008			1,110
Total other income		3,008			1,110
Other expense:
Interest expense - other		(680	)		(401	)
Interest expense - related party		(4,569	)		(4,628	)
Total other expense		(5,249	)		(5,029	)
Income (Loss) before income tax provision		(29,981	)		(80,239	)
Income tax provision		—			—
Income (Loss)		(29,981	)		(80,239	)
Net Income (Loss)	$	(29,981	)	$	(80,239	)


Weighted average shares outstanding
Basic		11,396,638			4,125,300
Diluted		290,396,638			283,125,300

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

F-2

SUIC WORLDWIDE HOLDINGS LTD.

Statements of Stockholders' Deficiency

(Unaudited)


	Common Stock				Additional		Accumulated
	Number of Shares		Amount		Paid-in Capital		Earnings (Deficit)			Total
Balance, December 31, 2024		11,396,638		41,544		1,711,691		(2,526,784	)		(773,550	)
Shares Issued		—		—							—
Net loss		—		—		—		(29,981	)		(29,981	)
Balance, March 31, 2025		11,396,638		41,544		1,711,691		(2,556,766	)		(803,531	)
Balance, December 31, 2023		11,356,638		41,504		1,647,731		(2,292,573	)		(603,339	)
Shares Issued		40,000		40		63,960					—
Net loss		—		—		—		(80,239	)		(80,239	)
Balance, March 31, 2024		11,396,638		41,504		1,647,731		(2,372,812	)		(683,578	)

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

F-3

SUIC WORLDWIDE HOLDINGS LTD.

Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
	2025			2024
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$	(29,981	)	$	(80,239	)
Adjustment to reconcile net income to net cash provided by (used in) operating activities
Depreciation		—			12
Credit loss of dividend receivable		—			—
Change in operating assets and liabilities
Accounts receivable		—			—
Other loan receivables		(1,231	)		60,000
Other interest receivable		15,702			(1,110	)
Credit card payable		681			4,091
Accounts payable		(8,769	)		(10,000	)
Accrued expenses and other current liabilities		4,569			4,628
Net cash used in operating activities	$	(19,030	)	$	(22,618	)

CASH FLOW FROM INVESTING ACTIVITIES		—			—
Net cash used in investing activities	$	—		$	—

CASH FLOW FROM FINANCING ACTIVITIES
Loan payables- others		5,000			6,500
Other payables- related party		(10,000	)		20,227
Net cash provided by(used in) financing activities	$	(5,000	)	$	26,727

Effect of exchange rate changes on cash
INCREASE(DECREASE) IN CASH	$	(24,030	)	$	4,110
Cash - beginning of year	$	38,495		$	7,600
Cash – end of year	$	14,466		$	11,710

Supplement disclosure information
Cash paid for interest	$	680		$	401
Cash paid for income taxes		—			—

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

F-4

SUIC WORLDWIDE HOLDINGS LTD.

Notes to the Financial Statements

March 31, 2025

(Unaudited)

NOTE 1 – Organization and Basis of presentation

SUIC Worldwide Holdings Ltd (SUIC) is a Nevada corporation incorporated on August 30, 2006, under the name Gateway Certifications, Inc. On November 16, 2009, our corporate name was changed to American Jianye Greentech Holdings, Ltd., on February 13, 2014, our corporate name was changed to AJ Greentech Holdings, Ltd. and on July 17, 2017, our corporate name was changed to Sino United Worldwide Consolidated Ltd. On November 9, 2022, our corporate name was changed to SUIC Worldwide Holdings Ltd.

From November 2009 until October, 2013, through our China and Taiwan subsidiaries, we were engaged in renewable energy business. From October 2013 until September, 2017, through our Taiwan subsidiary, we were engaged in the driving record management system (DMS). Both Subsidiaries was spun off through stock transfer and debt cancellation for the best interest of shareholders.

From 2018 to present, the Company focused in products and services that adopt IT, cloud computing, mobile payments, Big Data, Blockchain and AI, and other new and exciting business models that will create revolutionary products and services. From 2020 to present, the Company through promissory notes becomes major creditor and stakeholder in Beneway Holdings Group (its corporate name was changed from Sinoway International Corp.). As of March 31, 2025, Midas Touch Technology Co. Ltd., doesn’t have any operation and net assets. The company works with Beneway Holdings Group in several new business ventures with focus on the following fields:

	•	Fintech - Through Boom Fintech, the major subsidiary of Beneway USA, the company holds nine revolutionary fintech patents. Boom Fintech integrates payment systems, electronic invoice devices, mobile cash registers, POS system devices and ERP, as well as Big Data, AI and other services, to all-in-one products that provide standardized intellectual property that’s modular to all industries, from chain department stores to night market vendors. Beneway Holdings Group connects borrowers and lenders, building strategic partnerships by bridging the various stakeholders to provide a holistic financial delivery ecosystem and to integrate advanced systems and finance its global merchants and franchisees.
	•	Food Industry Supply Chain Integration – SUIC and Beneway will partner with international trade financiers to support the huge demand for raw material import/export between the U.S. and Asia. SUIC and Beneway are looking to raise funds from an IPO and the capital markets to support mergers and acquisitions of U.S. mid- and upper-stream food industry suppliers.
	•	Global Chain & Franchise Expansion –Through I.Hart catering group, SUIC and Beneway are working to bring reputable and distinguished overseas food product brands to the U.S. and around the world. It is working on integrating more successful chains to enter the U.S. chain and franchise market in all 50 states. It is replicating its successful multi-branding business model and teaming up with top U.S. real estate firms, shopping malls and associated groups for faster expansion.
	•	Other Supply Chain Integration - Beneway has identified several additional industries for future expansion, including medical and health care, high-tech digital AI systems, environmental protection and energy-related production.

F-5

NOTE 2 – Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended December 31, 2024.

When used in these notes, the terms “SUIC,” “Company,” “we,” “us” and “our” mean SUIC WORLDWIDE HOLDINGS LTD. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions.

Cash and cash equivalents

Cash and cash equivalents include cash on hand and deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity of three months or less. The Company maintains its cash in bank deposit accounts. Cash accounts are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on such cash.

F-6

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.

Outstanding account balances are reviewed individually for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any. Pursuant to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company has adopted paragraph 310-10-50-6 of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments have been received.

Revenue Recognition

The Company’s revenue recognition policies are in compliance with ASC 606. Revenue is recognized when the promised goods or services are transferred to the customer. The amount of revenue recognized should equal the total consideration an entity expects to receive in return for the goods or services.

Our revenues are primarily generated by providing professional services and software products, consulting and other professional services to our clients and are billable to our clients based on the services provided, or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of the consulting contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements as needed.

We adopt a fixed fee billing arrangement and agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements.

Our operating expenses include professional fees, technology costs, software and data hosting expenses, and other office related expenses.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold and tenant improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. The Company periodically reviews assets’ estimated useful lives based upon actual experience and expected future utilization. A change in useful life is treated as a change in accounting estimate and is applied prospectively.

Upon retirement or disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling, general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance and repairs, which do not improve or extend the lives of assets, are expensed as incurred.

Investments in Non-Consolidated Entities

Investments in non-consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of investment. When net losses from an investment are accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred.

F-7

As ASC 321 stipulated, if the investor has less than 20% ownership, it is presumed that there is nominal influence or no significant influence over the operating and financing activities of the investee.

For investment in Midas Touch Technology Co. Ltd., we have 49% ownership and have significant influence on it, so we adopt equity method to recognize the investment. Due to this company didn’t have any net assets and operation yet as of March 31, 2025, we account for it as $0.

Fair value measurements

The Company applies the provisions of ASC Subtopic 820-10, “Fair Value Measurements”, for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

	•	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	•	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
	•	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized.

The Company adopted ASC 740-10-25, Income Taxes- Overall-Recognition, on January 1, 2007, which provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax position. The Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company did not recognize any additional liabilities for uncertain tax positions as a result of the implementation of ASC 740-10-25.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted by the U.S. government which included a wide range of tax reform affecting businesses including the corporate tax rates, international tax provisions, tax credits and deduction with majority of the tax provision effective after December 31, 2017.

F-8

The Coronavirus Aid, Relief and Economy Security (CARES) Act (“the CARES Act, H.R. 748”) was signed into law on 27 March 2020. The CARES Act temporarily eliminates the 80% taxable income limitation (as enacted under the Tax Cuts and Jobs Act of 2017) for NOL deductions for 2018-2020 tax years and reinstated NOL carrybacks for the 2018-2020 tax years. Moreover, the CARES Act also temporarily increases the business interest deduction limitations from 30% to 50% of adjusted taxable income for the 2019 and 2020 taxable year. Lastly, the Tax Act technical correction classifies qualified improvement property as 15-year recovery period, allowing the bonus depreciation deduction to be claimed for such property retroactively as if it was included in the Tax Act at the time of enactment.

The Company accounts for an unrecognized tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investment, account receivables, as well as dividend receivable. The carrying values of the financial instruments approximate their fair values due to their short-term maturities. The Company places its cash and cash equivalents with financial institutions with high-credit ratings and quality. As of March 31, 2025, there were no amounts in excess of the FDIC guarantee.

Account receivables primarily comprise of amounts receivable from the trader customers. With respect to the prepayment to service suppliers, the Company performs on-going credit evaluations of the financial condition of these suppliers. The Company establishes an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service providers and other information.

Earnings per Share

The Company calculates its basic and diluted earnings per share in accordance with ASC 260. Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by adjusting the weighted average outstanding shares to assume conversion. For the three months ended March 31, 2025 and 2024, the difference between numbers of basic and diluted shares of common stock is due to effect of convertible promissory note.

Accounting pronouncements issued but not yet adopted

The Company does not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

NOTE 3 – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company had a working capital deficit of $555,762, an accumulated deficit of $2,556,766 and stockholders’ deficiency was $803,531 as of March 31, 2025. The Company didn’t generate cash or income from its continuing operation. There is substantial doubt about the ability of the entity to continue as a going concern within one year after the date that the financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company is seeking for external resource of financing and develop new business in new fields to generate adequate cash flow for purpose of mitigating such unfavorable situation. As we have disclosed on NASDAQ public press release, the Company plans to have joint ventures with other companies and cooperation with other companies in order to attract new investment and expand new business practice.

NOTE 4 – Loan Receivable

The outstanding balance of loan receivable is $31,231 composed of loan receivable from Beneway Holdings Group Ltd. in amount of $30,000 and loan receivable from NACFA of $1,231. The accrued interest receivables $16,072 due from Beneway Holdings Group were written off during the period.

NOTE 5 – Related Party Transactions

Shoou -Chyn Kan is a significant creditor of the Company that could influence the decisions of the Company. And Shoou-Chyn Kan maintains business relationships with a number of Company’s shareholders. As of March 31, 2025, the outstanding balance of the convertible promissory note (principal) from the creditor- Shoou -Chyn Kan is $279,000 with unpaid total balance of $109,611 in accrued interest. As of March 31, 2025, the Company recognized interest expense related to those convertible promissory notes of $4,327. As of March 31, 2025, the outstanding balance of the short-term loan (principal) from the creditor- Shoou -Chyn Kan is $97,900 with unpaid total balance of $4,835 in accrued interest. As of March 31, 2025, the Company recognized interest expense related to those short-term loans of $241.

NOTE 6 – Equity

As of March 31, 2025, there were 11,396,638 shares outstanding. On July 3, 2023, the Board of Directors authorized the submission of a Certificate of Change/Amendment to the Nevada Secretary of State in which the Company sought to affect a reverse split of its common stock at the rate of 1 for 10 for the purpose of increasing the per share price for the Company's stock in an effort to attract future investors who might otherwise shy away from a good company because of its low stock price. The reverse split of SUIC Worldwide Holdings Ltd. (the “Company”) common stock at a ratio of 1 for 10, has been declared effective by FINRA with a Daily List Announcement Date of July 24, 2023, and a Market Effective Date of July 25, 2023. A “D” was placed on the Company’s ticker symbol for 20 business days after the Market Effective Date. After 20 business days, the symbol reverted back to the original symbol (SUIC). On November 6, 2023, Shoou Chyn Kan converted a portion of a $20,000 convertible loan issued on July 1, 2019 into 8,000,000 shares of common stocks.

NOTE 7– Income Taxes

As of March 31, 2025, the unused net operating loss carryover was $(2,556,766). Due to the Company experienced net loss for a long period, so it treats deferred tax asset generated by net operating loss in a conservative manner. The Company deems the chance of the deferred tax asset being fully realized less than 50%. Thus, the Company recognized Valuation Allowance for Deferred Asset as full amount of deferred tax asset. The ending balance of Deferred Tax Asset and its Valuation Allowance are stated as following:

	March 31			December 31,
	2025			2024
Deferred Tax Asset	$	536,921		$	530,625

Valuation Allowance	$	(536,921	)	$	(530,625	)

Deferred Tax Asset (Net)	$	—		$	—

F-9

A reconciliation of the provision for income taxes to the Company’s effective income tax rate for is as follows:


	Three Months Ended March 31,
	2024			2024
Pre-tax income(loss)	$	(29,981	)	$	(80,239	)
U.S. federal corporate income tax rate		21	%		21	%
Expected U.S. income tax expense(credit)	$	(6,296	)	$	(16,850	)
Change of valuation allowance		6,296			16,850
Effective tax expense	$	—		$	—

NOTE 8- Concentration of Risks

Concentration of Credit Risk

Concentration of Customers

For the three months ended March 31, 2025, the Company had no customers.

For the three months ended March 31, 2024, the Company had no customers.

Concentration of Vendors

As of March 31, 2025, services were provided by a few vendors for the three months ended March 31, 2025 and 2024.

NOTE 9- CONTINGENCY AND COMMITMENT

There was no contingency and commitment for the three months ended March 31, 2025.

NOTE 10– SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the filing of this Form 10-Q with the SEC, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the transaction described below.

NOTE 11 – RESTATEMENT OF THE PREVIOUS FINANCIAL STATEMENTS FORM 10-Q MARCH 31, 2024 FILED ON 05/21/2024.

The Company has restated its previously issued financial statements to reflect the correction of an error related to revenue recognition. The Company incorrectly recognized revenue in prior periods, resulting in an overstatement of revenue. As a result of this error, the Company is restating its revenue to $0 for the affected period. The specific details of the restatement and its impact are outlined in the information stated below:

ORIGINAL	Amount		RESTATED	Amount
Revenue	$	30,000	Revenue	$	—
Cost of revenue	$	6,878	Other expenses	$	6,878
General and administrative expense	$	9,442	General and administrative expense	$	16,320
Short term investment	$	30,000	Loss on investment expense.	$	30,000
Other receivables	$	116,078	Bad debts	$	116,078
Accounts receivable	$	30,000	(reversed)	$	—
Accounts receivables	$	116,470	Loan payable- others	$	116,470
Accounts receivable	$	96,000	Other payable	$	96,000
Accounts receivable	$	95,960	Accrued expense	$	95,960

F-10

ITEM 2. - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This Quarterly Report contains forward-looking statements within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "management believes" and similar language. The forward-looking statements are based on the current expectations of the Company and are subject to certain risks, uncertainties and assumptions, including those set forth in the discussion under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report. Actual results may differ materially from results anticipated in these forward-looking statements. We base the forward-looking statements on information currently available to us, and we assume no obligation to update them.

Investors are also advised to refer to the information in our previous filings with the Securities and Exchange Commission (SEC), especially on Forms 10-K, 10-Q and 8-K, in which we discuss in more detail various important factors that could cause actual results to differ from expected or historic results. It is not possible to foresee or identify all such factors. As such, investors should not consider any list of such factors to be an exhaustive statement of all risks and uncertainties or potentially inaccurate assumptions.

Overview

From 2018 to present, the Company focused in products and services that adopt IT, cloud computing, mobile payments, Big Data, Blockchain and AI, and other new and exciting business models that will create revolutionary products and services. On August 7, 2021, the Company has acquired 49% of the registered shares of Midas Touch Technology Co. Ltd., a digital asset management platform and company registered in the U.K. From 2020 to present, the Company through promissory notes becomes major creditor and stakeholder in Beneway Holdings Group (its corporate name was changed from Sinoway International Corp.). As of March 31, 2025, Midas Touch Technology Co. Ltd., doesn’t have any operation and net assets.

The Company is working new businesses in various fields through careful review and critical selection of new growth businesses. The Company is working to strengthen our core competencies in high technology and blockchain related businesses, such as blockchain apps technology, fintech services, professional consultancy for ICO’s, and other high potential critical blockchain projects.

Results of Operations

Three Months ended March 31, 2025 and 2024.

Revenue

The Company recognized $0 and $0 of revenue during the three months ended March 31, 2025 and 2024 respectively.

Expenses

Operating expenses were $12,038 and $16,320 for the three months ended March 31, 2025 and 2024 respectively. The increase was primarily due to the increase in professional fees.

Cost of revenue:

Cost of revenue were $0 and $0 for the three months ended March 31, 2025 and 2024, respectively. The cost of revenue comes from outsourcing of services.

Bad debts expense:

Bad debts expense were $15,702 and $60,000 for the three months ended March 31, 2025 and 2024, respectively. The bad debts expense $15,702 comes from the write off of the other interest receivables from Beneway Holdings Group Ltd.

Interest expense

During the three months ended March 31, 2025 and 2024, the Company had interest expense of $4,569 and $4,628 from incurred on convertible promissory notes and short-term loans respectively.

Net income

As a result of the foregoing, the Company generated net (loss) of $(29,981) and $(80,239) for the three months ended March 31, 2025 and 2024, respectively.

Liquidity and Capital Resources

We have funded our operations to date primarily through operations and non-related party loans. Due to our net loss and negative cash flow from operating activities, there is substantial doubt about the Company’s ability to continue as a going concern. The Company’s management recognizes that the Company must generate sales and obtain additional financial resources to continue to develop its operations.

As of March 31, 2025, we had a working capital deficit of $ $ (555,762). Our current assets on March 31, 2025 were $14,466 primarily consisting of cash. Our current liabilities were $570,228 primarily composed of short term debt of $97,900, loan payables of $259,445, other payables of $86,000, accrued expenses of $114,446, and credit card payable of $12,437. Long term liability is composed of convertible promissory notes of $279,000.

As of March 31, 2024, we had a working capital deficit of $(447,477). Our current assets on March 31, 2024 were $11,709 primarily consisting of cash of $11,709. Our current liabilities was $459,186 were primarily composed credit card payable $9,565, accounts payable $20,000, loan payables $109,970, other payables to Unise Investment $96,000, accrued expenses and other current liabilities of $95,690, and short term debt of $127,961.

Cash Flow from Operating Activities

Net cash (used in) operating activities was ($19,030) during the three months ended March 31, 2025 which consisted of our net loss of $(29,981) with a change in accounts receivable of $(1,231), increase in interest receivables $15,702, a change in accrued expenses of $4,569, a change in accounts payables for a total of $(8,769), and a change in credit card payable of $681.

Net cash provided (used) in operating activities was $(22,618) during the three months ended March 31, 2024 which consisted of our net loss of $(80,239) with changes in other loans receivables $60,000, other interest receivables $1,110, credit card payable $4,091, accounts payable $(10,000), and accrued expenses of $4,627.

Cash Flow from Investing Activities

Net cash used in investing activities totaled $0 for the three months ended March 31, 2025.

Net cash used in investing activities totaled $0 for the three months ended March 31, 2024.

Cash Flow from Financing Activities

Net cash (used in) financing activities totaled $(5,000) for the three months ended March 31, 2025, which consisted of a change in other payables- related party $(10,000) and a change in loan payable of $5,000.

Net cash provided by financing activities totaled $26,727 for the three months ended March 31, 2024, which consisted of a change in proceeds from related party loans $20,227 and loan payables- others $6,500.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.

Inflation

We do not believe our business and operations have been materially affected by inflation

Critical Accounting Policies and Estimates

This discussion and analysis of our financial condition and results of operations are based on our financial statements that have been prepared under accounting principle generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A summary of significant accounting policies is included in Note 3 to the condensed financial statements included in this Annual Report. Of these policies, we believe that the following items are the most critical in preparing our financial statements.

Accounts Receivable and Allowance for Doubtful Accounts

Revenue Recognition

Our revenues are primarily generated by providing professional services and software products, consulting and other professional services to our clients and are billable to our clients based on the services provided or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of the consulting contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements as needed.

Our quarterly results are impacted principally by the total value, scope, and terms of our client contracts. Our utilization rate can be affected by seasonal variations in the demand for our services from our clients. As of March 31, 2025, we did not generate revenue from the US. Our operating expenses include professional fees, technology costs, software and data hosting expenses, and other office related expenses.

Foreign Currency Translation

The Company follows Section 830-10-45 of the FASB Accounting Standards Codification (“Section 830-10-45”) for foreign currency translation to translate the financial statements of the foreign subsidiary from the functional currency, generally the local currency, into U.S. Dollars. Section 830-10-45 sets out the guidance relating to how a reporting entity determines the functional currency of a foreign entity (including of a foreign entity in a highly inflationary economy), re-measures the books of record (if necessary), and characterizes transaction gains and losses. the assets, liabilities, and operations of a foreign entity shall be measured using the functional currency of that entity. An entity’s functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment, or local currency, in which an entity primarily generates and expends cash.

The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of comprehensive income (loss). If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement of comprehensive income (loss). Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiaries’ local currencies to be their respective functional currencies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

As a smaller reporting company, we are not required to provide the information required by this item.

Item 4. Controls and Procedures.

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), under the supervision of and with the participation of our management, which presently comprises our Chief Executive Officer, Ms. Han-Wei Wang and our Chief Financial Officer, Ms. Yanru Zhou. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures as of March 31, 2025 were effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our fiscal quarter ended March 31, 2025 that materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

To the best knowledge of the officers and directors, the Company was not a party to any legal proceeding or litigation as of March 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.	Description
31.1	Chief Executive Officer Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
32.2	Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101	The following materials from Sino United Worldwide Consolidated Ltd.’s Quarterly Report on Form 10-Q for the period ended March 31, 2025 are formatted in eXtensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheet; (ii) the Consolidated Statement of Comprehensive Income; (iii) the Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements. This Exhibit 101 is deemed not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SUIC WORLDWIDE HOLDINGS LTD.

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURES

Date: August 1, 2025

By:

/s/ Han-Wei Wang

Han-Wei Wang

Chief Executive Officer

Date: August 1, 2025

By:

/s/ Yanru Zhou

Yanru Zhou

Chief Finance Officer

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange on which

Title of each class

Trading Symbol(s)

registered

Common Stock, par value $0.01 per share